Repare Therapeutics(US:RPTX)2025-11-14 22:25Financial 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].