Company: SRPT
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029973
Chunk: 338

Company: Sarepta Therapeutics, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 338
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 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’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. It had no accrual for interest or penalties on its consolidated balance sheets at December 31, 2024 or 2023. No interest and/or penalties were recognized in 2024, 2023, or 2022.The Company’s intent is to only make distributions from non-U.S. subsidiaries in the future when they can be made at no net tax cost. Otherwise, the Company considers all of its foreign earnings to be permanently reinvested outside of the U.S. and has no plans to repatriate these foreign earnings to the U.S. The Company has no material unremitted earnings from its non-U.S. subsidiaries.

19. LEASESThe Company has real estate operating leases in Cambridge, Andover, Burlington and Bedford, Massachusetts, Dublin and Columbus, Ohio, and Durham, North Carolina that provide for scheduled annual rent increases throughout each lease’s term. The Company has also identified leases embedded in certain of its manufacturing and supply agreements as the Company determined that it controls the use of the facilities and related equipment therein. For more information related to the lease embedded in manufacturing and supply agreements with Catalent, Inc. (“Catalent”), please refer to Note 22, Commitments and Contingencies. Bedford, MassachusettsOn