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Repare Therapeutics Provides Business Update and Reports First Quarter 2022 Financial Results

Oral presentation of clinical data from the Phase 1/2 TRESR Trial of camonsertib (also known as RP-3500) monotherapy in solid tumors at 2022 AACR Annual Meeting

Results demonstrated robust activity in ovarian cancer with a 75% CBR, 25% ORR and 35 weeks mPFS

Results also show 43% CBR in solid tumors across genotypes and tumor types, potential best-in-class safety and tolerability, and encouraging data in other genotypes beyond ATM

Publication of preclinical data in Nature demonstrated the potential of PKMYT1 inhibitor RP-6306 in tumors with CCNE1 amplification

CAMBRIDGE, Mass. & MONTREAL–(BUSINESS WIRE)–Repare Therapeutics Inc. (“Repare” or the “Company”) (Nasdaq: RPTX), a leading clinical-stage precision oncology company, today reported financial results for the first quarter ended March 31, 2022.

“The first quarter was marked by significant progress in our RP-3500 program, including the comprehensive new dataset from the TRESR trial which was part of the featured oral presentation at the AACR conference this year, and that the United States Adopted Names (USAN) council has adopted ‘camonsertib’ as the nonproprietary (generic) name in the United States, and the International Nonproprietary Names (INN) council has accepted ‘camonsertib’ as proposed INN for RP-3500,” said Lloyd M. Segal, President and Chief Executive Officer of Repare. “The findings continue to demonstrate camonsertib’s promising clinical benefit given as monotherapy in patients with solid tumors with multiple genotypes and potential best-in-class safety and tolerability profile for ATR inhibitors. Beyond ATM, encouraging data in other genotypes suggest further validation of our STEP2 platform to identify other synthetic lethalities as we expand TRESR and develop our pipeline of synthetic lethal candidates. We look forward to providing updates on the potential of camonsertib as monotherapy and initial data of camonsertib in combination with PARP inhibitors or gemcitabine expected in the second half of this year.”

First Quarter 2022 Review and Operational Updates:

First Quarter 2022 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 camonsertib (also known as 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 Polθ inhibitor program, as well as several 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. 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 and its research and development programs, including the anticipated timing, anticipated patient enrollment or, trial outcomes of its Phase 1/2 TRESR clinical trial of camonsertib (also known as RP-3500). 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 Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) and the Québec Autorité des Marchés Financiers (“AMF”) on March 1, 2022, and its other documents subsequently filed with or furnished to the SEC and AMF, including the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. 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.

Consolidated Balance Sheets

(Unaudited)

(Amounts in thousands of U.S. dollars, except share data)

 

 

As of

March 31,

 

 

As of

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

$

305,136

 

 

$

334,427

 

Marketable securities

 

 

6,528

 

 

 

7,439

 

Research and development tax credits receivable

 

 

2,986

 

 

 

2,580

 

Other receivables

 

 

663

 

 

 

654

 

Prepaid expenses

 

 

3,915

 

 

 

6,314

 

Total current assets

 

 

319,228

 

 

 

351,414

 

Property and equipment, net

 

 

5,397

 

 

 

5,604

 

Operating lease right-of-use assets

 

 

7,003

 

 

 

7,491

 

Other assets

 

 

586

 

 

 

586

 

Deferred tax assets

 

 

4,935

 

 

 

3,620

 

TOTAL ASSETS

 

$

337,149

 

 

$

368,715

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Accounts payable

 

$

1,546

 

 

$

2,302

 

Accrued expenses and other current liabilities

 

 

16,936

 

 

 

18,622

 

Operating lease liability, current portion

 

 

1,857

 

 

 

1,721

 

Deferred revenue, current portion

 

 

11,874

 

 

 

11,921

 

Income tax payable

 

 

1,870

 

 

 

523

 

Total current liabilities

 

 

34,083

 

 

 

35,089

 

Operating lease liability, net of current portion

 

 

5,154

 

 

 

5,592

 

Deferred revenue, net of current portion

 

 

39,252

 

 

 

39,613

 

TOTAL LIABILITIES

 

 

78,489

 

 

 

80,294

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Preferred shares, no par value per share; unlimited shares authorized

as of March 31, 2022 and December 31, 2021, respectively; 0 shares issued

and outstanding as of March 31, 2022, and December 31, 2021, respectively

 

 

 

 

 

 

Common shares, no par value per share; unlimited shares authorized as of

March 31, 2022 and December 31, 2021; 41,879,204 and 41,850,162 shares

issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

 

 

481,048

 

 

 

480,699

 

Additional paid-in capital

 

 

22,635

 

 

 

17,988

 

Accumulated deficit

 

 

(245,023

)

 

 

(210,266

)

Total shareholders’ equity

 

 

258,660

 

 

 

288,421

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

337,149

 

 

$

368,715

 

Repare Therapeutics Inc.

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(Amounts in thousands of U.S. dollars, except share and per share data)

 

 

Three Months Ended

March 31,

 

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

Collaboration agreements

 

$

408

 

 

$

166

 

Operating expenses:

 

 

 

 

 

 

Research and development, net of tax credits

 

 

26,458

 

 

 

16,509

 

General and administrative

 

 

8,779

 

 

 

5,237

 

Total operating expenses

 

 

35,237

 

 

 

21,746

 

Loss from operations

 

 

(34,829

)

 

 

(21,580

)

Other income (expense), net

 

 

 

 

 

 

Realized and unrealized loss on foreign exchange

 

 

(17

)

 

 

(31

)

Interest income

 

 

129

 

 

 

64

 

Other expense

 

 

(8

)

 

 

(7

)

Total other income (expense), net

 

 

104

 

 

 

26

 

Loss before income taxes

 

 

(34,725

)

 

 

(21,554

)

Income tax recovery (expense)

 

 

(32

)

 

 

137

 

Net loss and comprehensive loss

 

$

(34,757

)

 

$

(21,417

)

Net loss attributable to common shareholders—basic

and diluted

 

$

(34,757

)

 

$

(21,417

)

Net loss per share attributable to common

shareholders—basic and diluted

 

$

(0.83

)

 

$

(0.58

)

Weighted-average common shares outstanding—basic

and diluted

 

 

41,861,613

 

 

 

36,916,734

 

 

 

Contacts

Repare Contact:
Steve Forte

Chief Financial Officer

Repare Therapeutics Inc.

info@reparerx.com

Investors:
Kimberly Minarovich

Argot Partners

repare@argotpartners.com

Media:
David Rosen

Argot Partners

david.rosen@argotpartners.com
212-600-1902

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