
Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES☒NO☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES☐NO☒ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days. YES☒NO☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitt ed pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period tha t the Registrant was required to submit such files). YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non -accelerated filer, smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “sma ller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Large accelerated filer☒Non-accelerated filer☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicateby check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive -based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b -2 of the Exchange Act). YES☐NO☒The aggregate market valueof the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing price of the shares of commonstock on The Nasdaq Global Select Market on June 30, 2024, was approximately $15,054,650,800.The number of shares of Registrant’s Common Stock outstanding as of February 24, 2025 was 97,032,073.DOCUMENTS INCORPORATED BY REFERENCEThe registrant has incorporated by reference into Part II and Part III of this Annual Report on Form 10 -K portions of its definitive Proxy Statement for the 2025 AnnualMeeting of Stockholders to be filed no later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K. Sarepta Therapeutics, Inc.FORM 10-K INDEX PagePART I..............................................................................................................................................................................................6Item 1. Business ......................................................................................................................................................................6Item 1A. Risk Factors .............................................................................................................................................................31Item 1B. Unresolved Staff Comments ....................................................................................................................................67Item 1C. Cybersecurity ...........................................................................................................................................................68Item 2. Properties ....................................................................................................................................................................69Item 3. Legal Proceedings.......................................................................................................................................................69Item 4. Mine Safety Disclosures .............................................................................................................................................69PART II .................................................................................................................................................................................