0000950170-24-051234 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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, issued	94,490,157	93,731,831
Common stock, outstanding	94,490,157	93,731,831

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

3 Months Ended

Mar. 31, 2024

Receivables, Net, Current [Abstract]

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

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

Net product revenues, which includes revenues associated with EXONDYS 51, AMONDYS 45 and VYONDYS 53 (collectively, the “PMO Products”) and ELEVIDYS consisted of the following:


	For the Three Months Ended March 31,
	2024		2023
	(in thousands)
PMO Products
United States	$	189,667	$	200,451
Rest of World		35,881		31,044
Total PMO product revenues, net	$	225,548	$	231,495
ELEVIDYS
United States		133,936		—
Total ELEVIDYS product revenue, net	$	133,936	$	—
Total product revenues, net	$	359,484	$	231,495

For the three months ended March 31, 2024 and 2023, no individual country outside the U.S. exceeded 10% of total net product revenues.

The following table summarizes the Company's net product revenues, by customer, for those customers that exceeded 10% for the periods indicated:


	For the Three Months Ended March 31,
	2024			2023
Product revenues, net
Customer 1		36	%		49	%
Customer 2		20	%		32	%

As of March 31, 2024 and December 31, 2023, the Company's accounts receivable, net were $378.8 million and $400.3 million, respectively, both of which were related to product sales, net of discounts and allowances. As of March 31, 2024, 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 65 to 90 days. Outside of the U.S., the majority of the Company’s customers have payment terms ranging between 90 and 150 days. Please refer to Note 2, Summary of Significant Accounting Policies and Recent Accounting Pronouncements for discussion of the credit risk associated with accounts receivable, net.

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, 2023	$	27,486		$	98,194		$	3,831		$	35,261		$	164,772
Provision		20,466			35,951			4,381			18,965			79,763
Adjustments relating to prior periods		783			(2,532	)		—			—			(1,749	)
Payments/credits		(30,358	)		(36,623	)		(3,685	)		(16,220	)		(86,886	)
Balance, as of March 31, 2024	$	18,377		$	94,990		$	4,527		$	38,006		$	155,900


	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		2,827			30,488			3,572			14,567			51,454
Adjustments relating to prior periods		—			(2,162	)		—			—			(2,162	)
Payments/credits		(3,244	)		(28,025	)		(3,389	)		(14,040	)		(48,698	)
Balance, as of March 31, 2023	$	—		$	67,794		$	3,526		$	23,972		$	95,292

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 March 31, 2024		As of December 31, 2023
	(in thousands)
Reduction to accounts receivable	$	58,684	$	64,697
Component of accrued expenses		97,216		100,075
Total reserves	$	155,900	$	164,772

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

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

Grants, Stock options

316,378

1,030,349

Weighted Average Grant Date Fair Value, Stock options

$ 67.56

$ 72.8

Grants, Restricted stock units

1,161,985

^[1]

1,075,911

^[2]

Weighted Average Grant Date Fair Value, Restricted stock units

$ 128.58

$ 154.91

Restricted Stock Units [Member]

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

Grants, Stock options

88,600

502,255

[1]

(1) Included in restricted stock units (“RSUs”) for the three months ended March 31, 2024 are 88,600 shares with performance conditions, which are related to the achievement of certain financial performance goals, regulatory approval of certain of the Company's product candidates, and regulatory expansion of certain of the Company's commercial products. As of March 31, 2024, none of the performance conditions were probable of being achieved. If the performance milestones are achieved within the required time frame, the Company may recognize up to $14.3 million of stock-based compensation related to these grants. Stock options and the remaining RSUs granted during the three months ended March 31, 2024 have only service-based criteria and vest over four years.

[2]

(2) Included in the RSUs for the three months ended March 31, 2023 are 502,255 shares with performance conditions (the “March 2023 PSUs”) which are related to regulatory approval of certain of the Company's product candidates and achievement of a certain financial performance target. The Company recorded stock-based compensation expense of $8.9 million associated with the March 2023 PSUs during the three months ended March 31, 2024, with no similar expense recorded during the three months ended March 31, 2023. Vesting of the March 2023 PSUs is contingent on the fulfillment of remaining service conditions.

- 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.

+ References

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+ Details

OTHER LOSS, NET

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

OTHER LOSS, NET

11. OTHER INCOME (LOSS), NET

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


		For the Three Months Ended March 31,
		2024			2023
	(in thousands)
Accretion of investment discount, net		$	12,804		$	10,039
Interest income			7,093			9,276
Interest expense			(4,166	)		(6,323	)
Change in the fair value of contingent consideration			(10,100	)		—
Other, net			912			(285	)
Other income, net		$	6,543		$	12,707
Loss on debt extinguishment			—			(387,329	)
Total other income (loss), net		$	6,543		$	(374,622	)

Other Income (Loss), Net - Summary of Other Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Nonoperating Income (Expense) [Abstract]
Accretion of investment discount, net	$ 12,804	$ 10,039
Interest income	7,093	9,276
Interest expense	(4,166)	(6,323)
Change in the fair value of contingent consideration	(10,100)	0
Other, net	912	(285)
Other income, net	6,543	12,707
Loss on debt extinguishment	0	(387,329)
Total other income (loss), net	$ 6,543	$ (374,622)

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Product revenue related reserves	$ 97,216	$ 100,075
Accrued contract manufacturing costs	45,057	33,024
Accrued clinical and pre-clinical costs	36,078	34,669
Accrued employee compensation costs	32,112	78,732
Accrued professional fees	21,014	17,187
Accrued income taxes	18,292	13,766
Accrued fixed assets	11,587	3,231
Accrued royalties	11,206	12,070
Accrued research expenses	2,873	2,441
Accrued Milestone Expense Current	2,000	11,375
Other	5,882	8,427
Total accrued expenses	$ 283,317	$ 314,997

Summary of Stock Awards Granted (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants, Stock options	316,378	1,030,349
Stock-based compensation expense	$ 40.7	$ 41.3
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants, Stock options	88,600	502,255
Stock-based compensation Grants	$ 14.3
Stock-based compensation expense		$ 8.9

- 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.

+ References

+ Details

Earning (Loss) Per Share - Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ 36,119	$ (516,755)
Add: interest expense, net of tax, on the Company's convertible debt	429	0
Net income (loss) - diluted	$ 36,548	$ (516,755)
Weighted-average common shares outstanding - basic	93,991,000	88,186,000
Common stock issuable under the Company's equity incentive plans	3,681,000	0
Common stock issuable under the Company's convertible debt	1,442,000	0
Weighted-average common shares outstanding - diluted	99,114,000	88,186,000
Earnings (loss) per common share, basic	$ 0.38	$ (5.86)
Earnings (loss) per common share, diluted	$ 0.37	$ (5.86)

OTHER ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024		As of December 31, 2023
	(in thousands)
Collaboration and other receivables	$	30,092	$	29,786
Prepaid maintenance services		15,907		11,281
Prepaid clinical and pre-clinical expenses		11,552		10,280
Tax-related receivables and prepaids		7,274		6,862
Prepaid commercial expenses		3,231		2,729
Interest receivable		3,209		2,731
Prepaid insurance		1,952		3,352
Prepaid research expenses		1,672		2,512
Other		8,076		8,181
Total other current assets	$	82,965	$	77,714

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 March 31, 2024		As of December 31, 2023
	(in thousands)
Manufacturing-related deposits and prepaids	$	82,610	$	74,204
Non-current investments		33,919		—
Intangible assets, net		28,930		29,620
Restricted cash*		15,579		15,579
Strategic investments		7,457		6,527
Prepaid maintenance services		4,569		5,466
Other		3,343		5,375
Total other non-current assets	$	176,407	$	136,771

* The Company had approximately $15.6 million in restricted cash included in other non-current assets on the Company’s unaudited condensed consolidated balance sheets as of both March 31, 2024 and December 31, 2023. Restricted cash for both periods relates to (i) letters of credit established under the Company’s various property leases that serve as security for potential future default of lease payments, (ii) a letter of credit established under a certain commercial supply agreement and (iii) collateralized cash for the Company’s credit cards. The restricted cash is unavailable for withdrawal or use for general obligations.

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 40.7	$ 41.3
Grants, Stock options	316,378	1,030,349

- 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.

+ References

+ Details

Organization and Nature of Business - Additional Information (Detail) - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash cash equivalents restricted cash and investments

$ 1,440,300

Cash and cash equivalents

427,290

$ 428,430

$ 871,668

Short-term investments

963,453

1,247,820

Restricted cash non-current

15,579

^[1]

$ 15,579

^[1]

$ 19,024

Non-current investments

$ 33,900

[1]

The Company had approximately $15.6 million in restricted cash included in other non-current assets on the Company’s unaudited condensed consolidated balance sheets as of both March 31, 2024 and December 31, 2023. Restricted cash for both periods relates to (i) letters of credit established under the Company’s various property leases that serve as security for potential future default of lease payments, (ii) a letter of credit established under a certain commercial supply agreement and (iii) collateralized cash for the Company’s credit cards. The restricted cash is unavailable for withdrawal or use for general obligations

Earning (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share:


		For the Three Months Ended March 31,
		2024		2023
	(in thousands, except per share amounts)
Numerator:
Net income (loss) - basic		$	36,119	$	(516,755	)
Add: interest expense, net of tax, on the Company's convertible debt			429		—
Net income (loss) - diluted		$	36,548	$	(516,755	)
Denominator:
Weighted-average common shares outstanding, basic			93,991		88,186
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans			3,681		—
Common stock issuable under the Company's convertible debt			1,442		—
Weighted-average common shares outstanding, diluted			99,114		88,186
Earnings (loss) per common share, basic		$	0.38	$	(5.86	)
Earnings (loss) per common share, diluted		$	0.37	$	(5.86	)

Summary of Potential Shares of Common Stock that were Excluded from the Computation of Diluted Earnings per Share

The following table summarizes potential shares of common stock that were excluded from the computation of diluted earnings per share as they were anti-dilutive:


		For the Three Months Ended March 31,
		2024		2023
	(in thousands)
Common stock issuable under the Company's equity incentive plans			4,270		12,553
Common stock issuable under the Company's convertible debt			8,100		9,542
Total number of potentially issuable common stock			12,370		22,095

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in estimated fair value	$ 10,100	$ 0

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

10. STOCK-BASED COMPENSATION

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


	For the Three Months Ended March 31,
	2024					2023
	Grants			Weighted Average Grant Date Fair Value		Grants			Weighted Average Grant Date Fair Value
Stock options		316,378		$	67.56		1,030,349		$	72.80
Restricted stock units		1,161,985	(1)	$	128.58		1,075,911	(2)	$	154.91

Stock-based Compensation Expense

For the three months ended March 31, 2024 and 2023, total stock-based compensation expense included in total expenses was $40.7 million and $41.3 million, respectively.

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


		For the Three Months Ended March 31,
		2024			2023
	(in thousands)
Stock options		$	16,281		$	23,830
Restricted stock units			27,527			16,140
Employee stock purchase plan			1,397			1,280
Subtotal		$	45,205		$	41,250
Capitalized stock-based compensation costs*			(4,513	)		—
Total stock-based compensation expense included in expenses		$	40,692		$	41,250
Research and development		$	16,273		$	16,413
Selling, general and administrative			24,419			24,837
Total stock-based compensation expense included in expenses		$	40,692		$	41,250

*Prior to the three months ended March 31, 2024, capitalized stock-based compensation costs were not material.

Earning (Loss) Per Share - Summary of Potential Shares of Common Stock that were Excluded from the Computation of Diluted Earnings per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total number of potentially issuable common stock	12,370	22,095
Convertible Debt [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total number of potentially issuable common stock	8,100	9,542
Equity Incentive Plans [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total number of potentially issuable common stock	4,270	12,553

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Products, net	$ 359,484	$ 231,495
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Collaboration and other	$ 53,980	$ 22,005
Total revenues	413,464	253,500
Cost and expenses:
Cost of sales (excluding amortization of in-licensed rights)	50,559	35,017
Research and development	200,396	245,679
Selling, general and administrative	127,003	110,714
Amortization of in-licensed rights	601	178
Total cost and expenses	378,559	391,588
Operating income (loss)	34,905	(138,088)
Other income (loss), net:
Loss on debt extinguishment	0	(387,329)
Other income, net	6,543	12,707
Total other income (loss), net	6,543	(374,622)
Income (loss) before income tax expense	41,448	(512,710)
Provision for Income tax	5,329	4,045
Net income (loss)	36,119	(516,755)
Other comprehensive income (loss):
Unrealized gains (losses) on investments, net of tax	(1,609)	1,245
Total other comprehensive (loss) income	(1,609)	1,245
Comprehensive income (loss)	$ 34,510	$ (515,510)
Earnings (loss) per share:
Earnings (loss) per common share, basic	$ 0.38	$ (5.86)
Earnings (loss) per common share, diluted	$ 0.37	$ (5.86)
Weighted average number of shares of common stock used in computing earnings (loss) per share
Basic	93,991,000	88,186,000
Diluted	99,114,000	88,186,000

Cash, Cash Equivalents and Marketable Securities - Summary of Company Financial Assets with Maturities of Less Than 90 Days Included in Cash Equivalents (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 277,870	$ 117,599
Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Cash equivalents	277,870	63,919
Commercial Paper [Member]
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 0	$ 53,680

Other Assets - Summary of Other Non-current Assets (Detail) - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Mar. 31, 2023

Prepaid Expense and Other Assets, Noncurrent [Abstract]

Manufacturing-related deposits and prepaids

$ 82,610

$ 74,204

Non-current investments

33,919

Intangible assets, net

28,930

29,620

Restricted cash

15,579

^[1]

15,579

^[1]

$ 19,024

Strategic investments

7,457

6,527

Prepaid maintenance services

4,569

5,466

Other

3,343

5,375

Total other non-current assets

$ 176,407

$ 136,771

[1]

INVENTORY

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

INVENTORY

7. INVENTORY

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


	As of March 31, 2024		As of December 31, 2023
	(in thousands)
Raw materials	$	150,011	$	133,963
Work in progress		391,558		318,458
Finished goods		39,503		61,806
Total inventory	$	581,072	$	514,227

No material inventory reserves existed as of March 31, 2024 or December 31, 2023. The Company classifies inventory associated with its PMO Products as non-current inventory when consumption of the inventory is expected beyond the Company's normal PMO Product inventory operating cycle of two years. Non-current inventory consists of raw materials and work in progress associated with the PMO Products.

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


	As of March 31, 2024		As of December 31, 2023
	(in thousands)
Balance sheet classification
Inventory	$	373,530	$	322,859
Non-current inventory		207,542		191,368
Total inventory	$	581,072	$	514,227

Fair Value Measurements - Assets and Liabilities Measured and Carried at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 1,282,699	$ 1,371,946
Contingent consideration	48,200	38,100
Total liabilities	48,200	38,100
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	277,870	63,919
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	43,354	113,362
Government and Government Agency Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	780,997	1,001,137
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	118,158	130,380
Strategic Equity Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	7,457	6,527
Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	54,863	56,621
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	284,327	69,446
Contingent consideration	0	0
Total liabilities	0	0
Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	277,870	63,919
Level 1 [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 1 [Member] \| Government and Government Agency Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 1 [Member] \| Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 1 [Member] \| Strategic Equity Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	6,457	5,527
Level 1 [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	997,372	1,301,500
Contingent consideration	0	0
Total liabilities	0	0
Level 2 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 2 [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	43,354	113,362
Level 2 [Member] \| Government and Government Agency Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	780,997	1,001,137
Level 2 [Member] \| Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	118,158	130,380
Level 2 [Member] \| Strategic Equity Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 2 [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	54,863	56,621
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,000	1,000
Contingent consideration	48,200	38,100
Total liabilities	48,200	38,100
Level 3 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 3 [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 3 [Member] \| Government and Government Agency Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 3 [Member] \| Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 3 [Member] \| Strategic Equity Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,000	1,000
Level 3 [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 36,119	$ (516,755)

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

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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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 10
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-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 7
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-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Product Revenues, Net, Accounts Receivable, Net and Reserves for Product RevenuesProduct Revenues, Net, Accounts Receivable, Net and Reserves for Product Revenues - Summary of Change in Reserves for Discounts and Allowances (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	$ 164,772	$ 94,698
Provision	79,763	51,454
Adjustments relating to prior periods	(1,749)	(2,162)
Payments/credits	(86,886)	(48,698)
Ending balance	155,900	95,292
Chargebacks [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	27,486	417
Provision	20,466	2,827
Adjustments relating to prior periods	783	0
Payments/credits	(30,358)	(3,244)
Ending balance	18,377	0
Rebates [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	98,194	67,493
Provision	35,951	30,488
Adjustments relating to prior periods	(2,532)	(2,162)
Payments/credits	(36,623)	(28,025)
Ending balance	94,990	67,794
Prompt Pay [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	3,831	3,343
Provision	4,381	3,572
Adjustments relating to prior periods	0	0
Payments/credits	(3,685)	(3,389)
Ending balance	4,527	3,526
Other Accruals [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	35,261	23,445
Provision	18,965	14,567
Adjustments relating to prior periods	0	0
Payments/credits	(16,220)	(14,040)
Ending balance	$ 38,006	$ 23,972

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

14. COMMITMENTS AND CONTINGENCIES

Manufacturing Obligations

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


	As of March 31, 2024
	(in thousands)
2024 (April-December)	$	836,030
2025		165,293
2026		114,785
2027		77,645
2028		72,346
Total manufacturing commitments*	$	1,266,099

* Total manufacturing commitments include the Catalent, Inc. (“Catalent”) manufacturing and supply agreement, for which the Company has ROU assets and lease liabilities recorded on the unaudited condensed consolidated balance sheets as of March 31, 2024. 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, 2023.

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. During the three months ended March 31, 2024, the Company paid the first $20.0 million installment due March 1, 2024. As the Company has yet to obtain regulatory approval to produce commercial supply of ELEVIDYS at Thermo manufacturing facilities as of March 31, 2024, it recognized approximately $0.9 million as research and development expense during the three months ended March 31, 2024 related to this nonrefundable advance payment. As of March 31, 2024, the Company recorded the total remaining nonrefundable advance payment of $16.5 million in other current assets and other non-current assets on the unaudited condensed consolidated balance sheets.

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 March 31, 2024, 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, 2023.

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 and may include matters involving securities, employment, intellectual property, arising from the use of therapeutics utilizing its technology, or others. The Company records a loss contingency reserve for a legal proceeding when it considers the potential loss probable and it can reasonably estimate the amount of the loss or determine a probable range of loss. The Company provides disclosure when it considers a loss reasonably possible or when it determines that a loss in excess of a reserve is reasonably possible. The Company provides an estimate of such reasonably possible losses or an aggregate range of such reasonably possible losses, unless the Company believes 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 March 31, 2024.

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, damages that are 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 5, 2024, the Court granted Sarepta’s motion for summary judgment on the grounds that the asserted claims of Regenx’s ‘617 Patent are invalid because they cover patent-ineligible subject matter under 35 U.S.C. § 101. On January 12, 2024, the Court entered judgment and closed the case and Plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Federal Circuit.

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® (SRP-9001) infringe the ’274 Patent. Sarepta answered the complaint on August 10, 2023, and a case schedule has been set with a trial commencing on November 17, 2025. On February 21, 2024, Sarepta submitted a petition for Inter Partes Review ("IPR") for filing with the Patent Trial and Appeal Board ("PTAB") at the USPTO. The petition seeks to invalidate the ‘274 Patent. On March 20, 2024, the district court stayed the litigation pending the PTAB’s determination on the IPR.

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 the University of Western Australia ("UWA") (U.S. Patent Nos. 9,994,851, 10,227,590, and 10,266,827, collectively the “UWA Patents”). In its complaint, 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. In its counterclaim complaint, 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. On August 14, 2023, the Court granted cross motions to amend the pleadings, allowing Sarepta to add a counterclaim against NS for inequitable conduct, and NS to add counterclaims against Sarepta for inequitable conduct and Walker Process fraud. The parties have since stipulated to the

dismissal of certain claims and defenses, including (1) NS’s claims of infringement of the ’361 Patent and claims 5 and 10 of the ’322 Patent; and (2) Sarepta’s non-infringement defenses to the remainder of the asserted NS Patents, except to the non-withdrawn claims of the ‘322 patent. Briefing on the parties’ summary judgment and Daubert motions was completed on January 26, 2024. On April 18, 2024, the Court bifurcated the Walker Process fraud claim. A trial is 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 final hearing is set for July 25, 2024.

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024					2023
	Grants			Weighted Average Grant Date Fair Value		Grants			Weighted Average Grant Date Fair Value
Stock options		316,378		$	67.56		1,030,349		$	72.80
Restricted stock units		1,161,985	(1)	$	128.58		1,075,911	(2)	$	154.91

Summary of Stock-Based Compensation Expense by Grant Type and by Function Included within Consolidated Statements of Comprehensive Income (Loss)

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


		For the Three Months Ended March 31,
		2024			2023
	(in thousands)
Stock options		$	16,281		$	23,830
Restricted stock units			27,527			16,140
Employee stock purchase plan			1,397			1,280
Subtotal		$	45,205		$	41,250
Capitalized stock-based compensation costs*			(4,513	)		—
Total stock-based compensation expense included in expenses		$	40,692		$	41,250
Research and development		$	16,273		$	16,413
Selling, general and administrative			24,419			24,837
Total stock-based compensation expense included in expenses		$	40,692		$	41,250

*Prior to the three months ended March 31, 2024, capitalized stock-based compensation costs were not material.

INCOME TAXES

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

12. INCOME TAXES

During the three months ended March 31, 2024, the Company recorded an income tax provision of $5.3 million, representing an effective tax rate of 14.2%. The Company continues to maintain a valuation allowance on its worldwide deferred tax assets with the exception of deferred tax assets in certain foreign jurisdictions, as it has concluded that it is more likely than not that these deferred tax assets will not be realized. The effective tax rate for the three months ended March 31, 2024 was less than the statutory tax rate of 21%, principally due to the release of valuation allowance against certain tax attribute carryforwards utilized to offset current year income.

During the three months ended March 31, 2023, the Company recorded an income tax provision of $4.0 million, representing an effective tax rate of (0.8%). For tax years beginning on or after January 1, 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to currently deduct research and development expenses and requires taxpayers to capitalize and amortize the costs over five years for research activities performed in the U.S. and 15 years for research activities performed outside the U.S. The requirement to capitalize research and development costs for tax purposes resulted in the Company having taxable profits and recording federal and state tax expense of $0.9 million and $3.1 million, respectively. The state tax expense of $3.1 million is primarily related to state taxable income, partially offset by net operating loss carryforwards.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

ORGANIZATION AND NATURE OF BUSINESS

3 Months Ended

Mar. 31, 2024

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 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. ELEVIDYS is approved for the treatment of ambulatory pediatric patients aged four through five years with Duchenne. ELEVIDYS is contraindicated in patients with any deletion in exon 8 and/or exon 9 in the Duchenne gene.

As of March 31, 2024, the Company had approximately $1,440.3 million of cash, cash equivalents, restricted cash and investments, consisting of $427.3 million of cash and cash equivalents, $963.5 million of short-term investments, $33.9 million of non-current investments and $15.6 million of non-current 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 ASSETS

3 Months Ended

Mar. 31, 2024

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

OTHER ASSETS

8. OTHER ASSETS

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


	As of March 31, 2024		As of December 31, 2023
	(in thousands)
Collaboration and other receivables	$	30,092	$	29,786
Prepaid maintenance services		15,907		11,281
Prepaid clinical and pre-clinical expenses		11,552		10,280
Tax-related receivables and prepaids		7,274		6,862
Prepaid commercial expenses		3,231		2,729
Interest receivable		3,209		2,731
Prepaid insurance		1,952		3,352
Prepaid research expenses		1,672		2,512
Other		8,076		8,181
Total other current assets	$	82,965	$	77,714

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


	As of March 31, 2024		As of December 31, 2023
	(in thousands)
Manufacturing-related deposits and prepaids	$	82,610	$	74,204
Non-current investments		33,919		—
Intangible assets, net		28,930		29,620
Restricted cash*		15,579		15,579
Strategic investments		7,457		6,527
Prepaid maintenance services		4,569		5,466
Other		3,343		5,375
Total other non-current assets	$	176,407	$	136,771

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2024
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, 2023 which are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission on February 28, 2024. The results for the three months ended March 31, 2024 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, revenues, 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, net, from customers. As of March 31, 2024, 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. As of March 31, 2024, three entities accounted for 34%, 22% and 21% of accounts receivable, net, respectively. As of December 31, 2023, four entities accounted for 40%, 19%, 19% and 12% of accounts receivable, net, respectively. As of March 31, 2024, the Company believes its largest customers are of high credit quality and has not experienced any material credit losses related to such customers.
Significant Accounting Policies	Significant Accounting Policies For details about the Company's accounting policies, please read Note 2, Summary of Significant Accounting Policies and Recent Accounting Pronouncements of the Annual Report on Form 10-K for the year ended December 31, 2023. There have not been any material changes to the Company's accounting policies or recent accounting pronouncements that could have a material impact through March 31, 2024.

Indebtedness - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Partial settlement of capped call share options for 2024 Notes	$ 0	$ 80,645
Loss on debt extinguishment	0	(387,329)
Debt conversion costs for 2024 Notes	0	$ 6,887
Long-term debt	1,133,660		$ 1,132,515
Aggregate long-term debt	$ 1,239,246		$ 1,237,998

- 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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-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

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

+ References + Details

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

Mar. 31, 2024

USD ($)

Commitments And Contingencies [Line Items]

2024 (April-December)

$ 836,030

165,293

114,785

77,645

72,346

Total manufacturing commitments

$ 1,266,099

^[1]

[1]

Total manufacturing commitments include the Catalent, Inc. (“Catalent”) manufacturing and supply agreement, for which the Company has ROU assets and lease liabilities recorded on the unaudited condensed consolidated balance sheets as of March 31, 2024. 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, 2023.

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

4. 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 three months ended March 31, 2024, 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 March 31, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	277,870	$	277,870	$	—	$	—
Commercial paper		43,354		—		43,354		—
Government and government agency bonds		780,997		—		780,997		—
Corporate bonds		118,158		—		118,158		—
Strategic investments		7,457		6,457		—		1,000
Certificates of deposit		54,863		—		54,863		—
Total assets	$	1,282,699	$	284,327	$	997,372	$	1,000

Liabilities
Contingent consideration	$	48,200	$	—	$	—	$	48,200
Total liabilities	$	48,200	$	—	$	—	$	48,200


	Fair Value Measurement as of December 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	63,919	$	63,919	$	—	$	—
Commercial paper		113,362		—		113,362		—
Government and government agency bonds		1,001,137		—		1,001,137		—
Corporate bonds		130,380		—		130,380		—
Strategic investments		6,527		5,527		—		1,000
Certificates of deposit		56,621		—		56,621		—
Total assets	$	1,371,946	$	69,446	$	1,301,500	$	1,000

Liabilities
Contingent consideration	$	38,100	$	—	$	—	$	38,100
Total liabilities	$	38,100	$	—	$	—	$	38,100

The Company’s assets with a fair value categorized as Level 1 within the fair value hierarchy include money market funds and the Company's strategic investment in a biotechnology company listed on the Nasdaq Global Market.

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.

The Company’s assets with a fair value categorized as Level 3 within the fair value hierarchy consist of a strategic investment in a private biotechnology company whose fair value measurement was based upon significant inputs not observable in the market and therefore represented a Level 3 measurement. At the end of each reporting period, the fair value of the Company's strategic investments, that are not listed securities are 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 three months ended March 31, 2024 or 2023, 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, 2023. 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.

The following table represents a roll-forward of the fair value of Level 3 financial liabilities for the period indicated:


	As of March 31, 2024
	(in thousands)
Fair value, as of December 31, 2023	$	38,100
Change in estimated fair value		10,100
Fair value, as of March 31, 2024	$	48,200

For the three months ended March 31, 2024, the Company recorded an increase of $10.1 million to account for the change in fair value of the Company's existing contingent consideration liabilities. These changes, which are recorded through earnings, were a result of updates made to certain inputs and assumptions impacting the probability-weighted expected cash flows, principally the probability of success of the underlying programs and the discount rate utilized to determine the present value of future payments to be made. As of March 31, 2024, the contingent consideration was recorded as a long-term liability on the Company's unaudited condensed consolidated balance sheets. For the three months ended March 31, 2023, there were no changes to the fair value of the contingent consideration liability.

The fair value of the senior notes due on November 15, 2024 (the “2024 Notes”) and September 15, 2027 (the “2027 Notes”) is based on open market trades and is classified as Level 1 in the fair value hierarchy. The following table summarizes the carrying value and fair value of the Company's convertible notes for each of the period indicated:


	As of March 31, 2024		As of December 31, 2023
	(in thousands)
Net carrying value of the 2024 Notes	$	105,586	$	105,483
Net carrying value of the 2027 Notes		1,133,660		1,132,515
Total carrying value of debt facilities	$	1,239,246	$	1,237,998

Fair value of 2024 Notes	$	188,867	$	144,833
Fair value of 2027 Notes		1,334,472		1,172,276
Total fair value of debt facilities	$	1,523,339	$	1,317,109

The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, net and accounts payable approximated fair value because of the immediate or short-term maturity of these financial instruments

Product Revenues, Net, Accounts Receivable, Net and Reserves for Product Revenues (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Products, net	$ 359,484	$ 231,495
Revenues	413,464	$ 253,500
Product sales receivable, net of discounts and allowances	$ 378,800		$ 400,300
Payment Terms	As of March 31, 2024, 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 65 to 90 days. Outside of the U.S., the majority of the Company’s customers have payment terms ranging between 90 and 150 days.
Sales Revenue Net [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Concentration of credit risk percentage	36.00%	49.00%
Sales Revenue Net [Member] \| Customer Concentration Risk [Member] \| Customer Two [Member]
Concentration of credit risk percentage	20.00%	32.00%
Sales Revenue Net [Member] \| Customer Concentration Risk [Member] \| No Individual [Member]
Concentration of credit risk percentage	10.00%	10.00%
Sales Revenue Net [Member] \| Customer Concentration Risk [Member] \| Customers Exceed [Member]
Concentration of credit risk percentage	10.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Concentration of credit risk percentage	34.00%		40.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Two [Member]
Concentration of credit risk percentage	22.00%		19.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Three [Member]
Concentration of credit risk percentage	21.00%		19.00%

Indebtedness - Summary of Debt Facilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total carrying value of debt facilities	$ 1,239,246	$ 1,237,998
Total carrying value of debt facilities	1,133,660	1,132,515
Fair value of debt facilities	$ 1,523,339	$ 1,317,109

- 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.

+ References

+ Details

- Definition

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

+ References + Details

Commitments and Contingencies (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments And Contingencies [Line Items]
Purchase commitment		$ 54.7
Amendment Implemented Fee		60.0
First Installments [Member]
Commitments And Contingencies [Line Items]
Amendment Implemented Fee	$ 20.0	$ 20.0
Installments Date of implemented fee	Mar. 01, 2024
Research and Development Expense [Member]
Commitments And Contingencies [Line Items]
Nonrefundable Advance Payment	$ 0.9
Other Current Assets
Commitments And Contingencies [Line Items]
Nonrefundable Advance Payment	16.5
Other Non-Current Assets [Member]
Commitments And Contingencies [Line Items]
Nonrefundable Advance Payment	$ 16.5

Fair Value Measurements - Summary of Fair Value of Level 3 Financial Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, as of December 31, 2023	$ 38,100
Change in estimated fair value	10,100	$ 0
Fair value, as of March 31, 2024	48,200
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, as of December 31, 2023	38,100
Change in estimated fair value	10,100
Fair value, as of March 31, 2024	$ 48,200

Product Revenues, Net, Accounts Receivable, Net and Reserves for Product Revenues - Summarizes the concentration of the three largest customers (Details) - Customer Concentration Risk [Member] - Sales Revenue Net [Member]	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Customer One [Member]
Principal Transaction Revenue [Line Items]
Concentration of credit risk percentage	36.00%	49.00%
Customer Two [Member]
Principal Transaction Revenue [Line Items]
Concentration of credit risk percentage	20.00%	32.00%

ACCRUED EXPENSES (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses

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


	As of March 31, 2024		As of December 31, 2023
	(in thousands)
Product revenue related reserves	$	97,216	$	100,075
Accrued contract manufacturing costs		45,057		33,024
Accrued clinical and pre-clinical costs		36,078		34,669
Accrued employee compensation costs		32,112		78,732
Accrued professional fees		21,014		17,187
Accrued income taxes		18,292		13,766
Accrued fixed assets		11,587		3,231
Accrued royalties		11,206		12,070
Accrued research expenses		2,873		2,441
Accrued milestone and license expenses		2,000		11,375
Other		5,882		8,427
Total accrued expenses	$	283,317	$	314,997

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	277,870	$	277,870	$	—	$	—
Commercial paper		43,354		—		43,354		—
Government and government agency bonds		780,997		—		780,997		—
Corporate bonds		118,158		—		118,158		—
Strategic investments		7,457		6,457		—		1,000
Certificates of deposit		54,863		—		54,863		—
Total assets	$	1,282,699	$	284,327	$	997,372	$	1,000

Liabilities
Contingent consideration	$	48,200	$	—	$	—	$	48,200
Total liabilities	$	48,200	$	—	$	—	$	48,200


	Fair Value Measurement as of December 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	63,919	$	63,919	$	—	$	—
Commercial paper		113,362		—		113,362		—
Government and government agency bonds		1,001,137		—		1,001,137		—
Corporate bonds		130,380		—		130,380		—
Strategic investments		6,527		5,527		—		1,000
Certificates of deposit		56,621		—		56,621		—
Total assets	$	1,371,946	$	69,446	$	1,301,500	$	1,000

Liabilities
Contingent consideration	$	38,100	$	—	$	—	$	38,100
Total liabilities	$	38,100	$	—	$	—	$	38,100

Summary of Fair Value of Level 3 Financial Liabilities

The following table represents a roll-forward of the fair value of Level 3 financial liabilities for the period indicated:


	As of March 31, 2024
	(in thousands)
Fair value, as of December 31, 2023	$	38,100
Change in estimated fair value		10,100
Fair value, as of March 31, 2024	$	48,200

Summary of Carrying Value and Fair Value of the Company's Convertible Notes

The following table summarizes the carrying value and fair value of the Company's convertible notes for each of the period indicated:


	As of March 31, 2024		As of December 31, 2023
	(in thousands)
Net carrying value of the 2024 Notes	$	105,586	$	105,483
Net carrying value of the 2027 Notes		1,133,660		1,132,515
Total carrying value of debt facilities	$	1,239,246	$	1,237,998

Fair value of 2024 Notes	$	188,867	$	144,833
Fair value of 2027 Notes		1,334,472		1,172,276
Total fair value of debt facilities	$	1,523,339	$	1,317,109

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

13. EARNINGS (LOSS) PER SHARE

Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding.

The following table sets forth the computation of basic and diluted earnings (loss) per common share:


		For the Three Months Ended March 31,
		2024		2023
	(in thousands, except per share amounts)
Numerator:
Net income (loss) - basic		$	36,119	$	(516,755	)
Add: interest expense, net of tax, on the Company's convertible debt			429		—
Net income (loss) - diluted		$	36,548	$	(516,755	)
Denominator:
Weighted-average common shares outstanding, basic			93,991		88,186
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans			3,681		—
Common stock issuable under the Company's convertible debt			1,442		—
Weighted-average common shares outstanding, diluted			99,114		88,186
Earnings (loss) per common share, basic		$	0.38	$	(5.86	)
Earnings (loss) per common share, diluted		$	0.37	$	(5.86	)

The following table summarizes potential shares of common stock that were excluded from the computation of diluted earnings per share as they were anti-dilutive:


		For the Three Months Ended March 31,
		2024		2023
	(in thousands)
Common stock issuable under the Company's equity incentive plans			4,270		12,553
Common stock issuable under the Company's convertible debt			8,100		9,542
Total number of potentially issuable common stock			12,370		22,095

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Provision for Income tax	$ 5,329	$ 4,045
Effective tax rate	14.20%	0.80%
Statutory tax rate	21.00%
Federal tax expense		$ 900
State tax expense		$ 3,100

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

5. 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 March 31, 2024		As of December 31, 2023
	(in thousands)
Money market funds	$	277,870	$	63,919
Commercial paper		—		53,680
Total	$	277,870	$	117,599

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 March 31, 2024 and December 31, 2023 was approximately six and five months, respectively.

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


	As of March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	427,290	$	—	$	—		$	427,290
Commercial paper		43,354		—		—			43,354
Government and government agency bonds		781,698		59		(760	)		780,997
Corporate bonds		118,121		57		(20	)		118,158
Certificates of deposit		54,863		—		—			54,863
Total cash, cash equivalents and investments	$	1,425,326	$	116	$	(780	)	$	1,424,662
As reported:
Cash and cash equivalents	$	427,290	$	—	$	—		$	427,290
Short-term investments		963,987		116		(650	)		963,453
Other non-current assets		34,049		—		(130	)		33,919
Total cash, cash equivalents and investments	$	1,425,326	$	116	$	(780	)	$	1,424,662


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	374,750	$	—	$	—		$	374,750
Commercial paper		113,362		—		—			113,362
Government and government agency bonds		1,000,302		1,006		(171	)		1,001,137
Corporate bonds		130,270		118		(8	)		130,380
Certificates of deposit		56,621		—		—			56,621
Total cash, cash equivalents and investments	$	1,675,305	$	1,124	$	(179	)	$	1,676,250
As reported:
Cash and cash equivalents	$	428,430	$	—	$	—		$	428,430
Short-term investments		1,246,875		1,124		(179	)		1,247,820
Total cash, cash equivalents and investments	$	1,675,305	$	1,124	$	(179	)	$	1,676,250

Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Weighted average maturity period of available-for-sale securities	6 months	5 months

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
	(in thousands)
2024 (April-December)	$	836,030
2025		165,293
2026		114,785
2027		77,645
2028		72,346
Total manufacturing commitments*	$	1,266,099

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 5. Other Information. During the three months ended March 31, 2024, two of our officers (as defined in Rule 16a-1(f) under the Exchange Act) entered into contracts, instructions or written plans for the purchase or sale of our securities that are intended to satisfy the conditions specified in Rule 10b5-1(c) under the Exchange Act for an affirmative defense against liability for trading in securities on the basis of material nonpublic information. We refer to these contracts, instructions, and written plans as "Rule 10b5-1 trading plans" and each one as a "Rule 10b5-1 trading plan." We describe the material terms of these trading plans below. Ryan Brown entered into and adopted a plan with an effective date of March 7, 2024 and end date of March 15, 2025, covering 76,508 shares of common stock, 7,574 plus the net shares resulting upon the vesting of future restricted stock units, and 84,082 plus the net shares resulting upon the vesting of future restricted stock units. Bilal Arif entered into and adopted a plan with an effective date of March 11, 2024 and end date of March 15, 2025, covering: 7,676 shares of common stock, 5,655 plus the net shares resulting upon the vesting of future restricted stock units, and 13,331 plus the net shares resulting upon the vesting of future restricted stock units.
Rule 10b5-1 Arrangement Adopted	true
Ryan Brown
Trading Arrangements, by Individual
Adoption Date	March 7, 2024
Termination Date	March 15, 2025
Aggregate Available	84,082
Common Stock Covering Under Plan	76,508
Common Stock Covering Resulting Upon The Vesting Of Future Restricted Stock	7,574
Bilal Arif
Trading Arrangements, by Individual
Adoption Date	March 11, 2024
Termination Date	March 15, 2025
Aggregate Available	13,331
Common Stock Covering Under Plan	7,676
Common Stock Covering Resulting Upon The Vesting Of Future Restricted Stock	5,655

LICENSE AND COLLABORATION AGREEMENTS

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and March 31, 2023, the Company recognized $48.0 million and $22.0 million, respectively, of collaboration revenue associated with the license, collaboration and option agreement (the “Roche Agreement”) with F. Hoffman-La Roche Ltd. (“Roche”). Under the Roche Agreement, the Company has granted Roche options to acquire ex-U.S. rights to certain future Duchenne development programs (the “Options”) in exchange for separate option exercise payments, milestone and royalty considerations, and cost-sharing provisions. These Options were accounted for as material rights related to individual programs and recorded in deferred revenue at the inception of the Roche Agreement. The value assigned to the material rights is included in deferred revenue until such rights expire or are exercised. On February 12, 2024, Roche declined to exercise its optional rights related to one external, early stage development program, which resulted in the immediate recognition of $48.0 million of collaboration revenue for the three months ended March 31, 2024. As of March 31, 2024 and December 31, 2023, the Company had total deferred revenue of $437.0 million and $485.0 million related to the separate material rights for the Options associated with the Roche Agreement, of which $112.0 million and $48.0 million are classified as current, respectively.

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 months ended March 31, 2024 and March 31, 2023, costs reimbursable by Roche and reflected as a reduction to operating expenses were $21.7 million and $20.3 million, respectively. As of March 31, 2024 and December 31, 2023, there was $30.1 million and $29.8 million of collaboration and other receivables included in other current assets on the unaudited condensed consolidated balance sheets.

In accordance with the Roche Agreement, the Company agreed to enter into a supply agreement with Roche in order to supply them with clinical and commercial batches of ELEVIDYS (the “Supply Agreement”). While the Supply Agreement is in the process of being negotiated, the Company has delivered batches of commercial ELEVIDYS supply to Roche that were agreed upon on a purchase order-by-purchase order basis. For the three months ended March 31, 2024, the Company recognized $5.8 million of contract manufacturing revenue related to these shipments, with no similar activity for the three months ended March 31, 2023. This revenue is included in collaboration and other revenues in the unaudited condensed consolidated statements of comprehensive income (loss). For the three months ended March 31, 2024, the Company recognized $1.7 million of inventory costs related to these shipments, which is included in cost of sales (excluding amortization of in-licensed rights) in the unaudited condensed consolidated statements of comprehensive income (loss).

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 $34.8 million in research milestone payments. Under these agreements, there are $121.8 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 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. During the three months ended March 31, 2024 and March 31, 2023, the Company did not exercise any options nor have any additional research milestone payments become 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 March 31, 2024, 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 March 31, 2024, which are discussed above. For the three months ended March 31, 2023, the Company recognized up-front, development milestone and other expenses of $0.5 million as research and development expense in the accompanying unaudited condensed consolidated statements of comprehensive income (loss), with no similar activity in the three months ended March 31, 2024.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Cash flows from operating activities:

Net income (loss)

$ 36,119

$ (516,755)

Adjustments to reconcile net loss to cash flows from operating activities:

Depreciation and amortization

8,744

11,305

Reduction in the carrying amounts of the right of use assets

3,952

3,218

Stock-based compensation

40,692

41,250

Accretion of investment discount, net

(12,401)

(8,651)

Loss on debt extinguishment

387,329

Non-cash change in the fair value of contingent consideration

10,100

Other

329

1,964

Changes in operating assets and liabilities, net:

Net decrease (increase) in accounts receivable, net

21,521

(9,208)

Net increase in inventory

(60,512)

(306)

Net increase in manufacturing-related deposits and prepaids

(145,046)

(7,479)

Net increase in other assets

(2,315)

(22,517)

Net decrease in deferred revenue

(50,416)

(22,005)

Net decrease in accounts payable, accrued expenses, lease liabilities and other liabilities

(92,843)

(67,541)

Net cash used in operating activities

(242,076)

(209,396)

Cash flows from investing activities:

Purchase of property and equipment

(32,444)

(9,485)

Purchase of available-for-sale securities

(216,450)

(426,763)

Maturity and sales of available-for-sale securities

477,690

448,834

Purchase of intangible assets

(10,000)

(94)

Net cash provided by investing activities

218,796

12,492

Cash flows from financing activities:

Proceeds from exercise of stock options and purchase of stock under the Employee Stock Purchase Program

22,140

28,037

Partial settlement of capped call share options for 2024 Notes

80,645

Debt conversion costs for 2024 Notes

(6,887)

Net cash provided by financing activities

22,140

101,795

Decrease in cash, cash equivalents and restricted cash

(1,140)

(95,109)

Cash, cash equivalents and restricted cash:

Beginning of period

444,009

985,801

End of period

442,869

890,692

Reconciliation of cash, cash equivalents and restricted cash:

Total cash, cash equivalents and restricted cash

442,869

890,692

Cash and cash equivalents

427,290

871,668

Restricted cash in other assets

15,579

^[1]

19,024

Supplemental disclosure of cash flow information:

Cash paid during the period for income taxes

909

535

Cash paid during the period for interest

7,188

7,023

Supplemental schedule of non-cash investing activities and financing activities:

Intangible assets and property and equipment included in accounts payable and accrued expenses

22,929

11,136

Lease liabilities arising from obtaining right of use assets

275

280

Capitalized stock-based compensation and depreciation as inventory

6,333

Common stock issued for exchange of 2024 Notes

$ 0

$ 693,377

[1]

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

3 Months Ended

Mar. 31, 2024

Receivables, Net, Current [Abstract]

Summary of Product Revenues

Net product revenues, which includes revenues associated with EXONDYS 51, AMONDYS 45 and VYONDYS 53 (collectively, the “PMO Products”) and ELEVIDYS consisted of the following:


	For the Three Months Ended March 31,
	2024		2023
	(in thousands)
PMO Products
United States	$	189,667	$	200,451
Rest of World		35,881		31,044
Total PMO product revenues, net	$	225,548	$	231,495
ELEVIDYS
United States		133,936		—
Total ELEVIDYS product revenue, net	$	133,936	$	—
Total product revenues, net	$	359,484	$	231,495

Schedule of Product revenue Concentration risks

The following table summarizes the Company's net product revenues, by customer, for those customers that exceeded 10% for the periods indicated:


	For the Three Months Ended March 31,
	2024			2023
Product revenues, net
Customer 1		36	%		49	%
Customer 2		20	%		32	%

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, 2023	$	27,486		$	98,194		$	3,831		$	35,261		$	164,772
Provision		20,466			35,951			4,381			18,965			79,763
Adjustments relating to prior periods		783			(2,532	)		—			—			(1,749	)
Payments/credits		(30,358	)		(36,623	)		(3,685	)		(16,220	)		(86,886	)
Balance, as of March 31, 2024	$	18,377		$	94,990		$	4,527		$	38,006		$	155,900


	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		2,827			30,488			3,572			14,567			51,454
Adjustments relating to prior periods		—			(2,162	)		—			—			(2,162	)
Payments/credits		(3,244	)		(28,025	)		(3,389	)		(14,040	)		(48,698	)
Balance, as of March 31, 2023	$	—		$	67,794		$	3,526		$	23,972		$	95,292

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 March 31, 2024		As of December 31, 2023
	(in thousands)
Reduction to accounts receivable	$	58,684	$	64,697
Component of accrued expenses		97,216		100,075
Total reserves	$	155,900	$	164,772

INVENTORY (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of components of inventory

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


	As of March 31, 2024		As of December 31, 2023
	(in thousands)
Raw materials	$	150,011	$	133,963
Work in progress		391,558		318,458
Finished goods		39,503		61,806
Total inventory	$	581,072	$	514,227

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 March 31, 2024		As of December 31, 2023
	(in thousands)
Balance sheet classification
Inventory	$	373,530	$	322,859
Non-current inventory		207,542		191,368
Total inventory	$	581,072	$	514,227

License and Collaboration Agreements - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Feb. 12, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Product revenues, net		$ 359,484	$ 231,495
Collaboration Receivable Current		30,092		$ 29,786
Development Milestone and Upfront Fee Recognized as Research and Development Expense		0	500
ELEVIDYS [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Product revenues, net		133,936	0
Collaborative Arrangement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment for option exercise			121,800
Collaborative Arrangement \| Maximum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent research milestone payments		34,800
Development Milestone and Upfront Fee Recognized as Research and Development Expense		3,200,000
Collaborative Arrangement \| Roche Holding A.G. [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Product revenues, net	$ 48,000	48,000	22,000
Deferred Revenue		437,000		485,000
Deferred Revenue, Current		112,000		48,000
Research and development expense		21,700	20,300
Collaboration Receivable		30,100		$ 29,800
Collaborative Arrangement \| Roche Holding A.G. [Member] \| ELEVIDYS [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration Receivable Current		5,800	$ 0
Inventory Cost		$ 1,700

Fair Value Measurements - Summary of carrying value and fair value of the Company's convertible notes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying value of debt facilities, current	$ 105,586	$ 105,483
Carrying value of debt facilities	1,239,246	1,237,998
Fair value of debt facilities	1,523,339	1,317,109
2024 Notes
Debt Instrument [Line Items]
Carrying value of debt facilities, current	105,586	105,483
Fair value of debt facilities	188,867	144,833
2027 Notes
Debt Instrument [Line Items]
Carrying value of debt facilities	1,133,660	1,132,515
Fair value of debt facilities	$ 1,334,472	$ 1,172,276

- 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.

+ References

+ Details

- Definition

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

+ References + Details

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, 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/awards		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, 2023	859,337	$ 9	5,304,623	918	(4,446,213)
Balance (in shares) at Dec. 31, 2023		93,732,000
Exercise of options for common stock	15,579		15,579
Exercise of options for common stock, shares		207,000
Vest of restricted stock units/awards		461,000
Partial settlement of capped call share options for 2024 Notes	0
Issuance of common stock under employee stock purchase plan	6,561		6,561
Issuance of common stock under employee stock purchase plan, shares		90,000
Stock-based compensation	45,205		45,205
Unrealized gains from available-for-sale securities, net of tax	(1,609)			(1,609)
Net Income (Loss)	36,119				36,119
Balance at Mar. 31, 2024	$ 961,192	$ 9	$ 5,371,968	$ (691)	$ (4,410,094)
Balance (in shares) at Mar. 31, 2024		94,490,000

OTHER (LOSS) INCOME, NET (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
		2024			2023
	(in thousands)
Accretion of investment discount, net		$	12,804		$	10,039
Interest income			7,093			9,276
Interest expense			(4,166	)		(6,323	)
Change in the fair value of contingent consideration			(10,100	)		—
Other, net			912			(285	)
Other income, net		$	6,543		$	12,707
Loss on debt extinguishment			—			(387,329	)
Total other income (loss), net		$	6,543		$	(374,622	)

ACCRUED EXPENSES

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

ACCRUED EXPENSES

9. ACCRUED EXPENSES

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


	As of March 31, 2024		As of December 31, 2023
	(in thousands)
Product revenue related reserves	$	97,216	$	100,075
Accrued contract manufacturing costs		45,057		33,024
Accrued clinical and pre-clinical costs		36,078		34,669
Accrued employee compensation costs		32,112		78,732
Accrued professional fees		21,014		17,187
Accrued income taxes		18,292		13,766
Accrued fixed assets		11,587		3,231
Accrued royalties		11,206		12,070
Accrued research expenses		2,873		2,441
Accrued milestone and license expenses		2,000		11,375
Other		5,882		8,427
Total accrued expenses	$	283,317	$	314,997

Summary of Stock-Based Compensation Expense by Grant Type and by Function Included within Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Subtotal

$ 45,205

$ 41,250

Capitalized stock-based compensation costs

^[1]

(4,513)

Total stock-based compensation expense included in expenses

40,692

41,250

Research and Development Expense [Member]

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Total stock-based compensation expense included in expenses

16,273

16,413

Selling, General and Administrative [Member]

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Total stock-based compensation expense included in expenses

24,419

24,837

Employee Stock Option

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Total stock-based compensation expense included in expenses

16,281

23,830

Restricted Stock Awards/Units (RSAs/RSUs) [Member]

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Total stock-based compensation expense included in expenses

27,527

16,140

Employee Stock Purchase Plan [Member]

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Total stock-based compensation expense included in expenses

$ 1,397

$ 1,280

[1]	*Prior to the three months ended March 31, 2024, capitalized stock-based compensation costs were not material.

Summary of Stock-Based Compensation Expense by Function Included within Condensed Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense included in expenses	$ 40.7	$ 41.3

Cash, Cash Equivalents and Marketable Securities - Summary of Company Cash, Cash Equivalents and Short-term Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Gross unrealized gains	$ 116	$ 1,124
Available for sale debt securities, Gross unrealized losses	(650)	(179)
Cash and cash equivalents, Amortized cost	1,425,326	1,675,305
Cash and cash equivalents	427,290	428,430	$ 871,668
Cash, cash equivalents and investments, Amortized cost	427,290	428,430
Cash, cash equivalents and investments, Gross unrealized gains	116	1,124
Cash, cash equivalents and investments, Gross unrealized losses	(780)	(179)
Cash, cash equivalents and investments, Fair value	1,424,662	1,676,250
Available for sale debt securities, Amortized cost	963,987	1,246,875
Available for sale debt securities current, Fair value	963,453	1,247,820
Cash and Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, Amortized cost	427,290	374,750
Cash and cash equivalents	427,290	374,750
Commercial Paper [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Fair value	43,354	113,362
Cash and cash equivalents, Amortized cost	43,354	113,362
Government and Government Agency Bonds [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Gross unrealized gains	59	1,006
Available for sale debt securities, Gross unrealized losses	(760)	(171)
Available for sale debt securities, Fair value	780,997	1,001,137
Cash and cash equivalents, Amortized cost	781,698	1,000,302
Corporate Bond [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Gross unrealized gains	57	118
Available for sale debt securities, Gross unrealized losses	(20)	(8)
Available for sale debt securities, Fair value	118,158	130,380
Cash and cash equivalents, Amortized cost	118,121	130,270
Certificates of Deposit [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Fair value	54,863	56,621
Cash and cash equivalents, Amortized cost	54,863	$ 56,621
Other Non-Current Assets [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Gross unrealized losses	(130)
Available for sale debt securities, Fair value	33,919
Other non-current assets Amortized cost	$ 34,049

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2024
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, 2023 which are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission on February 28, 2024. The results for the three months ended March 31, 2024 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, revenues, 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, net, from customers. As of March 31, 2024, 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. As of March 31, 2024, three entities accounted for 34%, 22% and 21% of accounts receivable, net, respectively. As of December 31, 2023, four entities accounted for 40%, 19%, 19% and 12% of accounts receivable, net, respectively. As of March 31, 2024, the Company believes its largest customers are of high credit quality and has not experienced any material credit losses related to such customers. Significant Accounting Policies For details about the Company's accounting policies, please read Note 2, Summary of Significant Accounting Policies and Recent Accounting Pronouncements of the Annual Report on Form 10-K for the year ended December 31, 2023. There have not been any material changes to the Company's accounting policies or recent accounting pronouncements that could have a material impact through March 31, 2024.

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

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


	As of March 31, 2024		As of December 31, 2023
	(in thousands)
Money market funds	$	277,870	$	63,919
Commercial paper		—		53,680
Total	$	277,870	$	117,599

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

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


	As of March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	427,290	$	—	$	—		$	427,290
Commercial paper		43,354		—		—			43,354
Government and government agency bonds		781,698		59		(760	)		780,997
Corporate bonds		118,121		57		(20	)		118,158
Certificates of deposit		54,863		—		—			54,863
Total cash, cash equivalents and investments	$	1,425,326	$	116	$	(780	)	$	1,424,662
As reported:
Cash and cash equivalents	$	427,290	$	—	$	—		$	427,290
Short-term investments		963,987		116		(650	)		963,453
Other non-current assets		34,049		—		(130	)		33,919
Total cash, cash equivalents and investments	$	1,425,326	$	116	$	(780	)	$	1,424,662


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	374,750	$	—	$	—		$	374,750
Commercial paper		113,362		—		—			113,362
Government and government agency bonds		1,000,302		1,006		(171	)		1,001,137
Corporate bonds		130,270		118		(8	)		130,380
Certificates of deposit		56,621		—		—			56,621
Total cash, cash equivalents and investments	$	1,675,305	$	1,124	$	(179	)	$	1,676,250
As reported:
Cash and cash equivalents	$	428,430	$	—	$	—		$	428,430
Short-term investments		1,246,875		1,124		(179	)		1,247,820
Total cash, cash equivalents and investments	$	1,675,305	$	1,124	$	(179	)	$	1,676,250

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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		94,523,766

Inventory - Summary of Components of Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 150,011	$ 133,963
Work in progress	391,558	318,458
Finished goods	39,503	61,806
Total inventory	$ 581,072	$ 514,227

Inventory - Summarizes The Balance Sheet Classification (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory	$ 373,530	$ 322,859
Non-current inventory	207,542	191,368
Total inventory	$ 581,072	$ 514,227

Other Assets - Summary of Other Non-current Assets (Detail) (Parenthetical) - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Mar. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Restricted cash non-current

$ 15,579

^[1]

$ 15,579

^[1]

$ 19,024

[1]

Product Revenues, Net, Accounts Receivable, Net and Reserves for Product Revenues - Summary of Total Reserves Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Receivables, Net, Current [Abstract]
Reduction to accounts receivable	$ 58,684	$ 64,697
Component of accrued expenses	97,216	100,075
Total reserves	$ 155,900	$ 164,772	$ 95,292	$ 94,698

Product Revenues, Net, Accounts Receivable, Net and Reserves for Product Revenues - Summary of Product Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Product Information [Line Items]
Products, net	$ 359,484	$ 231,495
PMO Products [Member]
Product Information [Line Items]
Products, net	225,548	231,495
PMO Products [Member] \| United States [Member]
Product Information [Line Items]
Products, net	189,667	200,451
PMO Products [Member] \| Rest Of World [Member]
Product Information [Line Items]
Products, net	35,881	31,044
ELEVIDYS [Member]
Product Information [Line Items]
Products, net	133,936	0
ELEVIDYS [Member] \| United States [Member]
Product Information [Line Items]
Products, net	$ 133,936	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) Segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments \| Segment	1
Net Income (Loss) \| $	$ 36,119	$ (516,755)
Customer One [Member] \| Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration of credit risk percentage	34.00%		40.00%
Customer Two [Member] \| Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration of credit risk percentage	22.00%		19.00%
Customer Three [Member] \| Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration of credit risk percentage	21.00%		19.00%
Customer Four [Member] \| Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration of credit risk percentage			12.00%

Other Assets - Summary of Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Collaboration and other receivables	$ 30,092	$ 29,786
Prepaid maintenance services	15,907	11,281
Prepaid clinical and pre-clinical expenses	11,552	10,280
Tax-related receivables and prepaids	7,274	6,862
Prepaid research expenses	1,672	2,512
Prepaid commercial expenses	3,231	2,729
Interest receivable	3,209	2,731
Prepaid insurance	1,952	3,352
Other	8,076	8,181
Total other current assets	$ 82,965	$ 77,714

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 427,290	$ 428,430
Short-term investments	963,453	1,247,820
Accounts receivable, net	378,806	400,327
Inventory	373,530	322,859
Manufacturing-related deposits and prepaids	238,821	102,181
Other current assets	82,965	77,714
Total current assets	2,464,865	2,579,331
Property and equipment, net	249,302	227,154
Right of use assets	126,269	129,952
Non-current inventory	207,542	191,368
Other non-current assets	176,407	136,771
Total assets	3,224,385	3,264,576
Current liabilities:
Accounts payable	91,536	164,918
Accrued expenses	283,317	314,997
Deferred revenue, current portion	112,000	50,416
Current portion of long-term debt	105,586	105,483
Other current liabilities	16,270	17,845
Total current liabilities	608,709	653,659
Long-term debt	1,133,660	1,132,515
Lease liabilities, net of current portion	140,102	140,965
Deferred revenue, net of current portion	325,000	437,000
Contingent consideration	48,200	38,100
Other non-current liabilities	7,522	3,000
Total liabilities	2,263,193	2,405,239
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 3,333,333 shares authorized; none issued and outstanding	0	0
Common stock, $0.0001 par value, 198,000,000 shares authorized; 94,490,157 and 93,731,831 issued and outstanding at March 31, 2024, and December 31, 2023, respectively	9	9
Additional paid-in capital	5,371,968	5,304,623
Accumulated other comprehensive (loss) income, net of tax	(691)	918
Accumulated deficit	(4,410,094)	(4,446,213)
Total stockholders’ equity	961,192	859,337
Total liabilities and stockholders’ equity	$ 3,224,385	$ 3,264,576