Sarepta Therapeutics Files Q3 2024 10-Q
Ticker: SRPT · Form: 10-Q · Filed: Nov 6, 2024 · CIK: 873303
Sentiment: neutral
Topics: 10-Q, pharmaceuticals, financials
TL;DR
SRPT 10-Q filed: Q3 financials out, check for updates on Elevidys and R&D spend.
AI Summary
Sarepta Therapeutics, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates. Key financial figures and business developments are presented, reflecting the company's ongoing activities in the pharmaceutical sector.
Why It Matters
This filing provides investors with an update on Sarepta's financial health and operational progress, crucial for understanding the company's trajectory in the competitive biopharmaceutical market.
Risk Assessment
Risk Level: medium — As a biopharmaceutical company, Sarepta faces inherent risks related to drug development, regulatory approvals, and market competition.
Key Numbers
- 20240930 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
- 20241106 — Filing Date (The date the report was officially submitted to the SEC.)
Key Players & Entities
- Sarepta Therapeutics, Inc. (company) — Filer of the 10-Q
- 20240930 (date) — End of the reporting period
- 20241106 (date) — Filing date
- Elevidys (product) — Key product mentioned
- 2834 (industry_code) — Standard Industrial Classification for Pharmaceutical Preparations
FAQ
What were Sarepta's total sales revenue for the nine months ended September 30, 2024?
The filing indicates 'us-gaap:SalesRevenueNetMember' for the period 2024-01-01 to 2024-09-30, but the specific dollar amount is not provided in this snippet.
What was the Research and Development Expense for the nine months ended September 30, 2023?
The filing references 'us-gaap:ResearchAndDevelopmentExpenseMember' for the period 2023-01-01 to 2023-09-30, but the specific dollar amount is not provided in this snippet.
Does Sarepta have significant customer concentration risk?
The filing mentions 'us-gaap:CustomerConcentrationRiskMember' in relation to 'srpt:CustomerOneMember' for the period 2024-01-01 to 2024-09-30, suggesting potential concentration.
What is the company's fiscal year end?
Sarepta Therapeutics, Inc.'s fiscal year ends on December 31.
What is the company's primary business classification?
Sarepta Therapeutics, Inc. is classified under Standard Industrial Classification code 2834, which pertains to Pharmaceutical Preparations.
Filing Stats: 4,376 words · 18 min read · ~15 pages · Grade level 15.5 · Accepted 2024-11-06 16:01:29
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 par value per share SRPT The Nasdaq
Filing Documents
- srpt-20240930.htm (10-Q) — 3598KB
- srpt-ex10_1.htm (EX-10.1) — 16KB
- srpt-ex10_2.htm (EX-10.2) — 25KB
- srpt-ex31_1.htm (EX-31.1) — 12KB
- srpt-ex31_2.htm (EX-31.2) — 12KB
- srpt-ex32_1.htm (EX-32.1) — 8KB
- srpt-ex32_2.htm (EX-32.2) — 8KB
- 0000950170-24-122239.txt ( ) — 12511KB
- srpt-20240930.xsd (EX-101.SCH) — 1447KB
- srpt-20240930_htm.xml (XML) — 2392KB
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION Item 1.
Financial Statements (unaudited)
Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets — As of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) — For the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity — For the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows — For the Nine Months Ended September 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 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 24 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 39 Item 4.
Controls and Procedures
Controls and Procedures 40
— OTHER INFORMATION
PART II — OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 41 Item 1A.
Risk Factors
Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78 Item 3. Defaults Upon Senior Securities 78 Item 4. Mine Safety Disclosures 78 Item 5. Other Information 78 Item 6. Exhibits 78 Exhibits 79
— 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 September 30, 2024 As of December 31, 2023 Assets Current assets: Cash and cash equivalents $ 197,855 $ 428,430 Short-term investments 1,000,534 1,247,820 Accounts receivable, net 434,524 400,327 Inventory 565,924 322,859 Manufacturing-related deposits and prepaids 321,055 102,181 Other current assets 165,477 77,714 Total current assets 2,685,369 2,579,331 Property and equipment, net 305,788 227,154 Right of use assets 140,898 129,952 Non-current inventory 202,550 191,368 Non-current investments 181,770 — Other non-current assets 83,559 136,771 Total assets $ 3,599,934 $ 3,264,576 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 118,774 $ 164,918 Accrued expenses 344,830 314,997 Deferred revenue, current portion 127,001 50,416 Current portion of long-term debt 91,595 105,483 Other current liabilities 17,289 17,845 Total current liabilities 699,489 653,659 Long-term debt 1,135,965 1,132,515 Lease liabilities, net of current portion 170,009 140,965 Deferred revenue, net of current portion 325,000 437,000 Contingent consideration 47,400 38,100 Other non-current liabilities 1,000 3,000 Total liabilities 2,378,863 2,405,239 Commitments and contingencies (Note 16) 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; 95,493,005 and 93,731,831 issued and outstanding at September 30, 2024, and December 31, 2023, respectively 10 9 Additional paid-in capital 5,588,839 5,304,623 Accumulated other comprehensive income, net of tax 2,245 918 Accumulated