Company: RPTX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030405
Chunk: 97

Company: Repare Therapeutics Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 97
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 lease was extended through July 2025. In November 2017, and as further amended throughout 2018, 2019, 2020, 2021 and 2022, the Company entered into a lease agreement for office and laboratory space located in Montréal, Québec, for a three-year term ending in October 2020, which was extended through December 2022. In January 2023, and as further amended in April 2023, the Company entered into a lease renewal agreement for a thirty-two month term, ending in August 2025.In July 2021, the Company entered into a lease agreement for office space in Cambridge, Massachusetts, for a three-year term ended December 2024, which commenced in December 2021. The Company had an option for a three year renewal, which was not recognized in the Company’s right-of-use asset or lease liability. In August 2024, the Company entered into a twelve-month renewal agreement for the space, ending in January 2026, which will result in additional minimum lease payments of $1.1 million over the twelve-month extended lease term.In November 2019, and as further amended in July 2021, the Company entered into a lease agreement for office and laboratory space for a five-year term located in Montréal, Québec which commenced in September 2020. The Company has an option for a five year renewal, which has not been recognized in the Company’s right-of-use asset or lease liability.During the third quarter of 2024, the Company determined the carrying value of the right-of-use asset related to the office and laboratory space in Montréal, Québec was no longer recoverable and wrote the balance down to its estimated fair value of nil. The resulting impairment loss of $0.1 million is reflected within research and development expenses. 

118

The following tables contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the years ended December 31, 2024 and 2023: 

        December 31,

        2024

        2023

        (in thousands)

        Operating Leases

        Lease Cost

        Operating lease cost
         
        $
        2,484

        $
        2,372

        Short-term lease cost

        95

        122

        Variable lease cost

        321

        249

        Total lease cost
         
        $
        2