RAPT Therapeutics Reports Third Quarter 2020 Financial Results
November 16 2020 - 8:00AM
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
third quarter ended September 30, 2020 and provided an update on
recent operational and business progress.
“Earlier today, we reported positive initial data from our
ongoing Phase 1/2 clinical trial evaluating FLX475 in multiple
cancer indications,” said Brian Wong, M.D., Ph.D., President and
CEO of RAPT Therapeutics. “With the advancement of this program and
continued enrollment for our ongoing Phase 1b study of RPT193 in
atopic dermatitis, which we now expect to read out in the first
half of 2021, we are well positioned for multiple catalysts in
2021.”
Financial Results for the
Third Quarter and
Nine Months
Ended September 30,
2020
Third Quarter Ended September 30, 2020Net loss for the third
quarter of 2020 was $14.6 million, compared to $10.0 million for
the third quarter of 2019.
Research and development expenses for the third quarter of 2020
were $12.9 million, compared to $8.6 million for the same period in
2019 due to increased clinical costs for FLX475 and RPT193,
increased personnel costs and stock-based compensation expense, an
increase in preclinical program costs and laboratory supplies.
General and administrative expenses for the third quarter of
2020 were $3.2 million, compared to $1.7 million for the
same period of 2019. The increase was primarily due to an increase
in stock-based compensation expense, personnel costs, legal and
accounting fees and insurance expense offset by a decrease in
consulting costs.
Nine Months Ended September 30, 2020Net loss for the nine months
ended September 30, 2020 was $40.2 million, compared to $29.8
million for the same period in 2019.
Research and development expenses for the nine months ended
September 30, 2020 were $34.6 million, compared to $24.7 million
for the same period in 2019. The increase was primarily due to an
increase in clinical costs relating to FLX475 and RPT193, increased
preclinical program costs as well as increased stock-based
compensation and personnel expenses, offset by decreases in lab
supplies and travel costs.
General and administrative expenses for the nine months ended
September 30, 2020 were $9.3 million, compared to
$6.1 million for the same period of 2019. The increase in
general and administrative expenses was primarily due to increased
stock-based compensation expense, increased personnel costs, an
increase in legal and accounting fees as well as insurance expense
offset by a decrease in travel and consulting costs.
As of September 30, 2020, we had cash and cash equivalents and
marketable securities of $122.8 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 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 hematopoietic progenitor kinase 1 (HPK1) and
general control nonderepressible 2 (GCN2), 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 clinical development progress and the
timing of results from clinical trials of FLX475 and RPT193.
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 most
recent Form 10-Q filed with the Securities and Exchange Commission
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
RAPT THERAPEUTICS, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS |
(In thousands, except share and per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
1,528 |
|
|
$ |
— |
|
|
$ |
3,740 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
12,912 |
|
|
|
8,582 |
|
|
|
34,581 |
|
|
|
24,720 |
|
General and administrative |
|
|
3,197 |
|
|
|
1,733 |
|
|
|
9,288 |
|
|
|
6,094 |
|
Total operating expenses |
|
|
16,109 |
|
|
|
10,315 |
|
|
|
43,869 |
|
|
|
30,814 |
|
Loss from operations |
|
|
(14,581 |
) |
|
|
(10,315 |
) |
|
|
(40,129 |
) |
|
|
(30,814 |
) |
Other income, net |
|
|
237 |
|
|
|
344 |
|
|
|
763 |
|
|
|
1,033 |
|
|
|
|
|
|
|
|
|
|
Net loss before taxes |
|
|
(14,344 |
) |
|
|
(9,971 |
) |
|
|
(39,366 |
) |
|
|
(29,781 |
) |
Provision for income taxes |
|
|
287 |
|
|
|
— |
|
|
|
791 |
|
|
|
— |
|
Net loss |
|
|
(14,631 |
) |
|
|
(9,971 |
) |
|
|
(40,157 |
) |
|
|
(29,781 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(70 |
) |
|
|
15 |
|
|
|
(65 |
) |
|
|
17 |
|
Unrealized gain on marketable securities |
|
|
(33 |
) |
|
|
— |
|
|
|
119 |
|
|
|
— |
|
Total comprehensive loss |
|
$ |
(14,734 |
) |
|
$ |
(9,956 |
) |
|
$ |
(40,103 |
) |
|
$ |
(29,764 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.60 |
) |
|
$ |
(12.41 |
) |
|
$ |
(1.67 |
) |
|
$ |
(40.15 |
) |
Weighted average number of shares used in computing net loss per
share, basic and diluted |
|
|
24,449,115 |
|
|
|
803,229 |
|
|
|
23,989,926 |
|
|
|
741,711 |
|
|
|
|
|
|
|
|
|
|
RAPT THERAPEUTICS, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
20,229 |
|
|
$ |
77,383 |
|
Marketable securities |
|
|
102,557 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
2,722 |
|
|
|
3,123 |
|
Total current assets |
|
|
125,508 |
|
|
|
80,506 |
|
Property and equipment, net |
|
|
3,073 |
|
|
|
3,707 |
|
Other assets |
|
|
389 |
|
|
|
389 |
|
Total assets |
|
$ |
128,970 |
|
|
$ |
84,602 |
|
Liabilities and stockholders' equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
4,405 |
|
|
$ |
1,143 |
|
Accrued expenses |
|
|
5,669 |
|
|
|
3,642 |
|
Deferred revenue |
|
|
5,128 |
|
|
|
4,000 |
|
Other current liabilities |
|
|
389 |
|
|
|
471 |
|
Total current liabilities |
|
|
15,591 |
|
|
|
9,256 |
|
Deferred rent, net of current portion |
|
|
2,200 |
|
|
|
2,225 |
|
Deferred revenue, non-current |
|
|
1,132 |
|
|
|
— |
|
Commitments |
|
|
|
|
Stockholders' equity: |
|
|
|
|
Common stock |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
312,078 |
|
|
|
235,049 |
|
Accumulated other comprehensive income |
|
74 |
|
|
|
20 |
|
Accumulated deficit |
|
|
(202,107 |
) |
|
|
(161,950 |
) |
Total stockholders' equity |
|
|
110,047 |
|
|
|
73,121 |
|
Total liabilities and stockholders' equity |
|
$ |
128,970 |
|
|
$ |
84,602 |
|
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