0001193125-26-335003 | 10-Q | XBRL Viewer

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Commitments and Contingencies (Additional Information) (Details) $ in Millions	Dec. 15, 2024 USD ($)
United States [Member]
Commitments And Contingencies [Line Items]
Loss Contingency Damages Awarded Value	$ 115.2
Non-US
Commitments And Contingencies [Line Items]
Royalty Damages	$ 0.8

FINANCIAL INSTRUMENTS - Summary of Company Cash, Cash Equivalents and Short-term Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 571,148	$ 801,282	$ 510,598
Cash, cash equivalents and investments, Amortized cost	934,561	940,492
Cash, cash equivalents and investments, Gross unrealized gains	6	206
Cash, cash equivalents and investments, Gross unrealized losses	(706)	0
Cash, cash equivalents and investments, Fair value	933,861	940,698
Cash and Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, Gross unrealized gains	0	0
Cash and cash equivalents, Gross unrealized losses	0	0
Cash and cash equivalents	558,063	711,368
Cash, cash equivalents and investments, Amortized cost	558,063	711,368
Commercial Paper [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Gross unrealized gains	0	0
Available for sale debt securities, Gross unrealized losses	0	0
Available for sale debt securities, Fair value	2,563	3,614
Cash, cash equivalents and investments, Amortized cost	2,563	3,614
Government and Government Agency Bonds [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Gross unrealized gains	1	150
Available for sale debt securities, Gross unrealized losses	(598)	0
Available for sale debt securities, Fair value	270,368	179,765
Cash, cash equivalents and investments, Amortized cost	270,965	179,615
Corporate Bond [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Gross unrealized gains	5	56
Available for sale debt securities, Gross unrealized losses	(108)	0
Available for sale debt securities, Fair value	97,464	42,583
Cash, cash equivalents and investments, Amortized cost	97,567	42,527
Certificates of Deposit [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Gross unrealized gains	0	0
Available for sale debt securities, Gross unrealized losses	0	0
Available for sale debt securities, Fair value	2,898	3,368
Cash, cash equivalents and investments, Amortized cost	2,898	3,368
Cash and Cash Equivalents [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, Amortized cost	571,149	801,269
Cash and cash equivalents, Gross unrealized gains	0	13
Cash and cash equivalents, Gross unrealized losses	(1)	0
Cash and cash equivalents	571,148	801,282
Bank Time Deposits [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Gross unrealized gains	0
Available for sale debt securities, Gross unrealized losses	0
Available for sale debt securities, Fair value	2,505
Cash, cash equivalents and investments, Amortized cost	2,505
Short-term Investments [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Gross unrealized gains	6	193
Available for sale debt securities, Gross unrealized losses	(331)	0
Available for sale debt securities, Amortized cost	217,666	138,175
Available for sale debt securities current, Fair value	217,341	138,368
Non Current Investments [Member]
Cash and Cash Equivalents [Line Items]
Available for sale debt securities, Gross unrealized gains	0	0
Available for sale debt securities, Gross unrealized losses	(374)	0
Available for sale debt securities, Fair value	145,372	1,048
Other non-current assets Amortized cost	$ 145,746	$ 1,048

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS 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, 2025 which are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission on March 2, 2026. The results for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year. Estimates and Uncertainties The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenue, expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash held at financial institutions, cash equivalents, investments and accounts receivable, net, from customers. As of June 30, 2026, the Company’s cash was concentrated at six 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, certificates of deposit and bank time deposits 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 June 30, 2026, four entities accounted for 34%, 24%, 21% and 10% of accounts receivable, net, respectively. As of December 31, 2025, four entities accounted for 33%, 26%, 20% and 10% of accounts receivable, net, respectively. 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, 2025. Recent Accounting Pronouncements Recently adopted Effective in the fourth quarter of 2025, the Company early adopted Accounting Standard Update ("ASU") 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Scope Refinements ("ASU 2025-07") using the modified retrospective transition method. The Company recorded the cumulative effect of this accounting change to remove the previously recognized derivative liabilities as of January 1, 2025, reducing the contingent consideration liability by $47.4 million, with an offsetting adjustment to accumulated deficit. Accordingly, the comparative stockholders' equity balance as of June 30, 2025 presented herein reflects this $47.4 million reduction to opening accumulated deficit and differs from the previously reported stockholders' equity balance in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025. There is no impact to the previously reported net income (loss) for the three and six months ended June 30, 2025. For additional information regarding the adoption of ASU 2025-07, please refer to 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, 2025.

ORGANIZATION AND NATURE OF BUSINESS

6 Months Ended

Jun. 30, 2026

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, small interfering RNA ("siRNA") knockdown therapies, gene therapy and other genetic therapeutic modalities for the treatment of rare diseases. Applying its proprietary, 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, Myotonic Dystrophy type 1 (“DM1"), facioscapulohumeral muscular dystrophy (“FSHD”), Huntington's Disease ("HTT"), limb girdle muscular dystrophy ("LGMD"), and other neuromuscular and central nervous system disorders.

The Company's RNA-targeted products EXONDYS 51 (eteplirsen) Injection (“EXONDYS 51”), VYONDYS 53 (golodirsen) Injection (“VYONDYS 53”) and AMONDYS 45 (casimersen) Injection (“AMONDYS 45”), were granted accelerated approval by the U.S. Food and Drug Administration (the “FDA”) in 2016, 2019 and 2021, 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 (collectively, the “PMO Products”) 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.

The Company's gene therapy product, ELEVIDYS (delandistrogene moxeparvovec-rokl), an adeno-associated virus-(“AAV”) based gene therapy, was initially granted accelerated approval from the FDA in June 2023 for the treatment of ambulatory patients aged four through five years with Duchenne with a confirmed mutation in the Duchenne gene. ELEVIDYS subsequently received traditional approval by the FDA in June 2024 for the treatment of ambulatory patients at least four years old with Duchenne with a confirmed mutation in the Duchenne gene. ELEVIDYS was also approved for non-ambulatory patients under the accelerated approval pathway in June 2024. In response to safety events announced in March and June 2025, the Company suspended all shipments of ELEVIDYS to non-ambulatory patients in the U.S. in June 2025. In response to a request from the FDA that the Company voluntarily stop all shipments of ELEVIDYS in the U.S., it temporarily suspended all shipments of ELEVIDYS in the U.S., effective July 22, 2025. On July 28, 2025, the FDA informed the Company that it recommended the removal of the voluntary hold for ambulatory patients. On July 31, 2025, the Company resumed shipments of ELEVIDYS for ambulatory patients in the U.S. In November 2025, the Company announced a boxed warning for acute liver injury and acute liver failure and removal of non-ambulatory population from the Indication and Usage section of the Prescribing Information. The Company is currently in the process of conducting various clinical trials for ELEVIDYS, including a study to evaluate the use of sirolimus as an enhanced immunosuppressive regimen as part of treatment with ELEVIDYS for non-ambulant individuals living with Duchenne. The Company intends to discuss with the FDA the results of this study and a potential pathway forward to resume commercial dosing in the non-ambulatory population. Resumption of dosing in the non-ambulatory population will depend on the FDA's analysis of whether the sirolimus data positively changes ELEVIDYS' risk/benefit profile and on aligning with the FDA on the process for revising the label, both of which involve risks and uncertainties.

As of June 30, 2026, the Company had $945.0 million of cash, cash equivalents, restricted cash and investments, consisting of $571.1 million of cash and cash equivalents, $362.7 million of investments and $11.2 million of non-current restricted cash and investments. The Company believes that its balance of cash, cash equivalents and investments as of the date of the issuance of this report, along with future cash inflows from operations and availability under the Company's Revolving Credit Facility (please refer to Note 13, Revolving Credit Facility for further information) 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.

Stock Based Compensation - 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		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Subtotal	$ 28,030	$ 41,618	$ 61,703	$ 88,174
Capitalized stock-based compensation costs	(3,558)	(4,593)	(7,832)	(9,721)
Total stock-based compensation expense included in expenses	24,472	37,025	53,871	78,453
Research and development	91,258	204,392	245,218	977,840
Selling, general and administrative	107,600	137,897	216,551	271,526
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense included in expenses	8,509	15,277	18,786	32,594
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense included in expenses	15,963	21,748	35,085	45,859
Employee Stock Option Member
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense included in expenses	4,978	11,689	12,074	24,578
Restricted and Performance Stock Units Member
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense included in expenses	23,052	28,114	49,629	59,657
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	$ 0	$ 1,815	$ 0	$ 3,939

SEGMENT INFORMATION - Company`S Segment, Including Segment Expenses, and A Reconciliation to Net Income (Loss) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Mar. 31, 2026

Jun. 30, 2025

Mar. 31, 2025

Jun. 30, 2026

Jun. 30, 2025

Segment Reporting [Line Items]

Total revenues

$ 401,251

$ 611,091

$ 1,132,054

$ 1,355,947

Segment expenses and other segment items

Cost of sales (excluding amortization of in-licensed rights)

149,385

152,558

258,153

290,122

Selling, general and administrative- other (excluding non-cash items)

107,600

137,897

216,551

271,526

Loss (gain) on strategic investments

(448)

36,721

(2,160)

(54,007)

Interest expense

(21,508)

(5,228)

(43,221)

(9,731)

Interest income

6,207

5,254

12,567

15,444

Income tax expense (benefit)

3,141

(43,254)

15,356

20,736

Depreciation and amortization expense

21,003

20,818

Stock-based compensation expense

53,871

78,453

Litigation contingency charge

39,000

us-gaap:NetIncomeLoss

(4,890)

$ 330,959

196,892

$ (447,508)

326,069

(250,616)

Reconciliation of profit or loss

Adjustments and reconciling items

Net (loss) income - basic

(4,890)

$ 330,959

196,892

$ (447,508)

326,069

(250,616)

Operating Segments [Member]

Segment Reporting [Line Items]

Total revenues

401,251

611,091

1,132,054

1,355,947

Segment expenses and other segment items

Cost of sales (excluding amortization of in-licensed rights)

149,385

152,558

258,153

290,122

Compensation and other personnel expenses

60,725

89,839

122,655

182,923

Up-front and Collaboration License Fees

50,000

583,787

Manufacturing expenses

1,837

80,685

21,595

148,150

Clinical trial expenses

23,102

33,511

41,406

66,658

Facility- and technology-related expenses (excluding depreciation and amortization)

23,890

28,580

46,832

56,237

Research and development- other (excluding non-cash items)

^[1]

19,847

31,843

38,518

60,314

Selling, general and administrative- other (excluding non-cash items)

^[2]

42,462

56,322

82,655

107,464

Roche Collaboration Reimbursement

(7,169)

(25,689)

(15,358)

(54,170)

Other segment items

^[3]

(709)

(1,314)

(2,515)

(3,223)

Loss (gain) on strategic investments

448

(36,721)

2,160

54,007

Interest expense

21,508

5,228

43,221

9,731

Interest income

(6,207)

(5,254)

(12,567)

(15,444)

Income tax expense (benefit)

3,141

(43,254)

15,356

20,736

Depreciation and amortization expense

10,409

10,840

21,003

20,818

Stock-based compensation expense

24,472

37,025

53,871

78,453

Litigation contingency charge

39,000

us-gaap:NetIncomeLoss

(4,890)

196,892

326,069

(250,616)

Reconciliation of profit or loss

Net (loss) income - basic

$ (4,890)

$ 196,892

$ 326,069

$ (250,616)

[1]

Research and development-other includes professional services, pre-clinical expenses and research and other expenses.

[2]

Selling, general and administrative-other includes professional services and other expenses.

[3]

Other segment items included in segment net (loss) income include accretion of investment discount, net and other, net, as well as items separately presented and not defined as significant expenses below.

Significant expense categories that are regularly provided to the CODM include cost of sales (excluding amortization of in-licensed rights), compensation and other personnel expenses, up-front and collaboration license expenses, manufacturing expenses, clinical trial expenses, facility- and technology-related expenses, research and development- other and selling, general and administrative- other. The other expense or income information are other segment items and include separate presentation of loss (gain) on strategic investments, interest expense, interest income, income tax expense (benefit), depreciation and amortization, stock-based compensation expense and litigation contingency charge, which are included in the measure of segment net (loss) income, but are not significant segment expenses.

Assets provided to the CODM for the single segment are consistent with those reported on the unaudited condensed consolidated balance sheets.

Product Revenues, Net, Accounts Receivable, Net, and Reserves for Product Revenues (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Product sales receivable, net of discounts and allowances	$ 376.8		$ 376.8		$ 398.2
United States [Member] \| Maximum [Member]
Payment Terms			90 days
United States [Member] \| Minimum [Member]
Payment Terms			65
Non-US \| Maximum [Member]
Payment Terms			150 days
Non-US \| Minimum [Member]
Payment Terms			90
Sales Revenue Net [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Concentration of credit risk percentage	35.00%	25.00%	37.00%	22.00%
Sales Revenue Net [Member] \| Customer Concentration Risk [Member] \| Customer Two [Member]
Concentration of credit risk percentage	22.00%	15.00%	21.00%	13.00%
Sales Revenue Net [Member] \| Customer Concentration Risk [Member] \| No Individual [Member]
Concentration of credit risk percentage	10.00%	10.00%	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%		33.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Two [Member]
Concentration of credit risk percentage			24.00%		26.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Three [Member]
Concentration of credit risk percentage			21.00%		20.00%

INVENTORY

6 Months Ended

Jun. 30, 2026

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 June 30, 2026		As of December 31, 2025
	(in thousands)
Raw materials	$	127,780	$	141,278
Work in progress		946,651		892,689
Finished goods		56,175		65,320
Total inventory	$	1,130,606	$	1,099,287

For the three and six months ended June 30, 2026, inventory losses for write-downs totaled $11.6 million related to obsolete ELEVIDYS inventory on hand as of June 30, 2026. There were no inventory losses for write-downs of excess and obsolete inventory for the three and six months ended June 30, 2025.

The Company classifies inventory associated with its PMO Products and ELEVIDYS as non-current inventory when consumption of the inventory is expected beyond the Company's normal inventory operating cycle of two years for the PMO Products and approximately 3.5 years for ELEVIDYS. Non-current inventory consists of raw materials and work in progress associated with the PMO Products and raw materials associated with ELEVIDYS.

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


	As of June 30, 2026		As of December 31, 2025
	(in thousands)
Balance sheet classification:
Inventory	$	904,273	$	914,744
Non-current inventory		226,333		184,543
Total inventory	$	1,130,606	$	1,099,287

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2026
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, 2025 which are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission on March 2, 2026. The results for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year.
Estimates and Uncertainties	Estimates and Uncertainties The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenue, expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash held at financial institutions, cash equivalents, investments and accounts receivable, net, from customers. As of June 30, 2026, the Company’s cash was concentrated at six 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, certificates of deposit and bank time deposits 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 June 30, 2026, four entities accounted for 34%, 24%, 21% and 10% of accounts receivable, net, respectively. As of December 31, 2025, four entities accounted for 33%, 26%, 20% and 10% of accounts receivable, net, respectively.
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, 2025. Recent Accounting Pronouncements Recently adopted Effective in the fourth quarter of 2025, the Company early adopted Accounting Standard Update ("ASU") 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Scope Refinements ("ASU 2025-07") using the modified retrospective transition method. The Company recorded the cumulative effect of this accounting change to remove the previously recognized derivative liabilities as of January 1, 2025, reducing the contingent consideration liability by $47.4 million, with an offsetting adjustment to accumulated deficit. Accordingly, the comparative stockholders' equity balance as of June 30, 2025 presented herein reflects this $47.4 million reduction to opening accumulated deficit and differs from the previously reported stockholders' equity balance in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025. There is no impact to the previously reported net income (loss) for the three and six months ended June 30, 2025. For additional information regarding the adoption of ASU 2025-07, please refer to 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, 2025.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

INVENTORY (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30, 2026		As of December 31, 2025
	(in thousands)
Raw materials	$	127,780	$	141,278
Work in progress		946,651		892,689
Finished goods		56,175		65,320
Total inventory	$	1,130,606	$	1,099,287

Summary Of Inventory Balance Sheet Classification

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


	As of June 30, 2026		As of December 31, 2025
	(in thousands)
Balance sheet classification:
Inventory	$	904,273	$	914,744
Non-current inventory		226,333		184,543
Total inventory	$	1,130,606	$	1,099,287

FAIR VALUE MEASUREMENTS - Summary of carrying value and fair value of the Company's convertible notes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total carrying value of debt instruments	$ 847,623	$ 828,974
Total fair value of debt instruments	910,250	864,867
2027 Notes
Debt Instrument [Line Items]
Total carrying value of debt instruments	157,806	157,478
Total fair value of debt instruments	149,918	143,076
2030 Notes
Debt Instrument [Line Items]
Total carrying value of debt instruments	689,817	671,496
Total fair value of debt instruments	$ 760,332	$ 721,791

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

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+ Details

- 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

- Definition

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

+ References

+ Details

EARNINGS (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Share

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


		For the Three Months Ended June 30,					For the Six Months Ended June 30,
		2026			2025		2026		2025
	(in thousands, except per share amounts)
Numerator:
Net (loss) income - basic		$	(4,890	)	$	196,892	$	326,069	$	(250,616	)
Add: interest expense, net of tax, on the Company's convertible debt			—			4,303		39,681		—
Net (loss) income - diluted		$	(4,890	)	$	201,195	$	365,750	$	(250,616	)
Denominator:
Weighted-average common shares outstanding, basic			105,431			98,005		105,211		97,685
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans			—			518		1,042		—
Common stock issuable under the Company's convertible debt			—			8,100		16,007		—
Weighted-average common shares outstanding, diluted			105,431			106,623		122,260		97,685
(Loss) earnings per common share, basic		$	(0.05	)	$	2.01	$	3.10	$	(2.57	)
(Loss) earnings per common share, diluted		$	(0.05	)	$	1.89	$	2.99	$	(2.57	)

Summary of Potential Shares of Common Stock 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 June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands)
Common stock issuable under the Company's equity incentive plans		11,837	1, 3		8,308	2		8,288	1		10,815	2, 3
Common stock issuable under the Company's convertible debt		16,007			—			—			8,100
Total number of potentially issuable common stock		27,844			8,308			8,288			18,915

For the three and six months ended June 30, 2026, the anti-dilutive common stock issuable under the Company's equity incentive plans excludes 0.4 million shares that have performance conditions that were not met as of the end of the period.

For the three and six months ended June 30, 2025, the anti-dilutive common stock issuable under the Company's equity incentive plans excludes 0.1 million shares that have performance conditions that were not met as of the end of the period.

For the three months ended June 30, 2026, and the six months ended June 30, 2025, these and all shares issued under the Company’s equity incentive plans were anti-dilutive as the Company was in a net loss position during these periods.

LICENSE AND COLLABORATION AGREEMENTS - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Product revenues, net		$ 328,689	$ 513,123	$ 659,204	$ 1,124,646
Collaboration and other		72,562	97,968	472,850	231,301
Loss on strategic investments		$ 448	(36,721)	$ 2,160	54,007
Common stock, shares		198,000,000		198,000,000		198,000,000
ELEVIDYS [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Product revenues, net		$ 98,125	281,851	$ 200,090	656,836
Roche Collaboration Agreement [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration and other				325,000	112,000
Arrowhead Pharmaceuticals Inc [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense		6,300	6,500	14,800	8,800
Collaborative Arrangement \| Maximum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Development Milestone and Upfront Fee Recognized as Research and Development Expense				12,100,000
Collaborative Arrangement \| Roche Holding A.G. [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration and other			63,500	365,000	175,500
Deferred revenue		220,300		220,300		$ 527,300
Deferred Revenue, Current		110,100		110,100		443,400
Research and development expense		7,200	$ 25,700	15,400	54,200
Collaboration Receivable		45,000		45,000		104,100
Collaborative Arrangement \| Roche Collaboration Agreement [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration and other				40,000
Collaborative Arrangement \| NationWide Children Hospital [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone Payment Received	$ 63,500
Collaborative Arrangement \| Arrowhead Pharmaceuticals Inc [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense					$ 583,600
Equity Investment Agreement [Member] \| Arrowhead Pharmaceuticals Inc [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Investment in license agreement		241,400		241,400
Licensing And Collaboration Agreement [Member] \| Arrowhead Pharmaceuticals Inc [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Up front payment for license and collaboration agreement				500,000
Investment in license agreement		$ 325,000		$ 325,000
Term of installment fee				five years
License agreement fee				$ 250,000
Annual Installment Fee				$ 50,000
Upfront Fee To Be Paid On Certain Enrollment Achievement						$ 300,000
Common stock, shares		11,900,000		11,900,000
Development Milestone and Upfront Fee Recognized as Research and Development Expense				$ 10,300,000
Licensing And Collaboration Agreement [Member] \| Second Arrowhead DM One Milestone [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Cash		$ 200,000		$ 200,000

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

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

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


	As of June 30, 2026**
	(in thousands)
2026 (July-December)	$	266,255
2027		139,017
2028		22,705
Total manufacturing commitments*	$	427,977

* Total manufacturing commitments include the Catalent, Inc. (“Catalent”) manufacturing and supply agreement, for which the Company has right of use assets and lease liabilities recorded on the unaudited condensed consolidated balance sheets as of June 30, 2026. For more information, please read Note 23, Commitments and Contingencies to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

**Total manufacturing commitments include obligations related to the global supply of ELEVIDYS, including inventories necessary to supply Roche for sales of ELEVIDYS in territories outside of the U.S. where Roche has received certain approvals for ELEVIDYS

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Company`S Segment, Including Segment Expenses, and A Reconciliation to Net Income (Loss)

The table below includes information about the Company’s segment, including significant segment expenses and a reconciliation to net (loss) income:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
							(in thousands)
Total revenues	$	401,251		$	611,091		$	1,132,054		$	1,355,947

Segment expenses and other segment items:
Cost of sales (excluding amortization of in-licensed rights)		149,385			152,558			258,153			290,122
Compensation and other personnel expenses		60,725			89,839			122,655			182,923
Up-front and collaboration license fees		—			—			50,000			583,787
Manufacturing expenses		1,837			80,685			21,595			148,150
Clinical trial expenses		23,102			33,511			41,406			66,658
Facility- and technology-related expenses (excluding depreciation and amortization)		23,890			28,580			46,832			56,237
Research and development- other (excluding non-cash items) (1)		19,847			31,843			38,518			60,314
Selling, general and administrative- other (excluding non-cash items) (2)		42,462			56,322			82,655			107,464
Roche collaboration reimbursement		(7,169	)		(25,689	)		(15,358	)		(54,170	)
Other segment items (3)		(709	)		(1,314	)		(2,515	)		(3,223	)
Loss (gain) on strategic investments		448			(36,721	)		2,160			54,007
Interest expense		21,508			5,228			43,221			9,731
Interest income		(6,207	)		(5,254	)		(12,567	)		(15,444	)
Income tax expense (benefit)		3,141			(43,254	)		15,356			20,736
Depreciation and amortization expense		10,409			10,840			21,003			20,818
Stock-based compensation expense		24,472			37,025			53,871			78,453
Litigation contingency charge		39,000			—			39,000			—
Segment net (loss) income	$	(4,890	)	$	196,892		$	326,069		$	(250,616	)

Reconciliation of profit or loss
Adjustments and reconciling items		—			—			—			—
Consolidated net (loss) income	$	(4,890	)	$	196,892		$	326,069		$	(250,616	)

(1)

Research and development-other includes professional services, pre-clinical expenses and research and other expenses.

(2)

Selling, general and administrative-other includes professional services and other expenses.

(3)

Assets provided to the CODM for the single segment are consistent with those reported on the unaudited condensed consolidated balance sheets.

LICENSE AND COLLABORATION AGREEMENTS

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

LICENSE AND COLLABORATION AGREEMENTS

3. LICENSE AND COLLABORATION AGREEMENTS

Arrowhead Pharmaceuticals, Inc.

In November 2024, the Company and Arrowhead Pharmaceuticals, Inc. (“Arrowhead”) entered into an exclusive global license and collaboration agreement and a stock purchase agreement (collectively, the “Arrowhead Collaboration Agreement”) that subsequently became effective as of February 7, 2025 (the “Effective Date”).

The Arrowhead Collaboration Agreement granted the Company an exclusive license under certain of Arrowhead’s intellectual property rights to develop, manufacture and commercialize the lead candidate (and all backup candidates) for the programs listed below. The following table summarizes the current development stage of each program:


Development Stage	Indication
Arrowhead Clinical Programs	(a) DUX4 for the treatment of FSHD; (b) DM1 for the treatment of myotonic dystrophy type 1; (c) ATXN2 for the treatment of ataxias; (d) MMP7 for the treatment of idiopathic pulmonary fibrosis; and (e) HTT for the treatment of Huntington’s Disease.
Arrowhead Pre-clinical Programs	(a) ATXN1 for the treatment of ataxias; and (b) ATXN3 for the treatment of ataxias.

In addition, the parties will collaborate on the discovery and development of compounds that are directed to six targets to be selected by the Company during the term (each an “Arrowhead Discovery Program,” and together with the Arrowhead Clinical Programs and Pre-clinical Programs, the “Arrowhead Programs”).

Under the terms of the Arrowhead Collaboration Agreement, Arrowhead will conduct development activities with respect to the Arrowhead Programs pursuant to agreed-upon development plans. At pre-determined transition points for each Arrowhead Program, Arrowhead will transfer development responsibility to the Company, who will then perform all development activities necessary to obtain and maintain regulatory approvals throughout the world. The Company will have the sole worldwide right to commercialize licensed products.

Upon the effectiveness of the Arrowhead Collaboration Agreement, the Company paid Arrowhead an up-front payment of $500.0 million and invested $325.0 million in approximately 11.9 million shares of Arrowhead's common stock at a premium to the valuation on the closing date. On the Effective Date:

•

$241.4 million was allocated to the equity investment in Arrowhead and recorded within strategic investments on the Company’s unaudited condensed consolidated balance sheets, based on the closing price of Arrowhead’s common stock traded on the Nasdaq Global Select Market (“Nasdaq”), and

•

$583.6 million was allocated to the up-front license fee representing rights to potential future benefits associated with research and development activities that have no alternative future use and recorded as research and development expense, on the Company’s unaudited condensed consolidated statement of comprehensive (loss) income.

The Company will reimburse Arrowhead for certain pre-determined development activities for the Arrowhead Clinical Programs. Each party is responsible for the costs and expenses of other development activities under the Arrowhead Collaboration Agreement. Arrowhead will complete all manufacturing activities necessary for their development activities and provide clinical supply for all Arrowhead Programs and commercial supply for the Arrowhead Clinical Programs. For the three and six months ended June 30, 2026, the Company recorded $6.3 million and $14.8 million, respectively, of research and development expense related to reimbursable development costs incurred by Arrowhead. For the three and six months ended June 30, 2025, the Company recorded $6.5 million and $8.8 million, respectively, of research and development expense related to reimbursable development costs incurred by Arrowhead.

Additionally, the Company will pay Arrowhead an aggregate total of $250.0 million in annual installments of $50.0 million over five years (“Annual Collaboration License Fees”), with the first payment due on the first anniversary of the Effective Date. The Annual Fees are contingent upon the Company not terminating the Arrowhead Collaboration Agreement. For the six months ended June 30, 2026, the Company paid and recorded the first $50.0 million Annual Collaboration License Fee in research and development expense in the unaudited condensed consolidated statements of comprehensive (loss) income. Over the term of the Arrowhead Collaboration Agreement, the Company may be obligated to make payments to Arrowhead totaling up to $10.3 billion upon the achievement of certain development, regulatory and sales milestones, inclusive of two milestones associated with the continued enrollment of certain cohorts of a Phase 1/2 study for the DM1 program (the "Arrowhead DM1 Milestones"), totaling $300.0 million, both of which were achieved and recognized during the year ended December 31, 2025. During the six months ended June 30, 2026, the Company paid $200.0 million in cash related to the second Arrowhead DM1 Milestone, which was included in accounts payable as of December 31, 2025. For details about the Arrowhead DM1 Milestones, please read Note 3, License and Collaboration

Agreements of the Annual Report on Form 10-K for the year ended December 31, 2025. Furthermore, upon commercialization, the Company will be required to make tiered royalty payments based on net sales.

F. Hoffmann-La Roche Ltd.

For the six months ended June 30, 2026, the Company recognized $365.0 million of collaboration revenue associated with the license, collaboration and option agreement (the “Roche Collaboration Agreement”) with F. Hoffmann-La Roche Ltd. (“Roche”), with no collaboration revenue recognized during the three months ended June 30, 2026. For the three and six months ended June 30, 2025, the Company recognized $63.5 million and $175.5 million, respectively, of collaboration revenue associated with the Roche Collaboration Agreement. Under the Roche Collaboration Agreement, the Company 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 Collaboration Agreement. The value assigned to the material rights is included in deferred revenue until such rights expire or are exercised.

In February 2026, Roche declined to exercise an Option for certain program rights, which resulted in the immediate recognition of $325.0 million of collaboration revenue during the six months ended June 30, 2026. Additionally, Roche dosed the first commercial patient in Japan during the six months ended June 30, 2026, which resulted in the recognition of a $40.0 million milestone payment as collaboration revenue under the Roche Collaboration Agreement.

In June 2025, the Company received a milestone payment of $63.5 million in connection with the receipt of regulatory approval of ELEVIDYS in Japan for individuals ages 3- to less than 8-years-old, who do not have any deletions in exon 8 and/or exon 9 in the Duchenne gene and who are negative for anti-AAVrh74 antibodies. The milestone payment was included in collaboration and other revenues for the three and six months ended June 30, 2025. In February 2025, an Option for a certain program expired, which resulted in the immediate recognition of $112.0 million of collaboration revenue for the six months ended June 30, 2025.

In accordance with the Roche Collaboration Agreement, the parties agreed to enter into a supply agreement in order to supply them with clinical and commercial batches of ELEVIDYS (the “Roche Supply Agreement”). Roche utilizes the supply for sales of ELEVIDYS in territories outside of the U.S. where Roche has received certain approvals for ELEVIDYS. While the Roche Supply Agreement is in the process of being negotiated, the Company has delivered commercial ELEVIDYS supply to Roche that is agreed upon on a purchase order-by-purchase order basis. Contract manufacturing revenue and royalty revenue are included in collaboration and other revenues in the unaudited condensed consolidated statements of comprehensive (loss) income. During the three and six months ended June 30, 2026, Roche product cost of sales exceeded Roche contract manufacturing revenue as a portion of write-offs of certain batches of ELEVIDYS that did not meet quality specifications in the period, the Company's reserve for obsolete ELEVIDYS inventory on hand and scrapped and expired materials were allocated to Roche product cost of sales. The following table summarizes certain Roche activity for each of the periods indicated:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands)
Contract manufacturing revenue	$	54,399		$	27,023		$	85,504		$	44,402
Royalty revenue		8,163			7,445			12,346			11,399
Roche product cost of sales		(58,203	)		(21,818	)		(97,856	)		(33,961	)

The costs associated with co-development activities performed under the Roche Collaboration Agreement are included in operating expenses, with any reimbursement of costs by Roche reflected as a reduction of such expenses when the related expense is incurred. For the three and six months ended June 30, 2026, costs reimbursable by Roche and reflected as a reduction to operating expenses were $7.2 million and $15.4 million, respectively. For the three and six months ended June 30, 2025, costs reimbursable by Roche and reflected as a reduction to operating expenses were $25.7 million and $54.2 million, respectively. As of June 30, 2026 and December 31, 2025, there was $45.0 million and $104.1 million of collaboration and other receivables included in other current assets on the unaudited condensed consolidated balance sheets, respectively.

As of June 30, 2026 and December 31, 2025, the Company had total deferred revenue of $220.3 million and $527.3 million, of which $110.1 million and $443.4 million are classified as current, respectively. As of June 30, 2026 and December 31, 2025, all of the deferred revenue related to the Roche Collaboration Agreement and Roche Supply Agreement.

Milestone Obligations

Including the Arrowhead Collaboration Agreement, the Company has license and collaboration agreements in place for which it could be obligated to pay, in addition to the payment of up-front fees upon execution of the agreements, certain milestone payments as a product candidate proceeds from the submission of an investigational new drug application through approval for commercial sale and beyond. As of June 30, 2026, the Company may be obligated to make up to $12.1 billion of future development, regulatory, commercial and up-front royalty payments associated with its collaboration and license agreements.

ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30, 2026		As of December 31, 2025
	(in thousands)
Product revenue related reserves	$	118,639	$	117,518
Accrued contract manufacturing costs		41,256		92,281
Accrued employee compensation costs		40,972		58,607
Accrued litigation contingency charge		39,000		—
Accrued professional fees		20,874		17,840
Accrued interest expense		15,847		20,714
Accrued clinical and pre-clinical costs		15,308		18,894
Accrued royalties		10,200		10,863
Accrued income taxes		9,309		4,755
Accrued clinical collaboration costs		5,155		10,222
Accrued milestone costs		3,200		1,000
Other		5,472		6,965
Total accrued expenses	$	325,232	$	359,659

LICENSE AND COLLABORATION AGREEMENTS - Summary of Activity Related to Supply Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration and other	$ 72,562	$ 97,968	$ 472,850	$ 231,301
Supply Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost of sales	(58,203)	(21,818)	(97,856)	(33,961)
Contract Manufacturing Revenue [Member] \| Supply Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration and other	54,399	27,023	85,504	44,402
Royalty Revenue [Member] \| Supply Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty Revenue	$ 8,163	$ 7,445	$ 12,346	$ 11,399

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

FINANCIAL INSTRUMENTS - Additional Information (Detail)	6 Months Ended	12 Months Ended
FINANCIAL INSTRUMENTS - Additional Information (Detail)	Jun. 30, 2026	Dec. 31, 2025
Cash and Cash Equivalents [Line Items]
Weighted average maturity period of available-for-sale securities	9 months	3 months
Maximum [Member]
Cash and Cash Equivalents [Line Items]
Maturity Of Non Current Investments		2 years
Minimum [Member]
Cash and Cash Equivalents [Line Items]
Maturity Of Non Current Investments	1 year

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

6 Months Ended

Jun. 30, 2026

Receivables, Net, Current [Abstract]

Summary of Product Revenues

Net product revenues, which includes revenues associated with the PMO Products and ELEVIDYS, consisted of the following:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)
PMO Products
United States	$	198,605	$	202,922	$	387,394	$	388,750
Rest of World		31,959		28,350		71,720		79,060
Total PMO product revenues, net	$	230,564	$	231,272	$	459,114	$	467,810
ELEVIDYS
United States	$	98,125	$	281,851	$	200,090	$	656,836
Total ELEVIDYS product revenues, net	$	98,125	$	281,851	$	200,090	$	656,836
Total product revenues, net	$	328,689	$	513,123	$	659,204	$	1,124,646

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 June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Product revenues, net
Customer 1		35	%		25	%		37	%		22	%
Customer 2		22	%		15	%		21	%		13	%

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, 2025	$	25,563		$	116,585		$	3,831		$	54,057		$	200,036
Provision		48,056			78,427			7,598			42,201			176,282
Adjustments relating to prior periods		—			(4,486	)		(1,429	)		(21	)		(5,936	)
Payments/credits		(52,925	)		(72,801	)		(5,994	)		(53,066	)		(184,786	)
Balance, as of June 30, 2026	$	20,694		$	117,725		$	4,006		$	43,171		$	185,596


	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2024	$	45,904		$	107,843		$	5,941		$	34,611		$	194,299
Provision		131,842			109,973			10,965			45,012			297,792
Adjustments relating to prior periods		—			(9,497	)		—			(625	)		(10,122	)
Payments/credits		(130,222	)		(64,359	)		(11,251	)		(43,412	)		(249,244	)
Balance, as of June 30, 2025	$	47,524		$	143,960		$	5,655		$	35,586		$	232,725

Summary of Total Reserves Included in Consolidated Balance Sheets

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


	As of June 30, 2026		As of December 31, 2025
	(in thousands)
Reduction to accounts receivable, net	$	66,957	$	82,518
Component of accrued expenses		118,639		117,518
Total reserves	$	185,596	$	200,036

Stock Based Compensation - Summary of Stock Awards Granted (Parenthetical) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants, Restricted stock units	654,330	317,317	788,185	1,695,123
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants, Restricted stock units				120,378

- 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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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

REVOLVING CREDIT FACILITY (Additional Information) (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Feb. 13, 2025	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Line of Credit Facility [Line Items]
Repayments of borrowings under the Revolving Credit Facility			$ 425,000	$ 0
Other non-current assets		$ 146,145	146,145		$ 155,554
Other current assets		105,784	105,784		$ 171,856
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit	$ 600,000
Secured Overnight Financing Rate	0.10%
Line of Credit, Interest Payment		100	800
Repayments of borrowings under the Revolving Credit Facility		$ 175,000	$ 425,000
Revolving Credit Facility [Member] \| SOFR [Member]
Line of Credit Facility [Line Items]
Secured Overnight Financing Rate	1.00%
Revolving Credit Facility [Member] \| Federal Fund Rate [Member]
Line of Credit Facility [Line Items]
Secured Overnight Financing Rate	0.50%
Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.35%
Secured Overnight Financing Rate	1.75%
Revolving Credit Facility [Member] \| Maximum [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Secured Overnight Financing Rate	0.75%
Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.20%
Secured Overnight Financing Rate	1.125%
Revolving Credit Facility [Member] \| Minimum [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Secured Overnight Financing Rate	0.125%

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS

On July 23, 2026, the Board of Directors (the "Board") of the Company appointed Michael Severino, M.D. as the CEO of the Company as well as a Class I director, to serve until the Company’s 2028 annual meeting of stockholders, effective July 28, 2026 (the “CEO Effective Date”). Dr. Severino succeeded Douglas Ingram, who retired from his position as CEO and stepped down as a

member of the Board as of the CEO Effective Date. Dr. Severino was granted equity awards with an aggregate grant date fair value of approximately $35.0 million, consisting of (i) approximately $11.7 million of restricted stock units vesting in equal installments on an annual basis over four years and (ii) approximately $23.3 million of premium priced stock options vesting at 25% on the first anniversary of the date of grant, with monthly vesting in substantially equal installments thereafter over the next three years, generally subject to continued employment.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Additional Information (Detail) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($) Segment	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025	Jan. 01, 2025 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments \| Segment				1
Contingent consideration			$ 47,400			$ 47,400		$ 47,400
us-gaap:NetIncomeLoss	$ (4,890)	$ 330,959	$ 196,892	$ (447,508)	$ 326,069	$ (250,616)
Customer One [Member] \| Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration of credit risk percentage					34.00%		33.00%
Customer Two [Member] \| Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration of credit risk percentage					24.00%		26.00%
Customer Three [Member] \| Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration of credit risk percentage					21.00%		20.00%
Customer Four [Member] \| Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration of credit risk percentage					10.00%		10.00%

OTHER (EXPENSE), INCOME NET - Summary of Other Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Nonoperating Income (Expense) [Abstract]
Interest income	$ 6,207	$ 5,254	$ 12,567	$ 15,444
Accretion of investment discount, net	955	1,887	1,597	4,125
Interest expense	(21,508)	(5,228)	(43,221)	(9,731)
Loss (gain) on strategic investments	(448)	36,721	(2,160)	(54,007)
Other, net	(246)	(573)	918	(902)
Total other (expense) income, net	$ (15,040)	$ 38,061	$ (30,299)	$ (45,071)

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

+ Details

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		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Customer One [Member]
Principal Transaction Revenue [Line Items]
Concentration of credit risk percentage	35.00%	25.00%	37.00%	22.00%
Customer Two [Member]
Principal Transaction Revenue [Line Items]
Concentration of credit risk percentage	22.00%	15.00%	21.00%	13.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

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 June 30,								For the Six Months Ended June 30,
	2026				2025				2026				2025
	Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value		Grants			Weighted Average Grant Date Fair Value
Stock options		—		—		22,016	$	13.98		—		—		488,192		$	46.93
Restricted stock units		654,330	$	17.61		317,317	$	17.10		788,185	$	18.18		1,695,123		$	82.59
Performance stock units		—		—		—	$	—		—		—		120,378	(1)	$	99.69

(1) For the six months ended June 30, 2025, there were 120,378 shares granted with performance conditions which are related to the achievement of certain financial performance goals, regulatory development and approval of certain of the Company's product candidates and certain manufacturing achievements. As of June 30, 2026, none of the performance conditions were probable of being achieved.

Stock-based Compensation Expense

For the three months ended June 30, 2026 and 2025, total stock-based compensation expense included in total expenses was $24.5 million and $37.0 million, respectively. For the six months ended June 30, 2026 and 2025, total stock-based compensation expense included in total expenses was $53.9 million and $78.5 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 (loss) income:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands)
Stock options	$	4,978		$	11,689		$	12,074		$	24,578
Restricted and performance stock units		23,052			28,114			49,629			59,657
Employee stock purchase plan		—			1,815			—			3,939
Subtotal	$	28,030		$	41,618		$	61,703		$	88,174
Capitalized stock-based compensation costs		(3,558	)		(4,593	)		(7,832	)		(9,721	)
Total stock-based compensation expense included in expenses	$	24,472		$	37,025		$	53,871		$	78,453
Research and development		8,509			15,277			18,786			32,594
Selling, general and administrative		15,963			21,748			35,085			45,859
Total stock-based compensation expense included in expenses	$	24,472		$	37,025		$	53,871		$	78,453

FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of debt instruments	$ 910,250	$ 864,867
2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate per annum	1.25%
Debt instrument, maturity date	Sep. 15, 2027
Total fair value of debt instruments	$ 149,918	143,076
2030 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate per annum	4.875%
Debt instrument, maturity date	Sep. 01, 2030
Total fair value of debt instruments	$ 760,332	$ 721,791

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

+ Details

- Definition

Date when the debt instrument is scheduled to be fully repaid, in YYYY-MM-DD format.

+ References + Details

Indebtedness - Summary of Debt Facilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total carrying value of debt instruments	$ 847,623	$ 828,974
Total carrying value of debt facilities	847,623	828,974
Fair value of debt facilities	$ 910,250	$ 864,867

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

+ Details

- 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

Inventory - Summarizes The Balance Sheet Classification (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Inventory	$ 904,273	$ 914,744
Non-current inventory	226,333	184,543
Total inventory	$ 1,130,606	$ 1,099,287

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Product revenue related reserves	$ 118,639	$ 117,518
Accrued contract manufacturing costs	41,256	92,281
Accrued employee compensation costs	40,972	58,607
Accrued litigation contingency charge	39,000	0
Accrued professional fees	20,874	17,840
Accrued interest expense	15,847	20,714
Accrued clinical and pre-clinical costs	15,308	18,894
Accrued income taxes	9,309	4,755
Accrued royalties	10,200	10,863
Accrued clinical collaboration costs	5,155	10,222
Accrued milestone costs	3,200	1,000
Other	5,472	6,965
Total accrued expenses	$ 325,232	$ 359,659

Product Revenues, Net, Accounts Receivable, Net, and Reserves for Product Revenues - Summary of Total Reserves Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Receivables, Net, Current [Abstract]
Reduction to accounts receivable, net	$ 66,957	$ 82,518
Component of accrued expenses	118,639	117,518
Total reserves	$ 185,596	$ 200,036

ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2026

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 June 30, 2026		As of December 31, 2025
	(in thousands)
Product revenue related reserves	$	118,639	$	117,518
Accrued contract manufacturing costs		41,256		92,281
Accrued employee compensation costs		40,972		58,607
Accrued litigation contingency charge		39,000		—
Accrued professional fees		20,874		17,840
Accrued interest expense		15,847		20,714
Accrued clinical and pre-clinical costs		15,308		18,894
Accrued royalties		10,200		10,863
Accrued income taxes		9,309		4,755
Accrued clinical collaboration costs		5,155		10,222
Accrued milestone costs		3,200		1,000
Other		5,472		6,965
Total accrued expenses	$	325,232	$	359,659

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Jul. 31, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Registrant Name	SAREPTA THERAPEUTICS, INC.
Entity Central Index Key	0000873303
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-14895
Entity Tax Identification Number	93-0797222
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	215 First Street
Entity Address, Address Line Two	Suite 415
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	617
Local Phone Number	274-4000
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	SRPT
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		105,627,021

Product Revenues, Net, Accounts Receivable, Net, and Reserves for Product Revenues - Summary of Product Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Product Information [Line Items]
Products, net	$ 328,689	$ 513,123	$ 659,204	$ 1,124,646
PMO Products [Member]
Product Information [Line Items]
Products, net	230,564	231,272	459,114	467,810
PMO Products [Member] \| United States [Member]
Product Information [Line Items]
Products, net	198,605	202,922	387,394	388,750
PMO Products [Member] \| Rest Of World [Member]
Product Information [Line Items]
Products, net	31,959	28,350	71,720	79,060
ELEVIDYS [Member]
Product Information [Line Items]
Products, net	98,125	281,851	200,090	656,836
ELEVIDYS [Member] \| United States [Member]
Product Information [Line Items]
Products, net	$ 98,125	$ 281,851	$ 200,090	$ 656,836

- 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

+ Details

INCOME TAXES

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

12. INCOME TAXES

During the three and six months ended June 30, 2026, the Company recorded an income tax expense of $3.1 million and $15.4 million, representing an effective tax rate of (179.6)% and 4.5%, respectively. The income tax provision primarily relates to current state tax expense as a result of taxable profits in certain states which continue to require the capitalization of research and development costs and states that have suspended or limit the utilization of net operating loss carryforwards.

On a periodic basis, the Company reassesses the valuation allowance on its deferred tax assets, weighing positive and negative evidence to assess the recoverability of such deferred tax assets. Under the applicable accounting standards, management has considered the Company’s history of losses and concluded that it is more likely than not that the Company will not recognize the benefits of its net federal and state deferred tax assets. Accordingly, a full valuation allowance against the U.S. net deferred tax asset is maintained at June 30, 2026. It is possible the Company may release a portion or all of its valuation allowance in future periods. The Company will continue to assess the realizability of its deferred tax assets on a quarterly basis.

During the three and six months ended June 30, 2025, the Company recorded an income tax (benefit) expense of $(43.3) million and $20.7 million, representing an effective tax rate of (28.2)% and (9.0)%, respectively. The income tax expense for the six months ended June 30, 2025, primarily relates to the current tax provision on taxable profits, including in certain states which restrict the amount of net operating loss carryforwards which may be utilized to offset taxable income and the requirement to capitalize research and development costs for tax purposes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Product Revenues, Net, Accounts Receivable, Net, and Reserves for Product Revenues - Summary of Change in Reserves for Discounts and Allowances (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Accounts Notes And Loans Receivable [Line Items]
Beginning Balance	$ 200,036	$ 194,299
Provision	176,282	297,792
Adjustments relating to prior periods	(5,936)	(10,122)
Payments/credits	(184,786)	(249,244)
Ending Balance	185,596	232,725
Chargebacks [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning Balance	25,563	45,904
Provision	48,056	131,842
Adjustments relating to prior periods	0	0
Payments/credits	(52,925)	(130,222)
Ending Balance	20,694	47,524
Rebates [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning Balance	116,585	107,843
Provision	78,427	109,973
Adjustments relating to prior periods	(4,486)	(9,497)
Payments/credits	(72,801)	(64,359)
Ending Balance	117,725	143,960
Prompt Pay [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning Balance	3,831	5,941
Provision	7,598	10,965
Adjustments relating to prior periods	(1,429)	0
Payments/credits	(5,994)	(11,251)
Ending Balance	4,006	5,655
Other Accruals [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning Balance	54,057	34,611
Provision	42,201	45,012
Adjustments relating to prior periods	(21)	(625)
Payments/credits	(53,066)	(43,412)
Ending Balance	$ 43,171	$ 35,586

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

16. COMMITMENTS AND CONTINGENCIES

Manufacturing Obligations

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


	As of June 30, 2026**
	(in thousands)
2026 (July-December)	$	266,255
2027		139,017
2028		22,705
Total manufacturing commitments*	$	427,977

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 accrual 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.

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 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 (including 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. Plaintiffs appealed to the U.S. Court of Appeals for the Federal Circuit (the “Federal Circuit”), which reversed the district court's decision on February 20, 2026, and remanded the case for further proceedings. On March 23, 2026, the Company filed a petition for rehearing en banc before the Federal Circuit, which the Federal Circuit denied on April 22, 2026. The Federal Circuit issued a mandate on April 29, 2026.

On June 20, 2023, Regenx and U-Penn commenced a second patent infringement lawsuit against Sarepta and its contract manufacturer, Catalent, asserting alleged patent infringement of U.S. Patent No. 11,680,274 (“the ’274 Patent”). In the second lawsuit, Regenx and U-Penn allege that Sarepta and Catalent’s manufacture, use and commercial launch of ELEVIDYS® (formerly/also known as SRP-9001) infringe the ’274 Patent. Sarepta answered the complaint on August 10, 2023. 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 U.S. Patent and Trademark Office (“USPTO”). The petition sought to invalidate the ’274 Patent. On March 20, 2024, the court in the patent infringement litigation ordered that the case be stayed pending final resolution of the IPR proceedings. On August 22, 2024, the PTAB instituted review of all challenged claims of the ’274 Patent on all asserted grounds. U-Penn subsequently disclaimed five of the six challenged claims, and on August 20, 2025, the PTAB entered a final written decision in the IPR proceedings finding that the sole remaining claim was not unpatentable. On October 3, 2025, the parties submitted a joint status report to the court in the patent infringement litigation, in which they agreed that the stay of the patent litigation should remain in place until Sarepta has exhausted its

right to review by the Federal Circuit. On October 20, 2025, Sarepta filed a notice of appeal of the PTAB's decision to the Federal Circuit, and the appeal is pending.

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 asserted a claim for breach of contract arising from Sarepta filing seven IPR petitions with the PTAB 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 asserted 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 sought 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 UWA (U.S. Patent Nos. 9,994,851, 10,227,590, and 10,266,827, collectively the “UWA Patents”). In its complaint, NS sought 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 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 maintained 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 also sought a determination of invalidity of the NS Patents. In its counterclaim complaint, Sarepta sought 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 NS’s claim of infringement of its ’361 Patent and certain claims of the ’322 Patent, and NS’s breach of contract claim. The Court bifurcated the Walker Process fraud claim on April 18, 2024, and granted Sarepta's motion for summary judgment of infringement of the ’851 Patent and NS’s motion for partial summary judgment of infringement of certain NS patents on May 1, 2024. After a jury trial in December 2024, the jury found that NS’s ’092 Patent is invalid as obvious and Sarepta’s and UWA’s ’851 Patent is not invalid. The jury did not find that NS’s infringement was willful. The jury awarded Sarepta approximately $115.2 million in damages for NS’s infringement relating to its sales of Viltepso in the United States, and the parties stipulated to approximately $0.8 million in reasonable royalty damages for NS's sales of Viltepso outside of the United States, both through December 15, 2024. Judgment was entered on January 7, 2025. On February 14, 2025, Sarepta filed a motion seeking supplemental damages and NS filed post-trial motions challenging the jury's verdict, as well as briefing relating to its inequitable conduct claim, which was tried to the court in December 2024. Those motions remain pending.

On July 26, 2024, Genzyme Corporation ("Genzyme") filed a lawsuit against Sarepta Therapeutics, Inc. and Sarepta Therapeutics Three, LLC, in the U.S. District Court for the District of Delaware. The complaint asserts infringement of United States Patent Nos. 9,051,542 (the “’542 Patent”) and 7,704,721 (the “’721 Patent”) arising from Sarepta’s alleged manufacture and sale of ELEVIDYS® (delandistrogene moxeparvovec-rokl). In its complaint, Genzyme seeks, inter alia, damages for the alleged infringement, including treble damages, together with prejudgment and post-judgment interest and costs. Following a partial motion to dismiss by Sarepta, Genzyme filed its First Amended Complaint on November 21, 2024. Sarepta answered the First Amended Complaint on December 12, 2024. On May 27, 2025, the court subsequently granted Genzyme’s motion to amend the complaint to include new allegations of infringement related to five patents: United States Patent Nos. 12,031,894 (the “’894 Patent"), 12,013,326 (the “’326 Patent”), 11,698,377 (the “’377 Patent”), 12,123,880 (the “’880 Patent”), and 12,298,313 (the “’313 Patent”). The Court also entered an amended scheduling order, with trial scheduled for June 14, 2027. Sarepta answered the Second Amended Complaint on June 17, 2025. Sarepta submitted IPR petitions challenging the validity of the ’542 and ’721 Patents, for which the USPTO director discretionarily denied institution in November 2025. In November and December 2025, Sarepta submitted IPR petitions challenging the validity of the ’894 Patent, ’326 Patent, ’377 Patent, ’880 Patent, and ’313 Patent. The USPTO director instituted review of the ’894 Patent and denied institution of review of the ’326 Patent, ’377 Patent, ’880 Patent, and ’313 Patent. In June 2026, the USPTO director denied Genzyme's request for director review of the decision granting institution of review of the ’894 Patent, and oral argument in that proceeding is currently scheduled for February 4, 2027. Proceedings in the patent litigation remain ongoing.

On June 26, 2025, a putative securities class action complaint was filed against the Company, former Chief Executive Officer Douglas Ingram, former Chief Customer Officer Dallan Murray, and President of Research and Development and Technical Operations Louise Rodino-Klapac in the U.S. District Court for the Southern District of New York (the “Securities Action”). The complaint alleges violations of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 in connection with disclosures made regarding ELEVIDYS’s safety and efficacy and the Company’s financial statements and projections. The plaintiff sought to represent a class of shareholders who purchased or otherwise acquired the Company’s securities between June 22, 2023 and June 24, 2025. The complaint seeks unspecified damages. On October 17, 2025, the court appointed lead plaintiffs and lead counsel. On October 24, 2025, lead plaintiffs filed a motion to transfer venue to the U.S. District Court for the District of Massachusetts, which the court granted on November 6, 2025. On January 22, 2026, the lead plaintiffs filed an amended complaint including a new plaintiff, removing Dallan Murray as a defendant, adding President and Chief Operating Officer Ian Estepan as a defendant, and expanding the class period to shareholders who purchased or otherwise acquired the Company’s securities between June 22, 2023 and November 3, 2025 (the “Amended Complaint”). The Amended Complaint further alleges additional theories of liability, including that Sarepta and the named defendants made false or misleading public statements related to (i) the safety profile of ELEVIDYS and LGMD therapies that utilize the AAVrh74 viral vector; (ii) the status of the development of LGMD therapies; and (iii) the status of the ESSENCE trial. On March 9, 2026, Sarepta and the named defendants filed a motion to dismiss the Amended Complaint, and oral argument was held on August 4, 2026.

On July 15, 2025, a shareholder derivative lawsuit concerning certain of the same disclosures underlying the first complaint in the Securities Action was filed in the U.S. District Court for the Southern District of New York, naming Company directors M. Kathleen Behrens, Richard J. Barry, Kathryn Boor, Michael Chambers, Deirdre Connelly, Stephen L. Mayo, Claude Nicaise, and Hans Wigzell, as well as Douglas Ingram, Dallan Murray, and Louise Rodino-Klapac (the “Individual Defendants”). Two substantially similar shareholder derivative lawsuits were filed in the same court against the same defendants on August 20, 2025 and September 10, 2025, respectively (collectively, the “S.D.N.Y. Derivative Actions”). The Company is named as a nominal defendant in all three lawsuits. The S.D.N.Y. Derivative Actions allege, among other claims, breaches of the Individual Defendants’ fiduciary duties in connection with certain of the same disclosures at issue in the Securities Action and violations of Section 14(a) of the Exchange Act in connection with the Company’s 2024 and 2025 annual proxy statements. The S.D.N.Y. Derivative Actions seek unspecified damages, including costs incurred in defending the Company against the Securities Action. Two of the S.D.N.Y. Derivative Actions also seek an order that the Company take all necessary action to reform and improve its corporate governance and internal procedures. On October 10, 2025, the court consolidated the Derivative Actions and appointed co-lead counsel (the “S.D.N.Y. Consolidated Derivative Action”). On November 17, 2025, the court stayed the S.D.N.Y. Consolidated Derivative Action until the Securities Action is resolved.

On April 7, 2026, a separate shareholder derivative lawsuit was filed in the U.S. District Court for the District of Massachusetts, naming the same Individual Defendants as in the S.D.N.Y. Consolidated Derivative Action. On July 23, 2026, a similar lawsuit was filed in the same court against nearly all of the Individual Defendants, except it did not name Dallan Murray and added Ian Estepan as a defendant. The Company is named as a nominal defendant in both lawsuits (the “D. Mass. Derivative Actions”). The D. Mass. Derivative Actions assert claims based upon substantially similar statements and theories as the underlying Securities Action, along with allegations concerning statements regarding Company performance and compensation from the Company's 2025 annual proxy statement; the Company's November 2024 repurchase of Company common stock; and certain director stock sales. The D. Mass. Derivative Actions allege, among other claims, breaches of the Individual Defendants’ fiduciary duties and violations of Section 14(a) of the Exchange Act. The D. Mass. Derivative Actions further seek, among other relief, unspecified damages and an order directing the Company to take all necessary actions to reform and improve its corporate governance and internal procedures. On June 22, 2026, the court stayed the first D. Mass. Derivative Action until the Securities Action is resolved and ordered that the terms of the stay shall apply to stockholder derivative actions later filed in that court.

During the three and six months ended June 30, 2026, the Company recorded a litigation contingency charge of $39.0 million related to the potential resolution of certain patent litigations. Following the parties' agreement in principle and based on management's assessment of the available information, the Company determined that a loss was probable and estimable as of June 30, 2026 and recognized its best estimate of the liability. The potential settlement remains outstanding subject to further negotiation and execution of definitive documentation as of the issuance of these unaudited condensed consolidated financial statements. Other than this patent litigation contingency charge, 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 remaining matters described above as of June 30, 2026.

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured and Carried at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Jan. 01, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 577,036	$ 714,647
Contingent consideration			$ 47,400	$ 47,400
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	196,171	474,914
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,563	3,614
Government and Government Agency Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	270,368	179,765
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	97,464	42,583
Strategic Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	6,348	9,520
Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,898	3,368
Deferred Compensation Plan Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,224	883
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	199,312	479,886
Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	196,171	474,914
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 Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,917	4,089
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 1 [Member] \| Deferred Compensation Plan Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,224	883
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	373,293	229,330
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	2,563	3,614
Level 2 [Member] \| Government and Government Agency Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	270,368	179,765
Level 2 [Member] \| Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	97,464	42,583
Level 2 [Member] \| Strategic 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	2,898	3,368
Level 2 [Member] \| Deferred Compensation Plan Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	4,431	5,431
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 Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	4,431	5,431
Level 3 [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 3 [Member] \| Deferred Compensation Plan Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 0	$ 0

FINANCIAL INSTRUMENTS - Summary of Company Financial Assets with Maturities of Less Than 90 Days Included in Cash Equivalents (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 209,255	$ 564,828
Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Cash equivalents	196,171	474,914
Government and Government Agency Bonds [Member]
Cash and Cash Equivalents [Line Items]
Cash equivalents	10,952	89,914
Corporate Bond [Member]
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 2,132	$ 0

REVOLVING CREDIT FACILITY

6 Months Ended

Jun. 30, 2026

Line of Credit Facility [Abstract]

REVOLVING CREDIT FACILITY

13. REVOLVING CREDIT FACILITY

The Company entered into a credit agreement (the “Credit Agreement”) on February 13, 2025, which was subsequently amended on December 18, 2025, with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”) and as collateral agent and the lenders party thereto. The Credit Agreement provides for a five-year, $600.0 million senior secured revolving credit facility (the “Revolving Credit Facility”). The Company's obligations under the Credit Agreement are secured by substantially all of the Company's assets and the assets of certain wholly-owned material subsidiaries, subject to certain customary exceptions and exclusions.

Interest rates under the Revolving Credit Facility are variable and equal to the Secured Overnight Financing Rate plus a credit spread adjustment of 0.10% per annum (“Adjusted SOFR”), plus a margin of 1.125% to 1.75% per annum, or, at the Company’s option, at a base reference rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) the rate of interest last quoted by the Administrative Agent as its “base rate” and (c) the one-month Adjusted SOFR rate plus 1.00%, plus a margin of 0.125% to 0.75% per annum. The Company also will pay an unused commitment fee ranging from 0.20% to 0.35% per annum on the unused commitments.

The Credit Agreement contains customary representations and warranties, affirmative covenants, negative covenants and events of default. The Credit Agreement also contains financial covenants that are assessed on the last day of each of the Company’s fiscal quarters, including certain financial ratios such as a maximum secured net leverage ratio and minimum consolidated interest coverage ratio. The Company may voluntarily prepay the outstanding revolving loans under the Revolving Credit Facility in whole or in part without premium or penalty provided that the prepayment shall be in certain amounts as specified therein.

During the three months ended June 30, 2026, the Company drew down and repaid $175.0 million under the Revolving Credit Facility and paid approximately $0.1 million of interest expense. During the six months ended June 30, 2026, the Company drew down and repaid $425.0 million under the Revolving Credit Facility and paid approximately $0.8 million of interest expense. As of June 30, 2026, there were no amounts outstanding under the Revolving Credit Facility and the Company was in compliance with the covenants described above.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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

Reference 24: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

OTHER ASSETS (Tables)

6 Months Ended

Jun. 30, 2026

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

Summary of Other Current Assets

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


	As of June 30, 2026		As of December 31, 2025
	(in thousands)
Collaboration and other receivables	$	45,016	$	104,117
Tax-related receivables and prepaids		13,487		15,604
Prepaid maintenance services		12,721		12,639
Prepaid clinical and pre-clinical expenses		7,694		7,976
Prepaid insurance		3,925		4,004
Prepaid commercial expenses		3,519		2,290
Interest receivable		3,487		1,656
Prepaid regulatory		1,183		2,335
Other		14,752		21,235
Total other current assets	$	105,784	$	171,856

Summary of Other Non-current Assets

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


	As of June 30, 2026		As of December 31, 2025
	(in thousands)
Manufacturing-related deposits and prepaids	$	88,612	$	92,890
Intangible assets, net		30,609		28,949
Restricted cash and investments*		11,125		13,125
Strategic investments		6,348		9,520
Deferred tax asset		2,863		2,822
Prepaid maintenance services		2,422		3,058
Other		4,166		5,190
Total other non-current assets	$	146,145	$	155,554

* Restricted cash and investments 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 and investments are unavailable for withdrawal or use for general obligations.

FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2026

Cash and Cash Equivalents [Abstract]

FINANCIAL INSTRUMENTS

5. FINANCIAL INSTRUMENTS

The following table summarizes the Company’s financial assets with maturities of less than three months at the date of acquisition included in cash equivalents in the unaudited condensed consolidated balance sheets for each of the periods indicated:


	As of June 30, 2026		As of December 31, 2025
	(in thousands)
Money market funds	$	196,171	$	474,914
Government and government agency bonds		10,952		89,914
Corporate bonds		2,132		—
Total	$	209,255	$	564,828

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 June 30, 2026 and December 31, 2025 was approximately eleven and three months, respectively. All of the Company's non-current investments as of June 30, 2026 and December 31, 2025 had maturities between one and two years.

The following tables summarize the Company’s financial instruments for each of the periods indicated:


	As of June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	558,063	$	—	$	—		$	558,063
Government and government agency bonds		270,965		1		(598	)		270,368
Corporate bonds		97,567		5		(108	)		97,464
Commercial paper		2,563		—		—			2,563
Certificates of deposit		2,898		—		—			2,898
Bank time deposits		2,505		—		—			2,505
Total cash, cash equivalents and investments	$	934,561	$	6	$	(706	)	$	933,861
As reported:
Cash and cash equivalents	$	571,149	$	—	$	(1	)	$	571,148
Short-term investments		217,666		6		(331	)		217,341
Non-current investments		145,746		—		(374	)		145,372
Total cash, cash equivalents and investments	$	934,561	$	6	$	(706	)	$	933,861


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
	(in thousands)
Cash and money market funds	$	711,368	$	—	$	—	$	711,368
Government and government agency bonds		179,615		150		—		179,765
Corporate bonds		42,527		56		—		42,583
Commercial paper		3,614		—		—		3,614
Certificates of deposit		3,368		—		—		3,368
Total cash, cash equivalents and investments	$	940,492	$	206	$	—	$	940,698
As reported:
Cash and cash equivalents	$	801,269	$	13	$	—	$	801,282
Short-term investments		138,175		193		—		138,368
Non-current investments		1,048		—		—		1,048
Total cash, cash equivalents and investments	$	940,492	$	206	$	—	$	940,698

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Effective Income Tax Rate Reconciliation [Line Items]
Provision for Income tax	$ 3,141	$ (43,254)	$ 15,356	$ 20,736
Income tax expense (benefit)	$ 3,141	$ (43,254)	$ 15,356	$ 20,736
Effective income tax rate	179.60%	(28.20%)	(4.50%)	(9.00%)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Inventory - Summary of Components of Inventory (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 127,780	$ 141,278
Work in progress	946,651	892,689
Finished goods	56,175	65,320
Total inventory	$ 1,130,606	$ 1,099,287

(LOSS) EARNINGS PER SHARE - Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Net (loss) income - basic	$ (4,890)	$ 330,959	$ 196,892	$ (447,508)	$ 326,069	$ (250,616)
Add: interest expense, net of tax, on the Company's convertible debt	0		4,303		39,681
Net (loss) income - diluted	$ (4,890)		$ 201,195		$ 365,750	$ (250,616)
Weighted-average common shares outstanding, basic	105,431,000		98,005,000		105,211,000	97,685,000
Common stock issuable under the Company's equity incentive plans	0		518,000		1,042,000	0
Common stock issuable under the Company's convertible debt	0		8,100,000		16,007,000	0
Weighted-average common shares outstanding, diluted	105,431,000		106,623,000		122,260,000	97,685,000
(Loss) earnings per common share, basic	$ (0.05)		$ 2.01		$ 3.1	$ (2.57)
Diluted	$ (0.05)		$ 1.89		$ 2.99	$ (2.57)

Inventory (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Inventory [Line Items]
Inventory write-downs	$ 11.6	$ 0.0	$ 11.6	$ 0.0
PMO Products [Member]
Inventory [Line Items]
Inventory operating cycle	2 years		2 years
ELEVIDYS [Member]
Inventory [Line Items]
Inventory operating cycle	3 years 6 months		3 years 6 months

Other Assets - Summary of Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Collaboration and other receivables	$ 45,016	$ 104,117
Tax-related receivables and prepaids	13,487	15,604
Prepaid maintenance services	12,721	12,639
Prepaid clinical and pre-clinical expenses	7,694	7,976
Prepaid insurance	3,925	4,004
Prepaid commercial expenses	3,519	2,290
Interest receivable	3,487	1,656
Prepaid regulatory	1,183	2,335
Other	14,752	21,235
Total other current assets	$ 105,784	$ 171,856

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 571,148	$ 801,282
Short-term investments	217,341	138,368
Accounts receivable, net	376,824	398,233
Inventory	904,273	914,744
Manufacturing-related deposits and prepaids	48,454	113,455
Other current assets	105,784	171,856
Total current assets	2,223,824	2,537,938
Property and equipment, net	325,991	345,125
Right of use assets	120,847	125,495
Non-current inventory	226,333	184,543
Non-current investments	145,372	1,048
Other non-current assets	146,145	155,554
Total assets	3,188,512	3,349,703
Current liabilities:
Accounts payable	50,982	280,841
Accrued expenses	325,232	359,659
Deferred revenue, current portion	110,132	443,397
Other current liabilities	16,562	11,393
Total current liabilities	502,908	1,095,290
Long-term debt	847,623	828,974
Lease liabilities, net of current portion	198,226	199,378
Deferred revenue, net of current portion	110,132	83,910
Other non-current liabilities	1,825	1,529
Total liabilities	1,660,714	2,209,081
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 3,333,333 shares authorized; none issued and outstanding	0	0
Common stock, $0.0001 par value, 198,000,000 shares authorized; 106,279,142 and 105,623,500 issued and outstanding, respectively, at June 30, 2026 and 105,615,096 and 104,964,220 issued and outstanding, respectively, at December 31, 2025	11	11
Treasury stock, at cost, 655,642 and 650,876 shares at March 31, 2026 and December 31, 2025, respectively	(25,263)	(25,263)
Additional paid-in capital	6,104,530	6,042,586
Accumulated other comprehensive income (loss), net of tax	(565)	272
Accumulated deficit	(4,550,915)	(4,876,984)
Total stockholders’ equity	1,527,798	1,140,622
Total liabilities and stockholders’ equity	$ 3,188,512	$ 3,349,703

Indebtedness - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Long-term debt	$ 847,623	$ 828,974
Aggregate long-term debt	$ 847,623	$ 828,974

- 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

EARNINGS (LOSS) PER SHARE - SummarY of Potential Shares of Common Stock from the Computation of Diluted Earnings per Share (Parenthetical) (Details) - shares shares in Millions	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Dilutive Securities	0.4	0.1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Products, net	$ 328,689	$ 513,123	$ 659,204	$ 1,124,646
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Collaboration and other	$ 72,562	$ 97,968	$ 472,850	$ 231,301
Total revenues	401,251	611,091	1,132,054	1,355,947
Cost and expenses:
Cost of sales (excluding amortization of in-licensed rights)	149,385	152,558	258,153	290,122
Research and development	91,258	204,392	245,218	977,840
Selling, general and administrative	107,600	137,897	216,551	271,526
Litigation contingency charge	39,000	0	39,000	0
Amortization of in-licensed rights	717	667	1,408	1,268
Total cost and expenses	387,960	495,514	760,330	1,540,756
Operating income (loss)	13,291	115,577	371,724	(184,809)
Other (loss) income, net:
Other (expense) income, net	(15,040)	38,061	(30,299)	(45,071)
(Loss) income before income tax expense (benefit)	(1,749)	153,638	341,425	(229,880)
Income tax expense (benefit)	3,141	(43,254)	15,356	20,736
Net (loss) income	(4,890)	196,892	326,069	(250,616)
Other comprehensive (loss) income:
Unrealized (losses) gains on investments, net of tax	(444)	(85)	(837)	167
Total other comprehensive (loss) income	(444)	(85)	(837)	167
Comprehensive (loss) income	$ (5,334)	$ 196,807	$ 325,232	$ (250,449)
(Loss) earnings per share:
Basic	$ (0.05)	$ 2.01	$ 3.1	$ (2.57)
Diluted	$ (0.05)	$ 1.89	$ 2.99	$ (2.57)
Weighted average number of shares of common stock used in computing (loss) earnings per share:
Basic	105,431,000	98,005,000	105,211,000	97,685,000
Diluted	105,431,000	106,623,000	122,260,000	97,685,000

OTHER ASSETS

6 Months Ended

Jun. 30, 2026

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 June 30, 2026		As of December 31, 2025
	(in thousands)
Collaboration and other receivables	$	45,016	$	104,117
Tax-related receivables and prepaids		13,487		15,604
Prepaid maintenance services		12,721		12,639
Prepaid clinical and pre-clinical expenses		7,694		7,976
Prepaid insurance		3,925		4,004
Prepaid commercial expenses		3,519		2,290
Interest receivable		3,487		1,656
Prepaid regulatory		1,183		2,335
Other		14,752		21,235
Total other current assets	$	105,784	$	171,856

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


	As of June 30, 2026		As of December 31, 2025
	(in thousands)
Manufacturing-related deposits and prepaids	$	88,612	$	92,890
Intangible assets, net		30,609		28,949
Restricted cash and investments*		11,125		13,125
Strategic investments		6,348		9,520
Deferred tax asset		2,863		2,822
Prepaid maintenance services		2,422		3,058
Other		4,166		5,190
Total other non-current assets	$	146,145	$	155,554

SUBSEQUENT EVENTS (Additional Information) (Details) - Subsequent Event [Member] $ in Millions	Jul. 23, 2026 USD ($)
Subsequent Event [Line Items]
Aggregate grant date fair value of equity	$ 35.0
Stock options vesting right	25.00%
Employee Stock Option Member
Subsequent Event [Line Items]
Aggregate grant date fair value of equity	$ 23.3
Restricted Stock Units (RSUs) [Member]
Subsequent Event [Line Items]
Aggregate grant date fair value of equity	$ 11.7

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

6 Months Ended

Jun. 30, 2026

Receivables, Net, Current [Abstract]

PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE, NET, 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 the PMO Products and ELEVIDYS, consisted of the following:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)
PMO Products
United States	$	198,605	$	202,922	$	387,394	$	388,750
Rest of World		31,959		28,350		71,720		79,060
Total PMO product revenues, net	$	230,564	$	231,272	$	459,114	$	467,810
ELEVIDYS
United States	$	98,125	$	281,851	$	200,090	$	656,836
Total ELEVIDYS product revenues, net	$	98,125	$	281,851	$	200,090	$	656,836
Total product revenues, net	$	328,689	$	513,123	$	659,204	$	1,124,646

For the three and six months ended June 30, 2026 and 2025, 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 June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Product revenues, net
Customer 1		35	%		25	%		37	%		22	%
Customer 2		22	%		15	%		21	%		13	%

As of June 30, 2026 and December 31, 2025, the Company's accounts receivable, net were $376.8 million and $398.2 million, respectively, both of which were related to product sales, net of discounts and allowances. As of June 30, 2026, 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.

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, 2025	$	25,563		$	116,585		$	3,831		$	54,057		$	200,036
Provision		48,056			78,427			7,598			42,201			176,282
Adjustments relating to prior periods		—			(4,486	)		(1,429	)		(21	)		(5,936	)
Payments/credits		(52,925	)		(72,801	)		(5,994	)		(53,066	)		(184,786	)
Balance, as of June 30, 2026	$	20,694		$	117,725		$	4,006		$	43,171		$	185,596


	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2024	$	45,904		$	107,843		$	5,941		$	34,611		$	194,299
Provision		131,842			109,973			10,965			45,012			297,792
Adjustments relating to prior periods		—			(9,497	)		—			(625	)		(10,122	)
Payments/credits		(130,222	)		(64,359	)		(11,251	)		(43,412	)		(249,244	)
Balance, as of June 30, 2025	$	47,524		$	143,960		$	5,655		$	35,586		$	232,725

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


	As of June 30, 2026		As of December 31, 2025
	(in thousands)
Reduction to accounts receivable, net	$	66,957	$	82,518
Component of accrued expenses		118,639		117,518
Total reserves	$	185,596	$	200,036

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

15. SEGMENT INFORMATION

The Company operates in one segment: discovering, developing, manufacturing and delivering therapies to patients with rare diseases. As of June 30, 2026, there have not been material changes in significant expense categories or assets provided to the Company’s CEO, the Company’s chief operating decision maker. For further details regarding the Company's segment information, please read Note 21, Segment Information of the Annual Report on Form 10-K for the year ended December 31, 2025. The table below includes information about the Company’s segment, including significant segment expenses and a reconciliation to net (loss) income:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
							(in thousands)
Total revenues	$	401,251		$	611,091		$	1,132,054		$	1,355,947

Segment expenses and other segment items:
Cost of sales (excluding amortization of in-licensed rights)		149,385			152,558			258,153			290,122
Compensation and other personnel expenses		60,725			89,839			122,655			182,923
Up-front and collaboration license fees		—			—			50,000			583,787
Manufacturing expenses		1,837			80,685			21,595			148,150
Clinical trial expenses		23,102			33,511			41,406			66,658
Facility- and technology-related expenses (excluding depreciation and amortization)		23,890			28,580			46,832			56,237
Research and development- other (excluding non-cash items) (1)		19,847			31,843			38,518			60,314
Selling, general and administrative- other (excluding non-cash items) (2)		42,462			56,322			82,655			107,464
Roche collaboration reimbursement		(7,169	)		(25,689	)		(15,358	)		(54,170	)
Other segment items (3)		(709	)		(1,314	)		(2,515	)		(3,223	)
Loss (gain) on strategic investments		448			(36,721	)		2,160			54,007
Interest expense		21,508			5,228			43,221			9,731
Interest income		(6,207	)		(5,254	)		(12,567	)		(15,444	)
Income tax expense (benefit)		3,141			(43,254	)		15,356			20,736
Depreciation and amortization expense		10,409			10,840			21,003			20,818
Stock-based compensation expense		24,472			37,025			53,871			78,453
Litigation contingency charge		39,000			—			39,000			—
Segment net (loss) income	$	(4,890	)	$	196,892		$	326,069		$	(250,616	)

Reconciliation of profit or loss
Adjustments and reconciling items		—			—			—			—
Consolidated net (loss) income	$	(4,890	)	$	196,892		$	326,069		$	(250,616	)

(1)

Research and development-other includes professional services, pre-clinical expenses and research and other expenses.

(2)

Selling, general and administrative-other includes professional services and other expenses.

(3)

Assets provided to the CODM for the single segment are consistent with those reported on the unaudited condensed consolidated balance sheets.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

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

Grants, Stock options

22,016

488,192

Weighted Average Grant Date Fair Value, Stock options

$ 0

$ 13.98

$ 0

$ 46.93

Restricted Stock Units [Member]

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

Grants, Restricted stock units

654,330

317,317

788,185

1,695,123

Weighted Average Grant Date Fair Value, Restricted stock units

$ 17.61

$ 17.1

$ 18.18

$ 82.59

Performance Shares

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

Grants, Restricted stock units

^[1]

120,378

^[1]

Weighted Average Grant Date Fair Value, Restricted stock units

$ 0

$ 99.69

[1]

- 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	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash cash equivalents restricted cash and investments	$ 945,000
Cash and cash equivalents	571,148	$ 801,282	$ 510,598
Investments	362,700
Restricted cash	$ 11,200

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

OTHER (EXPENSE), INCOME NET (Tables)

6 Months Ended

Jun. 30, 2026

Other Income and Expenses [Abstract]

Summary of Other Loss

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


		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2026			2025			2026			2025
	(in thousands)
Interest income		$	6,207		$	5,254		$	12,567		$	15,444
Accretion of investment discount, net			955			1,887			1,597			4,125
Interest expense			(21,508	)		(5,228	)		(43,221	)		(9,731	)
(Loss) gain on strategic investments			(448	)		36,721			(2,160	)		(54,007	)
Other, net			(246	)		(573	)		918			(902	)
Total other (expense) income, net		$	(15,040	)	$	38,061		$	(30,299	)	$	(45,071	)

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 24.5	$ 37.0	$ 53.9	$ 78.5
Grants, Stock options	0	22,016	0	488,192

- 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

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2026

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 six months ended June 30, 2026, there were no transfers into or out of Level 3. The tables below present information about the Company’s financial assets and liabilities that are measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques it utilizes to determine such fair value:


	Fair Value Measurement as of June 30, 2026
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	196,171	$	196,171	$	—	$	—
Government and government agency bonds		270,368		—		270,368		—
Corporate bonds		97,464		—		97,464		—
Strategic investments		6,348		1,917		—		4,431
Commercial paper		2,563		—		2,563		—
Certificates of deposit		2,898		—		2,898		—
Deferred compensation plan assets		1,224		1,224		—		—
Total assets	$	577,036	$	199,312	$	373,293	$	4,431


	Fair Value Measurement as of December 31, 2025
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	474,914	$	474,914	$	—	$	—
Government and government agency bonds		179,765		—		179,765		—
Corporate bonds		42,583		—		42,583		—
Strategic investments		9,520		4,089		—		5,431
Commercial paper		3,614		—		3,614		—
Certificates of deposit		3,368		—		3,368		—
Deferred compensation plan assets		883		883		—		—
Total assets	$	714,647	$	479,886	$	229,330	$	5,431

The Company’s assets with a fair value categorized as Level 1 within the fair value hierarchy include money market funds, the Company's strategic investment in a biotechnology company listed on Nasdaq and assets associated with the Company's deferred compensation plan that are held in a trust.

The Company's assets with a fair value categorized as Level 2 within the fair value hierarchy consist of government and government agency bonds, corporate bonds, commercial paper and certificates of deposit. These assets have been initially valued at the transaction price and subsequently valued at the end of each reporting period. The Company uses observable market inputs to determine value, which primarily consist of reportable trades. Certain highly liquid investments with maturities of less than three

months at the date of acquisition are presented as cash equivalents on the unaudited condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.

The Company’s assets with a fair value categorized as Level 3 within the fair value hierarchy consist of strategic investments in private biotechnology companies whose fair value measurement is 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. Impairments and other measurement events related to the Company's Level 3 strategic investments were not material during the three and six months ended June 30, 2026 and 2025.

The fair values of the Company's 1.25% convertible senior notes due September 15, 2027 (the “2027 Notes”) and the Company’s 4.875% convertible senior notes due September 1, 2030 (the "2030 Notes") are based on open market trades and are classified as Level 1 in the fair value hierarchy. The following table summarizes the Company's debt instruments by indenture for the periods indicated:


	As of June 30, 2026		As of December 31, 2025
	(in thousands)
Net carrying value of the 2027 Notes	$	157,806	$	157,478
Net carrying value of the 2030 Notes		689,817		671,496
Total carrying value of debt instruments	$	847,623	$	828,974

Fair value of 2027 Notes	$	149,918	$	143,076
Fair value of 2030 Notes		760,332		721,791
Total fair value of debt instruments	$	910,250	$	864,867

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 326,069	$ (250,616)
Adjustments to reconcile net loss to cash flows from operating activities:
Stock-based compensation	53,871	78,453
Depreciation and amortization	21,003	20,818
Non-cash interest expense	19,006	2,602
Non-cash inventory write-downs for obsolescence	11,599	0
Reduction in the carrying amounts of the right of use assets	6,322	7,956
Loss on strategic investments	2,160	54,007
Accretion of investment discount, net	(1,435)	(3,778)
Other	(1,298)	701
Changes in operating assets and liabilities, net:
Decrease (increase) in accounts receivable	21,409	74,693
Decrease in manufacturing-related deposits and prepaids	69,279	68,869
Increase in inventory	(29,845)	(236,548)
Increase in other assets	67,840	(37,258)
Decrease in deferred revenue	(307,043)	(59,825)
Decrease in accounts payable	(229,859)	(77,740)
(Decrease) increase in accrued expenses	(37,331)	20,160
(Decrease) increase in lease liabilities and other liabilities	2,640	15,406
Net cash used in operating activities	(5,613)	(322,100)
Cash flows from investing activities:
Purchase of investments	(351,045)	(45,084)
Maturity and sales of available-for-sale securities	126,919	109,384
Purchase of property and equipment	(2,636)	(75,447)
Purchase of intangible assets	(1,000)	(2,000)
Acquisition of strategic investments	0	(245,819)
Net cash provided by investing activities	(227,762)	(258,966)
Cash flows from financing activities:
Proceeds from exercise of stock options and purchase of stock under the Employee Stock Purchase Program	241	17,181
Proceeds from borrowings under the Revolving Credit Facility	425,000	0
Repayments of borrowings under the Revolving Credit Facility	(425,000)	0
Repurchases of common stock	0	(25,013)
Payments related to obtaining Revolving Credit Facility	0	(3,514)
Net cash provided by financing activities	241	(11,346)
Decrease in cash, cash equivalents and restricted cash	(233,134)	(592,412)
Cash, cash equivalents and restricted cash:
Beginning of period	814,407	1,118,589
End of period	581,273	526,177
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	571,148	510,598
Restricted cash in other assets	10,125	15,579
Total cash, cash equivalents and restricted cash	581,273	526,177
Supplemental disclosure of cash flow information:
Cash paid during the period for income taxes	9,472	20,093
Cash paid during the period for interest	24,047	7,188
Supplemental schedule of non-cash activities:
Intangible assets and property and equipment included in accounts payable and accrued expenses	6,365	26,466
Lease liabilities arising from obtaining right of use assets	0	5,232
Capitalized stock-based compensation and depreciation as inventory	13,073	14,210
Contingent consideration liabilities derecognized in connection with adoption of ASU 2025-07	$ 0	$ 47,400

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

Jun. 30, 2026

USD ($)

^[1]

Commitments And Contingencies [Line Items]

2026 (July-December)

$ 266,255

2027

139,017

2028

22,705

Total manufacturing commitments

$ 427,977

^[2]

[1]

Total manufacturing commitments include obligations related to the global supply of ELEVIDYS, including inventories necessary to supply Roche for sales of ELEVIDYS in territories outside of the U.S. where Roche has received certain approvals for ELEVIDYS.

[2]

Total manufacturing commitments include the Catalent, Inc. (“Catalent”) manufacturing and supply agreement, for which the Company has right of use assets and lease liabilities recorded on the unaudited condensed consolidated balance sheets as of June 30, 2026. For more information, please read Note 23, Commitments and Contingencies to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
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	198,000,000	198,000,000
Common stock, issued	106,279,142	105,615,096
Common stock, outstanding	105,623,500	104,964,220
Treasury Stock, Common, Shares	655,642	650,876

FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Cash and Cash Equivalents [Abstract]

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


	As of June 30, 2026		As of December 31, 2025
	(in thousands)
Money market funds	$	196,171	$	474,914
Government and government agency bonds		10,952		89,914
Corporate bonds		2,132		—
Total	$	209,255	$	564,828

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

The following tables summarize the Company’s financial instruments for each of the periods indicated:


	As of June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	558,063	$	—	$	—		$	558,063
Government and government agency bonds		270,965		1		(598	)		270,368
Corporate bonds		97,567		5		(108	)		97,464
Commercial paper		2,563		—		—			2,563
Certificates of deposit		2,898		—		—			2,898
Bank time deposits		2,505		—		—			2,505
Total cash, cash equivalents and investments	$	934,561	$	6	$	(706	)	$	933,861
As reported:
Cash and cash equivalents	$	571,149	$	—	$	(1	)	$	571,148
Short-term investments		217,666		6		(331	)		217,341
Non-current investments		145,746		—		(374	)		145,372
Total cash, cash equivalents and investments	$	934,561	$	6	$	(706	)	$	933,861


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
	(in thousands)
Cash and money market funds	$	711,368	$	—	$	—	$	711,368
Government and government agency bonds		179,615		150		—		179,765
Corporate bonds		42,527		56		—		42,583
Commercial paper		3,614		—		—		3,614
Certificates of deposit		3,368		—		—		3,368
Total cash, cash equivalents and investments	$	940,492	$	206	$	—	$	940,698
As reported:
Cash and cash equivalents	$	801,269	$	13	$	—	$	801,282
Short-term investments		138,175		193		—		138,368
Non-current investments		1,048		—		—		1,048
Total cash, cash equivalents and investments	$	940,492	$	206	$	—	$	940,698

LICENSE AND COLLABORATION AGREEMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Certain Activity Related to Revenue with Supply Agreement

The following table summarizes certain Roche activity for each of the periods indicated:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands)
Contract manufacturing revenue	$	54,399		$	27,023		$	85,504		$	44,402
Royalty revenue		8,163			7,445			12,346			11,399
Roche product cost of sales		(58,203	)		(21,818	)		(97,856	)		(33,961	)

OTHER (EXPENSE), INCOME NET

6 Months Ended

Jun. 30, 2026

Other Income and Expenses [Abstract]

OTHER EXPENSE, NET

11. OTHER (EXPENSE) INCOME, NET

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


		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2026			2025			2026			2025
	(in thousands)
Interest income		$	6,207		$	5,254		$	12,567		$	15,444
Accretion of investment discount, net			955			1,887			1,597			4,125
Interest expense			(21,508	)		(5,228	)		(43,221	)		(9,731	)
(Loss) gain on strategic investments			(448	)		36,721			(2,160	)		(54,007	)
Other, net			(246	)		(573	)		918			(902	)
Total other (expense) income, net		$	(15,040	)	$	38,061		$	(30,299	)	$	(45,071	)

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured and Carried at Fair Value

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


	Fair Value Measurement as of June 30, 2026
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	196,171	$	196,171	$	—	$	—
Government and government agency bonds		270,368		—		270,368		—
Corporate bonds		97,464		—		97,464		—
Strategic investments		6,348		1,917		—		4,431
Commercial paper		2,563		—		2,563		—
Certificates of deposit		2,898		—		2,898		—
Deferred compensation plan assets		1,224		1,224		—		—
Total assets	$	577,036	$	199,312	$	373,293	$	4,431


	Fair Value Measurement as of December 31, 2025
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	474,914	$	474,914	$	—	$	—
Government and government agency bonds		179,765		—		179,765		—
Corporate bonds		42,583		—		42,583		—
Strategic investments		9,520		4,089		—		5,431
Commercial paper		3,614		—		3,614		—
Certificates of deposit		3,368		—		3,368		—
Deferred compensation plan assets		883		883		—		—
Total assets	$	714,647	$	479,886	$	229,330	$	5,431

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

The following table summarizes the Company's debt instruments by indenture for the periods indicated:


	As of June 30, 2026		As of December 31, 2025
	(in thousands)
Net carrying value of the 2027 Notes	$	157,806	$	157,478
Net carrying value of the 2030 Notes		689,817		671,496
Total carrying value of debt instruments	$	847,623	$	828,974

Fair value of 2027 Notes	$	149,918	$	143,076
Fair value of 2030 Notes		760,332		721,791
Total fair value of debt instruments	$	910,250	$	864,867

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2024	$ 1,527,742	$ 10		$ 5,738,924	$ (218)	$ (4,210,974)
Balance (in shares) at Dec. 31, 2024		96,900
Exercise of options for common stock	9,036			9,036
Exercise of options for common stock, shares		146
Vest of restricted stock units		1,135
Cumulative effect of accounting change to adopt ASU 2025-07	47,400					47,400
Issuance of common stock under employee stock purchase plan	6,645			6,645
Issuance of common stock under employee stock purchase plan, shares		74
Stock-based compensation	46,556			46,556
Unrealized gains (loss) on investments, net of tax	252				252
us-gaap:NetIncomeLoss	(447,508)					(447,508)
Balance at Mar. 31, 2025	1,190,123	$ 10		5,801,161	34	(4,611,082)
Balance (in shares) at Mar. 31, 2025		98,255
Balance at Dec. 31, 2024	1,527,742	$ 10		5,738,924	(218)	(4,210,974)
Balance (in shares) at Dec. 31, 2024		96,900
Repurchases of common stock	(25,013)
us-gaap:NetIncomeLoss	(250,616)
Balance at Jun. 30, 2025	1,404,785	$ 10	$ (25,263)	5,844,279	(51)	(4,414,190)
Balance (in shares) at Jun. 30, 2025		98,357
Balance at Mar. 31, 2025	1,190,123	$ 10		5,801,161	34	(4,611,082)
Balance (in shares) at Mar. 31, 2025		98,255
Exercise of options for common stock	1,500			1,500
Exercise of options for common stock, shares		57
Vest of restricted stock units		45
Repurchases Of Common Stock Shares			(651)
Repurchases of common stock	(25,263)		$ (25,263)
Stock-based compensation	41,618			41,618
Unrealized gains (loss) on investments, net of tax	(85)				(85)
us-gaap:NetIncomeLoss	196,892					196,892
Balance at Jun. 30, 2025	$ 1,404,785	$ 10	$ (25,263)	5,844,279	(51)	(4,414,190)
Balance (in shares) at Jun. 30, 2025		98,357
Treasury Stock, Common, Shares			(651)
Treasury Stock, Common, Shares	650,876		(651)
Balance at Dec. 31, 2025	$ 1,140,622	$ 11	$ (25,263)	6,042,586	272	(4,876,984)
Balance (in shares) at Dec. 31, 2025		105,615
Exercise of options for common stock	241			241
Exercise of options for common stock, shares		25
Vest of restricted stock units		587	(5)
Stock-based compensation	33,673			33,673
Unrealized gains (loss) on investments, net of tax	(393)				(393)
us-gaap:NetIncomeLoss	330,959					330,959
Balance at Mar. 31, 2026	1,505,102	$ 11	$ (25,263)	6,076,500	(121)	(4,546,025)
Balance (in shares) at Mar. 31, 2026		106,227
Balance at Dec. 31, 2025	1,140,622	$ 11	(25,263)	6,042,586	272	(4,876,984)
Balance (in shares) at Dec. 31, 2025		105,615
Repurchases of common stock	0
us-gaap:NetIncomeLoss	326,069
Balance at Jun. 30, 2026	1,527,798	$ 11	$ (25,263)	6,104,530	(565)	(4,550,915)
Balance (in shares) at Jun. 30, 2026		106,279
Treasury Stock, Common, Shares			(656)
Balance at Mar. 31, 2026	1,505,102	$ 11	$ (25,263)	6,076,500	(121)	(4,546,025)
Balance (in shares) at Mar. 31, 2026		106,227
Vest of restricted stock units		52
Stock-based compensation	28,030			28,030
Unrealized gains (loss) on investments, net of tax	(444)				(444)
us-gaap:NetIncomeLoss	(4,890)					(4,890)
Balance at Jun. 30, 2026	$ 1,527,798	$ 11	$ (25,263)	$ 6,104,530	$ (565)	$ (4,550,915)
Balance (in shares) at Jun. 30, 2026		106,279
Treasury Stock, Common, Shares	655,642		(656)

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Awards Granted

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


	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2026				2025				2026				2025
	Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value		Grants			Weighted Average Grant Date Fair Value
Stock options		—		—		22,016	$	13.98		—		—		488,192		$	46.93
Restricted stock units		654,330	$	17.61		317,317	$	17.10		788,185	$	18.18		1,695,123		$	82.59
Performance stock units		—		—		—	$	—		—		—		120,378	(1)	$	99.69

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 (loss) income:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands)
Stock options	$	4,978		$	11,689		$	12,074		$	24,578
Restricted and performance stock units		23,052			28,114			49,629			59,657
Employee stock purchase plan		—			1,815			—			3,939
Subtotal	$	28,030		$	41,618		$	61,703		$	88,174
Capitalized stock-based compensation costs		(3,558	)		(4,593	)		(7,832	)		(9,721	)
Total stock-based compensation expense included in expenses	$	24,472		$	37,025		$	53,871		$	78,453
Research and development		8,509			15,277			18,786			32,594
Selling, general and administrative		15,963			21,748			35,085			45,859
Total stock-based compensation expense included in expenses	$	24,472		$	37,025		$	53,871		$	78,453

SEGMENT INFORMATION (Additional Information) (Details)	6 Months Ended
SEGMENT INFORMATION (Additional Information) (Details)	Jun. 30, 2026 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

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

Jun. 30, 2026

Dec. 31, 2025

Prepaid Expense and Other Assets, Noncurrent [Abstract]

Manufacturing-related deposits and prepaids

$ 88,612

$ 92,890

Intangible assets, net

30,609

28,949

Restricted cash and investments

^[1]

11,125

13,125

Strategic investments

6,348

9,520

Deferred tax asset

2,863

2,822

Prepaid maintenance services

2,422

3,058

Other

4,166

5,190

Total other non-current assets

$ 146,145

$ 155,554

[1]

Restricted cash and investments 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 and investments are unavailable for withdrawal or use for general obligations

EARNINGS (LOSS) PER SHARE - SummarY of Potential Shares of Common Stock from the Computation of Diluted Earnings per Share (Details) - shares
shares in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total number of potentially issuable common stock

27,844

8,308

8,288

18,915

Equity Incentive Plans [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total number of potentially issuable common stock

11,837

^[1],[2]

8,308

^[3]

8,288

^[1]

10,815

^[2],[3]

Convertible Debt [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total number of potentially issuable common stock

16,007

8,100

[1]	For the three and six months ended June 30, 2026, the anti-dilutive common stock issuable under the Company's equity incentive plans excludes 0.4 million shares that have performance conditions that were not met as of the end of the period.
[2]	For the three months ended June 30, 2026, and the six months ended June 30, 2025, these and all shares issued under the Company’s equity incentive plans were anti-dilutive as the Company was in a net loss position during these periods.
[3]	For the three and six months ended June 30, 2025, the anti-dilutive common stock issuable under the Company's equity incentive plans excludes 0.1 million shares that have performance conditions that were not met as of the end of the period.

(LOSS) EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

(LOSS) EARNINGS PER SHARE

14. (LOSS) EARNINGS PER SHARE

Basic (loss) earnings per share is computed by dividing net (loss) income by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed based on the treasury stock method for stock awards and the if-converted method for convertible debt by dividing net income by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding. In periods in which the Company records a net loss, there is no difference between basic and diluted net loss per share since the effect of common stock equivalents would be anti-dilutive and are, therefore, excluded from the diluted net loss per share calculation.

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


		For the Three Months Ended June 30,					For the Six Months Ended June 30,
		2026			2025		2026		2025
	(in thousands, except per share amounts)
Numerator:
Net (loss) income - basic		$	(4,890	)	$	196,892	$	326,069	$	(250,616	)
Add: interest expense, net of tax, on the Company's convertible debt			—			4,303		39,681		—
Net (loss) income - diluted		$	(4,890	)	$	201,195	$	365,750	$	(250,616	)
Denominator:
Weighted-average common shares outstanding, basic			105,431			98,005		105,211		97,685
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans			—			518		1,042		—
Common stock issuable under the Company's convertible debt			—			8,100		16,007		—
Weighted-average common shares outstanding, diluted			105,431			106,623		122,260		97,685
(Loss) earnings per common share, basic		$	(0.05	)	$	2.01	$	3.10	$	(2.57	)
(Loss) earnings per common share, diluted		$	(0.05	)	$	1.89	$	2.99	$	(2.57	)

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 June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands)
Common stock issuable under the Company's equity incentive plans		11,837	1, 3		8,308	2		8,288	1		10,815	2, 3
Common stock issuable under the Company's convertible debt		16,007			—			—			8,100
Total number of potentially issuable common stock		27,844			8,308			8,288			18,915