UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On March 1, 2022, Repare Therapeutics Inc. (the “Company”) issued a press release announcing its recent business highlights and financial results for the three and twelve months ended December 31, 2021. A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section. The information contained herein and in the accompanying exhibit is not incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
Exhibit |
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No. |
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Description |
99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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REPARE THERAPEUTICS INC. |
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Date: |
March 1, 2022 |
By: |
/s/ Lloyd M. Segal |
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Lloyd M. Segal |
Exhibit 99.1
Repare Therapeutics Provides Business Update and Reports Fourth Quarter and Full Year 2021 Financial Results
Cambridge, MA & Montreal, QC, March 1, 2022 (BUSINESS WIRE) -- Repare Therapeutics Inc. (“Repare” or the “Company”) (Nasdaq: RPTX), a leading clinical-stage precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics, today reported financial results for the fourth quarter and full year ended December 31, 2021.
“We achieved several key milestones in 2021 to advance our innovative, synthetic lethality-based pipeline across multiple clinical programs,” said Lloyd M. Segal, President and Chief Executive Officer of Repare. “We are particularly pleased with important progress in our RP-3500 program and to have initiated our second clinical program, RP-6306, a first-in-class oral PKMYT1 inhibitor, and look forward to starting IND-enabling studies of our Polθ inhibitor program in the first half of 2022 as part of our growing clinical pipeline.”
Mr. Segal added: “2022 is expected to be another exciting year for Repare, beginning in the first quarter 2022 with the Phase 2 (Module 2) expansion of the RP-3500 TRESR trial and the initiation of the TRESR Phase 1 monotherapy pediatric module in the first quarter of 2022. We anticipate comprehensive monotherapy TRESR Module 1 clinical data in the second quarter of 2022, and also look forward to initial data from the Phase 1 RP-6306 monotherapy MYTHIC trial in late 2022.”
2021 Highlights and 2022 Outlook:
Recent Corporate Updates:
Fourth Quarter and Full Year 2021 Financial Results:
About Repare Therapeutics’ SNIPRx® Platform
Repare’s SNIPRx® platform is a genome-wide CRISPR-based screening approach that utilizes proprietary isogenic cell lines to identify novel and known synthetic lethal gene pairs and the corresponding patients who are most likely to benefit from the Company’s therapies based on the genetic profile of their tumors. Repare’s platform enables the development of precision therapeutics in patients whose tumors contain one or more genomic alterations identified by SNIPRx® screening, in order to selectively target those patients most likely to achieve clinical benefit from resulting product candidates.
About Repare Therapeutics, Inc.
Repare Therapeutics is a leading clinical-stage precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics. The Company utilizes its genome-wide, CRISPR-enabled SNIPRx® platform to systematically discover and develop highly targeted cancer therapies focused on genomic instability, including DNA damage repair. The Company’s pipeline includes its lead product candidate RP-3500, a potential leading ATR inhibitor currently in Phase 1/2 clinical development, its second clinical candidate, RP-6306, a PKMYT1 inhibitor currently in Phase 1 clinical development, a Polθ inhibitor program, as well as several other early-stage, pre-clinical programs. For more information, please visit reparerx.com.
SNIPRx® is a registered trademark of Repare Therapeutics Inc.
Forward-Looking Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. All statements in this press release other than statements of historical facts are “forward-looking statements. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding
the discovery of potential product candidates using SNIPRx® platform; and the clinical development of the Company’s pipeline and its research and development programs, including the anticipated timing, anticipated patient enrollment, trial outcomes or associated costs of its clinical trials of RP-3500 and RP-6306 and IND-enabling studies of the Company's Polθ inhibitor program. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties that could cause the Company’s clinical development programs, future results or performance to differ materially from those expressed or implied by the forward-looking statements. Many factors may cause differences between current expectations and actual results, including the impacts of the COVID-19 pandemic on the Company’s business, clinical trials and financial position, unexpected safety or efficacy data observed during preclinical studies or clinical trials, clinical trial site activation or enrollment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, the uncertainties and timing of the regulatory approval process, and unexpected litigation or other disputes. Other factors that may cause the Company’s actual results to differ from those expressed or implied in the forward-looking statements in this press release are identified in the section titled "Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) and the Québec Autorité des Marchés Financiers ("AMF") on March 1, 2022. The Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.
Repare Therapeutics Inc.
Consolidated Balance Sheets
(Unaudited)
(Amounts in thousands of U.S. dollars, except share data)
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As of December 31, |
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2021 |
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2020 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
334,427 |
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$ |
326,184 |
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Marketable securities |
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7,439 |
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7,526 |
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Research and development tax credits receivable |
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2,580 |
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2,011 |
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Other receivables |
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654 |
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4,153 |
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Prepaid expenses |
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6,314 |
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6,678 |
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Total current assets |
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351,414 |
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346,552 |
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Property and equipment, net |
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5,604 |
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3,948 |
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Restricted cash |
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— |
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212 |
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Operating lease right-of-use assets |
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7,491 |
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4,674 |
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Other assets |
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586 |
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288 |
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Deferred tax assets |
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3,620 |
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1,412 |
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TOTAL ASSETS |
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$ |
368,715 |
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$ |
357,086 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
2,302 |
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$ |
2,251 |
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Accrued expenses and other current liabilities |
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18,622 |
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5,975 |
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Operating lease liabilities, current portion |
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1,721 |
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697 |
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Deferred revenue, current portion |
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11,921 |
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2,073 |
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Income tax payable |
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523 |
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18 |
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Total current liabilities |
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35,089 |
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11,014 |
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Operating lease liabilities, net of current portion |
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5,592 |
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3,308 |
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Deferred revenue, net of current portion |
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39,613 |
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55,934 |
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TOTAL LIABILITIES |
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80,294 |
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70,256 |
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SHAREHOLDERS’ EQUITY: |
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Preferred shares, no par value per share; unlimited shares authorized as of December 31, 2021 |
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— |
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— |
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Common shares, no par value per share; unlimited shares authorized as of December 31, 2021 |
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480,699 |
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384,313 |
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Additional paid-in capital |
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17,988 |
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5,875 |
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Accumulated deficit |
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(210,266 |
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(103,358 |
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TOTAL SHAREHOLDERS’ EQUITY |
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288,421 |
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286,830 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
368,715 |
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$ |
357,086 |
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Repare Therapeutics Inc.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(Amounts in thousands of U.S. dollars, except share and per share data)
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Three Months Ended December 31, |
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Year Ended December 31, |
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2021 |
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2020 |
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2021 |
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2020 |
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Revenue: |
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Collaboration agreements |
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$ |
6,877 |
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$ |
135 |
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$ |
7,600 |
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$ |
135 |
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Operating expenses: |
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Research and development, net of tax credits |
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27,972 |
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12,417 |
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90,047 |
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40,091 |
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General and administrative |
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7,639 |
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4,792 |
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26,213 |
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14,346 |
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Total operating expenses |
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35,611 |
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17,209 |
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116,260 |
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54,437 |
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Loss from operations |
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(28,734 |
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(17,074 |
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(108,660 |
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(54,302 |
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Other (expense) income, net |
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Realized and unrealized (loss) gain on foreign exchange |
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(52 |
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181 |
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(144 |
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(664 |
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Interest income |
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104 |
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84 |
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259 |
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240 |
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Other expense |
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(20 |
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(6 |
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(41 |
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(16 |
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Total other income (expense), net |
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32 |
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259 |
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74 |
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(440 |
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Loss before income taxes |
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(28,702 |
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(16,815 |
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(108,586 |
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(54,742 |
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Income tax benefit |
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412 |
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1,554 |
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1,678 |
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1,325 |
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Net loss and comprehensive loss |
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$ |
(28,290 |
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$ |
(15,261 |
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$ |
(106,908 |
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$ |
(53,417 |
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Net loss attributable to common shareholders—basic and diluted |
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$ |
(28,290 |
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$ |
(15,261 |
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$ |
(106,908 |
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$ |
(53,417 |
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Net loss per share attributable to common shareholders—basic and |
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$ |
(0.70 |
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$ |
(0.41 |
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$ |
(2.83 |
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$ |
(2.66 |
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Weighted-average common shares outstanding—basic and diluted |
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40,168,285 |
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36,782,807 |
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37,818,115 |
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20,045,602 |
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Repare Contact:
Steve Forte
Chief Financial Officer
Repare Therapeutics Inc.
Investors:
Kimberly Minarovich
Argot Partners
Media:
David Rosen
Argot Partners
212-600-1902