00-00000000001808158false00018081582023-05-092023-05-09

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 09, 2023

 

 

Repare Therapeutics Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Quebec			001-39335	Not applicable
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
7210 Frederick-Banting, Suite 100
St-Laurent, Quebec, Canada				H4S 2A1
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 857 412-7018

 

(Former Name or Former Address, if Changed Since Last Report)

 

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:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common shares, no par value		RPTX		The Nasdaq Stock Market LLC

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. ☐

 

 

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Item 2.02 Results of Operations and Financial Condition.

On May 9, 2023, Repare Therapeutics Inc. (the "Company") issued a press release announcing its recent business highlights and financial results for the three months ended March 31, 2023. 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
No.		Description
99.1		Press Release dated May 9, 2023.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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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 hereunto duly authorized.

			REPARE THERAPEUTICS INC.
Date:	May 9, 2023	By:	/s/ Lloyd M. Segal
			Lloyd M. Segal President and Chief Executive Officer

 

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Exhibit 99.1

 

Repare Therapeutics Provides Business Update and Reports First Quarter 2023 Financial Results

Reported initial camonsertib data from ongoing Phase 1/2 TRESR and Phase 1b/2 ATTACC clinical trials in a plenary oral presentation at 2023 AACR Annual Meeting

Camonsertib combination therapy showed 48% CBR across tumor types regardless of choice of PARP inhibitor or platinum resistance, with a favorable safety and tolerability profile

Company on track to report initial RP-6306 monotherapy data from Phase 1 MYTHIC clinical trial in June 2023

Announced the appointment of Susan Molineaux, Ph.D., and departure of Jerel Davis, Ph.D. on our Board of Directors, as well as the addition of Daniel Belanger to the senior leadership team

CAMBRIDGE, Mass. & MONTREAL (BUSINESS WIRE)—May 9, 2023— Repare Therapeutics Inc. (“Repare” or the “Company”) (Nasdaq: RPTX), a leading clinical-stage precision oncology company, today reported financial results for the first quarter ended March 31, 2023.

“We continue to execute clinically and across our pipeline programs, including presenting initial clinical data of camonsertib in combination with various PARP inhibitors from the ongoing TRESR and ATTACC trials at this year’s AACR conference,” said Lloyd M. Segal, President and Chief Executive Officer of Repare. “These findings are consistent with our preclinical data demonstrating that low, intermittent dosing of the camonsertib and PARP inhibitor combinations appears well tolerated and exhibited antitumor activity, most notably in advanced ovarian cancer. In addition, we are on track to present initial Phase 1 monotherapy data for RP-6306 in June.”

First Quarter 2023 Review and Operational Updates:

 

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First Quarter 2023 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 tumors in 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 RP-6306, a PKMYT1 inhibitor currently in Phase 1 clinical development; camonsertib (also known as RP-3500 or RG6526), a potential leading ATR inhibitor currently in Phase 1/2 clinical development and partnered with Roche; a preclinical Polθ inhibitor program; as well as several undisclosed preclinical programs, including RP-1664. For more information, please visit reparerx.com.

SNIPRx® is a registered trademark of Repare Therapeutics Inc.

 

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Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and securities laws in Canada. 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 safety, efficacy and clinical progress of the Company’s clinical programs, including RP-6306 and camonsertib; the clinical and preclinical 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-6306 and camonsertib and ongoing preclinical studies and future clinical trials of the Company's RP-1664 and Polθ inhibitor programs; the Company’s continued development of camonsertib in partnership with Roche; the status of clinical trials (including, without limitation, expectations regarding the data that is being presented, the expected timing of data releases and development, as well as the completion of clinical trials) and development timelines for the Company’s product candidates; ; and the expected benefits of the Company’s collaborations and partnerships. 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 evolving impact of macroeconomic events, including the COVID-19 pandemic, rising inflation, the U.S. Federal Reserve raising interest rates, recent disruptions in access to bank deposits or lending commitments due to bank failures and the Russia-Ukraine war, 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, 2022 filed with the Securities and Exchange Commission (“SEC”) and the Québec Autorité des Marchés Financiers ("AMF") on February 28, 2023, and its other documents subsequently filed with or furnished to the SEC and AMF. 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. For more information, please visit reparerx.com and follow Repare on Twitter at @RepareRx and on LinkedIn at https://www.linkedin.com/company/repare-therapeutics/.

 

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Repare Therapeutics Inc.

Consolidated Balance Sheets

(Unaudited)

(Amounts in thousands of U.S. dollars, except share data)

		As of March 31,				As of December 31,
		2023				2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	121,461			$	159,521
Marketable securities			192,663				184,420
Research and development tax credits receivable			1,659				1,280
Collaboration revenue receivable			3,996				1,525
Other receivables			1,358				1,518
Prepaid expenses			4,389				5,715
Total current assets			325,526				353,979
Property and equipment, net			5,396				4,228
Operating lease right-of-use assets			4,976				5,371
Other assets			408				497
TOTAL ASSETS		$	336,306			$	364,075
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		$	3,620			$	461
Accrued expenses and other current liabilities			17,442				21,645
Operating lease liability, current portion			2,257				2,171
Deferred revenue, current portion			52,760				53,102
Income tax payable			4,856				1,240
Total current liabilities			80,935				78,619
Operating lease liability, net of current portion			2,780				3,257
Deferred revenue, net of current portion			1,347				2,682
TOTAL LIABILITIES			85,062				84,558
SHAREHOLDERS’ EQUITY
Preferred shares, no par value per share; unlimited shares authorized    as of March 31, 2023 and December 31, 2022, respectively; 0 shares issued    and outstanding as of March 31, 2023, and December 31, 2022, respectively			—				—
Common shares, no par value per share; unlimited shares authorized as of    March 31, 2023 and December 31, 2022; 42,079,896 and 42,036,193 shares    issued and outstanding as of March 31, 2023 and December 31, 2022, respectively			482,677				482,032
Additional paid-in capital			43,056				37,226
Accumulated other comprehensive loss			(235	)			(428	)
Accumulated deficit			(274,254	)			(239,313	)
Total shareholders’ equity			251,244				279,517
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	336,306			$	364,075

 

 

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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)

		Three Months Ended March 31,
		2023				2022
Revenue:
Collaboration agreements		$	5,678			$	408
Operating expenses:
Research and development, net of tax credits			31,830				26,458
General and administrative			8,529				8,779
Total operating expenses			40,359				35,237
Loss from operations			(34,681	)			(34,829	)
Other income (expense), net
Realized and unrealized loss on foreign exchange			(56	)			(17	)
Interest income			3,427				129
Other expense			(15	)			(8	)
Total other income, net			3,356				104
Loss before income taxes			(31,325	)			(34,725	)
Income tax expense			(3,616	)			(32	)
Net loss		$	(34,941	)		$	(34,757	)
Other comprehensive gain:
Unrealized gain on available-for-sale marketable securities		$	193			$	—
Total other comprehensive gain			193				—
Comprehensive loss		$	(34,748	)		$	(34,757	)
Net loss per share attributable to common shareholders - basic and diluted		$	(0.83	)		$	(0.83	)
Weighted-average common shares outstanding - basic and diluted			42,040,674				41,861,613

 

 

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Repare Contact:

Robin Garner

Executive Director and Head of Investor Relations

Repare Therapeutics Inc.

[email protected]

Investors:

Matthew DeYoung
Argot Partners

[email protected]

Media:

David Rosen

Argot Partners

[email protected]

212-600-1902

 

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