Company: RPTX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030405
Chunk: 54

Company: Repare Therapeutics Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 54
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 terminate the BMS Agreement for any or no reason on a program-by-program basis upon specified written notice. We are eligible to receive up to $301.0 million in total milestones on a program-by-program basis, subject upon the achievement of certain specified research, development, regulatory and commercial milestones. We are further entitled to a tiered percentage royalty on annual net sales ranging from high-single digits to low-double digits, subject to certain specified reductions.

As part of the BMS Agreement, Bristol-Myers Squibb paid us an initial upfront fee of $50.0 million and made an equity investment of $15.0 million in our company. 

The $50.0 million upfront payment was recorded as deferred revenue on our consolidated balance sheet and was partially recognized at the point in time when option licenses were exercised by Bristol-Myers Squibb, with the remainder being recognized on a proportional performance basis over the period of service for research services.

    Performance obligation
     
    Transaction price

    (in thousands)

     Research activities
     
    $
    6,405

     Options to license druggable targets

    31,148

     Options to license undruggable targets

    12,447

    Total transaction price
     
    $
    50,000

84

    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
     
    $
    —
     
    $
    —
     
    $
    —
     
    $
    —

We 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