Repare Therapeutics Reports $30M Net Loss and Zero Revenue in Latest Quarter

Repare Therapeutics Inc. reported significant financial challenges in its latest quarterly filing, revealing a net loss of $30.0 million for the three months ended March 31, 2025, compared to a net income of $13.2 million during the same period in 2024. The company's revenue plummeted to zero, down from $52.4 million in the prior year, primarily due to the termination of its collaboration agreement with Roche, which had contributed $49.8 million in revenue in the first quarter of 2024. The company also noted a decrease in revenue from its collaboration with Bristol-Myers Squibb, which ended in November 2023.

Operating expenses for the first quarter of 2025 totaled $31.2 million, a decrease from $41.6 million in the previous year. This reduction was largely attributed to a $12.7 million decline in research and development expenses, which fell to $20.3 million, reflecting the company's strategic shift to focus on its clinical-stage oncology programs. General and administrative expenses also decreased slightly, while restructuring costs of $3.3 million were incurred as part of a workforce reduction initiative aimed at streamlining operations.

In terms of strategic developments, Repare announced a phased reduction of its workforce by approximately 75% by the end of 2025, following a previous 25% reduction in August 2024. This restructuring is part of a broader strategy to realign resources and prioritize clinical programs, particularly RP-3467 and RP-1664. Additionally, the company has entered into a collaboration with Debiopharm to explore combination therapies, which is expected to incur shared costs of approximately $1.3 million in the first quarter of 2025.

As of March 31, 2025, Repare held cash and cash equivalents of $84.5 million, alongside marketable securities valued at $39.8 million, totaling $124.2 million in liquid assets. The company believes this capital will be sufficient to fund its operations through 2027, contingent on the successful execution of its strategic initiatives. However, Repare cautioned that it continues to face significant operating losses and may need to raise additional capital in the future to support its ongoing research and development efforts.

Looking ahead, Repare is focused on advancing its clinical trials and exploring strategic partnerships to maximize shareholder value. The company is currently conducting Phase 1 trials for its product candidates and anticipates releasing safety and efficacy data in the coming quarters. Despite the challenges, Repare remains committed to its precision oncology mission, leveraging its synthetic lethality approach to develop targeted therapies for cancer patients.