RAPT Therapeutics Reports Third Quarter 2021 Financial Results
11 November 2021 - 8:05AM
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
third quarter and nine months ended September 30, 2021.
“This has been an important year for RAPT as we advance the
development of RPT193 in atopic dermatitis and FLX475 in cancer,”
said Brian Wong, M.D., Ph.D., President and Chief Executive Officer
of RAPT Therapeutics. “In the third quarter, we presented
additional incremental data for RPT193 at two separate dermatology
meetings, allowing us to share our early positive data in atopic
dermatitis with key members of the medical community. We are well
positioned to advance RPT193 into Phase 2 clinical trials in atopic
dermatitis and asthma in 2022. In addition, we have begun to focus
development of FLX475 in key indications showing early promise,
including EBV+ lymphoma, nasopharyngeal cancer and head and neck
cancer. Our goal is to report data from ongoing cohorts in the
Phase 1/2 trial for FLX475 at a medical meeting in
2022.” Financial
Results for the Third Quarter Ended September 30, 2021
Third Quarter ended September 30, 2021
Net loss for the third quarter of 2021 was $18.7 million,
compared to $14.6 million for the third quarter of 2020.
Research and development expenses for the third quarter of 2021
were $15.7 million, compared to $12.9 million for the same period
in 2020. This increase was primarily due to increased clinical
trial costs for FLX475 and RPT193 and increases in stock-based
compensation, personnel costs and facilities costs.
General and administrative expenses for the third quarter of
2021 were $3.8 million, compared to $3.2 million for the same
period of 2020. The increase was primarily due to increases in
stock-based compensation expense, insurance expense, personnel
costs and facilities costs.
Nine Months Ended September 30, 2021
Net loss for the nine months ended September 30, 2021 was $51.3
million, compared to $40.2 million for the same period in 2020.
Research and development expenses for the nine months ended
September 30, 2021 were $42.7 million, compared to $34.6 million
for the same period in 2020. The increase was primarily due to
increases in costs related to the clinical trials of FLX475 and
RPT193, as well as increases in stock-based compensation, personnel
expenses, facilities costs and laboratory supplies spend.
General and administrative expenses for the nine months ended
September 30, 2021 were $11.5 million, compared to
$9.3 million for the same period of 2020. The increase in
general and administrative expenses was primarily due to increases
in stock-based compensation expense, insurance expense and
personnel costs.
As of September 30, 2021, the Company had cash and cash
equivalents and marketable securities of $210.8 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, 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 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 progress of RAPT’s inflammation
and oncology programs and RAPT’s intended plans for the clinical
development of RPT193 and FLX475. 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-Q filed with the Securities
and Exchange Commission on November 10, 2021 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:Aljanae
Reynoldsareynolds@wheelhouselsa.com
RAPT Investor Contact:Sylvia
Wheelerswheeler@wheelhouselsa.com
RAPT
THERAPEUTICS INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS |
(In
thousands, except share per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenue |
|
$ |
966 |
|
|
$ |
1,528 |
|
|
$ |
3,057 |
|
|
$ |
3,740 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
15,725 |
|
|
|
12,912 |
|
|
|
42,686 |
|
|
|
34,581 |
|
General and administrative |
|
|
3,774 |
|
|
|
3,197 |
|
|
|
11,546 |
|
|
|
9,288 |
|
Total operating expenses |
|
|
19,499 |
|
|
|
16,109 |
|
|
|
54,232 |
|
|
|
43,869 |
|
Loss from
operations |
|
|
(18,533 |
) |
|
|
(14,581 |
) |
|
|
(51,175 |
) |
|
|
(40,129 |
) |
Other income
(expense), net |
|
|
(118 |
) |
|
|
237 |
|
|
|
(100 |
) |
|
|
763 |
|
Net loss
before taxes |
|
|
(18,651 |
) |
|
|
(14,344 |
) |
|
|
(51,275 |
) |
|
|
(39,366 |
) |
Provision
for income taxes |
|
|
— |
|
|
|
287 |
|
|
|
— |
|
|
|
791 |
|
Net
loss |
|
$ |
(18,651 |
) |
|
$ |
(14,631 |
) |
|
$ |
(51,275 |
) |
|
$ |
(40,157 |
) |
Other
comprehensive income (loss): |
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
173 |
|
|
|
(70 |
) |
|
|
281 |
|
|
|
(65 |
) |
Unrealized gain (loss) on marketable securities |
|
|
9 |
|
|
|
(33 |
) |
|
|
(59 |
) |
|
|
119 |
|
Total
comprehensive loss |
|
$ |
(18,469 |
) |
|
$ |
(14,734 |
) |
|
$ |
(51,053 |
) |
|
$ |
(40,103 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.63 |
) |
|
$ |
(0.60 |
) |
|
$ |
(1.92 |
) |
|
$ |
(1.67 |
) |
Weighted average number of shares used in computing net loss per
share, basic and diluted |
|
|
29,491,857 |
|
|
|
24,449,115 |
|
|
|
26,663,209 |
|
|
|
23,989,926 |
|
|
|
|
|
|
|
|
|
|
RAPT
THERAPEUTICS, INC. |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In
thousands) |
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2021 |
|
2020 |
Assets |
|
(Unaudited) |
|
(1) |
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
59,999 |
|
|
$ |
24,918 |
|
Marketable securities |
|
|
150,787 |
|
|
|
86,592 |
|
Prepaid expenses and other current assets |
|
|
3,709 |
|
|
|
4,088 |
|
Total
current assets |
|
|
214,495 |
|
|
|
115,598 |
|
Property and
equipment, net |
|
|
2,578 |
|
|
|
2,982 |
|
Other
assets |
|
|
389 |
|
|
|
389 |
|
Total
assets |
|
$ |
217,462 |
|
|
$ |
118,969 |
|
Liabilities and stockholders' equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
4,017 |
|
|
$ |
2,383 |
|
Accrued expenses |
|
|
6,845 |
|
|
|
4,935 |
|
Deferred revenue, current |
|
|
1,538 |
|
|
|
4,096 |
|
Other current liabilities |
|
|
295 |
|
|
|
328 |
|
Total
current liabilities |
|
|
12,695 |
|
|
|
11,742 |
|
Deferred
rent, net of current portion |
|
|
2,149 |
|
|
|
2,185 |
|
Deferred
revenue, non-current |
|
|
745 |
|
|
|
863 |
|
Total
liabilities |
|
|
15,589 |
|
|
|
14,790 |
|
Commitments |
|
|
|
|
Stockholders' equity: |
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
3 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
467,942 |
|
|
|
319,196 |
|
Accumulated other comprehensive income (loss) |
|
|
45 |
|
|
|
(177 |
) |
Accumulated deficit |
|
|
(266,117 |
) |
|
|
(214,842 |
) |
Total
stockholders' equity |
|
|
201,873 |
|
|
|
104,179 |
|
Total
liabilities and stockholders' equity |
|
$ |
217,462 |
|
|
$ |
118,969 |
|
|
|
|
|
|
(1) The condensed consolidated balance sheet for December 31, 2020
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, 2020 |
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