UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 11, 2021
RAPT Therapeutics, Inc.
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 001-38997 | 47-3313701 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 561 Eccles Avenue South San Francisco, CA |
94080 | |||
| (Address of Principal Executive Offices) | (Zip Code) | |||
(650) 489-9000
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| Common Stock, $0.0001 par value per share | RAPT | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On March 11, 2021, RAPT Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2020. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information in this Item 2.02 and in the press release furnished as Exhibit 99.1 to this current report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information contained in this Item 2.02 and in the press release furnished as Exhibit 99.1 to this current report shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
(d) Exhibits
| Exhibit |
Exhibit Description | |
| 99.1 | Press Release titled “RAPT Therapeutics Reports Fourth Quarter and Year End 2020 Financial Results” dated March 11, 2021. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RAPT Therapeutics, Inc. | ||||||
| Dated: March 11, 2021 | By: | /s/ Rodney Young | ||||
| Rodney Young | ||||||
| Chief Financial Officer | ||||||
Exhibit 99.1
|
RAPT Therapeutics Reports Fourth Quarter and Year End 2020 Financial Results
SOUTH SAN FRANCISCO, Calif. – March 11, 2021 – 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 fourth quarter and year ended December 31, 2020.
“In 2020, we achieved important advancements in clinical development for our two lead programs: FLX475 in oncology and RPT193 in inflammatory diseases,” said Brian Wong, M.D., Ph.D., President and Chief Executive Officer of RAPT Therapeutics. “In November, we reported early evidence of clinical activity for FLX475, both as monotherapy and in combination with pembrolizumab, in multiple tumor types. These data helped us determine advancement of several cohorts in our multi-cohort, multi-indication Phase 1/2 trial. For RPT193, we continued enrolling our Phase 1b study of RPT193 in atopic dermatitis over the course of 2020 despite a brief pause early in the year because of the pandemic. Today, we are well positioned for key data readouts for both RPT193 and FLX475. We plan to report on the Phase 1b trial for RPT193 in the first half of 2021 and provide an update in the second half of 2021 on additional data generated with FLX475 in multiple cohorts that have sufficiently matured.”
Financial Results for the Fourth Quarter and Year Ended December 31, 2020
Fourth Quarter Ended December 31, 2020
Net loss for the fourth quarter of 2020 was $12.7 million, compared to $13.2 million for the fourth quarter of 2019.
Research and development expenses for the fourth quarter of 2020 were $10.9 million, compared to $10.2 million for the same period in 2019 due to increased clinical trial costs for FLX475 and RPT193, increased personnel costs and stock-based compensation expense and an increase in preclinical program costs, offset by a decrease in laboratory supplies spend.
General and administrative expenses for the fourth quarter of 2020 were $3.5 million, compared to $2.6 million for the same period of 2019. The increase was primarily due to increases in stock-based compensation expense, personnel costs, legal and accounting fees and insurance expense, offset by a decrease in consulting costs.
Year Ended December 31, 2020
Net loss for the year ended December 31, 2020 was $52.9 million, compared to $43.0 million for the same period in 2019.
Research and development expenses for the year ended December 31, 2020 were $45.5 million, compared to $34.9 million for the same period in 2019. The increase was primarily due to an increase in clinical trial costs relating to FLX475 and RPT193, increased preclinical program costs as well as increases in stock-based compensation and personnel expenses, offset by decreases in lab supplies and travel costs.
General and administrative expenses for the year ended December 31, 2020 were $12.8 million, compared to $8.7 million for the same period of 2019. The increase in general and administrative expenses was primarily due to increases in stock-based compensation expense, personnel costs and costs associated with our public company status, offset by a decrease in professional fee and travel costs.
As of December 31, 2020, the Company had cash and cash equivalents and marketable securities of $111.5 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 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 Form 10-K filed with the Securities and Exchange Commission on March 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
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 and per share data)
| Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Revenue |
$ | 1,302 | $ | — | $ | 5,042 | $ | — | ||||||||
| Operating expenses: |
||||||||||||||||
| Research and development |
10,904 | 10,190 | 45,485 | 34,910 | ||||||||||||
| General and administrative |
3,483 | 2,625 | 12,771 | 8,719 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
14,387 | 12,815 | 58,256 | 43,629 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Loss from operations |
(13,085 | ) | (12,815 | ) | (53,214 | ) | (43,629 | ) | ||||||||
| Other income, net |
549 | 259 | 1,312 | 1,292 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss before taxes |
(12,536 | ) | (12,556 | ) | (51,902 | ) | (42,337 | ) | ||||||||
| Provision for income taxes |
199 | 660 | 990 | 660 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss |
$ | (12,735 | ) | $ | (13,216 | ) | $ | (52,892 | ) | $ | (42,997 | ) | ||||
| Other comprehensive income (loss): |
||||||||||||||||
| Foreign currency translation adjustment |
(184 | ) | 7 | (249 | ) | 24 | ||||||||||
| Unrealized gain on marketable securities |
(67 | ) | — | 52 | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total comprehensive loss |
$ | (12,986 | ) | $ | (13,209 | ) | $ | (53,089 | ) | $ | (42,973 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss per share, basic and diluted |
$ | (0.52) | $ | (0.87) | $ | (2.19) | $ | (9.89) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted average number of shares used in computing net loss per share, basic and diluted |
24,582,616 | 15,255,118 | 24,134,305 | 4,346,400 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
RAPT THERAPEUTICS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
| December 31, | ||||||||
| 2020 | 2019 | |||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 24,918 | $ | 77,383 | ||||
| Marketable securities |
86,592 | — | ||||||
| Prepaid expenses and other current assets |
4,088 | 3,123 | ||||||
|
|
|
|
|
|||||
| Total current assets |
115,598 | 80,506 | ||||||
| Property and equipment, net |
2,982 | 3,707 | ||||||
| Other assets |
389 | 389 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 118,969 | $ | 84,602 | ||||
|
|
|
|
|
|||||
| Liabilities and stockholders’ equity |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 2,383 | $ | 1,143 | ||||
| Accrued expenses |
4,935 | 3,642 | ||||||
| Deferred revenue, current |
4,096 | 4,000 | ||||||
| Other current liabilities |
328 | 471 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
11,742 | 9,256 | ||||||
| Deferred revenue, net of current portion |
863 | — | ||||||
| Deferred rent, net of current portion |
2,185 | 2,225 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
14,790 | 11,481 | ||||||
|
|
|
|
|
|||||
| Commitments |
||||||||
| Stockholders’ equity: |
||||||||
| Preferred stock, $0.0001 par value: 50,000,000 shares authorized; no shares issued and outstanding at December 31, 2020 and 2019 |
— | — | ||||||
| Common stock, $0.0001 par value; 500,000,000 shares authorized; 24,773,361 and 21,833,037 shares issued and outstanding at December 31, 2020 and 2019, respectively |
2 | 2 | ||||||
| Additional paid-in capital |
319,196 | 235,049 | ||||||
| Accumulated other comprehensive income (loss) |
(177 | ) | 20 | |||||
| Accumulated deficit |
(214,842 | ) | (161,950 | ) | ||||
|
|
|
|
|
|||||
| Total stockholders’ equity |
104,179 | 73,121 | ||||||
|
|
|
|
|
|||||
| Total liabilities and stockholders’ equity |
$ | 118,969 | $ | 84,602 | ||||
|
|
|
|
|
|||||