Company: RPTX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030405
Chunk: 177

Company: Repare Therapeutics Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 177
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 challenging and required significant auditor effort in performing appropriate procedures to evaluate the completeness and accuracy of the information management utilizes in these estimates.

    How we addressed the matter in our audit
    We obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls over the Company’s process used in accounting for accrued and prepaid research and development expenses.  To test the accrued and prepaid research and development expenses, our audit procedures included, among others, testing the accuracy and completeness of the underlying data used by management to estimate the accrual or prepaid balance. To corroborate management’s estimates, we inspected a sample of contracts with third parties, obtained information regarding the progress of clinical trials from the Company’s research and development personnel that oversee the clinical trials and inspected a sample of data obtained from the third parties. We confirmed information directly with a sample of the third parties, such as the services provided and costs incurred, and the number of sites in the clinical trials. We also inspected subsequent invoices received from the third parties and cash disbursements made to these parties, to the extent such invoices were received, or payments were made prior to the date that the consolidated financial statements were issued.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2017.

Montréal, Canada

March 3, 2025

101

Repare Therapeutics Inc. 

Consolidated Balance Sheets 

(In thousands of U.S. dollars, except share data) 

    As of December 31,

    2024

    2023

    ASSETS

    Current assets:

    Cash and cash equivalents
     
    $
    84,717

    $
    111,268

    Marketable securities

    68,074

    112,359

    Income tax receivable

    10,600

    10,813

    Other current receivables

    1,746

    4,499

    Prepaid expenses

    6,012

    4,749

    Total current assets

    171,149

    243,688

    Property and equipment, net

    2,294

    4,215

    Operating lease right-of-use assets

    1,924

    3,326

    Income tax receivable

    960

    2,276

    Other assets

    179

    396

    TOTAL ASSETS
     
    $
    176,