Company: RPTX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030405
Chunk: 112

Company: Repare Therapeutics Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 112
---
 targets

        31,148

         Options to license undruggable targets

        12,447

        Total transaction price
         
        $
        50,000

      Revenue associated with the options was deferred and recognized at the point in time when options to license are exercised by Bristol-Myers Squibb or upon expiry of such options. Revenue associated with the research activities was deferred and recognized on a proportional performance basis over the period of service for research activities, being the collaboration term, using input-based measurements of total costs of research incurred to estimated proportion performed. Progress towards completion is remeasured at the end of each reporting period.

        Deferred revenue pertaining to the BMS Agreement
         
        Research activities
         
        Options to license druggable targets
         
        Options to license undruggable targets
         
        Total

        (in thousands)

        Balance as of December 31, 2023
         
        $
        —
         
        $
        —
         
        $
        2,489
         
        $
        2,489

        Increase in collaboration revenue receivable

        —

        —

        100

        100

        Recognition as revenue, as the result of performance   obligations satisfied

        —

        —

        (2,589
        )
         
        (2,589
        )

        Balance as of December 31, 2024
         
        $
        —
         
        $
        —
         
        $
        —
         
        $
        —

      The Company recognized nil as revenue for the year ended December 31, 2024 and $2.4 million for the year ended December 31, 2023, in recognition of deferred revenue for research activities performed under the BMS Agreement.In fiscal 2023, Bristol-Myers Squibb exercised its option for a druggable target and also waived its right to exercise an option for another druggable target. As a result, the Company recognized $12.7 million as revenue related to druggable targets for the year ended December 31, 2023, including the option fee payment of $0.25 million. Bristol-Myers Squibb also triggered a $1.0 million further development election for a previously exercised druggable target. As such, the Company recognized $1.0 million for this specified research milestone as revenue for the year ended December 31