Cambridge biotech tracker · Cambridge
Sarepta Therapeutics
Listed on Nasdaq as SRPT, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $934M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- None
- avg. operating cash flow, 4 qtrs
- Runway
- Self-funding
- Self-funding
- Net loss
- $4.9M
- Q2 '26
- R&D expense
- $91.3M
- 24% of opex
- Raised, last 4 qtrs
- −$157M
- net financing cash flow
- Next readout
- Dec 2026
- Phase 1/2 · self-funding
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
Self-funding
Cash at Q2 '26 divided by the average burn of the last four quarters.
Management’s own date
12+ months
The latest filing states only the going concern minimum, that cash covers at least twelve months from issuance. No sharper date was filed.
Cash against the calendar
What the runway has to reach.
Dec 2026estimated
Study of SRP-1003 in Participants With Type 1 Myotonic Dystrophy
Myotonic Dystrophy 1
NCT06138743 on ClinicalTrials.govDoes the cash reach it?
Self-funding
- Runway
- Self-funding
- Time to the date
- 2 months
It is about 2 months out. Operating cash flow is positive on average, so the date is not a financing deadline.
Catalysts ahead
- Dec 2026Phase 1/2Study of SRP-1003 in Participants With Type 1 Myotonic Dystrophy
- May 2027Phase 3A Gene Transfer Therapy Study to Evaluate the Safety and Efficacy of Delandistrogene Moxeparvovec (SRP-9001) in Non-Ambulatory and Ambulatory Participants With Duchenne Muscular Dystrophy (DMD)
- Nov 2027Phase 1A First-in-human Study of the Effects of SRP-1005 in Participants With Huntington's Disease
- Dec 2027Phase 1A Gene Transfer Therapy Study to Evaluate the Safety of and Expression From Delandistrogene Moxeparvovec (SRP-9001) in Participants With Duchenne Muscular Dystrophy (DMD) - Non-Ambulatory Cohort
- Aug 2028Phase 1A Gene Transfer Single Dose Study to Evaluate the Safety, Tolerability and Efficacy of SRP-9003 in Non-Ambulatory and Ambulatory Participants With Limb Girdle Muscular Dystrophy, Type 2E/R4 (Beta-Sarcoglycan [β-SG] Deficiency)
- Dec 2028Phase 1/2Study of SRP-1001 in Adult and Adolescent Participants With Facioscapulohumeral Muscular Dystrophy Type 1
Pipeline
10 active trials, through phase 4.
Phase 3 · 4Phase 1 · 3Phase 1/2 · 2Phase 4 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companySelf-funding on an operating basis
Operating cash flow was positive on average over the last four quarters, so runway is not the constraint. Cash and investments stood at $934M at Q2 '26.
Cash position down $446M since Q3 '24
Net financing outflows of $157M over the last four quarters, meaning repayments or buybacks exceeded any new capital. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $202M above cash burn
The Q2 '26 net loss of $4.9M includes non-cash charges, including $24.5M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 24% of operating expenses
$91.3M of R&D against $388M of total operating expenses in Q2 '26, with G&A at $108M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $401M in Q2 '26
The balance sheet carries $220M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
$848M of long-term debt or convertible notes
Debt in a pre-revenue biotech usually comes with liquidity covenants and, for convertibles, embedded features that need ASC 815 and ASC 470 analysis each quarter.
Accumulated deficit of $4.55B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $1.38B | −$70.7M | $33.6M | $224M | $128M | $467M | $43.5M | $13.8M |
| Q4 '24 · Dec 31, 24 | $1.49B | $92.0M | $159M | $200M | $164M | $658M | $49.7M | $49.0M |
| Q1 '25 · Mar 31, 25 | $632M | −$583M | −$448M | $773M | $134M | $745M | $41.4M | $12.5M |
| Q2 '25 · Jun 30, 25 | $835M | $261M | $197M | $204M | $138M | $611M | $37.0M | −$23.8M |
| Q3 '25 · Sep 30, 25 | $852M | −$14.6M | −$50.6M | $219M | $91.9M | $399M | $14.9M | −$118M |
| Q4 '25 · Dec 31, 25 | $941M | $131M | −$412M | $325M | $128M | $443M | −$93.4M | −$39.2M |
| Q1 '26 · Mar 31, 26 | $735M | −$203M | $331M | $154M | $109M | $731M | $29.4M | $241K |
| Q2 '26 · Jun 30, 26 | $934M | $197M | −$4.9M | $91.3M | $108M | $401M | $24.5M | $0 |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.