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Repare Therapeutics Inc. (RPTX)·Q2 2024 Earnings Summary

Executive Summary

  • Q2 2024 revenue fell to $1.1M from $52.4M in Q1 and $30.2M in Q2 2023, reflecting the absence of large milestone recognition seen earlier in the year .
  • EPS swung from +$0.30 (diluted) in Q1 to -$0.82 in Q2; net loss widened to -$34.8M vs. -$11.9M in Q2 2023, driven by low revenue and continued R&D/G&A spending .
  • Cash, cash equivalents and marketable securities were $208.1M, with runway guided “at least into mid-2026” (unchanged) .
  • Clinical execution advanced: FDA Fast Track for lunresertib + camonsertib in platinum-resistant ovarian cancer; MYTHIC dose-expansion readout expected in Q4 2024—key stock catalyst; MINOTAUR (lunresertib + FOLFIRI) initial data were positive .
  • Wall Street consensus (S&P Global) for Q2 2024 EPS/revenue was unavailable at time of analysis due to access limits; comparison to estimates not provided (S&P Global data unavailable).

What Went Well and What Went Wrong

What Went Well

  • “We continued to make meaningful progress across our clinical programs… a catalyst-rich second half of 2024 that includes the release of data from our ongoing MYTHIC… combination therapy has the potential to be a new treatment paradigm” — Lloyd M. Segal, President & CEO .
  • FDA granted Fast Track designation for lunresertib + camonsertib in platinum-resistant ovarian cancer, highlighting pathway to expedited development .
  • Positive initial Phase 1 MINOTAUR data (lunresertib + FOLFIRI) showed promising efficacy and tolerability with prolonged benefit in GI tumors, underpinning broader potential of PKMYT1 inhibition combinations .

What Went Wrong

  • Top-line revenue dropped sharply Q/Q and Y/Y (Q2: $1.1M vs Q1: $52.4M; Q2 2023: $30.2M), underscoring dependence on irregular collaboration milestones and limited recurring revenue sources .
  • Net loss expanded to -$34.8M and diluted EPS to -$0.82, reflecting minimal quarterly revenue and continued operating spend .
  • R&D and G&A remained elevated (Q2 Net R&D: $30.1M; G&A: $8.3M), keeping opex high despite revenue variability; investors may scrutinize spend efficiency ahead of registrational decisions .

Financial Results

MetricQ2 2023Q1 2024Q2 2024
Revenue ($USD Millions)$30.249 $52.404 $1.073
Net Income ($USD Millions)-$11.946 $13.162 -$34.774
Diluted EPS ($USD)-$0.28 $0.30 -$0.82
Net Income Margin (%)-39.5% (calc from )25.1% (calc from )-3239.9% (calc from )
Research & Development ($USD Millions)$33.788 $32.970 $30.075
General & Administrative ($USD Millions)$8.719 $8.618 $8.317
Total Operating Expenses ($USD Millions)$42.507 $41.588 $38.392
Cash, Cash Equivalents & Marketable Securities ($USD Millions)N/A$237.0 $208.1

Notes: Net income margin is calculated as Net Income divided by Revenue using reported figures (citations shown for inputs).

No segment breakdown disclosed; revenue is primarily from collaboration agreements .
KPIs observed: cash runway “at least into mid-2026” ; progress against clinical milestones (MYTHIC dose-expansion, MINOTAUR, TRESR NSCLC) .

Guidance Changes

MetricPeriodPrevious Guidance (as of Q1 2024)Current Guidance (as of Q2 2024)Change
MYTHIC (lunresertib + camonsertib) dose-expansion dataQ4 2024Data in Q4 2024 Reiterated data in Q4 2024 Maintained
MYTHIC Module 4 (lunresertib + Debio 0123) initial data2025Initial data in 2025 Initial data in 2025 Maintained
TRESR NSCLC camonsertib monotherapy expansion initial data2025Initial data in 2025 Initial data in 2025 Maintained
RP-3467 Phase 1 trial initiationH2/Q4 20242H 2024 initiation Q4 2024 initiation Narrowed timing window
Cash runwayMid-2026At least into mid-2026 At least into mid-2026 Maintained

Earnings Call Themes & Trends

Note: A Q2 2024 earnings call transcript was not available in the tool catalog; themes are derived from company press releases.

TopicPrevious Mentions (Q4 2023, Q1 2024)Current Period (Q2 2024)Trend
R&D execution and pipeline breadthAdvanced lunresertib monotherapy and combos; RP-1664 first patient dosed; RP-3467 preclinical strength MYTHIC dose-expansion ongoing; MINOTAUR initial data positive; TRESR NSCLC expansion dosed; MYTHIC + Debio 0123 initiated Consistent acceleration across programs
Regulatory/designationsNo Fast Track noted in Q4 2023; active discussions FDA Fast Track for lunresertib + camonsertib in platinum-resistant ovarian cancer Positive inflection
Product performance (combination efficacy)Early MYTHIC combo signals; 50% RECIST response in prelim gynecologic subset Positive MINOTAUR tolerability/efficacy signals; MYTHIC data readout planned Q4 2024 Strengthening dataset breadth
Clinical partnerships/diagnosticsDebio 0123 collaboration set to begin H1 2024 Foundation Medicine collaboration for prospective profiling and CDx exploration; Debio 0123 arm first patient dosed Expanded ecosystem
R&D spend discipline/cash runwayCash $223.6M YE 2023; runway to mid-2026 Cash $208.1M; runway maintained to mid-2026 Stable runway despite spend

Management Commentary

  • “We continued to make meaningful progress across our clinical programs… potential to begin a registrational trial in 2025.” — Lloyd M. Segal, President & CEO .
  • “The FDA’s decision to grant Fast Track designation supports our goal of quickly and efficiently developing the lunresertib-camonsertib combination…” — Maria Koehler, MD, PhD, EVP & CMO .
  • “The initial results from the ongoing MINOTAUR trial demonstrate promising efficacy and tolerability… across gastrointestinal cancers.” — Dr. Elisa Fontana (ESMO GI presentation) .
  • Q1 context: “We have agreement with the FDA regarding our RP2D… seeing continuing trends of patient response and benefit… on track to report the updated dataset in the fourth quarter of 2024.” — Lloyd M. Segal .

Q&A Highlights

  • A Q2 2024 earnings call transcript was not located in the tool catalog; no Q&A themes available for inclusion (company press release provides the period’s qualitative updates) .

Estimates Context

  • S&P Global consensus estimates for Q2 2024 were unavailable at time of analysis due to access limits; therefore, “vs. estimates” comparisons are not provided (S&P Global data unavailable).
  • The quarter’s sharp revenue step-down vs Q1 (milestone-heavy) suggests models likely reflect high variability tied to collaboration timing rather than recurring product sales .

Key Takeaways for Investors

  • Revenue volatility persists: $52.4M (Q1) to $1.1M (Q2), underscoring reliance on milestone timing while pipeline matures .
  • EPS and net loss deteriorated on minimal revenue; opex remains sizable (Net R&D $30.1M; G&A $8.3M) .
  • Cash of $208.1M supports runway into mid-2026, enabling multiple clinical catalysts without near-term financing pressure .
  • FDA Fast Track and Q4 2024 MYTHIC readout are pivotal near-term catalysts that could reframe the risk/reward on lunresertib + camonsertib .
  • MINOTAUR data strengthen the case for PKMYT1 combinations in GI tumors, broadening potential indications .
  • Foundation Medicine collaboration and CDx exploration may enhance patient selection and registrational readiness .
  • Monitor 2025 readouts (Debio 0123 combo; TRESR NSCLC monotherapy) and RP-3467 Phase 1 initiation (Q4 2024) for portfolio value inflection .