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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2021

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from               to                    

Commission file number: 001-38997

 

RAPT Therapeutics, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

47-3313701

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

561 Eccles Avenue

South San Francisco, California 94080

(Address of principal executive offices and zip code)

(650) 489-9000 

(Registrant’s telephone number, including area code)

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

Nasdaq Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If 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.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

As of November 8, 2021, there were 29,546,058 shares of the registrants common stock outstanding.

 

 


 

RAPT THERAPEUTICS, INC.

TABLE OF CONTENTS

 

 

 

 

Page No.

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

Financial Statements

 

3

 

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

 

3

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three- and Nine-Months Ended September 30, 2021 and 2020

 

4

 

Condensed Consolidated Statements of Preferred Stock and Stockholders’ Equity for the Three- and Nine-Months Ended September 30, 2021 and 2020

 

5

 

Condensed Consolidated Statements of Cash Flows for the Nine-Months Ended September 30, 2021 and 2020

 

6

 

Notes to Condensed Consolidated Financial Statements

 

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations 

 

14

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

21

Item 4.

Controls and Procedures

 

21

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

22

Item 1A.

Risk Factors

 

22

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

59

Item 3.

Defaults Upon Senior Securities

 

59

Item 4.

Mine Safety Disclosures

 

59

Item 5.

Other Information

 

59

Item 6.

Exhibits

 

60

Signatures

 

61

 

 


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

 

RAPT THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

(Note 2)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

59,999

 

 

$

24,918

 

Marketable securities

 

 

150,787

 

 

 

86,592

 

Prepaid expenses and other current assets

 

 

3,709

 

 

 

4,088

 

Total current assets

 

 

214,495

 

 

 

115,598

 

Property and equipment, net

 

 

2,578

 

 

 

2,982

 

Other assets

 

 

389

 

 

 

389

 

Total assets

 

$

217,462

 

 

$

118,969

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,017

 

 

$

2,383

 

Accrued expenses

 

 

6,845

 

 

 

4,935

 

Deferred revenue, current

 

 

1,538

 

 

 

4,096

 

Other current liabilities

 

 

295

 

 

 

328

 

Total current liabilities

 

 

12,695

 

 

 

11,742

 

Deferred rent, net of current portion

 

 

2,149

 

 

 

2,185

 

Deferred revenue, non-current

 

 

745

 

 

 

863

 

Total liabilities

 

 

15,589

 

 

 

14,790

 

Commitments

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

Common stock

 

 

3

 

 

 

2

 

Additional paid-in capital

 

 

467,942

 

 

 

319,196

 

Accumulated other comprehensive income (loss)

 

 

45

 

 

 

(177

)

Accumulated deficit

 

 

(266,117

)

 

 

(214,842

)

Total stockholders' equity

 

 

201,873

 

 

 

104,179

 

Total liabilities and stockholders' equity

 

$

217,462

 

 

$

118,969

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

3


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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

966

 

 

$

1,528

 

 

$

3,057

 

 

$

3,740

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

15,725

 

 

 

12,912

 

 

 

42,686

 

 

 

34,581

 

General and administrative

 

 

3,774

 

 

 

3,197

 

 

 

11,546

 

 

 

9,288

 

Total operating expenses

 

 

19,499

 

 

 

16,109

 

 

 

54,232

 

 

 

43,869

 

Loss from operations

 

 

(18,533

)

 

 

(14,581

)

 

 

(51,175

)

 

 

(40,129

)

Other income (expense), net

 

 

(118

)

 

 

237

 

 

 

(100

)

 

 

763

 

Net loss before taxes

 

 

(18,651

)

 

 

(14,344

)

 

 

(51,275

)

 

 

(39,366

)

Provision for income taxes

 

 

 

 

 

287

 

 

 

 

 

 

791

 

Net loss

 

$

(18,651

)

 

$

(14,631

)

 

$

(51,275

)

 

$

(40,157

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

173

 

 

 

(70

)

 

 

281

 

 

 

(65

)

Unrealized gain (loss) on marketable securities

 

 

9

 

 

 

(33

)

 

 

(59

)

 

 

119

 

Total comprehensive loss

 

$

(18,469

)

 

$

(14,734

)

 

$

(51,053

)

 

$

(40,103

)

Net loss per share, basic and diluted

 

$

(0.63

)

 

$

(0.60

)

 

$

(1.92

)

 

$

(1.67

)

Weighted average number of shares used in computing net loss

   per share, basic and diluted

 

 

29,491,857

 

 

 

24,449,115

 

 

 

26,663,209

 

 

 

23,989,926

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

4


 

RAPT THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

(In thousands, except share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2020

 

 

 

 

$

 

 

 

24,773,361

 

 

$

2

 

 

$

319,196

 

 

$

(177

)

 

$

(214,842

)

 

$

104,179

 

Proceeds from issuances of common stock in “at the market” offerings, net of issuance costs

 

 

 

 

 

 

 

 

57,100

 

 

 

 

 

 

1,180

 

 

 

 

 

 

 

 

 

1,180

 

Issuances from employee stock plans

 

 

 

 

 

 

 

 

31,620

 

 

 

 

 

 

121

 

 

 

 

 

 

 

 

 

121

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,687

 

 

 

 

 

 

 

 

 

2,687

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38

 

 

 

 

 

 

38

 

Unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50

)

 

 

 

 

 

(50

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,514

)

 

 

(16,514

)

Balance at March 31, 2021

 

 

 

 

$

 

 

 

24,862,081

 

 

$

2

 

 

$

323,184

 

 

$

(189

)

 

$

(231,356

)

 

$

91,641

 

Issuance of common stock from the public offering, net of issuance costs

 

 

 

 

 

 

 

 

4,356,060

 

 

 

1

 

 

 

134,581

 

 

 

 

 

 

 

 

 

134,582

 

Proceeds from issuances of common stock in “at the market” offerings, net of issuance costs

 

 

 

 

 

 

 

 

157,871

 

 

 

 

 

 

3,510

 

 

 

 

 

 

 

 

 

3,510

 

Issuances from employee stock plans

 

 

 

 

 

 

 

 

99,909

 

 

 

 

 

 

1,016

 

 

 

 

 

 

 

 

 

1,016

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,888

 

 

 

 

 

 

 

 

 

2,888

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70

 

 

 

 

 

 

70

 

Unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18

)

 

 

 

 

 

(18

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,110

)

 

 

(16,110

)

Balance at June 30, 2021

 

 

 

 

$

 

 

 

29,475,921

 

 

$

3

 

 

$

465,179

 

 

$

(137

)

 

$

(247,466

)

 

$

217,579

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,291

 

 

 

 

 

 

 

 

 

2,291

 

Issuances from employee stock plans

 

 

 

 

 

 

 

 

37,833

 

 

 

 

 

 

472

 

 

 

 

 

 

 

 

 

 

 

472

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

173

 

 

 

 

 

 

173

 

Unrealized gain on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

9

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,651

)

 

 

(18,651

)

Balance at September 30, 2021

 

 

 

 

$

 

 

 

29,513,754

 

 

$

3

 

 

$

467,942

 

 

$

45

 

 

$

(266,117

)

 

$

201,873

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2019

 

 

 

 

$

 

 

 

21,833,037

 

 

$

2

 

 

$

235,049

 

 

$

20

 

 

$

(161,950

)

 

$

73,121

 

Issuance of common stock, net of issuance costs

 

 

 

 

 

 

 

 

2,500,000

 

 

 

 

 

 

69,842

 

 

 

 

 

 

 

 

 

69,842

 

Issuances from employee stock plans

 

 

 

 

 

 

 

 

970

 

 

 

 

 

 

30

 

 

 

 

 

 

 

 

 

30

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,088

 

 

 

 

 

 

 

 

 

2,088

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

204

 

 

 

 

 

 

204

 

Unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(217

)

 

 

 

 

 

(217

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,139

)

 

 

(13,139

)

Balance at March 31, 2020

 

 

 

 

$

 

 

 

24,334,007

 

 

$

2

 

 

$

307,009

 

 

$

7

 

 

$

(175,089

)

 

$

131,929

 

Issuances from employee stock plans

 

 

 

 

 

 

 

 

108,835

 

 

 

 

 

 

864

 

 

 

 

 

 

 

 

 

864

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,035

 

 

 

 

 

 

 

 

 

2,035

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(199

)

 

 

 

 

 

(199

)

Unrealized gain on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

369

 

 

 

 

 

 

369

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,387

)

 

 

(12,387

)

Balance at June 30, 2020

 

 

 

 

$

 

 

 

24,442,842

 

 

$

2

 

 

$

309,908

 

 

$

177

 

 

$

(187,476

)

 

$

122,611

 

Issuance of common stock upon exercise of stock options, net of repurchase

 

 

 

 

 

 

 

 

52,683

 

 

 

 

 

 

165

 

 

 

 

 

 

 

 

 

165

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,005

 

 

 

 

 

 

 

 

 

2,005

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(70

)

 

 

 

 

 

(70

)

Unrealized loss on marketable securities