Repare Therapeutics(RPTX) - 2025 Q2 - Quarterly Results

Business Update and Portfolio Highlights 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][7] - Entered into a worldwide licensing agreement with Debiopharm for lunresertib, a first-in-class PKMYT1 inhibitor. Debiopharm will take over all development activities[3] - 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] - Initial topline data for both the LIONS (RP-1664) and POLAR (RP-3467) clinical trials are expected to be reported in Q4 2025[1][7] Lunresertib Licensing Agreement with Debiopharm 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 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 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][7] - 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][7] Second Quarter 2025 Financial Results 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 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][16] Balance Sheet Analysis 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 |