Company: RPTX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030405
Chunk: 152

Company: Repare Therapeutics Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 152
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 was primarily attributable to lower sums in cash and cash equivalents and marketable securities.

Income Tax (Expense) Benefit 

Income tax provision of $1.4 million for the year ended December 31, 2024 primarily due to taxable income in our U.S. subsidiary and utilization of federal and state research and development tax credit carry forwards.

Income tax benefit was $9.4 million for the year ended December 31, 2023, primarily due to taxable income in our U.S. subsidiary and utilization of federal and state research and development tax credit carry forwards offset by a favorable adjustment related to IRC Section 174 guidance issued in September 2023 prior to filing U.S. income tax returns for the prior period.

90

The decrease of $10.8 million in the income tax benefit was primarily driven by a favorable adjustment in the prior period U.S income taxes related to IRC Section 174 guidance, offset by the utilization of federal and state research and development tax credit carry forwards.

Liquidity and Capital Resources 

Since our inception, we have not recognized any revenue from product sales and have incurred operating losses and negative cash flows from our operations. We have not yet commercialized any product and we do not expect to generate revenue from sales of any products for several years, if at all. We have funded our operations to date with proceeds received from equity financings, including net proceeds of $232.0 million from our IPO in June 2020 and  net proceeds of $94.3 million from a follow-on offering in November 2021. We have also received initial upfront and additional payments of approximately $243.1 million in the aggregate from our collaboration and license agreements.

In August 2022, we entered into a Common Shares Sale Agreement, or the 2022 Sales Agreement, with Cowen and Company, LLC pursuant to which we may sell up to $125.0 million in common shares. In November 2024, we entered into a Common Shares Sale Agreement, or the 2024 Sales Agreement, with TD Securities (USA) LLC to replace the 2022 Sales Agreement, pursuant to which we may sell up to $100.0 million in common shares. During the years ended December 31, 2024 and 2023, we did not issue or sell shares under the 2022 Sales Agreement or 2024 Sales Agreement.

In August 2024, we announced a strategic reprioritization of our research and development activities to focus our efforts on the advancement of our portfolio of clinical