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Mar 31, 2024
Repare Therapeutics Q1 2024 Earnings Report
Reported financial results for the first quarter ended March 31, 2024, and provided a business and clinical update.
Key Takeaways
Repare Therapeutics reported a net income of $13.2 million for the first quarter of 2024, a significant turnaround from the net loss of $34.9 million in the same period last year. The company's cash and cash equivalents stand at $237.0 million, expected to fund operations into mid-2026. Clinical trials for lunresertib and camonsertib are progressing, with key data readouts anticipated in the near term.
Phase 1 MYTHIC clinical trial of lunresertib in combination with camonsertib demonstrated a significant reduction in Grade 3 anemia.
First patient dosed in Phase 1 MYTHIC clinical trial of lunresertib in combination with the WEE1 inhibitor, Debio 0123.
Initiating Phase 2 TRESR expansion in ~20 patients evaluating monotherapy camonsertib in NSCLC; initial data expected in 2025.
Cash and cash equivalents of $237.0 million will advance clinical programs and portfolio to mid-2026.
Repare Therapeutics
Repare Therapeutics
Forward Guidance
Repare Therapeutics anticipates several milestones in the near future, including data readouts from ongoing clinical trials and the initiation of new trials.
Positive Outlook
- Initial Phase 1 MINOTAUR (lunresertib + FOLFIRI combination) data to be reported at ESMO GI in June 2024
- Camonsertib monotherapy expansion to NSCLC in TRESR
- Initiation of Phase 1 clinical trial of RP-3467
- Additional data from dose expansion cohorts for the MYTHIC lunresertib + camonsertib combination in ovarian and endometrial cancers by end of Q4 2024
- Initiate first pivotal trial in an indication for lunresertib + camonsertib in 2025
Challenges Ahead
- Potential that success in preclinical testing and earlier clinical trials does not ensure that later clinical trials will generate the same results
- Impacts of macroeconomic conditions, including the conflict in Ukraine and the conflict in the Middle East, heightened inflation and uncertain credit and financial markets, 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
- The Company’s ability to realize the benefits of its collaboration and license agreements