SRPT Stock Today, November 25, 2025: Sarepta Rises on SRP‑1003 Progress While Elevidys Risks Still Loom

Shares of Sarepta Therapeutics (NASDAQ: SRPT) head into Tuesday’s session trying to build on a rare rally, as investors digest a positive safety update for its experimental RNA therapy SRP‑1003 and weigh it against fresh FDA warnings and trial setbacks tied to its gene therapy Elevidys.

SRPT stock today at a glance

As of Monday’s close (November 24, 2025), here’s where SRPT stands:

Last close: just under $19 per share (around $18.9), up roughly 6.9% on the day ^[1]
Day’s range (Nov. 24): low around $17.6, high near $19.1 ^[2]
52‑week range: approximately $10.4 – $138.8 ^[3]
Market cap: about $1.9 billion ^[4]
1‑year / YTD performance: SRPT is down about 85% over the past year and year‑to‑date, reflecting one of the steepest drawdowns in biotech this year ^[5]

In other words, Monday’s bounce was meaningful, but comes after a brutal collapse from triple‑digit levels earlier in 2025.

New SRP‑1003 data: a rare bright spot for SRPT stock

On Monday, Sarepta released a progress update for SRP‑1003, its investigational small interfering RNA (siRNA) therapy for myotonic dystrophy type 1 (DM1), a rare genetic muscle disease. ^[6]

Key points from the update and related coverage:

SRP‑1003 is in a Phase 1/2 multiple‑ascending‑dose trial. Early cohorts at 1.5 mg/kg and 3 mg/kg have completed dosing, and a third cohort at 4.5 mg/kg is fully enrolled and ongoing. ^[7]
A pre‑specified safety review committee delivered a favorable safety analysis, allowing Sarepta to add higher‑dose cohorts. Patients are being dosed in a fourth cohort, with a final group expected to start in early 2026. ^[8]
Hitting an enrollment milestone in the DM1 study triggers a $200 million milestone payment to partner Arrowhead Pharmaceuticals, due within 60 days. ^[9]

FierceBiotech notes that SRPT’s stock rose about 5% intraday Monday on the back of this safety update and the Arrowhead milestone, as analysts at Leerink framed the data as encouraging in a field where safety has repeatedly slowed DM1 programs. ^[10]

For investors, SRP‑1003 matters for two reasons:

Strategic pivot: After repeated safety crises around Elevidys, Sarepta has said it will lean more heavily on siRNA programs (including SRP‑1001 for FSHD and SRP‑1005 for Huntington’s) as part of a longer‑term growth strategy. ^[11]
Validation of the Arrowhead deal: Sarepta struck a large RNA‑medicine licensing and equity deal with Arrowhead in late 2024, committing up‑front cash, equity purchases, and up to $300 million in DM1‑related milestones. Monday’s milestone shows that collaboration is actively progressing, even as Sarepta restructures. ^[12]

Short‑term, the DM1 news helps sentiment. Longer‑term, SRP‑1003 will still need to deliver convincing efficacy data—something the company doesn’t expect until early 2026. ^[13]

Elevidys label tightens: FDA adds boxed warning and narrows use

The biggest overhang on SRPT stock remains Elevidys, its one‑time gene therapy for Duchenne muscular dystrophy (DMD), priced at about $3.2 million per patient. ^[14]

On November 14, 2025, the U.S. FDA approved updated prescribing information for Elevidys with major changes: ^[15]

Addition of the FDA’s strongest safety warning, a boxed warning, for serious liver injury and acute liver failure, including fatal cases.
Restriction of use to ambulatory DMD patients aged 4 and older with a confirmed DMD gene mutation.
Removal of the non‑ambulatory indication, effectively shrinking the addressable market.
Requirements for weekly liver function tests for at least three months after infusion and for patients to remain near an appropriate medical facility for about two months.
A mandated observational safety study following roughly 200 Elevidys‑treated DMD patients for at least a year to track liver outcomes.

The label change follows at least two deaths in non‑ambulatory pediatric patients from acute liver failure after Elevidys, and a third fatal case in a separate gene therapy study earlier this year. ^[16]

For SRPT stock, the implications are stark:

Revenue pressure: Elevidys had been expected to drive a large share of Sarepta’s 2025 sales, but shipments were suspended for non‑ambulatory patients in June and Q3 Elevidys revenue plunged from $281.9 million in Q2 to $131.5 million in Q3. ^[17]
Narrower addressable market: Removing non‑ambulatory patients and tightening monitoring requirements makes it harder to grow volumes, especially outside major centers. ^[18]
Perception risk: A black‑box warning on a flagship gene therapy reinforces concerns that regulators may be less forgiving of safety issues across Sarepta’s platform.

Some patient advocates have noted that the updated label at least clarifies who should receive Elevidys and how aggressively they must be monitored, but for shareholders it locks in a smaller, more complex commercial opportunity. ^[19]

Trial failures deepen DMD uncertainty

In early November, Sarepta’s challenges escalated when a nine‑year confirmatory study of its PMO drugs casimersen (Amondys 45) and golodirsen (Vyondys 53) in DMD patients failed to meet its primary endpoint. ^[20]

Highlights from that readout and the market’s reaction:

The trial enrolled 225 boys aged 6–13 and measured stair‑climbing speed over 96 weeks. While treated patients showed numerical improvement vs. placebo, the result did not reach statistical significance. ^[21]
Sarepta argued that COVID‑related disruptions affected participation and data quality and that excluding those patients suggested about 30% slower disease progression and a delay in wheelchair use. Regulators, however, may not accept such a post‑hoc view. ^[22]
Following the announcement and updated Elevidys outlook, SRPT shares plunged roughly 30–40%, to the mid‑teens, wiping out much of the summer’s restructuring‑driven rebound. ^[23]

The PMO drugs remain on the market for now, and Sarepta plans to meet the FDA to argue for conversion of their accelerated approvals to full approvals using a combination of clinical and real‑world data. ^[24]

For SRPT stock, though, the misses raise the risk that:

Future label negotiations for the PMO franchise become tougher.
Payers and physicians question whether these exon‑skipping drugs deliver enough functional benefit to justify their cost.

Q3 2025 results: revenue resilience, profit pressure

Sarepta’s third‑quarter 2025 results arrived alongside the ESSENCE trial news, complicating the narrative for investors trying to model SRPT stock.

According to the company’s Q3 press release and SEC filing: ^[25]

Total revenue:
- $399.4 million in Q3 2025 vs. $467.2 million a year earlier (about a 15% decline year‑over‑year), largely due to lower Elevidys volumes following the June shipment suspension.
Net product revenue:
- Roughly $370 million, including about $238.5 million from PMO therapies and $131.5 million from Elevidys.
Profitability:
- GAAP net loss: about $179.9 million, or –$1.80 per share, compared with a $33.6 million profit (EPS $0.34) in Q3 2024.
- Non‑GAAP net loss:$12.9 million, or –$0.13 per share, vs. $69.9 million in non‑GAAP profit (EPS $0.64) a year earlier.
Operating trends:
- Research & development (R&D) expenses stayed elevated at $218.9 million, with a big contribution from the $100 million Arrowhead milestone linked to the DM1 study’s earlier enrollment target.
- Selling, general and administrative expenses declined to $91.9 million from $128.2 million, reflecting July’s restructuring and headcount reduction.

Analyst write‑ups note that revenue beat consensus estimates, while earnings were mixed depending on whether investors focus on GAAP or non‑GAAP metrics, but the market reaction clearly reflected bigger worries about trial failures and the Elevidys label, not the quarter’s top line. ^[26]

On the balance‑sheet side, Sarepta reported $865 million in cash, cash equivalents, and investments as of September 30, down from about $1.5 billion at year‑end 2024, even before the newly announced $200 million Arrowhead milestone that will hit in the coming months. ^[27]

Restructuring: deep cuts and a leaner pipeline

SRPT’s 2025 story can’t be understood without July’s sweeping restructuring plan, which management pitched as necessary to stabilize the business after Elevidys‑related deaths and mounting R&D commitments.

According to the company and subsequent coverage: ^[28]

Sarepta is cutting about 36% of its workforce, roughly 500 employees, to target around $100 million in annual cost savings starting in 2026.
Pausing and trimming multiple development programs is expected to save an additional $300 million, bringing total planned savings near $400 million over the next several years.
The company agreed earlier in 2025 to add a boxed liver‑injury warning to Elevidys—now formally implemented— and to refocus investment on earlier‑stage RNA and gene‑editing programs with a clearer risk‑reward profile.
Sarepta has also sold most of its Arrowhead equity stake, generating at least $174 million in cash to support its runway and partially offset milestone obligations. ^[29]

Even with these moves, Sarepta still faces:

Heavy R&D spending tied to the Arrowhead collaboration and gene therapy platform. ^[30]
A significant debt load, including roughly $1.1 billion of convertible notes coming due in 2027, according to prior commentary in Barron’s. ^[31]

The restructuring bought time and sparked a sharp short‑covering rally in July, but it hasn’t insulated SRPT stock from the impact of new safety and efficacy setbacks.

Class‑action lawsuits add legal overhang

On top of regulatory and clinical risk, Sarepta now faces securities class‑action lawsuits filed by multiple law firms.

Two prominent complaints, led by Pomerantz LLP and Bleichmar Fonti & Auld (BFA), allege that Sarepta and certain executives misled investors about Elevidys’ safety profile and the balance of risks and benefits: ^[32]

Pomerantz’s case highlights the March and June 2025 deaths of Elevidys‑treated patients and the steep share‑price drops that followed each safety disclosure. ^[33]
BFA’s complaint argues that the company “repeatedly touted” Elevidys’ safety despite accumulating evidence of fatal acute liver failure, and documents multiple sharp declines in SRPT’s stock as more information emerged, including a third death in a related gene therapy study. ^[34]

These suits are at an early stage, and no liability has been established. However, they add to the headline risk around SRPT and raise the possibility of future settlement costs or discovery of additional internal communications that could influence regulatory perceptions.

Hansa collaboration: Elevidys combination trial quietly shelved

One under‑the‑radar development is Sarepta’s decision to terminate a Phase I trial that combined Elevidys with Hansa Biopharma’s imlifidase (Idefirix) in DMD patients who have high anti‑AAV antibodies—patients who might otherwise be ineligible for gene therapy. ^[35]

The partnership, formed in 2020, aimed to see whether clearing pre‑existing antibodies would allow more patients to safely receive Elevidys. ^[36]
ClinicalTrials.gov now lists the Elevidys–imlifidase study as terminated for “business reasons”, rather than due to a newly identified safety signal. ^[37]

While the discontinuation reduces near‑term development spending, it also shuts down one pathway that could have expanded Elevidys’ eligible patient pool at a time when the FDA has narrowed its on‑label population.

How Wall Street sees SRPT stock now

With shares trading around $19, near their book value and far below prior revenue‑based multiples, many investors are trying to decide whether SRPT is a deep‑value turnaround or a value trap.

Recent data points on sentiment and valuation:

A survey of 44 Wall Street analysts compiled by a stock‑research platform shows a neutral consensus on SRPT, with a median 12‑month price target around $17–18 and an unusually wide range from roughly $5 to $80 per share. ^[38]
Ratings are split between Buy, Hold, and Sell, reflecting deep disagreement over Elevidys’ long‑term commercial potential and the odds that PMO drugs retain full approval. ^[39]
One quantitative “AI score” service currently flags SRPT as having a slightly above‑average probability of beating the market over the next three months—but such tools rely on statistical patterns rather than a detailed view of FDA risk. ^[40]

Given the ~85% drawdown from the start of 2025 and a 52‑week high near $139, even modestly optimistic scenarios can yield eye‑catching upside in models—which is part of what keeps speculative interest alive in SRPT stock. ^[41]

At the same time, the downside case remains severe if:

Regulators further restrict or even withdraw approvals for parts of the DMD portfolio. ^[42]
Additional safety events emerge from ongoing gene therapy or siRNA trials. ^[43]
Litigation or future capital needs dilute current shareholders.

Key things to watch for SRPT on November 25, 2025

As traders and long‑term investors look at SRPT stock today, a few focal points stand out:

Follow‑through after Monday’s DM1 rally
- Does the market continue to reward the SRP‑1003 safety and enrollment update, or does selling pressure resume as attention returns to Elevidys and the DMD trial failures? ^[44]
Further detail on Arrowhead milestones and cash runway
- Investors will be watching for updated guidance on how Sarepta plans to absorb the $200 million DM1 milestone and any future payments, especially with cash already shrinking and significant debt maturing in 2027. ^[45]
FDA interactions on PMO drugs and Elevidys
- Sarepta has said it will meet the FDA to discuss converting casimersen and golodirsen from accelerated to full approval, and to refine Elevidys’ safety strategy after the boxed warning. Any update from those meetings could move SRPT quickly. ^[46]
Litigation developments
- New filings, lead‑plaintiff appointments, or settlements in the securities class actions could influence both sentiment and the company’s future cash obligations. ^[47]
Upcoming data catalysts
- Early‑2026 readouts from FSHD (SRP‑1001) and DM1 (SRP‑1003) siRNA trials are now central to the long‑term bull case for SRPT. Any interim hints from conferences or earnings calls will be scrutinized. ^[48]

Bottom line

SRPT stock enters November 25, 2025 as a classic high‑risk, high‑uncertainty biotech story:

The SRP‑1003 DM1 progress update offers a glimpse of a potentially valuable second act built on siRNA therapies. ^[49]
At the same time, Elevidys now carries a boxed warning and a narrower label, DMD confirmatory trials have disappointed, and the company is juggling restructuring, milestones, lawsuits, and looming debt. ^[50]

For traders, that combination can create large short‑term swings on every new headline. For longer‑term investors, SRPT today is largely a bet on whether Sarepta can successfully pivot from a battered gene‑therapy story to a more diversified RNA‑medicine platform before regulatory, financial, or legal pressures force deeper concessions.

This article is for informational purposes only and does not constitute financial, legal, or investment advice. Always do your own research or consult a licensed financial adviser before making investment decisions.

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