Company: SRPT
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029973
Chunk: 266

Company: Sarepta Therapeutics, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 266
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    $
    (205,787
    )
     
    $
    (500,993
    )
     
    $
    295,206

    (59
    )%

    Investing activities

    755,561

    (165,803
    )

    921,364

    NM*

    Financing activities

    124,806

    125,004

    (198
    )

    (—
    )%

    Increase (decrease) in cash and cash equivalents
     
    $
    674,580

    $
    (541,792
    )
     
    $
    1,216,372

    (225
    )%

* NM: not meaningful

Operating Activities

Cash used in operating activities, which consists of our net income (loss) adjusted for non-cash items and changes in net operating assets and liabilities, totaled $205.8 million and $501.0 million of cash in 2024 and 2023, respectively. Cash used in operating activities in 2024 was primarily driven by the net income of $235.2 million, adjusted for the following non-cash items:

•$184.3 million in stock-based compensation expense;

•$62.7 million in non-cash termination charges as a result of the Thermo Agreement termination;

•$37.7 million in depreciation and amortization expense;

•$16.2 million reduction in the carrying amount of the right of use assets;

•$7.8 million charge related to the change in the fair value of derivatives; and

•$7.1 million in other non-cash items.

These amounts were partially offset by $40.3 million in accretion of investment discount, net.

The net cash outflow from changes in our operating assets and liabilities was primarily driven by the following:

•$395.2 million increase in inventory primarily due to capitalized inventory related to ELEVIDYS;

•$201.7 million increase in accounts receivable due to an increase in demand for ELEVIDYS following its initial FDA approval in June 2023 and subsequent expanded label approval in June 2024 and an increase in payment terms for product sales related to the PMO Products;

•$188.6 million increase in manufacturing-related deposits and prepaids primarily due to an increase in prepaids for raw materials and batch fees with Catalent, partially offset by decreases in manufacturing-related deposits and prepaids at Thermo as a