Sarepta Therapeutics, Inc.
SRPT · Pharmaceutical Preparations · 105.6M shares · +6%/yr ↑ dilution · EDGAR filings ↗
Reference price $17.02 · est. market cap ~$1.8B — last insider sale, 2026-03-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D43Commercial-stage DMD franchise with real revenue and cash, but a cluster of failed confirmatory trials and patient-safety events severely impairs the outlook.
Strengths
- Growing commercial revenue (+65%, 88th pct) and high gross margin (98.8%); ~$940M cash, runway 12.2 quarters
- Approved DMD product portfolio (ELEVIDYS, PMO products) with a leading rare-disease platform
Risks
- EMBARK Phase 3 MISSED its primary NSAA endpoint (p=0.2441) and the ESSENCE confirmatory trial missed significance — accelerated approvals now at risk of revocation
- Multiple ALF patient deaths and a boxed warning on ELEVIDYS, a July 2025 gene-therapy clinical hold, and deeply negative profitability (ROE -62.5%, FCF -$307M)
Notable findings
- Cash burnNegative free cash flow (-307.5M)
- Net lossNet loss (net margin -32.5%)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $941M cash & investments, ~12 quarters of runway
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC +3 more (as of 2026-03-31)
- Trial readout soonUpcoming trial readout ~2026-10-31 — PHASE3 · Muscular Dystrophy, Duchenne
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
98.8%
Operating margin
-31.8%
Net margin
-32.5%
Return on equity
-62.5%
Return on assets
-21.3%
ROIC
-28.1%
Revenue growth (QoQ)
65.0%
Debt / equity
0.7×
Interest coverage
18.3×
Current ratio
2.3×
Free cash flow
-$307M
EBITDA
-$655M
Tangible book value
$1.1B
Cash & investments
$941M
Cash runway
12q
Stock comp / revenue
5.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-04 | Mayo Stephen | Grant | 17K | — |
| 2026-06-04 | Boor Kathryn Jean | Grant | 17K | — |
| 2026-06-04 | Wigzell Hans Lennart Rudolf | Grant | 17K | — |
| 2026-06-04 | BEHRENS M KATHLEEN | Grant | 17K | — |
| 2026-06-04 | Connelly Deirdre P | Grant | 17K | — |
| 2026-06-04 | Nicaise Claude | Grant | 17K | — |
| 2026-06-04 | Chambers Michael Andrew | Grant | 17K | — |
| 2026-06-04 | Barry Richard | Grant | 17K | — |
| 2026-03-12 | Mayo Stephen | Sell | 7.2K | $17.02 |
| 2026-03-11 | Estepan Ian Michael | Tax withheld | 1.1K | $17.03 |
| 2026-03-11 | Wong Ryan Ho-Yan | Tax withheld | 256 | $17.03 |
| 2026-03-11 | Rodino-Klapac Louise | Tax withheld | 948 | $17.03 |
| 2026-03-11 | Rothfuss Cristin | Tax withheld | 974 | $17.03 |
| 2026-03-09 | Wong Ryan Ho-Yan | Tax withheld | 162 | $16.95 |
| 2026-03-09 | Wong Ryan Ho-Yan | Tax withheld | 113 | $16.95 |
| 2026-03-09 | Rothfuss Cristin | Tax withheld | 484 | $16.95 |
| 2026-03-09 | Rothfuss Cristin | Tax withheld | 346 | $16.95 |
| 2026-03-09 | Rodino-Klapac Louise | Tax withheld | 504 | $16.95 |
| 2026-03-09 | Rodino-Klapac Louise | Tax withheld | 895 | $16.95 |
| 2026-03-09 | Estepan Ian Michael | Tax withheld | 1.0K | $16.95 |
| 2026-03-09 | Estepan Ian Michael | Tax withheld | 583 | $16.95 |
| 2026-03-02 | Rothfuss Cristin | Tax withheld | 408 | $16.20 |
| 2026-03-02 | Rodino-Klapac Louise | Tax withheld | 767 | $16.20 |
| 2026-03-02 | Wong Ryan Ho-Yan | Tax withheld | 450 | $16.20 |
| 2026-03-02 | Rodino-Klapac Louise | Tax withheld | 3.7K | $16.20 |
| 2026-03-02 | Estepan Ian Michael | Tax withheld | 3.3K | $16.20 |
| 2026-03-02 | Estepan Ian Michael | Tax withheld | 875 | $16.20 |
| 2026-03-01 | Rodino-Klapac Louise | Option exercise | 8.1K | — |
| 2026-03-01 | Estepan Ian Michael | Option exercise | 8.1K | — |
| 2026-02-26 | Estepan Ian Michael | Option exercise | 5.4K | $13.71 |
| 2026-02-26 | Estepan Ian Michael | Option exercise | 2.1K | $13.71 |
| 2026-01-29 | Nicaise Claude | Option exercise | 10K | $13.71 |
| 2026-01-29 | Nicaise Claude | Tax withheld | 6.8K | $21.23 |
| 2026-01-27 | BEHRENS M KATHLEEN | Tax withheld | 6.5K | $22.17 |
| 2026-01-27 | BEHRENS M KATHLEEN | Option exercise | 10K | $13.71 |
| 2025-12-16 | Estepan Ian Michael | Sell | 13K | $22.31 |
| 2025-12-07 | INGRAM DOUGLAS S | Grant | 97K | — |
| 2025-12-07 | INGRAM DOUGLAS S | Grant | 73K | — |
| 2025-12-07 | INGRAM DOUGLAS S | Grant | 270K | — |
| 2025-12-07 | INGRAM DOUGLAS S | Grant | 50K | — |
| 2025-12-07 | INGRAM DOUGLAS S | Grant | 50K | — |
| 2025-12-01 | Wong Ryan Ho-Yan | Tax withheld | 80 | $20.96 |
| 2025-12-01 | Wong Ryan Ho-Yan | Tax withheld | 78 | $20.96 |
| 2025-11-28 | Rothfuss Cristin | Tax withheld | 229 | $21.12 |
| 2025-11-17 | Rodino-Klapac Louise | Tax withheld | 4.6K | $18.42 |
| 2025-09-03 | Rothfuss Cristin | Grant | 94K | — |
| 2025-09-03 | Rodino-Klapac Louise | Grant | 94K | — |
| 2025-09-03 | Rodino-Klapac Louise | Grant | 50K | — |
| 2025-09-03 | Wong Ryan Ho-Yan | Grant | 94K | — |
| 2025-09-03 | Wong Ryan Ho-Yan | Grant | 25K | — |
| 2025-09-03 | Estepan Ian Michael | Grant | 94K | — |
| 2025-09-03 | Estepan Ian Michael | Grant | 50K | — |
| 2025-09-03 | Rothfuss Cristin | Grant | 25K | — |
| 2025-07-31 | Wong Ryan Ho-Yan | Tax withheld | 327 | $16.42 |
| 2025-05-16 | Barry Richard | Option exercise | 12K | $32.63 |
| 2025-05-13 | Barry Richard | Option exercise | 10K | $13.71 |
| 2025-05-13 | Barry Richard | Option exercise | 9.7K | $25.18 |
| 2025-03-12 | Nicaise Claude | Sell | 2.5K | $99.64 |
| 2025-03-12 | Nicaise Claude | Option exercise | 9.7K | $25.18 |
| 2025-03-10 | BEHRENS M KATHLEEN | Grant | 2.4K | — |
| 2025-03-10 | Chambers Michael Andrew | Grant | 2.4K | — |
| 2025-03-10 | Rothfuss Cristin | Tax withheld | 491 | $100.13 |
| 2025-03-10 | Rothfuss Cristin | Grant | 8.3K | — |
| 2025-03-10 | Wigzell Hans Lennart Rudolf | Grant | 2.4K | — |
| 2025-03-10 | Mayo Stephen | Grant | 2.4K | — |
| 2025-03-10 | Arif Bilal | Tax withheld | 523 | $100.13 |
| 2025-03-10 | Arif Bilal | Grant | 8.3K | — |
| 2025-03-10 | Rodino-Klapac Louise | Tax withheld | 924 | $100.13 |
| 2025-03-10 | Rodino-Klapac Louise | Tax withheld | 2.5K | $100.13 |
| 2025-03-10 | Rodino-Klapac Louise | Grant | 8.3K | — |
| 2025-03-10 | Nicaise Claude | Grant | 2.4K | — |
| 2025-03-10 | Connelly Deirdre P | Grant | 2.4K | — |
| 2025-03-10 | Estepan Ian Michael | Tax withheld | 1.1K | $100.13 |
| 2025-03-10 | Estepan Ian Michael | Tax withheld | 2.9K | $100.13 |
| 2025-03-10 | Estepan Ian Michael | Grant | 8.3K | — |
| 2025-03-10 | Boor Kathryn Jean | Grant | 2.4K | — |
| 2025-03-10 | Murray Dallan | Tax withheld | 996 | $100.13 |
| 2025-03-10 | Murray Dallan | Grant | 8.3K | — |
| 2025-03-10 | Murray Dallan | Tax withheld | 2.7K | $100.13 |
| 2025-03-10 | Barry Richard | Grant | 2.4K | — |
| 2025-03-07 | Rothfuss Cristin | Tax withheld | 347 | $103.70 |
| 2025-03-07 | Rodino-Klapac Louise | Option exercise | 5.5K | — |
| 2025-03-07 | Estepan Ian Michael | Option exercise | 5.5K | — |
| 2025-03-07 | Murray Dallan | Option exercise | 5.5K | — |
| 2025-03-07 | Estepan Ian Michael | Tax withheld | 585 | $103.70 |
| 2025-03-07 | Estepan Ian Michael | Tax withheld | 9.1K | $103.70 |
| 2025-03-07 | Rodino-Klapac Louise | Tax withheld | 514 | $103.70 |
| 2025-03-07 | Rodino-Klapac Louise | Tax withheld | 8.0K | $103.70 |
| 2025-03-07 | Rothfuss Cristin | Tax withheld | 1.1K | $103.70 |
| 2025-03-07 | Murray Dallan | Tax withheld | 549 | $103.70 |
| 2025-03-07 | Murray Dallan | Tax withheld | 8.6K | $103.70 |
| 2025-03-07 | Arif Bilal | Tax withheld | 508 | $103.70 |
| 2025-03-07 | Arif Bilal | Tax withheld | 8.5K | $103.70 |
| 2025-03-06 | Arif Bilal | Option exercise | 18K | — |
| 2025-03-06 | Rodino-Klapac Louise | Option exercise | 18K | — |
| 2025-03-06 | Murray Dallan | Option exercise | 18K | — |
| 2025-03-06 | Estepan Ian Michael | Option exercise | 18K | — |
| 2025-03-04 | Rothfuss Cristin | Tax withheld | 288 | $101.34 |
| 2025-03-04 | Rothfuss Cristin | Tax withheld | 296 | $101.34 |
| 2025-03-04 | Arif Bilal | Tax withheld | 281 | $101.34 |
| 2025-03-04 | Arif Bilal | Tax withheld | 233 | $101.34 |
| 2025-03-04 | Murray Dallan | Tax withheld | 1.7K | $101.34 |
| 2025-03-04 | Estepan Ian Michael | Tax withheld | 1.4K | $101.34 |
| 2025-03-04 | Rodino-Klapac Louise | Tax withheld | 1.7K | $101.34 |
| 2025-03-03 | Rothfuss Cristin | Tax withheld | 391 | $103.77 |
| 2025-03-03 | Murray Dallan | Tax withheld | 711 | $103.77 |
| 2025-03-03 | Arif Bilal | Tax withheld | 719 | $103.77 |
| 2025-03-03 | Estepan Ian Michael | Tax withheld | 557 | $103.77 |
| 2025-03-03 | Rodino-Klapac Louise | Tax withheld | 715 | $103.77 |
| 2025-01-29 | Estepan Ian Michael | Tax withheld | 2.6K | $117.51 |
| 2025-01-29 | Estepan Ian Michael | Option exercise | 1.5K | $12.00 |
| 2025-01-29 | Estepan Ian Michael | Option exercise | 14K | $12.00 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06606340 ↗ | A Long-term Observational Study Evaluating Eteplirsen, Golodirsen, or Casimersen in Routine Clinical Practice Duchenne Muscular Dystrophy | — | Enrolling By Invitation | 2033-12-31 |
| NCT05967351 ↗ | A Long-term Follow-up Study of Participants Who Received Delandistrogene Moxeparvovec (SRP-9001) in a Previous Clinical Study Duchenne Muscular Dystrophy | PHASE3 | Enrolling By Invitation | 2033-10-31 |
| NCT04475926 ↗ | A Study of the Natural History of Participants With LGMD2E/R4, LGMD2D/R3, LGMD2C/R5, and LGMD2A/R1 ≥ 4 Years of Age, Who Are Managed in Routine Clinical Practice Limb-girdle Muscular Dystrophy | — | Active Not Recruiting | 2030-09-05 |
| NCT06270719 ↗ | An Observational Study Comparing Delandistrogene Moxeparvovec (ELEVIDYS) With Standard of Care in Participants With Duchenne Muscular Dystrophy Duchenne Muscular Dystrophy | — | Enrolling By Invitation | 2029-12-31 |
| NCT05876780 ↗ | A Gene Transfer Single Dose Study to Evaluate the Safety, Tolerability and Efficacy of SRP-9003 in Non-Ambulatory and Ambulatory Participants With Limb Girdle Muscular Dystrophy, Type 2E/R4 (Beta-Sarcoglycan [β-SG] Deficiency) Limb Girdle Muscular Dystrophy | PHASE1 | Active Not Recruiting | 2028-08-28 |
| NCT04626674 ↗ | A Gene Transfer Therapy Study to Evaluate the Safety of and Expression From Delandistrogene Moxeparvovec (SRP-9001) in Participants With Duchenne Muscular Dystrophy (DMD) - Non-Ambulatory Cohort Duchenne Muscular Dystrophy | PHASE1 | Recruiting | 2027-12-31 |
| NCT07536061 ↗ | A First-in-human Study of the Effects of SRP-1005 in Participants With Huntington's Disease Huntington's Disease | PHASE1 | Recruiting | 2027-11-30 |
| NCT05881408 ↗ | A Gene Transfer Therapy Study to Evaluate the Safety and Efficacy of Delandistrogene Moxeparvovec (SRP-9001) in Non-Ambulatory and Ambulatory Participants With Duchenne Muscular Dystrophy (DMD) Duchenne Muscular Dystrophy | PHASE3 | Active Not Recruiting | 2027-05-31 |
| NCT03992430 ↗ | A Study to Compare Safety and Efficacy of High Doses of Eteplirsen in Participants With Duchenne Muscular Dystrophy (DMD) (MIS51ON) Muscular Dystrophy, Duchenne | PHASE3 | Active Not Recruiting | 2026-10-31 |
| NCT06246513 ↗ | A Trial to Learn More About an Experimental Gene Therapy Called Bidridistrogene Xeboparvovec (SRP-9003) as a Possible Treatment for Limb Girdle Muscular Dystrophy 2E/R4 Limb-girdle Muscular Dystrophy | PHASE3 | Active Not Recruiting | 2025-03-04 |
| NCT06952686 ↗ | A Study of SRP-9005 in Limb Girdle Muscular Dystrophy Type 2C/R5 Pediatric and Adult Participants Muscular Dystrophies, Limb-Girdle | PHASE3 | Withdrawn | 2030-11-30 |
| NCT07542314 ↗ | Study to Evaluate the Safety and Effectiveness of ELEVIDYS in Participants With Duchenne Muscular Dystrophy Treated in a Post-Marketing Setting Duchenne Muscular Dystrophy | PHASE4 | Not Yet Recruiting | 2027-03-31 |
| NCT06241950 ↗ | A Gene Transfer Therapy Study to Evaluate the Safety and Efficacy of Delandistrogene Moxeparvovec (SRP-9001) Following Imlifidase Infusion in Participants With Duchenne Muscular Dystrophy (DMD) Determined to Have Pre-existing Antibodies to Recombinant Adeno-Associated Virus Serotype (rAAVrh74) Duchenne Muscular Dystrophy | PHASE1 | Terminated | 2025-10-10 |
| NCT06597656 ↗ | A Gene Transfer Therapy to Evaluate the Safety and Efficacy of Delandistrogene Moxeparvovec (SRP-9001) Following Therapeutic Plasma Exchange (Plasmapheresis) in Participants With Duchenne Muscular Dystrophy (DMD) and Pre-existing Antibodies to AAVrh74 Duchenne Muscular Dystrophy | PHASE1 | Terminated | 2025-08-05 |
| NCT06747273 ↗ | Study to Evaluate the Safety, Tolerability, and Efficacy of SRP-9004 Administered by Systemic Infusion in Limb Girdle Muscular Dystrophy Type 2D/R3 Participants in the United States Limb Girdle Muscular Dystrophy, Limb Girdle Muscular Dystrophy Type 2D/R3 | PHASE1 | Terminated | 2025-06-18 |
| NCT05906251 ↗ | A Gene Transfer Study to Evaluate the Safety, Tolerability and Efficacy of SRP-6004 in Ambulatory Participants With Limb Girdle Muscular Dystrophy, Type 2B/R2 (LGMD2B/R2, Dysferlin [DYSF] Related) Limb Girdle Muscular Dystrophy | PHASE1 | Terminated | 2025-06-13 |
| NCT03652259 ↗ | Gene Delivery Clinical Trial of SRP-9003 (Bidridistrogene Xeboparvovec) for Participants With Limb-Girdle Muscular Dystrophy, Type 2E (LGMD2E) (Beta-Sarcoglycan Deficiency) Limb-Girdle Muscular Dystrophy, Type 2E | PHASE1/PHASE2 | Terminated | 2025-01-14 |
| NCT02500381 ↗ | Study of SRP-4045 (Casimersen) and SRP-4053 (Golodirsen) in Participants With Duchenne Muscular Dystrophy (DMD) Duchenne Muscular Dystrophy | PHASE3 | Completed | 2024-11-12 |
| NCT04004065 ↗ | Two-Part Study for Dose Determination of Vesleteplirsen (SRP-5051) (Part A), Then Dose Expansion (Part B) in Participants With Duchenne Muscular Dystrophy Amenable to Exon 51-Skipping Treatment Duchenne Muscular Dystrophy | PHASE2 | Terminated | 2023-10-30 |
| NCT05096221 ↗ | A Gene Transfer Therapy Study to Evaluate the Safety and Efficacy of Delandistrogene Moxeparvovec (SRP-9001) in Participants With Duchenne Muscular Dystrophy (DMD) Duchenne Muscular Dystrophy | PHASE3 | Completed | 2023-10-04 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (0)
Suppliers (3)
- Aldevron LLC
- Catalent, Inc.
- ARROWHEAD PHARMACEUTICALS, INC.
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-04 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-02-25 | Exec/director change | filing ↗ |
| 2026-02-25 | ResultsExhibits | filing ↗ |
| 2026-01-12 | ResultsExhibits | filing ↗ |
| 2025-12-19 | Material agreementDebt obligationExhibits | filing ↗ |
| 2025-12-11 | 3.02OtherExhibits | filing ↗ |
| 2025-12-08 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-04 | 0001193125-26-257501 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001193125-26-208893 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001193125-26-208966 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001193125-26-084144 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001193125-26-072064 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001193125-26-071566 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-010116 ↗ |
| 8-K | 2025-12-19 | 2025-12-18 | 0001193125-25-326969 ↗ |
| 8-K | 2025-12-11 | 2025-12-10 | 0001193125-25-315032 ↗ |
| 8-K | 2025-12-08 | 2025-12-07 | 0001193125-25-310588 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-269436 ↗ |
| 8-K | 2025-11-03 | 2025-11-03 | 0001193125-25-262591 ↗ |