Company: SRPT
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029973
Chunk: 474

Company: Sarepta Therapeutics, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 9A
Chunk 474
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 changes and the value of the Company’s stock. Additionally, the Company has $40.9 million and $48.9 million of federal and state research and development credits, respectively, and $301.9 million of federal orphan drug tax credits available to offset future tax liabilities. These federal and state research and development credits expire between 2034 and 2044 and between 2031 and 2039, respectively. The federal orphan drug credits expire between 2034 and 2044. The Company also has foreign net operating loss carryforwards of $13.5 million, mainly derived from the net operating loss generated by its subsidiary in Brazil, which may be carried forward indefinitely.The Company, or one of its subsidiaries, files income tax returns in the U.S., and various state and foreign jurisdictions. The federal, state and foreign income tax returns are generally subject to tax examinations for the tax years ended December 31, 2021 through December 31, 2024. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service, state or foreign tax authorities to the extent utilized in a future period.The following table summarizes the reconciliation of the beginning and ending amount of total unrecognized tax benefits for each of the periods indicated: 

        For the Year Ended December 31,

        2024

        2023

        2022

        (in thousands)

        Balance at beginning of the period
         
        $
        65,030

        $
        61,704

        $
        53,815

        Increase related to current year tax positions

        1,728

        4,126

        8,079

        Increase related to prior year tax positions

        178

        —

        —

        Decrease related to prior year tax positions

        (401
        )

        (800
        )

        (190
        )

        Balance at end of the period
         
        $
        66,535

        $
        65,030

        $
        61,704

      The balance of total unrecognized tax benefits at December 31, 2024, if recognized, would not affect the effective tax rate on income from continuing operations, due to a full valuation allowance against the Company’s U.S. deferred tax assets. The Company does not expect the amount of unrecognized tax benefits to change significantly in the next twelve months. The Company