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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Repare Therapeutics Inc | NASDAQ:RPTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 0.65% | 3.12 | 3.07 | 3.31 | 3.25 | 3.05 | 3.09 | 93,859 | 23:08:38 |
Repare Therapeutics Inc. (“Repare” or the “Company”) (Nasdaq: RPTX), a leading clinical-stage precision oncology company, today reported financial results for the fourth quarter and full year ended December 31, 2023.
“2023 was a year of substantial progress for Repare. We advanced each of the four programs in our portfolio and set the stage for meaningful data readouts and new clinical trial starts this year,” said Lloyd M. Segal, President and Chief Executive Officer of Repare. “In particular and as leaders and innovators in PKMYT1 inhibition, we look forward to data readouts across all ongoing lunresertib clinical trials in 2024 and are excited to begin a lunresertib and WEE1 combination clinical trial in partnership with Debiopharm.”
2023 and Recent Portfolio Highlights:
2024 Outlook:
Fourth Quarter and Full Year 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 lunresertib (also known as RP-6306), a PKMYT1 inhibitor currently in Phase 1/2 clinical development; camonsertib (also known as RP-3500), a potential leading ATR inhibitor currently in Phase 1/2 clinical development; RP-1664, a Phase 1 PLK4 inhibitor; RP-3467, a preclinical Polθ ATPase inhibitor program; as well as additional, undisclosed preclinical programs. For more information, please visit www.reparerx.com and follow @Reparerx on X (formerly Twitter) and LinkedIn.
SNIPRx® is a registered trademark of Repare Therapeutics Inc.
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 design, objectives, initiation, timing, progress and results of current and future preclinical studies and clinical trials of the Company’s product candidates, including its Phase 1 MYTHIC trial evaluating lunresertib alone and in combination with camonsertib, its MINOTAUR trial evaluating lunresertib in combination with FOLFIRI, its MAGNETIC trial evaluating lunresertib in combination with gemcitabine, its Phase 1/1b trial of Debio 0123 and lunresertib in partnership with Debiopharm, its Phase 1 trial of RP-1664, its Phase 1 trial of RP-3467, and its additional clinical development plans for camonsertib beyond the TRESR and ATTACC clinical trials; the tolerability, efficacy and clinical progress of camonsertib, lunresertib, RP-1664 and RP-3467; the potential of RP-3467 as a best-in-class Polθ ATPase inhibitor; the potential synergy of Debio 0123 and lunresertib and potential benefits of the collaboration; the Company’s anticipated cash runway; and the benefits and ability to discover further targets and clinical candidates from the Company’s discovery platform. 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, heightened 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, 2023 filed with the Securities and Exchange Commission (“SEC”) and the Québec Autorité des Marchés Financiers ("AMF") on February 28, 2024. 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/.
Repare Therapeutics Inc.
Consolidated Balance Sheets
(Unaudited)
(Amounts in thousands of U.S. dollars, except share data)
As of December 31,
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$
111,268
$
159,521
Marketable securities
112,359
184,420
Income tax receivable
10,813
—
Other current receivables
4,499
4,323
Prepaid expenses
4,749
5,715
Total current assets
243,688
353,979
Property and equipment, net
4,215
4,228
Operating lease right-of-use assets
3,326
5,371
Income tax receivable
2,276
—
Other assets
396
497
TOTAL ASSETS
$
253,901
$
364,075
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
2,400
$
461
Accrued expenses and other current liabilities
24,057
21,645
Operating lease liabilities, current portion
2,400
2,171
Deferred revenue, current portion
10,222
53,102
Income tax payable
—
1,240
Total current liabilities
39,079
78,619
Operating lease liabilities, net of current portion
1,010
3,257
Deferred revenue, net of current portion
1,730
2,682
TOTAL LIABILITIES
41,819
84,558
Commitments and Contingencies
SHAREHOLDERS’ EQUITY:
Preferred shares, no par value per share; unlimited shares authorized as of December 31, 2023 and December 31, 2022, respectively; 0 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively
—
—
Common shares, no par value per share; unlimited shares authorized as of December 31, 2023 and December 31, 2022; 42,176,041 and 42,036,193 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively
483,350
482,032
Additional paid-in capital
61,813
37,226
Accumulated other comprehensive loss
28
(428
)
Accumulated deficit
(333,109
)
(239,313
)
TOTAL SHAREHOLDERS’ EQUITY
212,082
279,517
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
253,901
$
364,075
Repare Therapeutics Inc.
Consolidated Statements of Operations
(Unaudited)
(Amounts in thousands of U.S. dollars, except share and per share data)
Year Ended December 31,
2023
2022
Revenue:
Collaboration agreements
$
51,133
$
131,830
Operating expenses:
Research and development, net of tax credits
133,593
119,066
General and administrative
33,764
32,560
Total operating expenses
167,357
151,626
Loss from operations
(116,224
)
(19,796
)
Other income (expense), net
Realized and unrealized (loss) gain on foreign exchange
(170
)
308
Interest income
13,334
5,631
Other expense, net
(119
)
(43
)
Total other income, net
13,045
5,896
Loss before income taxes
(103,179
)
(13,900
)
Income tax benefit (expense)
9,383
(15,147
)
Net loss
$
(93,796
)
$
(29,047
)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale marketable securities
456
(428
)
Total other comprehensive income (loss)
$
456
$
(428
)
Comprehensive loss
$
(93,340
)
$
(29,475
)
Net loss per share attributable to common shareholders—basic and diluted
$
(2.23
)
$
(0.69
)
Weighted-average common shares outstanding—basic and diluted
42,093,293
41,922,042
Three Months Ended December 31,
2023
2022
Key financial highlights:
Revenues from collaboration agreements
$
13,047
$
18,198
Research and development, net of tax credits
$
35,266
$
29,891
General and administrative
$
8,648
$
7,939
Net loss
$
(28,030
)
$
(31,658
)
Net loss per share attributable to common shareholders—basic and diluted
$
(0.67
)
$
(0.75
)
Weighted-average common shares outstanding—basic and diluted
42,139,096
41,979,869
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228502594/en/
Repare: Robin Garner Vice President and Head of Investor Relations Repare Therapeutics Inc. investor@reparerx.com
Investors: Matthew DeYoung Argot Partners repare@argotpartners.com
Media: David Rosen Argot Partners david.rosen@argotpartners.com 212-600-1902
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