Full Press Release Details
Repare Therapeutics Provides Business Update and Reports Second Quarter 2021 Financial Results
Announced dosing of first patient in Phase 1b/2 ATTACC trial of ATR inhibitor RP-3500 and PARP inhibitor combinations in patients with molecularly selected cancers
Planning disclosure of initial monotherapy data from the Phase 1/2 TRESR RP-3500 clinical trial early in 4Q21
Announced dosing of first patient in RP-6306 Phase 1 clinical trial
Cambridge, MA & Montreal, QC, August 12, 2021 (BUSINESS WIRE) -- 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 second quarter ended June 30, 2021.
"We are pleased to have dosed the first patient in our Phase 1b/2 ATTACC trial of our ATR inhibitor RP-3500 and additional new PARP inhibitor combinations in patients with molecularly selected cancers." said Lloyd M. Segal, President and Chief Executive Officer of Repare. "We also look forward to disclosing initial results from the monotherapy arm of the Phase 1/2 clinical trial of our ATR inhibitor RP-3500 early in the fourth quarter of 2021."
Second Quarter 2021 Review and Operational Updates:
Second Quarter 2021 Financial Results:
About Repare Therapeutics' SNIPRx Platform
Repare's SNIPRx platform is a genome-wide CRISPR-based screening approach that utilizes proprietary isogenic cell lines to identify novel and known synthetic lethal gene pairs and the corresponding patients who are most likely to benefit from the Company's therapies based on the genetic profile of their tumors. Repare's platform enables the development of precision therapeutics in patients whose tumors contain one or more genomic alterations identified by SNIPRx screening, in order to selectively target those tumors in patients most likely to achieve clinical benefit from resulting product candidates.
About Repare Therapeutics, Inc.
Repare Therapeutics is a leading clinical-stage precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics. The Company utilizes its genome-wide, CRISPR-enabled SNIPRx platform to systematically discover and develop highly targeted cancer therapies focused on genomic instability, including DNA damage repair. The Company's pipeline includes its lead product candidate RP-3500, a potential leading ATR inhibitor currently in Phase 1/2 clinical development, its second clinical candidate, RP-6306, a PKMYT1 inhibitor currently in Phase 1 clinical development, a Pol inhibitor program, as well as eight other early-stage, pre-clinical 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 and applicable Canadian securities laws. 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 clinical development of the Company's pipeline, the Company's research and development programs, including the anticipated timing, anticipated patient enrollment, trial outcomes or associated costs of its clinical trials of RP-3500 and RP-6306; and the Company's collaboration and license agreement 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 quarter ended March 31, 2021 filed with the Securities and Exchange Commission ( SEC") and the Qu bec Autorit des March s Financiers ("AMF") on May 13, 2021, and its other documents subsequently filed with or furnished to the SEC and the AMF. 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
(Amounts in thousands of U.S. dollars, except share data)
| As of June 30, | As of December 31, | |||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 293,635 | $ | 326,184 | ||||
| Marketable securities | 7,160 | 7,526 | ||||||
| Research and development tax credits receivable | 2,667 | 2,011 | ||||||
| Other receivables | 3,597 | 4,153 | ||||||
| Prepaid expenses | 2,129 | 6,678 | ||||||
| Total current assets | 309,188 | 346,552 | ||||||
| Property and equipment, net | 4,235 | 3,948 | ||||||
| Restricted cash | 218 | 212 | ||||||
| Operating lease right-of-use assets | 4,631 | 4,674 | ||||||
| Other assets | 341 | 288 | ||||||
| Deferred tax assets | 2,038 | 1,412 | ||||||
| TOTAL ASSETS | $ | 320,651 | $ | 357,086 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 3,303 | $ | 2,251 | ||||
| Accrued expenses and other current liabilities | 10,337 | 5,975 | ||||||
| Operating lease liability, current portion | 758 | 697 | ||||||
| Deferred revenue, current portion | 8,763 | 2,073 | ||||||
| Income tax payable | 62 | 18 | ||||||
| Total current liabilities | 23,223 | 11,014 | ||||||
| Operating lease liability, net of current portion | 3,540 | 3,308 | ||||||
| Deferred revenue, net of current portion | 48,799 | 55,934 | ||||||
| TOTAL LIABILITIES | 75,562 | 70,256 | ||||||
| SHAREHOLDERS' EQUITY | ||||||||
| Preferred shares, no par value per share; unlimited shares authorized as of June 30, 2021 and December 31, 2020, respectively; 0 shares issued and outstanding as of June 30, 2021, and December 31, 2020, respectively | - | - | ||||||
| Common shares, no par value per share; unlimited shares authorized as of June 30, 2021 and December 31, 2020; 37,109,506 and 36,902,924 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 385,454 | 384,313 | ||||||
| Additional paid-in capital | 10,719 | 5,875 | ||||||
| Accumulated deficit | (151,084 | ) | (103,358 | ) | ||||
| Total shareholders' equity | 245,089 | 286,830 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 320,651 | $ | 357,086 |
Repare Therapeutics Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Amounts in thousands of U.S. dollars, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenue: | ||||||||||||||||
| Collaboration agreements | $ | 279 | $ | - | $ | 445 | $ | - | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development, net of tax credits | 20,205 | 8,951 | 36,714 | 17,583 | ||||||||||||
| General and administrative | 6,741 | 3,372 | 11,978 | 5,555 | ||||||||||||
| Total operating expenses | 26,946 | 12,323 | 48,692 | 23,138 | ||||||||||||
| Loss from operations | (26,667 | ) | (12,323 | ) | (48,247 | ) | (23,138 | ) | ||||||||
| Other income (expense), net | ||||||||||||||||
| Realized and unrealized gain (loss) on foreign exchange | (94 | ) | 595 | (125 | ) | (1,136 | ) | |||||||||
| Interest income | 38 | - | 102 | - | ||||||||||||
| Other expense | (7 | ) | (4 | ) | (14 | ) | (6 | ) | ||||||||
| Total other income (expense), net | (63 | ) | 591 | (37 | ) | (1,142 | ) | |||||||||
| Loss before income taxes | (26,730 | ) | (11,732 | ) | (48,284 | ) | (24,280 | ) | ||||||||
| Income tax recovery (expense) | 421 | (70 | ) | 558 | (123 | ) | ||||||||||
| Net loss and comprehensive loss | $ | (26,309 | ) | $ | (11,802 | ) | $ | (47,726 | ) | $ | (24,403 | ) | ||||
| Net loss attributable to common shareholders-basic and diluted | $ | (26,309 | ) | $ | (11,802 | ) | $ | (47,726 | ) | $ | (24,403 | ) | ||||
| Net loss per share attributable to common shareholders-basic and diluted | $ | (0.71 | ) | $ | (2.45 | ) | $ | (1.29 | ) | $ | (7.56 | ) | ||||
| Weighted-average common shares outstanding-basic and diluted | 37,036,683 | 4,825,214 | 36,977,040 | 3,229,635 |
Chief Financial Officer
Repare Therapeutics Inc.