Scholar Rock Holding (SRRK) 8-K Results of Operations and Financial Condition

Exhibit 99.2

 2Q20 Financial Results and Business Progress  August 7, 2020 

 Disclaimers  Various statements in this presentation concerning Scholar Rock’s future expectations, plans and prospects, including without limitation, Scholar Rock’s expectations regarding its strategy, its product candidate selection and development timing, including timing for the initiation of and reporting results from its clinical trials for its product candidates, its disease indication selection and timing for such selection, the ability of SRK-015 to affect the treatment of patients suffering from Spinal Muscular Atrophy (SMA) either as a monotherapy or in conjunction with the current standard of care, and the ability of SRK-181 to affect the treatment of cancer patients in a manner consistent with preclinical data constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. The use of words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “target,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify such forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, Scholar Rock’s ability to provide the financial support and resources necessary to identify and develop multiple product candidates on the expected timeline, competition from others developing products for similar uses, the preliminary nature of interim clinical data, Scholar Rock’s ability to obtain, maintain and protect its intellectual property, Scholar Rock’s dependence on third parties for development and manufacture of product candidates including to supply any clinical trials, and Scholar Rock’s ability to manage expenses and to obtain additional funding when needed to support its business activities and establish and maintain strategic business alliances and new business initiatives as well as those risks more fully discussed in the section entitled "Risk Factors" in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, which is on file with the Securities and Exchange Commission, as well as discussions of potential risks, uncertainties, and other important factors in Scholar Rock’s subsequent filings with the Securities and Exchange Commission. Any forward-looking statements represent Scholar Rock’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Scholar Rock explicitly disclaims any obligation to update any forward-looking statements unless required by law.   © Scholar Rock, Inc. All rights reserved. August 2020.  

 Newest Members of Highly Experienced Leadership Team  3  TONY KINGSLEY, MBAPresident & CEO  TED MYLES, MBACFO & Head of Business Operations  Joined Scholar Rock’s Board of Directors in May 2020President & CEO of Taris Bio President & COO of The Medicines CompanyEVP at Biogen, led global commercial operations  Strategic, operational, and commercial leader  Financial and operational executive  Served on Scholar Rock’s Board of Directors for nearly 2 yearsCFO & COO of AMAG Pharmaceuticals, Inc.CFO & COO of Ocata TherapeuticsCFO & Vice President of Operations at PrimeraDx, Inc. 

 Proprietary platform has produced multiple programs with significant therapeutic potential  Two most advanced programs, SRK-015 and SRK-181, are advancing quickly and address markets that are well developed and growing  Multiple programs and multiple anticipated milestones offer near- and long-term value inflection points and strategic optionality  4                                             

 5    DRAGON Part A2 Initiation  DRAGON Part B Initiation    Nominate RGMcProduct Candidate  Gilead Fibrosis-focused TGFβ Collaboration      DRAGON Clinical Response and Safety Data Across Multiple Tumor TypesPart A2 Combo Efficacy and Safety DataPart B – MelanomaPart B – NSCLCPart B – Urothelial CarcinomaPart B – Other Solid Tumor Types  SRK-015SMA  SRK-181 Immuno-Oncology and Oncology  Preclinical / Platform    TOPAZ Topline12M Data(3 Cohorts)  Potential SRK-015 Phase 3 in SMA  TOPAZ Interim Analysis(3 Cohorts)  Differentiated Pipeline with a Series of Anticipated Milestones          TOPAZ 2 Year Extension Data  Continue to Discover and Advance Preclinical Programs  Update on Dose Escalation  Multiple Opportunities for Additional Indications Beyond SMA    Multiple Additional Opportunities: 1) SRK-181 in Oncology; 2) Latent TGFβ1 Immune Cell in IO; 3) Latent TGFβ1 Immune Cell in Oncology  SRK-015Other Indications  Gilead Fibrosis collaboration      2022 and Beyond  2021  Q3  Q4  Q3  Q4  Q1  Q2  2020  Latent TGFβ1 Immune Cell Immuno-Oncology and Oncology   

 Review of Clinical Programs: SRK-015 and SRK-181  6  Yung Chyung, MDChief Medical Officer 

   SMA Treatment Landscape: The Shifting Focus to Muscle-Directed Therapies  †Mean improvement in HFMSE score experienced by patients withlater-onset SMA in the Phase 3 CHERISH clinical trial of nusinersen  HFMSE Score at Month 15  Mean baseline score  Mean improvement with nusinersen  Unmet medical need for functional improvement with muscle-directed therapies  Total Possible HFMSE Score of 66    Muscle function in SMA (human)Hammersmith Functional Motor Scale Expanded (HFMSE)      Address SMN deficiency to prevent further motor neuron deterioration   Act directly on muscle with aim to improve motor function   SMN Upregulator Therapies  Muscle-Directed Therapies (SRK-015**)  SMN = survival motor neuron. *Also referred to as SMN correctors. ** SRK-015 is an investigational therapy under development.†Source: Mercuri E, et.al. Nusinersen versus sham control in later-onset spinal muscular atrophy. N Engl J Med. 2018;378:625-635.   Muscle-directed therapies needed to complement disease-stabilizing benefits of SMN upregulators*  Overall prevalence of patients with SMA 30,000-35,000 in U.S. and Europe  7 

 †Source: Mercuri E, et.al. Nusinersen versus sham control in later-onset spinal muscular atrophy. N Engl J Med. 2018;378:625-635.† †Efficacy and safety of risdiplam (RG7916) in patients with Type 2 or non-ambulant Type 3 spinal muscular atrophy (SMA) Roche/PTC Therapeutics  Nusinersen CHERISH Trial in Later-Onset SMA†  In patients with later-onset SMA who were age >5 at screening…Primary benefit of nusinersen - stabilization of motor functionAttainment of >3-point increase - rare (<15% of patients) even with nusinersen treatment  Later-Onset SMA: High Unmet Need for Muscle-Directed Therapy to Complement SMN Upregulator Therapy  8  Risdiplam SUNFISH Trial in Later-Onset SMA††  Low percentage of patients over the age of 5 achieved ≥3-point increase on MFM32 scale, even with risdiplam treatmentHFMSE secondary endpoint showed a mean 0.58-point improvement over placebo (not statistically significant)   % of patients with >3 change in MFM32 total at Month 12  2-5 years  6-11 years  12-17 years  18-25 years  Change in MFM32 total score      Risdiplam Placebo  100806040200 

 Progress on Path Towards Investigating SRK-015’s Therapeutic Potential in SMA  Phase 2 TOPAZ interim analysis to evaluate efficacy and safety in SMA  Results anticipated 4Q20  Strong translational rationale for investigating myostatin blockade in SMA     Therapeutic effects in SMA preclinical mouse model    Phase 1 trial in adult healthy volunteers demonstrated: Initial safetyPK profile supporting every 4-week dosing regimenPD data confirming robust target engagement    Phase 2 TOPAZ trial showed: Preliminary PD analysis demonstrates target engagement in patients with SMA    9  Sources: Poster presentations at various scientific congresses: Cure SMA Annual Conference (June 2020), MDA Clinical and Scientific Conference (March 2020), World Muscle Society Congress (October 2019). https://scholarrock.com/platform/publications/. 

         SRK-015 Phase 2 Trial Design        Cohort 1  Cohort 3  Design  Patients  N= 23*; ages 5-21Open-label, single-arm20 mg/kg SRK-015 IV Q4W12-month treatment period  Ambulatory Type 3 SMAReceiving treatment with approved SMN upregulator or as monotherapy  Cohort 2  N= 15; ages 5-21 Open-label, single-arm20 mg/kg SRK-015 IV Q4W12-month treatment period  Type 2 or non-ambulatory Type 3 SMAReceiving treatment with approved SMN upregulator    N= 20; ages ≥2Double-blind, randomized (1:1) to 2 mg/kg or 20 mg/kg SRK-015 IV Q4W12-month treatment period  Type 2 SMA Initiated treatment with approved SMN upregulator before age 5  Primary Objectives  SafetyMean change from baseline in RHS  SafetyMean change from baseline in HFMSE  SafetyMean change from baseline in HFMSE  HFMSE=Hammersmith Functional Motor Scale Expanded; RHS=Revised Hammersmith Scale.*Baseline demographics presented as part of AAN virtual platform (May 2020). https://scholarrock.com/platform/publications/.  We believe SRK-015 has the potential to be backbone therapy to all SMN upregulators   Interim Efficacy and Safety Results Expected 4Q20; Top-line 12-Month Data 1H21  10 

   Each Cohort Represents Important POC Opportunity With Significant Potential  Cohort 3    Efficacy – Therapeutic Goals      Safety Goals  Efficacy signal enables investigation of SRK-015’s broader potential    Cohort 1  RHS: Absolute increase in mean change from baseline  RHS: Substantial % of patients attain >3-point increase  Additional outcomes: timed motor tests  No significant safety signals    Broader age rangeAny SMN upregulatorMonotherapy in some settingsAdditional neuromuscular indications  Cohort 2  HFMSE: Absolute increase in mean change from baseline  HFMSE: Substantial % of patients attain >3-point increase  Additional outcomes: RULM, WHO motor developmental milestones   No significant safety signals    Broader age rangeAny SMN upregulatorAdditional neuromuscular indications  Cohort 3  HFMSE: Substantial improvement in mean change from baseline  Explore potential differentiation (e.g. timing to onset of therapeutic effect) between high dose and low dose arms  Additional outcomes: RULM, WHO motor developmental milestones  No significant safety signals    Any SMN upregulatorAdditional early intervention settings (Type 1 and pre-symptomatic)Additional neuromuscular indications        11 

 SRK-181 Has Potential to Increase Response and Be Backbone Therapy to All Checkpoint Inhibitors   *Source: Company information, Wall Street research, Evaluate Pharma.†Source: Carretero-Gonzalez A, et al. Oncotarget. 2018;9:8706-8715. Meta-analysis of 12 randomized trials with control arm or adequate safety profile (includes nivolumab, pembrolizumab, and atezolizumab),  Significant Unmet Potential to Increase Response to Checkpoint Inhibitors (CPIs)   Current Checkpoint Inhibitor Market: $25B+*~20% of patients respond to checkpoint inhibitors†       12 

 Significant Interest in Potential Role of TGFβ Inhibition in Immuno-Oncology  Nature (online), Feb. 14, 2018.    AuthorsWilly Hugo, Jesse M. Zaretsky, Lu Sun, Douglas B. Johnson, Antoni Ribas, Roger S. Lo  Volume 165, Issue 1, 24 March 2016, Pages 35-44  July 24, 2020: https://doi.org/10.1038/ s41571-020-0403-1  February 2019: “GSK and Merck KGaA, Darmstadt, Germany announce global alliance to jointly develop and commercialise M7824, a novel immunotherapy with potential in multiple difficult-to-treat cancers”€300 million upfront and up to €3.7 billion total  June 2019: “Merck to Acquire Tilos Therapeutics: Merck Gains Portfolio of Investigational Antibodies Modulating TGFβ”$773 million total potential deal value  13 

 Cancer Genome Atlas RNAseq analysis of >10,000 samples spanning 33 tumor types*  *Source: National Cancer Institute - Cancer Genome Atlas Program.†Priti H, et al. Top 10 challenges in cancer immunotherapy. Immunity. 2020 Jan 14:52(1):17-35. https://doi.org/10.1016/j.immuni.2019.12.011.  Substantial proportion of solid tumors exhibit immune exclusion†  Broad Potential for TGFβ Blockade Across Many Solid Tumors    Human Tumor Analyses Reveal TGFβ1 as Most Likely Driver of TGFβ Pathway Signaling in Cancers  14 

 SRK-181: Unique TGFβ1-Selective Approach to Overcoming Checkpoint Inhibitor Resistance  15  SRK-181Latent TGFβ1 Inhibitor  Inhibits TGFβ1 pathway - implicated in CPI resistance  Highly selective targeting - avoids binding to latent TGFβ2 and TGFβ3 isoforms  Aimed at increasing therapeutic window – potentially avoids toxicities associated with non-selective TGFβ inhibition  Therapeutic flexibility - pair with any CPI and optimize dosing of each component of combination therapy 

 SRK-181: Therapeutic Rationale Continues to Strengthen  EVIDENCE TO DATE  Increasing evidence implicating TGFβ1’s pivotal role in CPI resistance   TGFβ1 implicated in immune excluded tumor phenotype; poor CPI responsesTGFβ1 expression and immune exclusion broadly observed across solid tumorsMerck KGaA/GSK’s bintrasfusp alfa (M7824) showed encouraging long-term survival potential in NSCLC*  SRK-181 evaluated in 3 preclinical syngeneic tumor models aimed at emulating primary resistance to CPI in humansTreatment with SRK-181 combined with CPI led to significant impact on anti-tumor responses and survival rates in preclinical models†  Nonselective TGFβ inhibition associated with significant tox; constrains dosingSRK-181: highly selective inhibitor of latent TGFβ1 activation with minimal or no binding to latent TGFβ2/3 isoforms SRK-181 did not lead to cardiac or other toxicities in 4-week GLP nonclinical toxicology studies  SRK-181: potential for robust blockade of TGFβ1 pathway  Significant anti-tumor efficacy in preclinical tumor models  *Presented at ASCO 2020. Bintrasfusp alfa (M7824) is a bifunctional protein comprised of anti-PD-L1 and TGFβ trap  † Preclinical data published in Science Translational Medicine. Martin CJ, et al. Sci Transl Med. 2020 Mar 25;12(536):eaay8456. https://scholarrock.com/platform/publications.  16 

 DRAGON Phase 1 POC Trial to Evaluate SRK-181’s Ability to Overcome Primary Resistance to Checkpoint Inhibitors  Open-label, dose escalation, and dose expansion clinical trialEvaluate the efficacy, safety/tolerability, and PK/PD of SRK-181 in combination with approved anti-PD-(L)1 therapyPatients with locally advanced or metastatic solid tumors that exhibit primary resistance to anti-PD(L)1 therapyLack of response characterized as stable or progressive disease following ≥3 cycles of anti-PD-(L)1 therapy either alone or in combination with chemotherapy  NCT04291079 on www.clinicaltrials.gov.  Update on dose escalation expected in 4Q20; clinical response and safety data expected in 2021        SRK-181:selective inhibitor of TGFβ1 activation   Part A  Part A1:SRK-181 as a single agent Modified 3+3 dose escalationAssess SRK-181 dose range of 80-2400 mg (avg weight 80kg)Part A2:SRK-181 with approved anti-PD-(L)13+3 dose escalation Treat with same anti-PD-(L)1 as previously given with no response  Part B  SRK-181 in combo with approved anti-PD-(L)1 therapy4 parallel cohorts – each will enroll up to 40 patientsTarget indications expected to include NSCLC, urothelial carcinoma, melanoma, amongst other solid tumor typesTreat with same anti-PD-(L)1 as previously given with no response  17 

 DRAGON Part A: Progressing Quickly to Evaluation of SRK-181 with Anti-PD-(L)1 Therapy   NCT04291079 on www.clinicaltrials.gov.  SRK-181 with approved anti-PD-(L)13+3 dose escalation Focus on patients with primary resistance to single-agent anti-PD-1 or anti-PD-L1 Treat with same anti-PD-(L)1 as previously given with no response  Expect to advance to Part A2 in 3Q20; update on dose escalation expected in 4Q20  SRK-181 as a single agent Modified 3+3 dose escalationAssess SRK-181 dose range of 80-2400 mg (avg weight 80kg)  Safety and PK Data as Single-AgentEnables progression to evaluation of combination treatment  Potential for Early Efficacy SignalsAnti-tumor response from combination treatment in individual patients would be unexpected given prior resistance to anti-PD-(L)1 therapy  DRAGON Part A1  DRAGON Part A2  18 

 DRAGON Part B: Multiple Opportunities for Efficacy Signals  * Planning to open eligibility to patients with history of primary resistance to either pembrolizumab or nivolumabNCT04291079 on www.clinicaltrials.gov.  Study population focused on patients already shown to have primary resistance to single-agent CPI4 parallel cohorts; each to enroll up to 40 patientsNSCLC: SRK-181 + pembrolizumabUrothelial carcinoma: SRK-181 + pembrolizumabMelanoma: SRK-181 + pembrolizumab*Additional tumor types: SRK-181 + anti-PD-(L)1 therapy for which patient experienced primary resistance  DRAGON Part B initiation planned 1Q21; anti-tumor and safety data expected starting in 2021  Potential for Rapid Path to Proof-of-ConceptAnti-tumor response and safety with combination treatmentResponse in individual patients would be unexpected given prior resistance to anti-PD-(L)1 therapyEvaluation of patients with stable or progressive diseaseAbility to evaluate response across multiple tumor typesPatient population with high unmet medical needStrong proof-of-concept signal could support efficient registrational path  DRAGON Part B  19 

 20  2Q20 Financial ResultsTed MylesCFO & Head of Business Operations 

 21  2Q20 Financial Update (GAAP)  Revenues  Operating Expenses  Net Loss  Ended June 30, 2020 with $141M in cash, cash equivalents, and marketable securities  Revenues of $3.9 millionRelated to the Gilead fibrosis-focused collaboration  R&D expense of $17.0 millionY/Y increase due to acceptance of Specifica, Inc. antibody display library, SRK-015 TOPAZ Phase 2 trial, personnel-related costs G&A expense of $6.4 millionY/Y increase due to personnel-related costs and professional services  $19.3 million or $0.65 per share  

 22    DRAGON Part A2 Initiation  DRAGON Part B Initiation    Nominate RGMcProduct Candidate  Gilead Fibrosis-focused TGFβ Collaboration      DRAGON Clinical Response and Safety Data Across Multiple Tumor TypesPart A2 Combo Efficacy and Safety DataPart B – MelanomaPart B – NSCLCPart B – Urothelial CarcinomaPart B – Other Solid Tumor Types  SRK-015SMA  SRK-181 Immuno-Oncology and Oncology  Preclinical / Platform    TOPAZ Topline12M Data(3 Cohorts)  Potential SRK-015 Phase 3 in SMA  TOPAZ Interim Analysis(3 Cohorts)  Differentiated Pipeline with a Series of Anticipated Milestones          TOPAZ 2 Year Extension Data  Continue to Discover and Advance Preclinical Programs  Update on Dose Escalation  Multiple Opportunities for Additional Indications Beyond SMA    Multiple Additional Opportunities: 1) SRK-181 in Oncology; 2) Latent TGFβ1 Immune Cell in IO; 3) Latent TGFβ1 Immune Cell in Oncology  SRK-015Other Indications  Gilead Fibrosis collaboration      2022 and Beyond  2021  Q3  Q4  Q3  Q4  Q1  Q2  2020  Latent TGFβ1 Immune Cell Immuno-Oncology and Oncology   

 Appendix 

 24  Robust Target Engagement Observed~100-fold increases in serum latent myostatin levels following single 20 mg/kg dose in all cohorts of TOPAZConfirms presence of latent myostatin in patients with SMAWell-Behaved, Linear PK Profile Minimal variability across TOPAZ cohortsDose proportional increase in serum drug exposure between low (2 mg/kg) and high (20 mg/kg) doses  Preliminary TOPAZ Biomarker Data Provide First Demonstration of Target Engagement in Patients with SMA   Preliminary PK/PD results include data from 29 patients (12 in Cohort 1, 8 in Cohort 2, and 9 in Cohort 3).Source: Poster presentation at the MDA Clinical and Scientific Conference (March 2020). https://scholarrock.com/platform/publications/.  Latent Myostatin Change Over Baseline in SRK-015 TOPAZ Trial  Latent Myostatin Change Over Baseline in Phase 1 HV Trial  Preliminary TOPAZ Phase 2 Pharmacokinetic (PK) Data 

 25  TGFβ1 Blockade with SRK-181-mIgG1 Rendered Preclinical Tumor Models Susceptible to Anti-PD1 Therapy  Preclinical data published in Science Translational Medicine. Martin CJ, et al. Sci Transl Med. 2020 Mar 25;12(536):eaay8456. https://scholarrock.com/platform/publications.  Melanoma (Cloudman S91) model: Combination treatment led to tumor regression and survival benefitSimilar results in bladder (MBT2) and breast (EMT6) preclinical tumor models   Anti-PD1/SRK-181-mIgG1 (10 mg/kg QW)  Anti-PD1/SRK-181-mIgG1 (30 mg/kg QW)  4/9  8/11  SRK-181-mIgG1 (30 mg/kg QW)  3/12  0/12  Anti-PD1 (10 mg/kg BIW)  *P<0.01. †P<0.05 Log-rank (Mantel-Cox test) vs anti-PD1.  **†  Tumor Regression: Monotherapy  Tumor Regression: Combination Therapy  Days after treatment initiation  Days after treatment initiation  Days after treatment initiation  Survival Benefit  Anti-PD1/ SRK-181-mIgG1 led to influx of CD8+ cells in preclinical bladder tumor model  Anti-PD1  Overcoming immune exclusion 

   TGFβ1 Isoform Specificity of SRK-181 Improved Preclinical Toxicity Profile  Preclinical data published in Science Translational Medicine. Martin CJ, et al. Sci Transl Med 2020 Mar 25;12(536): eaay8456. *Source: Anderton MJ, et al. Induction of heart valve lesions by small-molecule ALK5 inhibitors. Toxicol Pathol. 2011;39: 916-924.; and Stauber AJ, et al. Nonclinical safety evaluation of a transforming growth factor β Receptor I kinase inhibitor in Fischer 344 rats and beagle dogs. J Clin Pract. 2014: 4:3.  Selectivity of SRK-181 offers potential to overcome toxicity and dose-limiting challenges of non-selective TGFβ pathway approaches   Microscopic observations in heart  Valvulopathy  Atrium—Mixed cell infiltrate  Myocardium—Degeneration/necrosis  Myocardium—Hemorrhage  Myocardium—Miced cell infiltrate, base  Coronary artery—Necrosis with inflammation  Cardiomyocyte—Necrosis/inflammatory cell infiltrate  Control          Vehicle          iv, qwk x 4                                                                                LY2109761          300 mg/kg          po, qd x 8                                                                                PanTGFβAb          30 mg/kg          po, qd x 8                                                                                10 mg/kg          iv, qwk x 4                                                                                30 mg/kg          iv, qwk x 4                                                                                100 mg/kg          iv, qwk x 4                                                                                SRK-181  LEGEND          UnremarkableMinimalSlightModerate  Repeat dose pilot toxicology study in adult female Sprague Dawley rats:Cardiac findings were exhibited in animals dosed with a pan-TGFβ antibody or LY2109761 (inhibitor of ALK5, common TGFβ receptor kinase) as expected based on published data†No cardiotoxicities (valvulopathy) were noted with SRK-181 NOAEL for SRK-181 was the highest dose evaluated of 100 mg/kg QW  4-week GLP toxicology studies: Rats: NOAEL for SRK-181 was up to highest evaluated dose of 200 mg/kg QWNon-human primates: NOAEL for SRK-181 was up to highest evaluated dose of 300 mg/kg QW   26