RAPT Therapeutics Reports First Quarter 2024 Financial Results
May 09 2024 - 8:00AM
RAPT Therapeutics, Inc. (Nasdaq: RAPT), a clinical-stage,
immunology-based therapeutics company focused on discovering,
developing and commercializing oral small molecule therapies for
patients with significant unmet needs in inflammatory diseases and
oncology, today reported financial results for the first quarter
ended March 31, 2024.
The Company also announced today that it has decided to close
and unblind both its Phase 2b clinical trial of zelnecirnon
(RPT193) in atopic dermatitis (“AD”) and its Phase 2a trial of
zelnecirnon in asthma. Both clinical trials were placed on clinical
hold by the FDA in February 2024 based on a serious adverse event
of liver failure requiring transplant in one patient in the AD
trial. Prior to the imposition of the clinical hold, a total of 229
patients had been enrolled in the Phase 2b AD trial, of which
approximately 110 had completed the 16-week dosing period.
“Although there were a significant number of patients who were
unable to complete the AD trial due to the hold, we believe we will
have sufficient data, even if not statistically significant, to
inform our path forward and support our discussions with the FDA,”
said Brian Wong, President and CEO. “We are working with the
clinical trial sites to clean the data and we anticipate that our
analysis of the data will be completed in the third quarter of this
year. Concurrently, we are continuing our investigation and
analysis of the serious adverse event that triggered the clinical
hold.”
Financial Results for the First Quarter March 31,
2024
First Quarter Ended March 31, 2024
Net loss for the first quarter of 2024 was $30.5 million,
compared to $29.3 million for the first quarter of 2023.
Research and development expenses for the first quarter of 2024
were $24.8 million, compared to $25.6 million for the same period
in 2023. The decrease in research and development expenses was
primarily due to lower development costs related to zelnecirnon,
tivumecirnon and early-stage programs as well as decreased expenses
for lab supplies partially offset by increased expenses for
personnel, consultants, facilities and non-cash stock-based
compensation.
General and administrative expenses for the first quarter of
2024 were $7.7 million, compared to $6.0 million for the same
period in 2023. The increase in general and administrative expenses
was primarily due to increased expenses for personnel, non-cash
stock-based compensation, consulting and facilities.
As of March 31, 2024, the Company had cash and cash equivalents
and marketable securities of $141.6 million.
About RAPT Therapeutics, Inc.
RAPT Therapeutics is a clinical-stage, immunology-based
therapeutics company focused on discovering, developing and
commercializing oral small molecule therapies for patients with
significant unmet needs in inflammatory diseases and oncology.
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,
zelnecirnon (RPT193) and tivumecirnon (FLX475), each targeting C-C
motif chemokine receptor 4 (CCR4), for the treatment of
inflammation and cancer, respectively. The Company is also pursuing
a range of targets that are in the discovery stage of
development.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Words such as “anticipate,” “target,” “will” and similar
expressions (as well as other words or expressions referencing
future events, conditions or circumstances) are intended to
identify 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 Company’s expectations concerning
the clinical holds of its Phase 2 trials of zelnecirnon, including
its investigation of the incident, its analysis of the data from
the unblinded trials and the timing thereof, its ability to resolve
issues to the FDA’s satisfaction and the availability of updates
concerning such process and other statements that are not
historical fact. Many factors may cause differences between current
expectations and actual results, including unexpected or
unfavorable safety or efficacy data observed during clinical
studies, preliminary data and trends that may not be predictive of
future data or results or that may not demonstrate safety or
efficacy or lead to regulatory approval, the inability to resolve
issues related to the clinical holds on the Phase 2 trials of
zelnecirnon to the FDA’s satisfaction and to ultimately resume such
trials, clinical trial site activation or enrollment rates that are
lower than expected, unanticipated or greater than anticipated
impacts or delays due to macroeconomic conditions (including the
long-term impacts of ongoing overseas conflicts, inflation, higher
interest rates and other economic uncertainty), changes in expected
or existing competition, changes in the regulatory environment, the
uncertainties and timing of the regulatory approval process and the
sufficiency of RAPT’s cash resources. 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 Quarterly Report on Form
10-Q filed with the Securities and Exchange Commission on May 9,
2024 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, except as required by law.
RAPT Media Contact:Aljanae
Reynoldsareynolds@wheelhouselsa.com
RAPT Investor Contact:Sylvia
Wheelerswheeler@wheelhouselsa.com
RAPT THERAPEUTICS INC.CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(In
thousands, except share per share
data)(Unaudited) |
|
|
|
Three Months
EndedMarch 31, |
|
|
Three Months
EndedMarch 31, |
|
|
|
2024 |
|
|
2023 |
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
|
24,781 |
|
|
|
25,574 |
|
General and administrative |
|
|
7,737 |
|
|
|
5,988 |
|
Total operating expenses |
|
|
32,518 |
|
|
|
31,562 |
|
Loss
from operations |
|
|
(32,518 |
) |
|
|
(31,562 |
) |
Other
income, net |
|
|
1,997 |
|
|
|
2,291 |
|
Net
loss |
|
$ |
(30,521 |
) |
|
$ |
(29,271 |
) |
Other
comprehensive income (loss): |
|
|
|
|
|
|
Unrealized gain (loss) on marketable securities |
|
|
(113 |
) |
|
|
365 |
|
Total
comprehensive loss |
|
$ |
(30,634 |
) |
|
$ |
(28,906 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.79 |
) |
|
$ |
(0.76 |
) |
Weighted average number of shares used in computing net loss per
share, basic and diluted |
|
|
38,625,365 |
|
|
|
38,280,539 |
|
RAPT THERAPEUTICS, INC.CONSOLIDATED
BALANCE SHEETS(In thousands) |
|
|
|
March 31,2024 |
|
|
December 31,2023 |
Assets |
|
(Unaudited) |
|
|
(1) |
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
45,317 |
|
|
$ |
47,478 |
|
Marketable securities |
|
|
96,262 |
|
|
|
111,384 |
|
Prepaid expenses and other current assets |
|
|
6,781 |
|
|
|
2,920 |
|
Total
current assets |
|
|
148,360 |
|
|
|
161,782 |
|
Property
and equipment, net |
|
|
2,239 |
|
|
|
2,448 |
|
Operating lease right-of-use assets |
|
|
4,772 |
|
|
|
5,228 |
|
Other
assets |
|
|
447 |
|
|
|
3,871 |
|
Total
assets |
|
$ |
155,818 |
|
|
$ |
173,329 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
6,771 |
|
|
$ |
5,176 |
|
Accrued expenses |
|
|
11,807 |
|
|
|
14,103 |
|
Operating lease liabilities, current |
|
|
2,508 |
|
|
|
2,448 |
|
Other current liabilities |
|
|
82 |
|
|
|
109 |
|
Total
current liabilities |
|
|
21,168 |
|
|
|
21,836 |
|
Operating lease liabilities, non-current |
|
|
3,815 |
|
|
|
4,458 |
|
Total
liabilities |
|
|
24,983 |
|
|
|
26,294 |
|
Commitments |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
646,045 |
|
|
|
631,611 |
|
Accumulated other comprehensive gain (loss) |
|
|
(10 |
) |
|
|
103 |
|
Accumulated deficit |
|
|
(515,203 |
) |
|
|
(484,682 |
) |
Total
stockholders’ equity |
|
|
130,835 |
|
|
|
147,035 |
|
Total
liabilities and stockholders’ equity |
|
$ |
155,818 |
|
|
$ |
173,329 |
|
(1) The consolidated balance sheet for December 31, 2022 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, 2022.
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