10-Q
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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, 2022

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 4, 2022, there were 29,910,852 shares of the registrant’s common stock outstanding.

 

 

 


 

RAPT THERAPEUTICS, INC.

TABLE OF CONTENTS

 

 

 

 

Page No.

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

3

 

Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

 

3

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three- and Nine-Months Ended September 30, 2022 and 2021

 

4

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three- and Nine-Months Ended September 30, 2022 and 2021

 

5

 

Condensed Consolidated Statements of Cash Flows for the Nine-Months Ended September 30, 2022 and 2021

 

6

 

Notes to Condensed Consolidated Financial Statements

 

7

Item 2.

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

 

16

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

23

Item 4.

Controls and Procedures

 

23

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

24

Item 1A.

Risk Factors

 

24

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

63

Item 3.

Defaults Upon Senior Securities

 

63

Item 4.

Mine Safety Disclosures

 

63

Item 5.

Other Information

 

63

Item 6.

Exhibits

 

64

Signatures

 

65

 

 

 


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

 

RAPT THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

27,706

 

 

$

24,027

 

Marketable securities

 

 

167,730

 

 

 

165,627

 

Prepaid expenses and other current assets

 

 

2,458

 

 

 

3,319

 

Total current assets

 

 

197,894

 

 

 

192,973

 

Property and equipment, net

 

 

2,742

 

 

 

2,741

 

Operating lease right-of-use assets

 

 

5,782

 

 

 

 

Other assets

 

 

3,071

 

 

 

2,922

 

Total assets

 

$

209,489

 

 

$

198,636

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

4,043

 

 

$

1,999

 

Accrued expenses

 

 

8,240

 

 

 

6,326

 

Deferred revenue, current

 

 

 

 

 

1,016

 

Operating lease liabilities, current

 

 

1,551

 

 

 

 

Other current liabilities

 

 

33

 

 

 

254

 

Total current liabilities

 

 

13,867

 

 

 

9,595

 

Deferred rent, net of current portion

 

 

 

 

 

2,150

 

Deferred revenue, non-current

 

 

 

 

 

511

 

Operating lease liabilities, non-current

 

 

6,316

 

 

 

 

Total liabilities

 

 

20,183

 

 

 

12,256

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

Common stock

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

534,689

 

 

 

470,629

 

Accumulated other comprehensive loss

 

 

(453

)

 

 

(206

)

Accumulated deficit

 

 

(344,933

)

 

 

(284,046

)

Total stockholders' equity

 

 

189,306

 

 

 

186,380

 

Total liabilities and stockholders' equity

 

$

209,489

 

 

$

198,636

 

 

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

 

 

$

966

 

 

$

1,527

 

 

$

3,057

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

16,599

 

 

 

15,725

 

 

 

47,628

 

 

 

42,686

 

General and administrative

 

 

5,079

 

 

 

3,774

 

 

 

15,263

 

 

 

11,546

 

Total operating expenses

 

 

21,678

 

 

 

19,499

 

 

 

62,891

 

 

 

54,232

 

Loss from operations

 

 

(21,678

)

 

 

(18,533

)

 

 

(61,364

)

 

 

(51,175

)

Other income (expense), net

 

 

443

 

 

 

(118

)

 

 

477

 

 

 

(100

)

Net loss

 

$

(21,235

)

 

$

(18,651

)

 

$

(60,887

)

 

$

(51,275

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain

 

 

366

 

 

 

173

 

 

 

715

 

 

 

281

 

Unrealized gain (loss) on marketable securities

 

 

(74

)

 

 

9

 

 

 

(962

)

 

 

(59

)

Total comprehensive loss

 

$

(20,943

)

 

$

(18,469

)

 

$

(61,134

)

 

$

(51,053

)

Net loss per share, basic and diluted

 

$

(0.63

)

 

$

(0.63

)

 

$

(1.93

)

 

$

(1.92

)

Weighted average number of shares used in computing net loss
   per share, basic and diluted

 

 

33,684,261

 

 

 

29,491,857

 

 

 

31,481,948

 

 

 

26,663,209

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

4


 

RAPT THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2021

 

 

29,555,119

 

 

$

3

 

 

$

470,629

 

 

$

(206

)

 

$

(284,046

)

 

$

186,380

 

Issuances of common stock under employee stock plans

 

 

37,640

 

 

 

 

 

 

132

 

 

 

 

 

 

 

 

 

132

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,702

 

 

 

 

 

 

 

 

 

2,702

 

Foreign currency translation loss

 

 

 

 

 

 

 

 

 

 

 

(201

)

 

 

 

 

 

(201

)

Unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

(710

)

 

 

 

 

 

(710

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,468

)

 

 

(20,468

)

Balance at March 31, 2022

 

 

29,592,759

 

 

$

3

 

 

$

473,463

 

 

$

(1,117

)

 

$

(304,514

)

 

$

167,835

 

Proceeds from sale of pre-funded warrants in private placement, net of issuance costs

 

 

 

 

 

 

 

 

49,784

 

 

 

 

 

 

 

 

 

49,784

 

Issuances of common stock under employee stock plans

 

 

56,698

 

 

 

 

 

 

654

 

 

 

 

 

 

 

 

 

654

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,672

 

 

 

 

 

 

 

 

 

2,672

 

Foreign currency translation gain

 

 

 

 

 

 

 

 

 

 

 

550

 

 

 

 

 

 

550

 

Unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

(178

)

 

 

 

 

 

(178

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,184

)

 

 

(19,184

)

Balance at June 30, 2022

 

 

29,649,457

 

 

$

3

 

 

$

526,573

 

 

$

(745

)

 

$

(323,698

)

 

$

202,133

 

Issuances of common stock in “at the market” offerings, net of issuance costs

 

 

209,349

 

 

 

 

 

 

4,979

 

 

 

 

 

 

 

 

 

4,979

 

Proceeds from issuances of common stock under employee stock plans

 

 

27,356

 

 

 

 

 

 

272

 

 

 

 

 

 

 

 

 

272

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,865

 

 

 

 

 

 

 

 

 

2,865

 

Foreign currency translation gain

 

 

 

 

 

 

 

 

 

 

 

366

 

 

 

 

 

 

366

 

Unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

(74

)

 

 

 

 

 

(74

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,235

)

 

 

(21,235

)

Balance at September 30, 2022

 

 

29,886,162

 

 

$

3

 

 

$

534,689

 

 

$

(453

)

 

$

(344,933

)

 

$

189,306

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2020

 

 

24,773,361

 

 

$

2

 

 

$

319,196

 

 

$

(177

)

 

$

(214,842

)

 

$

104,179

 

Issuances of common stock in “at the
   market” offerings, net of issuance costs

 

 

57,100

 

 

 

 

 

 

1,180

 

 

 

 

 

 

 

 

 

1,180

 

Issuances of common stock under employee stock plans

 

 

31,620

 

 

 

 

 

 

121

 

 

 

 

 

 

 

 

 

121

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,687

 

 

 

 

 

 

 

 

 

2,687

 

Foreign currency translation gain

 

 

 

 

 

 

 

 

 

 

 

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 public offering, net of issuance costs

 

 

4,356,060

 

 

 

1

 

 

 

134,581

 

 

 

 

 

 

 

 

 

134,582

 

Issuances of common stock in “at the market” offerings, net of issuance costs

 

 

157,871

 

 

 

 

 

 

3,510

 

 

 

 

 

 

 

 

 

3,510

 

Issuances of common stock under employee stock plans

 

 

99,909

 

 

 

 

 

 

1,016

 

 

 

 

 

 

 

 

 

1,016

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,888

 

 

 

 

 

 

 

 

 

2,888

 

Foreign currency translation gain

 

 

 

 

 

 

 

 

 

 

 

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

 

Issuances of common stock under employee stock plans

 

 

37,833

 

 

 

 

 

 

472

 

 

 

 

 

 

 

 

 

472

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,291

 

 

 

 

 

 

 

 

 

2,291

 

Foreign currency translation gain