INDEBTEDNESS (Tables)

12 Months Ended

Dec. 31, 2025

The following table summarizes the Company’s debt instruments by indenture for the periods indicated:


	As of December 31,
	2025			2024
	(in thousands)
Principal amount of the 2027 Notes	$	158,608		$	1,150,000
Principal amount of the 2030 Notes		893,394			—
Unamortized issuance costs of 2027 Notes		(1,130	)		(12,876	)
Unamortized debt discount and issuance costs of 2030 Notes		(221,898	)		—
Total carrying value of debt instruments	$	828,974		$	1,137,124

Fair value of 2027 Notes		143,076			1,254,857
Fair value of 2030 Notes		721,791			—
Total fair value of debt instruments	$	864,867		$	1,254,857

Summarizes Total Gross Payments Due under Company's Debt Arrangements

The following table summarizes the total principal and contractual interest payments due under the Company’s debt arrangements:


	As of December 31, 2025
	Principal		Interest		Total Payments
	(in thousands)
2026	$	—	$	41,597	$	41,597
2027		158,608		45,536		204,144
2028		—		43,553		43,553
2029		—		43,553		43,553
2030		893,394		43,674		937,068
Total payments	$	1,052,002	$	217,913	$	1,269,915

Schedule Of Results Of Exchange Transactions

The following table summarizes the results of the Exchange Transactions:


	August 2025 Exchange				December 2025 Exchange 2030 Notes in Aggregate
	Extinguishment				Extinguishment			Modification
	(in thousands)
Par value	$	602,002			$	182,762		$	108,630
Debt discount		(142,373	)	(1)		(36,434	)		(34,162	)
Debt issuance costs		(13,406	)			(3,956	)		—
Initial carrying value at issuance	$	446,223			$	142,372		$	74,468
Weighted-average effective interest rate		11.7	%			10.9	%		14.0	%
Gain on debt extinguishment		3,761		(1)		13,101			—

(1) Please refer to Note 2, Summary of Significant Accounting Policies and Recent Accounting Pronouncements for additional information.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Sarepta Therapeutics, Inc. 10-K