RAPT Therapeutics Reports First Quarter 2021 Financial Results

May 11, 2021

SOUTH SAN FRANCISCO, Calif., May 11, 2021 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2021.

“Our oncology and inflammation programs continue to make excellent progress,” said Brian Wong, M.D., Ph.D., President and Chief Executive Officer of RAPT Therapeutics. “We recently reported preclinical data at the AACR Annual Meeting that show anti-tumor potential of targeting and inhibiting CCR4 in combination with CAR-T therapy, as well as the promise of exciting next-generation immuno-oncology targets, such as HPK1. In March, we completed enrollment in our Phase 1b trial of RPT193, our lead inflammatory disease drug candidate, in patients with atopic dermatitis. We look forward to reporting top line results this quarter.”

Financial Results for the First Quarter Ended March 31, 2021

Net loss for the first quarter of 2021 was $16.5 million, compared to $13.1 million for the first quarter of 2020.

Research and development expenses for the first quarter of 2021 were $13.8 million, compared to $10.7 million for the same period in 2020. This increase was primarily due to increased clinical trial costs for FLX475 and RPT193, increased personnel costs and stock-based compensation expense and an increase in facilities costs, offset by a decrease in laboratory supplies spend.

General and administrative expenses for the first quarter of 2021 were $4.0 million, compared to $3.3 million for the same period of 2020. The increase was primarily due to increases in stock-based compensation expense, insurance expense and personnel costs.

As of March 31, 2021, the Company had cash and cash equivalents and marketable securities of $98.4 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 that are in the discovery stage of development.

Forward-Looking Statements
This 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 oncology and inflammation programs and the timing of top line results from the Phase 1b trial of 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 Form 10-Q filed with the Securities and Exchange Commission on May 11, 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 Reynolds

RAPT Investor Contact:
Sylvia Wheeler

(In thousands, except share per share data)
  Three Months Ended
  March 31,
    2021       2020  
Revenue $ 1,222     $ 935  
Operating expenses:      
Research and development   13,771       10,683  
General and administrative   4,012       3,289  
Total operating expenses   17,783       13,972  
Loss from operations   (16,561 )     (13,037 )
Other income, net   47       135  
Net loss before taxes   (16,514 )     (12,902 )
Provision for income taxes         237  
Net loss $ (16,514 )   $ (13,139 )
Other comprehensive income (loss):      
Foreign currency translation adjustment   38       204  
Unrealized loss on marketable securities   (50 )     (217 )
Total comprehensive loss $ (16,526 )   $ (13,152 )
Net loss per share, basic and diluted $ (0.66 )   $ (0.56 )
Weighted average number of shares used in computing net loss per share, basic and diluted   24,844,946       23,266,063  

(In thousands) 
    March 31,   December 31,
      2021       2020  
Assets   (Unaudited)     (1)  
Current assets:        
Cash and cash equivalents   $ 24,720     $ 24,918  
Marketable securities     73,686       86,592  
Prepaid expenses and other current assets     4,200       4,088  
Total current assets     102,606       115,598  
Property and equipment, net     2,929       2,982  
Other assets     389       389  
Total assets   $ 105,924     $ 118,969  
Liabilities and stockholders' equity        
Current liabilities:        
Accounts payable   $ 3,131     $ 2,383  
Accrued expenses     4,539       4,935  
Deferred revenue, current     3,135       4,096  
Other current liabilities     338       328  
Total current liabilities     11,143       11,742  
Deferred rent, net of current portion     2,157       2,185  
Deferred revenue, non-current     983       863  
Total liabilities     14,283       14,790  
Stockholders' equity:        
Preferred stock            
Common stock     2       2  
Additional paid-in capital     323,184       319,196  
Accumulated other comprehensive loss     (189 )     (177 )
Accumulated deficit     (231,356 )     (214,842 )
Total stockholders' equity     91,641       104,179  
Total liabilities and stockholders' equity   $ 105,924     $ 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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