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SRPT Sarepta Therapeutics

Sarepta Therapeutics, Inc. is a medical research and drug development company with corporate offices and research facilities in Cambridge, Massachusetts, United States. Incorporated in 1980 as AntiVirals, shortly before going public the company changed its name from AntiVirals to AVI BioPharma soon with stock symbol AVII and in July 2012 changed name from AVI BioPharma to Sarepta Therapeutics and SRPT respectively. As of the end of 2019, the company has two approved drugs . Sarepta started in Corvallis, Oregon on January 1, 1980 and was originally named Antivirals Inc. After occupying several research laboratory spaces in Corvallis, the company opened a production laboratory in Corvallis in February 2002 and was renamed AVI BioPharma Inc. The company made headlines in 2003 when it announced work on treatments for severe acute respiratory syndrome and the West Nile virus. In July 2009, the company announced they would move their headquarters from Portland, Oregon, north to Bothell, Washington, near Seattle. At that time, the company led by president and CEO Leslie Hudson had 83 employees and quarterly revenues of $3.2 million. AVI had yet to turn a profit and had not yet developed any commercial products as of July 2009. The company lost $19.7 million in the second quarter of 2009, and then won an $11.5 million contract with the U.S. Department of Defense's Defense Threat Reduction Agency in October 2009. By this time, the company had completed its headquarters move to Bothell.

Company profile

Ticker
SRPT
Exchange
CEO
Douglas Ingram
Employees
Incorporated
Location
Fiscal year end
Former names
ANTIVIRALS INC, AVI BIOPHARMA INC
SEC CIK
IRS number
930797222

SRPT stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 May 21
27 Jul 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.49B 1.49B 1.49B 1.49B 1.49B 1.49B
Cash burn (monthly) 6.94M 23.49M 55.8M 58.59M 60.12M 58.39M
Cash used (since last report) 26.93M 91.18M 216.59M 227.43M 233.38M 226.66M
Cash remaining 1.46B 1.4B 1.27B 1.26B 1.26B 1.26B
Runway (months of cash) 211.0 59.6 22.8 21.6 20.9 21.7

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
26 Jun 21 Ingram Douglas S Common Stock Payment of exercise Dispose F No No 80.4 17,812 1.43M 340,056
1 Jun 21 Ryan Edward Brown Common Stock Payment of exercise Dispose F No No 76.01 64 4.86K 19,368
10 Mar 21 M Kathleen Behrens Common Stock Sell Dispose S No No 85.76 5,000 428.8K 130,517
10 Mar 21 M Kathleen Behrens Common Stock Option exercise Aquire M No No 42.3 5,000 211.5K 135,517
10 Mar 21 M Kathleen Behrens Stock Option Common Stock Option exercise Dispose M No No 42.3 5,000 211.5K 0
8 Mar 21 Hans Lennart Rudolf Wigzell Common Stock Sell Dispose S No No 83.51 10,000 835.1K 16,518
8 Mar 21 Hans Lennart Rudolf Wigzell Common Stock Option exercise Aquire M No No 34.92 10,000 349.2K 26,518
8 Mar 21 Hans Lennart Rudolf Wigzell Stock Option Common Stock Option exercise Dispose M No No 34.92 10,000 349.2K 0
3 Mar 21 Barry Richard Common Stock Grant Aquire A No No 0 2,726 0 3,125,366
3 Mar 21 Barry Richard Stock Option Common Stock Grant Aquire A No No 87.11 5,518 480.67K 5,518

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

81.6% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 357 449 -20.5%
Opened positions 59 90 -34.4%
Closed positions 151 45 +235.6%
Increased positions 134 122 +9.8%
Reduced positions 115 157 -26.8%
13F shares
Current Prev Q Change
Total value 7.74B 17.34B -55.4%
Total shares 65.13M 70.29M -7.3%
Total puts 1.69M 3.47M -51.4%
Total calls 1.33M 3.44M -61.4%
Total put/call ratio 1.3 1.0 +25.9%
Largest owners
Shares Value Change
Capital Research Global Investors 8.03M $598.24M +3.8%
Vanguard 7.37M $549M +2.1%
JHG Janus Henderson 6.17M $459.99M +59.2%
BLK Blackrock 5.51M $410.92M +2.5%
FMR 4.43M $330.14M -26.6%
Sands Capital Management 3.03M $225.68M +209.9%
Avoro Capital Advisors 2.15M $160.24M +22.9%
STT State Street 2.03M $151.39M +9.3%
ARK Investment Management 1.86M $138.65M +665.8%
BK Bank Of New York Mellon 1.79M $133.51M +39.5%
Largest transactions
Shares Bought/sold Change
Jennison Associates 62.13K -2.37M -97.4%
JHG Janus Henderson 6.17M +2.3M +59.2%
Sands Capital Management 3.03M +2.05M +209.9%
ARK Investment Management 1.86M +1.62M +665.8%
FMR 4.43M -1.6M -26.6%
IVZ Invesco 95.6K -1.35M -93.4%
WDR Waddell & Reed Financial 168.64K -941.26K -84.8%
Gilder Gagnon Howe & Co 8.05K -639.31K -98.8%
MCQEF Macquarie 13.98K -627.3K -97.8%
TROW T. Rowe Price 704.15K -598.5K -45.9%

Financial report summary

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Risks
  • We are highly dependent on the commercial success of our products in the U.S. We may not be able to meet expectations with respect to sales of our products or attain profitability and positive cash-flow from operations.
  • We are subject to uncertainty relating to reimbursement policies which, if not favorable, could hinder or prevent the commercial success of our products and/or product candidates.
  • Healthcare reform and other governmental and private payor initiatives may have an adverse effect upon, and could prevent commercial success of our products and product candidates.
  • We may not be able to expand the global footprint of our products outside of the U.S.
  • We cannot predict whether historical revenues from eteplirsen and golodirsen through our EAP outside the U.S. will continue or whether we will be able to continue to distribute eteplirsen and golodirsen through our EAP.
  • If we are unable to successfully maintain and further develop internal commercialization capabilities, sales of our products may be negatively impacted.
  • If we fail to obtain or maintain regulatory exclusivity for our products, then we may not be able to protect our products from competition and our business may be adversely impacted. If a competitor obtains an authorization to market the same or substantially same product before a product of ours is authorized in a given country and is granted regulatory exclusivity, then our product may not be authorized for sale as a result of the competitor’s regulatory exclusivity and as a result, our investment in the development of that product may not be returned.
  • The patient population suffering from DMD, LGMDs, and CMT 1A is small and has not been established with precision. If the actual number of patients is smaller than we estimate, our revenue and ability to achieve profitability may be adversely affected.
  • We face intense competition and rapid technological change, which may result in other companies discovering, developing or commercializing competitive products.
  • We have entered into multiple collaborations, including our collaboration with Roche, and may seek or engage in future collaborations, strategic alliances, acquisitions or licensing agreements that complement or expand our business. We may not be able to complete such transactions, and such transactions, if executed, may increase our capital requirements, dilute our stockholders, cause us to incur debt or assume contingent liabilities and subject us to other risks.
  • We may find it difficult to enroll patients in our clinical trials, which could delay or prevent clinical trials of our product candidates.
  • Failures or delays in the commencement or completion of ongoing and planned clinical trials of our product candidates negatively impact commercialization efforts; result in increased costs; and delay, prevent or limit our ability to gain regulatory approval of product candidates and to generate revenues and continue our business.
  • Results from pre-clinical and early‑stage clinical trials may not be indicative of safety or efficacy in late‑stage clinical trials, and pre-clinical and clinical trials may fail to demonstrate acceptable levels of safety, efficacy, and quality of our product candidates, which could prevent or significantly delay their regulatory approval.
  • Our product candidates may cause undesirable side effects or have other properties that could delay or prevent regulatory approval of product candidates, limit the commercial potential or result in significant negative consequences following any potential marketing approval.
  • Our gene therapy product candidates may be perceived as unsafe or may result in unforeseen adverse events. Failure of other gene therapy programs, negative public opinion and increased regulatory scrutiny of gene therapy may damage public perception of the safety of our gene therapy product candidates and harm our ability to conduct our business or obtain regulatory approvals for our gene therapy product candidates.
  • If there are significant delays in obtaining or we are unable to obtain or maintain required regulatory approvals, we will not be able to commercialize our product candidates in a timely manner or at all, which could impair our ability to generate sufficient revenue and have a successful business.
  • We are investing significant resources in the development of novel gene therapy product candidates. Only a few gene therapy products have been approved in the U.S. and EU. If we are unable to show the safety and efficacy of these product candidates, experience delays in doing so or are unable to successfully commercialize at least one of these drugs, our business would be materially harmed.
  • Fast track product, breakthrough therapy, priority review, or Regenerative Medicine Advanced Therapy (“RMAT”) designation by the FDA, or access to the PRIME scheme by the EMA, for our product candidates may not lead to faster development or regulatory review or approval process, and it does not increase the likelihood that our product candidates will receive marketing approval.
  • If we are unable to maintain our agreements with third parties to distribute our products to patients, our results of operations and business could be adversely affected.
  • Our reliance on third parties requires us to share our proprietary information, which increases the possibility that a competitor will discover them or that our proprietary information will be misappropriated or inadvertently disclosed.
  • We currently rely on third parties to manufacture our products and to produce our product candidates; our dependence on these parties, including failure on our part to accurately anticipate product demand and timely secure manufacturing capacity to meet commercial, EAP, clinical and pre-clinical product demand may impair the availability of product to successfully support various programs, including research and development and the potential commercialization of our product candidates.
  • The third parties we use in the manufacturing process for our products and product candidates may fail to comply with cGMP regulations.
  • We may not be able to successfully scale up manufacturing of our products or product candidates in sufficient quality and quantity or within targeted timelines, or be able to secure ownership of intellectual property rights developed in this process, which could negatively impact the commercial success of our products and/or the development of our product candidates.
  • Products intended for use in gene therapies are novel, complex and difficult to manufacture. We could experience production problems that result in delays in our development or commercialization of gene therapy programs, limit the supply of our products or otherwise harm our business.
  • Our success, competitive position and future revenue depend in part on our ability and the abilities of our licensors and other collaborators to obtain, maintain and defend the patent protection for our products, product candidates, and platform technologies, to preserve our trade secrets, and to prevent third parties from infringing on our proprietary rights.
  • Uncertainty over intellectual property in the pharmaceutical and biotechnology industry has been the source of litigation and other disputes, which is inherently costly and unpredictable.
  • The outbreak of COVID-19 has resulted, and may continue to result in disruptions to our commercialization, clinical trials, manufacturing and other business operations, which could have a material adverse effect on our business, financial condition, operating results, cash flows and prospects.
  • If we fail to comply with healthcare and other regulations, we could face substantial penalties and our business, operations and financial condition could be adversely affected.
  • If we, our collaborators, or any third-party manufacturers engaged by us or our collaborators fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could harm our business.
  • Comprehensive tax reform in the U.S. and future guidance could adversely affect our business and financial condition.
  • Our ability to use net operating loss carryforwards and other tax attributes to offset future taxable income may be limited as a result of future transactions involving our common stock.
  • We are winding down our expired U.S. government contracts, and the U.S. government may deny payment of some or all of the currently outstanding amounts owed to us. In addition, further development of our infectious disease programs may be limited by the intellectual property and other rights retained by the U.S. government.
  • Our employees, principal investigators, consultants and strategic partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • We have incurred operating losses since our inception and we may not achieve or sustain profitability.
  • We will need to raise additional funding, which may not be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may force us to delay, limit or terminate our product development efforts or other operations.
  • Raising additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights.
  • The estimates and judgments we make, or the assumptions on which we rely, in preparing our consolidated financial statements could prove inaccurate.
  • Our stock price is volatile and may fluctuate due to factors beyond our control.
  • Provisions of our certificate of incorporation, bylaws and Delaware law might deter acquisition bids for us that might be considered favorable and prevent or frustrate any attempt to replace or remove the then-current management and board of directors.
  • A significant number of shares of our common stock are issuable pursuant to outstanding stock awards, and we expect to issue additional stock awards and shares of common stock to attract and retain employees, directors and consultants. We may also issue shares of common stock to finance our operations and in connection with our strategic goals. Exercise of these awards and sales of shares will dilute the interests of existing security holders and may depress the price of our common stock.
  • Future sales of our common stock in the public market could cause our share price to fall.
  • Our indebtedness resulting from our credit agreement could adversely affect our financial condition or restrict our future operations.
  • Capped call transactions entered into in connection with the Notes may impact the value of our common stock.
  • We may be subject to product liability claims and our insurance may not be adequate to cover damages.
  • Violation of the General Data Protection Regulation could subject us to significant fines.
  • We have expanded, and may continue to expand, our organization and may experience difficulties in managing this growth, which could disrupt our operations.
  • Our sales and operations are subject to the risks of doing business internationally.
  • Unfavorable global economic conditions could harm our business, financial condition or results of operations.
  • We rely significantly on information technology and any failure, inadequacy, interruption or security lapse of that technology, including any cyber security incidents, could harm our ability to operate our business effectively.
  • We may incur substantial costs in connection with litigation and other disputes.
  • The increasing use of social media platforms presents new risks and challenges.
Content analysis
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