Sarepta reported preliminary Q4 2025 results that missed analyst forecasts for Elevidys, the only FDA‑approved gene therapy for Duchenne muscular dystrophy, and shares tumbled about 11% after the announcement at J.P. Morgan’s healthcare conference. The company still beat consensus on total net product revenue driven by PMO oligonucleotide sales, but reduced Elevidys momentum has reignited investor focus on commercial uptake and the safety questions that followed patient deaths last year. Management highlighted full‑year cash near $954 million, but markets are recalibrating expected adoption curves for high‑cost gene therapies amid heightened safety and reimbursement scrutiny.