RAPT Therapeutics Reports Fourth Quarter 2019 Financial Results and Provides Business Update
30 March 2020 - 11:00PM
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 oncology and
inflammatory diseases, today reported financial results for the
fourth quarter ended December 31, 2019 and provided an update on
recent operational and business progress.
“2019 was an especially productive year for RAPT with the
completion of our initial public offering and the generation of
encouraging early clinical data for our two lead immunology-based
programs: FLX475 for the treatment of multiple cancers and
RPT193 for the treatment of atopic dermatitis and other allergic
inflammatory diseases,” said Brian Wong, M.D., Ph.D., President and
CEO of RAPT Therapeutics. “In addition, we partnered with Hanmi for
FLX475 in Asia, a region with a high prevalence of ‘charged’
tumors, and we strengthened our balance sheet substantially with
our follow-on offering in February 2020.”
Dr. Wong continued, “For our ongoing Phase 1/2 study of FLX475,
we continue to enroll and treat patients with multiple types of
advanced cancer, though we are monitoring the impact of COVID-19 on
our clinical trial sites both within and outside of the U.S.
Because of the life-threatening nature of the cancers, we are
working site by site to ensure that patients receive treatment and
follow up as close to protocol-specified intervals as feasible. Our
primary objective is patient safety and we will adapt to local
circumstances as needed.
“For RPT193, we successfully completed the healthy volunteer
portion of the study. We have made the decision to pause the
enrollment of patients with atopic dermatitis in the Phase1b
portion of our clinical study for RPT193 in an effort to support
clinicians and healthcare facilities that are prioritizing the
fight against COVID-19, while safeguarding the health and safety of
patients and clinicians who would be involved in our trial. We
intend to resume enrollment as soon as practical once we expect
patients can be treated and followed up consistently under safer
public health conditions.”
Financial Results for the Fourth Quarter and Full Year
Ended December 31, 2019
Fourth Quarter Ended December 31, 2019Net loss for the fourth
quarter of 2019 was $13.2 million, compared to $9.4 million for the
fourth quarter of 2018.
Research and development expenses for the fourth quarter of 2019
were $10.2 million, compared to $8.4 million for the same period in
2018. The increase was primarily due to clinical costs related to
the advancement of RPT193 and FLX475 as well as the personnel costs
associated with these studies offset by outsourced research and
development and lab supplies.
General and administrative expenses for the fourth quarter of
2019 were $2.6 million, compared to $1.3 million for the same
period in 2018. The increase was due to an increase in consulting
costs as well as accounting and audit-related costs as well as
other expenses associated with being a public company.
Full Year Ended December 31, 2019Net loss for the year ended
December 31, 2019 was $43.0 million, compared to $36.1 million for
the same period in 2018.
Research and development expenses for the year ended December
31, 2019 were $34.9 million, compared to $31.8 million for the same
period in 2018. The increase was primarily due to increases in
costs relating to the clinical development of RPT193 and FLX475,
facilities and personnel, offset by decreases in costs relating to
lab supplies and outsourced research and development.
General and administrative expenses for the year ended December
31, 2019 were $8.7 million, compared to $5.2 million for the same
period in 2018. The increase was primarily due to increases in
professional service fees related to preparations for our initial
public offering.
As of December 31, 2019, we had cash and cash equivalents of
$77.4 million. In February 2020, we received net proceeds of
approximately $69.7 million resulting from our follow-on public
offering of 2,500,000 shares of 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 oncology and inflammatory diseases. 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, FLX475 and RPT193, each targeting C-C
motif chemokine receptor 4 (CCR4), for the treatment of cancer and
inflammation, respectively. The Company is also pursuing a range of
targets, including general control nonderepressible 2 (GCN2) and
hematopoietic progenitor kinase 1 (HPK1), that are in the discovery
stage of development.
Forward-Looking StatementsThis press release
contains 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 the impact of COVID-19 on the clinical
development of FLX475 and RPT193 and the anticipated timing of
clinical data. 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 Form 10-K expected to be filed with the Securities
and Exchange Commission on or about March 30, 2020 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.
RAPT Media Contact:Angela
Bittingmedia@rapt.com(925) 202-6211
RAPT Investor Contact:Sylvia
Wheelerswheeler@wheelhouselsa.com
|
|
Statement of
Operations |
|
(In
thousands, except share and per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
|
|
December
31, |
|
December 31, |
|
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Research and
development |
|
$ |
10,190 |
|
$ |
8,380 |
|
$ |
34,910 |
|
$ |
31,767 |
|
|
General and
administrative |
|
|
2,625 |
|
|
1,291 |
|
|
8,719 |
|
|
5,180 |
|
|
Total operating expenses |
|
|
12,815 |
|
|
9,671 |
|
|
43,629 |
|
|
36,947 |
|
|
Loss from
operations |
|
|
12,815 |
|
|
9,671 |
|
|
43,629 |
|
|
36,947 |
|
|
Other
income: |
|
|
|
|
|
|
|
|
|
Other income, net |
|
|
259 |
|
|
241 |
|
|
1,292 |
|
|
800 |
|
|
Net loss
before taxes |
|
|
12,556 |
|
|
9,430 |
|
|
42,337 |
|
|
36,147 |
|
|
Provision
for taxes |
|
|
660 |
|
|
— |
|
|
660 |
|
|
— |
|
|
Net
loss |
|
|
13,216 |
|
|
9,430 |
|
|
42,997 |
|
|
36,147 |
|
|
Other
comprehensive income/(loss) |
|
|
7 |
|
|
— |
|
|
24 |
|
|
(4 |
) |
|
Total
comprehensive loss |
|
$ |
13,209 |
|
$ |
9,430 |
|
$ |
42,973 |
|
$ |
36,151 |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic and diluted |
|
$ |
0.87 |
|
$ |
13.56 |
|
$ |
9.89 |
|
$ |
58.09 |
|
|
Weighted average number of shares used in computing net loss per
share, basic and diluted |
|
|
15,255,118 |
|
|
695,544 |
|
|
4,346,400 |
|
|
622,289 |
|
|
|
|
|
|
|
|
|
|
|
|
RAPT
THERAPEUTICS, INC. |
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
(In
thousands) |
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
77,383 |
|
|
$ |
63,798 |
|
|
Prepaid expenses and other current assets |
|
|
3,123 |
|
|
|
1,264 |
|
|
Total
current assets |
|
|
80,506 |
|
|
|
65,062 |
|
|
Property and
equipment, net |
|
|
3,707 |
|
|
|
4,159 |
|
|
Other
assets |
|
|
389 |
|
|
|
389 |
|
|
Total
assets |
|
$ |
84,602 |
|
|
$ |
69,610 |
|
|
Liabilities,
Convertible Preferred Stock and Stockholders' Deficit |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
1,143 |
|
|
$ |
1,771 |
|
|
Accrued expenses |
|
|
3,642 |
|
|
|
2,488 |
|
|
Deferred revenue |
|
|
4,000 |
|
|
|
- |
|
|
Other current liabilities |
|
|
471 |
|
|
|
384 |
|
|
Total
current liabilities |
|
|
9,256 |
|
|
|
4,643 |
|
|
Deferred
rent, net of current portion |
|
|
2,225 |
|
|
|
969 |
|
|
Commitments |
|
|
|
|
|
Convertible
preferred stock |
|
|
- |
|
|
|
161,111 |
|
|
Stockholders' equity (deficit): |
|
|
|
|
|
Preferred stock |
|
|
- |
|
|
|
- |
|
|
Common stock |
|
|
2 |
|
|
|
1 |
|
|
Additional paid-in capital |
|
|
235,049 |
|
|
|
22,441 |
|
|
Related party promissory note for the purchase of common stock |
|
|
- |
|
|
|
(598 |
) |
|
Accumulated other comprehensive income/(loss) |
|
|
20 |
|
|
|
(4 |
) |
|
Accumulated deficit |
|
|
(161,950 |
) |
|
|
(118,953 |
) |
|
Total
stockholders' (deficit) equity |
|
|
73,121 |
|
|
|
(97,113 |
) |
|
Total liabilities, convertible preferred stock and stockholders'
(deficit) |
$ |
84,602 |
|
|
$ |
69,610 |
|
|
|
|
|
|
|
|
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