Company: RPTX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030405
Chunk: 143

Company: Repare Therapeutics Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 143
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, the expiration of the applicable royalty term and in its entirety upon expiration of the last royalty term. Either party may terminate earlier upon an uncured material breach of the agreement by the other party, or the insolvency of the other party. Additionally, Bristol-Myers Squibb may 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
     
    $
    —
     
    $
    —