Sarepta Therapeutics disclosed preliminary Q4 2025 results showing Elevidys net product revenue of $110.4 million, down 17% from Q3 and missing analyst consensus, prompting an immediate share selloff. The company reported $369.6 million in Q4 total net product revenue and $1.86 billion for full-year 2025, with a year-end cash position near $954 million. Investors reacted to the Elevidys miss against a backdrop of renewed safety concerns after three Duchenne muscular dystrophy patients died last year following AAV gene therapy, raising scrutiny of clinical risk and commercial uptake. Management defended broader product performance—PMO therapies beat expectations—while the market weighed safety perception and slower-than-expected gene therapy adoption.