
Vancouver city manager Paul Mochrie steps down
The City of Vancouver is looking for a new manager.
Mayor Ken Sim announced Tuesday that Paul Mochrie would be leaving his role as city manager, after more than four years in the job, and a decade before that in other senior roles with the city.
"Paul and I mutually agreed that it was the right time for a leadership change," Sim said in a statement.
"We thank Paul for his 14 years of dedicated service, including the last four as city manager, and wish him nothing but success in the future."
As city manager, Mochrie oversaw Vancouver's nearly 10,000 employees, with the heads of various departments reporting to his office. While the city manager role is non-political, that position is the liaison between city council and staff.
Mochrie, who was deputy city manager when he replaced Sadhu Johnston in the role in 2021, made $387,110 last year, the most of any city employee other than now-retired, former Vancouver Police Department chief Adam Palmer.
Sim's statement said that Mochrie would assist with a transition, and that Deputy City Manager Karen Levitt would become acting city manager while the city hired a permanent replacement.
'He was good about clarifying tradeoffs'
Adriane Carr, who served on council from 2011 until this year under three different city managers, had high praise for Mochrie.
"Paul was great at actually levelling with council in terms of if you go this way, these will be the potential repercussions," she said.
"He had the right people explaining things and answering questions from council on issues. Ultimately, of course, council makes the decisions on the heavy-duty things, including budgets … but he was good about clarifying tradeoffs."
While details of Mochrie's departure weren't made public, city managers — or "chief administrative officers, as they're known in most municipalities — serve at the pleasure of the mayor and council.
While Sim praised the work of senior staff prior to being elected mayor in 2022, it's not uncommon for changes in government to bring a change in the head of the civil service, as was the case in 2008 when Vancouver's longtime city manager Judy Rogers was let go immediately after Vision Vancouver and Mayor Gregor Robertson swept to power.
But Carr said prior to her resignation, she saw a healthy working relationship between Sim and senior staff.
"[Sim] was very good at setting up as many briefings and meetings with senior staff as we wanted as council, and that's really sound management."
At the same time, she said she hoped whoever replaced Mochrie would continue to point out tradeoffs to council about their decisions, specifically citing Sim's enthusiasm around the city investing in bitcoin.
"When you have a majority council with some very strong ideas about directions to go in, it's going to take an exceptional person to be able to say yes, you have a majority on council, but let me just spell out possible negative outcomes and risks if we go in the direction you're suggesting," she said.
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National Post
15 minutes ago
- National Post
Dentalcorp Reports Second Quarter 2025 Results
Article content Revenue of $435.2 million, an increase of 8.9% from the second quarter of 2024, with Same Practice Revenue Growth ('SPRG') 1 of 3.3%. Adjusted EBITDA 1 of $81.2 million, an increase of 9.9% compared to the same period in 2024; Adjusted EBITDA Margin 1 of 18.7%, an increase of 20 basis points over the same period in 2024. Adjusted Free Cash Flow 1 and Adjusted Free Cash Flow per Share 1 of $45.6 million and $0.23, an increase of 12.0% and 9.5%, respectively, over the same period in 2024; Adjusted Net Income 1 of $30.7 million. Net debt / PF Adjusted EBITDA after rent Ratio 1 of 3.65x, a decrease of 0.46x compared to the same period in 2024. Acquired 8 new practice locations which are expected to generate $3.8 million in PF Adjusted EBITDA after rent 1 at 6.3x ($12.1 million and 7.1x, respectively, for the six months ended June 30, 2025) expanding Dentalcorp's national footprint to 575 locations. Achieved a 91.8% recurring patient visit rate 1, reflecting predictable and continued patient demand across the network. Article content Third Quarter 2025 Outlook Article content Revenue and SPRG 1 for the third quarter of 2025 are estimated to increase by 10.0% to 12.0% (to between $412.9M and $420.4M) and between 3.0% to 5.0%, from the third quarter of 2024, respectively. Adjusted EBITDA Margin 1 for the third quarter of 2025 is estimated to increase by 20 basis points from the third quarter of 2024, to 18.6%, and Adjusted EBITDA 1 is estimated to increase to between $76.8M and $78.2M. Subsequent to the quarter, closed $5.5 million of PF Adjusted EBITDA after rent 1 representing 7 practices, and when combined with signed LOIs and acquisitions completed as of June 30, 2025, is greater than our 2025 full-year acquisition target of $25 million of PF Adjusted EBITDA after rent 1. Article content (¹) Article content Non-IFRS financial measure, non-IFRS ratio, or supplementary financial measure. For comprehensive definitions and quantitative reconciliations, please refer to the 'Non-IFRS and Other Financial Measures' section within this news release. Article content TORONTO — dentalcorp Holdings Ltd. ('Dentalcorp' or the 'Company') (TSX: DNTL), Canada's largest and one of North America's fastest growing networks of dental practices, today announced its financial and operating results for the second quarter ended June 30, 2025, reaffirmed the full year 2025 guidance previously provided in the Company's news release dated March 21, 2025, and announced its outlook for the third quarter of 2025. All financial figures are in Canadian dollars unless otherwise indicated. Article content 'Our teams across the country delivered another quarter of strong results, with revenue and Adjusted EBITDA growth of approximately 9% and 10%, respectively, over the second quarter of 2024, and setting new highs for both metrics. We continued to realize operating leverage across the business, with second quarter Adjusted EBITDA Margin expanding 20 basis points over the second quarter of 2024 to 18.7%, marking our fifth consecutive quarter of year-over-year Adjusted EBITDA Margin expansion,' said Graham Rosenberg, CEO and Chairman of Dentalcorp. Article content 'We generated a record $45.6 million in Adjusted Free Cash Flow in the second quarter of 2025, representing an increase of approximately 12% over the second quarter of 2024,' Rosenberg continued. 'This led to continued deleveraging, with our Net Debt / PF Adjusted EBITDA after rent Ratio decreasing to 3.65x, a reduction of 0.46x from the second quarter of 2024, marking our seventh consecutive quarter of deleveraging,' Rosenberg said. Article content 'Following a strong second quarter of 2025, we are carrying this momentum into the third quarter, anticipating SPRG of 3.0% to 5.0%, revenue growth of 10.0% to 12.0%, and Adjusted EBITDA Margin expansion of 20 basis points over the third quarter of 2024, to 18.6%,' said Nate Tchaplia, President and Chief Financial Officer. 'During the second quarter of 2025, we acquired 8 new practices that are expected to generate $3.8 million in PF Adjusted EBITDA after rent, at an average multiple of 6.3x. We are pleased to note that as of today, we have closed on, or signed LOIs for, acquisitions representing PF Adjusted EBITDA after rent in excess of our 2025 acquisition target of $25 million,' Tchaplia continued. Article content 'With regards to the federal government's Canadian Dental Care Plan ('CDCP'), we have treated over 125,000 CDCP patients with 95% of our practices currently accepting CDCP patients. Second quarter 2025 SPRG was impacted by visit deferrals, as the newly eligible 18-64 cohort began to receive treatment in July. Looking ahead, we anticipate minimal CDCP-related visit deferrals for the balance of the year as the program is now fully deployed,' Tchaplia concluded. Article content 'We remain on track to meet or exceed our full year 2025 guidance, where we expect to see SPRG of 3.0% to 5.0%, an accelerated pace of M&A with acquisitions representing $25 million+ of PF Adjusted EBITDA after rent, Pre-tax Adjusted Free Cash flow per Share growth of 15%+, and another year of Adjusted EBITDA Margin expansion of 20+ basis points,' said Rosenberg. Article content (a) Non-IFRS financial measure, non-IFRS ratio or supplementary financial measure. See the 'Non-IFRS and Other Financial Measures and Ratios' section of this release for definitions and quantitative reconciliations. Article content Conference Call Notification Article content The Company will hold a conference call to provide a business update on Friday, August 8, 2025, at 8:30 a.m. ET. A question-and-answer session will follow the business update. Article content Non-IFRS and Other Financial Measures and Ratios Article content As appropriate, we supplement our results of operations determined in accordance with IFRS with certain non-IFRS and other financial measures and ratios as we believe these non-IFRS and other financial measures are useful to investors, lenders and others in assessing our performance and highlighting trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. Our management also uses non-IFRS measures for purposes of comparing to prior periods; preparing annual operating budgets; developing future projections and earnings growth prospects; measuring the profitability of ongoing operations; analyzing our financial condition, business performance and trends, including the operating performance of the business after taking into consideration the acquisitions of dental practices; and determining components of employee compensation. As such, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management's perspective, including how we evaluate our financial performance and how we manage our capital structure. We also believe that securities analysts, investors and other interested parties frequently use these non-IFRS and other financial measures and industry metrics in the evaluation of issuers. Article content These non-IFRS and other financial measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, may include or exclude certain items as compared to similar IFRS measures and may not be comparable to similarly-titled measures reported by other companies. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. For further information on non-IFRS and other financial measures and ratios, including the most directly comparable IFRS measures, composition of the measures, a description of how we use these measures, an explanation of how these measures are useful to investors and applicable reconciliations, refer to the 'Non-IFRS and Other Financial Measures', 'Non-IFRS Financial Measures', 'Non-IFRS Ratios' and 'Certain Supplementary Financial Measures' sections of management's discussion and analysis of operations for the three and six months ended June 30, 2025, which is available on the Company's profile on SEDAR+ at Article content 'EBITDA' means, for the applicable period, net income (loss) and comprehensive income (loss) plus (a) net finance costs, (b) income tax expense (recovery), and (c) depreciation and amortization. Management does not use EBITDA as a financial performance metric, but we present EBITDA to assist investors in understanding the mathematical development of Adjusted EBITDA and Same Practice EBITDA Growth. The most comparable IFRS measure to EBITDA is Net income (loss) and comprehensive income (loss), for which a reconciliation is provided below. Article content Adjusted EBITDA Article content 'Adjusted EBITDA' is calculated by adding to EBITDA certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including: (a) net impact of unrealized foreign exchange gains or losses on non-cash balances; (b) share-based compensation; (c) external acquisition expenses; (d) change in fair value of financial instruments at fair value through profit or loss; (e) other corporate costs; (f) (gain) loss on disposal of dental practices; (g) loss on disposal and impairment of property and equipment and intangible assets; (h) loss on settlement of other receivables; (i) impairment of right-of-use assets; (j) post-employment benefits; and (k) short-term benefits. Adjusted EBITDA is a supplemental measure used by management and other users of our financial statements to assess the financial performance of our business without regard to the effects of interest, depreciation and amortization costs, expenses that are not considered reflective of underlying business performance, and other expenses that are expected to be one-time or non-recurring. We use Adjusted EBITDA to facilitate a comparison of our operating performance on a consistent basis from period to period and to provide for a more complete understanding of factors and trends affecting our business. The most comparable IFRS measure to Adjusted EBITDA is Net income (loss) and comprehensive income (loss), for which a reconciliation is provided below. Article content (a) Represents professional fees and other expenses paid to third parties that are incurred in connection with individual practice acquisitions and are not related to the underlying business operations of the Company. (b) Change in fair value of financial instruments at fair value through profit or loss includes i) change in fair value of derivative instruments, ii) change in fair value of contingent consideration, iii) change in fair value of preferred shares and iv) change in fair value of other financial liability. Change in fair value of derivative instruments represents the change in present value of the estimated future cash flows based on observable yield curves at each reporting date. Change in fair value of contingent consideration represents the change in fair value recognized related to obligations under earn-out arrangements measured on acquisition, and at each subsequent reporting date. Change in fair value of preferred shares represents the change in fair value of the Company's investment in the Management Preferred Shares measured at each reporting date. Change in fair value of other financial liability represents the change in fair value of certain put and call options issued over the Associate Dentists' profit rights for the Company's De novo practices measured at each reporting periods. All of above are classified as financial assets at FVTPL, and are revalued at each reporting date and recognized in the condensed interim consolidated statements of income (loss) and comprehensive income (loss). (c) Represents costs associated with the implementation of new corporate technology systems, the undertaking of vendor consolidations, termination benefits and restructuring activities, and professional fees related to the settlement of the management loan program and issuance of preferred shares, executive search arrangements, other non-recurring capital market initiatives and the implementation of the CDCP. Also included are costs associated with the purchase of profit rights held by Associate dentists in the cash flows of our dental practices and losses of dental practices that were disposed of during the period. (d) Represents the (gain) loss on disposal of dental practices that were disposed of during the reporting period. (e) Represents the loss on disposal and impairment of property and equipment and intangible assets which primarily occurred upon the closure of certain dental practice locations and the subsequent disposal of leasehold improvements and equipment that could not be transferred to other dental practices. (f) Represents post-employment benefits provided to the Company's former President. (g) Represents short-term benefits paid to the CEO in contemplation of the CEO continuing to facilitate the leadership changes announced in June 2024. Article content Adjusted Free Cash Flow Article content 'Adjusted free cash flow' is calculated by adding or subtracting from cash flow from operating activities: (a) external acquisition expenses; (b) other corporate costs; (c) post-employment benefits; (d) short-term benefits; (e) repayment of principal on leases; (f) maintenance capital expenditure; and (g) changes in working capital. We use Adjusted free cash flow to facilitate a comparison of our operating performance on a consistent basis from period to period, to provide for a more complete understanding of factors and trends affecting our business, and to determine components of employee compensation. The most comparable IFRS measure to Adjusted free cash flow is cash flow from operating activities, for which a reconciliation is provided below. Article content (a) Represents professional fees and other expenses paid to third parties that are incurred in connection with individual practice acquisitions and are not related to the underlying business operations of the Company. (b) Represents costs associated with the implementation of new corporate technology systems, the undertaking of vendor consolidations, termination benefits and restructuring activities, and professional fees related to the settlement of the management loan program and issuance of preferred shares, executive search arrangements, other non-recurring capital market initiatives and the implementation of the CDCP. Also included are costs associated with the purchase of profit rights held by Associate dentists in the cash flows of our dental practices and losses of dental practices that were disposed of during the period. (c) Represents post-employment benefits provided to the Company's former President. (d) Represents short-term benefits paid to the CEO in contemplation of the CEO continuing to facilitate the leadership changes announced in June 2024. (e) Represents capital expenditures for general maintenance and safety compliance of dental practices for the reporting period. (f) Represents the change in non-cash working capital items for the reporting period. Article content 'Adjusted free cash flow per Share' means Adjusted free cash flow Article content divided Article content by the total number of Multiple Voting Shares and Subordinate Voting Shares on a fully diluted basis. Adjusted free cash flow per Share is utilized to determine components of employee compensation. Article content Pre-tax Adjusted Free Cash Flow Article content 'Pre-tax Adjusted free cash flow' in respect of a period means Adjusted free cash flow less cash income tax (recovery) expense. We use Pre-tax Adjusted free cash flow to facilitate a comparison of our operating performance on a consistent basis from period to period, to provide for a more complete understanding of factors and trends affecting our business, and to determine components of employee compensation. The most comparable IFRS measure to Pre-tax Adjusted free cash flow is cash flow from operating activities. Article content divided by Article content the total number of Multiple Voting Shares and Subordinate Voting Shares Article content Article content on a fully diluted basis. Pre-tax Adjusted free cash flow per Share is utilized to determine components of employee compensation. Article content Adjusted Net Income Article content 'Adjusted net income' is calculated by adding to Net income (loss) and comprehensive income (loss) certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including: (a) amortization of intangible assets; (b) share-based compensation; (c) change in fair value of financial instruments at fair value through profit or loss; (d) external acquisition expenses; (e) other corporate costs; (f) (gain) loss on disposal of dental practices; (g) loss on disposal and impairment of property and equipment and intangible assets; (h) loss on settlement of other receivables; (i) impairment of right-of-use assets; (j) loss on modification of borrowings; (k) post-employment benefits; (l) short-term benefits; and (m) the tax impact of the above. We use Adjusted net income to facilitate a comparison of our operating performance on a consistent basis from period to period and to provide for a more complete understanding of factors and trends affecting our business. The most comparable IFRS measure to Adjusted net income is Net income (loss) and comprehensive income (loss), for which a reconciliation is provided below. Article content (a) Represents professional fees and other expenses paid to third parties that are incurred in connection with individual practice acquisitions and are not related to the underlying business operations of the Company. (b) Change in fair value of financial instruments at fair value through profit or loss includes i) change in fair value of derivative instruments, ii) change in fair value of contingent consideration, iii) change in fair value of preferred shares and iv) change in fair value of other financial liability. Change in fair value of derivative instruments represents the change in present value of the estimated future cash flows based on observable yield curves at each reporting date. Change in fair value of contingent consideration represents the change in fair value recognized related to obligations under earn-out arrangements measured on acquisition, and at each subsequent reporting date. Change in fair value of preferred shares represents the change in fair value of the Company's investment in the Management Preferred Shares measured at each reporting date. Change in fair value of other financial liability represents the change in fair value of certain put and call options issued over the Associate Dentists' profit rights for the Company's De novo practices measured at each reporting periods. All of above are classified as financial assets at FVTPL, and are revalued at each reporting date and recognized in the condensed interim consolidated statements of income (loss) and comprehensive income (loss). (c) Represents costs associated with the implementation of new corporate technology systems, the undertaking of vendor consolidations, termination benefits and restructuring activities, and professional fees related to the settlement of the management loan program and issuance of preferred shares, executive search arrangements, other non-recurring capital market initiatives and the implementation of the CDCP. Also included are costs associated with the purchase of profit rights held by Associate dentists in the cash flows of our dental practices and losses of dental practices that were disposed of during the period. (d) Represents the (gain) loss on disposal of dental practices that were disposed of during the reporting period. (e) Represents the loss on disposal and impairment of property and equipment and intangible assets which primarily occurred upon the closure of certain dental practice locations and the subsequent disposal of leasehold improvements and equipment that could not be transferred to other dental practices. (f) Represents the loss on modification of the Company's outstanding credit facilities upon entering into an amended and restated credit agreement. (g) Represents post-employment benefits provided to the Company's former President. (h) Represents short-term benefits paid to the CEO in contemplation of the CEO continuing to facilitate the leadership changes announced in June 2024. Article content PF Adjusted EBITDA Article content 'PF Adjusted EBITDA' in respect of a period means Adjusted EBITDA for that period plus the Company's estimate of the additional Adjusted EBITDA that it would have recorded if it had acquired each of the dental practices that it acquired during that period on the first day of that period, calculated in accordance with the methodology described in the reconciliation table in 'Reconciliation of Non-IFRS Measures'. Both creditors and the Company use PF Adjusted EBITDA to assess our borrowing capacity, which management believes, given the highly acquisitive nature of our business, is more reflective of our operating performance. We also use PF Adjusted EBITDA to determine components of employee compensation. The most comparable IFRS measure to PF Adjusted EBITDA is Net loss and comprehensive loss. Article content (a) Represents the additional Adjusted EBITDA that we estimate would have been recorded if the Company's dental practice acquisitions had occurred on the first day of the applicable reporting period. These estimates are based on the amount of Practice-Level EBITDA budgeted by us to be earned by the relevant practices at the time of their acquisition by us. There can be no assurance that if we had acquired these practices on the first day of the applicable reporting period, they would have actually generated such budgeted Practice-Level EBITDA, nor is this estimate indicative of future results. Article content PF Adjusted EBITDA after rent Article content 'PF Adjusted EBITDA after rent' in respect of a period means PF Adjusted EBITDA less interest and principal repayments on leases and lease interest and principal repayments on acquisitions. Both creditors and the Company use PF Adjusted EBITDA after rent to assess our borrowing capacity, which management believes, given the highly acquisitive nature of our business, is more reflective of our operating performance. The most comparable IFRS measure to PF Adjusted EBITDA after rent is Net loss and comprehensive loss. Article content PF Revenue Article content 'PF Revenue' in respect of a period means revenue for that period plus the Company's estimate of the additional revenue that it would have recorded if it had acquired each of the dental practices that it acquired during that period on the first day of that period. Given the highly acquisitive nature of our business, management believes PF Revenue is more reflective of our operating performance. We use PF Revenue to determine components of employee compensation. Article content Article content The most comparable IFRS measure to PF Revenue is revenue. Article content Net debt / PF Adjusted EBITDA after rent Ratio Article content 'Net debt / PF Adjusted EBITDA after rent Ratio' means non-current borrowings divided by PF Adjusted EBITDA after rent. We use Net debt / PF Adjusted EBITDA after rent Ratio to assess our borrowing capacity. Article content Same Practice Revenue Growth Article content 'Same Practice Revenue Growth' in respect of a period means the percentage change in revenue derived from Established Practices in that period as compared to revenue from the same dental practices in the corresponding period in the immediately prior year. Article content About Forward-Looking Information Article content This release includes forward-looking information and forward-looking statements within the meaning of applicable Canadian securities legislation, including the Article content Securities Act (Ontario) Article content . Forward-looking information includes, but is not limited to, statements about the Company's objectives, strategies to achieve those objectives, our financial outlook, and the Company's beliefs, plans, expectations, anticipations, estimates, or intentions. Forward-looking information includes words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook, target, and similar expressions suggesting future outcomes or events. Article content Our forward-looking information includes, but is not limited to, statements regarding the declaration of future dividends; and the information and statements under 'Third Quarter 2025 Outlook' relating to our goals for the third quarter of 2025 for Revenue, Same Practice Revenue Growth, Adjusted EBITDA Margin, PF Adjusted EBITDA after rent attributable to practices acquired in 2025 and our medium-term expectations regarding Same Practice Revenue Growth and Net Debt / PF Adjusted EBITDA after rent Ratio. Such forward-looking information relating to these metrics are not projections; they are goals based on the Company's current strategies and may be considered forward-looking information under applicable securities laws and subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management. Article content The purpose of disclosing such forward-looking information is to provide investors with more information concerning the financial results that the Company currently believes are achievable based on the assumptions below. Readers are cautioned that the information may not be appropriate for other purposes. While these targets are based on underlying assumptions that management believes are reasonable in the circumstances, readers are cautioned that actual results may vary materially from those described above. Article content Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by management as of the date on which the statements are made, are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in actions, events, conditions, results, performance or achievements to be different or materially different from those projected in the forward-looking statements. Forward-looking information is based on many factors and assumptions including, but not limited to, the impact of, and the enrollment of patients in, the CDCP; expectations regarding the Company's business, operations and capital structure; that the Company's acquisition program continues as it has historically, including the Company maintaining its ability to continue to make and integrate acquisitions at attractive valuations including a reduction in acquisition purchase multiples as compared to prior periods; the prevailing business environment; the Company's financial and operating results and financial condition; the Company's need for funds to finance ongoing operations or growth conditions; the Company's ability to realize pricing increases, materially driven by Provincial fee guides; a continued increase in patient visit volumes through patient recall and insourcing initiatives that drive the expansion of service offerings and frequency of visits to contribute to optimal patient care; the impact of the investments the Company has made in its corporate infrastructure and teams, and the upgrades to its core information technology systems; the Company's ability to mitigate anticipated supply chain disruptions, geopolitical risks, inflationary pressures and labour shortages, and generate cash flow; no changes in the competitive environment or legal or regulatory developments affecting our business; and visits by patients to our Practices at or above the same rate as current visits. Article content Actual results and the timing of events may differ materially from those anticipated in the forward-looking information as a result of known and unknown risk factors, many of which are beyond the control of the Company, and could cause actual results to differ materially from the forward-looking statements. Such risks include, but are not limited to, the Company's potential inability to successfully execute its growth strategy and complete additional acquisitions; its dependence on the integration and success of its acquired dental practices; its dependence on the parties with which the Company has contractual arrangements and obligations; changes in relevant laws, governmental regulations and policy and the costs incurred in the course of complying with such changes; risks relating to the current economic environment, including the impact of any tariffs and retaliatory tariffs on the economy; risk associated with disease outbreaks; competition in the dental industry; increases in operating costs; litigation and regulatory risk; and the risk of a failure in internal controls and other factors described under 'Risk Factors' in the Company's Annual Information Form for the year ended December 31, 2024. Accordingly, we warn readers to exercise caution when considering statements containing forward-looking information and caution them that it would be unreasonable to rely on such statements as creating legal rights regarding the Company's future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. All of the forward-looking information in this release is qualified by the cautionary statements herein. Article content About Dentalcorp Article content Article content Article content Article content Article content Contacts Article content For investor inquiries, please contact: Article content Investor Relations Article content Article content Nick Xiang Article content Article content Vice President, Corporate Finance Article content Article content Article content Article content (416) 558-8338 x 866 Article content Media Article content Article content Sebastien Bouchard Article content Article content Article content

National Post
15 minutes ago
- National Post
Repare Therapeutics Provides Business Update and Reports Second Quarter 2025 Financial Results
Article content Entered into worldwide licensing agreement with Debiopharm for lunresertib Article content $109.5 million in cash and cash equivalents and marketable securities Article content CAMBRIDGE, Mass. & MONTREAL — Repare Therapeutics Inc. ('Repare' or the 'Company') (Nasdaq: RPTX), a clinical-stage precision oncology company, today reported financial results for the second quarter ended June 30, 2025. Article content 'We remain focused on exploring strategic alternatives and partnerships across our portfolio to enhance long-term shareholder value, as exemplified by our recent worldwide licensing agreement with Debiopharm for lunresertib and out-licensing of early-stage discovery platforms to DCx,' said Steve Forte, President, Chief Executive Officer and Chief Financial Officer of Repare. 'In parallel to evaluating these strategic opportunities for our remaining programs, we expect to deliver initial data from the LIONS and POLAR trials in the fourth quarter.' Article content Second Quarter 2025 and Recent Portfolio Highlights: Article content Entered into a worldwide licensing agreement with Debiopharm for lunresertib In July 2025, Repare entered into an exclusive worldwide licensing agreement with Debiopharm International S.A. ('Debiopharm') for lunresertib, a first-in-class precision oncology PKMYT1 inhibitor. Under the terms of the agreement, Repare will receive a $10 million upfront payment, and is eligible to receive up to $257 million in potential clinical, regulatory, commercial and sales milestones, including up to $5 million in potential near-term payments, and single-digit royalties on global net sales. This agreement builds on the success of Repare and Debiopharm's clinical study and collaboration agreement to explore the synergy between lunresertib and Debio 0123, a potential best-in-class, brain penetrant and highly selective WEE1 inhibitor. Debiopharm will assume sponsorship of the MYTHIC study and take over existing and future development activities related to lunresertib. Article content Announced out-licensing of its discovery platforms to DCx Biotherapeutics In May 2025, Repare out-licensed its early-stage discovery platforms, including certain platform and program intellectual property, to DCx Biotherapeutics Corporation ('DCx'), a newly-launched Canadian biotechnology company developing next generation precision drug conjugates supported by Amplitude Ventures. In connection with this agreement, Repare received a $1 million upfront payment and is expected to receive $3 million in near-term payments. In addition, Repare received a 9.99% equity position in DCx, including certain dilution protection rights, and is eligible to receive potential future out-licensing, clinical and commercial milestone payments, as well as low single-digit sales royalties for the development of certain products by DCx. In connection with this transaction, Repare recognized a $5.7 million gain during the quarter. Article content RP-3467: Potential best-in-class, oral Polθ ATPase/helicase inhibitor Repare is conducting a Phase 1 clinical trial of RP-3467 (POLAR), dosing patients alone and in combination with the poly-ADP ribose polymerase (PARP) inhibitor, olaparib. POLAR is a multicenter, open-label, dose-escalation Phase 1 clinical trial designed to investigate the safety, pharmacokinetics, pharmacodynamics, and preliminary clinical activity of RP-3647 alone or in combination with olaparib in adults with locally advanced or metastatic epithelial ovarian cancer, metastatic breast cancer, metastatic castration-resistant prostate cancer, or pancreatic adenocarcinoma. Upcoming expected milestone: Q4 2025: Topline safety, tolerability and early efficacy data from the POLAR trial in monotherapy and in combination with olaparib. Article content RP-1664: First-in-class, oral selective PLK4 Inhibitor Repare completed enrolment of 29 patients in its Phase 1 LIONS clinical trial, evaluating RP-1664 as a monotherapy in adult and adolescent patients with TRIM37-high solid tumors. LIONS is a first-in-human, multicenter, open-label Phase 1 clinical trial designed to investigate safety, pharmacokinetics, pharmacodynamics and the preliminary efficacy of RP-1664. Upcoming expected milestone: Article content Second Quarter 2025 Financial Results Article content Cash, cash equivalents and marketable securities: Cash, cash equivalents and marketable securities as of June 30, 2025 were $109.5 million. Revenue from collaboration agreements: Revenue from collaboration agreements were $0.3 million for the three and six months ended June 30, 2025, respectively, as compared $1.1 million and $53.5 million for three and six months ended June 30, 2024. Research and development expense, net of tax credits (Net R&D): Net R&D expenses were $14.3 million and $34.6 million for the three and six months ended June 30, 2025, respectively, as compared to $30.1 million and $63.1 for the three and six months ended June 30, 2024. General and administrative (G&D) expenses: G&A expenses were $6.0 million and $13.7 million for the three and six months ended June 30, 2025, respectively, compared to $8.3 million and $16.9 million for the three and six months ended June 30, 2024. Net loss: Net loss was $16.7 million, or $0.39 per share, and $46.8 million, or $1.09 per share, in the three and six months ended June 30, 2025, respectively, compared to $34.8 million, or $0.82 per share, and $21.6 million, or $0.51 per share, in the three and six months ended June 30, 2024, respectively. Article content About Repare Therapeutics Inc. Article content Repare Therapeutics is a clinical-stage precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics. Repare Therapeutics has developed highly targeted cancer therapies focused on genomic instability, including DNA damage repair. The Company's clinical-stage pipeline includes RP-3467, a Phase 1 Polθ ATPase inhibitor; and RP-1664, a Phase 1 PLK4 inhibitor. For more information, please visit and follow @Reparerx on X (formerly Twitter) and LinkedIn. Article content Forward-Looking Statements Article content This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995 and securities laws in Canada. All statements in this press release other than statements of historical facts are 'forward-looking statements. These statements may be identified by words such as 'aims,' 'anticipates,' 'believes,' 'could,' 'estimates,' 'expects,' 'forecasts,' 'goal,' 'intends,' 'may,' 'plans,' 'possible,' 'potential,' 'seeks,' 'will' and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding: the Company's licensing arrangements with Debiopharm and DCx, including the potential benefits of such transactions and the receipt of clinical and commercial milestone payments and royalties under such agreements; the Company's plans for exploring strategic alternatives and partnerships across the clinical portfolio; and the design, objectives, initiation, timing, progress and results of current and future clinical trials of the Company's product candidates including the advancement of its two ongoing clinical trials. These forward-looking statements are based on the Company's expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties that could cause the Company's clinical development programs, future results or performance to differ materially from those expressed or implied by the forward-looking statements. Many factors may cause differences between current expectations and actual results, including: the Company's ability to successfully pursue a strategic transaction on attractive terms, or at all; the potential that success in preclinical testing and earlier clinical trials does not ensure that later clinical trials will generate the same results or otherwise provide adequate data to demonstrate the efficacy and safety of a product candidate; the impacts of macroeconomic conditions, including tariffs and other trade policies, the conflict in Ukraine and the conflict in the Middle East, fluctuations in inflation and uncertain credit and financial markets, on the Company's business, clinical trials and financial position; unexpected safety or efficacy data observed during preclinical studies or clinical trials; clinical trial site activation or enrollment rates that are lower than expected; the Company's ability to realize the benefits of its collaboration and license agreements; changes in expected or existing competition; changes in the regulatory environment; the uncertainties and timing of the regulatory approval process; and unexpected litigation or other disputes. Other factors that may cause the Company's actual results to differ from those expressed or implied in the forward-looking statements in this press release are identified in the section titled 'Risk Factors' in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission ('SEC') and the Québec Autorité des Marchés Financiers ('AMF') on March 3, 2025, and in other filings made with the SEC and AMF from time to time, including the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. The Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise, except as otherwise required by law. For more information, please visit and follow Repare on X (formerly Twitter) at @RepareRx and on LinkedIn at Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue: Collaboration agreements $ 250 $ 1,073 $ 250 $ 53,477 Operating expenses: Research and development, net of tax credits 14,283 30,075 34,553 63,045 General and administrative 6,029 8,317 13,681 16,935 Restructuring 3,384 — 6,649 — Total operating expenses 23,696 38,392 54,883 79,980 Gain on sale of technology and other assets 5,666 — 5,666 — Loss from operations (17,780 ) (37,319 ) (48,967 ) (26,503 ) Other income (expense), net Realized and unrealized gain on foreign exchange 66 6 64 37 Interest income 1,236 2,894 2,774 5,862 Other expense, net (18 ) (29 ) (40 ) (53 ) Total other income, net 1,284 2,871 2,798 5,846 Loss before income taxes (16,496 ) (34,448 ) (46,169 ) (20,657 ) Income tax expense (248 ) (326 ) (618 ) (955 ) Net loss $ (16,744 ) $ (34,774 ) $ (46,787 ) $ (21,612 ) Other comprehensive loss: Unrealized loss on available-for-sale marketable securities $ (17 ) $ (21 ) $ (62 ) $ (162 ) Total other comprehensive loss (17 ) (21 ) (62 ) (162 ) Comprehensive loss $ (16,761 ) $ (34,795 ) $ (46,849 ) $ (21,774 ) Net loss per share attributable to common shareholders – basic and diluted $ (0.39 ) $ (0.82 ) $ (1.09 ) $ (0.51 ) Article content Article content Article content Investor Relations & Media Contact: Article content Article content Matthew DeYoung Article content Article content Article content Article content


National Post
15 minutes ago
- National Post
Canadians still supportive of letting in Ukrainian migrants fleeing war with Russia: poll
Article content Those in Saskatchewan and Manitoba, at 17 per cent, are least likely to say Canada should accept more Ukrainians, while 32 per cent of Atlantic Canadians believe we should. Article content Canadians are somewhat more skeptical of temporary workers; only 12 per cent say Canada should allow more temporary workers into the country, while 41 per cent say the numbers should stay the same and 34 per cent said fewer should be allowed into the country. Temporary foreign workers, according to Statistics Canada, may hold permits for work, study or other purposes; as of 2021, there were roughly 845,000 temporary foreign workers in Canada. Article content Those who favour increases in temporary foreign workers are more likely to support more Ukrainians coming to Canada, the polling found. Forty-nine per cent of those who support more TFWs also support more Ukrainians, while 48 per cent who say they want fewer TFWs also want fewer Ukrainians. Article content '(The) net meaning of this is or net implication is some of the pushback we're seeing in immigration, both permanent and temporary, is spilling over,' said Jedwab. 'Before the pushback on immigration, there was really, really large scale support across the country for admitting those Ukrainians. Now, you're seeing some slippage, because it's sort of aligning a bit with the overall pushback on immigration.' Article content Support for accepting Ukrainians into the country is higher among those who say they have a good understanding of the conflict. Forty-one per cent of those who say they have a 'very good' understanding of Putin's invasion of Ukraine say Canada should increase its intake of Ukrainians, while 36 per cent of them say the number should remain the same. Just 18 per cent of those who say they have a very good understanding believe that fewer Ukrainians should come to Canada. Article content In contrast, those who say they have 'barely any' understanding are far more likely to support reductions in the numbers of Ukrainians coming to Canada: 34 per cent say there should be fewer, compared to just 10 per cent who said Canada's intake should be increased. Article content 'There's an important relationship between people being sensitized to what actually is going on right now and their openness to Ukrainian migration,' said Jedwab. Article content Those who believe that Canada is not doing enough are also more likely to say Canada should take more Ukrainian migrants. Fifty-one per cent who say Canada's support should be increased also say Canada should take in more Ukrainians, and 38 per cent say the intake should remain the same. Just seven per cent say there should be fewer Ukrainians coming to Canada. When it comes to those who think Canada is striking the right balance on Ukraine, 52 per cent say the number of temporary permits issued should remain the same, while 26 per cent say more should be brought in and 15 per cent say there should be fewer. Article content More than half of those who believe Canada is doing too much to support Ukraine — 55 per cent — say that fewer Ukrainians should be allowed into Canada, while just 11 per cent say more should be brought to Canada and 27 per cent say the numbers should remain the same. Article content The online poll was conducted by Leger Marketing among 1,511 respondents in Canada between June 6 and June 8, 2025. A margin of error cannot be associated with a non-probability sample in a panel survey for comparison purposes. A probability sample of 1,511 respondents in Canada would have a margin of error of ±2.5 per cent, 19 times out of 20.