RAPT Therapeutics Reports Second Quarter 2021 Financial Results
August 11 2021 - 8:00AM
RAPT Therapeutics, Inc. (Nasdaq: RAPT), a clinical-stage,
immunology-based biopharmaceutical company focused on
discovering, developing and commercializing oral small molecule
therapies for patients with significant unmet needs in oncology and
inflammatory diseases, today reported financial results for the
second quarter and six months ended June 30, 2021.
“The second quarter was filled with a number of important
milestones,” said Brian Wong, M.D., Ph.D., President and Chief
Executive Officer of RAPT Therapeutics. “We were thrilled to
announce positive topline results from our Phase 1b clinical trial
of RPT193 in atopic dermatitis in June. Shortly thereafter, we
closed an underwritten public offering with net proceeds to RAPT of
$134.6 million, significantly bolstering our cash position. Having
demonstrated early proof-of-concept of our two lead drug
candidates, RPT193 and FLX475, in atopic dermatitis and cancer,
respectively, we are well positioned to advance our product
development efforts and look forward to reporting additional data
as these programs progress.”
Financial Results for the Second Quarter Ended June 30,
2021
Second Quarter ended June 30, 2021
Net loss for the second quarter of 2021 was $16.1 million,
compared to $12.4 million for the second quarter of 2020.
Research and development expenses for the second quarter of 2021
were $13.2 million, compared to $11.0 million for the same period
in 2020. This increase was primarily due to increased clinical
trial costs for FLX475 and increases in expenses for preclinical
programs, laboratory supplies, stock-based compensation and
facilities, offset by a decrease in clinical trial costs for
RPT193.
General and administrative expenses for the second quarter of
2021 were $3.8 million, compared to $2.8 million for the same
period of 2020. The increase was primarily due to increases in
stock-based compensation expense, insurance expense and personnel
costs.
Six Months Ended June 30, 2021
Net loss for the six months ended June 30, 2021 was $32.6
million, compared to $25.5 million for the same period in 2020.
Research and development expenses for the six months ended June
30, 2021 were $27.0 million, compared to $21.7 million for the same
period in 2020. The increase was primarily due to increases in
costs relating to the clinical trials of FLX475 and RPT193, as well
as increases in stock-based compensation, personnel expenses,
facilities costs and laboratory supplies spend.
General and administrative expenses for the six months ended
June 30, 2021 were $7.8 million, compared to $6.1 million
for the same period of 2020. The increase in general and
administrative expenses was primarily due to increased stock-based
compensation expense and personnel costs.
As of June 30, 2021, the Company had cash and cash equivalents
and marketable securities of $223.3 million, which includes net
proceeds of approximately $134.6 million from our recent public
offering of 4,356,060 shares of common stock.
About RAPT Therapeutics, Inc.RAPT
Therapeutics is a clinical stage immunology-based biopharmaceutical
company focused on discovering, developing and commercializing oral
small molecule therapies for patients with significant unmet needs
in oncology and inflammatory diseases. Utilizing its proprietary
discovery and development engine, the Company is developing highly
selective small molecules designed to modulate the critical immune
drivers underlying these diseases. RAPT has discovered and advanced
two unique drug candidates, FLX475 and RPT193, each targeting C-C
motif chemokine receptor 4 (CCR4), for the treatment of cancer and
inflammation, respectively. The Company is also pursuing a range of
targets that are in the discovery stage of development.
Forward-Looking StatementsThis press release
contains forward-looking statements. These statements relate to
future events and involve known and unknown risks, uncertainties
and other factors that may cause our actual results, performance or
achievements to be materially different from any future
performances or achievements expressed or implied by the
forward-looking statements. Each of these statements is based only
on current information, assumptions and expectations that are
inherently subject to change and involve a number of risks and
uncertainties. Forward-looking statements include, but are not
limited to, statements about the progress of RAPT’s oncology and
inflammation programs and the interpretation of topline results
from the Phase 1b trial of RPT193. Detailed information regarding
risk factors that may cause actual results to differ materially
from the results expressed or implied by statements in this press
release may be found in RAPT’s Form 10-Q filed with the Securities
and Exchange Commission on August 11, 2021 and subsequent filings
made by RAPT with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date hereof. RAPT
disclaims any obligation to update these forward-looking
statements.
RAPT Media Contact:Aljanae
Reynoldsareynolds@wheelhouselsa.com
RAPT Investor Contact:Sylvia
Wheelerswheeler@wheelhouselsa.com
RAPT
THERAPEUTICS INC. |
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS |
|
|
|
|
(In
thousands, except share per share data) |
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenue |
|
$ |
869 |
|
|
$ |
1,277 |
|
|
$ |
2,091 |
|
|
$ |
2,212 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
13,190 |
|
|
|
10,986 |
|
|
|
26,961 |
|
|
|
21,669 |
|
General and administrative |
|
|
3,760 |
|
|
|
2,802 |
|
|
|
7,772 |
|
|
|
6,091 |
|
Total operating expenses |
|
|
16,950 |
|
|
|
13,788 |
|
|
|
34,733 |
|
|
|
27,760 |
|
Loss from
operations |
|
|
(16,081 |
) |
|
|
(12,511 |
) |
|
|
(32,642 |
) |
|
|
(25,548 |
) |
Other income
(expense), net |
|
|
(29 |
) |
|
|
391 |
|
|
|
18 |
|
|
|
526 |
|
Net loss
before taxes |
|
|
(16,110 |
) |
|
|
(12,120 |
) |
|
|
(32,624 |
) |
|
|
(25,022 |
) |
Provision
for income taxes |
|
|
— |
|
|
|
267 |
|
|
|
— |
|
|
|
504 |
|
Net
loss |
|
$ |
(16,110 |
) |
|
$ |
(12,387 |
) |
|
$ |
(32,624 |
) |
|
$ |
(25,526 |
) |
Other
comprehensive income (loss): |
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
70 |
|
|
|
(199 |
) |
|
|
108 |
|
|
|
5 |
|
Unrealized gain (loss) on marketable securities |
|
|
(18 |
) |
|
|
369 |
|
|
|
(68 |
) |
|
|
152 |
|
Total
comprehensive loss |
|
$ |
(16,058 |
) |
|
$ |
(12,217 |
) |
|
$ |
(32,584 |
) |
|
$ |
(25,369 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.63 |
) |
|
$ |
(0.51 |
) |
|
$ |
(1.29 |
) |
|
$ |
(1.08 |
) |
Weighted average number of shares used in computing net loss per
share, basic and diluted |
|
|
25,589,947 |
|
|
|
24,336,102 |
|
|
|
25,217,542 |
|
|
|
23,743,058 |
|
|
|
|
|
|
|
|
|
|
RAPT
THERAPEUTICS, INC. |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In
thousands) |
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
Assets |
|
(Unaudited) |
|
|
(1) |
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
86,220 |
|
|
$ |
24,918 |
|
Marketable securities |
|
|
137,084 |
|
|
|
86,592 |
|
Prepaid expenses and other current assets |
|
|
4,651 |
|
|
|
4,088 |
|
Total
current assets |
|
|
227,955 |
|
|
|
115,598 |
|
Property and
equipment, net |
|
|
2,737 |
|
|
|
2,982 |
|
Other
assets |
|
|
389 |
|
|
|
389 |
|
Total
assets |
|
$ |
231,081 |
|
|
$ |
118,969 |
|
Liabilities and stockholders' equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
2,714 |
|
|
$ |
2,383 |
|
Accrued expenses |
|
|
5,068 |
|
|
|
4,935 |
|
Deferred revenue, current |
|
|
2,283 |
|
|
|
4,096 |
|
Other current liabilities |
|
|
329 |
|
|
|
328 |
|
Total
current liabilities |
|
|
10,394 |
|
|
|
11,742 |
|
Deferred
rent, net of current portion |
|
|
2,141 |
|
|
|
2,185 |
|
Deferred
revenue, non-current |
|
|
967 |
|
|
|
863 |
|
Total
liabilities |
|
|
13,502 |
|
|
|
14,790 |
|
Commitments |
|
|
|
|
Stockholders' equity: |
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
3 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
465,179 |
|
|
|
319,196 |
|
Accumulated other comprehensive loss |
|
|
(137 |
) |
|
|
(177 |
) |
Accumulated deficit |
|
|
(247,466 |
) |
|
|
(214,842 |
) |
Total
stockholders' equity |
|
|
217,579 |
|
|
|
104,179 |
|
Total
liabilities and stockholders' equity |
|
$ |
231,081 |
|
|
$ |
118,969 |
|
|
|
|
|
|
(1) The condensed consolidated balance sheet for December 31, 2020
has been derived from audited consolidated financial
statements included in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2020 |
|
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