Sarepta Therapeutics, Inc.

Listed Company

SRPTCIK 0000873303NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.20B

Net Income

$-713.41M

Total Assets

$3.35B

Equity

$1.14B

Shares Out

104.99M

Op. Cash Flow

$-205.48M

+ 13F Filer

Business

Sarepta Therapeutics, Inc. is a commercial-stage biopharmaceutical company focused on discovery and development of RNA-targeted therapeutics, gene therapy and other genetic therapeutic modalities to treat rare diseases. It offers approved PMO-based exon-skipping products (EXONDYS 51, VYONDYS 53, AMONDYS 45), an AAV-based gene therapy (ELEVIDYS), and multiple gene therapy and RNA programs in clinical and preclinical development for Duchenne, LGMDs, FSHD, DM1, CMT and other CNS and neuromuscular disorders. Key business areas include commercial product sales, research and development, manufacturing partnerships and strategic collaborations/licensing. Products are distributed primarily in the U.S. via specialty pharmacies, hospitals and logistics partners and internationally through strategic partners, contract manufacturers and expanded access programs.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Products, net	1,864	1,788	1,145	844	612
Collaboration and other	334	114	98	89	89
Total revenues	2,198	1,902	1,243	933	702
Cost of sales (excluding amortization of in-licensed rights)	840	319	150	140	97
Research and development	1,522	805	877	877	771
Selling, general and administrative	492	558	482	451	283
Restructuring charge	42	0	0	—	—
Amortization of in-licensed rights	3	2	2	714,000	706,000
Total cost and expenses	2,898	1,684	1,511	1,469	1,162
Operating (loss) income	−700	218	−268	−536	−460
Other (expense) income, net	−19	43	33	−28	−61
Gain (loss) on debt extinguishment	17	0	−387	−125	0
Gain from sale of Priority Review Voucher	0	0	102	0	102
Total other (loss) income, net	−2	43	−252	−154	41
(Loss) income before income tax expense	−702	261	−520	−690	−419
Income tax expense	11	26	16	14	−168,000
Net (loss) income	−713	235	−536	−703	−419
Unrealized gains (losses) on investments, net of tax	490,000	−1	3	−2	−23,000
Total other comprehensive income (loss)	490,000	−1	3	−2	−23,000
Comprehensive (loss) income	−713	234	−533	−705	−419
Basic (per share)	−7.13	2.47	−5.8	−8.03	−5.15
Diluted (per share)	−7.13	2.34	−5.8	−8.03	−5.15
Basic (shares)	100	95	92	88	81
Diluted (shares)	100	108	92	88	81

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	801	1,103	428	967	2,116
Short-term investments	138	252	1,248	1,023	0
Accounts receivable, net	398	602	400	215	153
Inventory	915	750	323	204	186
Manufacturing-related deposits and prepaids	113	276	102	—	—
Other current assets	172	90	78	150	149
Total current assets	2,538	3,073	2,579	2,558	2,604
Property and equipment, net	345	340	227	180	191
Right of use assets	126	148	130	65	46
Non-current inventory	185	188	191	163	—
Non-current investments	1	133	0	—	—
Other non-current assets	156	80	137	163	293
Total assets	3,350	3,963	3,265	3,128	3,148
Accounts payable	281	214	165	96	77
Accrued expenses	360	374	315	419	272
Deferred revenue, current portion	443	130	50	89	89
Other current liabilities	11	13	18	15	15
Total current liabilities	1,095	732	654	620	453
Long-term debt	829	1,137	1,133	1,544	1,097
Lease liabilities, net of current portion	199	192	141	58	42
Deferred revenue, net of current portion	84	325	437	485	574
Contingent consideration	0	47	—	—	—
Other non-current liabilities	2	2	3	42,000	11
Total liabilities	2,209	2,435	2,405	2,743	2,220
Commitments and contingencies (Note 23)	—	—	—	—	—
Preferred stock, $0.0001 par value, 3,333,333 shares authorized; none issued and outstanding	0	0	0	0	0
Common stock, $0.0001 par value, 198,000,000 shares authorized; 105,615,096 and 104,964,220 issued and outstanding, respectively, at December 31, 2025 and 96,900,496 issued and outstanding at December 31, 2024	11,000	10,000	9,000	9,000	9,000
Treasury stock, at cost, 650,876 and 0 shares at December 31, 2025 and December 31, 2024, respectively	−25	0	—	—	—
Additional paid-in capital	6,043	5,739	5,305	4,297	4,135
Accumulated other comprehensive (loss) income, net of tax	272,000	−218,000	918,000	−2	−20,000
Accumulated deficit	−4,877	−4,211	−4,446	−3,910	−3,207
Total stockholders equity	1,141	1,528	859	385	928
Total liabilities and stockholders equity	3,350	3,963	3,265	3,128	3,148

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net (loss) income	−713	235	−536	−703	−419
Non-cash inventory write-downs for excess and obsolescence	165	0	0	—	—
Stock-based compensation	123	184	183	233	114
In-kind milestone payment to Arrowhead Pharmaceuticals	50	0	0	—	—
Depreciation and amortization	45	38	44	42	38
Loss on investment in Arrowhead Pharmaceuticals	17	0	0	—	—
Non-cash write-off of prepaid deposits	17	0	0	—	—
Reduction in the carry amounts of the right of use assets	14	16	14	13	11
Non-cash interest expense	14	5	5	8	8
Accretion of investment discount, net	−5	−40	−46	−11	−102,000
Non-cash termination charges	0	63	0	0	—
Change in the fair value of derivatives	0	8	1	−7	—
Impairment of strategic investments	0	0	30	3	—
Other	7	2	−1	12	522,000
Decrease (increase) in accounts receivable	204	−202	−186	−62	−52
Increase in inventory	−301	−395	−148	−51	−84
Decrease (increase) in manufacturing-related deposits and prepaids	79	−189	−13	43	—
(Increase) decrease in other assets	−80	−10	2	−28	103
Increase (decrease) in deferred revenue	72	−32	−87	−89	−89
Increase (decrease) in accounts payable, accrued expenses, lease liabilities and other liabilities	104	111	−50	148	23
Net cash used in operating activities	−205	−206	−501	−325	−443
Maturity and sale of available-for-sale securities	296	2,002	1,868	923	466
Acquisition of strategic investments	−246	0	−4	−1	−2
Proceeds from sale of investment in Arrowhead Pharmaceuticals	174	0	0	—	—
Purchase of property and equipment	−102	−137	−76	−31	−38
Purchase of available-for-sale securities	−45	−1,100	−2,045	−1,937	−30
Purchase of intangible assets and other	−8	−10	−11	−1	−2
Proceeds from sale of Priority Review Voucher	0	0	102	0	102
Net cash provided by (used in) investing activities	70	756	−166	−1,047	495
Repayment of 2027 Notes, including debt extinguishment costs	−158	0	0	—	—
Repurchases of common stock, net of excise tax	−25	0	0	—	—
Proceeds from issuance of common stock	20	0	0	0	0
Debt issuance costs for the August 2025 Exchange and December 2025 Exchange (defined in Note 13)	−17	0	0	−716,000	0
Proceeds from exercise of stock options and purchase of stock under the Employee Stock Purchase Program	19	80	51	30	21
Payments related to Revolving Credit Facility	−4	0	0	—	—
Common stock issuance costs	−2	0	0	—	—
Settlement of capped call share options for 2024 Notes	0	45	81	26	—
Payment on maturity of 2024 Notes	0	−68,000	0	0	—
Debt conversion costs for 2024 Notes	0	0	−7	0	0
Net cash (used in) provided by financing activities	−168	125	125	233	562
(Decrease) increase in cash and cash equivalents	−304	675	−542	−1,140	614
Cash paid during the year for interest	15	16	16	44	56
Cash paid during the year for income taxes	38	23	15	2	583,000
Non-cash settlement of 2027 Notes in Exchange Transactions (defined in Note 13)	−1,001	0	0	—	—
Issuance of 2030 Notes in exchange for 2027 Notes	893	0	0	—	—
Common stock issued for conversion or exchange of 2027 Notes	107	0	0	—	—
Incremental option value associated with the December 2025 Exchange (defined in Note 13)	21	0	0	—	—
Contingent consideration liabilities derecognized in connection with adoption of ASU 2025-07 (see Note 2)	47	0	0	—	—
Capitalized stock-based compensation and depreciation as inventory	26	29	0	0	—
Reduction in lease liability embedded in CMO agreement due to remeasurement	12	0	0	—	—
Lease liabilities arising from obtaining right of use assets	5	35	80	40	13
Intangible assets and property and equipment included in accounts payable and accrued expenses	3	43	33	7	4
Accrued debt issuance costs for the Exchange Transactions	301,000	0	0	—	—
Common stock issued for conversion or exchange of 2024 Notes	0	106	693	0	—
Lease liabilities terminated	0	2	0	4	40

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 1 positions

Reported AUM

Holdings

Top sector

Top sectors

Sector	Value	% of portfolio
Uncategorized	$0	0.0%

Top holdings

Issuer	Ticker	Shares	Value	%
0	—	0	$0	0.0%