Every material Form 8-K Sarepta Therapeutics has filed with the SEC since June 06, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Sarepta reported third quarter 2026 total revenues of $381.4 million, down $18.0 million (5%) from a year earlier, while GAAP operating loss narrowed to $9.0 million from $103.4 million. The company raised the low end of its full-year 2026 total net product revenue guidance by $50.0 million to $1.25 billion to $1.3 billion and lowered the high end of its expense guidance by $25.0 million to $800 million to $825 million.
Q3 2026 total revenues were $381.4 million, versus $399.4 million in Q3 2025, a decrease of $18.0 million.
Q3 2026 GAAP net loss was $28.5 million, or $(0.27) per diluted share, versus a $50.6 million loss a year earlier; non-GAAP net income was $15.6 million.
2026 total net product revenue guidance low end raised $50.0 million to $1.25 billion–$1.3 billion; combined non-GAAP R&D and SG&A expense guidance now $800 million–$825 million.
Cash, cash equivalents, restricted cash and investments were $998.7 million as of September 30, 2026.
Sarepta Therapeutics entered a settlement agreement with REGENXBIO, the Trustees of the University of Pennsylvania and Catalent to resolve pending patent infringement litigation and an related appeal over several patents. Sarepta will pay REGENXBIO a lump sum of $39.0 million, an amount it had already recorded as a litigation contingency charge in the second quarter of 2026. The settlement releases Sarepta from past infringement claims and includes covenants not to sue for ELEVIDYS and other AAVrh74-based products, which removes a source of legal uncertainty for shareholders.
Sarepta will pay REGENXBIO a $39.0 million lump sum within ten days of the September 23, 2026 Effective Date.
The $39.0 million matches a litigation contingency charge recorded in the three and six months ended June 30, 2026.
REGENXBIO and UPenn released claims up to the Effective Date and agreed not to sue over ELEVIDYS and other AAVrh74-based products under the UPenn Patents.
The Litigations will be dismissed with prejudice, and the settlement includes no admission of liability.
Sarepta reported second quarter 2026 total revenues of $401.3 million, down 34% from $611.1 million a year earlier, and a GAAP net loss of $4.9 million, compared with GAAP net income of $196.9 million in the prior-year quarter. The company narrowed its 2026 total net product revenue guidance to $1.2 billion to $1.3 billion, lowering the top of its prior $1.2 billion to $1.4 billion range, and new CEO Michael Severino took office July 28, 2026.
Q2 2026 total revenues were $401.3 million versus $611.1 million in Q2 2025; GAAP operating income was $13.3 million and non-GAAP operating income was $86.5 million.
GAAP diluted loss per share was $(0.05) for the quarter, compared with GAAP diluted earnings per share of $1.89 a year earlier.
FY 2026 total net product revenue guidance narrowed to $1.2 billion to $1.3 billion from $1.2 billion to $1.4 billion.
A $39.0 million litigation contingency charge was recorded related to potential resolution of certain patent litigations; cash and investments were $945.0 million as of June 30, 2026.
Sarepta Therapeutics appointed Michael Severino, M.D., former CEO of Tessera Therapeutics, as chief executive officer effective July 28, 2026, and as a Class I director. Doug Ingram, the current CEO, departs as CEO and board member on that date and will serve as a consultant until December 31, 2026. The filing describes a sign-on equity package with a grant date value of approximately $35 million and a base salary of $1,180,000, which shareholders may track for compensation and leadership continuity.
Michael Severino, M.D., becomes CEO and a director effective July 28, 2026, succeeding Doug Ingram
Sign-on equity grant has an approximate grant date value of $35,000,000, including a $14,000,000 make-whole grant
Severino's employment agreement sets an annual base salary of $1,180,000 and a target bonus of 110% of base salary
Ingram will consult for the company until December 31, 2026, for a monthly fee of $15,000
At its June 4, 2026 annual meeting, Sarepta Therapeutics stockholders approved a 2026 Equity Incentive Plan and a 2026 Employee Stock Purchase Plan, both replacing earlier plans, and re-elected five Class I directors. The approvals set the share pool for employee equity compensation, a governance matter that does not change reported financial results.
2026 Equity Incentive Plan: up to 6,286,841 shares may be issued, replacing the 2018 plan
2026 Employee Stock Purchase Plan: 1,500,000 shares available for issuance, replacing the 2013 plan
Shares entitled to vote totaled 105,571,146 as of the April 8, 2026 record date; 77.97% were present or represented
Advisory say-on-pay vote for 2025 executive pay: 45,185,398 for and 22,373,065 against
Sarepta reported first quarter 2026 total revenues of $730.8 million, down $14.1 million or 2% from a year earlier, while GAAP net income was $331.0 million compared with a net loss of $447.5 million in the prior-year quarter. The filing attributes the profit swing largely to $365.0 million of collaboration revenue tied to Roche's declined option for certain program rights, and the company reiterated its full-year 2026 guidance.
Total revenues were $730.8 million, versus $744.9 million a year earlier; net product revenues were $330.5 million, including $102.0 million from ELEVIDYS and $228.6 million from PMO products.
GAAP diluted earnings per share were $2.88, compared with a loss of $4.60 per share in the first quarter of 2025.
GAAP operating income was $358.4 million, compared with a loss of $300.4 million a year earlier; non-GAAP operating income was $397.7 million.
Sarepta reiterated FY 2026 guidance of total net product revenues of $1.2 to $1.4 billion and combined non-GAAP R&D and SG&A expenses of $800.0 to $900.0 million.
Sarepta Therapeutics said CEO Douglas Ingram has decided to retire as Chief Executive Officer by the end of 2026, or when a replacement is appointed, whichever comes first. The company has started a search of internal and external candidates for his successor. The filing does not name a successor or give a reason for the retirement.
Douglas Ingram notified the company of his retirement decision on February 25, 2026
Retirement is due by the end of 2026 or upon appointment of a replacement, whichever comes first
The company has commenced a search of internal and external candidates
Sarepta reported fourth-quarter 2025 total revenues of $442.9 million, down 33% from $658.4 million a year earlier, and a GAAP net loss of $412.2 million, compared with net income of $159.0 million in the prior-year quarter. For the full year, revenues rose 16% to $2,198.2 million, but the GAAP net loss was $713.4 million, compared with net income of $235.2 million in 2024.
Q4 2025 total revenues were $442.9 million versus $658.4 million in Q4 2024, mainly due to $273.8 million less ELEVIDYS net product revenue after the June 2025 suspension of shipments to non-ambulatory patients in the U.S.
Q4 2025 GAAP net loss was $412.2 million, or $3.93 per diluted share, including a $165.3 million increase in an inventory valuation reserve.
Full-year 2025 GAAP net loss was $713.4 million, or $7.13 per diluted share, versus net income of $235.2 million, or $2.34 per share, in 2024.
Cash, cash equivalents, restricted cash and investments were $953.8 million as of December 31, 2025, down from $1,503.5 million a year earlier.
Sarepta gave preliminary, unaudited fourth-quarter and full-year 2025 results at the J.P. Morgan Healthcare Conference, reporting $369.6 million in fourth-quarter net product revenue and $1.86 billion for the year. The company reconfirmed a yearly ELEVIDYS sales floor of $500.0 million but said it will not provide more detailed 2026 guidance until it evaluates its initiatives. Final results are due in late February 2026 and may differ materially from these figures.
Full-year 2025 total net product revenue of $1.86 billion; fourth quarter $369.6 million
ELEVIDYS fourth-quarter net product revenue of $110.4 million, affected by a severe flu season and rescheduling of 6 patient infusions into 2026
PMO net product revenue of $259.2 million in the fourth quarter and $965.6 million for the full year
Year-end 2025 cash, cash equivalents, restricted cash and investments of approximately $953.8 million; final results expected in late February 2026
Sarepta Therapeutics agreed to exchange about $291.4 million of its 1.25% Convertible Senior Notes due 2027 for an equal principal amount of new 4.875% Convertible Senior Notes due 2030, plus about $31.6 million in cash. The new notes were issued on December 18, 2025, and bring the total outstanding 2030 notes to about $893.4 million, which affects the company's debt structure and the terms shareholders hold.
Exchange covers about $291.4 million of 2027 notes, paid with an equal principal amount of 2030 notes plus about $31.6 million in cash
New 4.875% Convertible Senior Notes due 2030 were issued December 18, 2025, under the August 28, 2025 indenture
Total 4.875% notes due 2030 outstanding after the exchange: about $893.4 million, up from about $602.0 million issued in August 2025
Exchange Agreements were entered December 10, 2025, including a trust affiliated with director Michael Chambers
Sarepta reported third-quarter 2025 total revenues of $399.4 million, down 15% from $467.2 million a year earlier, and a GAAP net loss of $179.9 million, or $1.80 per diluted share, compared with GAAP net income of $33.6 million a year earlier. The filing also disclosed that the ESSENCE confirmatory trial for AMONDYS 45 and VYONDYS 53 did not reach statistical significance on its primary endpoint, and the company plans to meet with the FDA about a path to traditional approval.
Total revenues were $399.4 million versus $467.2 million a year earlier; ELEVIDYS net product revenue fell $49.5 million after shipments to non-ambulatory patients in the U.S. were suspended in June 2025.
GAAP diluted loss per share was $1.80, compared with earnings of $0.34; non-GAAP diluted loss per share was $0.13, compared with earnings of $0.64.
A $138.6 million loss on debt extinguishment and $40.5 million in restructuring charges were recorded in the quarter.
Cash, cash equivalents, restricted cash and investments were $865.2 million at September 30, 2025, down from $1,503.5 million at December 31, 2024.
Sarepta Therapeutics exchanged $700.0 million of its 1.25% convertible notes due 2027 for $602.0 million of new 4.875% convertible notes due 2030, 5,851,693 shares of common stock and about $123.3 million in cash. The new notes were issued August 28, 2025, and the company also sold 1,106,806 shares to J. Wood Capital Advisors LLC at $18.07 per share, so shareholders face a new debt obligation alongside potential dilution from share issuance and conversion.
Exchanged $700.0 million of 1.25% notes due 2027 for $602.0 million of new 4.875% notes due September 1, 2030, plus 5,851,693 shares and about $123.3 million in cash
New notes have an initial conversion price of about $60.00 per share, versus $20.58 last reported sale price on August 20, 2025
Interest is payable March 1 and September 1 each year, beginning March 1, 2026
Concurrent private placement of 1,106,806 shares to J. Wood Capital Advisors LLC at $18.07 per share
Sarepta Therapeutics said Bilal Arif, its Executive Vice President and Chief Technical Operations Officer until August 12, 2025, will leave the company as part of a strategic restructuring and pipeline prioritization. He will serve as a consultant through December 31, 2025, and the filing gives a $576,700 severance payment and a $400 hourly consulting fee.
Employment ends effective September 16, 2025; Arif serves as Special Advisor to the President until then
Separation and Consulting Agreement dated August 12, 2025, with consulting through December 31, 2025
Severance lump sum of $576,700 and consulting fee of $400 per hour
Outstanding equity awards as of August 12, 2025 continue to vest during his employment or consulting period
Sarepta said it will cut about 36% of its workforce, roughly 500 employees, as part of a restructuring that pauses most limb-girdle muscular dystrophy gene therapy programs and focuses on siRNA candidates. It also reported preliminary second-quarter 2025 net product revenue of $513 million and said the FDA has requested a black box warning for ELEVIDYS, while several executives were reassigned or named to new roles. The filing gives no prior-period revenue comparison, and the one-time charge and label change may weigh on shareholders.
Board approved a reduction in force of about 36% of workforce on July 14, 2025, with a one-time third-quarter 2025 charge estimated at $32 million to $37 million, nearly all cash
Preliminary Q2 2025 total net product revenue was $513 million, including $282 million from ELEVIDYS and $231 million from RNA-based PMOs; final results are due in early August 2025
FDA requested a black box warning for acute liver injury and acute liver failure in the ELEVIDYS label, which Sarepta agreed to
Ian Estepan named President and Chief Operating Officer and Ryan Wong named Chief Financial Officer, both effective July 16, 2025; Dallan Murray, Chief Customer Officer, is departing
At its annual meeting on June 5, 2025, Sarepta Therapeutics stockholders approved an increase of 4,300,000 shares to the 2018 Equity Incentive Plan, bringing the total to 17,487,596 shares, and a 300,000-share increase to the employee stock purchase plan, bringing it to 1,700,000 shares. Stockholders also re-elected four Class II directors, approved executive pay on an advisory basis, and ratified KPMG LLP as auditor for 2025. The larger share reserves govern how many shares can be issued under those plans.
Stockholders approved a 4,300,000-share increase to the 2018 Equity Incentive Plan, to 17,487,596 shares in total.
Stockholders approved a 300,000-share increase to the employee stock purchase plan, to 1,700,000 shares in total.
Richard J. Barry received 64,757,685 For votes and 9,565,547 Against; Stephen L. Mayo, Ph.D. received 73,289,653 For votes and 1,051,656 Against.
On the advisory pay vote, 72,144,292 shares were For and 2,176,998 Against; KPMG LLP was ratified with 80,588,115 For and 3,875,497 Against.
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