Repare Therapeutics Inc. reported a net loss of $84.7 million for the year ended December 31, 2024, compared to a net loss of $93.8 million in 2023. Revenue for 2024 totaled $53.5 million, a $2.3 million increase from 2023. This increase stemmed from a $36.3 million rise in revenue from the Roche collaboration agreement, offset by decreases in revenue from the Bristol-Myers Squibb and Ono agreements. The company's accumulated deficit as of December 31, 2024, was $417.8 million.
Research and development expenses decreased by $17.7 million to $115.9 million in 2024, primarily due to the completion of certain clinical trials and a cost reimbursement from Debiopharm. General and administrative expenses also fell by $4.1 million to $29.7 million. Restructuring expenses, totaling $1.4 million, were incurred in 2024 due to workforce reductions related to a strategic re-prioritization of research and development activities.
In January 2025, Repare announced a realignment of resources and re-prioritization of its clinical portfolio, focusing on RP-3467 and RP-1664. The company also stated its intention to seek partnering opportunities for lunresertib and camonsertib. A significant workforce reduction of approximately 75% was implemented on February 24, 2025, with anticipated completion by the fourth quarter of 2025. The company expects to incur approximately $8.7 million in employee termination-related costs through the fourth quarter of 2025.
As of December 31, 2024, Repare held $152.8 million in cash and cash equivalents and marketable securities. The company projects that these funds will support operating expenses and capital expenditures into late 2027, considering the cost savings from the restructuring. However, the company anticipates needing substantial additional funding for ongoing operations and future activities. The company's cash flow from operating activities improved significantly, with net cash used decreasing by $50.7 million compared to 2023.
Repare's 10-K filing included numerous risk factors, including those related to its financial position, the uncertain success of its product candidates, the lengthy and unpredictable regulatory approval process, competition, reliance on third parties, and the volatility of its common share price. The company's forward-looking statements indicate a continued focus on advancing RP-3467 and RP-1664 through Phase 1 clinical trials, while actively seeking partnerships for other programs in its portfolio. The company's outlook is contingent upon securing additional funding and achieving positive results in its clinical trials.
About Repare Therapeutics Inc.
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