Repare Therapeutics Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and strategic initiatives compared to the previous fiscal period.

For the third quarter of 2024, Repare recorded no revenue from collaboration agreements, a decrease from $2.2 million in the same period of 2023. This decline was attributed to the termination of the Roche Agreement, which had previously contributed $1.7 million in revenue, and a $0.5 million decrease from the expired Bristol-Myers Squibb (BMS) Agreement. However, for the nine months ended September 30, 2024, total revenue increased to $53.5 million, up from $38.1 million in 2023, primarily due to a $40 million milestone payment from Roche.

Total operating expenses for the third quarter decreased to $36.4 million from $40.6 million in 2023, reflecting a reduction in research and development (R&D) costs, which fell to $28.4 million from $32.7 million. The decrease in R&D expenses was driven by lower costs associated with the camonsertib program and other direct external costs. The company reported a loss from operations of $36.4 million for the third quarter, an improvement from a loss of $38.4 million in the prior year.

Net loss for the third quarter of 2024 was $34.4 million, compared to $18.9 million in the same period of 2023. For the nine-month period, net loss improved to $56.0 million from $65.8 million in 2023. The basic and diluted net loss per share for the third quarter was $(0.81), compared to $(0.45) in 2023.

In August 2024, Repare announced a strategic reprioritization of its R&D activities, resulting in a 25% workforce reduction and incurring approximately $1.5 million in restructuring expenses. This decision aims to focus on advancing clinical-stage oncology programs, including lunresertib and camonsertib.

As of September 30, 2024, Repare's cash and cash equivalents totaled $80.5 million, down from $111.3 million at the end of 2023. The company also reported total assets of $206.4 million, a decrease from $253.9 million at the end of the previous fiscal year. Total shareholders' equity decreased to $175.0 million from $212.1 million.

Looking ahead, Repare has entered into a Common Shares Sales Agreement with TD Securities (USA) LLC, allowing for the sale of common shares up to a maximum aggregate amount of $100 million, which may provide additional liquidity as the company continues to develop its oncology pipeline.