RAPT Therapeutics Reports Second Quarter 2020 Financial Results
August 13 2020 - 10:47AM
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 ended June 30, 2020 and provided an update on recent
operational and business progress.
“We remain on track to report initial results from our Phase 1/2
trial of FLX475 later this year and to report results from our
Phase 1b study of RPT193 in patients with atopic dermatitis by year
end,” said Brian Wong, M.D., Ph.D., President and CEO of RAPT
Therapeutics. “We are pleased with the progress we are
making in moving our programs forward and adapting our organization
in the face of the COVID-19 pandemic.”
Financial Results for the Second Quarter and Six Months
Ended June 30, 2020
Second Quarter Ended June 30, 2020Net loss for the second
quarter of 2020 was $12.4 million, compared to $10.6 million for
the second quarter of 2019.
Research and development expenses for the second quarter of 2020
were $11.0 million, compared to $8.3 million for the same period in
2019 due to increased clinical costs for FLX475 and RPT193 as well
as increased personnel costs associated with these studies and
stock-based compensation expenses, offset by a decrease in lab
supplies used for preclinical research.
General and administrative expenses for the second quarter of
2020 were $2.8 million, compared to $2.7 million for the
same period of 2019. The slight increase was primarily due to an
increase in stock-based compensation expense and costs associated
with our public company status, offset by a decrease in
professional fees.
Six Months Ended June 30, 2020Net loss for the six months ended
June 30, 2020 was $25.5 million, compared to $19.8 million for the
same period in 2019.
Research and development expenses for the six months ended June
30, 2020 were $21.7 million, compared to $16.1 million for the same
period in 2019. The increase was primarily due to increases in
costs relating to the clinical development of FLX475 and RPT193 and
increased preclinical program costs as well as increased
stock-based compensation and personnel expenses, offset by
decreases in costs relating to lab supplies used for preclinical
research.
General and administrative expenses for the six months ended
June 30, 2020 were $6.1 million, compared to $4.4 million
for the same period of 2019. The increase in general and
administrative expenses was primarily due to increased stock-based
compensation expense as well as costs associated with our public
company status, offset by a decrease in travel and personnel
costs.
As of June 30, 2020, we had cash and cash equivalents and
marketable securities of $133.0 million.
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 clinical development progress and the
timing of results from clinical trials of FLX475 and 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
13, 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
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RAPT
THERAPEUTICS, INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS |
(In
thousands, except share and per share data) |
(Unaudited) |
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Three Months
Ended |
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Six Months
Ended |
|
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June
30, |
|
June 30, |
|
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
1,277 |
|
|
$ |
— |
|
|
$ |
2,212 |
|
|
$ |
— |
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
10,986 |
|
|
|
8,267 |
|
|
|
21,669 |
|
|
|
16,137 |
|
|
|
General and administrative |
|
|
2,802 |
|
|
|
2,692 |
|
|
|
6,091 |
|
|
|
4,366 |
|
|
|
Total operating expenses |
|
|
13,788 |
|
|
|
10,959 |
|
|
|
27,760 |
|
|
|
20,503 |
|
|
|
Loss from
operations |
|
|
(12,511 |
) |
|
|
(10,959 |
) |
|
|
(25,548 |
) |
|
|
(20,503 |
) |
|
|
Other
income, net |
|
|
391 |
|
|
|
333 |
|
|
|
526 |
|
|
|
689 |
|
|
|
Net loss
before taxes |
|
|
(12,120 |
) |
|
|
(10,626 |
) |
|
|
(25,022 |
) |
|
|
(19,814 |
) |
|
|
Provision
for income taxes |
|
|
267 |
|
|
|
— |
|
|
|
504 |
|
|
|
— |
|
|
|
Net
loss |
|
|
(12,387 |
) |
|
|
(10,626 |
) |
|
|
(25,526 |
) |
|
|
(19,814 |
) |
|
|
Other
comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(199 |
) |
|
|
2 |
|
|
|
5 |
|
|
|
2 |
|
|
|
Unrealized gain on marketable securities |
|
|
369 |
|
|
|
— |
|
|
|
152 |
|
|
|
— |
|
|
|
Total
comprehensive loss |
|
$ |
(12,217 |
) |
|
$ |
(10,624 |
) |
|
$ |
(25,369 |
) |
|
$ |
(19,812 |
) |
|
|
Net loss per share, basic and diluted |
|
$ |
(0.51 |
) |
|
$ |
(14.78 |
) |
|
$ |
(1.08 |
) |
|
$ |
(28.80 |
) |
|
|
Weighted average number of shares used in computing net loss per
share, basic and diluted |
|
|
24,336,102 |
|
|
|
719,026 |
|
|
|
23,743,058 |
|
|
|
687,870 |
|
|
|
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RAPT
THERAPEUTICS, INC. |
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
(In
thousands) |
|
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|
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June
30, |
|
December
31, |
|
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|
2020 |
|
2019 |
|
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Assets |
|
|
|
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Current
assets: |
|
|
|
|
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Cash and cash equivalents |
$ |
28,957 |
|
|
$ |
77,383 |
|
|
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Marketable securities |
|
103,993 |
|
|
|
— |
|
|
|
Prepaid expenses and other current assets |
|
3,127 |
|
|
|
3,123 |
|
|
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Total
current assets |
|
136,077 |
|
|
|
80,506 |
|
|
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Property and
equipment, net |
|
3,210 |
|
|
|
3,707 |
|
|
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Other
assets |
|
389 |
|
|
|
389 |
|
|
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Total
assets |
$ |
139,676 |
|
|
$ |
84,602 |
|
|
|
Liabilities
and stockholders' equity |
|
|
|
|
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Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
2,381 |
|
|
$ |
1,143 |
|
|
|
Accrued expenses |
|
4,256 |
|
|
|
3,642 |
|
|
|
Deferred revenue |
|
6,013 |
|
|
|
4,000 |
|
|
|
Other current liabilities |
|
430 |
|
|
|
471 |
|
|
|
Total
current liabilities |
|
13,080 |
|
|
|
9,256 |
|
|
|
Deferred
rent, net of current portion |
|
2,210 |
|
|
|
2,225 |
|
|
|
Deferred
revenue, non-current |
|
1,775 |
|
|
|
— |
|
|
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Commitments |
|
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Stockholders' equity: |
|
|
|
|
|
Preferred stock |
|
— |
|
|
|
— |
|
|
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Common stock |
|
2 |
|
|
|
2 |
|
|
|
Additional paid-in capital |
|
309,908 |
|
|
|
235,049 |
|
|
|
Accumulated other comprehensive income |
|
177 |
|
|
|
20 |
|
|
|
Accumulated deficit |
|
(187,476 |
) |
|
|
(161,950 |
) |
|
|
Total
stockholders' equity |
|
122,611 |
|
|
|
73,121 |
|
|
|
Total
liabilities and stockholders' equity |
$ |
139,676 |
|
|
$ |
84,602 |
|
|
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