Repare Therapeutics (RPTX) 10-Q7 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	RPTX
Entity Registrant Name	Repare Therapeutics Inc.
Entity Central Index Key	0001808158
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,445,406
Title of 12(b) Security	Common shares, no par value
Security Exchange Name	NASDAQ
Entity File Number	001-39335
Entity Incorporation, State or Country Code	A8
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	7171 Frederick-Banting
Entity Address, Address Line Two	Building 2
Entity Address, Address Line Three	Suite 270
Entity Address, City or Town	St-Laurent
Entity Address, State or Province	QC
Entity Address, Country	CA
Entity Address, Postal Zip Code	H4S 1Z9
City Area Code	857
Local Phone Number	412-7018
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 103,217	$ 111,268
Marketable securities	133,784	112,359
Income tax receivable	10,829	10,813
Other current receivables	3,377	4,499
Prepaid expenses	3,463	4,749
Total current assets	254,670	243,688
Property and equipment, net	3,714	4,215
Operating lease right-of-use assets	2,763	3,326
Income tax receivable	1,630	2,276
Other assets	307	396
TOTAL ASSETS	263,084	253,901
CURRENT LIABILITIES:
Accounts payable	6,825	2,400
Accrued expenses and other current liabilities	20,454	24,057
Operating lease liability, current portion	2,218	2,400
Deferred revenue, current portion	1,073	10,222
Total current liabilities	30,570	39,079
Operating lease liability, net of current portion	561	1,010
Deferred revenue, net of current portion	0	1,730
TOTAL LIABILITIES	31,131	41,819
SHAREHOLDERS’ EQUITY
Preferred shares, no par value per share; unlimited shares authorized as of March 31, 2024 and December 31, 2023, respectively; 0 shares issued and outstanding as of March 31, 2024, and December 2023, respectively	0	0
Common shares, no par value per share; unlimited shares authorized as of March 31, 2024 and December 31, 2023; 42,445,406 and 42,176,041 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	486,375	483,350
Additional paid-in capital	65,638	61,813
Accumulated other comprehensive (loss) income	(113)	28
Accumulated deficit	(319,947)	(333,109)
Total shareholders’ equity	231,953	212,082
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 263,084	$ 253,901

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock par value	$ 0	$ 0
Preferred stock shares authorized	Unlimited	Unlimited
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common stock par value	$ 0	$ 0
Common stock shares authorized	Unlimited	Unlimited
Common stock shares issued	42,445,406	42,176,041
Common stock shares outstanding	42,445,406	42,176,041

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Collaboration agreements	$ 52,404	$ 5,678
Operating expenses:
Research and development, net of tax credits	32,970	31,830
General and administrative	8,618	8,529
Total operating expenses	41,588	40,359
Income (loss) from operations	10,816	(34,681)
Other income (expense), net
Realized and unrealized gain (loss) on foreign exchange	31	(56)
Interest income	2,968	3,427
Other expense	(24)	(15)
Total other income, net	2,975	3,356
Income (loss) before income taxes	13,791	(31,325)
Income tax expense	(629)	(3,616)
Net income (loss)	13,162	(34,941)
Unrealized (loss) gain on available-for-sale marketable securities	(141)	193
Total other comprehensive (loss) income	(141)	193
Comprehensive income (loss)	$ 13,021	$ (34,748)
Net income (loss) per share attributable to common shareholders--basic	$ 0.31	$ (0.83)
Net income (loss) per share attributable to common shareholders--diluted	$ 0.3	$ (0.83)
Weighted-average common shares outstanding-basic	42,234,001	42,040,674
Weighted-average common shares outstanding-diluted	44,024,198	42,040,674

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	2020 Employee Share Purchase Plan	Common Shares	Common Shares 2020 Employee Share Purchase Plan	Additional Paid-in Capital	Additional Paid-in Capital 2020 Employee Share Purchase Plan	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at Dec. 31, 2022	$ 279,517		$ 482,032		$ 37,226		$ (428)	$ (239,313)
Balance, Shares at Dec. 31, 2022			42,036,193
Share-based compensation expense	6,062				6,062
Exercise of stock options	4		$ 7		(3)
Exercise of stock options, Shares			2,000
Issuance of common shares under the 2020 Employee Share Purchase Plan		$ 409		$ 638		$ (229)
Issuance of common shares under the 2020 Employee Share Purchase Plan, Shares				41,703
Other comprehensive income (loss)	193						193
Net income (loss)	(34,941)							(34,941)
Balance at Mar. 31, 2023	251,244		$ 482,677		43,056		(235)	(274,254)
Balance, Shares at Mar. 31, 2023			42,079,896
Balance at Dec. 31, 2023	212,082		$ 483,350		61,813		28	(333,109)
Balance, Shares at Dec. 31, 2023			42,176,041
Share-based compensation expense	6,475				6,475
Exercise of stock options	$ 17		$ 27		(10)
Exercise of stock options, Shares	8,485		8,485
Issuance of common shares on vesting of restricted share units			$ 2,488		(2,488)
Issuance of common shares on vesting of restricted share units , Shares			200,262
Issuance of common shares under the 2020 Employee Share Purchase Plan		$ 358		$ 510		$ (152)
Issuance of common shares under the 2020 Employee Share Purchase Plan, Shares				60,618
Other comprehensive income (loss)	$ (141)						(141)
Net income (loss)	13,162							13,162
Balance at Mar. 31, 2024	$ 231,953		$ 486,375		$ 65,638		$ (113)	$ (319,947)
Balance, Shares at Mar. 31, 2024			42,445,406

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net income (loss) for the period	$ 13,162	$ (34,941)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Share-based compensation expense	6,475	6,062
Depreciation expense	501	441
Non-cash lease expense	563	541
Foreign exchange (gain) loss	(22)	66
Net accretion of marketable securities	(1,245)	(1,839)
Changes in operating assets and liabilities:
Prepaid expenses	1,286	1,330
Other current receivables	1,110	(2,741)
Other non-current assets	89	89
Accounts payable	4,431	2,016
Accrued expenses and other current liabilities	(3,587)	(4,203)
Operating lease liability, current portion	(153)	35
Income taxes	630	3,616
Operating lease liability, net of current portion	(429)	(581)
Deferred revenue	(10,879)	(1,677)
Net cash provided by (used in) operating activities	11,932	(31,786)
Cash Flows From Investing Activities:
Purchases of property and equipment	0	(475)
Proceeds from maturities of marketable securities	69,015	92,500
Purchase of marketable securities	(89,331)	(98,711)
Net cash used in investing activities	(20,316)	(6,686)
Cash Flows From Financing Activities:
Proceeds from exercise of stock options	17	4
Proceeds from issuance of common stock under the 2020 Employee Share Purchase Plan	358	409
Net cash provided by financing activities	375	413
Effect of exchange rate fluctuations on cash held	(42)	(1)
Net Decrease In Cash And Cash Equivalents	(8,051)	(38,060)
Cash and cash equivalents at beginning of period	111,268	159,521
Cash and cash equivalents at end of period	103,217	121,461
Supplemental Disclosure Of Cash Flow Information:
Property and equipment purchases incurred but not yet paid	0	1,134
Right-of-use asset obtained in exchange for new operating lease liability	$ 0	$ 146

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 13,162	$ (34,941)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Nature of Busi

Organization and Nature of Business	3 Months Ended
Organization and Nature of Business	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	1. Organization and Nature of Business Repare Therapeutics Inc. (“Repare” or the “Company”) is a precision medicine oncology company focused on the development of synthetic lethality-based therapies for patients with cancer. The Company is governed by the Business Corporations Act (Québec) . The Company’s common shares are listed on the Nasdaq Global Select Market under the ticker symbol “RPTX”.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of March 31, 2024, the consolidated results of its operations for the three months ended March 31, 2024 and 2023, its statements of shareholders’ equity for the three months ended March 31, 2024 and 2023 and its consolidated cash flows for the three months ended March 31, 2024 and 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the accompanying notes for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2024 (the “Annual Report”). The condensed consolidated balance sheet data as of December 31, 2023 presented for comparative purposes was derived from the Company’s audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. The results for the three months ended March 31, 2024 are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2023 included in the Annual Report. There have been no changes to the Company's significant accounting policies since the date of the audited consolidated financial statements for the year ended December 31, 2023 included in the Annual Report. Principles of Consolidation These unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary, Repare Therapeutics USA Inc. (“Repare USA”), which was incorporated under the laws of Delaware on June 1, 2017. The financial statements of Repare USA are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group transactions, balances, income, and expenses are eliminated in full upon consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, estimates related to revenue recognition, accrued research and development expenses, share-based compensation and income taxes. The Company bases its estimates on historical experience and other market specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from those estimates. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB amended the guidance in ASU 280, Segment Reporting, to require a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures currently required under ASC 280. The new guidance is effective for public entities in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact of this amendment on its consolidated financial statements. In December 2023, the FASB amended the guidance in ASU 740, Income Taxes, to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The new guidance is effective for public entities in fiscal years beginning after 15 December 2024. Early adoption is permitted. The Company is currently assessing the impact of this amendment on its consolidated financial statements.

Cash and Cash Equivalents and M

Cash and Cash Equivalents and Marketable Securities	3 Months Ended
Cash and Cash Equivalents and Marketable Securities	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Cash and Cash Equivalents and Marketable Securities	3. Cash and Cash Equivalents and Marketable Securities Cash and cash equivalents and marketable securities were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) As of March 31, 2024 Cash and cash equivalents: Cash $ 48,706 $ — $ — $ 48,706 Money market funds 44,558 — — 44,558 Commercial paper 9,954 — ( 1 ) 9,953 Total cash and cash equivalents: $ 103,218 $ — $ ( 1 ) $ 103,217 Marketable securities: Commercial paper $ 117,197 $ 16 $ ( 113 ) $ 117,100 Corporate debt securities 16,699 — ( 15 ) 16,684 Total marketable securities $ 133,896 $ 16 $ ( 128 ) $ 133,784 As of December 31, 2023 Cash and cash equivalents: Cash $ 44,462 $ — $ — $ 44,462 Money market funds 36,991 — — 36,991 Commercial paper 29,811 4 — 29,815 Total cash and cash equivalents: $ 111,264 $ 4 $ — $ 111,268 Marketable securities: U.S. Treasury and government-sponsored enterprises $ 22,434 $ — $ ( 25 ) $ 22,409 Commercial paper 89,901 60 ( 11 ) 89,950 Total marketable securities $ 112,335 $ 60 $ ( 36 ) $ 112,359 Interest receivable was $ 0.4 million and $ 0.4 million as of March 31, 2024 and December 31, 2023, respectively, and is included in other current receivables. The Company held available-for-sale marketable securities with an aggregate fair value of $ 109.3 million and $ 58.6 million that were in an immaterial, unrealized loss position as of March 31, 2024 and December 31, 2023, respectively, as shown in the table above. These marketable securities have been in an unrealized loss position for less than twelve months. The unrealized losses as of March 31, 2024 and December 31, 2023 , were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. The Company does not intend to sell these securities and it is more likely than not that it will hold these investments for a period of time sufficient to recover the amortized cost. As a result, the Company did no t record an allowance for credit losses or other impairment charges for its marketable securities for the three months ended March 31, 2024 and 2023. The Company recognized a net unrealized loss of $ 0.1 million and a net unrealized gain of $ 0.2 million in other comprehensive (loss) income in the three months ended March 31, 2024 and 2023, respectively, in relation to its cash and cash equivalents and marketable securities. The maturities of the Company’s marketable securities as of March 31, 2024 and December 31, 2023 are less than one year.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values: Description Financial Assets Level 1 Level 2 Level 3 (in thousands) As of March 31, 2024 Assets Cash equivalents: Money market funds $ 44,558 $ 44,558 $ — $ — Commercial paper 9,953 — 9,953 — Total cash equivalents 54,511 44,558 9,953 — Marketable securities: Commercial paper 117,100 — 117,100 — Corporate debt securities 16,684 — 16,684 — Total marketable securities 133,784 — 133,784 — Total financial assets $ 188,295 $ 44,558 $ 143,737 $ — As of December 31, 2023 Assets Cash equivalents: Money market funds $ 36,991 $ 36,991 $ — $ — Commercial paper 29,815 — 29,815 — Total cash equivalents 66,806 36,991 29,815 — Marketable securities: U.S. Treasury and government-sponsored enterprises 22,409 — 22,409 — Commercial paper 89,950 — 89,950 — Total marketable securities 112,359 — 112,359 — Total financial assets $ 179,165 $ 36,991 $ 142,174 $ — When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure the fair value. In determining the fair values at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data. During the three months ended March 31, 2024 , there were no transfers between fair value measure levels.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
Accrued Expenses and Other Current Liabilities	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, December 31, (in thousands) Accrued research and development expense $ 16,443 $ 16,251 Accrued compensation and benefits 2,739 6,981 Accrued professional services 671 631 Other 601 194 Total accrued expenses and other current liabilities $ 20,454 $ 24,057

Collaborative Arrangements

Collaborative Arrangements	3 Months Ended
Collaborative Arrangements	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative Arrangements	6. Collaborative Arrangements Debiopharm Clinical Study and Collaboration Agreement In January 2024, the Company entered into a clinical study and collaboration agreement with Debiopharm International S.A. (“Debiopharm”), a privately-owned, Swiss-based biopharmaceutical company, with the aim to explore the synergy between the Company’s compound, lunresertib, and Debiopharm’s compound, Debio 0123, a WEE1 inhibitor (the “Debio collaboration agreement”). The Company and Debiopharm are collaborating on the development of a combination therapy, with the Company sponsoring the global study, and will share all costs equally. The Company and Debiopharm are each supplying their respective drugs and retain all commercial rights to their respective compounds, including as monotherapy or as combination therapies. The activities associated with the collaboration are coordinated by a joint steering committee, which is comprised of an equal number of representatives from the Company and Debiopharm. Based on the terms of the Debio collaboration agreement, the Company concluded that the Debio collaboration agreement meets the requirements of a collaboration within the guidance of ASC 808, Collaborative Arrangements, as both parties are active participants in the combination trial and are exposed to significant risks and rewards depending on the success of the combination trial. Accordingly, the net costs associated with the co-development are expensed as incurred and recognized within research and development expenses in the consolidated statement of operations and comprehensive income (loss). During the three-month period ended March 31, 2024, the Company recognized $ 0.5 million in net research and development costs with regards to the Debio collaboration agreement and recorded a receivable from Debiopharm of $ 0.5 million in other current receivables, reflecting the 50/50 cost sharing terms.

Revenue recognition from Collab

Revenue recognition from Collaboration and License Agreements	3 Months Ended
	Mar. 31, 2024
Revenue Recognition [Abstract]
Revenue recognition from Collaboration and License Agreements	7. Revenue recognition from Collaboration and License Agreements The following table presents revenue from collaboration agreements: Three Months Ended 2024 2023 (in thousands) Roche Collaboration and License Agreement $ 49,815 $ 5,312 Bristol-Myers Squibb Collaboration and License Agreement 2,589 366 Total revenue $ 52,404 $ 5,678 The Company’s revenue recognition accounting policy, as well as additional information on the Company’s collaboration and license agreements are disclosed in the audited consolidated financial statements for the year ended December 31, 2023 included in the Annual Report. Roche Collaboration and License Agreement In June 2022, the Company entered into a collaboration and license agreement (the “Roche Agreement”) with Hoffmann-La Roche Inc. and F. Hoffmann-La Roche Ltd (collectively, “Roche”) regarding the development and commercialization of the Company’s product candidate camonsertib (also known as RP-3500) and specified other Ataxia-Telangiectasia and Rad3-related protein kinase (“ATR”) inhibitors (the “Licensed Products”) which became effective July 13, 2022 (the “Effective Date”). Pursuant to the Roche Agreement, the Company granted Roche a worldwide, perpetual, exclusive, sublicensable license to develop, manufacture, and commercialize the Licensed Products, as well as a non-exclusive, sublicensable license to certain related companion diagnostics. The Company agreed to complete specified ongoing clinical trials in accordance with the development plan in the Roche Agreement, as well as ongoing investigator sponsored trials (together, the “Continuing Trials”) at the Company’s expense. Roche assumed all subsequent development of camonsertib with the potential to expand development into additional tumors and multiple combination studies. The Company retained the right to conduct specified clinical trials (the “Repare Trials”) of camonsertib in combination with the Company’s PKMYT1 compound, lunresertib (also known as RP-6306). The Roche Agreement provided the Company, at its sole discretion, with the ability to opt-in to a 50/50 U.S. co-development and profit share arrangement, including participation in U.S. co-promotion if U.S. regulatory approval was received. If the Company chose to exercise its co-development and profit share option, it would continue to be eligible to receive certain clinical, regulatory, commercial and sales milestone payments, in addition to full ex-U.S. royalties. On February 7, 2024, the Company received written notice from Roche of their election to terminate the Roche Agreement following a review of Roche’s pipeline and evolving external factors. The termination became effective May 7, 2024, at which time the Company regained global development and commercialization rights for camonsertib from Roche. In March 2024, the Company received a payment of $ 4.0 million for revisions to the clinical development plan under the Roche Agreement, of which $ 2.1 million was previously recorded as a receivable at December 31, 2023. The transaction price was updated for this additional consideration received, as well as other adjustments of $ 0.5 million pursuant to the termination of the agreement. In February 2024, the Company further received a $ 40.0 million milestone payment from Roche that was earned upon dosing of the first patient with camonsertib in Roche’s Phase 2 TAPISTRY trial in January 2024. Deferred revenue pertaining to the Roche Agreement Completion of Continuing Trials (in thousands) Balance as of December 31, 2023 $ 9,463 Increase in collaboration revenue 41,425 Recognition as revenue, as the result of performance obligations satisfied ( 49,815 ) Balance as of March 31, 2024 $ 1,073 Classified as short-term $ 1,073 The Company recognized $ 49.8 million and $ 5.3 million for the three months ended March 31, 2024 and 2023, respectively as revenue associated with the Roche Agreement in relation to (i) the recognition of revenue upon the $40.0 million milestone achievement in the first quarter of 2024, as well as (ii) the partial recognition of deferred revenue for research and development services performed towards the completion of the Continuing Trials during the period. As of March 31, 2024, there was $ 1.1 million (December 31, 2023 - $ 9.4 million ) of deferred revenue related to the Roche Agreement, of which $ 1.1 million (December 31, 2023 - $ 7.7 million ) was classified as current and nil (December 31, 2023 - $ 1.7 million ) was classified as non-current in the condensed consolidated balance sheet based on the period the services to complete the Continuing Trials are expected to be performed. All deferred revenue related to the Roche Agreement is expected to be recognized in the second quarter of 2024 pursuant to the termination. Bristol-Myers Squibb Collaboration and License Agreement In May 2020, the Company entered into a collaboration and license agreement (the “BMS Agreement”) with Bristol-Myers Squibb Company (“Bristol-Myers Squibb”), pursuant to which the Company and Bristol-Myers Squibb have agreed to collaborate in the research and development of potential new product candidates for the treatment of cancer. The Company provided Bristol-Myers Squibb access to a selected number of its existing screening campaigns and novel campaigns. The Company was responsible for carrying out early-stage research activities directed to identifying potential targets for potential licensing by Bristol-Myers Squibb, in accordance with a mutually agreed upon research plan, and was solely responsible for such costs. The collaboration consisted of programs directed to both druggable targets and to targets commonly considered undruggable to traditional small molecule approaches. Upon Bristol-Myers Squibb’s election to exercise its option to obtain exclusive worldwide licenses for the subsequent development, manufacturing and commercialization of a program, Bristol-Myers Squibb will then be solely responsible for all such worldwide activities and costs. Although the collaboration term expired in November 2023 , the BMS Agreement will not expire until, on a licensed product-by-licensed product and country-by-country basis, 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. The Company is entitled to receive up to $ 301.0 million in total milestones on a program-by-program basis, consisting of $ 176.0 million in the aggregate for certain specified research, development and regulatory milestones and $ 125.0 million in the aggregate for certain specified commercial milestones. The Company is 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. Deferred revenue pertaining to the BMS Agreement Options to license undruggable targets (in thousands) Balance as of December 31, 2023 $ 2,489 Increase in collaboration revenue 100 Recognition as revenue, as the result of performance obligations satisfied ( 2,589 ) Balance as of March 31, 2024 $ — In March 2024, Bristol-Myers Squibb exercised its one remaining option for an undruggable target. As a result, the Company recognized $ 2.6 million as revenue related to undruggable targets, including the option fee payment of $ 0.1 million.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases [Abstract]
Leases	8. Leases The Company has historically entered into lease arrangements for its facilities. As of March 31, 2024 , the Company had four operating leases with required future minimum payments. The Company’s leases generally do not include termination or purchase options. Operating Leases The following tables contain a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases: Three Months Ended 2024 2023 (in thousands) Operating Leases - Lease Costs Operating lease costs $ 594 $ 592 Short-term lease costs 19 14 Variable lease costs 85 40 Total lease costs $ 698 $ 646 Three Months Ended 2024 2023 (in thousands, except as specified otherwise) Other Operating Lease Information Operating cash flows used for operating leases $ 613 $ 599 Right-of-use assets obtained in exchange for new operating lease liability $ — $ 146 Weighted-average remaining lease term (in years) 1.23 2.19 Weighted-average discount rate 4.2 % 4.1 %

Share-Based Compensation

Share-Based Compensation	3 Months Ended
Share-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	9. Share-Based Compensation 2020 Employee Share Purchase Plan In June 2020, the Company’s board of directors adopted, and the Company’s shareholders approved the 2020 Employee Share Purchase Plan (“ESPP”). The number of shares reserved and available for issuance under the ESPP will automatically increase each January 1, beginning on January 1, 2021 and each January 1 thereafter through January 31, 2030, by the lesser of (1) 1.0 % of the total number of common shares outstanding on December 31 of the preceding calendar year, (2) 3,300,000 common shares, or (3) such smaller number of common shares as the Company’s board of directors may designate. As of March 31, 2024 , the number of common shares that may be issued under the ESPP is 1,772,568 . The ESPP enables eligible employees to purchase common shares of the Company at the end of each offering period at a price equal to 85 % of the fair market value of the shares on the first business day or the last business day of the offering period, whichever is lower. Participation in the ESPP is voluntary. Eligible employees become participants in the ESPP by enrolling in the plan and authorizing payroll deductions. At the end of each offering period, accumulated payroll deductions are used to purchase the Company’s shares at the discounted price. The Company makes no contributions to the ESPP. A participant may withdraw from the ESPP or suspend contributions to the ESPP. If the participant elects to withdraw during an offering, all contributions are refunded as soon as administratively practicable. If a participant elects to withdraw or suspend contributions, they will not be able to re-enroll in the current offering but may elect to participate in future offerings. A participant may only purchase whole shares of the Company’s common shares in the ESPP. ESPP offering periods are offered on a rolling six-month basis. The Company issued 60,618 common shares under the ESPP for the three months ended March 31, 2024, at a weighted-average price per share of $ 5.91 , for aggregate proceeds of $ 0.4 million . Option Plan and 2020 Plan In December 2016, as further amended in December 2017 and September 2019, the Company adopted the Repare Therapeutics Inc. Option Plan (the “Option Plan”) for the issuance of stock options and other share-based awards to directors, officers, employees or consultants. The Option Plan authorized up to 4,074,135 shares of the Company’s common shares to be issued. In June 2020, the Company’s board of directors adopted, and the Company’s shareholders approved the 2020 Equity Incentive Plan (the “2020 Plan”). The 2020 Plan became effective on the effective date of the IPO, at which time the Company ceased making awards under the Option Plan. The 2020 Plan allows the Company’s compensation committee to make equity-based and cash-based incentive awards to the Company’s officers, employees, directors and consultants including but not limited to stock options and restricted share units. The aggregate number of common shares reserved and available for issuance under the 2020 Plan has automatically increased on January 1 of each year beginning on January 1, 2021 and will continue to increase on January 1 of each year through and including January 1, 2030, by 5 % of the outstanding number of common shares on the immediately preceding December 31, or such lesser number of shares as determined by the Company’s board of directors. As of March 31, 2024 , the number of common shares reserved for issuance under the 2020 Plan is 12,136,183 . The exercise price per share of a stock option must be at least equal to the fair value of the common shares on the date of grant, as determined by the Company’s compensation committee or the Company’s board of directors. Stock options awarded under the 2020 Plan expire 10 years after the grant. Unless otherwise stated in a stock option agreement, options generally have vesting conditions of 25 % of the shares subject to an option grant typically vesting upon the first anniversary of the vesting start date and thereafter at the rate of one forty-eighth of the option shares per month as of the first day of each month after the first anniversary. Inducement Plan In April 2024, the Company’s board of directors approved the adoption of the 2024 Inducement Plan (the “Inducement Plan”), to be used exclusively for grants of awards to individuals who were not previously employees or directors (or following a bona fide period of non-employment) as a material inducement to such individuals’ entry into employment with the Company, pursuant to Nasdaq Listing Rule 5635(c)(4). The terms and conditions of the Inducement Plan are substantially similar to those of the 2020 Plan. 350,000 common shares have been reserved for issuance under the Inducement Plan. Stock Options The following table summarizes the Company’s stock options activity: Number of Weighted Outstanding, January 1, 2024 10,097,771 $ 13.77 Granted 1,376,682 $ 6.95 Exercised ( 8,485 ) $ 1.99 Cancelled or forfeited ( 145,179 ) $ 16.74 Outstanding, March 31, 2024 11,320,789 $ 12.91 During the three months ended March 31, 2024, an aggregate of 8,485 options were exercised at a weighted-average exercise price of $ 1.99 per share. The fair value of stock options, and the assumptions used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted average basis: Three Months Ended 2024 2023 Fair value of stock options $ 5.08 $ 8.85 Risk-free interest rate 4.19 % 3.65 % Expected terms (in years) 6.08 6.08 Expected volatility 82.99 % 81.77 % Expected dividend yield 0.00 % 0.00 % Restricted Share Units The following table summarizes the Company’s restricted share unit activity: Number of Weighted Outstanding, January 1, 2024 603,685 $ 12.42 Awarded 527,273 $ 6.95 Vested and released ( 200,262 ) $ 12.42 Forfeited ( 3,392 ) $ 12.42 Outstanding, March 31, 2024 927,304 $ 9.31 The fair value of each restricted share unit is estimated on the date of grant based on the fair value of our common shares on that same date. Share-Based Compensation Share-based compensation expense for all awards was allocated as follows: Three Months Ended 2024 2023 (in thousands) Research and development $ 3,419 $ 3,219 General and administrative 3,056 2,843 Total share-based compensation expense $ 6,475 $ 6,062 Share-based compensation expense by type of award was as follows: Three Months Ended 2024 2023 (in thousands) Stock options $ 5,685 $ 5,537 Restricted share units 709 425 ESPP 81 100 Total share-based compensation expense $ 6,475 $ 6,062 As of March 31, 2024, there was $ 38.6 million and $ 8.1 million of unrecognized share-based compensation expense to be recognized over a weighted average period of 1.6 years and 2.5 years related to unvested stock options and unvested restricted share units, respectively.

Net Income (Loss) per Share

Net Income (Loss) per Share	3 Months Ended
Net Income (Loss) per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income (Loss) per Share	11. Net Income (Loss) per Share The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common shareholders of the Company: Three Months Ended 2024 2023 (in thousands, except share and per share amounts) Numerator: Net income (loss) $ 13,162 $ ( 34,941 ) Denominator: Weighted-average common shares outstanding — basic 42,234,001 42,040,674 Dilutive impact of outstanding stock options, restricted share units 1,790,197 — Weighted-average common shares outstanding — diluted 44,024,198 42,040,674 Net income (loss) per share Basic $ 0.31 $ ( 0.83 ) Diluted $ 0.30 $ ( 0.83 ) The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended 2024 2023 Options to purchase common shares 8,778,678 9,572,829 Restricted share units 927,304 622,835 Estimated shares issuable under the ESPP — 48,136

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of March 31, 2024, the consolidated results of its operations for the three months ended March 31, 2024 and 2023, its statements of shareholders’ equity for the three months ended March 31, 2024 and 2023 and its consolidated cash flows for the three months ended March 31, 2024 and 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the accompanying notes for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2024 (the “Annual Report”). The condensed consolidated balance sheet data as of December 31, 2023 presented for comparative purposes was derived from the Company’s audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. The results for the three months ended March 31, 2024 are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2023 included in the Annual Report. There have been no changes to the Company's significant accounting policies since the date of the audited consolidated financial statements for the year ended December 31, 2023 included in the Annual Report.
Principles of Consolidation	Principles of Consolidation These unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary, Repare Therapeutics USA Inc. (“Repare USA”), which was incorporated under the laws of Delaware on June 1, 2017. The financial statements of Repare USA are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group transactions, balances, income, and expenses are eliminated in full upon consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, estimates related to revenue recognition, accrued research and development expenses, share-based compensation and income taxes. The Company bases its estimates on historical experience and other market specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from those estimates. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB amended the guidance in ASU 280, Segment Reporting, to require a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures currently required under ASC 280. The new guidance is effective for public entities in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact of this amendment on its consolidated financial statements. In December 2023, the FASB amended the guidance in ASU 740, Income Taxes, to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The new guidance is effective for public entities in fiscal years beginning after 15 December 2024. Early adoption is permitted. The Company is currently assessing the impact of this amendment on its consolidated financial statements.

Cash and Cash Equivalents and_2

Cash and Cash Equivalents and Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Cash and Cash Equivalents and Marketable Securities	Cash and cash equivalents and marketable securities were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) As of March 31, 2024 Cash and cash equivalents: Cash $ 48,706 $ — $ — $ 48,706 Money market funds 44,558 — — 44,558 Commercial paper 9,954 — ( 1 ) 9,953 Total cash and cash equivalents: $ 103,218 $ — $ ( 1 ) $ 103,217 Marketable securities: Commercial paper $ 117,197 $ 16 $ ( 113 ) $ 117,100 Corporate debt securities 16,699 — ( 15 ) 16,684 Total marketable securities $ 133,896 $ 16 $ ( 128 ) $ 133,784 As of December 31, 2023 Cash and cash equivalents: Cash $ 44,462 $ — $ — $ 44,462 Money market funds 36,991 — — 36,991 Commercial paper 29,811 4 — 29,815 Total cash and cash equivalents: $ 111,264 $ 4 $ — $ 111,268 Marketable securities: U.S. Treasury and government-sponsored enterprises $ 22,434 $ — $ ( 25 ) $ 22,409 Commercial paper 89,901 60 ( 11 ) 89,950 Total marketable securities $ 112,335 $ 60 $ ( 36 ) $ 112,359

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis	The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values: Description Financial Assets Level 1 Level 2 Level 3 (in thousands) As of March 31, 2024 Assets Cash equivalents: Money market funds $ 44,558 $ 44,558 $ — $ — Commercial paper 9,953 — 9,953 — Total cash equivalents 54,511 44,558 9,953 — Marketable securities: Commercial paper 117,100 — 117,100 — Corporate debt securities 16,684 — 16,684 — Total marketable securities 133,784 — 133,784 — Total financial assets $ 188,295 $ 44,558 $ 143,737 $ — As of December 31, 2023 Assets Cash equivalents: Money market funds $ 36,991 $ 36,991 $ — $ — Commercial paper 29,815 — 29,815 — Total cash equivalents 66,806 36,991 29,815 — Marketable securities: U.S. Treasury and government-sponsored enterprises 22,409 — 22,409 — Commercial paper 89,950 — 89,950 — Total marketable securities 112,359 — 112,359 — Total financial assets $ 179,165 $ 36,991 $ 142,174 $ —

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
Accrued Expenses and Other Current Liabilities (Tables)	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, December 31, (in thousands) Accrued research and development expense $ 16,443 $ 16,251 Accrued compensation and benefits 2,739 6,981 Accrued professional services 671 631 Other 601 194 Total accrued expenses and other current liabilities $ 20,454 $ 24,057

Revenue recognition from Coll_2

Revenue recognition from Collaboration and License Agreements (Tables)	3 Months Ended
	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Schedule of Revenue From Collaboration Agreements	The following table presents revenue from collaboration agreements: Three Months Ended 2024 2023 (in thousands) Roche Collaboration and License Agreement $ 49,815 $ 5,312 Bristol-Myers Squibb Collaboration and License Agreement 2,589 366 Total revenue $ 52,404 $ 5,678
Roche
Disaggregation of Revenue [Line Items]
Schedule of Deferred Revenue	Deferred revenue pertaining to the Roche Agreement Completion of Continuing Trials (in thousands) Balance as of December 31, 2023 $ 9,463 Increase in collaboration revenue 41,425 Recognition as revenue, as the result of performance obligations satisfied ( 49,815 ) Balance as of March 31, 2024 $ 1,073 Classified as short-term $ 1,073
Bristol-Myers Squibb Company
Disaggregation of Revenue [Line Items]
Schedule of Deferred Revenue	Deferred revenue pertaining to the BMS Agreement Options to license undruggable targets (in thousands) Balance as of December 31, 2023 $ 2,489 Increase in collaboration revenue 100 Recognition as revenue, as the result of performance obligations satisfied ( 2,589 ) Balance as of March 31, 2024 $ —

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases [Abstract]
Summary of Lease Costs	The following tables contain a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases: Three Months Ended 2024 2023 (in thousands) Operating Leases - Lease Costs Operating lease costs $ 594 $ 592 Short-term lease costs 19 14 Variable lease costs 85 40 Total lease costs $ 698 $ 646
Summary of Other Operating Lease Information	Three Months Ended 2024 2023 (in thousands, except as specified otherwise) Other Operating Lease Information Operating cash flows used for operating leases $ 613 $ 599 Right-of-use assets obtained in exchange for new operating lease liability $ — $ 146 Weighted-average remaining lease term (in years) 1.23 2.19 Weighted-average discount rate 4.2 % 4.1 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
Share-Based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share Option Activity	Number of Weighted Outstanding, January 1, 2024 10,097,771 $ 13.77 Granted 1,376,682 $ 6.95 Exercised ( 8,485 ) $ 1.99 Cancelled or forfeited ( 145,179 ) $ 16.74 Outstanding, March 31, 2024 11,320,789 $ 12.91
Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model	The fair value of stock options, and the assumptions used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted average basis: Three Months Ended 2024 2023 Fair value of stock options $ 5.08 $ 8.85 Risk-free interest rate 4.19 % 3.65 % Expected terms (in years) 6.08 6.08 Expected volatility 82.99 % 81.77 % Expected dividend yield 0.00 % 0.00 %
Summary of Total Outstanding Restricted Stock Units	The following table summarizes the Company’s restricted share unit activity: Number of Weighted Outstanding, January 1, 2024 603,685 $ 12.42 Awarded 527,273 $ 6.95 Vested and released ( 200,262 ) $ 12.42 Forfeited ( 3,392 ) $ 12.42 Outstanding, March 31, 2024 927,304 $ 9.31
Schedule of Share-based Compensation Expense	Share-based compensation expense for all awards was allocated as follows: Three Months Ended 2024 2023 (in thousands) Research and development $ 3,419 $ 3,219 General and administrative 3,056 2,843 Total share-based compensation expense $ 6,475 $ 6,062 Share-based compensation expense by type of award was as follows: Three Months Ended 2024 2023 (in thousands) Stock options $ 5,685 $ 5,537 Restricted share units 709 425 ESPP 81 100 Total share-based compensation expense $ 6,475 $ 6,062

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	3 Months Ended
Net Income (Loss) per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable To Common Shareholders	The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common shareholders of the Company: Three Months Ended 2024 2023 (in thousands, except share and per share amounts) Numerator: Net income (loss) $ 13,162 $ ( 34,941 ) Denominator: Weighted-average common shares outstanding — basic 42,234,001 42,040,674 Dilutive impact of outstanding stock options, restricted share units 1,790,197 — Weighted-average common shares outstanding — diluted 44,024,198 42,040,674 Net income (loss) per share Basic $ 0.31 $ ( 0.83 ) Diluted $ 0.30 $ ( 0.83 )
Computation of Diluted Net Income (Loss) Per Share in Attributable to Common Shareholders Indicate to Anti Diluted Effect	The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended 2024 2023 Options to purchase common shares 8,778,678 9,572,829 Restricted share units 927,304 622,835 Estimated shares issuable under the ESPP — 48,136

Cash and Cash Equivalents and_3

Cash and Cash Equivalents and Marketable Securities - Summary of Cash and Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash and cash equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 103,218	$ 111,264
Unrealized Gains	0	4
Unrealized Losses	(1)	0
Fair Value	103,217	111,268
Money market funds \| Cash and cash equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	44,558	36,991
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	44,558	36,991
Marketable securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	133,896	112,335
Unrealized Gains	16	60
Unrealized Losses	(128)	(36)
Fair Value	133,784	112,359
Commercial paper \| Cash and cash equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	9,954	29,811
Unrealized Gains	0	4
Unrealized Losses	(1)	0
Fair Value	9,953	29,815
Commercial paper \| Marketable securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	117,197	89,901
Unrealized Gains	16	60
Unrealized Losses	(113)	(11)
Fair Value	117,100	89,950
Corporate debt securities \| Marketable securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	16,699
Unrealized Gains	0
Unrealized Losses	(15)
Fair Value	16,684
U.S. Treasury and government-sponsored enterprises \| Marketable securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		22,434
Unrealized Gains		0
Unrealized Losses		(25)
Fair Value		22,409
Cash \| Cash and cash equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	48,706	44,462
Fair Value	$ 48,706	$ 44,462

Cash and Cash Equivalents and_4

Cash and Cash Equivalents and Marketable Securities - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Interest receivable	$ 400,000		$ 400,000
Debt securities unrealized loss position	109,300,000		$ 58,600,000
OCI, unrealized (loss) gain on available for sale marketable securities	(141,000)	$ 193,000
Allowance for credit losses or other impairment charges	$ 0	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash equivalents	$ 54,511	$ 66,806
Marketable securities	133,784	112,359
Total financial assets	188,295	179,165
Corporate debt securities
Assets
Marketable securities	16,684
U.S. Treasury and government-sponsored enterprises
Assets
Marketable securities		22,409
Level 1
Assets
Cash equivalents	44,558	36,991
Marketable securities	0	0
Total financial assets	44,558	36,991
Level 2
Assets
Cash equivalents	9,953	29,815
Marketable securities	133,784	112,359
Total financial assets	143,737	142,174
Level 2 \| Corporate debt securities
Assets
Marketable securities	16,684
Level 2 \| U.S. Treasury and government-sponsored enterprises
Assets
Marketable securities		22,409
Money market funds
Assets
Total financial assets	44,558	36,991
Money market funds \| Level 1
Assets
Total financial assets	44,558	36,991
Commercial paper
Assets
Cash equivalents	9,953	29,815
Marketable securities	117,100	89,950
Commercial paper \| Level 2
Assets
Cash equivalents	9,953	29,815
Marketable securities	$ 117,100	$ 89,950

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Mar. 31, 2024 USD ($)
Fair Value Disclosures [Abstract]
Fair value, assets, transfers between levels	$ 0

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 2,739	$ 6,981
Accrued research and development expense	16,443	16,251
Accrued professional services	671	631
Other	601	194
Total accrued expenses and other current liabilities	$ 20,454	$ 24,057

Collaborative Arrangements - Ad

Collaborative Arrangements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other current receivables	$ 3,377	$ 4,499
Debiopharm
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reimbursement of research and development cost contract	500
Other current receivables	$ 500

Revenue recognition from Coll_3

Revenue recognition from Collaboration and License Agreements - Schedule of Revenue From Collaboration Agreements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Collaboration agreements	$ 52,404	$ 5,678
Roche
Disaggregation of Revenue [Line Items]
Collaboration agreements	49,815	5,312
Bristol-Myers Squibb Company
Disaggregation of Revenue [Line Items]
Collaboration agreements	$ 2,589	$ 366

Revenue recognition from Coll_4

Revenue recognition from Collaboration and License Agreements - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2020	Mar. 31, 2024	Mar. 31, 2023	Feb. 29, 2024	Dec. 31, 2023
Roche \| Completion of Continuing Trials [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue		$ 1,073			$ 9,463
Deferred revenue, current		1,073
Roche \| Collaboration and License Agreement
Disaggregation of Revenue [Line Items]
Collaboration payable		500
Milestones payments received				$ 40,000
Deferred revenue recognized		49,800	$ 5,300
Roche \| Collaboration and License Agreement \| Third Additional Clinical Development Plan
Disaggregation of Revenue [Line Items]
Collaboration revenue received		4,000
Collaboration revenue receivable earned					2,100
Roche \| Collaboration and License Agreement \| Completion of Continuing Trials [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue		1,100			9,400
Deferred revenue, current		1,100			7,700
Deferred revenue, noncurrent		0			$ 1,700
Bristol-Myers Squibb Company \| Collaboration and License Agreement
Disaggregation of Revenue [Line Items]
Collaboration term expiration date	Nov. 30, 2023
Bristol-Myers Squibb Company \| Collaboration and License Agreement \| Undruggable targets
Disaggregation of Revenue [Line Items]
Deferred revenue recognized		2,600
Option fee payment		$ 100
Bristol-Myers Squibb Company \| Collaboration and License Agreement \| Maximum
Disaggregation of Revenue [Line Items]
Milestone payments entitled to be received	$ 301,000
Bristol-Myers Squibb Company \| Collaboration and License Agreement \| Maximum \| Research, Development and Regulatory Milestones
Disaggregation of Revenue [Line Items]
Milestone payments entitled to be received	176,000
Bristol-Myers Squibb Company \| Collaboration and License Agreement \| Maximum \| Commercial Milestones
Disaggregation of Revenue [Line Items]
Milestone payments entitled to be received	$ 125,000

Revenue recognition from Coll_5

Revenue recognition from Collaboration and License Agreements - Schedule of Deferred Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Roche \| Completion of continuing trials
Disaggregation of Revenue [Line Items]
Balance, Beginning	$ 9,463
Increase in collaboration revenue	41,425
Recognition as revenue, as the result of performance obligations satisfied	(49,815)
Balance, Ending	1,073
Classified as short-term	1,073
Bristol-Myers Squibb Company \| Options to License Undruggable Targets
Disaggregation of Revenue [Line Items]
Balance, Beginning	2,489
Increase in collaboration revenue	100
Recognition as revenue, as the result of performance obligations satisfied	(2,589)
Balance, Ending	$ 0

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
Leases - Additional Information (Details)	Mar. 31, 2024 Lease
Lessee Lease Description [Line Items]
Number of operating leases	4
Lessee, operating lease, existence of option to terminate	false

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease Costs
Operating lease costs	$ 594	$ 592
Short-term lease costs	19	14
Variable lease costs	85	40
Total lease costs	$ 698	$ 646

Leases - Summary of Other Opera

Leases - Summary of Other Operating Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating cash flows used for operating leases	$ 613	$ 599
Right-of-use asset obtained in exchange for new operating lease liability	$ 0	$ 146
Weighted-average remaining lease term (in years)	1 year 2 months 23 days	2 years 2 months 8 days
Weighted-average discount rate	4.20%	4.10%

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jun. 30, 2020	Mar. 31, 2024	Mar. 31, 2023	Apr. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued		42,445,406			42,176,041
Weighted average exercise price of stock options granted		$ 6.95
Number of options exercised		8,485
Stock options granted to employees		1,376,682
Options, weighted-average exercise price		$ 1.99
Aggregate proceeds from exercise of options		$ 17	$ 4
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation expense related to unvested restricted share units		$ 8,100
Unrecognized share-based compensation expense related to unvested stock options, weighted average period		2 years 6 months
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation expense related to unvested stock options		$ 38,600
Unrecognized share-based compensation expense related to unvested stock options, weighted average period		1 year 7 months 6 days
Subsequent Events \| Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance				350,000
Common Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options exercised		8,485	2,000
2020 Employee Share Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		1,772,568
Annual increases in number of shares available for issuance as percentage of outstanding shares common stock on final day of preceding calendar year	1%
Annual increases in number of shares available for issuance maximum number of common stock issued	3,300,000
Purchase price of shares as percentage of fair market value of common stock on date of purchase	85%
Common stock shares issued	0	60,618
Shares issued, price per share		$ 5.91
Cash received from purchases under ESPP		$ 400
Option Plan \| Common Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares ceased granting	4,074,135
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		12,136,183
Annual increases in number of shares available for issuance as percentage of outstanding shares common stock on final day of preceding calendar year	5%
Expiration period	10 years
2020 Equity Incentive Plan \| Vesting on First Anniversary Date of Grant
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25%
2020 Equity Incentive Plan \| Vesting on Monthly Basis at Rate of 1/48th
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Monthly vesting rate	1/48

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share Option Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of shares, Outstanding at beginning of period \| shares	10,097,771
Number of shares, Granted \| shares	1,376,682
Number of shares, Exercised \| shares	(8,485)
Number of shares, Cancelled or forfeited \| shares	(145,179)
Number of shares, Outstanding at end of period \| shares	11,320,789
Weighted average exercise price, Outstanding at beginning of period \| $ / shares	$ 13.77
Weighted average exercise price of stock options granted \| $ / shares	6.95
Weighted average exercise price, Exercised \| $ / shares	1.99
Weighted average exercise price, Cancelled or forfeited \| $ / shares	16.74
Weighted average exercise price, Outstanding at end of period \| $ / shares	$ 12.91

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model (Details) - 2020 Equity Incentive Plan - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of stock options	$ 5.08	$ 8.85
Risk-free interest rate	4.19%	3.65%
Expected terms (in years)	6 years 29 days	6 years 29 days
Expected volatility	82.99%	81.77%
Expected dividend yield	0%	0%

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Total Outstanding Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units, Beginning balance \| shares	603,685
Restricted stock units, Awarded \| shares	527,273
Restricted stock units, Vested and released \| shares	(200,262)
Restricted stock units, Forfeited \| shares	(3,392)
Restricted stock units, Ending balance \| shares	927,304
Weighted average grant date fair value, Beginning balance \| $ / shares	$ 12.42
Weighted average grant date fair value, Awarded \| $ / shares	6.95
Weighted average grant date fair value, Vested and released \| $ / shares	12.42
Weighted Average Grant Date Fair Value Forfeited \| $ / shares	12.42
Weighted average grant date fair value, Ending balance \| $ / shares	$ 9.31

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 6,475	$ 6,062
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	3,419	3,219
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	3,056	2,843
Employee Stock Option
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	5,685	5,537
Restricted Stock Units (RSUs)
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	709	425
2020 Employee Share Purchase Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 81	$ 100

Net Income (Loss) per Share - S

Net Income (Loss) per Share - Summary of Basic and Diluted Net Income (Loss) per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net Income (Loss)	$ 13,162	$ (34,941)
Denominator:
Weighted-average common shares outstanding-basic	42,234,001	42,040,674
Dilutive impact of outstanding stock options, restricted share units and shares issuable under the ESPP	1,790,197	0
Weighted-average common shares outstanding-diluted	44,024,198	42,040,674
Net income (loss) per share basic	$ 0.31	$ (0.83)
Net income (loss) per share diluted	$ 0.3	$ (0.83)

Net Income (Loss) per Share - C

Net Income (Loss) per Share - Computation of Diluted Net Income (Loss) Per Share in Attributable to Common Shareholders Indicate to Anti Diluted Effect (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Options to Purchase Common Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	8,778,678	9,572,829
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	927,304	622,835
Estimated Shares Issuable Under the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	0	48,136