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Share Name | Share Symbol | Market | Type |
---|---|---|---|
RAPT Therapeutics Inc | NASDAQ:RAPT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.30 | 3.90% | 8.00 | 8.00 | 8.03 | 8.10 | 7.71 | 7.72 | 70,700 | 15:56:16 |
“We are pleased to report significant progress as a public company following our initial public offering,” said Brian Wong, M.D., Ph.D., President and CEO of RAPT Therapeutics. “This includes clinical and operational advancement of our two lead compounds, FLX475 for oncology and RPT193 for allergic inflammatory disease. We recently announced a collaboration with Hanmi for FLX475 in Asia, a region with a high prevalence of ‘charged’ tumors. As we look toward 2020, we expect to report clinical proof of concept data for each program as we reach milestone events in our ongoing clinical trials.”
Recent Highlights
Financial Results for the Third Quarter and Nine Months Ended September 30, 2019
Third Quarter ended September 30, 2019Net loss for the third quarter of 2019 was $10.0 million, compared to $10.3 million for the third quarter of 2018.
Research and development expenses for the third quarter of 2019 were $8.6 million, compared to $9.2 million for the same period in 2018. The decrease was primarily due to decreases in costs relating to the clinical development of FLX475, outsourced research and development, and lab supplies, offset by increases in costs relating to the clinical development of RPT193 and personnel.
General and administrative expenses for the third quarter of 2019 were $1.7 million, compared to $1.4 million for the same period in 2018.
Nine Months Ended September 30, 2019Net loss for the nine months ended September 30, 2019 was $29.8 million, compared to $26.7 million for the same period in 2018.
Research and development expenses for the nine months ended September 30, 2019 were $24.7 million, compared to $23.4 million for the same period in 2018. The increase was primarily due to increases in costs relating to the clinical development of RPT193, facilities and personnel, offset by decreases in costs relating to the clinical development of FLX475, lab supplies and outsourced research and development.
General and administrative expenses for the nine months ended September 30, 2019 were $6.1 million, compared to $3.9 million for the same period in 2018. The increase was primarily due to increases in professional service fees related to the Company’s preparation of its initial public offering.
As of September 30, 2019, the Company had cash and cash equivalents of $48.3 million. The Company completed its initial public offering on November 4, 2019 and received net proceeds of approximately $33.8 million, which includes the underwriters’ exercise of the overallotment option.
About RAPT Therapeutics, Inc.RAPT Therapeutics (formerly FLX Bio) 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 responses underlying these diseases. In its first four years since inception, RAPT has discovered and advanced two unique drug candidates, each targeting C-C motif chemokine receptor 4 (CCR4). RAPT’s lead oncology drug candidate, FLX475, reached the clinic in just two and a half years and the Company’s lead inflammation drug candidate, RPT193, is also in the clinic. The Company is also pursuing a range of targets, including general control nonderepressible 2 and hematopoietic progenitor kinase 1, 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 clinical development of FLX475 and RPT193, the anticipated timing of clinical data and RAPT’s collaboration with Hanmi in regard to the Asian market. Detailed information regarding 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 final prospectus filed with the Securities and Exchange Commission on November 1, 2019 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, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | $ | 8,582 | $ | 9,181 | $ | 24,720 | $ | 23,387 | ||||||||
General and administrative | 1,733 | 1,364 | 6,094 | 3,889 | ||||||||||||
Total operating expenses | 10,315 | 10,545 | 30,814 | 27,276 | ||||||||||||
Loss from operations | 10,315 | 10,545 | 30,814 | 27,276 | ||||||||||||
Other income: | ||||||||||||||||
Other income, net | 344 | 261 | 1,033 | 559 | ||||||||||||
Net loss | $ | (9,971 | ) | $ | (10,284 | ) | $ | (29,781 | ) | $ | (26,717 | ) | ||||
Other comprehensive income/(loss) | 15 | (4 | ) | 17 | (4 | ) | ||||||||||
Total comprehensive loss | $ | (9,956 | ) | $ | (10,288 | ) | $ | (29,764 | ) | $ | (26,721 | ) | ||||
Net loss per share, basic and diluted | $ | (12.41 | ) | $ | (15.90 | ) | $ | (40.15 | ) | $ | (45.11 | ) | ||||
Weighted average number of shares used in computing net loss per share, basic and diluted | 803,229 | 646,800 | 741,711 | 592,237 |
RAPT THERAPEUTICS, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(In thousands) | ||||||||
September 30, | December 31, | |||||||
2019 | 2018 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 48,310 | $ | 63,798 | ||||
Prepaid expenses and other current assets | 2,914 | 1,264 | ||||||
Total current assets | 51,224 | 65,062 | ||||||
Property and equipment, net | 4,002 | 4,159 | ||||||
Other assets | 3,143 | 389 | ||||||
Total assets | $ | 58,369 | $ | 69,610 | ||||
Liabilities, Convertible Preferred Stock and Stockholders' Deficit | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,590 | $ | 1,771 | ||||
Accrued expenses | 3,410 | 2,488 | ||||||
Other current liabilities | 457 | 384 | ||||||
Total current liabilities | 5,457 | 4,643 | ||||||
Deferred rent, net of current portion | 2,219 | 969 | ||||||
Commitments | ||||||||
Convertible preferred stock | 175,490 | 161,111 | ||||||
Stockholders' equity (deficit): | ||||||||
Preferred stock | - | - | ||||||
Common stock | 1 | 1 | ||||||
Additional paid-in capital | 23,923 | 22,441 | ||||||
Related party promissory note for the purchase of common stock | — | (598 | ) | |||||
Accumulated other comprehensive income/(loss) | 13 | (4 | ) | |||||
Accumulated deficit | (148,734 | ) | (118,953 | ) | ||||
Total stockholders' (deficit) equity | (124,797 | ) | (97,113 | ) | ||||
Total liabilities, convertible preferred stock and stockholders' (deficit) | $ | 58,369 | $ | 69,610 |
1 Year RAPT Therapeutics Chart |
1 Month RAPT Therapeutics Chart |
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