Sarepta Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 2, 2026
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, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net (loss) income | $(713,410) | $235,239 | $(535,977) |
| Adjustments to reconcile net (loss) income to net cash flow from operating activities | |||
| Non‑cash inventory write‑downs for excess and obsolescence | 165,257 | — | — |
| Stock-based compensation | 123,396 | 184,300 | 182,514 |
| In-kind milestone payment to Arrowhead Pharmaceuticals | 50,000 | — | — |
| Depreciation and amortization | 44,521 | 37,724 | 44,397 |
| Loss on investment in Arrowhead Pharmaceuticals | 17,293 | — | — |
| Non-cash write-off of prepaid deposits | 17,041 | — | — |
| (Gain) loss on debt extinguishment | (16,862) | — | 387,329 |
| Reduction in the carrying amounts of the right of use assets | 13,951 | 16,167 | 14,495 |
| Non-cash interest expense | 13,532 | 4,951 | 5,156 |
| Accretion of investment discount, net | (5,291) | (40,277) | (46,176) |
| Non-cash termination charges | — | 62,747 | — |
| Change in the fair value of derivatives | — | 7,838 | 1,200 |
| Impairment of strategic investments | — | — | 30,321 |
| Gain from sale of Priority Review Voucher | — | — | (102,000) |
| Other | 7,055 | 2,130 | (1,163) |
| Changes in operating assets and liabilities, net: | |||
| Decrease (increase) in accounts receivable | 203,755 | (201,661) | (185,699) |
| Increase in inventory | (301,093) | (395,170) | (147,714) |
| Decrease (increase) in manufacturing-related deposits and prepaids | 78,840 | (188,588) | (12,521) |
| (Increase) decrease in other assets | (79,784) | (9,676) | 1,808 |
| Increase (decrease) in deferred revenue | 72,051 | (32,160) | (86,828) |
| Increase (decrease) in accounts payable, accrued expenses, lease liabilities and other liabilities | 104,269 | 110,649 | (50,135) |
| Net cash used in operating activities | (205,479) | (205,787) | (500,993) |
| Cash flows from investing activities: | |||
| Maturity and sales of available-for-sale securities | 295,871 | 2,002,112 | 1,868,482 |
| Acquisition of strategic investments | (245,819) | — | (4,000) |
| Proceeds from sale of investment in Arrowhead Pharmaceuticals | 174,095 | — | — |
| Purchase of property and equipment | (101,972) | (136,956) | (76,106) |
| Purchase of available-for-sale securities | (44,658) | (1,099,595) | (2,044,940) |
| Purchase of intangible assets and other | (7,876) | (10,000) | (11,239) |
| Proceeds from sale of Priority Review Voucher | — | — | 102,000 |
| Net cash provided by (used in) investing activities | 69,641 | 755,561 | (165,803) |
| Cash flows from financing activities: | |||
| Repayment of 2027 Notes, including debt extinguishment costs | (158,418) | — | — |
| Repurchases of common stock, net of excise tax | (25,013) | — | — |
| Proceeds from issuance of common stock | 20,000 | — | — |
| Debt issuance costs for the August 2025 Exchange and December 2025 Exchange (defined in Note 13) | (17,060) | — | — |
| Proceeds from exercise of stock options and purchase of stock under the Employee Stock Purchase Program | 18,703 | 79,525 | 51,246 |
| Payments related to Revolving Credit Facility | (4,170) | — | — |
| Common stock issuance costs | (2,386) | — | — |
| Settlement of capped call share options for 2024 Notes | — | 45,349 | 80,645 |
| Payment on maturity of 2024 Notes | — | (68) | — |
| Debt conversion costs for 2024 Notes | — | — | (6,887) |
| Net cash (used in) provided by financing activities | (168,344) | 124,806 | 125,004 |
| (Decrease) increase in cash and cash equivalents | (304,182) | 674,580 | (541,792) |
| Cash, cash equivalents and restricted cash: | |||
| Beginning of year | 1,118,589 | 444,009 | 985,801 |
| End of year | $814,407 | $1,118,589 | $444,009 |
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | $801,282 | $1,103,010 | $428,430 |
| Restricted cash in other assets | 13,125 | 15,579 | 15,579 |
| Total cash, cash equivalents and restricted cash | $814,407 | $1,118,589 | $444,009 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the year for income taxes | $37,632 | $22,587 | $15,081 |
| Cash paid during the year for interest | $14,913 | $15,856 | $15,923 |
| Supplemental schedule of non-cash activities: | |||
| Non-cash settlement of 2027 Notes in Exchange Transactions (defined in Note 13) | $(1,000,714) | $— | $— |
| Issuance of 2030 Notes in exchange for 2027 Notes | $893,394 | $— | $— |
| Common stock issued for conversion or exchange of 2027 Notes | $107,320 | $— | $— |
| Incremental option value associated with the December 2025 Exchange (defined in Note 13) | $21,082 | $— | $— |
| Contingent consideration liabilities derecognized in connection with adoption of ASU 2025‑07 (defined in Note 2) | $47,400 | $— | $— |
| Capitalized stock-based compensation and depreciation as inventory | $25,505 | $28,549 | $— |
| Reduction in lease liability embedded in CMO agreement due to remeasurement | $12,270 | $— | $— |
| Lease liabilities arising from obtaining right of use assets | $5,232 | $35,361 | $80,203 |
| Intangible assets and property and equipment included in accounts payable and accrued expenses | $3,460 | $42,740 | $33,339 |
| Accrued debt issuance costs for the December 2025 Exchange (defined in Note 13) | $301 | $— | $— |
| Common stock issued for conversion or exchange of 2024 Notes | $— | $105,757 | $693,377 |
| Lease liabilities terminated | $— | $2,381 | $— |
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