Repare Therapeutics (RPTX) ($60MM market cap) is a clinical-stage oncology firm which by a sequence of press releases this 12 months introduced a 75% reduction-in-force, reprioritization of their pipeline, a plan to pursue partnerships for his or her most superior belongings, CEO resigned (with the CFO taking on), CMO exited and most lately the out licensing of their discovery platform.  

Whereas they have not formally ceased improvement efforts and raised the white flag, that is basically the place they’re at now.  Repare is perhaps a little bit of a hidden strategic alternate options title, they have not introduced a course of cleanly in a single press launch.  Of their 3/3 press release disclosing their year-end results, they included the road:

Exploring partnerships throughout portfolio, together with for Lunre+Camo

Of their 3/31 press release announcing the resignation of their CEO and founder, the language modified to:

The Firm is additionally exploring strategic alternate options and partnerships throughout its portfolio, together with for lunresertib and camonsertib.

Then its tweaked barely once more of their 5/1 press release announcing the sale of their discovery platform:

“We look ahead to reporting preliminary knowledge from our two ongoing Section 1 medical trials within the second half of 2025, and proceed to judge partnering and strategic alternate options throughout our portfolio belongings.”

It is attainable that I am studying an excessive amount of into that strategic alternate options language and that it is solely straight tied to the pursuing partnerships goal, however this biotech trades at a major low cost to my estimate of a liquidation worth with no worth assigned to their IP (which they’ve used puffy language like «progress is especially promising» and «doubtlessly finest at school» in prior statements).

So we have got a caretaker CEO, skeleton workers, strategic alternate options / partnership discussions, offered discovery platform, it appears to me that this one is on the market.  BVF Companions is the anchor investor right here with a 24% stake.  I purchased a number of shares and added it to my damaged biotech basket.

Disclosure: I personal shares of RPTX