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 inflammatory diseases and
oncology, today reported financial results for the quarter and six
months ended June 30, 2022.
“Our operational momentum continued in the second quarter as we
initiated our Phase 2b clinical trial of RPT193 in patients with
moderate-to-severe atopic dermatitis and strengthened our balance
sheet with a $50 million financing,” said Brian Wong, M.D., Ph.D.,
President and Chief Executive Officer of RAPT Therapeutics. “As we
head into the second half of the year, we expect to broaden the
RPT193 program with the initiation of a Phase 2a trial in asthma
and to continue advancing our FLX475 program in multiple cancer
indications. We anticipate our pipeline of promising oral drugs
will provide a number of significant data catalysts over the next
12 to 18 months.”
Financial Results for the Second Quarter and Six Months
Ended June 30, 2022
Second Quarter Ended June 30, 2022
Net loss for the second quarter of 2022 was $19.2 million,
compared to $16.1 million for the second quarter of 2021.
Research and development expenses for the second quarter of 2022
were $14.4 million, compared to $13.2 million for the same period
in 2021. The increase in research and development expenses was
primarily due to higher development costs related to RPT193 and
increases in expenses for personnel and facilities, partially
offset by decreases in development costs related to FLX475 and
stock-based compensation expense.
General and administrative expenses for the second quarter of
2022 were $5.4 million, compared to $3.8 million for the same
period in 2021. The increase in general and administrative expenses
was primarily due to increases in expenses for professional
services, personnel, stock-based compensation and facilities.
Six Months Ended June 30, 2022
Net loss for the six months ended June 30, 2022 was $39.7
million, compared to $32.6 million for the same period in 2021.
Research and development expenses for the six months ended June
30, 2022 were $31.0 million, compared to $27.0 million for the same
period in 2021. The increase in research and development expenses
was primarily due to higher development costs related to RPT193 and
increases in expenses for early-stage programs, personnel and
facilities, partially offset by decreases in development costs
related to FLX475 and stock-based compensation expense.
General and administrative expenses for the six months ended
June 30, 2022 were $10.2 million, compared to $7.8 million for the
same period of 2021. The increase in general and administrative
expenses was primarily due to increases in expenses for
professional services, personnel, stock-based compensation and
facilities.
As of June 30, 2022, the Company had cash, cash equivalents and
marketable securities of $207.3 million, which includes net
proceeds of $49.8 million from our May 2022 sale of pre-funded
warrants to purchase 4.0 million shares of our 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 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, RPT193
and 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,” “could,” “expect,” “look
forward,” “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 clinical development progress and the
timing of initiation and completion of, and results from, clinical
trials of RPT193 and FLX475. Many factors may cause differences
between current expectations and actual results, including
unexpected safety or efficacy data observed during clinical
studies, preliminary data and trends may not be predictive of
future data or results, may not demonstrate safety or efficacy or
lead to regulatory approval, clinical trial site activation or
enrollment rates that are lower than expected, unanticipated or
greater than anticipated impacts or delays due to the COVID-19
pandemic (along with the effects of the war in Ukraine, inflation,
rising 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 August 11, 2022 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.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS(In thousands,
except share per share
data)(Unaudited)
|
|
Three Months Ended June 30, |
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
|
$ |
886 |
|
|
$ |
869 |
|
|
$ |
1,527 |
|
|
$ |
2,091 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
14,359 |
|
|
|
13,190 |
|
|
|
31,029 |
|
|
|
26,961 |
|
General and administrative |
|
|
5,436 |
|
|
|
3,760 |
|
|
|
10,184 |
|
|
|
7,772 |
|
Total operating expenses |
|
|
19,795 |
|
|
|
16,950 |
|
|
|
41,213 |
|
|
|
34,733 |
|
Loss from operations |
|
|
(18,909 |
) |
|
|
(16,081 |
) |
|
|
(39,686 |
) |
|
|
(32,642 |
) |
Other income (expense), net |
|
|
(275 |
) |
|
|
(29 |
) |
|
|
34 |
|
|
|
18 |
|
Net loss |
|
$ |
(19,184 |
) |
|
$ |
(16,110 |
) |
|
$ |
(39,652 |
) |
|
$ |
(32,624 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation gain |
|
|
550 |
|
|
|
70 |
|
|
|
349 |
|
|
|
108 |
|
Unrealized loss on marketable securities |
|
|
(178 |
) |
|
|
(18 |
) |
|
|
(888 |
) |
|
|
(68 |
) |
Total comprehensive loss |
|
$ |
(18,812 |
) |
|
$ |
(16,058 |
) |
|
$ |
(40,191 |
) |
|
$ |
(32,584 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.62 |
) |
|
$ |
(0.63 |
) |
|
$ |
(1.31 |
) |
|
$ |
(1.29 |
) |
Weighted average number of shares used in computing
net loss per share, basic and diluted |
|
|
31,140,323 |
|
|
|
25,589,947 |
|
|
|
30,356,515 |
|
|
|
25,217,542 |
|
RAPT THERAPEUTICS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(In thousands)
|
|
June 30, 2022 |
|
|
December 31, 2021 |
|
Assets |
|
(Unaudited) |
|
|
(1) |
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
57,203 |
|
|
$ |
24,027 |
|
|
Marketable securities |
|
|
150,138 |
|
|
|
165,627 |
|
|
Prepaid expenses and other current assets |
|
|
2,588 |
|
|
|
3,319 |
|
|
Total current assets |
|
|
209,929 |
|
|
|
192,973 |
|
|
Property and equipment, net |
|
|
2,921 |
|
|
|
2,741 |
|
|
Operating lease right-of-use
assets |
|
|
6,055 |
|
|
|
— |
|
|
Other assets |
|
|
3,091 |
|
|
|
2,922 |
|
|
Total assets |
|
$ |
221,996 |
|
|
$ |
198,636 |
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
4,097 |
|
|
$ |
1,999 |
|
|
Accrued expenses |
|
|
7,507 |
|
|
|
6,326 |
|
|
Deferred revenue, current |
|
|
— |
|
|
|
1,016 |
|
|
Operating lease liabilities, current |
|
|
1,503 |
|
|
|
— |
|
|
Other current liabilities |
|
|
39 |
|
|
|
254 |
|
|
Total current liabilities |
|
|
13,146 |
|
|
|
9,595 |
|
|
Deferred rent, net of current
portion |
|
|
— |
|
|
|
2,150 |
|
|
Deferred revenue,
non-current |
|
|
— |
|
|
|
511 |
|
|
Operating lease liabilities,
non-current |
|
|
6,717 |
|
|
|
— |
|
|
Total liabilities |
|
|
19,863 |
|
|
|
12,256 |
|
|
Commitments |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
|
Common stock |
|
|
3 |
|
|
|
3 |
|
|
Additional paid-in capital |
|
|
526,573 |
|
|
|
470,629 |
|
|
Accumulated other comprehensive loss |
|
|
(745 |
) |
|
|
(206 |
) |
|
Accumulated deficit |
|
|
(323,698 |
) |
|
|
(284,046 |
) |
|
Total stockholders’ equity |
|
|
202,133 |
|
|
|
186,380 |
|
|
Total liabilities and
stockholders’ equity |
|
$ |
221,996 |
|
|
$ |
198,636 |
|
|
(1) The condensed consolidated balance sheet for December 31,
2021 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, 2021.
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