RAPT Therapeutics Reports First Quarter 2023 Financial Results
11 Mayo 2023 - 7:00AM
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 first quarter
ended March 31, 2023.
“In 2023, we are continuing to focus on advancing our two lead
programs, RPT193 and FLX475,” said Brian Wong, M.D., Ph.D.,
President and Chief Executive Officer of RAPT Therapeutics. “In the
first quarter, we expanded our RPT193 program with the initiation
of a Phase 2a clinical trial in asthma. We continue to enroll our
Phase 2b trial of RPT193 in atopic dermatitis and expect top line
data from this trial in mid-2024. These two indications are the
first of what we believe could be multiple indications amenable to
RPT193 treatment. We also continue to enroll our Phase 2 trial of
FLX475 in multiple cancer indications and anticipate providing an
update in the second half of this year. Importantly, our cash
position is strong and is expected to support our operations
through mid-2025.”
Financial Results for the First Quarter Ended March 31,
2023
Net loss for the first quarter of 2023 was $29.3 million,
compared to $20.5 million for the first quarter of 2022.
Research and development expenses for the first quarter of 2023
were $25.6 million, compared to $16.7 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, facilities and stock-based compensation expense,
partially offset by lower development costs related to FLX475.
General and administrative expenses for the first quarter of
2023 were $6.0 million, compared to $4.7 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, facilities and professional services.
As of March 31, 2023, the Company had cash, cash equivalents and
marketable securities of $231.6 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 and completion
of, and 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 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 Quarterly Report on Form
10-Q filed with the Securities and Exchange Commission on May 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
MonthsEndedMarch 31, |
|
|
Three
MonthsEndedMarch 31, |
|
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
— |
|
|
$ |
641 |
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
|
25,574 |
|
|
|
16,670 |
|
General and administrative |
|
|
5,988 |
|
|
|
4,748 |
|
Total operating expenses |
|
|
31,562 |
|
|
|
21,418 |
|
Loss from operations |
|
|
(31,562 |
) |
|
|
(20,777 |
) |
Other income, net |
|
|
2,291 |
|
|
|
309 |
|
Net loss |
|
$ |
(29,271 |
) |
|
$ |
(20,468 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
Foreign currency translation loss |
|
|
— |
|
|
|
(201 |
) |
Unrealized gain (loss) on marketable securities |
|
|
365 |
|
|
|
(710 |
) |
Total comprehensive loss |
|
$ |
(28,906 |
) |
|
$ |
(21,379 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.76 |
) |
|
$ |
(0.69 |
) |
Weighted average number of shares used in computing net loss per
share, basic and diluted |
|
|
38,280,539 |
|
|
|
29,572,467 |
|
|
RAPT THERAPEUTICS, INC. |
CONSOLIDATED BALANCE SHEETS |
(In thousands) |
|
|
|
March 31,2023 |
|
|
December 31,2022 |
Assets |
|
(Unaudited) |
|
|
(1) |
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
45,768 |
|
|
$ |
38,946 |
|
Marketable securities |
|
|
185,861 |
|
|
|
210,122 |
|
Prepaid expenses and other current assets |
|
|
2,958 |
|
|
|
3,626 |
|
Total current assets |
|
|
234,587 |
|
|
|
252,694 |
|
Property and equipment, net |
|
|
2,999 |
|
|
|
2,539 |
|
Operating lease right-of-use
assets |
|
|
6,526 |
|
|
|
6,940 |
|
Other assets |
|
|
4,214 |
|
|
|
4,036 |
|
Total assets |
|
$ |
248,326 |
|
|
$ |
266,209 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
8,941 |
|
|
$ |
3,365 |
|
Accrued expenses |
|
|
10,348 |
|
|
|
8,656 |
|
Operating lease liabilities, current |
|
|
2,278 |
|
|
|
2,171 |
|
Other current liabilities |
|
|
41 |
|
|
|
32 |
|
Total current liabilities |
|
|
21,608 |
|
|
|
14,224 |
|
Operating lease liabilities,
non-current |
|
|
6,248 |
|
|
|
6,819 |
|
Total liabilities |
|
|
27,856 |
|
|
|
21,043 |
|
Commitments |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
617,283 |
|
|
|
613,073 |
|
Accumulated other comprehensive income (loss) |
|
|
339 |
|
|
|
(26 |
) |
Accumulated deficit |
|
|
(397,155 |
) |
|
|
(367,884 |
) |
Total stockholders’ equity |
|
|
220,470 |
|
|
|
245,166 |
|
Total liabilities and
stockholders’ equity |
|
$ |
248,326 |
|
|
$ |
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)
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