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 nine
months ended September 30, 2022.
“Our focus remains on executing and advancing both
our inflammation and oncology programs. In our RPT193 program, we
are actively enrolling our Phase 2b clinical trial in patients with
moderate-to-severe atopic dermatitis, and we remain on track to
initiate a Phase 2a clinical trial in asthma in the first quarter
of next year,” said Brian Wong, M.D., Ph.D., President and Chief
Executive Officer of RAPT Therapeutics. “In our FLX475 program, we
plan to provide an update on our Phase 1/2 trial at the upcoming
European Society for Medical Oncology Immuno-Oncology Congress in
Geneva. This presentation will include data from select ongoing
cohorts, including a previously undisclosed cohort in
checkpoint-naïve non-small cell lung cancer, which was opened based
on supportive clinical and biomarker data from non-small cell lung
cancer patients enrolled earlier in this study. Separately, we have
made the decision not to move forward with development in
nasopharyngeal cancer and checkpoint-naïve head and neck
cancer.”
Financial Results for the Third Quarter
and Nine Months Ended September 30, 2022
Third Quarter Ended September 30, 2022
Net loss for the third quarter of 2022 was $21.2
million, compared to $18.7 million for the third quarter of
2021.
Research and development expenses for the third
quarter of 2022 were $16.6 million, compared to $15.7 million for
the same period in 2021. The increase in research and development
expenses was primarily due to 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 third
quarter of 2022 were $5.1 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.
Nine Months Ended September 30, 2022
Net loss for the nine months ended September 30,
2022 was $60.9 million, compared to $51.3 million for the same
period in 2021.
Research and development expenses for the nine
months ended September 30, 2022 were $47.6 million, compared to
$42.7 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 nine
months ended September 30, 2022 were $15.3 million, compared to
$11.5 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 September 30, 2022, the Company had cash,
cash equivalents and marketable securities of $195.4 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 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 or unfavorable 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 November 10, 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
Reynolds areynolds@wheelhouselsa.com
RAPT Investor Contact: Sylvia
Wheeler swheeler@wheelhouselsa.com
RAPT THERAPEUTICS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS (In thousands, except share per
share data) (Unaudited)
|
Three Months Ended
September 30, |
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
$ |
— |
|
|
$ |
966 |
|
|
$ |
1,527 |
|
|
$ |
3,057 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
16,599 |
|
|
|
15,725 |
|
|
|
47,628 |
|
|
|
42,686 |
|
General and administrative |
|
5,079 |
|
|
|
3,774 |
|
|
|
15,263 |
|
|
|
11,546 |
|
Total operating expenses |
|
21,678 |
|
|
|
19,499 |
|
|
|
62,891 |
|
|
|
54,232 |
|
Loss from
operations |
|
(21,678 |
) |
|
|
(18,533 |
) |
|
|
(61,364 |
) |
|
|
(51,175 |
) |
Other income
(expense), net |
|
443 |
|
|
|
(118 |
) |
|
|
477 |
|
|
|
(100 |
) |
Net
loss |
$ |
(21,235 |
) |
|
$ |
(18,651 |
) |
|
$ |
(60,887 |
) |
|
$ |
(51,275 |
) |
Other
comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation gain |
|
366 |
|
|
|
173 |
|
|
|
715 |
|
|
|
281 |
|
Unrealized gain (loss) on marketable securities |
|
(74 |
) |
|
|
9 |
|
|
|
(962 |
) |
|
|
(59 |
) |
Total
comprehensive loss |
$ |
(20,943 |
) |
|
$ |
(18,469 |
) |
|
$ |
(61,134 |
) |
|
$ |
(51,053 |
) |
Net loss per share, basic and diluted |
$ |
(0.63 |
) |
|
$ |
(0.63 |
) |
|
$ |
(1.93 |
) |
|
$ |
(1.92 |
) |
Weighted average number of shares used in computing net loss per
share, basic and diluted |
|
33,684,261 |
|
|
|
29,491,857 |
|
|
|
31,481,948 |
|
|
|
26,663,209 |
|
RAPT THERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (In
thousands)
|
September 30, 2022 |
|
|
December 31, 2021 |
|
Assets |
(Unaudited) |
|
|
(1) |
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
27,706 |
|
|
$ |
24,027 |
|
Marketable securities |
|
167,730 |
|
|
|
165,627 |
|
Prepaid expenses and other current assets |
|
2,458 |
|
|
|
3,319 |
|
Total
current assets |
|
197,894 |
|
|
|
192,973 |
|
Property and
equipment, net |
|
2,742 |
|
|
|
2,741 |
|
Operating
lease right-of-use assets |
|
5,782 |
|
|
|
— |
|
Other
assets |
|
3,071 |
|
|
|
2,922 |
|
Total
assets |
$ |
209,489 |
|
|
$ |
198,636 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
4,043 |
|
|
$ |
1,999 |
|
Accrued expenses |
|
8,240 |
|
|
|
6,326 |
|
Deferred revenue, current |
|
— |
|
|
|
1,016 |
|
Operating lease liabilities, current |
|
1,551 |
|
|
|
— |
|
Other current liabilities |
|
33 |
|
|
|
254 |
|
Total
current liabilities |
|
13,867 |
|
|
|
9,595 |
|
Deferred
rent, net of current portion |
|
— |
|
|
|
2,150 |
|
Deferred
revenue, non-current |
|
— |
|
|
|
511 |
|
Operating
lease liabilities, non-current |
|
6,316 |
|
|
|
— |
|
Total
liabilities |
|
20,183 |
|
|
|
12,256 |
|
Commitments |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
534,689 |
|
|
|
470,629 |
|
Accumulated other comprehensive loss |
|
(453 |
) |
|
|
(206 |
) |
Accumulated deficit |
|
(344,933 |
) |
|
|
(284,046 |
) |
Total
stockholders’ equity |
|
189,306 |
|
|
|
186,380 |
|
Total
liabilities and stockholders’ equity |
$ |
209,489 |
|
|
$ |
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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