SUBSEQUENT EVENTS	6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS One Big Beautiful Bill Act On July 4, 2025, the OBBBA was enacted in the U.S. The OBBBA includes provisions that could have a significant impact on the Company, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently evaluating the financial impact of the OBBBA. Restructuring Plan On July 16, 2025, the Company announced its plan to reprioritize its pipeline and reduce its workforce, representing approximately 36% of the Company’s workforce (the “Restructuring”). As a result of this reduction in force, the Company estimates that it will record a charge in the range of $32.0 million to $37.0 million during the three and nine months ended September 30, 2025, related to employee termination benefits, including severance, all of which is anticipated to result in cash expenditures. The Company expects the reduction in force to be substantially complete by the end of the third quarter of 2025. LGMD FDA Clinical Hold On July 21, 2025, the Company announced that the FDA placed a clinical hold on the Company’s investigational gene therapy clinical trials for LGMD (the “LGMD Clinical Hold”). The LGMD Clinical Hold includes the Company’s LGMD clinical trials related to its product candidates SRP-9003 (LGMD2E/R4/bidridistrogene xeboparvovec), SRP-9004 (LGMD2D/patidistrogene bexoparvovec), SRP-6004 (LGMD2B/R2) and SRP-9005 (LGMD2C/R5 g-sarcoglycan). The Company previously announced on July 16, 2025, that it had suspended the development of each of the LGMD programs mentioned above as part of the Restructuring, with the exception of SRP-9003. As of June 30, 2025, there were $47.4 million of regulatory-related contingent payments included in contingent consideration liability on the unaudited condensed consolidated balance sheets, of which $47.1 million relates to regulatory-related contingent payments to Myonexus' selling shareholders associated with the Company's LGMD product candidates. The Company is currently evaluating the financial impact of the LGMD Clinical Hold on its contingent consideration liabilities. Milestone Payment to Arrowhead On July 28, 2025, the Company recognized a $100.0 million milestone payment obligation to Arrowhead pursuant to the terms of the Arrowhead Agreement (the “Arrowhead Milestone”). The Arrowhead Milestone was triggered by Arrowhead’s achievement of the first of two predetermined enrollment targets and subsequent authorization to dose escalate in a Phase 1/2 study for an individual program. In accordance with the Arrowhead Agreement, the Company is required to remit the milestone payment within 60 days of achievement of the Arrowhead Milestone. The Arrowhead Milestone will be recorded in the Company’s unaudited condensed consolidated statements of comprehensive income (loss) within research and development expense for the three and nine months ended September 30, 2025.

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2025

18. SUBSEQUENT EVENTS

One Big Beautiful Bill Act

On July 4, 2025, the OBBBA was enacted in the U.S. The OBBBA includes provisions that could have a significant impact on the Company, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently evaluating the financial impact of the OBBBA.

Restructuring Plan

On July 16, 2025, the Company announced its plan to reprioritize its pipeline and reduce its workforce, representing approximately 36% of the Company’s workforce (the “Restructuring”). As a result of this reduction in force, the Company estimates that it will record a charge in the range of $32.0 million to $37.0 million during the three and nine months ended September 30, 2025, related to employee termination benefits, including severance, all of which is anticipated to result in cash expenditures. The Company expects the reduction in force to be substantially complete by the end of the third quarter of 2025.

LGMD FDA Clinical Hold

On July 21, 2025, the Company announced that the FDA placed a clinical hold on the Company’s investigational gene therapy clinical trials for LGMD (the “LGMD Clinical Hold”). The LGMD Clinical Hold includes the Company’s LGMD clinical trials related to its product candidates SRP-9003 (LGMD2E/R4/bidridistrogene xeboparvovec), SRP-9004 (LGMD2D/patidistrogene bexoparvovec), SRP-6004 (LGMD2B/R2) and SRP-9005 (LGMD2C/R5 g-sarcoglycan). The Company previously announced on July 16, 2025, that it had suspended the development of each of the LGMD programs mentioned above as part of the Restructuring, with the exception of SRP-9003. As of June 30, 2025, there were $47.4 million of regulatory-related contingent payments included in contingent consideration liability on the unaudited condensed consolidated balance sheets, of which $47.1 million relates to regulatory-related contingent payments to Myonexus' selling shareholders associated with the Company's LGMD product candidates. The Company is currently evaluating the financial impact of the LGMD Clinical Hold on its contingent consideration liabilities.

Milestone Payment to Arrowhead

On July 28, 2025, the Company recognized a $100.0 million milestone payment obligation to Arrowhead pursuant to the terms of the Arrowhead Agreement (the “Arrowhead Milestone”). The Arrowhead Milestone was triggered by Arrowhead’s achievement of the first of two predetermined enrollment targets and subsequent authorization to dose escalate in a Phase 1/2 study for an individual program. In accordance with the Arrowhead Agreement, the Company is required to remit the milestone payment within 60 days of achievement of the Arrowhead Milestone. The Arrowhead Milestone will be recorded in the Company’s unaudited condensed consolidated statements of comprehensive income (loss) within research and development expense for the three and nine months ended September 30, 2025.