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 3, 2025, 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, 2024. 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 hereunto duly authorized.
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REPARE THERAPEUTICS INC. |
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Date: |
March 3, 2025 |
By: |
/s/ Lloyd M. Segal |
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Lloyd M. Segal |
Exhibit 99.1
Repare Therapeutics Provides Business and Clinical Update and Reports Fourth Quarter and Full Year 2024 Financial Results
Initial clinical readout from Phase 1 RP-3467 (Polq ATPase/helicase inhibitor) POLAR trial expected in Q3 2025
Initial clinical readout from Phase 1 RP-1664 (PLK4 inhibitor) LIONS trial expected in Q4 2025
Company reducing its workforce by approximately 75%
$152.8 million in cash and cash equivalents and marketable securities provides runway to late-2027
Exploring partnerships across portfolio, including for Lunre+Camo
CAMBRIDGE, Mass. & MONTREAL (BUSINESS WIRE)—March 3, 2025— Repare Therapeutics Inc. (“Repare” or the “Company”) (Nasdaq: RPTX), a clinical-stage precision oncology company, today reported financial results for the fourth quarter and full year ended December 31, 2024.
“Our recently implemented re-structuring and the re-prioritization of our clinical portfolio meaningfully extends our cash runway into late 2027. We are now focused on three ongoing Phase 1 clinical trials with readouts expected in 2025: the LIONS trial evaluating our RP-1664 PLK4 inhibitor; the POLAR trial evaluating our RP-3467 Polθ ATPase inhibitor; and our ongoing MYTHIC trial evaluating lunresertib in combination with Debiopharm's WEE1 inhibitor, Debio 0123,” said Lloyd M. Segal, President and Chief Executive Officer of Repare. “Our progress with RP-3467 Polθi is particularly promising. We believe we are leading the field with helicase Polθi - PARPi clinical combinations and look forward to sharing initial data by Q3 this year.”
Fourth Quarter 2024 and Recent Portfolio Highlights:
Fourth Quarter and Full Year 2024 Financial Results:
About Repare Therapeutics Inc.
Repare Therapeutics is a 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 clinical-stage pipeline includes RP-1664, a Phase 1 PLK4 inhibitor; RP-3467, a Phase 1 Polθ ATPase inhibitor; and lunresertib, a PKMYT1 inhibitor. For more information, please visit www.reparerx.com and follow @Reparerx on X (formerly Twitter) and LinkedIn.
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 Company’s plans for re-prioritization of its portfolio and the implementation of other cost saving measures, and the expected impact of such actions; the Company’s anticipated cash runway; the design, objectives, initiation, timing, progress and results of current and future preclinical studies and clinical trials of the Company’s product candidates; the Company’s plans to seek a partner to fund further clinical development of camonsertib, lunresertib and other assets; the estimated amounts and timing of close-out costs associated with the suspension of its Phase 1 MYTHIC gynecologic expansion trial evaluating Lunre+Camo; and the potential, tolerability, efficacy and clinical progress of the Company’s product candidates. 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 potential that success in preclinical testing and earlier clinical trials does not ensure that later clinical trials will generate the same results or otherwise provide adequate data to demonstrate the efficacy and safety of a product candidate; the impacts of macroeconomic conditions, including the conflict in Ukraine and the conflict in the Middle East, fluctuations in inflation and uncertain credit and financial markets, 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; the Company’s ability to realize the benefits of its collaboration and license agreements; 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, 2024 filed with the Securities and Exchange Commission (“SEC”) and the Québec Autorité des Marchés Financiers ("AMF") on March 3, 2025. 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 X (formerly Twitter) at @RepareRx and on LinkedIn at https://www.linkedin.com/company/repare-therapeutics/.
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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2024 |
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2023 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
84,717 |
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$ |
111,268 |
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Marketable securities |
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68,074 |
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112,359 |
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Income tax receivable |
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10,600 |
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10,813 |
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Other current receivables |
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1,746 |
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4,499 |
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Prepaid expenses |
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6,012 |
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4,749 |
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Total current assets |
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171,149 |
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243,688 |
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Property and equipment, net |
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2,294 |
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4,215 |
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Operating lease right-of-use assets |
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1,924 |
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3,326 |
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Income tax receivable |
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960 |
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2,276 |
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Other assets |
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179 |
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396 |
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TOTAL ASSETS |
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$ |
176,506 |
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$ |
253,901 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
3,623 |
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$ |
2,400 |
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Accrued expenses and other current liabilities |
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19,819 |
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24,057 |
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Operating lease liabilities, current portion |
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1,845 |
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2,400 |
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Deferred revenue, current portion |
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— |
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10,222 |
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Total current liabilities |
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25,287 |
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39,079 |
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Operating lease liabilities, net of current portion |
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88 |
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1,010 |
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Deferred revenue, net of current portion |
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— |
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1,730 |
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TOTAL LIABILITIES |
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25,375 |
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41,819 |
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Commitments and Contingencies |
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SHAREHOLDERS’ EQUITY: |
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Preferred shares, no par value per share; unlimited shares authorized as of |
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— |
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— |
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Common shares, no par value per share; unlimited shares authorized as |
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486,674 |
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483,350 |
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Warrants |
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10 |
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— |
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Additional paid-in capital |
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82,191 |
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61,813 |
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Accumulated other comprehensive income |
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54 |
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28 |
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Accumulated deficit |
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(417,798 |
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(333,109 |
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TOTAL SHAREHOLDERS’ EQUITY |
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151,131 |
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212,082 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
176,506 |
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$ |
253,901 |
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Repare Therapeutics Inc.
Consolidated Statements of Operations
(Unaudited)
(Amounts in thousands of U.S. dollars, except share and per share data)
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Year Ended |
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2024 |
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2023 |
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Revenue: |
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Collaboration agreements |
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$ |
53,477 |
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$ |
51,133 |
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Operating expenses: |
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Research and development, net of tax credits |
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115,941 |
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133,593 |
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General and administrative |
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29,680 |
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33,764 |
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Restructuring |
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1,379 |
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— |
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Total operating expenses |
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147,000 |
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167,357 |
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Loss from operations |
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(93,523 |
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(116,224 |
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Other income (expense), net |
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Realized and unrealized loss on foreign exchange |
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(2 |
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(170 |
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Interest income |
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10,391 |
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13,334 |
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Other expense, net |
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(115 |
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(119 |
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Total other income, net |
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10,274 |
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13,045 |
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Loss before income taxes |
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(83,249 |
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(103,179 |
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Income tax (expense) benefit |
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(1,440 |
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9,383 |
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Net loss |
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$ |
(84,689 |
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$ |
(93,796 |
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Other comprehensive income: |
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Unrealized gain on available-for-sale marketable securities |
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26 |
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456 |
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Total other comprehensive income |
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$ |
26 |
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$ |
456 |
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Comprehensive loss |
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$ |
(84,663 |
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$ |
(93,340 |
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Net loss per share attributable to common shareholders—basic and diluted |
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$ |
(2.00 |
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$ |
(2.23 |
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Weighted-average common shares outstanding—basic and diluted |
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42,411,085 |
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42,093,293 |
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Three Months Ended |
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2024 |
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2023 |
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Key financial highlights: |
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Revenues from collaboration agreements |
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$ |
— |
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$ |
13,047 |
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Research and development, net of tax credits |
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$ |
24,495 |
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$ |
35,266 |
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General and administrative |
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$ |
6,301 |
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$ |
8,648 |
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Restructuring |
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$ |
(148 |
) |
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$ |
— |
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Net loss |
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$ |
(28,671 |
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$ |
(28,030 |
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Net loss per share attributable to common shareholders—basic and diluted |
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$ |
(0.67 |
) |
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$ |
(0.67 |
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Weighted-average common shares outstanding—basic and diluted |
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42,510,708 |
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42,139,096 |
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Investor Relations & Media Contact:
Steve Forte
Executive Vice President and Chief Financial Officer
Repare Therapeutics Inc.
Source: Repare Therapeutics Inc.