RAPT Therapeutics Reports First Quarter 2020 Financial Results
May 14 2020 - 08:00AM
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
first quarter ended March 31, 2020 and provided an update on recent
operational and business progress.
“We continue to progress our programs during these challenging
times. Our first priority is to protect our employees and our
patients. We are practicing social distancing in the lab and
conducting a good portion of our work remotely,” said Brian Wong,
M.D., Ph.D., President and CEO of RAPT Therapeutics. “We remain in
close contact with investigators from all of our clinical trial
sites. As for our FLX475 trial, sites in Asia and some U.S. sites
continue to enroll, although there has been some slowing in some
regions as investigators adjust to SARS CoV2-related dynamics. We
anticipate reporting initial results from our FLX475 Phase 1/2
trial in the second half of 2020.”
Dr. Wong continued, “We also are in contact with our RPT193
investigators. We expect to complete enrollment of patients with
atopic dermatitis in the Phase 1b portion of our Phase 1 study and
report results from the full Phase 1 study by the end of the
year.”
Financial Results for the First Quarter Ended March 31,
2020
Net loss for the first quarter of 2020 was $13.1 million,
compared to $9.2 million for the first quarter of 2019.
Revenue for the first quarter of 2020 was $0.9 million related
to our collaboration with Hanmi Pharmaceutical LTD, signed in
December 2019. There was no revenue in the comparable period of
2019.
Research and development expenses for the first quarter of 2020
were $10.7 million, compared to $7.9 million for the same period in
2019. The increase was primarily due to an increase in clinical
costs related to FLX475 as it advances in development.
General and administrative expenses for the first quarter of
2020 were $3.3 million, compared to $1.7 million for the same
period in 2019. The increase was primarily due to an increase in
stock-based compensation expense, as well as an increase in legal,
accounting and other fees associated with being a public
company.
As of March 31, 2020, we had cash, cash equivalents and
marketable securities of $138.2 million, which includes net
proceeds of approximately $69.8 million from our follow-on public
offering of 2,500,000 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, including hematopoietic progenitor kinase 1 (HPK1) and
general control nonderepressible 2 (GCN2), 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 impact of COVID-19 on the clinical
development of FLX475 and RPT193 and the anticipated timing of
clinical data. 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-K filed with the Securities and Exchange
Commission on March 30, 2020 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:Angela
Bittingmedia@rapt.com(925) 202-6211
RAPT Investor Contact:Sylvia
Wheelerswheeler@wheelhouselsa.com
RAPT
THERAPEUTICS, INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS |
(In
thousands, except share and per share data) |
(Unaudited) |
|
|
|
|
|
Three Months
Ended |
|
March
31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
Revenue |
$ |
935 |
|
|
$ |
— |
|
Operating
expenses: |
|
|
|
Research and development |
|
10,683 |
|
|
|
7,870 |
|
General and administrative |
|
3,289 |
|
|
|
1,674 |
|
Total operating expenses |
|
13,972 |
|
|
|
9,544 |
|
Loss from
operations |
|
(13,037 |
) |
|
|
(9,544 |
) |
Other
income, net |
|
135 |
|
|
|
356 |
|
Net loss
before taxes |
|
(12,902 |
) |
|
|
(9,188 |
) |
Provision
for income taxes |
|
237 |
|
|
|
— |
|
Net
loss |
|
(13,139 |
) |
|
|
(9,188 |
) |
Other
comprehensive income: |
|
|
|
Foreign currency translation adjustment |
|
204 |
|
|
|
— |
|
Unrealized loss on marketable securities |
|
(217 |
) |
|
|
— |
|
Total
comprehensive loss |
$ |
(13,152 |
) |
|
$ |
(9,188 |
) |
Net loss per share, basic and diluted |
$ |
(0.56 |
) |
|
$ |
(13.28 |
) |
Weighted average number of shares used in computing net loss per
share, basic and diluted |
|
23,266,063 |
|
|
|
691,834 |
|
RAPT
THERAPEUTICS, INC. |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In
thousands) |
|
|
|
|
|
|
|
March
31, |
|
December
31, |
|
|
|
2020 |
|
|
|
2019 |
|
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
91,529 |
|
|
$ |
77,383 |
|
Accounts receivable |
|
|
5,010 |
|
|
|
— |
|
Marketable securities |
|
|
46,670 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
3,685 |
|
|
|
3,123 |
|
Total
current assets |
|
|
146,894 |
|
|
|
80,506 |
|
Property and
equipment, net |
|
|
3,606 |
|
|
|
3,707 |
|
Other
assets |
|
|
389 |
|
|
|
389 |
|
Total
assets |
|
$ |
150,889 |
|
|
$ |
84,602 |
|
Liabilities
and stockholders' equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
3,409 |
|
|
$ |
1,143 |
|
Accrued expenses |
|
|
3,832 |
|
|
|
3,642 |
|
Deferred revenue |
|
|
5,765 |
|
|
|
4,000 |
|
Other current liabilities |
|
|
436 |
|
|
|
471 |
|
Total
current liabilities |
|
|
13,442 |
|
|
|
9,256 |
|
Deferred
rent, net of current portion |
|
|
2,218 |
|
|
|
2,225 |
|
Deferred
revenue, non-current |
|
|
3,300 |
|
|
|
— |
|
Commitments |
|
|
|
|
Stockholders' equity: |
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
307,009 |
|
|
|
235,049 |
|
Accumulated other comprehensive income |
|
|
7 |
|
|
|
20 |
|
Accumulated deficit |
|
|
(175,089 |
) |
|
|
(161,950 |
) |
Total
stockholders' equity |
|
|
131,929 |
|
|
|
73,121 |
|
Total
liabilities and stockholders' equity |
|
$ |
150,889 |
|
|
$ |
84,602 |
|
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