“We are working diligently to lift the clinical hold on our Phase 2 trials of zelnecirnon in atopic dermatitis and asthma,” said
Financial Results for the Fourth Quarter and the Year Ended
Fourth Quarter Ended
Net loss for the fourth quarter of 2023 was
Research and development expenses for the fourth quarter of 2023 were
General and administrative expenses for the fourth quarter of 2023 were
Year Ended
Net loss for the year ended
Research and development expenses for the year ended
General and administrative expenses for the year ended
As of
About
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,” “expect,” “plan,” “target” 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. Forward-looking statements include, but are not limited to, statements about the therapeutic potential of RAPT’s product candidates, clinical development progress and the timing of initiation, enrollment and completion of, and availability of results from, clinical trials of zelnecirnon (RPT193) and tivumecirnon (FLX475), RAPT’s expectations concerning the clinical hold of its Phase 2 trials of zelnecirnon, including its investigation of the incident, its ability to resolve issues to the FDA’s satisfaction and the availability of updates concerning such process, and other statements that are not historical fact. Many factors may cause differences between current expectations and actual results, including unexpected or unfavorable safety or efficacy data observed during clinical studies, preliminary data and trends that may not be predictive of future data or results or that may not demonstrate safety or efficacy or lead to regulatory approval, the inability to resolve issues related to the clinical hold on the Phase 2 trials of zelnecirnon to the FDA’s satisfaction and to ultimately resume such trials, clinical trial site activation or enrollment rates that are lower than expected, including lower than expected enrollment in our Phase 2b clinical trial of zelnecirnon in AD, unanticipated or greater than anticipated impacts or delays due to macroeconomic conditions (including the long-term impacts of ongoing overseas conflicts, inflation, higher interest rates and other economic uncertainty), changes in expected or existing competition, changes in the regulatory environment, the uncertainties and timing of the regulatory approval process and the sufficiency of RAPT’s cash resources. 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 Annual Report on Form 10-K filed with the
RAPT Media Contact:
Aljanae Reynolds
areynolds@wheelhouselsa.com
RAPT Investor Contact:
swheeler@wheelhouselsa.com
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share per share data) (Unaudited) | ||||||||||||||||
Three Months Ended | Three Months Ended | Year Ended | Year Ended | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenue | $ | — | $ | — | $ | — | $ | 1,527 | ||||||||
Operating expenses: | ||||||||||||||||
Research and development | 26,764 | 19,454 | 101,002 | 67,082 | ||||||||||||
General and administrative | 6,453 | 4,977 | 26,060 | 20,240 | ||||||||||||
Total operating expenses | 33,217 | 24,431 | 127,062 | 87,322 | ||||||||||||
Loss from operations | (33,217 | ) | (24,431 | ) | (127,062 | ) | (85,795 | ) | ||||||||
Other income, net | 2,341 | 1,480 | 10,264 | 1,957 | ||||||||||||
Net loss | $ | (30,876 | ) | $ | (22,951 | ) | $ | (116,798 | ) | $ | (83,838 | ) | ||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation gain (loss) | — | (88 | ) | (655 | ) | 627 | ||||||||||
Unrealized gain (loss) on marketable securities | 224 | 515 | 784 | (447 | ) | |||||||||||
Total comprehensive loss | $ | (30,652 | ) | $ | (22,524 | ) | $ | (116,669 | ) | $ | (83,658 | ) | ||||
Net loss per share, basic and diluted | $ | (0.80 | ) | $ | (0.64 | ) | $ | (3.05 | ) | $ | (2.58 | ) | ||||
Weighted average number of shares used in computing net loss per share, basic and diluted | 38,383,867 | 35,689,363 | 38,338,161 | 32,540,406 |
CONSOLIDATED BALANCE SHEETS (In thousands) | ||||||||
2023 | 2022 | |||||||
Assets | (Unaudited) | (1) | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 47,478 | $ | 38,946 | ||||
Marketable securities | 111,384 | 210,122 | ||||||
Prepaid expenses and other current assets | 2,920 | 3,626 | ||||||
Total current assets | 161,782 | 252,694 | ||||||
Property and equipment, net | 2,448 | 2,539 | ||||||
Operating lease right-of-use assets | 5,228 | 6,940 | ||||||
Other assets | 3,871 | 4,036 | ||||||
Total assets | $ | 173,329 | $ | 266,209 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 5,176 | $ | 3,365 | ||||
Accrued expenses | 14,103 | 8,656 | ||||||
Operating lease liabilities, current | 2,448 | 2,171 | ||||||
Other current liabilities | 109 | 32 | ||||||
Total current liabilities | 21,836 | 14,224 | ||||||
Operating lease liabilities, non-current | 4,458 | 6,819 | ||||||
Total liabilities | 26,294 | 21,043 | ||||||
Commitments | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | 3 | 3 | ||||||
Additional paid-in capital | 631,611 | 613,073 | ||||||
Accumulated other comprehensive gain (loss) | 103 | (26 | ) | |||||
Accumulated deficit | (484,682 | ) | (367,884 | ) | ||||
Total stockholders’ equity | 147,035 | 245,166 | ||||||
Total liabilities and stockholders’ equity | $ | 173,329 | $ | 266,209 |
(1) | The consolidated balance sheet for |
Source:
2024 GlobeNewswire, Inc., source