0000950170-23-037125 | 10-Q | XBRL Viewer

ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2023

The following table summarizes the Company’s accrued expenses for each of the periods indicated:


	As of June 30, 2023		As of December 31, 2022
	(in thousands)
Accrued contract manufacturing costs	$	82,734	$	202,173
Product revenue related reserves		80,424		68,784
Accrued employee compensation costs		44,906		65,946
Accrued clinical and pre-clinical costs		39,786		28,884
Accrued income taxes		20,815		12,521
Accrued professional fees		19,984		12,061
Accrued milestone and license costs		11,200		7,702
Accrued royalties		8,583		8,636
Accrued fixed assets		6,027		984
Accrued research costs		2,627		1,629
Other		9,791		9,676
Total accrued expenses	$	326,877	$	418,996

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2023

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

6. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

The following table summarizes the Company’s financial assets with maturities of less than 90 days from the date of purchase included in cash equivalents in the unaudited condensed consolidated balance sheets for each of the periods indicated:


	As of June 30, 2023		As of December 31, 2022
	(in thousands)
Money market funds	$	404,863	$	467,553
Corporate bonds		49,780		3,157
Government and government agency bonds		—		128,451
Commercial paper		—		33,190
Total	$	454,643	$	632,351

It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type. The weighted average maturity of the Company's available-for-sale securities as of both June 30, 2023 and December 31, 2022 was approximately four months.

The following tables summarize the Company’s cash, cash equivalents and short-term investments for each of the periods indicated:


	As of June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	802,149	$	—	$	—		$	802,149
Commercial paper		169,866		—		—			169,866
Government and government agency bonds		860,546		65		(1,079	)		859,532
Corporate bonds		21,221		5		(19	)		21,207
Certificates of deposit		7,961		—		—			7,961
Total cash, cash equivalents and investments	$	1,861,743	$	70	$	(1,098	)	$	1,860,715
As reported:
Cash and cash equivalents	$	851,917	$	12	$	—		$	851,929
Short-term investments		1,009,826		58		(1,098	)		1,008,786
Total cash, cash equivalents and investments	$	1,861,743	$	70	$	(1,098	)	$	1,860,715


	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	801,979	$	—	$	—		$	801,979
Commercial paper		211,369		—		—			211,369
Government and government agency bonds		808,904		178		(1,542	)		807,540
Corporate bonds		126,014		9		(282	)		125,741
Certificates of deposit		42,745		—		—			42,745
Total cash, cash equivalents and investments	$	1,991,011	$	187	$	(1,824	)	$	1,989,374
As reported:
Cash and cash equivalents	$	966,768	$	9	$	—		$	966,777
Short-term investments		1,024,243		178		(1,824	)		1,022,597
Total cash, cash equivalents and investments	$	1,991,011	$	187	$	(1,824	)	$	1,989,374

Commitments and Contingencies - Summary of Aggregate Non-Cancelable Contractual Obligations Arising from Manufacturing Obligations (Detail)
$ in Thousands

Jun. 30, 2023

USD ($)

Commitments And Contingencies [Line Items]

$ 489,561

416,331

146,010

80,110

77,497

72,244

Total manufacturing commitments

$ 1,281,753

^[1]

[1]

Total manufacturing commitments includes the Catalent manufacturing and supply agreement, for which the Company has right of use assets and lease liabilities recorded on the unaudited condensed consolidated balance sheets as of June 30, 2023. For more information, please read Note 21, Commitments and Contingencies to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (23,940)	$ (516,755)	$ (231,481)	$ (105,025)	$ (540,695)	$ (336,506)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Indebtedness - Summary of Debt Facilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Sep. 14, 2022	Nov. 14, 2017
Debt Instrument [Line Items]
Principal amount	$ 1,255,847
Net carrying value	1,235,517	$ 1,544,292
Total carrying value of debt facilities	1,235,517	1,544,292
Total fair value of debt facilities	1,449,980	2,073,528
2024 Convertible Notes [Member]
Debt Instrument [Line Items]
Principal amount	105,847	419,371	$ 150,600	$ 570,000
Unamortized discount - debt issuance costs	(567)	(3,059)
Total fair value of debt facilities	202,287	765,046
2027 Convertible Notes [Member]
Debt Instrument [Line Items]
Principal amount	1,150,000	1,150,000
Unamortized discount - debt issuance costs	(19,763)	(22,020)
Total fair value of debt facilities	$ 1,247,693	$ 1,308,482

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of contingent consideration liability	$ (0.8)	$ (0.8)

Net Loss Per Share - Basic and Diluted Net Loss Per Share (Parenthetical) (Detail) - shares shares in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of net loss per share	12.3	11.3
2024 Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion of shares excluded from computation of diluted EPS	1.4	7.8
2027 Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion of shares excluded from computation of diluted EPS	8.1

Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Jun. 30, 2017	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense		$ 47,377		$ 102,892	$ 88,627	$ 132,090
Stock-based compensation expenses		$ 47,400		$ 102,900
Grants, Stock options		54,575		207,583	1,084,924	1,499,120
Share-Based Compensation Arrangement by Share-Based Payment Award, Terms of Award					550,110 options relating to the Unvested Tranche met the conditions for vesting as the average closing price of the Company's common stock exceeded $128.65 during 20 consecutive trading days in March 2023 and the compound annual growth rate of the Company's common stock exceeded that of the Nasdaq Biotech Index by greater than 5%
Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expenses					$ 12,800
Grants, Stock options	3,300,000
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compound annual growth rate					5.00%
Unvested Tranche Member
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expenses					$ 88,600	$ 132,100
Incremental compensation cost					$ 600
Vesting, Stock options					550,110
Average closing price			$ 128.65
Share-Based Compensation Arrangement by Share-Based Payment Award, Terms of Award			550,110 options relating to the Unvested Tranche met the conditions for vesting as the average closing price of the Company's common stock exceeded $128.65 during 20 consecutive trading days in March 2023 and the compound annual growth rate of the Company's common stock exceeded that of the Nasdaq Biotech Index by greater than 5%.
Unvested Tranche Member \| Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expenses		$ 4,400

INDEBTEDNESS (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Summary of Debt Facilities

The following table summarizes the Company’s debt facilities for each of the periods indicated:


	As of June 30, 2023			As of December 31, 2022
	(in thousands)
Principal amount of the 2024 Notes	$	105,847		$	419,371
Principal amount of the 2027 Notes		1,150,000			1,150,000
Unamortized discount - debt issuance costs of 2024 Notes		(567	)		(3,059	)
Unamortized discount - debt issuance costs of 2027 Notes		(19,763	)		(22,020	)
Total carrying value of debt facilities	$	1,235,517		$	1,544,292

Fair value of 2024 Notes	$	202,287		$	765,046
Fair value of 2027 Notes		1,247,693			1,308,482
Total fair value of debt facilities	$	1,449,980		$	2,073,528

Summarizes Total Gross Payments Due under Company's Debt Arrangements

The following table summarizes the total principal payments due under the Company’s debt arrangements:


	As of June 30, 2023
	(in thousands)
2023 (July-December)	$	—
2024		105,847
2025		—
2026		—
2027		1,150,000
Thereafter		—
Total payments	$	1,255,847

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Organization and Nature of Business - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents and investments	$ 1,879,700
Cash and cash equivalents	851,929	$ 966,777	$ 868,565
Short-term investments	1,008,786	1,022,597
Restricted cash and investments	$ 19,024	$ 19,024

INVENTORY

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

INVENTORY

8. INVENTORY

The following table summarizes the components of the Company’s inventory for each of the periods indicated:


	As of June 30, 2023		As of December 31, 2022
	(in thousands)
Raw materials	$	102,838	$	59,181
Work in progress		243,061		269,185
Finished goods		47,612		38,147
Total inventory	$	393,511	$	366,513

Non-current inventory consists of raw materials and work in progress and is anticipated to be consumed beyond the Company's normal operating cycle.

The following table summarizes the balance sheet classification of the Company's inventory for each of the periods indicated:


	As of June 30, 2023		As of December 31, 2022
	(in thousands)
Balance sheet classification
Inventory	$	226,876	$	203,968
Non-current inventory		166,635		162,545
Total inventory	$	393,511	$	366,513

Summary of Stock Awards Granted (Detail) - $ / shares

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grants, Stock options

54,575

207,583

1,084,924

1,499,120

Weighted Average Grant Date Fair Value, Stock options

$ 66.82

$ 43.4

$ 72.5

$ 46.49

Grants, Restricted stock units

^[1]

33,752

147,075

1,109,663

859,510

Weighted Average Grant Date Fair Value, Restricted stock units

^[1]

$ 121.27

$ 72.99

$ 153.89

$ 78.78

Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grants, Stock options

502,225

38,500

502,225

38,500

Grants, Restricted stock units

394,975

[1]

Included in restricted stock units (“RSUs”) for the three and six months ended June 30, 2023 and 2022 are 502,225 and 38,500 shares, respectively, with performance conditions (“PSUs”) which are related to regulatory approval of certain of the Company's product candidates. As a result of the regulatory approval of ELEVIDYS in June 2023, the Compensation Committee of the Company's Board of Directors determined that one of the performance conditions was met, resulting in the recognition of stock-based compensation expense of $7.4 million associated with 394,975 PSUs with performance conditions during the three and six months ended June 30, 2023. Vesting of the 394,975 PSUs with performance conditions achieved is contingent on the fulfillment of remaining service conditions. The remaining expense associated with the 394,975 PSUs with performance conditions achieved is $54.2 million and will be recognized over approximately the next 1.7 years. If the performance milestones are met within the required time frame for the remaining PSUs, the Company may recognize up to $22.4

million of stock-based compensation expense. Stock options and the remaining RSUs granted during the periods presented in the table have only service-based criteria and vest over four years.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

LEASES

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

LEASES

14. LEASES

The Company has real estate operating leases in Cambridge, Andover, Burlington and Bedford, Massachusetts, Dublin and Columbus, Ohio, and Durham, North Carolina that provide for scheduled annual rent increases over the lease term. The Company has also identified leases embedded in certain of its manufacturing and supply agreements as the Company determined that it controls the use of the facilities and related equipment therein. For more information related to manufacturing and supply agreements with Catalent, Inc. (“Catalent”), please refer to Note 21, Commitments and Contingencies of the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

Bedford, Massachusetts

On April 22, 2022, the Company entered into a lease agreement (the “Bedford Lease”) for 288,000 square feet of to-be-constructed research and development and manufacturing space in Bedford, Massachusetts. The term of the Bedford Lease commences upon the landlord’s completion of the initial construction of the core and shell of the building, at which time the Company will obtain control of the premises and commence internal construction activities. The Company has two options to extend the lease for a period of ten years each, exercisable under certain conditions and at a market rate determined in accordance with the lease agreement.

In May 2022, in connection with the execution of the Bedford Lease, the Company issued a letter of credit collateralized by cash deposits of approximately $8.4 million, which was included in the other non-current assets of the Company’s unaudited condensed consolidated balance sheets. Such letter of credit shall be reduced to approximately $5.6 million at the commencement of the fourth rent year, provided certain conditions set forth in the Bedford Lease are satisfied.

Undiscounted minimum rent payments due over the term of the lease aggregate to $307.4 million. Additionally, the Company is responsible for reimbursing the landlord for the Company’s share of the property’s operating expenses and property taxes. The Bedford Lease also provides for a tenant improvement allowance from the landlord of up to $72.0 million to be used towards costs incurred by the Company in the design and construction of the premises.

The Bedford Lease commenced in May 2023 as the Company obtained control of the premises (the “Bedford Lease Commencement”). As a result, the Company recorded a lease liability and right-of-use asset of $76.5 million and $72.0 million, respectively, on its unaudited condensed consolidated balance sheets as of June 30, 2023. The Company recorded the $72.0 million tenant improvement allowance as a reduction to right-of-use assets and lease liabilities at the date of the Bedford Lease Commencement. Tenant improvement costs incurred by the Company that had been reimbursed by the landlord totaled $2.0 million as of June 30, 2023 and are recorded as an increase to lease liabilities within the Company's unaudited condensed consolidated balance sheets.

The initial gross ROU assets and lease liabilities recorded were based on the present value of estimated future payments associated with the Bedford Lease at a discount rate of 9.5%, representing the rate at which the Company could borrow on a collateralized basis the amount of the lease payments in a similar term. The remaining lease term for the Bedford Lease is 15.5 years. For the three and six months ended June 30, 2023, the Company had no operating lease costs or variable lease costs related to the Bedford Lease.

LICENSE AND COLLABORATION AGREEMENTS

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

LICENSE AND COLLABORATION AGREEMENTS

3. LICENSE AND COLLABORATION AGREEMENTS

F. Hoffman-La Roche Ltd.

For the three and six months ended June 30, 2023 and 2022, the Company recognized $22.3 million and $44.3 million of collaboration revenue, respectively, associated with the license, collaboration and option agreement (the “Roche Agreement”) with F. Hoffman-La Roche Ltd. (“Roche”). As of June 30, 2023, the Company had total deferred revenue of $530.0 million associated with the Roche Agreement, of which $45.0 million is classified as current. The portion of deferred revenue related to the separate material rights for the options to acquire ex-U.S. rights to certain Duchenne-specific programs was $485.0 million as of June 30, 2023 and December 31, 2022.

The costs associated with co-development activities performed under the Roche Agreement are included in operating expenses, with any reimbursement of costs by Roche reflected as a reduction of such expenses when the related expense is incurred. For the three and six months ended June 30, 2023, costs reimbursable by Roche and reflected as a reduction to operating expenses were $28.2 million and $48.5 million, respectively. For the three and six months ended June 30, 2022, costs reimbursable by Roche and reflected as a reduction to operating expenses were $26.4 million and $44.1 million, respectively. As of June 30, 2023, there was $28.6 million of collaboration receivable included in other current assets.

Nationwide Children's Hospital

In December 2016, the Company entered into an exclusive option agreement with Nationwide Children’s Hospital (“Nationwide”) from which the Company obtained an exclusive right to acquire a worldwide license of the micro-dystrophin gene therapy technology for Duchenne and Becker muscular dystrophy. In October 2018, the Company exercised the option and entered into a license agreement with Nationwide, which granted the Company exclusive worldwide rights to develop, manufacture and commercialize a micro-dystrophin gene therapy product candidate. In connection with the FDA approval of ELEVIDYS in June 2023, the Company recorded a milestone payment of $10.0 million to Nationwide as an in-licensed right intangible asset in its unaudited condensed consolidated balance sheets as of June 30, 2023. The in-licensed right is being amortized on a straight-line basis over the remaining life of the relevant patents and has a carrying value of approximately $10.0 million as of June 30, 2023. Upon commercial sale of ELEVIDYS, the Company is expected to make low-single-digit royalty payments based on net sales which will be recorded by the Company as cost of sales.

Research and Option Agreements

The Company has research and option agreements with third parties in order to develop various technologies and biologics that may be used in the administration of the Company’s genetic therapeutics. The agreements generally provide for research services related to pre-clinical development programs and options to license the technology for clinical development. Prior to the options under these agreements being executed, the Company may be required to make up to $39.8 million in research milestone payments. Under these agreements, there are $221.3 million in potential option payments to be made by the Company upon the determination to exercise the options. Additionally, if the options for each agreement are exercised and additional license agreements are executed, the Company would incur additional contingent obligations and may be required to make development, regulatory, and sales milestone payments and royalty payments based on the net sales of the developed products upon commercialization. In April 2023, the Company exercised one such option and recognized $7.5 million of up-front payment as research and development expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2023. For the three and six months ended June 30, 2022, the Company recognized $6.0 million of research, option and milestone expense. As of June 30, 2023, no additional research milestone payments became probable of occurring.

Milestone Obligations

The Company has license and collaboration agreements in place for which it could be obligated to pay, in addition to the payment of up-front fees upon execution of the agreements, certain milestone payments as a product candidate proceeds from the submission of an investigational new drug application through approval for commercial sale and beyond. As of June 30, 2023, the Company may be obligated to make up to $3.2 billion of future development, regulatory, commercial and up-front royalty payments associated with its collaboration and license agreements. These obligations exclude potential future option and milestone payments for options that have yet to be exercised within agreements entered into by the Company as of June 30, 2023, which are discussed above. For the three and six months ended June 30, 2023, the Company recognized up-front, development milestone and other expenses of $7.6 million and $8.1 million, respectively, as research and development expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. For the three and six months ended June 30, 2022, the Company recognized up-front and development milestone expenses of approximately $8.8 million as research and development expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.

Inventory - Summary of Components of Inventory (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 102,838	$ 59,181
Work in progress	243,061	269,185
Finished goods	47,612	38,147
Total inventory	$ 393,511	$ 366,513

Other (Loss) Income, Net - (Additional Information) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
F D A
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Proceeds from sale of rare pediatric disease priority review voucher, Net of commission	$ 102

Product Revenues, Net, Accounts Receivable and Reserves for Product Revenues (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Products, net	$ 238,988	$ 211,237	$ 470,483	$ 400,062
Revenues	261,238	233,487	514,738	444,317
Product sales receivable, net of discounts and allowances	236,800		$ 236,800		$ 214,600
Payment Terms			As of June 30, 2023, the majority of the Company’s accounts receivable arose from product sales in the U.S. and all customers have standard payment terms that generally require payment within 60 to 91 days. Outside of the U.S., the majority of the Company’s customers have payment terms ranging between 60 and 150 days
U.S. [Member]
Revenues	203,900	187,600	$ 404,400	360,000
Outside of U.S. [Member]
Revenues	$ 35,100	$ 23,600	$ 66,100	$ 40,100
Sales Revenue Net [Member] \| Customer Concentration Risk [Member] \| Total [Member]
Concentration of credit risk percentage			10.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Concentration of credit risk percentage			35.00%		36.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Two [Member]
Concentration of credit risk percentage			34.00%		35.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Three [Member]
Concentration of credit risk percentage			12.00%		12.00%
Revenue, Product and Service Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Concentration of credit risk percentage	47.00%	50.00%	48.00%	49.00%
Revenue, Product and Service Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer Two [Member]
Concentration of credit risk percentage	33.00%	32.00%	32.00%	34.00%
Revenue, Product and Service Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer Three [Member]
Concentration of credit risk percentage	7.00%	7.00%	7.00%	7.00%
Revenue, Product and Service Benchmark [Member] \| Customer Concentration Risk [Member] \| No Individual [Member]
Concentration of credit risk percentage		10.00%		10.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), reflect the accounts of Sarepta and its wholly-owned subsidiaries. All intercompany transactions between and among its consolidated subsidiaries have been eliminated. Management has determined that the Company operates in one segment: discovering, developing, manufacturing and delivering therapies to patients with rare diseases. In the opinion of the Company’s management, all adjustments of a normal recurring nature necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. GAAP, but that is not required for interim reporting purposes, has been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2022 which are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission on February 28, 2023. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year. Estimates and Uncertainties The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenue, expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash held at financial institutions, cash equivalents, investments and accounts receivable from customers. As of June 30, 2023, the Company’s cash was concentrated at three financial institutions, which potentially exposes the Company to credit risks. However, the Company does not believe that there is significant risk of non-performance by the financial institutions. The Company also purchases commercial paper, government and government agency bonds, corporate bonds and certificates of deposit issued by highly rated corporations, financial institutions and governments and limits the amount of credit exposure to any one issuer. These amounts may at times exceed federally insured limits. The Company has not experienced any credit losses related to these financial instruments and does not believe to be exposed to any significant credit risk related to these instruments. Please refer to Note 7, Product Revenues, Net, Accounts Receivable and Reserves for Product Revenues for discussion of the credit risk associated with accounts receivable from customers. Significant Accounting Policies For details about the Company's accounting policies, please read Note 2, Summary of Significant Accounting Policies of the Annual Report on Form 10-K for the year ended December 31, 2022. There have not been any material changes to the Company's accounting policies through June 30, 2023.

Other Assets - Summary of Other Non-current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Noncurrent [Abstract]
Manufacturing-related deposits and prepaids	$ 83,479	$ 97,409
Strategic investments	31,000	31,321
Restricted cash	19,024	19,024
Intangible assets, net	18,018	7,578
Prepaid clinical expenses	2,196	2,150
Other	9,322	5,487
Total other non-current assets	$ 163,039	$ 162,969

INVENTORY (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Summary of Components of Inventory

The following table summarizes the components of the Company’s inventory for each of the periods indicated:


	As of June 30, 2023		As of December 31, 2022
	(in thousands)
Raw materials	$	102,838	$	59,181
Work in progress		243,061		269,185
Finished goods		47,612		38,147
Total inventory	$	393,511	$	366,513

Summary Of Inventory Balance Sheet Classification

The following table summarizes the balance sheet classification of the Company's inventory for each of the periods indicated:


	As of June 30, 2023		As of December 31, 2022
	(in thousands)
Balance sheet classification
Inventory	$	226,876	$	203,968
Non-current inventory		166,635		162,545
Total inventory	$	393,511	$	366,513

Summary of Stock-Based Compensation Expense by Function Included within Condensed Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 47,377	$ 102,892	$ 88,627	$ 132,090
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	21,577	14,467	37,990	27,535
Selling, General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 25,800	$ 88,425	$ 50,637	$ 104,555

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (540,695)	$ (336,506)
Adjustments to reconcile net loss to cash flows from operating activities:
Loss on debt extinguishment	387,329	0
Gain from sale of Priority Review Voucher	(102,000)	0
Depreciation and amortization	22,097	20,608
Reduction in the carrying amounts of the right of use assets	6,811	5,514
Non-cash interest expense	2,688	3,988
Stock-based compensation	88,627	132,090
Loss on disposal of assets	322	5,370
Accretion of Investment Discount, Net	(20,245)	(1,459)
Other	(477)	468
Changes in operating assets and liabilities, net:
Net increase in accounts receivable	(22,180)	(50,864)
Net increase in inventory	(26,998)	(15,364)
Net decrease in other assets	11,015	30,921
Net decrease in deferred revenue	(44,255)	(44,255)
Net (decrease) increase in accounts payable, accrued expenses, lease liabilities and other liabilities	(93,669)	81,499
Net cash used in operating activities	(331,630)	(167,990)
Cash flows from investing activities:
Proceeds from sale of Priority Review Voucher	102,000	0
Purchase of property and equipment	(27,394)	(14,629)
Purchase of available-for-sale securities	(829,799)	(1,137,602)
Maturity and sale of available-for-sale securities	864,458	77,151
Other	(139)	(718)
Net cash provided by (used in) investing activities	109,126	(1,075,798)
Cash flows from financing activities:
Partial settlement of capped call share options for 2024 Notes	80,645	0
Proceeds from exercise of stock options and purchase of stock under the Employee Stock Purchase Program	33,898	5,329
Debt conversion costs for 2024 Notes	(6,887)	0
Net cash provided by financing activities	107,656	5,329
Decrease in cash, cash equivalents and restricted cash	(114,848)	(1,238,459)
Cash, cash equivalents and restricted cash:
Beginning of period	985,801	2,125,523
End of period	870,953	887,064
Reconciliation of cash, cash equivalents and restricted cash:
Total cash, cash equivalents and restricted cash	870,953	887,064
Cash and cash equivalents	851,929	868,565
Restricted cash in other assets	19,024	18,499
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	7,817	27,780
Supplemental schedule of non-cash investing activities and financing activities:
Intangible assets and property and equipment included in accounts payable and accrued expenses	20,928	5,751
Lease liabilities arising from obtaining right of use assets	75,875	11,407
Common stock issued for exchange of 2024 Notes	693,377	0
Lease liabilities terminated	$ 0	$ 3,807

Other Assets - Summary of Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Manufacturing-related deposits and prepaids	$ 79,007	$ 66,455
Collaboration receivable	28,635	41,758
Prepaid maintenance services	11,777	9,815
Prepaid clinical and pre-clinical expenses	7,127	11,237
Prepaid insurance	3,139	3,717
Prepaid commercial expenses	2,854	2,947
Prepaid research expenses	2,502	1,927
Interest receivable	1,715	3,311
Other	11,459	8,724
Total other current assets	$ 148,215	$ 149,891

ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

ACCRUED EXPENSES

10. ACCRUED EXPENSES

The following table summarizes the Company’s accrued expenses for each of the periods indicated:


	As of June 30, 2023		As of December 31, 2022
	(in thousands)
Accrued contract manufacturing costs	$	82,734	$	202,173
Product revenue related reserves		80,424		68,784
Accrued employee compensation costs		44,906		65,946
Accrued clinical and pre-clinical costs		39,786		28,884
Accrued income taxes		20,815		12,521
Accrued professional fees		19,984		12,061
Accrued milestone and license costs		11,200		7,702
Accrued royalties		8,583		8,636
Accrued fixed assets		6,027		984
Accrued research costs		2,627		1,629
Other		9,791		9,676
Total accrued expenses	$	326,877	$	418,996

Indebtedness - Additional Information (Detail) - USD ($)				3 Months Ended			6 Months Ended
	Mar. 02, 2023	Sep. 14, 2022	Nov. 14, 2017	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt instrument, face amount				$ 1,255,847,000			$ 1,255,847,000
Partial settlement of capped call share options for 2024 Notes					$ 80,645,000		80,645,000	$ 0
Loss on debt extinguishment				0		$ 0	(387,329,000)	0
Debt conversion costs for 2024 Notes	$ 6,900,000						6,887,000	0
Interest expense debt				5,200,000		16,000,000	11,500,000	31,800,000
Long-term debt				1,235,517,000			1,235,517,000							$ 1,544,292,000
Aggregate long-term debt				1,235,517,000			1,235,517,000							1,544,292,000
Amortization of Debt Issuance Costs				1,200,000		$ 2,000,000	2,700,000	$ 4,000,000
Convertible Debt, The Term Loan, The Revolver and The Mortgage Loans [Member]
Debt Instrument [Line Items]
Long-term debt				$ 1,235,500,000			$ 1,235,500,000							1,544,300,000
Aggregate long-term debt									$ 1,164,300,000	$ 14,400,000	$ 14,400,000	$ 121,800	$ 8,000,000
2027 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate per annum				1.25%			1.25%
2024 Convertible Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 150,600,000	$ 570,000,000	$ 105,847,000			$ 105,847,000							419,371,000
Issuance of common stock for exchange of 2024 Notes, shares	4,500,000
Partial settlement of capped call share options for 2024 Notes	$ 80,600,000
Debt instrument, maturity date			Nov. 15, 2024
Reduction in carrying value of convertible notes	311,500,000
Loss on debt extinguishment	387,300,000
Debt conversion costs for 2024 Notes	6,900,000
Conversion of shares excluded from computation of diluted EPS				1,400,000		7,800,000	1,400,000	7,800,000
Fair value convertible note exchange	693,400,000
Eliminated accrued interest	1,500,000
Payment for full settlement of the principal value and accrued interest		248,600,000
2024 Convertible Notes [Member] \| Common Stock [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal	$ 313,500,000
2027 Convertible Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				$ 1,150,000,000			$ 1,150,000,000							$ 1,150,000,000
Conversion of shares excluded from computation of diluted EPS				8,100,000			8,100,000
2017 Capped Call Transactions [Member]
Debt Instrument [Line Items]
Partial settlement of capped call share options for 2024 Notes		$ 26,300,000

Summary of Stock Awards Granted (Parenthetical) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grants, Stock options

54,575

207,583

1,084,924

1,499,120

Grants, Stock options

^[1]

33,752

147,075

1,109,663

859,510

Stock-based compensation Grants

$ 7,400

Stock-based compensation expense

$ 47,377

$ 102,892

$ 88,627

$ 132,090

Employee Stock Option

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share based compensation granted under plan vest period

4 years

Stock-based compensation expense

$ 21,135

$ 89,155

$ 44,965

$ 105,561

Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grants, Stock options

502,225

38,500

502,225

38,500

Grants, Stock options

394,975

Share based compensation granted under plan vest period

1 year 8 months 12 days

Share-based payment arrangement, Cost not yet recognized, Amount

$ 54,200

Stock-based compensation expense

$ 22,400

Remaining shares associated with performance condition

394,975

Vesting PSUs

394,975

[1]

million of stock-based compensation expense. Stock options and the remaining RSUs granted during the periods presented in the table have only service-based criteria and vest over four years.

Gain from Sale of Priority Review Voucher - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
F D A
Gain From Sale Of Intangible Asset [Line Items]
Proceeds from sale of rare pediatric disease priority review voucher, Net of commission	$ 102

NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

NET LOSS PER SHARE

15. NET LOSS PER SHARE

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding. Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding. Given that the Company recorded a net loss for each of the periods presented, there is no difference between basic and diluted net loss per share since the effect of common stock equivalents would be anti-dilutive and are, therefore, excluded from the diluted net loss per share calculation.


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
	(in thousands, except per share amounts)						(in thousands, except per share amounts)
Net loss	$	(23,940	)	$	(231,481	)	$	(540,695	)	$	(336,506	)
Weighted-average common shares outstanding - basic		88,743			87,511			88,466			87,383
Effect of dilutive securities*		—			—			—			—
Weighted-average common shares outstanding - diluted		88,743			87,511			88,466			87,383
Net loss per share - basic and diluted	$	(0.27	)	$	(2.65	)	$	(6.11	)	$	(3.85	)

* For the three and six months ended June 30, 2023 and 2022, stock options, RSUs and employee stock purchase plan to purchase of approximately 12.3 million and 11.3 million shares of common stock, respectively, were excluded from the diluted net loss per share calculation as their effect would have been anti-dilutive. The Company accounts for the effect of its 2027 Notes and 2024 Notes on diluted net earnings per share (“EPS”) using the if-converted method as this obligation may be settled in cash or shares at the Company’s option. The effect of potential share settlement is included in the diluted EPS calculation if the effect is more dilutive. During the three and six months ended June 30, 2023, the inclusion of the potential share settlement of the 2027 Notes was anti-dilutive. During the three and six months ended June 30, 2023 and 2022 the inclusion of the potential share settlement of the 2024 Notes was anti-dilutive. Accordingly, the potential conversion of approximately 1.4 million and 7.8 million shares related to the 2024 Notes has been excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2023 and 2022, respectively, and the potential conversion of approximately 8.1 million shares related to the 2027 Notes has been excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2023.

GAIN FROM SALE OF PRIORITY REVIEW VOUCHER

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GAIN FROM SALE OF PRIORITY REVIEW VOUCHER

4. GAIN FROM SALE OF PRIORITY REVIEW VOUCHER

In June 2023, the Company entered into an agreement to sell the rare pediatric disease Priority Review Voucher (“ELEVIDYS PRV”) it received from the FDA in connection with the approval of ELEVIDYS for consideration of $102.0 million, with no commission costs. The closing of the transaction was not subject to the conditions set forth under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and closed in June 2023. The net proceeds were recorded as a gain from sale of the ELEVIDYS PRV as it did not have a carrying value at the time of the sale.

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Products, net	$ 238,988	$ 211,237	$ 470,483	$ 400,062
Type of Revenue [Extensible List]			us-gaap:ProductMember	us-gaap:ProductMember
Collaboration	22,250	22,250	$ 44,255	$ 44,255
Total revenues	261,238	233,487	514,738	444,317
Cost and expenses:
Cost of sales (excluding amortization of in-licensed rights)	34,124	37,795	69,141	69,238
Research and development	241,890	252,329	487,569	446,579
Selling, general and administrative	118,564	154,316	229,278	226,156
Amortization of in-licensed rights	179	179	357	357
Total cost and expenses	394,757	444,619	786,345	742,330
Operating loss	(133,519)	(211,132)	(271,607)	(298,013)
Other loss, net:
Gain from sale of Priority Review Voucher	102,000	0	102,000	0
Loss on debt extinguishment	0	0	(387,329)	0
Other income (expense), net	16,934	(16,961)	29,641	(34,226)
Total other (loss), net	118,934	(16,961)	(255,688)	(34,226)
Loss before income tax expense (benefit)	(14,585)	(228,093)	(527,295)	(332,239)
Income tax expense (benefit)	9,355	3,388	13,400	4,267
Net loss	(23,940)	(231,481)	(540,695)	(336,506)
Other comprehensive income (loss):
Unrealized gains (losses) on investments, net of tax	(636)	(2,179)	609	(2,465)
Total other comprehensive income (loss)	(636)	(2,179)	609	(2,465)
Comprehensive loss	$ (24,576)	$ (233,660)	$ (540,086)	$ (338,971)
Net loss per share - basic	$ (0.27)	$ (2.65)	$ (6.11)	$ (3.85)
Net loss per share - diluted	$ (0.27)	$ (2.65)	$ (6.11)	$ (3.85)
Weighted average number of shares of common stock used in computing basic and diluted net loss per share	88,743	87,511	88,466	87,383
Weighted average number of shares of common stock used in computing basic and diluted net loss per share	88,743	87,511	88,466	87,383

Fair Value Measurements - Assets and Liabilities Measured and Carried at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 1,494,429	$ 1,686,269
Contingent consideration	36,100	36,900
Total liabilities	36,100	36,900
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	404,863	467,553
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	169,866	211,369
Government and Government Agency Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	859,532	807,540
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	21,207	125,741
Strategic Equity Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	31,000	31,321
Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	7,961	42,745
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	404,863	467,874
Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	404,863	467,553
Level 1 [Member] \| Strategic Equity Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		321
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,058,566	1,187,395
Level 2 [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	169,866	211,369
Level 2 [Member] \| Government and Government Agency Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	859,532	807,540
Level 2 [Member] \| Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	21,207	125,741
Level 2 [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	7,961	42,745
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	31,000	31,000
Contingent consideration	36,100	36,900
Total liabilities	36,100	36,900
Level 3 [Member] \| Strategic Equity Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 31,000	$ 31,000

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

16. COMMITMENTS AND CONTINGENCIES

Manufacturing Obligations

The following table summarizes the aggregate non-cancelable contractual obligations arising from the Company’s manufacturing obligations:


	As of June 30, 2023
	(in thousands)
2023 (July-December)	$	489,561
2024		416,331
2025		146,010
2026		80,110
2027		77,497
Thereafter		72,244
Total manufacturing commitments*	$	1,281,753

* Total manufacturing commitments includes the Catalent manufacturing and supply agreement, for which the Company has right of use assets and lease liabilities recorded on the unaudited condensed consolidated balance sheets as of June 30, 2023. For more information, please read Note 21, Commitments and Contingencies to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Thermo Fisher Scientific, Inc.

The Company entered into a development, commercial manufacturing, and supply agreement in June 2018 and, subsequently, entered into the first, second and third amendments in May 2019, July 2020 and October 2021, respectively, with Brammer Bio MA, LLC, an affiliate of Thermo Fisher Scientific, Inc. (“Thermo”) (collectively, the “Thermo Agreement”).

In March 2023, the Company executed a fourth amendment (the “Amendment”) that modified the terms of the Thermo Agreement. The Amendment removed the previous minimum batch purchase commitment of $54.7 million per annum and associated fee for the remaining term of the Thermo Agreement. In connection with the elimination of such commitment and fee, the Amendment implemented a fee of up to $60.0 million, to be paid in three installments of $20.0 million each by March 1, 2024, December 31, 2024 and December 31, 2025, respectively, unless waived in part as described below. The Company will recognize the first $20.0 million installment due March 1, 2024 as a nonrefundable advance payment over the term of the agreement as the Company believes it will receive future benefit from this contract. As the Company has yet to obtain regulatory approval to produce commercial supply of ELEVIDYS at Thermo manufacturing facilities as of June 30, 2023, it recognized approximately $0.9 million as research and development expense during the three and six months ended June 30, 2023 related to this nonrefundable advanced payment.

The second and third payment installments, which are associated with the years ending December 31, 2024 and 2025, will be waived if the Company meets certain minimum purchase thresholds under the Amendment. As of June 30, 2023, the Company believes it is probable that the minimum purchase thresholds will be met in the normal course of business throughout the term of the agreement and, therefore, no liabilities were recorded related to the second or third payment installments.

For more information related to Thermo, please read Note 21, Commitments and Contingencies to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Litigation

In the normal course of business, the Company from time to time is named as a party to various legal claims, actions and complaints, which have included or may include matters involving securities, employment, intellectual property, arising from the use of therapeutics utilizing its technology, or others. We record a loss contingency reserve for a legal proceeding when we consider the potential loss probable and we can reasonably estimate the amount of the loss or determine a probable range of loss. We provide disclosure when we consider a loss reasonably possible or when we determine that a loss in excess of a reserve is reasonably possible. We provide an estimate of such reasonably possible losses or an aggregate range of such reasonably possible losses, unless we believe that such an estimate cannot be made. The Company has not recorded any material accruals for loss contingencies and in management's opinion no material range of loss is estimable for the matters described below as of June 30, 2023.

On September 15, 2020, REGENXBIO INC. (“Regenx”) and the Trustees of the University of Pennsylvania (“U-Penn”) filed a lawsuit against the Company and Sarepta Therapeutics Three, LLC, in the U.S. District Court for the District of Delaware. The plaintiffs assert patent infringement of U.S. Patent No. 10,526,617 (“the ‘617 Patent”) under 35 U.S.C.§§ 271(a)-(c) based on Sarepta’s alleged direct or indirect manufacture and use of the patented cultured host cell technology allegedly used to make adeno-associated virus (“AAV”) gene therapy products, including SRP-9001 (approved June 22, 2023 in the U.S. as ELEVIDYS®). Specifically, the Complaint essentially includes the allegation that Sarepta’s use, and the use by its contract manufacturers on its behalf, of a host cell containing a recombinant acid molecule that encodes a capsid protein having at least 95% amino acid identity to AAVrh10 infringes the ‘617 Patent asserted by Regenx. Plaintiffs seek injunctive relief, a judgment of infringement and willful infringement, an unspecified amount of damages that is no less than a reasonable royalty (treble damages), attorneys’ fees and costs, and such other relief as the court deems just and proper. On January 4, 2022, the Court denied Sarepta’s motion to dismiss the case pursuant to Federal Rule of Civil Procedure 12(b)(6) based on the Safe Harbor provision of non-infringement contained in 35 U.S.C. § 271(e)(1). Sarepta answered the Complaint on January 18, 2022, and a case schedule has been set with a trial commencing on January 29, 2024.

On June 20, 2023, Regenx and U-Penn commenced a second patent infringement lawsuit against Sarepta and its contract manufacturer, Catalent asserting patent alleged infringement of U. S. Patent No. 11,680,274 (“the ’274 Patent”). In the second lawsuit, Regenx and U-Penn allege that Sarepta and Catalent’s manufacture, use and commercial launch of ELEVIDYS® (formerly/also known as SRP-9001) infringe the ’274 Patent. Responsive pleadings are due on August 10, 2023. No case schedule has been set.

On July 13, 2021, Nippon Shinyaku Co., Ltd. (“Nippon Shinyaku” or “NS”) filed a lawsuit against the Company in the U.S. District Court for the District of Delaware. NS asserts a claim for breach of contract arising from Sarepta filing seven petitions for Inter Partes Review (“IPR Petitions”) with the Patent Trial and Appeal Board at the USPTO in which Sarepta sought to invalidate certain NS patents concerning exon 53 skipping technology (U.S. Patent Nos. 9,708,361, 10,385,092, 10,407,461, 10,487,106, 10,647,741, 10,662,217, and 10,683,322, respectively, and collectively the “NS Patents”). In addition, NS asserts claims for patent infringement and willful infringement of each of the NS Patents allegedly arising from Sarepta’s activities, including the sale of, its exon 53 skipping product, VYONDYS 53 (golodirsen). NS further seeks a determination of non-infringement by NS alleged to arise from NS’s activities, including the sale of, its exon 53 skipping product, Viltepso (viltolarsen) and invalidity of certain patents licensed to the Company from University of Western Australia (“UWA”) (U.S. Patent Nos. 9,994,851, 10,227,590, and 10,266,827, collectively the “UWA Patents”). NS is seeking legal fees and costs, an unspecified amount of monetary relief (treble damages) attributed to Sarepta’s alleged infringement, and such other relief as the court deems just and proper. In January 2022, the PTAB granted institution of all claims of all NS Patents in response to Sarepta’s IPR Petitions and determined that Sarepta has demonstrated a reasonable likelihood of success in proving that the NS Patents are unpatentable. NS filed a motion for preliminary injunction solely

seeking Sarepta’s withdrawal of the IPR Petitions, which was ultimately granted after the U.S. Court of Appeals for the Federal Circuit reversed and remanded to the district court on February 8, 2022. Sarepta subsequently withdrew the IPRs, which were terminated on June 14, 2022. On December 27, 2021, the district court partially granted and denied the motion to dismiss by Sarepta and ordered NS to file a Second Amended Complaint (“SAC”), which it did on January 14, 2022. In the SAC, NS maintains all claims of the original complaint of July 13, 2021, except a determination of non-infringement of the UWA Patents. On January 28, 2022, Sarepta filed its answer to the SAC, with defenses and counterclaims against NS and NS Pharma Inc. that include infringement of the UWA Patents allegedly arising from their activities concerning, including the sale of, its exon 53 skipping product, Viltepso (viltolarsen) and breach of contract. Sarepta is also seeking a determination of invalidity of the NS Patents. Sarepta is seeking an award of relief in its defenses to NS’ allegations, a judgment of breach of contract, a determination of invalidity of the NS Patents, a judgment of infringement and willful infringement of the UWA Patents, legal fees and costs, an unspecified amount of monetary relief (treble damages) attributable to NS’ alleged infringement, and such other relief as the court deems just and proper. UWA has since been joined as a Plaintiff in Sarepta’s counterclaims against NS. The Court entered a scheduling order with a trial scheduled to commence on May 13, 2024.

On or about June 5, 2023, Sarepta initiated a patent infringement lawsuit against Nippon Shinyaku in Japan, alleging that NS’s production, sales and offers to sell Viltepso infringe Sarepta’s Japanese Patent No. 6406782. NS filed its preliminary answer on July 13, 2023. A hearing occurred on July 20, 2023 during which the Court set an initial case schedule.

Product Revenues, Net, Accounts Receivable and Reserves for Product Revenues - Summary of Change in Reserves for Discounts and Allowances (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	$ 94,698	$ 70,466
Provision	106,559	83,809
Adjustments relating to prior years	(3,437)	(2,198)
Payments/credits	(83,822)	(66,624)
Ending balance	113,998	85,453
Chargebacks [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	417	799
Provision	6,287	5,642
Adjustments relating to prior years	0	0
Payments/credits	(6,434)	(6,232)
Ending balance	270	209
Rebates [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	67,493	60,506
Provision	60,824	52,589
Adjustments relating to prior years	(3,437)	(2,228)
Payments/credits	(45,592)	(43,293)
Ending balance	79,288	67,574
Prompt Pay [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	3,343	2,798
Provision	7,228	6,192
Adjustments relating to prior years	0	0
Payments/credits	(6,976)	(5,639)
Ending balance	3,595	3,351
Other Accruals [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	23,445	6,363
Provision	32,220	19,386
Adjustments relating to prior years	0	30
Payments/credits	(24,820)	(11,460)
Ending balance	$ 30,845	$ 14,319

Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) Segment $ / shares	Jun. 30, 2022 USD ($) $ / shares
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments \| Segment					1
Interest expense reduced	$ 5,200		$ 16,000		$ 11,500	$ 31,800
Net Income (Loss)	$ (23,940)	$ (516,755)	$ (231,481)	$ (105,025)	$ (540,695)	$ (336,506)
Increase in diluted earnings per share (in dollar per share) \| $ / shares	$ (0.27)		$ (2.65)		$ (6.11)	$ (3.85)

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

License and Collaboration Agreements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Product revenues, net	$ 238,988	$ 211,237	$ 470,483	$ 400,062
Development Milestone and Upfront Fee Recognized as Research and Development Expense	7,600	8,800	8,100	8,800
Collaborative Arrangement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment for option exercise			221,300
Research, option and milestone expense		6,000		6,000
No additional research milestone payments			0
Collaborative Arrangement \| Maximum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent research milestone payments			39,800
Development Milestone and Settlement Upfront Fee Recognized as Research and Development Expense	3,200,000		3,200,000
Collaborative Arrangement \| Research and Development Expense [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Up-front and development milestone expenses	7,500		7,500
Collaborative Arrangement \| Roche Holding A.G. [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Product revenues, net	22,300	22,300	44,300	44,300
Deferred Revenue	530,000		530,000
Deferred Revenue, Current	45,000		45,000
Deferred Revenue Separate Material Options Right	485,000	485,000	485,000	485,000
Research and development expense	28,200	$ 26,400	48,500	$ 44,100
Collaboration Receivable	28,600		28,600
Nationwide License Agreement [Member] \| Nationwide Childrens Hospital [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Sales milestone payment recorded as an in-license right	10,000		10,000
Carrying value	$ 10,000		$ 10,000

OTHER ASSETS (Tables)

6 Months Ended

Jun. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Summary of Other Current Assets

The following table summarizes the Company’s other current assets for each of the periods indicated:


	As of June 30, 2023		As of December 31, 2022
	(in thousands)
Manufacturing-related deposits and prepaids	$	79,007	$	66,455
Collaboration receivable		28,635		41,758
Prepaid maintenance services		11,777		9,815
Prepaid clinical and pre-clinical expenses		7,127		11,237
Prepaid insurance		3,139		3,717
Prepaid commercial expenses		2,854		2,947
Prepaid research expenses		2,502		1,927
Interest receivable		1,715		3,311
Other		11,459		8,724
Total other current assets	$	148,215	$	149,891

Summary of Other Non-current Assets

The following table summarizes the Company’s other non-current assets for each of the periods indicated:


	As of June 30, 2023		As of December 31, 2022
	(in thousands)
Manufacturing-related deposits and prepaids	$	83,479	$	97,409
Strategic investments		31,000		31,321
Restricted cash		19,024		19,024
Intangible assets, net		18,018		7,578
Prepaid clinical expenses		2,196		2,150
Other		9,322		5,487
Total other non-current assets	$	163,039	$	162,969

Other Loss, Net - Summary of Other Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Nonoperating Income (Expense) [Abstract]
Accretion of investment discount, net	$ 12,786	$ 1,331	$ 22,825	$ 1,373
Interest income	8,418	2,409	17,694	2,582
Gain on contingent consideration	800		800
Interest expense	(5,224)	(16,028)	(11,547)	(31,824)
Other, net	154	(4,673)	(131)	(6,357)
Other income (expense), net	16,934	(16,961)	29,641	(34,226)
Gain from sale of Priority Review Voucher	102,000	0	102,000	0
Loss on debt extinguishment	0	0	(387,329)	0
Total other (loss), net	$ 118,934	$ (16,961)	$ (255,688)	$ (34,226)

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)

6 Months Ended

Jun. 30, 2023

Cash and Cash Equivalents [Abstract]

Summary of Company Financial Assets with Maturities of Less Than 90 Days Included in Cash Equivalents


	As of June 30, 2023		As of December 31, 2022
	(in thousands)
Money market funds	$	404,863	$	467,553
Corporate bonds		49,780		3,157
Government and government agency bonds		—		128,451
Commercial paper		—		33,190
Total	$	454,643	$	632,351

Summary of Company Cash, Cash Equivalents and Short-Term Investments

The following tables summarize the Company’s cash, cash equivalents and short-term investments for each of the periods indicated:


	As of June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	802,149	$	—	$	—		$	802,149
Commercial paper		169,866		—		—			169,866
Government and government agency bonds		860,546		65		(1,079	)		859,532
Corporate bonds		21,221		5		(19	)		21,207
Certificates of deposit		7,961		—		—			7,961
Total cash, cash equivalents and investments	$	1,861,743	$	70	$	(1,098	)	$	1,860,715
As reported:
Cash and cash equivalents	$	851,917	$	12	$	—		$	851,929
Short-term investments		1,009,826		58		(1,098	)		1,008,786
Total cash, cash equivalents and investments	$	1,861,743	$	70	$	(1,098	)	$	1,860,715


	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	801,979	$	—	$	—		$	801,979
Commercial paper		211,369		—		—			211,369
Government and government agency bonds		808,904		178		(1,542	)		807,540
Corporate bonds		126,014		9		(282	)		125,741
Certificates of deposit		42,745		—		—			42,745
Total cash, cash equivalents and investments	$	1,991,011	$	187	$	(1,824	)	$	1,989,374
As reported:
Cash and cash equivalents	$	966,768	$	9	$	—		$	966,777
Short-term investments		1,024,243		178		(1,824	)		1,022,597
Total cash, cash equivalents and investments	$	1,991,011	$	187	$	(1,824	)	$	1,989,374

OTHER (LOSS) INCOME, NET (Tables)

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

Summary of Other Loss

The following table summarizes other income (loss), net for each of the periods indicated:


		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2023			2022			2023			2022
	(in thousands)
Accretion of investment discount, net		$	12,786		$	1,331		$	22,825		$	1,373
Interest income			8,418			2,409			17,694			2,582
Gain on contingent consideration			800			—			800			—
Interest expense			(5,224	)		(16,028	)		(11,547	)		(31,824	)
Other, net			154			(4,673	)		(131	)		(6,357	)
Other income (expense), net		$	16,934		$	(16,961	)	$	29,641		$	(34,226	)
Gain from sale of Priority Review Voucher			102,000			—			102,000			—
Loss on debt extinguishment			—			—			(387,329	)		—
Total other income (loss), net		$	118,934		$	(16,961	)	$	(255,688	)	$	(34,226	)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 851,929	$ 966,777
Short-term investments	1,008,786	1,022,597
Accounts receivable	236,808	214,628
Inventory	226,876	203,968
Other current assets	148,215	149,891
Total current assets	2,472,614	2,557,861
Property and equipment, net	188,874	180,037
Right of use assets	134,728	64,954
Non-current inventory	166,635	162,545
Other non-current assets	163,039	162,969
Total assets	3,125,890	3,128,366
Current liabilities:
Accounts payable	109,796	95,875
Accrued expenses	326,877	418,996
Deferred revenue, current portion	44,989	89,244
Other current liabilities	16,992	15,489
Total current liabilities	498,654	619,604
Long-term debt	1,235,517	1,544,292
Lease liabilities, net of current portion	129,170	57,578
Deferred revenue, net of current portion	485,000	485,000
Contingent consideration	36,100	36,900
Other non-current liabilities	38	42
Total liabilities	2,384,479	2,743,416
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 3,333,333 shares authorized; none issued and outstanding	0	0
Common stock, $0.0001 par value, 198,000,000 shares authorized; 93,273,541 and 87,950,117 issued and outstanding at June 30, 2023, and December 31, 2022, respectively	9	9
Additional paid-in capital	5,193,388	4,296,841
Accumulated other comprehensive loss, net of tax	(1,055)	(1,664)
Accumulated deficit	(4,450,931)	(3,910,236)
Total stockholders’ equity	741,411	384,950
Total liabilities and stockholders’ equity	$ 3,125,890	$ 3,128,366

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

5. FAIR VALUE MEASUREMENTS

The Company has certain financial assets and liabilities that are recorded at fair value which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements.

•

Level 1 — quoted prices for identical instruments in active markets;

•

Level 2 — quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

•

Level 3 — valuations derived from valuation techniques in which one or more significant value drivers are unobservable.

During the six and twelve months ended June 30, 2023 and December 31, 2022, there were no transfers into or out of Level 3. The tables below present information about the Company’s financial assets and liabilities that are measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques it utilizes to determine such fair value:


	Fair Value Measurement as of June 30, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	404,863	$	404,863	$	—	$	—
Commercial paper		169,866		—		169,866		—
Government and government agency bonds		859,532		—		859,532		—
Corporate bonds		21,207		—		21,207		—
Strategic investments		31,000		—		—		31,000
Certificates of deposit		7,961		—		7,961		—
Total assets	$	1,494,429	$	404,863	$	1,058,566	$	31,000

Liabilities
Contingent consideration	$	36,100	$	—	$	—	$	36,100
Total liabilities	$	36,100	$	—	$	—	$	36,100


	Fair Value Measurement as of December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	467,553	$	467,553	$	—	$	—
Commercial paper		211,369		—		211,369		—
Government and government agency bonds		807,540		—		807,540		—
Corporate bonds		125,741		—		125,741		—
Strategic investments		31,321		321		—		31,000
Certificates of deposit		42,745		—		42,745		—
Total assets	$	1,686,269	$	467,874	$	1,187,395	$	31,000

Liabilities
Contingent consideration	$	36,900	$	—	$	—	$	36,900
Total liabilities	$	36,900	$	—	$	—	$	36,900

The Company’s assets with a fair value categorized as Level 1 within the fair value hierarchy primarily include money market funds.

The Company's assets with a fair value categorized as Level 2 within the fair value hierarchy consist of commercial paper, government and government agency bonds, corporate bonds and certificates of deposit. These assets have been initially valued at the transaction price and subsequently valued at the end of each reporting period utilizing third-party pricing services. The Company uses observable market inputs to determine value, which primarily consist of reportable trades. Certain of the short-term investments with maturities of less than three months at the date of acquisition are presented as cash equivalents on the unaudited condensed consolidated balance sheets as of June 30, 2023.

The Company’s assets with a fair value categorized as Level 3 within the fair value hierarchy consist of a strategic investment in Series A preferred stock of Lacerta Therapeutics, Inc. (“Lacerta”) and strategic investments in two other private companies. For more information related to Lacerta, please read Note 3, License and Collaboration Agreements to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The fair value of the Lacerta investment was initially based on a cost approach corroborated by the Black-Scholes-Merton option-pricing model. The most significant assumptions in the option pricing model include historical volatility of similar public companies, estimated term through Lacerta’s potential exit and a risk-free rate based on certain U.S. Treasury rates. The investments in the other two private companies are recorded at fair value at the time of purchase as measured by their respective investment cost. At the end of each reporting period, the fair value of the Company's strategic investments will be adjusted if the issuers were to issue similar or identical securities or when there is a triggering event for impairment. There were no valuation measurement events related to the fair value of the Company's Level 3 strategic investments during the six months ended June 30, 2023 or 2022, as no impairment indicators were identified nor were similar securities issued.

The Company’s contingent consideration liability with a fair value categorized as Level 3 within the fair value hierarchy relates to the regulatory-related contingent payments to Myonexus Therapeutics, Inc. (“Myonexus”) selling shareholders as well as to two academic institutions under separate license agreements that meet the definition of a derivative. For more information related to Myonexus, please read Note 3, License and Collaboration Agreements to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The contingent consideration liability was estimated using an income approach based on the probability-weighted expected cash flows that incorporated industry-based probability adjusted assumptions relating to the achievement of the milestone and thus the likelihood of making the payments. This fair value measurement was based upon significant inputs not observable in the market and therefore represented a Level 3 measurement. Significant changes which increase or decrease the probabilities of achieving the milestone, or shorten or lengthen the time required to achieve the milestone, would result in a corresponding increase or decrease in the fair value of the liability. At the end of each reporting period, the fair value is adjusted to reflect the most current assumptions through earnings.

A decrease of $0.8 million was recorded during the three and six months ended June 30, 2023 to account for the change in fair value of the Company's contingent consideration liabilities. This change, which is recorded through earnings, was a result of the termination of a license agreement with an academic institution that had met the definition of a derivative. As of June 30, 2023, the remaining contingent consideration was recorded as a non-current liability on the Company's unaudited condensed consolidated balance sheets.

The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximated fair value because of the immediate or short-term maturity of these financial instruments. For fair value information related to the Company's debt facilities, please read Note 11, Indebtedness.

Inventory - Summarizes The Balance Sheet Classification (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventory	$ 226,876	$ 203,968
Non-current inventory	166,635	162,545
Total inventory	$ 393,511	$ 366,513

Indebtedness - Summarizes Total Gross Payments Due under Company's Debt Arrangements (Detail) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2023 (July-December)	$ 0
2024	105,847
2025	0
2026	0
2027	1,150,000
Total payments	$ 1,255,847

Net Loss Per Share - Basic and Diluted Net Loss Per Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Income (Loss)

$ (23,940)

$ (516,755)

$ (231,481)

$ (105,025)

$ (540,695)

$ (336,506)

Weighted-average common shares outstanding - basic

88,743,000

87,511,000

88,466,000

87,383,000

Effect of dilutive securities*

^[1]

Weighted-average common shares outstanding - diluted

88,743,000

87,511,000

88,466,000

87,383,000

Net loss per share - basic

$ (0.27)

$ (2.65)

$ (6.11)

$ (3.85)

Net loss per share - diluted

$ (0.27)

$ (2.65)

$ (6.11)

$ (3.85)

[1]

For the three and six months ended June 30, 2023 and 2022, stock options, RSUs and employee stock purchase plan to purchase of approximately 12.3 million and 11.3 million shares of common stock, respectively, were excluded from the diluted net loss per share calculation as their effect would have been anti-dilutive. The Company accounts for the effect of its 2027 Notes and 2024 Notes on diluted net earnings per share (“EPS”) using the if-converted method as this obligation may be settled in cash or shares at the Company’s option. The effect of potential share settlement is included in the diluted EPS calculation if the effect is more dilutive. During the three and six months ended June 30, 2023, the inclusion of the potential share settlement of the 2027 Notes was anti-dilutive. During the three and six months ended June 30, 2023 and 2022 the inclusion of the potential share settlement of the 2024 Notes was anti-dilutive. Accordingly, the potential conversion of approximately 1.4 million and 7.8 million shares related to the 2024 Notes has been excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2023 and 2022, respectively, and the potential conversion of approximately 8.1 million shares related to the 2027 Notes has been excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2023.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section S99
-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

12. STOCK-BASED COMPENSATION

The following table summarizes the Company’s stock awards granted for each of the periods indicated:


	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2023				2022				2023				2022
	Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value
Stock options		54,575	$	66.82		207,583	$	43.40		1,084,924	$	72.50		1,499,120	$	46.49
Restricted stock units*		33,752	$	121.27		147,075	$	72.99		1,109,663	$	153.89		859,510	$	78.78

*Included in restricted stock units (“RSUs”) for the three and six months ended June 30, 2023 and 2022 are 502,225 and 38,500 shares, respectively, with performance conditions (“PSUs”) which are related to regulatory approval of certain of the Company's product candidates. As a result of the regulatory approval of ELEVIDYS in June 2023, the Compensation Committee of the Company's Board of Directors determined that one of the performance conditions was met, resulting in the recognition of stock-based compensation expense of $7.4 million associated with 394,975 PSUs with performance conditions during the three and six months ended June 30, 2023. Vesting of the 394,975 PSUs with performance conditions achieved is contingent on the fulfillment of remaining service conditions. The remaining expense associated with the 394,975 PSUs with performance conditions achieved is $54.2 million and will be recognized over approximately the next 1.7 years. If the performance milestones are met within the required time frame for the remaining PSUs, the Company may recognize up to $22.4

million of stock-based compensation expense. Stock options and the remaining RSUs granted during the periods presented in the table have only service-based criteria and vest over four years.

Grant Modification

In June 2017, the Company granted its Chief Executive Officer 3,300,000 options with service and market conditions which were subject to a five-year cliff vesting schedule. On April 19, 2022 (the “Effective Date”), the Company entered into an agreement with its Chief Executive Officer to modify the vesting conditions of the options. Under the agreement, one-third of the options vested (the “Vested Tranche”) on the Effective Date with no required service or market conditions. Subject to the Chief Executive Officer's continued service through each applicable vesting date and the compound annual growth rate of the Company's common stock exceeding that of the Nasdaq Biotech Index in varying percentages, the remaining two-thirds of the options (the “Unvested Tranche”) shall vest in varying increments at any time between the Effective Date and June 26, 2025 (the “Measurement Period”) when (and if) the average of the closing price of the Company’s common stock during any consecutive 20 trading day period during the Measurement Period reaches certain pre-determined target stock prices.

The Unvested Tranche represents awards with market conditions only. Both the pre- and post-modification fair values for the Unvested Tranche are determined by a lattice model with Monte Carlo simulations. The incremental compensation costs related to varying increments of the Unvested Tranche will be recognized as stock-based compensation expense over their respective derived service periods, an output from the Monte Carlo simulation, and will be fully recognized over a 1.3 year period from the Effective Date.

During the six months ended June 30, 2023, 550,110 options relating to the Unvested Tranche met the conditions for vesting as the average closing price of the Company's common stock exceeded $128.65 during 20 consecutive trading days in March 2023 and the compound annual growth rate of the Company's common stock exceeded that of the Nasdaq Biotech Index by greater than 5%. For the three and six months ended June 30, 2023, the Company recorded $4.4 million and $12.8 million of stock-based compensation expense in total related to the Chief Executive Officer's awards, respectively. As of June 30, 2023, the Company is expected to recognize incremental compensation cost of $0.6 million over approximately the next one month associated with the Unvested Tranche.

Stock-based Compensation Expense

For the three months ended June 30, 2023 and 2022, total stock-based compensation expense was $47.4 million and $102.9 million, respectively. For the six months ended June 30, 2023 and 2022, total stock-based compensation expense was $88.6 million and $132.1 million, respectively. The following table summarizes stock-based compensation expense by function included within the unaudited condensed consolidated statements of operations and comprehensive loss:


		For the Three Months Ended June 30,				For the Six Months Ended June 30,
		2023		2022		2023		2022
	(in thousands)
Research and development		$	21,577	$	14,467	$	37,990	$	27,535
Selling, general and administrative			25,800		88,425		50,637		104,555
Total stock-based compensation expense		$	47,377	$	102,892	$	88,627	$	132,090

The following table summarizes stock-based compensation expense by grant type included within the unaudited condensed consolidated statements of operations and comprehensive loss:


		For the Three Months Ended June 30,				For the Six Months Ended June 30,
		2023		2022		2023		2022
	(in thousands)
Stock options		$	21,135	$	89,155	$	44,965	$	105,561
Restricted stock units			25,037		12,378		41,177		23,743
Employee stock purchase plan			1,205		1,359		2,485		2,786
Total stock-based compensation expense		$	47,377	$	102,892	$	88,627	$	132,090

Summary of Stock-Based Compensation Expense by Grant Type Included within Condensed Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 47,377	$ 102,892	$ 88,627	$ 132,090
Employee Stock Option
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	21,135	89,155	44,965	105,561
Restricted Stock Awards/Units (RSAs/RSUs) [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	25,037	12,378	41,177	23,743
Employee Stock Purchase Plan [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,205	$ 1,359	$ 2,485	$ 2,786

Summary of Company Cash, Cash Equivalents and Short-term Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Gross unrealized gains		$ 187
Available for sale debt securities, Gross unrealized losses		(1,824)
Cash and cash equivalents, Amortized cost	$ 1,861,743	1,991,011
Cash and cash equivalents, Gross unrealized gains	12	9
Cash and cash equivalents	851,929	966,777	$ 868,565
Cash, cash equivalents and investments, Amortized cost	851,917	966,768
Cash, cash equivalents and investments, Gross unrealized gains	70	187
Cash, cash equivalents and investments, Gross unrealized losses	(1,098)	(1,824)
Cash, cash equivalents and investments, Fair value	1,860,715	1,989,374
Available for sale debt securities current, Amortized cost	1,009,826	1,024,243
Available for sale debt securities current, Gross unrealized gains	58	178
Available for sale debt securities current, Gross unrealized losses	(1,098)	(1,824)
Available for sale debt securities current, Fair value	1,008,786	1,022,597
Cash and Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, Amortized cost	802,149	801,979
Cash and cash equivalents	802,149	801,979
Commercial Paper [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Fair value	169,866	211,369
Cash and cash equivalents, Amortized cost	169,866	211,369
Government and Government Agency Bonds [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Gross unrealized gains	65	178
Available for sale debt securities, Gross unrealized losses	(1,079)	(1,542)
Available for sale debt securities, Fair value	859,532	807,540
Cash and cash equivalents, Amortized cost	860,546	808,904
Cash, cash equivalents and investments, Fair value	1,860,715	1,989,374
Corporate Bond [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Gross unrealized gains	5	9
Available for sale debt securities, Gross unrealized losses	(19)	(282)
Available for sale debt securities, Fair value	21,207	125,741
Cash and cash equivalents, Amortized cost	21,221	126,014
Certificates of Deposit [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Fair value	7,961	42,745
Cash and cash equivalents, Amortized cost	$ 7,961	$ 42,745

PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE AND RESERVES FOR PRODUCT REVENUES (Tables)

6 Months Ended

Jun. 30, 2023

Receivables, Net, Current [Abstract]

Summary of Change in Reserves for Discounts and Allowances

The following tables summarize an analysis of the change in reserves for discounts and allowances for each of the periods indicated:


	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2022	$	417		$	67,493		$	3,343		$	23,445		$	94,698
Provision		6,287			60,824			7,228			32,220			106,559
Adjustments relating to prior years		—			(3,437	)		—			—			(3,437	)
Payments/credits		(6,434	)		(45,592	)		(6,976	)		(24,820	)		(83,822	)
Balance, as of June 30, 2023	$	270		$	79,288		$	3,595		$	30,845		$	113,998


	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2021	$	799		$	60,506		$	2,798		$	6,363		$	70,466
Provision		5,642			52,589			6,192			19,386			83,809
Adjustments relating to prior years		—			(2,228	)		—			30			(2,198	)
Payments/credits		(6,232	)		(43,293	)		(5,639	)		(11,460	)		(66,624	)
Balance, as of June 30, 2022	$	209		$	67,574		$	3,351		$	14,319		$	85,453

Summary of Total Reserves Included in Consolidated Balance Sheets

The following table summarizes the total reserves above included in the Company’s unaudited condensed consolidated balance sheets for each of the periods indicated:


	As of June 30, 2023		As of December 31, 2022
	(in thousands)
Reduction to accounts receivable	$	33,574	$	25,914
Component of accrued expenses		80,424		68,784
Total reserves	$	113,998	$	94,698

Summary of Company Financial Assets with Maturities of Less Than 90 Days Included in Cash Equivalents (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 454,643	$ 632,351
Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Cash equivalents	404,863	467,553
Commercial Paper [Member]
Cash and Cash Equivalents [Line Items]
Cash equivalents		33,190
Government and Government Agency Bonds [Member]
Cash and Cash Equivalents [Line Items]
Cash equivalents		128,451
Corporate Bond [Member]
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 49,780	$ 3,157

PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE AND RESERVES FOR PRODUCT REVENUES

6 Months Ended

Jun. 30, 2023

Receivables, Net, Current [Abstract]

PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE AND RESERVES FOR PRODUCT REVENUES

7. PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE AND RESERVES FOR PRODUCT REVENUES

For the three months ended June 30, 2023 and 2022, the Company recorded $239.0 million and $211.2 million, respectively, of product revenues, net. For the six months ended June 30, 2023 and 2022, the Company recorded $470.5 and $400.1 million, respectively, of products revenues, net. Three individual customers accounted for 47%, 33% and 7% of product revenues, net, for the three months ended June 30, 2023 and 48%, 32% and 7% for the six months ended June 30, 2023. Three individual customers accounted for 50%, 32% and 7% of net product revenues for the three months ended June 30, 2022 and 49%, 34% and 7% of net product revenues for the six months ended June 30, 2022. The Company considers there to be revenue concentration risks for regions where net product revenues exceed 10% of consolidated net product revenues. The concentration of the Company’s net product revenues within a particular country may have a material adverse effect on the Company’s revenues and results of operations if sales in the respective regions experience difficulties. For the three months ended June 30, 2023, net product revenues totaled $203.9 million and $35.1 million within the United States and the rest of the world, respectively. For the six months ended June 30, 2023, net product revenues totaled $404.4 million and $66.1 million within the United States and the rest of world, respectively. For the three months ended June 30, 2022, net product revenues totaled $187.6 million and $23.6 million within the United States and the rest of the world, respectively. For the six months ended June 30, 2022, net product revenues totaled $360.0 million and $40.1 million within the United States and the rest of the world, respectively. No individual rest of world country exceeded 10% of total net product revenues for the three and six months ended June 30, 2023 and 2022.

As of June 30, 2023 and December 31, 2022, the Company's accounts receivable were $236.8 million and $214.6 million, respectively, both of which were primarily related to product sales receivable, net of discounts and allowances. As of June 30, 2023, the majority of the Company’s accounts receivable arose from product sales in the U.S. and all customers have standard payment terms that generally require payment within 60 to 91 days. Outside of the U.S., the majority of the Company’s customers have payment terms ranging between 60 and 150 days. Three individual customers accounted for 35%, 34% and 12% of accounts receivable from product sales as of June 30, 2023 and 36%, 35% and 12% of accounts receivable from product sales as of December 31, 2022. As of June 30, 2023, the Company believes that such customers are of high credit quality and has not experienced any material credit losses related to such customers.

The following tables summarize an analysis of the change in reserves for discounts and allowances for each of the periods indicated:


	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2022	$	417		$	67,493		$	3,343		$	23,445		$	94,698
Provision		6,287			60,824			7,228			32,220			106,559
Adjustments relating to prior years		—			(3,437	)		—			—			(3,437	)
Payments/credits		(6,434	)		(45,592	)		(6,976	)		(24,820	)		(83,822	)
Balance, as of June 30, 2023	$	270		$	79,288		$	3,595		$	30,845		$	113,998


	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2021	$	799		$	60,506		$	2,798		$	6,363		$	70,466
Provision		5,642			52,589			6,192			19,386			83,809
Adjustments relating to prior years		—			(2,228	)		—			30			(2,198	)
Payments/credits		(6,232	)		(43,293	)		(5,639	)		(11,460	)		(66,624	)
Balance, as of June 30, 2022	$	209		$	67,574		$	3,351		$	14,319		$	85,453

The following table summarizes the total reserves above included in the Company’s unaudited condensed consolidated balance sheets for each of the periods indicated:


	As of June 30, 2023		As of December 31, 2022
	(in thousands)
Reduction to accounts receivable	$	33,574	$	25,914
Component of accrued expenses		80,424		68,784
Total reserves	$	113,998	$	94,698

Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Weighted average maturity period of available-for-sale securities	4 months	4 months

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Aggregate Non-Cancelable Contractual Obligations Arising from Manufacturing Obligations

The following table summarizes the aggregate non-cancelable contractual obligations arising from the Company’s manufacturing obligations:


	As of June 30, 2023
	(in thousands)
2023 (July-December)	$	489,561
2024		416,331
2025		146,010
2026		80,110
2027		77,497
Thereafter		72,244
Total manufacturing commitments*	$	1,281,753

ORGANIZATION AND NATURE OF BUSINESS

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

ORGANIZATION AND NATURE OF BUSINESS

1. ORGANIZATION AND NATURE OF BUSINESS

Sarepta Therapeutics, Inc. (together with its wholly-owned subsidiaries, “Sarepta” or the “Company”) is a commercial-stage biopharmaceutical company focused on helping patients through the discovery and development of unique RNA-targeted therapeutics, gene therapy and other genetic therapeutic modalities for the treatment of rare diseases. Applying its proprietary, highly-differentiated and innovative technologies, and through collaborations with its strategic partners, the Company has developed multiple approved products for the treatment of Duchenne muscular dystrophy (“Duchenne”) and is developing potential therapeutic candidates for a broad range of diseases and disorders, including Duchenne, Limb-girdle muscular dystrophies (“LGMDs”) and other neuromuscular and central nervous system (“CNS”) disorders.

The Company's products in the U.S., EXONDYS 51 (eteplirsen) Injection (“EXONDYS 51”), VYONDYS 53 (golodirsen) Injection (“VYONDYS 53”), AMONDYS 45 (casimersen) Injection (“AMONDYS 45”) and ELEVIDYS, were granted accelerated approval by the U.S. Food and Drug Administration (the “FDA”) on September 19, 2016, December 12, 2019, February 25, 2021 and June 22, 2023, respectively. Indicated for the treatment of Duchenne in patients who have a confirmed mutation of the dystrophin gene that is amenable to exon 51, exon 53 and exon 45 skipping, respectively, EXONDYS 51, VYONDYS 53 and AMONDYS 45 use the Company’s phosphorodiamidate morpholino oligomer (“PMO”) chemistry and exon-skipping technology to skip exon 51, exon 53 and exon 45 of the dystrophin gene. Exon skipping is intended to promote the production of an internally truncated but functional dystrophin protein. ELEVIDYS addresses the root genetic cause of Duchenne mutations in the dystrophin gene that result in the lack of dystrophin protein by delivering a gene that codes for a shortened form of dystrophin to muscle cells known as ELEVIDYS micro-dystrophin.

As of June 30, 2023, the Company had approximately $1,879.7 million of cash, cash equivalents, restricted cash and investments, consisting of $851.9 million of cash and cash equivalents, $1,008.8 million of short-term investments and $19.0 million of long-term restricted cash. The Company believes that its balance of cash, cash equivalents and investments as of the date of the issuance of this report is sufficient to fund its current operational plan for at least the next twelve months, though it may pursue additional cash resources through public or private debt and equity financings, seek funded research and development arrangements and additional government contracts and establish collaborations with or license its technology to other companies.

OTHER LOSS, NET

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

OTHER LOSS, NET

13. OTHER INCOME (LOSS), NET

The following table summarizes other income (loss), net for each of the periods indicated:


		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2023			2022			2023			2022
	(in thousands)
Accretion of investment discount, net		$	12,786		$	1,331		$	22,825		$	1,373
Interest income			8,418			2,409			17,694			2,582
Gain on contingent consideration			800			—			800			—
Interest expense			(5,224	)		(16,028	)		(11,547	)		(31,824	)
Other, net			154			(4,673	)		(131	)		(6,357	)
Other income (expense), net		$	16,934		$	(16,961	)	$	29,641		$	(34,226	)
Gain from sale of Priority Review Voucher			102,000			—			102,000			—
Loss on debt extinguishment			—			—			(387,329	)		—
Total other income (loss), net		$	118,934		$	(16,961	)	$	(255,688	)	$	(34,226	)

NET LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Share

Given that the Company recorded a net loss for each of the periods presented, there is no difference between basic and diluted net loss per share since the effect of common stock equivalents would be anti-dilutive and are, therefore, excluded from the diluted net loss per share calculation.


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
	(in thousands, except per share amounts)						(in thousands, except per share amounts)
Net loss	$	(23,940	)	$	(231,481	)	$	(540,695	)	$	(336,506	)
Weighted-average common shares outstanding - basic		88,743			87,511			88,466			87,383
Effect of dilutive securities*		—			—			—			—
Weighted-average common shares outstanding - diluted		88,743			87,511			88,466			87,383
Net loss per share - basic and diluted	$	(0.27	)	$	(2.65	)	$	(6.11	)	$	(3.85	)

Leases (Additional Information) (Details) $ in Thousands			3 Months Ended	6 Months Ended
Leases (Additional Information) (Details) $ in Thousands	May 31, 2022 USD ($)	Apr. 22, 2022 USD ($) ft²	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Right of use assets			$ 134,728	$ 134,728	$ 64,954
Bedford Massachusetts [Member]
Lessee, Lease, Description [Line Items]
Area of lease \| ft²		288,000
Leases, term of contract extend		10 years
Remaining lease term			15 years 6 months	15 years 6 months
Lease discount rate			9.50%	9.50%
Operating lease cost			$ 0	$ 0
Letter of Credit Reduce	$ 5,600
Collateralized Letter of Credit Cash Deposit	$ 8,400
Undiscounted rent payment		$ 307,400
Tenant improvement allowance		$ 72,000		2,000
Reduction to right of use assets and lease liabilities				72,000
Right of use assets			72,000	72,000
Operating lease liability			$ 76,500	$ 76,500

INDEBTEDNESS

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

INDEBTEDNESS

11. INDEBTEDNESS

2024 Convertible Notes and 2017 Capped Call Transactions

On November 14, 2017, the Company issued $570.0 million aggregate principal amount of senior convertible notes due on November 15, 2024 (the “2024 Notes”) and, simultaneously, entered into capped call transactions with counterparties intended to minimize the impact of potential dilution upon conversion of the 2024 Notes (the “2017 Capped Calls”).

On September 14, 2022, the Company entered into separate, privately negotiated transactions to repurchase a portion of the outstanding 2024 Notes. The holders exchanged $150.6 million in aggregate principal value of 2024 Notes held by them for an aggregate payment of $248.6 million for full settlement of the principal value and accrued interest on such date. As a result of the repurchases, the Company entered into agreements with the 2017 Capped Calls counterparties to terminate a corresponding portion of the 2017 Capped Calls and received $26.3 million in cash.

On March 2, 2023, the Company entered into separate, privately negotiated exchange agreements with certain holders of the outstanding 2024 Notes (the “Exchange Agreements”). The Exchange Agreements resulted in an exchange of $313.5 million in aggregate principal value of the 2024 Notes for shares of the Company’s common stock (the “2024 Notes Exchange”), which closed on March 7, 2023 (the “Exchange Date”). In connection with the 2024 Notes Exchange, the Company issued approximately 4.5 million shares of the Company's common stock representing an agreed upon contractual exchange rate under each of the Exchange Agreements. The fair value of these shares issued was approximately $693.4 million. The Company also incurred approximately $6.9 million in third-party debt conversion costs. The exchange was not pursuant to the conversion privileges included in the terms of the debt at issuance and therefore was accounted for as a debt extinguishment.

The Company accounted for the debt extinguishment by recognizing the difference between the fair value of the shares of common stock transferred on the Exchange Date and the net carrying amount of the extinguished debt as a loss on debt extinguishment. Accordingly, on the Exchange Date, the Company: (i) reduced the carrying value of the 2024 Notes by $311.5 million, (ii) eliminated accrued interest of $1.5 million, and (iii) recorded a loss on debt extinguishment of $387.3 million, inclusive of the $6.9 million in third-party debt conversion costs, which is included in the unaudited condensed consolidated statement of operations and comprehensive loss. The outstanding principal balance of the 2024 Notes as of June 30, 2023 is approximately $105.8 million, which is convertible into approximately 1.4 million shares of Company common stock.

As a result of the exchange, the Company entered into agreements with the counterparties to the 2017 Capped Calls to terminate a portion of the 2017 Capped Calls in a notional amount corresponding to the principal amount of the 2024 Notes exchanged through the 2024 Notes Exchange and received approximately $80.6 million in cash from the counterparties, which was included in additional paid-in capital within the unaudited condensed consolidated balance sheets as of June 30, 2023.

For additional details about the 2024 Notes, please read Note 13, Indebtedness to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Total Debt Obligations

As of June 30, 2023 and December 31, 2022, the Company recorded approximately $1,235.5 million and $1,544.3 million as long-term debt on the unaudited condensed consolidated balance sheets, respectively.

The following table summarizes the Company’s debt facilities for each of the periods indicated:


	As of June 30, 2023			As of December 31, 2022
	(in thousands)
Principal amount of the 2024 Notes	$	105,847		$	419,371
Principal amount of the 2027 Notes		1,150,000			1,150,000
Unamortized discount - debt issuance costs of 2024 Notes		(567	)		(3,059	)
Unamortized discount - debt issuance costs of 2027 Notes		(19,763	)		(22,020	)
Total carrying value of debt facilities	$	1,235,517		$	1,544,292

Fair value of 2024 Notes	$	202,287		$	765,046
Fair value of 2027 Notes		1,247,693			1,308,482
Total fair value of debt facilities	$	1,449,980		$	2,073,528

For the three months ended June 30, 2023 and 2022, contractual interest expense from debt facilities was $5.2 million and $16.0 million, inclusive of $1.2 million and $2.0 million of amortization of debt discounts, respectively. For the six months ended June 30, 2023 and 2022, contractual interest expense from debt facilities was $11.5 million and $31.8 million, inclusive of $2.7 million and $4.0 million of amortization of debt discounts, respectively. The fair value of the 1.25% convertible senior notes due on September 15, 2027 (“2027 Notes”) and the 2024 Notes is based on open market trades and is classified as Level 1 in the fair value hierarchy.

The following table summarizes the total principal payments due under the Company’s debt arrangements:


	As of June 30, 2023
	(in thousands)
2023 (July-December)	$	—
2024		105,847
2025		—
2026		—
2027		1,150,000
Thereafter		—
Total payments	$	1,255,847

The aggregate annual maturities of long-term debt principal and contractual interest during the remainder of 2023, the years ending December 31, 2024, 2025, 2026, and 2027 are $8.0 million, $121.8 million, $14.4 million, $14.4 million and $1,164.3 million, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured and Carried at Fair Value

The tables below present information about the Company’s financial assets and liabilities that are measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques it utilizes to determine such fair value:


	Fair Value Measurement as of June 30, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	404,863	$	404,863	$	—	$	—
Commercial paper		169,866		—		169,866		—
Government and government agency bonds		859,532		—		859,532		—
Corporate bonds		21,207		—		21,207		—
Strategic investments		31,000		—		—		31,000
Certificates of deposit		7,961		—		7,961		—
Total assets	$	1,494,429	$	404,863	$	1,058,566	$	31,000

Liabilities
Contingent consideration	$	36,100	$	—	$	—	$	36,100
Total liabilities	$	36,100	$	—	$	—	$	36,100


	Fair Value Measurement as of December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	467,553	$	467,553	$	—	$	—
Commercial paper		211,369		—		211,369		—
Government and government agency bonds		807,540		—		807,540		—
Corporate bonds		125,741		—		125,741		—
Strategic investments		31,321		321		—		31,000
Certificates of deposit		42,745		—		42,745		—
Total assets	$	1,686,269	$	467,874	$	1,187,395	$	31,000

Liabilities
Contingent consideration	$	36,900	$	—	$	—	$	36,900
Total liabilities	$	36,900	$	—	$	—	$	36,900

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2021	$ 928,009	$ 9	$ 4,134,768	$ (20)	$ (3,206,748)
Balance (in shares) at Dec. 31, 2021		87,127,000
Exercise of options for common stock	997		997
Exercise of options for common stock, shares		18,000
Vest of restricted stock units		289,000
Issuance of common stock under employee stock purchase plan	3,993		3,993
Issuance of common stock under employee stock purchase plan, shares		62,000
Stock-based compensation	29,198		29,198
Unrealized gains from available-for-sale securities, net of tax	(286)			(286)
Net Income (Loss)	(105,025)				(105,025)
Balance at Mar. 31, 2022	856,886	$ 9	4,168,956	(306)	(3,311,773)
Balance (in shares) at Mar. 31, 2022		87,496,000
Balance at Dec. 31, 2021	928,009	$ 9	4,134,768	(20)	(3,206,748)
Balance (in shares) at Dec. 31, 2021		87,127,000
Partial settlement of capped call share options for 2024 Notes	0
Net Income (Loss)	(336,506)
Balance at Jun. 30, 2022	726,457	$ 9	4,272,187	(2,485)	(3,543,254)
Balance (in shares) at Jun. 30, 2022		87,535,000
Balance at Mar. 31, 2022	856,886	$ 9	4,168,956	(306)	(3,311,773)
Balance (in shares) at Mar. 31, 2022		87,496,000
Exercise of options for common stock	339		339
Exercise of options for common stock, shares		11,000
Vest of restricted stock units		28,000
Stock-based compensation	102,892		102,892
Unrealized gains from available-for-sale securities, net of tax	(2,179)			(2,179)
Net Income (Loss)	(231,481)				(231,481)
Balance at Jun. 30, 2022	726,457	$ 9	4,272,187	(2,485)	(3,543,254)
Balance (in shares) at Jun. 30, 2022		87,535,000
Balance at Dec. 31, 2022	384,950	$ 9	4,296,841	(1,664)	(3,910,236)
Balance (in shares) at Dec. 31, 2022		87,950,000
Exercise of options for common stock	22,808		22,808
Exercise of options for common stock, shares		267,000
Vest of restricted stock units		390,000
Issuance of common stock for exchange of 2024 Notes	693,377		693,377
Issuance of common stock for exchange of 2024 Notes, shares		4,456,000
Partial settlement of capped call share options for 2024 Notes	80,645		80,645
Issuance of common stock under employee stock purchase plan	5,229		5,229
Issuance of common stock under employee stock purchase plan, shares		77,000
Stock-based compensation	41,250		41,250
Unrealized gains from available-for-sale securities, net of tax	1,245			1,245
Net Income (Loss)	(516,755)				(516,755)
Balance at Mar. 31, 2023	712,749	$ 9	5,140,150	(419)	(4,426,991)
Balance (in shares) at Mar. 31, 2023		93,140,000
Balance at Dec. 31, 2022	384,950	$ 9	4,296,841	(1,664)	(3,910,236)
Balance (in shares) at Dec. 31, 2022		87,950,000
Partial settlement of capped call share options for 2024 Notes	80,645
Net Income (Loss)	(540,695)
Balance at Jun. 30, 2023	741,411	$ 9	5,193,388	(1,055)	(4,450,931)
Balance (in shares) at Jun. 30, 2023		93,274,000
Balance at Mar. 31, 2023	712,749	$ 9	5,140,150	(419)	(4,426,991)
Balance (in shares) at Mar. 31, 2023		93,140,000
Exercise of options for common stock	5,861		5,861
Exercise of options for common stock, shares		80,000
Vest of restricted stock units		54,000
Stock-based compensation	47,377		47,377
Unrealized gains from available-for-sale securities, net of tax	(636)			(636)
Net Income (Loss)	(23,940)				(23,940)
Balance at Jun. 30, 2023	$ 741,411	$ 9	$ 5,193,388	$ (1,055)	$ (4,450,931)
Balance (in shares) at Jun. 30, 2023		93,274,000

Commitments and Contingencies (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023
Commitments And Contingencies [Line Items]
Purchase commitment		$ 54.7
Amendment Implemented Fee		60.0
Nonrefundable Advance Payment	$ 0.9		$ 0.9
First Installments [Member]
Commitments And Contingencies [Line Items]
Amendment Implemented Fee		$ 20.0
Installments Date of implemented fee		Mar. 01, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), reflect the accounts of Sarepta and its wholly-owned subsidiaries. All intercompany transactions between and among its consolidated subsidiaries have been eliminated. Management has determined that the Company operates in one segment: discovering, developing, manufacturing and delivering therapies to patients with rare diseases. In the opinion of the Company’s management, all adjustments of a normal recurring nature necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. GAAP, but that is not required for interim reporting purposes, has been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2022 which are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission on February 28, 2023. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year.
Estimates and Uncertainties	Estimates and Uncertainties The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenue, expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash held at financial institutions, cash equivalents, investments and accounts receivable from customers. As of June 30, 2023, the Company’s cash was concentrated at three financial institutions, which potentially exposes the Company to credit risks. However, the Company does not believe that there is significant risk of non-performance by the financial institutions. The Company also purchases commercial paper, government and government agency bonds, corporate bonds and certificates of deposit issued by highly rated corporations, financial institutions and governments and limits the amount of credit exposure to any one issuer. These amounts may at times exceed federally insured limits. The Company has not experienced any credit losses related to these financial instruments and does not believe to be exposed to any significant credit risk related to these instruments. Please refer to Note 7, Product Revenues, Net, Accounts Receivable and Reserves for Product Revenues for discussion of the credit risk associated with accounts receivable from customers.
Significant Accounting Policies	Significant Accounting Policies For details about the Company's accounting policies, please read Note 2, Summary of Significant Accounting Policies of the Annual Report on Form 10-K for the year ended December 31, 2022. There have not been any material changes to the Company's accounting policies through June 30, 2023.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	SAREPTA THERAPEUTICS, INC.
Entity Central Index Key	0000873303
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-14895
Entity Tax Identification Number	93-0797222
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	215 First Street
Entity Address, Address Line Two	Suite 415
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	617
Local Phone Number	274-4000
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	SRPT
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		93,278,902

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	3,333,333	3,333,333
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	198,000,000	198,000,000
Common stock, shares issued	93,273,541	87,950,117
Common stock, shares outstanding	93,273,541	87,950,117

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Awards Granted

The following table summarizes the Company’s stock awards granted for each of the periods indicated:


	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2023				2022				2023				2022
	Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value
Stock options		54,575	$	66.82		207,583	$	43.40		1,084,924	$	72.50		1,499,120	$	46.49
Restricted stock units*		33,752	$	121.27		147,075	$	72.99		1,109,663	$	153.89		859,510	$	78.78

million of stock-based compensation expense. Stock options and the remaining RSUs granted during the periods presented in the table have only service-based criteria and vest over four years.

Summary of Stock-Based Compensation Expense by Function Included within Condensed Consolidated Statements of Operations and Comprehensive Loss

The following table summarizes stock-based compensation expense by function included within the unaudited condensed consolidated statements of operations and comprehensive loss:


		For the Three Months Ended June 30,				For the Six Months Ended June 30,
		2023		2022		2023		2022
	(in thousands)
Research and development		$	21,577	$	14,467	$	37,990	$	27,535
Selling, general and administrative			25,800		88,425		50,637		104,555
Total stock-based compensation expense		$	47,377	$	102,892	$	88,627	$	132,090

Summary of Stock-Based Compensation Expense by Grant Type Included within Consolidated Statements of Operations and Comprehensive Loss

The following table summarizes stock-based compensation expense by grant type included within the unaudited condensed consolidated statements of operations and comprehensive loss:


		For the Three Months Ended June 30,				For the Six Months Ended June 30,
		2023		2022		2023		2022
	(in thousands)
Stock options		$	21,135	$	89,155	$	44,965	$	105,561
Restricted stock units			25,037		12,378		41,177		23,743
Employee stock purchase plan			1,205		1,359		2,485		2,786
Total stock-based compensation expense		$	47,377	$	102,892	$	88,627	$	132,090

Product Revenues, Net, Accounts Receivable and Reserves for Product Revenues - Summary of Total Reserves Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Receivables, Net, Current [Abstract]
Reduction to accounts receivable	$ 33,574	$ 25,914
Component of accrued expenses	80,424	68,784
Total reserves	$ 113,998	$ 94,698	$ 85,453	$ 70,466

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued contract manufacturing costs	$ 82,734	$ 202,173
Product revenue related reserves	80,424	68,784
Accrued employee compensation costs	44,906	65,946
Accrued clinical and pre-clinical costs	39,786	28,884
Accrued professional fees	19,984	12,061
Accrued income taxes	20,815	12,521
Accrued milestone and license costs	11,200	7,702
Accrued royalties	8,583	8,636
Accrued fixed assets	6,027	984
Accrued research costs	2,627	1,629
Other	9,791	9,676
Total accrued expenses	$ 326,877	$ 418,996

OTHER ASSETS

6 Months Ended

Jun. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

9. OTHER ASSETS

The following table summarizes the Company’s other current assets for each of the periods indicated:


	As of June 30, 2023		As of December 31, 2022
	(in thousands)
Manufacturing-related deposits and prepaids	$	79,007	$	66,455
Collaboration receivable		28,635		41,758
Prepaid maintenance services		11,777		9,815
Prepaid clinical and pre-clinical expenses		7,127		11,237
Prepaid insurance		3,139		3,717
Prepaid commercial expenses		2,854		2,947
Prepaid research expenses		2,502		1,927
Interest receivable		1,715		3,311
Other		11,459		8,724
Total other current assets	$	148,215	$	149,891

The following table summarizes the Company’s other non-current assets for each of the periods indicated:


	As of June 30, 2023		As of December 31, 2022
	(in thousands)
Manufacturing-related deposits and prepaids	$	83,479	$	97,409
Strategic investments		31,000		31,321
Restricted cash		19,024		19,024
Intangible assets, net		18,018		7,578
Prepaid clinical expenses		2,196		2,150
Other		9,322		5,487
Total other non-current assets	$	163,039	$	162,969