Sarepta Therapeutics Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
SRPT$16.42-4.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statem ents of Cash Flows
(in thousands)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net loss | $(535,977) | $(703,488) | $(418,780) |
| Adjustments to reconcile net loss to cash flows in operating activities: | |||
| Loss on debt extinguishment | 387,329 | 125,441 | — |
| Stock-based compensation | 182,514 | 233,018 | 113,943 |
| Depreciation and amortization | 44,397 | 41,864 | 38,017 |
| Impairment of strategic investments | 30,321 | 2,575 | 4,488 |
| Reduction in the carrying amounts of the right of use assets | 14,495 | 12,735 | 11,325 |
| Non-cash interest expense | 5,156 | 7,552 | 7,581 |
| Accretion of investment discount, net | (46,176) | (10,651) | (102) |
| Gain from sale of Priority Review Voucher | (102,000) | — | (102,000) |
| Other | 37 | 5,078 | 522 |
| Changes in operating assets and liabilities, net: | |||
| Net increase in accounts receivable, net | (185,699) | (61,638) | (51,650) |
| Net increase in inventory | (147,714) | (50,780) | (83,772) |
| Net (increase) decrease in other assets | (10,713) | 14,620 | 103,203 |
| Net decrease in deferred revenue | (86,828) | (89,244) | (89,244) |
| Net (decrease) increase in accounts payable, accrued expenses, lease liabilities and other liabilities | (50,135) | 147,572 | 23,297 |
| Net cash used in operating activities | (500,993) | (325,346) | (443,172) |
| Cash flows from investing activities: | |||
| Proceeds from sale of Priority Review Voucher | 102,000 | — | 102,000 |
| Purchase of property and equipment | (76,106) | (30,824) | (38,490) |
| Purchase of available-for-sale securities | (2,044,940) | (1,936,856) | (29,988) |
| Maturity and sales of available-for-sale securities | 1,868,482 | 923,224 | 466,000 |
| Purchase of intangible assets | (11,239) | (1,427) | (2,309) |
| Acquisition of strategic investments | (4,000) | (1,000) | (1,800) |
| Net cash (used in) provided by investing activities | (165,803) | (1,046,883) | 495,413 |
| Cash flows from financing activities: | |||
| Partial settlement of capped call share options for 2024 Notes | 80,645 | 26,317 | — |
| Proceeds from exercise of stock options and purchase of stock under the Employee Stock Purchase Program | 51,246 | 30,043 | 20,802 |
| Debt conversion costs for 2024 Notes | (6,887) | — | — |
| Proceeds from 2027 Notes offering, net of commissions | — | 1,127,400 | — |
| Debt issuance costs for 2027 Notes | — | (716) | — |
| Purchase of capped call share options for 2027 Notes | — | (127,305) | — |
| Repurchase of 2024 Notes | — | (247,868) | — |
| Repayment of principal amount due under 2019 Term Loan | — | (550,000) | — |
| Payment on debt extinguishment of 2019 Term Loan | — | (25,364) | — |
| Taxes paid related to net share settlement of equity awards | — | — | (7,765) |
| Proceeds from sales of common stock, net of offering costs | — | — | 548,532 |
| Net cash provided by financing activities | 125,004 | 232,507 | 561,569 |
| (Decrease) increase in cash and cash equivalents | (541,792) | (1,139,722) | 613,810 |
| Cash, cash equivalents and restricted cash: | |||
| Beginning of year | 985,801 | 2,125,523 | 1,511,713 |
| End of year | $444,009 | $985,801 | $2,125,523 |
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | $428,430 | $966,777 | $2,115,869 |
| Restricted cash in other assets | 15,579 | 19,024 | 9,654 |
| Total cash, cash equivalents and restricted cash | $444,009 | $985,801 | $2,125,523 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the period for interest | $15,923 | $44,418 | $55,949 |
| Cash paid during the period for income taxes | $15,081 | $1,695 | $583 |
| Supplemental schedule of non-cash activities: | |||
| Lease liabilities arising from obtaining right of use assets | $80,203 | $40,006 | $13,225 |
| Intangible assets and property and equipment included in accounts payable and accrued expenses | $33,339 | $6,765 | $4,162 |
| Lease liabilities terminated | $— | $3,807 | $40,133 |
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