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 second quarter
and the six months ended June 30, 2023.
“We continue to remain focused on our Phase 2 trials for RPT193
in atopic dermatitis (AD) and asthma. We anticipate reporting
top-line data from our Phase 2b trial in AD in mid-2024 and we
continue to enroll our Phase 2a trial in asthma. These are the
first two indications in what we believe will be a significant
franchise for our promising oral small molecule drug in
inflammatory diseases,” said Brian Wong, M.D., Ph.D., President and
Chief Executive Officer of RAPT Therapeutics. “Separately, our
Phase 2 trial of FLX475 continues to progress and we anticipate
providing an update later this year. With our current cash balance,
we expect to be able to support our operations through
mid-2025.”
Financial Results for the Second Quarter and the Six
Months Ended June 30, 2023
Second Quarter Ended June 30, 2023
Net loss for the second quarter of 2023 was $25.3 million,
compared to $19.2 million for the second quarter of 2022.
Research and development expenses for the second quarter of 2023
were $21.6 million, compared to $14.4 million for the same period
in 2022. The increase in research and development expenses was
primarily due to higher development costs related to RPT193 and
early-stage programs, as well as increases in personnel expense,
lab supplies, consulting expense, facilities and stock-based
compensation expense, partially offset by lower development costs
related to FLX475.
General and administrative expenses for the second quarter of
2023 were $6.7 million, compared to $5.4 million for the same
period in 2022. The increase in general and administrative expenses
was primarily due to increases in expenses for personnel,
stock-based compensation and facilities.
Six Months Ended June 30, 2023
Net loss for the six months ended June 30, 2023 was $54.6
million, compared to $39.7 million for the same period in 2022.
Research and development expenses for the six months ended June
30, 2023 were $47.2 million, compared to $31.0 million for the same
period in 2022. The increase in research and development expenses
was primarily due to higher development costs related to RPT193 and
early-stage programs, as well as increases in personnel expense,
lab supplies, consulting expense, facilities and stock-based
compensation expense, partially offset by lower development costs
related to FLX475.
General and administrative expenses for the six months ended
June 30, 2023 were $12.7 million, compared to $10.2 million for the
same period of 2022. The increase in general and administrative
expenses was primarily due to increases in expenses for personnel,
stock-based compensation, facilities and professional services.
As of June 30, 2023, the Company had cash, cash equivalents and
marketable securities of $205 million.
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, enrollment and
completion of, and availability of results from, clinical trials of
RPT193 and FLX475 and our cash runway. 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 that
may not be predictive of future data or results or that 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 conflict between
Russia and Ukraine, inflation, higher 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, 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
EndedJune 30, |
|
|
Three Months
EndedJune 30, |
|
|
Six Months
EndedJune 30, |
|
|
Six Months
EndedJune 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
— |
|
|
$ |
886 |
|
|
$ |
— |
|
|
$ |
1,527 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
21,642 |
|
|
|
14,359 |
|
|
|
47,216 |
|
|
|
31,029 |
|
General and administrative |
|
|
6,722 |
|
|
|
5,436 |
|
|
|
12,710 |
|
|
|
10,184 |
|
Total operating expenses |
|
|
28,364 |
|
|
|
19,795 |
|
|
|
59,926 |
|
|
|
41,213 |
|
Loss from operations |
|
|
(28,364 |
) |
|
|
(18,909 |
) |
|
|
(59,926 |
) |
|
|
(39,686 |
) |
Other income (expense), net |
|
|
3,084 |
|
|
|
(275 |
) |
|
|
5,375 |
|
|
|
34 |
|
Net loss |
|
$ |
(25,280 |
) |
|
$ |
(19,184 |
) |
|
$ |
(54,551 |
) |
|
$ |
(39,652 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation gain (loss) |
|
|
(655 |
) |
|
|
550 |
|
|
|
(655 |
) |
|
|
349 |
|
Unrealized gain (loss) on marketable securities |
|
|
136 |
|
|
|
(178 |
) |
|
|
501 |
|
|
|
(888 |
) |
Total comprehensive loss |
|
$ |
(25,799 |
) |
|
$ |
(18,812 |
) |
|
$ |
(54,705 |
) |
|
$ |
(40,191 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.66 |
) |
|
$ |
(0.62 |
) |
|
$ |
(1.42 |
) |
|
$ |
(1.31 |
) |
Weighted average number of shares used in computing net loss per
share, basic and diluted |
|
|
38,328,741 |
|
|
|
31,140,323 |
|
|
|
38,304,758 |
|
|
|
30,356,515 |
|
RAPT THERAPEUTICS,
INC.CONSOLIDATED BALANCE
SHEETS(In thousands)
|
|
June 30,2023 |
|
|
December 31,2022 |
|
Assets |
|
(Unaudited) |
|
|
(1) |
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
50,164 |
|
|
$ |
38,946 |
|
|
Marketable securities |
|
|
154,834 |
|
|
|
210,122 |
|
|
Prepaid expenses and other current assets |
|
|
2,419 |
|
|
|
3,626 |
|
|
Total current assets |
|
|
207,417 |
|
|
|
252,694 |
|
|
Property and equipment, net |
|
|
2,963 |
|
|
|
2,539 |
|
|
Operating lease right-of-use
assets |
|
|
6,103 |
|
|
|
6,940 |
|
|
Other assets |
|
|
4,273 |
|
|
|
4,036 |
|
|
Total assets |
|
$ |
220,756 |
|
|
$ |
266,209 |
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
2,690 |
|
|
$ |
3,365 |
|
|
Accrued expenses |
|
|
10,295 |
|
|
|
8,656 |
|
|
Operating lease liabilities, current |
|
|
2,333 |
|
|
|
2,171 |
|
|
Other current liabilities |
|
|
96 |
|
|
|
32 |
|
|
Total current liabilities |
|
|
15,414 |
|
|
|
14,224 |
|
|
Operating lease liabilities,
non-current |
|
|
5,665 |
|
|
|
6,819 |
|
|
Total liabilities |
|
|
21,079 |
|
|
|
21,043 |
|
|
Commitments |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
|
Common stock |
|
|
3 |
|
|
|
3 |
|
|
Additional paid-in capital |
|
|
622,289 |
|
|
|
613,073 |
|
|
Accumulated other comprehensive loss |
|
|
(180 |
) |
|
|
(26 |
|
) |
Accumulated deficit |
|
|
(422,435 |
) |
|
|
(367,884 |
|
) |
Total stockholders’ equity |
|
|
199,677 |
|
|
|
245,166 |
|
|
Total liabilities and
stockholders’ equity |
|
$ |
220,756 |
|
|
$ |
266,209 |
|
|
(1) The consolidated balance sheet for
December 31, 2022 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, 2022.
RAPT Therapeutics (NASDAQ:RAPT)
Historical Stock Chart
From Apr 2024 to May 2024
RAPT Therapeutics (NASDAQ:RAPT)
Historical Stock Chart
From May 2023 to May 2024