Financial Performance - The company reported a net loss of $43.5 million for the nine months ended September 30, 2025, with an accumulated deficit of $461.3 million as of the same date [111]. - The net loss for the nine months ended September 30, 2025, was $43.5 million, compared to a net loss of $56.0 million in the same period of 2024 [175][176]. - The net income for the three months ended September 30, 2025, was $3.3 million, compared to a net loss of $34.4 million for the same period in 2024, reflecting a change of $37.7 million [147]. - The company has incurred significant operating losses since inception, with net losses of $84.7 million and $93.8 million for the years ended December 31, 2024 and 2023, respectively [111]. Revenue and Licensing - The company recognized $11.6 million in revenue during Q3 2025 from the exclusive worldwide license agreement with Debiopharm for lunresertib, which included a $10 million upfront payment [107][120]. - Revenue for the three months ended September 30, 2025, was $11.6 million, an increase of $11.6 million compared to nil for the same period in 2024, attributed to revenue recognized under the Debiopharm Agreement [148]. - Revenue for the nine months ended September 30, 2025, was $11.9 million, a decrease of $41.6 million compared to $53.5 million for the same period in 2024 [158]. - The company entered into a collaboration and license agreement with Bristol-Myers Squibb, recognizing $0.3 million in revenue for the nine months ended September 30, 2025 [123]. Expenses and Cost Management - Research and development expenses for the three months ended September 30, 2025, were $7.5 million, a decrease of $20.9 million from $28.4 million for the same period in 2024 [149]. - General and administrative expenses for the three months ended September 30, 2025, were $4.5 million, down $1.9 million from $6.4 million for the same period in 2024 [149]. - Research and development expenses for the nine months ended September 30, 2025, were $42.1 million, down $49.4 million from $91.5 million in 2024 [158]. - General and administrative expenses decreased to $18.2 million for the nine months ended September 30, 2025, from $23.4 million in 2024, a reduction of $5.2 million [159]. - The company incurred approximately $1.8 million in restructuring costs for the three months ended September 30, 2025, compared to $1.5 million for the same period in 2024 [144]. - Restructuring expenses increased to $8.5 million for the nine months ended September 30, 2025, compared to $1.5 million in 2024 [159]. Cash and Liquidity - As of September 30, 2025, the company had cash and cash equivalents of $112.6 million, expected to fund operations through 2027 [110]. - As of September 30, 2025, cash and cash equivalents and marketable securities totaled $112.6 million [170]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $42.8 million, a decrease of $6.3 million compared to $49.1 million in 2024 [175][176]. - Net cash provided by investing activities increased to $30.7 million in 2025 from $17.9 million in 2024, primarily due to proceeds from maturities of marketable securities [178][179]. - The net decrease in cash and cash equivalents was $11.9 million for the nine months ended September 30, 2025, an improvement from a decrease of $30.7 million in 2024 [174]. Strategic Initiatives - The company plans to reduce its workforce by approximately 75% by Q4 2025 to focus on advancing its Phase 1 clinical programs [105]. - The company expects to incur significant expenses and operating losses for the foreseeable future, with funding anticipated through equity offerings and collaborations [171]. - The company anticipates an increase in general and administrative expenses in the future as it explores partnering alternatives for its portfolio [141]. Clinical Trials and Research - The company completed enrollment of 26 patients in the Phase 1 clinical trial of RP-3467 and 29 patients in the Phase 1 LIONS clinical trial for RP-1664, with initial positive data presented at a major conference [113]. - The company recognized $2.7 million in net research and development costs related to the Debiopharm collaboration for the nine months ended September 30, 2025 [128]. Other Financial Metrics - A gain of $3.3 million was recorded on the termination of the Debio Collaboration Agreement in the third quarter of 2025 [130]. - A gain of $5.8 million was recognized on the sale of technology and other assets for the nine months ended September 30, 2025 [160]. - Other income, net decreased to $5.1 million for the nine months ended September 30, 2025, from $8.3 million in 2024, a decrease of $3.2 million [162]. - Income tax expense was $0.8 million for the nine months ended September 30, 2025, down from $1.4 million in 2024, a decrease of $0.6 million [163].

Acquisition Details - Repare Therapeutics has entered into a definitive agreement to be acquired by XenoTherapeutics, with shareholders expected to receive approximately US$1.82 per share plus one contingent value right (CVR) per common share[1][2]. - The transaction is expected to close in the first quarter of 2026, pending shareholder and court approvals[1][5]. - Repare's Board of Directors unanimously approved the transaction, determining it to be in the best interests of the company and its stakeholders[1][4]. - The Arrangement Agreement includes a termination fee of US$2.0 million payable by Repare under certain circumstances[1][6]. - The company will cease to be a reporting issuer under Canadian securities laws and will deregister its common shares under the U.S. Securities Exchange Act of 1934 following the transaction[1][7]. Financial Performance - Revenue from collaboration agreements for the three months ended September 30, 2025, was $11.6 million, compared to nil for the same period in 2024[1][14]. - Net income for the three months ended September 30, 2025, was $3.3 million, or $0.08 diluted per share, contrasting with a net loss of $34.4 million, or $0.81 per share, for the same period in 2024[1][17]. - Research and development expenses for the three months ended September 30, 2025, were $7.5 million, down from $28.4 million for the same period in 2024[1][17]. - Total operating expenses for the nine months ended September 30, 2025, were $68,759,000, down from $116,352,000 for the same period in 2024, representing a reduction of approximately 41%[26]. - The company reported a comprehensive income of $3,280,000 for the three months ended September 30, 2025, compared to a comprehensive loss of $34,132,000 for the same period in 2024[26]. Cash and Assets - As of September 30, 2025, Repare reported cash, cash equivalents, and marketable securities totaling $112.6 million, an increase from $109.5 million as of June 30, 2025[1][14]. - Cash and cash equivalents decreased from $84,717,000 as of December 31, 2024, to $72,825,000 as of September 30, 2025, a decrease of approximately 14%[24]. - Total current assets decreased from $171,149,000 as of December 31, 2024, to $124,426,000 as of September 30, 2025, a decline of approximately 27.3%[24]. - Total liabilities decreased from $25,375,000 as of December 31, 2024, to $11,620,000 as of September 30, 2025, a reduction of approximately 54.2%[24]. - The accumulated deficit increased from $(417,798,000) as of December 31, 2024, to $(461,327,000) as of September 30, 2025[24]. Shareholder Information - Repare's ongoing efforts to license or dispose of its product candidates may increase the estimated Closing Net Cash Amount, benefiting shareholders[1][3]. - Basic net income per share for the three months ended September 30, 2025, was $0.08, compared to a loss of $(0.81) for the same period in 2024[26]. - The number of common shares outstanding increased from 42,510,708 as of December 31, 2024, to 42,985,755 as of September 30, 2025[24].

Core Points - Repare Therapeutics has entered into a definitive agreement to be acquired by XenoTherapeutics, with shareholders expected to receive approximately US$1.82 per share plus one contingent value right (CVR) for each common share [1][2][5] - The transaction is anticipated to close in the first quarter of 2026, subject to shareholder and court approvals [6][8] - Repare is actively pursuing additional monetization efforts for its product candidates and intellectual property [3][4] Transaction Details - Each Repare shareholder will receive a cash payment based on the company's cash balance at the time of closing, estimated at US$1.82 per share [2] - Shareholders will also receive a CVR that entitles them to additional cash payments based on future revenues from existing partnerships and potential licensing agreements [3][4] - The transaction requires approval from at least 66% of voting shareholders and a majority excluding certain interested parties [6][7] Financial Results - As of September 30, 2025, Repare reported cash and cash equivalents of $112.6 million, an increase from $109.5 million as of June 30, 2025 [17] - Revenue from collaboration agreements for the three months ended September 30, 2025, was $11.6 million, compared to nil for the same period in 2024 [17] - The company reported a net income of $3.3 million for the three months ended September 30, 2025, compared to a net loss of $34.4 million for the same period in 2024 [17][26] Board and Advisory Recommendations - The Board of Directors unanimously approved the transaction, determining it to be in the best interest of Repare and its stakeholders [5][9] - A transaction committee of independent directors recommended entering into the agreement after thorough evaluation [9] Future Implications - Following the completion of the transaction, Repare will become a privately held company, and its shares will be delisted from the Nasdaq [8] - The company plans to cease being a reporting issuer under Canadian securities laws and deregister its shares under U.S. securities laws [8]

分组1 - Repare Therapeutics Inc. reported a quarterly loss of $0.39 per share, which was better than the Zacks Consensus Estimate of a loss of $0.56, representing an earnings surprise of +30.36% [1] - The company posted revenues of $0.25 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 95%, and this is a decline from year-ago revenues of $1.07 million [2] - The stock has gained about 16% since the beginning of the year, outperforming the S&P 500's gain of 7.8% [3] 分组2 - The current consensus EPS estimate for the coming quarter is -$0.49 on $5 million in revenues, and for the current fiscal year, it is -$2.45 on $20 million in revenues [7] - The Medical - Biomedical and Genetics industry is currently ranked in the bottom 43% of over 250 Zacks industries, indicating potential challenges for stocks in this sector [8]

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Repare Therapeutics Inc.'s unaudited condensed consolidated financial statements, reflecting a corporate restructuring, asset sale, and changes in collaboration revenue [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $130.5 million from $176.5 million, primarily due to reduced cash and marketable securities, while liabilities and equity also declined Condensed Consolidated Balance Sheet Highlights (in thousands of U.S. dollars) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$130,493** | **$176,506** | | Cash and cash equivalents | $67,656 | $84,717 | | Marketable securities | $41,816 | $68,074 | | **Total Liabilities** | **$20,085** | **$25,375** | | **Total Shareholders' Equity** | **$110,408** | **$151,131** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) The company reported a Q2 2025 net loss of $16.7 million, an improvement from Q2 2024, driven by lower R&D expenses and a gain on asset sale, though H1 2025 net loss increased due to significantly lower collaboration revenue Statement of Operations Summary (in thousands of U.S. dollars) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Collaboration Revenue | $250 | $1,073 | $250 | $53,477 | | R&D Expenses | $14,283 | $30,075 | $34,553 | $63,045 | | G&A Expenses | $6,029 | $8,317 | $13,681 | $16,935 | | Restructuring Expenses | $3,384 | $— | $6,649 | $— | | Gain on sale of technology | $5,666 | $— | $5,666 | $— | | **Net Loss** | **($16,744)** | **($34,774)** | **($46,787)** | **($21,612)** | | **Net Loss Per Share** | **($0.39)** | **($0.82)** | **($1.09)** | **($0.51)** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly increased to $45.5 million in H1 2025 due to a non-recurring milestone payment in 2024, while investing activities provided $28.2 million, resulting in a $17.1 million decrease in cash and cash equivalents Cash Flow Summary for Six Months Ended June 30 (in thousands of U.S. dollars) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($45,475) | ($18,582) | | Net cash provided by (used in) investing activities | $28,206 | ($13,198) | | Net cash provided by financing activities | $79 | $375 | | **Net Decrease In Cash And Cash Equivalents** | **($17,061)** | **($31,448)** | | **Cash and cash equivalents at end of period** | **$67,656** | **$79,820** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail key accounting events including the out-licensing of discovery platforms, significant restructuring expenses, the termination of the Roche collaboration, and a new licensing agreement for lunresertib - On May 1, 2025, the company out-licensed its early-stage discovery platforms to DCx Biotherapeutics, receiving **$1.0 million upfront**, **$3.0 million in near-term payments**, and a **9.99% equity stake**, resulting in a recognized gain of **$5.7 million**[39](index=39&type=chunk)[40](index=40&type=chunk) - The company incurred **$6.6 million in restructuring costs** for the six months ended June 30, 2025, related to a phased reorganization plan to reduce its workforce by approximately **75%**, including severance benefits and accelerated depreciation[54](index=54&type=chunk)[55](index=55&type=chunk) - The collaboration agreement with Roche was terminated effective May 7, 2024, leading to Repare regaining global rights for camonsertib and a significant year-over-year decrease in collaboration revenue for 2025[68](index=68&type=chunk)[70](index=70&type=chunk) - Subsequent to the quarter end, on July 15, 2025, the company entered into an exclusive worldwide licensing agreement with Debiopharm for its product candidate lunresertib, receiving a **$10 million upfront payment** and eligibility for future milestones and royalties[95](index=95&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's strategic shift to focus on Phase 1 clinical programs, supported by restructuring, workforce reductions, and out-licensing, leading to a sharp decline in revenue and decreased R&D expenses, with a projected cash runway through 2027 [Overview and Strategic Reprioritization](index=28&type=section&id=Overview%20and%20Strategic%20Reprioritization) The company has strategically re-prioritized to focus on advancing its Phase 1 clinical programs, RP-3467 and RP-1664, through significant workforce reduction and out-licensing of non-core assets - The company has realigned its clinical portfolio to focus on advancing its Phase 1 programs: **RP-3467 (POLAR trial)** and **RP-1664 (LIONS trial)**[98](index=98&type=chunk) - A phased reorganization plan was approved to reduce the workforce by approximately **75% by Q4 2025** to conserve capital and align with the new strategic focus[99](index=99&type=chunk) - Key strategic transactions include out-licensing discovery platforms to DCx and entering an exclusive licensing agreement with Debiopharm for lunresertib[99](index=99&type=chunk) [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Q2 2025 revenue decreased to $0.3 million due to the terminated Roche agreement, while R&D expenses fell by $15.8 million; H1 2025 saw revenue plummet to $0.3 million, resulting in a net loss of $46.8 million Comparison of Operations for the Three Months Ended June 30 (in thousands of U.S. dollars) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $250 | $1,073 | ($823) | | R&D Expenses | $14,283 | $30,075 | ($15,792) | | G&A Expenses | $6,029 | $8,317 | ($2,288) | | Restructuring | $3,384 | $— | $3,384 | | Gain on sale of assets | $5,666 | $— | $5,666 | | **Net Loss** | **($16,744)** | **($34,774)** | **$18,030** | Comparison of Operations for the Six Months Ended June 30 (in thousands of U.S. dollars) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $250 | $53,477 | ($53,227) | | R&D Expenses | $34,553 | $63,045 | ($28,492) | | G&A Expenses | $13,681 | $16,935 | ($3,254) | | Restructuring | $6,649 | $— | $6,649 | | Gain on sale of assets | $5,666 | $— | $5,666 | | **Net Loss** | **($46,787)** | **($21,612)** | **($25,175)** | - The decrease in R&D expenses was primarily driven by lower personnel-related costs and reduced external costs for the lunresertib and camonsertib programs following trial terminations and strategic shifts[144](index=144&type=chunk)[153](index=153&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held $109.5 million in cash, cash equivalents, and marketable securities, projected to fund operations through 2027, despite $45.5 million net cash used in operating activities for H1 2025 - The company had cash, cash equivalents, and marketable securities of **$109.5 million** as of June 30, 2025[107](index=107&type=chunk)[163](index=163&type=chunk) - Management projects its current cash position is sufficient to fund operations and capital expenditure requirements through **2027**, factoring in recent restructuring and out-licensing transactions[163](index=163&type=chunk) - Net cash used in operating activities for the six months ended June 30, 2025, was **$45.5 million**, compared to **$18.6 million** in the same period of 2024, with the increase primarily due to the non-recurrence of a **$40.0 million milestone payment** from Roche received in 2024[167](index=167&type=chunk)[168](index=168&type=chunk)[170](index=170&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a 'smaller reporting company,' Repare Therapeutics is exempt from providing quantitative and qualitative disclosures about market risk - As a 'smaller reporting company,' Repare Therapeutics is exempt from the requirement to provide information on market risk[178](index=178&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[180](index=180&type=chunk) - No changes occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[181](index=181&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings and is unaware of any pending or threatened actions that could materially impact its business - As of the report date, the company is not involved in any material legal proceedings[184](index=184&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) This section highlights new or updated risks, including potential adverse effects from international trade policies, impacts from enacted and future healthcare legislation, and changes to U.S. tax laws - The company identifies new risks related to international trade policies, particularly tariffs and sanctions affecting its global supply chain, with reliance on foreign manufacturers including those in China[186](index=186&type=chunk)[187](index=187&type=chunk) - Updates to healthcare legislation, including the Inflation Reduction Act (IRA) and the newly enacted 'One Big Beautiful Bill Act' (OBBBA), could increase costs, affect drug pricing, and create difficulty in obtaining marketing approval[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk) - Changes to tax laws, such as the Tax Cuts and Jobs Act (TCJA) and the OBBBA, could materially affect the company's financial position, tax rates, and the complexity of tax compliance[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales or purchases of its equity securities during the period - There were no unregistered sales of equity securities or issuer purchases of equity securities in the reported period[201](index=201&type=chunk) [Other Information](index=56&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the second quarter of 2025 - No directors or officers adopted, terminated, or modified Rule 10b5-1 trading arrangements during the second quarter of 2025[203](index=203&type=chunk) [Exhibits](index=57&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including an employment agreement, an amendment to the Bristol-Myers Squibb collaboration, and officer certifications - Exhibits filed include an employment agreement with Sandra Alves, the sixth amendment to the Bristol-Myers Squibb agreement, and officer certifications required by the Sarbanes-Oxley Act[207](index=207&type=chunk)

[Business Update and Portfolio Highlights](index=1&type=section&id=Business%20Update%20and%20Portfolio%20Highlights) Repare Therapeutics is pursuing strategic alternatives, highlighted by two significant licensing agreements and anticipated clinical trial data in Q4 2025 - The company is actively exploring strategic alternatives, partnerships, and sale opportunities across its portfolio to maximize shareholder value[2](index=2&type=chunk)[7](index=7&type=chunk) - Entered into a worldwide licensing agreement with Debiopharm for lunresertib, a first-in-class PKMYT1 inhibitor. Debiopharm will take over all development activities[3](index=3&type=chunk) - Out-licensed early-stage discovery platforms to DCx Biotherapeutics, a new Canadian biotech company, in exchange for upfront payments, equity, and potential future milestones and royalties[4](index=4&type=chunk) - Initial topline data for both the LIONS (RP-1664) and POLAR (RP-3467) clinical trials are expected to be reported in Q4 2025[1](index=1&type=chunk)[7](index=7&type=chunk) [Lunresertib Licensing Agreement with Debiopharm](index=1&type=section&id=Lunresertib%20Licensing%20Agreement%20with%20Debiopharm) Repare secured an exclusive worldwide licensing agreement with Debiopharm for lunresertib, providing immediate funding and future payments Key Terms of the Debiopharm Licensing Agreement | Term | Value (USD) | | :--- | :--- | | **Upfront Payment** | $10 million | | **Potential Near-Term Payments** | Up to $5 million | | **Total Potential Milestones** | Up to $257 million (clinical, regulatory, commercial, sales) | | **Royalties** | Single-digit on global net sales | [Discovery Platform Out-licensing to DCx Biotherapeutics](index=2&type=section&id=Discovery%20Platform%20Out-licensing%20to%20DCx%20Biotherapeutics) Repare out-licensed discovery platforms to DCx Biotherapeutics, generating a $5.7 million gain and securing an equity stake Key Terms of the DCx Biotherapeutics Agreement | Term | Value (USD) | | :--- | :--- | | **Upfront Payment** | $1 million | | **Expected Near-Term Payments** | $3 million | | **Equity Position in DCx** | 9.99% | | **Gain Recognized in Q2 2025** | $5.7 million | [Clinical Pipeline Update](index=2&type=section&id=Clinical%20Pipeline%20Update) Repare is advancing two key clinical programs, RP-3467 (POLAR) and RP-1664 (LIONS), with initial data expected in Q4 2025 - **RP-3467 (POLAR Trial):** A Phase 1 trial for a Polθ ATPase/helicase inhibitor is ongoing, with topline safety, tolerability, and early efficacy data expected in Q4 2025[5](index=5&type=chunk)[7](index=7&type=chunk) - **RP-1664 (LIONS Trial):** Enrollment of 29 patients is complete in the Phase 1 trial for this first-in-class PLK4 Inhibitor. Initial topline data is also expected in Q4 2025[6](index=6&type=chunk)[7](index=7&type=chunk) [Second Quarter 2025 Financial Results](index=3&type=section&id=Second%20Quarter%202025%20Financial%20Results) Repare reported reduced operating expenses, a narrowed net loss, and $109.5 million in cash for Q2 2025 Q2 2025 Financial Highlights vs. Q2 2024 | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue from Collaboration | $0.3 million | $1.1 million | -72.7% | | Net R&D Expense | $14.3 million | $30.1 million | -52.5% | | G&A Expense | $6.0 million | $8.3 million | -27.7% | | Net Loss | ($16.7 million) | ($34.8 million) | Loss Narrowed | | Net Loss Per Share | ($0.39) | ($0.82) | Improved | | Cash & Marketable Securities | $109.5 million | N/A | - | [Statement of Operations Analysis](index=7&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q2 2025 income statement shows declining collaboration revenue, reduced R&D, and a lower net loss due to asset sale gain Q2 Statement of Operations (in thousands USD) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Collaboration Revenue | $250 | $1,073 | | R&D Expense, net | $14,283 | $30,075 | | G&A Expense | $6,029 | $8,317 | | Restructuring | $3,384 | $0 | | Gain on sale of assets | $5,666 | $0 | | **Net Loss** | **($16,744)** | **($34,774)** | - Collaboration revenue for the six months ended June 30, 2025, was only **$0.3 million**, a steep drop from **$53.5 million** in the same period of 2024, indicating the conclusion or change in terms of prior agreements[11](index=11&type=chunk)[16](index=16&type=chunk) [Balance Sheet Analysis](index=6&type=section&id=Consolidated%20Balance%20Sheets) Repare's balance sheet shows $109.5 million in cash, with total assets and liabilities decreasing from year-end 2024 Balance Sheet Summary (in thousands USD) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents & marketable securities | $109,472 | $152,791 | | Total Current Assets | $126,572 | $171,149 | | **Total Assets** | **$130,493** | **$176,506** | | Total Current Liabilities | $20,085 | $25,287 | | **Total Liabilities** | **$20,085** | **$25,375** | | **Total Shareholders' Equity** | **$110,408** | **$151,131** |

Pipeline Programs & Milestones - RP-3467 (Polθ ATPase inhibitor) is in Phase 1/2 trials with initial POLAR topline data expected in Q3 2025[9, 25, 71] - RP-1664 (PLK4 inhibitor) is in Phase 1/2 trials with initial LIONS topline data expected in Q4 2025[9, 41, 71] - Lunresertib/Camonsertib (PKMYT1/ATR inhibitors) completed Lunre+WEE1i enrollment in Q2 2025[9, 71] RP-3467 (Polθ ATPase Inhibitor) - RP-3467 targets a global market segment addressable at over $16 billion across PARP inhibitors, RLT, and chemotherapy combinations[12] - Preclinical data shows deep/durable complete responses with PARPi combination, representing a ~$3 billion global market segment[14] - Preclinical data shows survival benefit in unselected tumor backgrounds, representing a ~$8 billion global market segment[14] - Preclinical data shows RP-3467 is well-tolerated with carboplatin/irinotecan, representing a ~$5 billion global market segment[14] RP-1664 (PLK4 Inhibitor) - RP-1664 targets a ~63,000 addressable patient population with TRIM37-high tumors, with initial focus on pediatric neuroblastoma (>80% TRIM37-high)[28] Lunresertib + Camonsertib - Lunre+camo achieved POC in 2L EC and 3L PROC with nearly half of patients maintaining PFS at 24 weeks[44] - In efficacy-evaluable patients with EC or PROC at RP2D, 73% of patients had tumor shrinkage and 31% (16/51) response rate[47] - In PROC patients with alterations, 75% experienced tumor shrinkage with 37.5% ORR (conf.+ unconf.) and 16.7% ORR (conf.)[54] - The progression-free rate at 24 weeks was 43% (95% CI: 21-63%) in EC patients and 45% (95% CI: 22-66%) in PROC patients[52, 58] Financial Status - The company has $124 million in cash and investments as of March 31, 2025, providing runway through 2027[8, 71]

Study Overview - The MINOTAUR study investigates the combination of Lunresertib (Lunre), a PKMYT1 inhibitor, with FOLFIRI in advanced gastrointestinal cancers[1] - The study is ongoing but closed to enrollment (NCT05147350)[8, 10] - The primary objectives are to assess the safety, tolerability, recommended phase II dose (RP2D), and schedule of the combination[8] Preclinical Rationale - CCNE1 amplification and deleterious FBXW7 mutations, present in approximately 20% of GI cancers, are associated with poor prognoses and lack matched targeted therapies[5] - Lunre synergizes with irinotecan (iri) to enhance DNA damage and anti-tumor activity by abrogating iri-induced CDK1 phosphorylation[5] Clinical Trial Demographics - The study included 38 patients, with 18 (47.4%) having colorectal cancer (CRC) and 20 (52.6%) with other tumor types[10] - Among CRC patients, 77.8% (14/18) had RAS mutations, and 100% (18/18) had FBXW7 alterations[10] - Among other tumor patients, 35% (7/20) had RAS mutations, 60% (12/20) had CCNE1 amplification, and 40% (8/20) had FBXW7 alterations[10] Safety and Tolerability - The RP2D was established at 60mg BID (twice daily) of continuous daily dosing of Lunre[12] - The safety profile was consistent with FOLFIRI alone, with neutropenia being the most common Grade 3+ hematologic treatment-related adverse event (TRAE) observed in 31.6% (12/38) of patients[12, 13, 15] Efficacy - The overall response rate (ORR) was 18.2% (95% CI: 7-35.5)[17] - The clinical benefit rate (CBR) in CRC patients was 55.6% (10/18)[17] - 40% (2/5) of irinotecan-naïve CRC patients had a duration of treatment (DOT) greater than 9 months[17] - ctDNA molecular response rate (MRR) was 61% (14/23)[17]

PART I. FINANCIAL INFORMATION This section provides the unaudited condensed consolidated financial statements, management's discussion and analysis, and disclosures on market risk and controls [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, highlighting the impact of the Roche collaboration termination and restructuring charges [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$144.0 million** from **$176.5 million** due to reduced cash and marketable securities, while total liabilities also declined Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $140,343 | $171,149 | | Cash and cash equivalents | $84,455 | $84,717 | | Marketable securities | $39,773 | $68,074 | | **Total Assets** | **$144,023** | **$176,506** | | **Total Current Liabilities** | $18,926 | $25,287 | | **Total Liabilities** | **$18,926** | **$25,375** | | **Total Shareholders' Equity** | $125,097 | $151,131 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) The company reported a **$30.0 million** net loss in Q1 2025, a significant shift from **$13.2 million** net income in Q1 2024, primarily due to zero collaboration revenue and a new restructuring charge Q1 2025 vs. Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Collaboration Revenue | $0 | $52,404 | | Research and Development | $20,270 | $32,970 | | General and Administrative | $7,652 | $8,618 | | Restructuring | $3,265 | $0 | | **Total Operating Expenses** | **$31,187** | **$41,588** | | (Loss) Income from Operations | ($31,187) | $10,816 | | **Net (Loss) Income** | **($30,043)** | **$13,162** | | Basic Net (Loss) Income per Share | ($0.71) | $0.31 | | Diluted Net (Loss) Income per Share | ($0.71) | $0.30 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **$29.1 million** in Q1 2025, a significant change from **$11.9 million** provided in Q1 2024, mainly due to the absence of a Roche milestone payment Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | ($29,133) | $11,932 | | Net cash provided by (used in) investing activities | $28,792 | ($20,316) | | Net cash provided by financing activities | $79 | $375 | | **Net Decrease In Cash And Cash Equivalents** | **($262)** | **($8,051)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail the financial impact of the Roche agreement termination, BMS revenue recognition, **$3.3 million** in restructuring costs, and the subsequent out-licensing of discovery platforms - In February 2024, Roche elected to terminate its collaboration agreement for camonsertib, with the termination becoming effective May 7, 2024. The company regained global rights to the product. Revenue of **$49.8 million** was recognized in Q1 2024 from this agreement, with **no revenue in Q1 2025**[51](index=51&type=chunk)[53](index=53&type=chunk) - In March 2024, Bristol-Myers Squibb exercised its final option under the BMS Agreement, leading to the recognition of **$2.6 million in revenue in Q1 2024**. **No revenue** was recognized from this agreement in Q1 2025[58](index=58&type=chunk)[59](index=59&type=chunk) - The company initiated a phased reorganization plan in Q1 2025 to reduce its workforce by approximately **75%**. This resulted in restructuring costs of **$3.3 million** for the quarter, consisting of **$2.3 million** in severance benefits and **$0.9 million** in accelerated depreciation[44](index=44&type=chunk)[45](index=45&type=chunk) - Subsequent to the quarter end, on May 1, 2025, the company out-licensed its early-stage discovery platforms to DCx Biotherapeutics. The deal includes **$4.0 million** in upfront and near-term payments, a **9.99% equity stake** in DCx, and potential future milestones and royalties[83](index=83&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the strategic shift to focus on Phase 1 clinical programs, a **$52.4 million** revenue decrease, and the sufficiency of **$124.2 million** cash to fund operations through 2027 [Overview and Pipeline](index=26&type=section&id=Overview%20and%20Pipeline) Repare re-prioritized its portfolio to focus on Phase 1 programs RP-3467 and RP-1664, involving a **75% workforce reduction** and out-licensing discovery platforms, with key data expected in Q3 and Q4 2025 - Strategic re-prioritization announced in January 2025 to focus resources on Phase 1 clinical programs **RP-3467** and **RP-1664**[87](index=87&type=chunk) - A phased workforce reduction of approximately **75%** was approved in February 2025, with remaining employees focused on the prioritized clinical programs[88](index=88&type=chunk) - Upcoming milestones include topline safety and efficacy data for **RP-3467 in Q3-2025** and initial data for **RP-1664 in Q4-2025**[92](index=92&type=chunk)[100](index=100&type=chunk) - On May 1, 2025, the company out-licensed its early-stage discovery platforms to **DCx Biotherapeutics**[100](index=100&type=chunk) [Results of Operations](index=37&type=section&id=Results%20of%20Operations) Revenue declined to zero from **$52.4 million** due to collaboration terminations, while R&D expenses decreased by **$12.7 million**, and a new **$3.3 million** restructuring expense was recorded Comparison of Results of Operations (in thousands) | Line Item | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $0 | $52,404 | ($52,404) | | R&D Expenses | $20,270 | $32,970 | ($12,700) | | G&A Expenses | $7,652 | $8,618 | ($966) | | Restructuring | $3,265 | $0 | $3,265 | | **(Loss) Income from Operations** | **($31,187)** | **$10,816** | **($42,003)** | - The **$52.4 million decrease in revenue** was due to a **$49.8 million decrease** from the terminated Roche agreement and a **$2.6 million decrease** from the concluded BMS agreement[133](index=133&type=chunk) - The **$12.7 million decrease in R&D expenses** was driven by a **$3.8 million decrease** in lunresertib program costs, a **$3.2 million decrease** in personnel costs, and a **$1.7 million decrease** in camonsertib program costs[132](index=132&type=chunk)[140](index=140&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company held **$124.2 million** in cash and equivalents, projected to fund operations through 2027, despite a **$29.1 million** net cash outflow from operations in Q1 2025 - Cash, cash equivalents, and marketable securities totaled **$124.2 million** as of March 31, 2025[96](index=96&type=chunk)[142](index=142&type=chunk) - The company believes its current cash position is sufficient to fund anticipated operating and capital expenditure requirements through **2027**, after accounting for restructuring and other strategic changes[96](index=96&type=chunk)[142](index=142&type=chunk) - Net cash used in operating activities was **$29.1 million** for Q1 2025, a **$41.0 million decrease** in cash flow compared to Q1 2024, primarily due to the **$40.0 million milestone payment** received from Roche in Q1 2024[146](index=146&type=chunk)[149](index=149&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a "smaller reporting company," the company is exempt from providing quantitative and qualitative disclosures about market risk - As a "smaller reporting company," Repare Therapeutics is exempt from providing quantitative and qualitative disclosures about market risk[157](index=157&type=chunk) [Item 4. Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - The company's management, including the CEO/CFO, concluded that disclosure controls and procedures were **effective** as of March 31, 2025[159](index=159&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[160](index=160&type=chunk) PART II. OTHER INFORMATION This section covers legal proceedings, risk factors, equity sales, other information, and a list of exhibits filed with the report [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings and is unaware of any pending or threatened actions - The company is not currently involved in any material legal proceedings[163](index=163&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were noted, except for a new risk concerning adverse effects of international trade policies, tariffs, and supply chain disruptions - A new risk factor was added concerning the potential adverse impact of international trade policies, tariffs, and trade barriers on the business[165](index=165&type=chunk) - The company relies on international suppliers, including from China, for active pharmaceutical ingredients (APIs) and precursor chemicals, making it vulnerable to trade tensions[166](index=166&type=chunk) - Current or future tariffs could significantly increase manufacturing costs, raise R&D expenses, and cause delays to clinical development timelines[166](index=166&type=chunk)[167](index=167&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or issuer purchases of equity securities were reported during Q1 2025 - There were no unregistered sales of equity securities or issuer purchases of equity securities in Q1 2025[169](index=169&type=chunk)[170](index=170&type=chunk) [Item 5. Other Information](index=47&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, terminated, or modified Rule 10b5-1 trading arrangements during Q1 2025 - No directors or officers adopted, terminated, or modified a Rule 10b5-1 trading plan during the first quarter of 2025[173](index=173&type=chunk) [Item 6. Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including employment agreements, separation agreements, and required certifications - Exhibits filed include an amendment to an employment agreement, separation agreements, and CEO/CFO certifications pursuant to Sarbanes-Oxley Act Sections 302 and 906[177](index=177&type=chunk)

Core Viewpoint - Repare Therapeutics Inc. (RPTX) has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook driven by an upward trend in earnings estimates, which significantly influences stock prices [1][4]. Earnings Estimates and Revisions - The Zacks rating system is based on the changing earnings picture of a company, specifically tracking the Zacks Consensus Estimate for EPS from sell-side analysts [2]. - The correlation between earnings estimate revisions and near-term stock price movements is strong, making the Zacks rating system valuable for investors [3][7]. - For the fiscal year ending December 2025, Repare Therapeutics is expected to earn -$2.24 per share, reflecting a -13.7% change from the previous year [9]. - Over the past three months, the Zacks Consensus Estimate for Repare Therapeutics has increased by 28.3%, indicating a positive trend in earnings estimates [9]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [8]. - The upgrade of Repare Therapeutics to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10][11].