Sarepta Therapeutics Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Sarepta Therapeutics, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, providing an update on its financial performance and business operations.</b>

AI Summary

Sarepta Therapeutics, Inc. (SRPT) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Sarepta Therapeutics, Inc. filed a 10-Q for the quarter ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data and business updates are detailed within the report. The company's fiscal year ends on December 31. Sarepta Therapeutics is in the Pharmaceutical Preparations industry.

Why It Matters

For investors and stakeholders tracking Sarepta Therapeutics, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial statements and management's discussion of results for the first quarter of 2024, crucial for assessing the company's current health and future prospects. The report details Sarepta's financial position, including assets, liabilities, and equity, as well as operational highlights and risk factors, offering a comprehensive view of the company's status.

Risk Assessment

Risk Level: — Sarepta Therapeutics, Inc. shows moderate risk based on this filing. The company's financial performance and future growth are heavily dependent on the success of its drug pipeline and regulatory approvals, which carry inherent risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to understand Sarepta's performance and potential challenges.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-01 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 2024-01-01 — Q1 Start Date (2024-01-01 2024-03-31)
• 2023-01-01 — Prior Year Q1 Start Date (2023-01-01 2023-03-31)

Key Players & Entities

• Sarepta Therapeutics, Inc. (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-01 (date) — FILED AS OF DATE
• 2024-05-01 (date) — DATE AS OF CHANGE
• 0000873303 (company) — CENTRAL INDEX KEY
• 2834 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 930797222 (company) — IRS NUMBER
• DE (state) — STATE OF INCORPORATION

FAQ

Risk Factors

• Financial Position [medium — financial]: The filing provides detailed financial statements including assets, liabilities, and equity as of March 31, 2024.
• Regulatory Environment [high — regulatory]: As a pharmaceutical company, Sarepta is subject to extensive regulation by health authorities, impacting product development and market access.
• Market Competition [medium — market]: The biotechnology and pharmaceutical markets are highly competitive, with potential impacts on market share and pricing.
• Operational Risks [medium — operational]: Risks related to drug development, manufacturing, and commercialization are inherent in the biotechnology sector.
• Cash Flow and Liquidity [medium — financial]: The company's ability to fund its operations and research and development activities depends on its cash flow and access to capital.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q.
• 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance and business operations during the quarter.)

Fiscal Year End

The last day of a company's fiscal year. (Indicates when the company's annual financial reporting cycle concludes.)

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share SRPT The Nasdaq

Filing Documents

• srpt-20240331.htm (10-Q) — 2635KB
• srpt-ex10_2.htm (EX-10.2) — 86KB
• srpt-ex10_3.htm (EX-10.3) — 68KB
• srpt-ex31_1.htm (EX-31.1) — 11KB
• srpt-ex31_2.htm (EX-31.2) — 11KB
• srpt-ex32_1.htm (EX-32.1) — 8KB
• srpt-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-051234.txt (&nbsp;) — 10153KB
• srpt-20240331.xsd (EX-101.SCH) — 1381KB
• srpt-20240331_htm.xml (XML) — 1811KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets — As of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) — For the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity — For the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows — For the Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 3. Defaults Upon Senior Securities 68 Item 4. Mine Safety Disclosures 68 Item 5. Other Information 68 Item 6. Exhibits 69 Exhibits 70

— FINANCI AL INFORMATION

PART I — FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements SAREPTA THERAPEUTICS, INC. CONDENSED CONSOLIDA TED BALANCE SHEETS (unaudited, in thousands, except share and per share amounts) As of March 31, 2024 As of December 31, 2023 Assets Current assets: Cash and cash equivalents $ 427,290 $ 428,430 Short-term investments 963,453 1,247,820 Accounts receivable, net 378,806 400,327 Inventory 373,530 322,859 Manufacturing-related deposits and prepaids 238,821 102,181 Other current assets 82,965 77,714 Total current assets 2,464,865 2,579,331 Property and equipment, net 249,302 227,154 Right of use assets 126,269 129,952 Non-current inventory 207,542 191,368 Other non-current assets 176,407 136,771 Total assets $ 3,224,385 $ 3,264,576 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 91,536 $ 164,918 Accrued expenses 283,317 314,997 Deferred revenue, current portion 112,000 50,416 Current portion of long-term debt 105,586 105,483 Other current liabilities 16,270 17,845 Total current liabilities 608,709 653,659 Long-term debt 1,133,660 1,132,515 Lease liabilities, net of current portion 140,102 140,965 Deferred revenue, net of current portion 325,000 437,000 Contingent consideration 48,200 38,100 Other non-current liabilities 7,522 3,000 Total liabilities 2,263,193 2,405,239 Commitments and contingencies (Note 14) Stockholders' equity: Preferred stock, $ 0.0001 par value, 3,333,333 shares authorized; none issued and outstanding — — Common stock, $ 0.0001 par value, 198,000,000 shares authorized; 94,490,157 and 93,731,831 issued and outstanding at March 31, 2024, and December 31, 2023, respectively 9 9 Additional paid-in capital 5,371,968 5,304,623 Accumulated other comprehensive (loss) income, net of tax ( 691 ) 918 Accumulated deficit ( 4,410,094 ) ( 4,446,213

View Full Filing

View this 10-Q filing on SEC EDGAR