Company: SRPT
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029973
Chunk: 470

Company: Sarepta Therapeutics, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 9A
Chunk 470
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 PSU”) with performance conditions related to regulatory approval of certain of the Company's product candidates and the achievement of a certain financial performance target. (2) Included in RSUs granted during the year ended December 31, 2024 are 97,460 shares with performance conditions (the “March 2024 PSU”), which are related to the achievement of certain financial performance targets and regulatory approval of certain of the Company's product candidates and 24,500 shares of the March 2023 PSU, which are related to the achievement of a certain financial performance target. Stock options and the remaining RSUs granted during the year ended December 31, 2024 have only service-based criteria and vest over four years. As of December 31, 2024, the following PSUs became vested or eligible for vesting:•March 2022 PSU: The expanded regulatory approval of ELEVIDYS in June 2024 resulted in 33,000 shares becoming eligible for vesting, which is contingent on the fulfillment of remaining service conditions.•March 2023 PSU: The achievement of a certain financial performance target during the year ended December 31, 2024 resulted in 24,500 shares becoming eligible for vesting, which is contingent on the fulfillment of remaining service conditions.•March 2024 PSU: The expanded regulatory approval of ELEVIDYS in June 2024 resulted in the cliff-vesting of 44,300 of the 97,460 shares of the March 2024 PSU during the year ended December 31, 2024.  As of December 31, 2024, none of the remaining performance conditions associated with the March 2022 PSU and March 2024 PSU were probable of being achieved.The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2023 and 2022 was $151.20 and $85.39, respectively. The fair values of RSUs vested during the years ended December 31, 2024, 2023 and 2022 totaled $86.9 million, $82.6 million and $33.1 million, respectively.2013 Employee Stock Purchase PlanUnder the Company’s 2013 ESPP, participating employees purchase common stock through payroll deductions. The purchase price is equal to 85% of the lower of the closing price of the Company’s common stock on the first business day and the last business day of the relevant purchase period. The 24-month offering period