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 fourth quarter
and year ended December 31, 2022.
“2022 was an important year of progress, as we advanced both of
our two lead programs, RPT193 and FLX475, in inflammatory disease
and cancer, respectively,” said Brian Wong, M.D., Ph.D., President
and Chief Executive Officer of RAPT Therapeutics. “This progress
has positioned us for future milestones in 2023, including our
anticipated initiation of a Phase 2a trial with RPT193 in asthma
this quarter and a clinical data update from our ongoing Phase 2
trial of FLX475 in multiple cancer indications, which we are
targeting for the second half of this year. For our Phase 2b trial
of RPT193 in atopic dermatitis, we now expect topline results in
mid-2024 due to recent slower than expected patient enrollment as
we did not see the seasonal uptick that we anticipated. Our cash
position is strong and we expect it to provide runway into
mid-2025, well beyond the expected data readout.”
Financial Results for the Fourth Quarter and Year Ended
December 31, 2022
Fourth Quarter Ended December 31, 2022
Net loss for the fourth quarter of 2022 was $23.0 million,
compared to $17.9 million for the fourth quarter of 2021.
Research and development expenses for the fourth quarter of 2022
were $19.5 million, compared to $14.3 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
FLX475, personnel and stock-based compensation expense.
General and administrative expenses for the fourth quarter of
2022 were $5.0 million, compared to $4.5 million for the same
period in 2021. The increase in general and administrative expenses
was primarily due to increases in expenses for personnel,
stock-based compensation and facilities, partially offset by a
decrease in professional services.
Year Ended December 31, 2022
Net loss for the year ended December 31, 2022 was $83.8 million,
compared to $69.2 million in 2021.
Research and development expenses for the year ended December
31, 2022 were $67.1 million, compared to $57.0 million 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 laboratory
supplies, partially offset by decreases in development costs
related to FLX475, facilities costs and stock-based compensation
expense.
General and administrative expenses for the year ended December
31, 2022 were $20.2 million, compared to $16.0 million 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.
As of December 31, 2022, the Company had cash, cash equivalents
and marketable securities of $249.1 million. In December 2022, we
completed an underwritten public offering of 4,338,104 shares of
common stock and received approximately $75.0 million in net
proceeds, after deducting underwriting discounts and other
offering-related costs.
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, 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,” “plan,” “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 and our
cash runaway. 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, including recent
lower than expected enrollment in our Phase 2b clinical trial of
RPT193 in AD, unanticipated or greater than anticipated impacts or
delays due to macroeconomic conditions (including the long-term
impacts of the COVID-19 pandemic, the conflict between Russia and
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 Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 14, 2023 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
EndedDecember 31, |
|
|
Three Months
EndedDecember 31, |
|
|
Year EndedDecember 31, |
|
|
Year EndedDecember 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
|
$ |
— |
|
|
$ |
756 |
|
|
$ |
1,527 |
|
|
$ |
3,813 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
19,454 |
|
|
|
14,299 |
|
|
|
67,082 |
|
|
|
56,985 |
|
General and administrative |
|
|
4,977 |
|
|
|
4,491 |
|
|
|
20,240 |
|
|
|
16,037 |
|
Total operating expenses |
|
|
24,431 |
|
|
|
18,790 |
|
|
|
87,322 |
|
|
|
73,022 |
|
Loss
from operations |
|
|
(24,431 |
) |
|
|
(18,034 |
) |
|
|
(85,795 |
) |
|
|
(69,209 |
) |
Other
income, net |
|
|
1,480 |
|
|
|
105 |
|
|
|
1,957 |
|
|
|
5 |
|
Net
loss |
|
$ |
(22,951 |
) |
|
$ |
(17,929 |
) |
|
$ |
(83,838 |
) |
|
$ |
(69,204 |
) |
Other
comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation gain (loss) |
|
|
(88 |
) |
|
|
(23 |
) |
|
|
627 |
|
|
|
258 |
|
Unrealized gain (loss) on marketable securities |
|
|
515 |
|
|
|
(228 |
) |
|
|
(447 |
) |
|
|
(287 |
) |
Total
comprehensive loss |
|
$ |
(22,524 |
) |
|
$ |
(18,180 |
) |
|
$ |
(83,658 |
) |
|
$ |
(69,233 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.64 |
) |
|
$ |
(0.61 |
) |
|
$ |
(2.58 |
) |
|
$ |
(2.53 |
) |
Weighted average number of shares used in computing net loss per
share, basic and diluted |
|
|
35,689,363 |
|
|
|
29,539,031 |
|
|
|
32,540,406 |
|
|
|
27,390,326 |
|
RAPT THERAPEUTICS,
INC.CONSOLIDATED BALANCE
SHEETS(In thousands)
|
|
December 31,2022 |
|
|
December 31,2021 |
|
Assets |
|
(Unaudited) |
|
|
(1) |
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
38,946 |
|
|
$ |
24,027 |
|
Marketable securities |
|
|
210,122 |
|
|
|
165,627 |
|
Prepaid expenses and other current assets |
|
|
3,626 |
|
|
|
3,319 |
|
Total
current assets |
|
|
252,694 |
|
|
|
192,973 |
|
Property
and equipment, net |
|
|
2,539 |
|
|
|
2,741 |
|
Operating lease right-of-use assets |
|
|
6,940 |
|
|
|
— |
|
Other
assets |
|
|
4,036 |
|
|
|
2,922 |
|
Total
assets |
|
$ |
266,209 |
|
|
$ |
198,636 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
3,365 |
|
|
$ |
1,999 |
|
Accrued expenses |
|
|
8,656 |
|
|
|
6,326 |
|
Deferred revenue, current |
|
|
— |
|
|
|
1,016 |
|
Operating lease liabilities, current |
|
|
2,171 |
|
|
|
— |
|
Other current liabilities |
|
|
32 |
|
|
|
254 |
|
Total
current liabilities |
|
|
14,224 |
|
|
|
9,595 |
|
Deferred
revenue, non-current |
|
|
— |
|
|
|
511 |
|
Deferred
rent, net of current portion |
|
|
— |
|
|
|
2,150 |
|
Operating lease liabilities, non-current |
|
|
6,819 |
|
|
|
— |
|
Total
liabilities |
|
|
21,043 |
|
|
|
12,256 |
|
Commitments |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
613,073 |
|
|
|
470,629 |
|
Accumulated other comprehensive loss |
|
|
(26 |
) |
|
|
(206 |
) |
Accumulated deficit |
|
|
(367,884 |
) |
|
|
(284,046 |
) |
Total
stockholders’ equity |
|
|
245,166 |
|
|
|
186,380 |
|
Total
liabilities and stockholders’ equity |
|
$ |
266,209 |
|
|
$ |
198,636 |
|
(1) The 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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