Company: SRPT
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029973
Chunk: 373

Company: Sarepta Therapeutics, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 373
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-78-

Income tax expense for 2024 and 2023 was approximately $25.5 million and $15.9 million, respectively. Income tax expense for 2024 and 2023 relates to state, foreign and federal taxes for which available tax losses or credits were not available to offset. As of December 31, 2024, we continued to maintain a full valuation allowance against our deferred tax assets, with the exception of deferred tax assets in certain foreign jurisdictions. We continue to monitor the available evidence relative to recovery of our deferred tax assets and whether such evidence would be sufficient to conclude that it is more likely than not that such deferred tax assets may be partially or fully recoverable. If we were to remove our valuation allowance in part or full, any such adjustment could have a material impact on our effective tax rate in the applicable period and beyond. Refer to Note 18, Income Taxes for discussion of the key drivers impacting our effective tax rate.

Liquidity and Capital Resources

The following table summarizes our financial condition for each of the periods indicated:

    For the Year Ended December 31,

    2024

    2023

    Change

    Change

    (in thousands)

    $

    %

    Financial assets:

    Cash and cash equivalents
     
    $
    1,103,010

    $
    428,430

    $
    674,580

    157
    %

    Short-term investments

    251,782

    1,247,820

    (996,038
    )

    (80
    )%

    Non-current investments

    133,163

    —

    133,163

    NM*

    Restricted cash

    15,579

    15,579

    —

    (—
    )%

    Total cash, cash equivalents and   investments
     
    $
    1,503,534

    $
    1,691,829

    $
    (188,295
    )

    (11
    )%

    Borrowings:

    Convertible debt
     
    $
    1,137,124

    $
    1,237,998

    $
    (100,874
    )

    (8
    )%

    Total borrowings
     
    $
    1,137,124

    $
    1,237,998

    $
    (100,874
    )