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RAPT Therapeutics Reports Third Quarter 2024 Financial Results

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RAPT Therapeutics (Nasdaq: RAPT), a clinical-stage, immunology-based therapeutics company, reported its third quarter 2024 financial results. Net loss for Q3 2024 was $18.4 million, a significant improvement from the $31.4 million loss in Q3 2023. Research and development expenses decreased to $13.3 million from $27.0 million in Q3 2023, mainly due to lower development costs for zelnecirnon, tivumecirnon, and early-stage programs, as well as reduced personnel and lab supply expenses. General and administrative expenses also saw a slight reduction to $6.4 million from $6.9 million. The company implemented a workforce reduction in July 2024, affecting 47 employees (40% of the workforce), incurring $0.9 million in restructuring charges. For the nine months ended September 30, 2024, net loss was $76.6 million, down from $85.9 million in the same period of 2023. As of September 30, 2024, RAPT held $97.9 million in cash and marketable securities.

RAPT Therapeutics (Nasdaq: RAPT), una compagnia di terapie cliniche basate sull'immunologia, ha riportato i risultati finanziari del terzo trimestre 2024. La perdita netta per il Q3 2024 è stata di 18,4 milioni di dollari, un notevole miglioramento rispetto alla perdita di 31,4 milioni di dollari nel Q3 2023. Le spese per ricerca e sviluppo sono diminuite a 13,3 milioni di dollari rispetto ai 27,0 milioni di dollari nel Q3 2023, principalmente a causa della riduzione dei costi di sviluppo per zelnecirnon, tivumecirnon e programmi nelle fasi iniziali, oltre a spese ridotte per personale e forniture di laboratorio. Anche le spese generali e amministrative hanno registrato una leggera diminuzione a 6,4 milioni di dollari rispetto ai 6,9 milioni di dollari. La compagnia ha implementato una riduzione della forza lavoro a luglio 2024, colpendo 47 dipendenti (40% della forza lavoro), con oneri di ristrutturazione di 0,9 milioni di dollari. Nei nove mesi terminati il 30 settembre 2024, la perdita netta è stata di 76,6 milioni di dollari, in calo rispetto agli 85,9 milioni di dollari nello stesso periodo del 2023. Al 30 settembre 2024, RAPT deteneva 97,9 milioni di dollari in contante e titoli negoziabili.

RAPT Therapeutics (Nasdaq: RAPT), una empresa de terapias inmunológicas en etapa clínica, informó sus resultados financieros del tercer trimestre de 2024. La pérdida neta para el Q3 de 2024 fue de 18,4 millones de dólares, una mejora significativa respecto a la pérdida de 31,4 millones de dólares en el Q3 de 2023. Los gastos en investigación y desarrollo disminuyeron a 13,3 millones de dólares desde 27,0 millones de dólares en el Q3 de 2023, principalmente debido a menores costos de desarrollo para zelnecirnon, tivumecirnon y programas en etapas tempranas, así como a una reducción en los gastos de personal y suministros de laboratorio. Los gastos generales y administrativos también vieron una ligera reducción a 6,4 millones de dólares desde 6,9 millones de dólares. La compañía implementó una reducción de personal en julio de 2024, afectando a 47 empleados (40% de la fuerza laboral), incurriendo en cargos por reestructuración de 0,9 millones de dólares. En los nueve meses finalizados el 30 de septiembre de 2024, la pérdida neta fue de 76,6 millones de dólares, por debajo de los 85,9 millones de dólares en el mismo periodo de 2023. Al 30 de septiembre de 2024, RAPT tenía 97,9 millones de dólares en efectivo y valores negociables.

RAPT Therapeutics (Nasdaq: RAPT)는 임상 단계의 면역학 기반 치료 회사로서 2024년 3분기 재무 결과를 발표했습니다. 순손실은 2024년 3분기에 1840만 달러로, 2023년 3분기의 3140만 달러 손실에 비해 상당한 개선을 보였습니다. 연구 및 개발 비용은 2023년 3분기의 2700만 달러에서 1330만 달러로 감소했으며, 주요 요인은 zelnecirnon, tivumecirnon 및 초기 단계 프로그램에 대한 개발 비용 감소와 인건비 및 실험실 소모품 비용 감소입니다. 일반 관리 비용도 690만 달러에서 640만 달러로 소폭 감소했습니다. 회사는 2024년 7월에 47명의 직원(직원 40%)을 대상으로 인력 감축을 시행하여 90만 달러의 구조조정 비용이 발생했습니다. 2024년 9월 30일까지 9개월 동안의 순손실은 7660만 달러로, 2023년 같은 기간의 8590만 달러에서 감소했습니다. 2024년 9월 30일 기준으로 RAPT는 9790만 달러의 현금 및 시장성 있는 증권을 보유하고 있었습니다.

RAPT Therapeutics (Nasdaq : RAPT), une entreprise de thérapies cliniques basée sur l'immunologie, a présenté ses résultats financiers du troisième trimestre 2024. La perte nette pour le T3 2024 s'est élevée à 18,4 millions de dollars, une amélioration significative par rapport à la perte de 31,4 millions de dollars du T3 2023. Les dépenses de recherche et développement ont diminué à 13,3 millions de dollars contre 27,0 millions de dollars au T3 2023, principalement en raison de coûts de développement réduits pour zelnecirnon, tivumecirnon et des programmes précoces, ainsi que d'une diminution des dépenses de personnel et de fournitures de laboratoire. Les dépenses générales et administratives ont également connu une légère baisse à 6,4 millions de dollars contre 6,9 millions de dollars. L'entreprise a mis en œuvre une réduction d'effectifs en juillet 2024, touchant 47 employés (40 % de l'effectif), entraînant des frais de restructuration de 0,9 million de dollars. Pour les neuf mois se terminant le 30 septembre 2024, la perte nette s'élevait à 76,6 millions de dollars, contre 85,9 millions de dollars pour la même période de 2023. Au 30 septembre 2024, RAPT détenait 97,9 millions de dollars en liquidités et titres négociables.

RAPT Therapeutics (Nasdaq: RAPT), ein Unternehmen für therapeutische Immunologie in klinischer Phase, hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht. Der Nettoverlust für Q3 2024 betrug 18,4 Millionen Dollar und stellt eine signifikante Verbesserung gegenüber dem Verlust von 31,4 Millionen Dollar im Q3 2023 dar. Die Forschungs- und Entwicklungskosten sanken auf 13,3 Millionen Dollar von 27,0 Millionen Dollar im Q3 2023, was hauptsächlich auf niedrigere Entwicklungskosten für zelnecirnon, tivumecirnon und frühe Programme zurückzuführen ist sowie auf reduzierte Personal- und Laborzulieferkosten. Auch die allgemeinen und Verwaltungsaufwendungen haben sich leicht auf 6,4 Millionen Dollar von 6,9 Millionen Dollar verringert. Das Unternehmen führte im Juli 2024 eine Reduzierung der Mitarbeiterzahl durch, die 47 Mitarbeiter (40 % der Belegschaft) betraf und 0,9 Millionen Dollar an Restrukturierungskosten verursachte. Für die neun Monate bis zum 30. September 2024 betrug der Nettoverlust 76,6 Millionen Dollar, im Vergleich zu 85,9 Millionen Dollar im gleichen Zeitraum 2023. Am 30. September 2024 hielt RAPT 97,9 Millionen Dollar in Bargeld und handelbaren Wertpapieren.

Positive
  • Net loss decreased to $18.4 million in Q3 2024 from $31.4 million in Q3 2023.
  • Research and development expenses reduced to $13.3 million from $27.0 million.
  • General and administrative expenses decreased to $6.4 million from $6.9 million.
  • Net loss for the nine months ended September 30, 2024, decreased to $76.6 million from $85.9 million.
Negative
  • Workforce reduction affected 47 employees, incurring $0.9 million in restructuring charges.
  • General and administrative expenses for the nine months increased to $20.9 million from $19.6 million.

Insights

The Q3 financial report reveals concerning trends for RAPT Therapeutics. The company's $97.9 million cash position, while significant, must be viewed against a substantial quarterly burn rate of $18.4 million. The 40% workforce reduction, affecting 47 employees, signals serious cost-cutting measures that could impact development timelines.

While R&D expenses decreased by $13.7 million year-over-year to $13.3 million, this reduction primarily stems from scaled-back development activities across key programs including zelnecirnon and tivumecirnon. The narrowing net loss to $18.4 million from $31.4 million comes at the cost of reduced operational capacity.

At the current burn rate, without additional financing, the cash runway extends approximately 5-6 quarters. The restructuring suggests a strategic pivot to preserve capital, but may limit the company's ability to advance its pipeline effectively.

SOUTH SAN FRANCISCO, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- RAPT Therapeutics, Inc. (Nasdaq: RAPT), a clinical-stage, immunology-based therapeutics 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, 2024.

Financial Results for the Third Quarter and Nine Months Ended September 30, 2024

Third Quarter Ended September 30, 2024

Net loss for the third quarter of 2024 was $18.4 million, compared to $31.4 million for the third quarter of 2023.

Research and development expenses for the third quarter of 2024 were $13.3 million, compared to $27.0 million for the same period in 2023. The decrease in research and development expenses was primarily due to lower development costs related to zelnecirnon, tivumecirnon and early stage programs, as well as decreased expenses for personnel, consultants and lab supplies.

General and administrative expenses for the third quarter of 2024 were $6.4 million, compared to $6.9 million for the same period in 2023. The decrease in general and administrative expenses was primarily due to decreased expenses for personnel, consultants and insurance premiums, partially offset by increases in expenses for non-cash stock-based compensation and facilities.

On July 16, 2024, the Company’s board of directors approved a reduction of the Company’s workforce to conserve cash resources. The workforce reduction affected 47 people, or approximately 40% of the Company’s headcount. The Company incurred $0.9 million in restructuring charges in connection with the workforce reduction, consisting of cash-based expenses related to employee severance payments, benefits and related costs. The Company completed the workforce reduction plan and all the related cash payments during the third quarter ended September 30, 2024.

Nine Months Ended September 30, 2024

Net loss for the nine months ended September 30, 2024 was $76.6 million, compared to $85.9 million for the same period in 2023.

Research and development expenses for the nine months ended September 30, 2024 were $60.8 million, compared to $74.2 million for the same period in 2023. The decrease in research and development expenses was primarily due to decreases in development costs related to zelnecirnon, tivumecirnon and early-stage programs, as well as lab supplies, partially offset by increased expenses for personnel, consultants, facilities and non-cash stock-based compensation.

General and administrative expenses for the nine months ended September 30, 2024 were $20.9 million, compared to $19.6 million for the same period in 2023. The increase in general and administrative expenses was primarily due to increased expenses for personnel, non-cash stock-based compensation and facilities, partially offset by decreases in expenses for consultants and insurance premiums.

As of September 30, 2024, the Company had cash and cash equivalents and marketable securities of $97.9 million.

About RAPT Therapeutics, Inc.

RAPT Therapeutics is a clinical-stage, immunology-based therapeutics 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, zelnecirnon (RPT193) and tivumecirnon (FLX475), each targeting C-C motif chemokine receptor 4 (CCR4), for the treatment of inflammation and cancer, 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 within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimates,” “expects,” “will” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify 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. 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 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 12, 2024 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, except as required by law.

RAPT Media Contact:
Aljanae Reynolds
areynolds@wheelhouselsa.com

RAPT Investor Contact:
Sylvia Wheeler
swheeler@wheelhouselsa.com


RAPT THERAPEUTICS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share per share data)
(Unaudited)

  Three Months
Ended

September 30,
  Three Months
Ended

September 30,
  Nine Months
Ended

September 30,
  Nine Months
Ended

September 30,
 
  2024  2023  2024  2023 
Operating expenses:            
Research and development  13,340   27,022   60,761   74,238 
General and administrative  6,448   6,897   20,875   19,607 
Total operating expenses  19,788   33,919   81,636   93,845 
Loss from operations  (19,788)  (33,919)  (81,636)  (93,845)
Other income, net  1,356   2,548   5,020   7,923 
Net loss $(18,432) $(31,371) $(76,616) $(85,922)
Other comprehensive income (loss):            
Foreign currency translation loss           (655)
Unrealized gain on marketable securities  154   59   4   560 
Total comprehensive loss $(18,278) $(31,312) $(76,612) $(86,017)
Net loss per share, basic and diluted $(0.47) $(0.82) $(1.97) $(2.24)
Weighted average number of shares used in computing
net loss per share, basic and diluted
  38,903,476   38,358,032   38,800,528   38,322,773 



RAPT THERAPEUTICS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)

  September 30,
2024
  December 31,
2023
 
Assets (Unaudited)  (1)  
Current assets:      
Cash and cash equivalents $37,900  $47,478  
Marketable securities  60,005   111,384  
Prepaid expenses and other current assets  4,693   2,920  
Total current assets  102,598   161,782  
Property and equipment, net  1,653   2,448  
Operating lease right-of-use assets  3,825   5,228  
Other assets  389   3,871  
Total assets $108,465  $173,329  
Liabilities and stockholders’ equity      
Current liabilities:      
Accounts payable $1,380  $5,176  
Accrued expenses  6,398   14,103  
Operating lease liabilities, current  2,523   2,448  
Other current liabilities  61   109  
Total current liabilities  10,362   21,836  
Operating lease liabilities, non-current  2,597   4,458  
Total liabilities  12,959   26,294  
Commitments      
Stockholders’ equity:      
Preferred stock       
Common stock  3   3  
Additional paid-in capital  656,694   631,611  
Accumulated other comprehensive gain  107   103  
Accumulated deficit  (561,298)  (484,682) 
Total stockholders’ equity  95,506   147,035  
Total liabilities and stockholders’ equity $108,465  $173,329  


(1) The consolidated balance sheet for December 31, 2023 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, 2023.



FAQ

What were RAPT Therapeutics' net losses for Q3 2024?

RAPT Therapeutics reported a net loss of $18.4 million for Q3 2024.

How much did RAPT Therapeutics spend on research and development in Q3 2024?

RAPT Therapeutics spent $13.3 million on research and development in Q3 2024.

What were the general and administrative expenses for RAPT Therapeutics in Q3 2024?

General and administrative expenses for Q3 2024 were $6.4 million.

How much did RAPT Therapeutics reduce its workforce by in July 2024?

RAPT Therapeutics reduced its workforce by 40%, affecting 47 employees.

What were RAPT Therapeutics' net losses for the nine months ended September 30, 2024?

RAPT Therapeutics reported a net loss of $76.6 million for the nine months ended September 30, 2024.

What was the cash and marketable securities position of RAPT Therapeutics as of September 30, 2024?

As of September 30, 2024, RAPT Therapeutics had $97.9 million in cash and marketable securities.

RAPT Therapeutics, Inc.

NASDAQ:RAPT

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4.75%
Biotechnology
Pharmaceutical Preparations
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United States of America
SOUTH SAN FRANCISCO