RPTX Repare Therapeutics Inc.

30.02
-2.83  -9%
Previous Close 32.85
Open 32.63
52 Week Low 21.45
52 Week High 36.6699
Market Cap $1,103,685,690
Shares 36,765,013
Float 15,264,463
Enterprise Value $776,410,946
Volume 137,838
Av. Daily Volume 85,045
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Drug Pipeline

Drug Stage Notes
RP-3500
Solid tumors
Phase 1/2
Phase 1/2
Phase 1/2 dosing of first patient announced July 29, 2020.

Latest News

  1. 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 announced that Lloyd M. Segal, President and Chief Executive Officer, will participate in a fireside chat at the Piper Sandler 32nd Annual Virtual Healthcare Conference, being held November 30 – December 3, 2020.

    A recording of the fireside chat is currently available in the Investor section of the Company's website at https://ir.reparerx.com/news-and-events/events. A replay of the webcast will be archived on the Company's website for 90 days.

    About Repare Therapeutics, Inc.

    Repare Therapeutics is a leading…

    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 announced that Lloyd M. Segal, President and Chief Executive Officer, will participate in a fireside chat at the Piper Sandler 32nd Annual Virtual Healthcare Conference, being held November 30 – December 3, 2020.

    A recording of the fireside chat is currently available in the Investor section of the Company's website at https://ir.reparerx.com/news-and-events/events. A replay of the webcast will be archived on the Company's website for 90 days.

    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, as well as RP-6306, it's CCNE1-SL inhibitor and Polθ inhibitor programs. For more information, please visit reparerx.com.

    SNIPRx® is a registered trademark of Repare Therapeutics Inc.

    View Full Article Hide Full Article
  2. – Initiated GLP toxicology studies for newly designated RP-6306, the Company's CCNE-1 synthetic-lethal inhibitor program

    – Phase 1 clinical trial for RP-6306 is anticipated to commence in Q3 2021, reflecting an accelerated timeline from prior guidance

    – Initiated a Phase 1/2 clinical trial for RP-3500 as a monotherapy and in combination with talazoparib in patients with solid tumors as previously reported

    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 third quarter ended September 30, 2020, as well as recent business…

    – Initiated GLP toxicology studies for newly designated RP-6306, the Company's CCNE-1 synthetic-lethal inhibitor program

    – Phase 1 clinical trial for RP-6306 is anticipated to commence in Q3 2021, reflecting an accelerated timeline from prior guidance

    – Initiated a Phase 1/2 clinical trial for RP-3500 as a monotherapy and in combination with talazoparib in patients with solid tumors as previously reported

    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 third quarter ended September 30, 2020, as well as recent business highlights.

    "Since the closing of our IPO in June, we have made substantial and consistent progress to advance the development of our lead RP-3500 program, entering the clinic in July following the opening of a Phase 1/2 US IND for use as a monotherapy and in combination with talazoparib, all in patients with solid tumors," said Lloyd M. Segal, President and Chief Executive Officer of Repare. "We also expect to initiate a Phase 1 clinical trial for RP-6306 in the third quarter of 2021, ahead of our previously conveyed timeline where we anticipated an IND filing in the second half of 2021. We believe that our work in advancing a first-in-class product candidate into the clinic further validates our progress in identifying new synthetic lethal pairs and developing potent and selective inhibitors."

    Third Quarter 2020 Review and Operational Updates:

    • Advanced CCNE-1 synthetic lethal inhibitor (now designated RP-6306) program into Good Laboratory Practice (GLP) toxicology studies ahead of original timeline. The Company anticipates initiating a Phase 1 clinical trial for RP-6306 in the third quarter of 2021, which is ahead of its original guidance of an IND filing in the second half of 2021.
    • Initiated a Phase 1/2 clinical trial evaluating RP-3500 as a monotherapy and in combination with Pfizer's PARP inhibitor, talazoparib, in patients with solid tumors. In July 2020, the Company began dosing in a Phase 1/2 clinical trial of RP-3500, a potent and selective oral small molecule inhibitor of ATR (Ataxia-Telangiectasia and Rad3-related protein kinase) for the treatment of solid tumors in patients with specific genome instability-related genetic alterations, including those in the ATM gene (ataxia telangiectasia mutated kinase). RP-3500 will be evaluated as a monotherapy and in combination with Pfizer's PARP inhibitor, talazoparib. Topline results are expected to be reported in the second half of 2021.
    • Inaugurated a newly expanded laboratory and office facility in Montreal, Quebec. In September 2020, the Company materially expanded its research footprint with the addition of 17,000 square feet of combined laboratory and office space in a newly built facility. The new facility more than doubled the Company's laboratory capacity for its CRISPR-enabled genome-wide synthetic lethal target platform, SNIPRx®, including dedicated space for work related to accelerating all of Repare's preclinical assets, including those under its research collaboration with Bristol Myers Squibb.
    • Appointed new executive officer. In October 2020, Repare appointed Dr. Laurence F. Akiyoshi as its Executive Vice-President, Organizational and Leadership Development. Dr. Akiyoshi has joined Repare's executive team after having served as an independent consultant to the Company for the past two years. In addition to his work with Repare, Dr. Akiyoshi has operated a private organizational development consulting practice that has advised numerous companies on scaling their organizations to support rapid growth. His clients have included leadership teams at Apple, LinkedIn, CrowdStrike and Box. Dr. Akiyoshi will be principally focused on organization design, leadership development, and attracting and retaining key team members necessary for Repare's achievement of its corporate objectives.

    Third Quarter 2020 Financial Results:

    • Cash and restricted cash: Cash and restricted cash as of September 30, 2020 were $348.1 million.
    • Research and development expenses, net of tax credits (Net R&D): Net R&D expenses were $10.1 million and $27.7 million for the three and nine month periods ended September 30, 2020, respectively, as compared to $5.6 million and $14.2 million in the same periods in the prior year, respectively. Increases in R&D for the three and nine month periods ended September 30, 2020 were primarily due to increases in development costs related to Repare's RP-3500 and RP-6306 programs, as well as increases in personnel-related expenses and certain other R&D expenses.
    • General and administrative (G&A) expenses: G&A expenses were $4.0 million and $9.6 million for the three and nine month periods ended September 30, 2020, respectively, as compared to $1.3 million and $3.4 million in the same periods in the prior year, respectively. Increases in G&A for the three and nine month periods ended September 30, 2020 were due to increases in payroll and personnel costs as well as increases in legal, professional and D&O insurance costs in connection with preparations for becoming and now operating as a public company.
    • Net loss: Net loss was $13.8 million, or $0.37 per share in the third quarter of 2020 and $38.2 million, or $2.63 per share, in the first nine months of 2020.

    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-state 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, as well as CCNE1-SL inhibitor and Polθ inhibitor 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. 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 of its clinical trials of RP-3500 and RP-6306; and the development of preclinical assets pursuant to the Company's collaboration with Bristol Myers Squibb. 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 Quarterly Report on Form 10-Q for the period ended June 30, 2020 filed with the Securities and Exchange Commission (the "SEC") on August 13, 20202, and its subsequent filings with the SEC. 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.

    Condensed Consolidated Balance Sheets

    (Unaudited)

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

     

     

     

    As of

    September 30,

     

     

    As of

    December 31,

     

     

     

    2020

     

     

    2019

     

    ASSETS

     

     

     

     

     

     

     

     

    CURRENT ASSETS:

     

     

     

     

     

     

     

     

    Cash

     

    $

    347,872

     

     

    $

    94,797

     

    Research and development tax credits receivable

     

     

    1,637

     

     

     

    1,080

     

    Other receivables

     

     

    3,232

     

     

     

    1,976

     

    Prepaid expenses and other current assets

     

     

    8,524

     

     

     

    719

     

    Total current assets

     

     

    361,265

     

     

     

    98,572

     

    Property and equipment, net

     

     

    3,246

     

     

     

    2,390

     

    Restricted cash

     

     

    203

     

     

     

    208

     

    Operating lease right-of-use assets

     

     

    5,022

     

     

     

    1,034

     

    Other assets

     

     

    288

     

     

     

    359

     

    Deferred tax assets

     

     

    218

     

     

     

    132

     

    TOTAL ASSETS

     

    $

    370,242

     

     

    $

    102,695

     

    LIABILITIES, CONVERTIBLE PREFERRED SHARES AND

    SHAREHOLDERS' EQUITY (DEFICIT)

     

     

     

     

     

     

     

     

    CURRENT LIABILITIES:

     

     

     

     

     

     

     

     

    Accounts payable

     

    $

    1,843

     

     

    $

    2,127

     

    Accrued expenses and other current liabilities

     

     

    4,923

     

     

     

    1,276

     

    Operating lease liability, current portion

     

     

    794

     

     

     

    625

     

    Deferred revenue, current portion

     

     

    2,150

     

     

     

     

    Income tax payable

     

     

    483

     

     

     

    218

     

    Total current liabilities

     

     

    10,193

     

     

     

    4,246

     

    Operating lease liability, net of current portion

     

     

    3,259

     

     

     

    439

     

    Deferred revenue, net of current portion

     

     

    55,992

     

     

     

    8,142

     

    TOTAL LIABILITIES

     

     

    69,444

     

     

     

    12,827

     

    Series A convertible preferred shares, no par value per share; 0 shares and unlimited

    shares authorized as of September 30, 2020 and December 31, 2019, respectively; 0

    shares and 11,090,135 shares issued and outstanding as of September 30, 2020 and

    December 31, 2019, respectively; liquidation and redemption value of $0 and

    $52,750 as of September 30, 2020 and December 31, 2019, respectively

     

     

     

     

     

    53,749

     

    Series B convertible preferred shares, no par value per share; 0 shares and unlimited

    shares authorized as of September 30, 2020 and December 31, 2019, respectively; 0

    shares and 10,468,258 shares issued and outstanding as of September 30, 2020 and

    December 31, 2019, respectively; liquidation and redemption value of $0 and

    $82,496 as of September 30, 2020 and December 31, 2019, respectively

     

     

     

     

     

    82,248

     

    TOTAL CONVERTIBLE PREFERRED SHARES

     

     

     

     

     

    135,997

     

    SHAREHOLDERS' EQUITY (DEFICIT)

     

     

     

     

     

     

     

     

    Preferred shares, no par value per share; unlimited shares and 0 shares authorized

    as of September 30, 2020 and December 31, 2019, respectively; 0 shares issued

    and outstanding as of September 30, 2020 and December 31, 2019, respectively

     

     

     

     

     

     

    Common shares, no par value per share; unlimited shares authorized as of

    September 30, 2020 and December 31, 2019; 36,765,013 and 1,528,374 shares

    issued and outstanding as of September 30, 2020, and December 31, 2019,

    respectively

     

     

    383,852

     

     

     

    1

     

    Additional paid-in capital

     

     

    5,041

     

     

     

    3,811

     

    Accumulated deficit

     

     

    (88,095

    )

     

     

    (49,941

    )

    Total shareholders' equity (deficit)

     

     

    300,798

     

     

     

    (46,129

    )

    TOTAL LIABILITIES, CONVERTIBLE PREFERRED SHARES AND

    SHAREHOLDERS' EQUITY (DEFICIT)

     

    $

    370,242

     

     

    $

    102,695

     

    Repare Therapeutics Inc.

    Condensed Consolidated Statements of Operations and Comprehensive Loss

    (Unaudited)

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

     

     

     

    Three Months Ended

    September 30,

     

     

    Nine Months Ended

    September 30,

     

     

     

    2020

     

     

    2019

     

     

    2020

     

     

    2019

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Research and development, net of tax credits

     

    $

    10,091

     

     

    $

    5,618

     

     

    $

    27,674

     

     

    $

    14,174

     

    General and administrative

     

     

    3,996

     

     

     

    1,250

     

     

     

    9,551

     

     

     

    3,358

     

    Total operating expenses

     

     

    14,087

     

     

     

    6,868

     

     

     

    37,225

     

     

     

    17,532

     

    Loss from operations

     

     

    (14,087

    )

     

     

    (6,868

    )

     

     

    (37,225

    )

     

     

    (17,532

    )

    Other income (expense), net

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Realized and unrealized gain (loss) on foreign

    exchange

     

     

    290

     

     

     

    (152

    )

     

     

    (846

    )

     

     

    147

     

    Change in fair value of Series A preferred share

    tranche obligation

     

     

     

     

     

    (637

    )

     

     

     

     

     

    (1,337

    )

    Interest income

     

     

    156

     

     

     

     

     

     

    156

     

     

     

     

    Other expense

     

     

    (4

    )

     

     

    (2

    )

     

     

    (10

    )

     

     

    (5

    )

    Total other income (expense), net

     

     

    442

     

     

     

    (791

    )

     

     

    (700

    )

     

     

    (1,195

    )

    Loss before income taxes

     

     

    (13,645

    )

     

     

    (7,659

    )

     

     

    (37,925

    )

     

     

    (18,727

    )

    Income tax expense

     

     

    (106

    )

     

     

    (29

    )

     

     

    (229

    )

     

     

    (158

    )

    Net loss and comprehensive loss

     

    $

    (13,751

    )

     

    $

    (7,688

    )

     

    $

    (38,154

    )

     

    $

    (18,885

    )

    Net loss attributable to common shareholders—basic and

    diluted

     

    $

    (13,751

    )

     

    $

    (7,688

    )

     

    $

    (38,154

    )

     

    $

    (18,885

    )

    Net loss per share attributable to common

    shareholders—basic and diluted

     

    $

    (0.37

    )

     

    $

    (5.03

    )

     

    $

    (2.63

    )

     

    $

    (12.36

    )

    Weighted-average common shares outstanding—basic

    and diluted

     

     

    36,756,694

     

     

     

    1,528,374

     

     

     

    14,486,896

     

     

     

    1,528,374

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Repare Therapeutics Inc.

    Condensed Consolidated Statements of Cash Flows

    (Unaudited)

    (Amounts in thousands of U.S. dollars)

     

     

    Nine Months Ended

    September 30,

     

     

    2020

     

    2019

    Cash Flows From Operating Activities:

     

     

     

     

     

     

     

     

    Net loss and comprehensive loss for the period

     

    $

    (38,154

    )

     

    $

    (18,885

    )

    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

     

     

     

     

     

     

     

     

    Share-based compensation expense

     

     

    1,531

     

     

     

    313

     

    Depreciation expense

     

     

    610

     

     

     

    416

     

    Change in fair value of the Series A preferred shares tranche obligation

     

     

     

     

     

    1,350

     

    Non-cash lease expense

     

     

    520

     

     

     

    191

     

    Foreign exchange loss (gain)

     

     

    835

     

     

     

    (432

    )

    Interest income

     

     

    (36

    )

     

     

     

    Changes in operating assets and liabilities:

     

     

     

     

     

     

     

     

    Prepaid expenses and other current assets

     

     

    (8,834

    )

     

     

    (142

    )

    Research and development tax credits receivable

     

     

    (584

    )

     

     

    (398

    )

    Other receivables

     

     

    (1,247

    )

     

     

    (964

    )

    Deferred tax asset

     

     

    (86

    )

     

     

    (83

    )

    Other non-current assets

     

     

    71

     

     

     

    (4

    )

    Accounts payable

     

     

    (1,120

    )

     

     

    1,157

     

    Accrued expenses and other current liabilities

     

     

    3,540

     

     

     

    318

     

    Operating lease liability, current portion

     

     

    (97

    )

     

     

    29

     

    Income tax payable

     

     

    265

     

     

     

    132

     

    Operating lease liability, net of current portion

     

     

    (351

    )

     

     

    (223

    )

    Deferred revenue

     

     

    50,000

     

     

     

    8,142

     

    Net cash provided by (used in) operating activities

     

     

    6,863

     

     

     

    (9,083

    )

    Cash Flows From Investing Activities:

     

     

     

     

     

     

     

     

    Purchases of property and equipment

     

     

    (516

    )

     

     

    (561

    )

    Net cash used in investing activities

     

     

    (516

    )

     

     

    (561

    )

    Cash Flows From Financing Activities:

     

     

     

     

     

     

     

     

    Proceeds from issuance of Series A preferred shares, net

     

     

     

     

     

    20,995

     

    Proceeds from issuance of Series B preferred shares, net

     

     

     

     

     

    82,248

     

    Proceeds from exercise of stock options

     

     

    510

     

     

     

     

    Proceeds from issuance of warrant

     

     

    15,000

     

     

     

     

    Net proceeds from issuance of common shares in initial public offering

     

     

    232,043

     

     

     

     

    Net cash provided by financing activities

     

     

    247,553

     

     

     

    103,243

     

    Effect of exchange rate fluctuations on cash held

     

     

    (830

    )

     

     

    407

     

    Net Increase In Cash And Restricted Cash

     

     

    253,070

     

     

     

    94,006

     

    Cash and restricted cash at beginning of period

     

     

    95,005

     

     

     

    10,929

     

    Cash and restricted cash at end of period

     

    $

    348,075

     

     

    $

    104,935

     

     

     

     

     

     

     

     

     

     

    Reconciliation Of Cash And Restricted Cash

     

     

     

     

     

     

     

     

    Cash

     

    $

    347,872

     

     

    $

    104,731

     

    Restricted cash

     

     

    203

     

     

     

    204

     

    Total cash and restricted cash

     

    $

    348,075

     

     

    $

    104,935

     

     

     

     

     

     

     

     

     

     

    Supplemental Disclosure Of Cash Flow Information:

     

     

     

     

     

     

     

     

    Cash interest received

     

    $

    120

     

     

    $

     

    Property and equipment purchases in accounts payable and accrued expenses and

    other current liabilities

     

    $

    950

     

     

    $

    542

     

    Right-of-use asset obtained in exchange for new operating lease liability

     

    $

    4,516

     

     

    $

    1,074

     

    Conversion of Series A and B preferred shares into common shares

     

    $

    135,997

     

     

    $

     

    Conversion of warrant into common shares

     

    $

    15,000

     

     

    $

     

     

    View Full Article Hide Full Article
  3. Repare Therapeutics Inc. ("Repare" or the "Company") (NASDAQ:RPTX), a leading precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics, today announced that Lloyd M. Segal, President and Chief Executive Officer, will participate in a virtual fireside chat at the Morgan Stanley Annual Global Healthcare Conference on Tuesday, September 15 at 10:15 a.m. ET.

    A live webcast of the fireside can be accessed in the Investor section of the Company's website at https://ir.reparerx.com/news-and-events/events. A replay of the webcast will be archived on the Company's website for 30 days following the fireside chat.

    About Repare Therapeutics, Inc.

    Repare Therapeutics…

    Repare Therapeutics Inc. ("Repare" or the "Company") (NASDAQ:RPTX), a leading precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics, today announced that Lloyd M. Segal, President and Chief Executive Officer, will participate in a virtual fireside chat at the Morgan Stanley Annual Global Healthcare Conference on Tuesday, September 15 at 10:15 a.m. ET.

    A live webcast of the fireside can be accessed in the Investor section of the Company's website at https://ir.reparerx.com/news-and-events/events. A replay of the webcast will be archived on the Company's website for 30 days following the fireside chat.

    About Repare Therapeutics, Inc.

    Repare Therapeutics is a leading 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, as well as CCNE1-SL inhibitor and Polθ inhibitor programs. For more information, please visit reparerx.com.

    SNIPRx® is a registered trademark of Repare Therapeutics Inc.

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  4. Repare Therapeutics Inc. ("Repare") (NASDAQ:RPTX), a leading precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics, today reported financial results for the second quarter ended June 30, 2020, as well as recent operational highlights.

    "We set out in 2016 to become the leading precision oncology company focused on synthetic lethality in genomic instability and DNA damage repair, and have since built a strong pipeline of product candidates based upon our proprietary genome-wide, CRISPR enabled SNIPRx platform," said Lloyd M. Segal, President and Chief Executive Officer of Repare. "With the successful completion of our initial public offering in June and our…

    Repare Therapeutics Inc. ("Repare") (NASDAQ:RPTX), a leading precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics, today reported financial results for the second quarter ended June 30, 2020, as well as recent operational highlights.

    "We set out in 2016 to become the leading precision oncology company focused on synthetic lethality in genomic instability and DNA damage repair, and have since built a strong pipeline of product candidates based upon our proprietary genome-wide, CRISPR enabled SNIPRx platform," said Lloyd M. Segal, President and Chief Executive Officer of Repare. "With the successful completion of our initial public offering in June and our entry into a strategic collaboration with Bristol Myers Squibb in May, we have established a strong cash position to advance our pipeline. I am proud of our entire team and the remarkable progress they have made."

    Operational Highlights:

    • Initiated a phase 1/2 clinical trial evaluating RP-3500 as a monotherapy and in combination with Pfizer's PARPi, talazoparib. In July 2020, the Company received acceptance from the U.S. Food and Drug Administration (FDA) of an investigational new drug (IND) application and commenced dosing for the first patient in the Phase 1/2 clinical trial of RP-3500.
    • Completed initial public offering (IPO). In June 2020, Repare closed an upsized IPO of 12,650,000 of its common shares, including the exercise in full of the underwriters' option to purchase up to an additional 1,650,000 common shares, at a public offering price of $20.00 per share. The net proceeds to Repare, after deducting underwriting commissions and offering expenses, were $232 million.
    • Bristol Myers Squibb collaboration. In May 2020, Repare entered into an exclusive, worldwide target discovery collaboration with Bristol Myers Squibb. Repare received an upfront payment from Bristol Myers Squibb of $65 million in Q2 2020, which included a $15 million equity investment in Repare in the form of a warrant that automatically exercised into 750,000 common shares at the public offering price of $20.00 per share upon IPO. In addition, Repare will be eligible to receive additional contingent payments of up to approximately $3 billion in the form of license fees, discovery, development, regulatory and sales-based milestones, in addition to royalty payments on net sales of each product commercialized by Bristol Myers Squibb.
    • Appointed new director. In June 2020, Repare appointed Ann D. Rhoads to its Board of Directors and as Chairperson of its Audit Committee.

    Second Quarter 2020 Financial Results:

    • Cash and restricted cash: Cash and restricted cash as of June 30, 2020 were $370.1 million.
    • Research and development expenses, net of tax credits (Net R&D): Net R&D expenses were $9.0 million and $17.6 million for the three and six month periods ended June 30, 2020, respectively, as compared to $4.9 million and $8.6 million in the same periods in the prior year, respectively. Increases in R&D for the three and six month periods ended June 30, 2020 were primarily due to increases in development costs related to Repare's RP-3500 and CCNE1-SL programs, as well as increases in personnel related expenses and certain other R&D expenses.
    • General and administrative (G&A) expenses: G&A expenses were $3.4 million and $5.4 million for the three and six month periods ended June 30, 2020, respectively, as compared to $1 million and $2.1 million in the same periods in the prior year, respectively. Increases in G&A for the three and six month periods ended June 30, 2020 were due to increases in payroll and personnel costs as well as increases in legal, professional and D&O insurance costs, which in turn increased as a result of our recent IPO.
    • Net loss: Net loss was $11.8 million, or $2.45 per share in the second quarter of 2020 and $24.4 million, or $7.56 per share, in the first half of 2020.

    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 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, as well as CCNE1-SL inhibitor and Polθ inhibitor 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. 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 collaboration with Bristol Myers Squibb; the discovery of potential product candidates using SNIPRx® platform; and the clinical development of the Company's pipeline and its research and development programs. 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 final prospectus dated June 18, 2020 and filed with the Securities and Exchange Commission pursuant to Rule 424(b) promulgated under the U.S. Securities Act of 1933, as amended. 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.

    Condensed Consolidated Balance Sheets

    (Unaudited)

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

     

     

     

    As of

    June 30,

     

    As of

    December 31,

     

     

    2020

     

    2019

    ASSETS

     

     

     

     

     

     

     

     

    CURRENT ASSETS:

     

     

     

     

     

     

     

     

    Cash

     

    $

    369,933

     

     

    $

    94,797

     

    Research and development tax credits receivable

     

     

    1,414

     

     

     

    1,080

     

    Other receivables

     

     

    2,621

     

     

     

    1,976

     

    Prepaid expenses and other current assets

     

     

    3,296

     

     

     

    719

     

    Total current assets

     

     

    377,264

     

     

     

    98,572

     

    Property and equipment, net

     

     

    2,453

     

     

     

    2,390

     

    Restricted cash

     

     

    199

     

     

     

    208

     

    Operating lease right-of-use assets

     

     

    729

     

     

     

    1,034

     

    Other assets

     

     

    894

     

     

     

    359

     

    Deferred tax assets

     

     

    192

     

     

     

    132

     

    TOTAL ASSETS

     

    $

    381,731

     

     

    $

    102,695

     

    LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT)

     

     

     

     

     

     

     

     

    CURRENT LIABILITIES:

     

     

     

     

     

     

     

     

    Accounts payable

     

    $

    3,576

     

     

    $

    2,127

     

    Accrued expenses and other current liabilities

     

     

    5,262

     

     

     

    1,276

     

    Operating lease liability, current portion

     

     

    608

     

     

     

    625

     

    Income tax payable

     

     

    351

     

     

     

    218

     

    Total current liabilities

     

     

    9,797

     

     

     

    4,246

     

    Operating lease liability, net of current portion

     

     

    136

     

     

     

    439

     

    Deferred revenue

     

     

    58,142

     

     

     

    8,142

     

    TOTAL LIABILITIES

     

     

    68,075

     

     

     

    12,827

     

    Series A convertible preferred shares, no par value per share; 0 shares and unlimited shares authorized as of June 30, 2020 and December 31, 2019, respectively; 0 shares and 11,090,135 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively; liquidation and redemption value of $0 and $52,750 as of June 30, 2020 and December 31, 2019, respectively

     

     

     

     

     

    53,749

     

    Series B convertible preferred shares, no par value per share; 0 shares and unlimited shares authorized as of June 30, 2020 and December 31, 2019, respectively; 0 shares and 10,468,258 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively; liquidation and redemption value of $0 and $82,496 as of June 30, 2020 and December 31, 2019, respectively

     

     

     

     

     

    82,248

     

    TOTAL CONVERTIBLE PREFERRED SHARES

     

     

     

     

     

    135,997

     

    SHAREHOLDERS' EQUITY (DEFICIT)

     

     

     

     

     

     

     

     

    Preferred shares, no par value per share; unlimited shares and 0 shares authorized as of June 30, 2020 and December 31, 2019, respectively; 0 shares issued and outstanding as of June 30, 2020 and December 31, 2019

     

     

     

     

     

     

    Common shares, no par value per share; unlimited shares authorized as of June 30, 2020 and December 31, 2019; 36,753,454 and 1,528,374 shares issued and outstanding as of June 30, 2020, and December 31, 2019, respectively

     

     

    383,818

     

     

     

    1

     

    Additional paid-in capital

     

     

    4,182

     

     

     

    3,811

     

    Accumulated deficit

     

     

    (74,344

    )

     

     

    (49,941

    )

    Total shareholders' equity (deficit)

     

     

    313,656

     

     

     

    (46,129

    )

    TOTAL LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT)

     

    $

    381,731

     

     

    $

    102,695

     

     

    Repare Therapeutics Inc.

    Condensed Consolidated Statements of Operations and Comprehensive Loss

    (Unaudited)

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

     

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Research and development, net of tax credits

     

    $

    8,951

     

     

    $

    4,853

     

     

    $

    17,583

     

     

    $

    8,556

     

    General and administrative

     

     

    3,372

     

     

     

    1,032

     

     

     

    5,555

     

     

     

    2,108

     

    Total operating expenses

     

     

    12,323

     

     

     

    5,885

     

     

     

    23,138

     

     

     

    10,664

     

    Loss from operations

     

     

    (12,323

    )

     

     

    (5,885

    )

     

     

    (23,138

    )

     

     

    (10,664

    )

    Other income (expense), net

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Realized and unrealized gain (loss) on foreign exchange

     

     

    595

     

     

     

    227

     

     

     

    (1,136

    )

     

     

    299

     

    Change in fair value of Series A preferred share tranche obligation

     

     

     

     

     

    (680

    )

     

     

     

     

     

    (700

    )

    Other expense

     

     

    (4

    )

     

     

    (1

    )

     

     

    (6

    )

     

     

    (3

    )

    Total other income (expense), net

     

     

    591

     

     

     

    (454

    )

     

     

    (1,142

    )

     

     

    (404

    )

    Loss before income taxes

     

     

    (11,732

    )

     

     

    (6,339

    )

     

     

    (24,280

    )

     

     

    (11,068

    )

    Income tax expense

     

     

    (70

    )

     

     

    (20

    )

     

     

    (123

    )

     

     

    (129

    )

    Net loss and comprehensive loss

     

    $

    (11,802

    )

     

    $

    (6,359

    )

     

    $

    (24,403

    )

     

    $

    (11,197

    )

    Net loss attributable to common shareholders—basic and diluted

     

    $

    (11,802

    )

     

    $

    (6,359

    )

     

    $

    (24,403

    )

     

    $

    (11,197

    )

    Net loss per share attributable to common shareholders—basic and diluted

     

    $

    (2.45

    )

     

    $

    (4.16

    )

     

    $

    (7.56

    )

     

    $

    (7.33

    )

    Weighted-average common shares outstanding—basic and diluted

     

     

    4,825,214

     

     

     

    1,528,374

     

     

     

    3,229,635

     

     

     

    1,528,374

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Repare Therapeutics Inc.

    Condensed Consolidated Statements of Cash Flows

    (Unaudited)

    (Amounts in thousands of U.S. dollars)

     

     

     

    Six Months Ended

    June 30,

     

     

    2020

     

    2019

    Cash Flows From Operating Activities:

     

     

     

     

     

     

     

     

    Net loss and comprehensive loss for the period

     

    $

    (24,403

    )

     

    $

    (11,197

    )

    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

     

     

     

     

     

     

     

     

    Share-based compensation expense

     

     

    660

     

     

     

    186

     

    Depreciation expense

     

     

    403

     

     

     

    262

     

    Change in fair value of the Series A preferred shares tranche obligation

     

     

     

     

     

    700

     

    Non-cash lease expense

     

     

    305

     

     

     

    86

     

    Foreign exchange loss (gain)

     

     

    1,162

     

     

     

    (522

    )

    Changes in operating assets and liabilities:

     

     

     

     

     

     

     

     

    Prepaid expenses and other current assets

     

     

    (2,577

    )

     

     

    (155

    )

    Research and development tax credits receivable

     

     

    (381

    )

     

     

    (246

    )

    Other receivables

     

     

    (725

    )

     

     

    (566

    )

    Deferred tax asset

     

     

    (60

    )

     

     

    (42

    )

    Other non-current assets

     

     

    (535

    )

     

     

    (15

    )

    Accounts payable

     

     

    915

     

     

     

    260

     

    Accrued expenses and other current liabilities

     

     

    2,371

     

     

     

    (119

    )

    Operating lease liability, current portion

     

     

    (9

    )

     

     

    15

     

    Income tax payable

     

     

    133

     

     

     

    72

     

    Operating lease liability, net of current portion

     

     

    (292

    )

     

     

    (93

    )

    Deferred revenue

     

     

    50,000

     

     

     

    8,142

     

    Net cash provided by (used in) operating activities

     

     

    26,967

     

     

     

    (3,232

    )

    Cash Flows From Investing Activities:

     

     

     

     

     

     

     

     

    Purchase of property and equipment

     

     

    (43

    )

     

     

    (380

    )

    Net cash used in investing activities

     

     

    (43

    )

     

     

    (380

    )

    Cash Flows From Financing Activities:

     

     

     

     

     

     

     

     

    Proceeds from issuance of Series A preferred shares, net

     

     

     

     

     

    20,995

     

    Proceeds from exercise of stock options

     

     

    488

     

     

     

     

    Proceeds from issuance of warrant

     

     

    15,000

     

     

     

     

    Net proceeds from issuance of common shares in initial public offering

     

     

    233,760

     

     

     

     

    Net cash provided by financing activities

     

     

    249,248

     

     

     

    20,995

     

    Effect of exchange rate fluctuations on cash held

     

     

    (1,045

    )

     

     

    482

     

    Net Increase In Cash And Restricted Cash

     

     

    275,127

     

     

     

    17,865

     

    Cash and restricted cash at beginning of period

     

     

    95,005

     

     

     

    10,929

     

    Cash and restricted cash at end of period

     

    $

    370,132

     

     

    $

    28,794

     

     

     

     

     

     

     

     

     

     

    Reconciliation Of Cash And Restricted Cash

     

     

     

     

     

     

     

     

    Cash

     

    $

    369,933

     

     

    $

    28,588

     

    Restricted cash

     

     

    199

     

     

     

    206

     

    Total cash and restricted cash

     

    $

    370,132

     

     

    $

    28,794

     

     

     

     

     

     

     

     

     

     

    Supplemental Disclosure Of Cash Flow Information:

     

     

     

     

     

     

     

     

    Property and equipment purchases in accounts payable

     

    $

    423

     

     

    $

    14

     

    Initial public offering costs in accounts payable

     

    $

    102

     

     

     

     

     

    Initial public offering costs in accruals and other current liabilities

     

    $

    1,615

     

     

    $

     

    Conversion of Series A and B convertible preferred shares into common shares

     

    $

    135,997

     

     

    $

     

    Conversion of warrant into common shares

     

    $

    15,000

     

     

    $

     

     

    View Full Article Hide Full Article
  5. - RP-3500 is a potent and selective oral small molecule inhibitor of ATR being developed for the treatment of solid tumors with selected genomic alterations -

    - Multi-center trial will evaluate RP-3500 as a monotherapy and in combination with Pfizer's PARP inhibitor, talazoparib (Talzenna®) -

    Repare Therapeutics Inc. ("Repare" or the "Company") (NASDAQ:RPTX), a leading precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics, today announced the first patient has been dosed in the Phase 1/2 clinical trial of RP-3500, a potent and selective oral small molecule inhibitor of ATR (Ataxia-Telangiectasia and Rad3-related protein kinase) for the treatment of solid…

    - RP-3500 is a potent and selective oral small molecule inhibitor of ATR being developed for the treatment of solid tumors with selected genomic alterations -

    - Multi-center trial will evaluate RP-3500 as a monotherapy and in combination with Pfizer's PARP inhibitor, talazoparib (Talzenna®) -

    Repare Therapeutics Inc. ("Repare" or the "Company") (NASDAQ:RPTX), a leading precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics, today announced the first patient has been dosed in the Phase 1/2 clinical trial of RP-3500, a potent and selective oral small molecule inhibitor of ATR (Ataxia-Telangiectasia and Rad3-related protein kinase) for the treatment of solid tumors with specific genome instability-related genomic alterations including those in ATM gene (ataxia teleangectasia mutated kinase). The multi-center trial will enroll patients with advanced solid tumors of any histology that harbor gene alterations that suggest sensitivity to ATR inhibition as discovered by Repare's proprietary SNIPRx® platform. Dosing follows acceptance by the U.S. Food and Drug Administration (FDA) of the Company's investigational new drug (IND) application earlier this month.

    "The TRESR (Treatment Enabled by SNIPRx) study of RP-3500 as a monotherapy or in combination with talazoparib is a promising targeted approach for a range of difficult-to-treat cancers in patients with tumors harboring genetic alterations we have identified and we believe could predict response," said Lloyd M. Segal, President and Chief Executive Officer of Repare. "The RP-3500 development plan reflects our strategy to develop differentiated oncology treatments in highly targeted tumors."

    The Phase 1/2 clinical trial is a multi-center, open-label, dose-escalation and expansion trial that is expected to enroll approximately 230 patients with advanced solid tumors of any histology that harbor gene alterations determined pre-clinically to suggest sensitivity to RP-3500 alone or in combination with the PARP inhibitor, talazoparib. The primary outcome measure in the Phase 1 part of the study will be an assessment of safety and tolerability and determination of a dose for the Phase 2 portion of the trial. The Phase 2 monotherapy portion of the trial is expected to further evaluate the efficacy of RP-3500 in biomarker-selected tumors. Additional objectives include assessments of anti-tumor activity, pharmacokinetics (PK), pharmacodynamics (PD) and confirmation of the predictive biomarkers. The first patient dosing took place at The University of Texas MD Anderson Cancer Center ("MDACC") under the direction of the principal investigator Timothy Yap, M.D., Ph.D., Associate Professor in the Department of Investigational Cancer Therapeutics at MDACC. Additional centers in the United States, Canada, and Europe are anticipated to be opened in the near-term for patient recruitment.

    RP-3500 has shown substantial anti-tumor activity in multiple preclinical models of solid tumors at doses below the maximum tolerated dose. In preclinical studies, sustained responses were associated with the presence of specific molecular alterations that will be tested in clinical studies. RP-3500 has also shown pre-clinical anti-tumor activity in combination with several PARP inhibitors in the presence of specifically identified genetic alterations. Repare selected talazoparib to test in combination with RP-3500 in collaboration with Pfizer. Talazoparib is being provided by Pfizer to Repare for the purposes of the clinical trial.

    About Repare's 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 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 response. The Company's pipeline includes its lead product candidate RP-3500, a potential leading ATR inhibitor, as well as CCNE1-SL inhibitor and Polθ inhibitor programs. For more information, please visit www.reparerx.com.

    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. All statements other than statements of historical facts are "forward-looking statements," including those relating to future events. In some cases, you can identify forward-looking statements by terminology such as "may," "might," "will," "should," "expect," "plan," "anticipate," "project," "believe," "estimate," "predict," "potential," "intend" or "continue," the negative of terms like these or other comparable terminology, and other words or terms of similar meaning. 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. Forward-looking statements contained in this press release include, but are not limited to, statements regarding the clinical development and therapeutic potential of RP-3500 and the Company's Phase 1/2 clinical trial of RP-3500 including the design of the trial, patient enrollment, clinical site activation and locations. 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 final prospectus dated June 18, 2020 and filed with the Securities and Exchange Commission pursuant to Rule 424(b) promulgated under the U.S. Securities Act of 1933, as amended. Except as required by law, the Company assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

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