Company: SRPT
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029973
Chunk: 98

Company: Sarepta Therapeutics, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 98
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 income information are other segment items and include separate presentation of interest expense, income tax expense, depreciation and amortization, stock-based compensation, which are included in the measure of segment income (loss) but are not significant segment expenses.Assets provided to the CODM for the single segment are consistent with those reported on the consolidated balance sheets.

22. COMMITMENTS AND CONTINGENCIESManufacturing ObligationsThe Company has entered into long-term contractual arrangements from time to time for the provision of goods and services. The following table presents non-cancelable contractual obligations arising from long-term contractual arrangements, including obligations related to leases embedded in certain supply agreements: 

F-40

        As of December 31, 2024

        (in thousands)

        2025
         
        $
        943,067

        2026

        141,233

        2027

        79,860

        2028

        72,341

        Total manufacturing commitments*
         
        $
        1,236,501

      * Total manufacturing commitments include the Catalent Agreement (defined below), for which the Company determined has a lease embedded in it and, as such, has ROU assets and lease liabilities recorded on the consolidated balance sheets as of December 31, 2024. Thermo Fisher Scientific, Inc. The Company entered into a development, commercial manufacturing, and supply agreement as related to the Company's adherent manufacturing process for its gene therapy programs in June 2018 and, subsequently, entered into the first, second and third amendments in May 2019, July 2020 and October 2021, respectively, with Brammer Bio MA, LLC, an affiliate of Thermo Fisher Scientific, Inc. (“Thermo”) (collectively, the “Thermo Agreement”).In October 2021, the Company executed a third amendment (the “Third Amendment”) that modified the terms of the Thermo Agreements, which significantly decreased the Company’s right of use of the facility’s capacity and reduced the fixed and in-substance fixed payments due over the remaining term of the agreement. Under the Third Amendment, the Company has committed to guaranteed purchases under the Third Amendment on a take-or-pay basis regardless of whether services or goods are ordered. During the year ended December 31, 2022, the Company did not satisfy the total annual guaranteed purchase requirements and, as a result, recognized a loss of approximately $54.0 million, which was classified as research and development