Sarepta Therapeutics reported a net loss of $713.4 million for the fiscal year ended December 31, 2025, a significant decline from a net income of $235.2 million in 2024. Total revenues increased by 16% to $2,198.2 million in 2025, up from $1,902.0 million in 2024, primarily due to increased collaboration and other revenues. Net product revenues grew 4% to $1,864.3 million in 2025, with ELEVIDYS sales increasing by $77.9 million, partially offset by higher discounts for PMO products. Collaboration and other revenues surged 193% to $333.9 million, including $112.0 million from an expired option and $63.5 million from a milestone payment for ELEVIDYS approval in Japan. Cost of sales (excluding amortization of in-licensed rights) increased by 163% to $839.6 million, largely due to $165.3 million in write-offs for excess or obsolete inventory and depletion of previously expensed ELEVIDYS inventory. Research and development expenses increased by 89% to $1,522.1 million, driven by a $583.6 million acquired in-process R&D expense for the Arrowhead Collaboration Agreement and $300.0 million in milestone payments to Arrowhead. A strategic restructuring plan announced in July 2025 resulted in a $42.0 million charge, including $34.9 million for employee termination benefits and accelerated depreciation. The company held $953.8 million in cash, cash equivalents, restricted cash, and investments as of December 31, 2025. Outstanding debt included $158.6 million in 2027 Convertible Notes and $893.4 million in 2030 Convertible Notes, following exchanges that reduced total principal by $98.0 million and delayed maturity. The ESSENCE confirmatory trial for VYONDYS 53 and AMONDYS 45 did not meet its primary endpoint of statistical significance. ELEVIDYS received a boxed warning for acute liver injury (ALI) and acute liver failure (ALF), and the non-ambulatory population was removed from its Prescribing Information due to safety events, including patient deaths. FDA placed a clinical hold on LGMD gene therapy clinical trials (SRP-9003, SRP-9004, SRP-6004, SRP-9005) following a patient death in the SRP-9004 trial. The company is engaged in multiple patent infringement lawsuits and a securities class action lawsuit related to ELEVIDYS disclosures. Workforce reduced by approximately 36% (500 employees) as part of the July 2025 restructuring plan.