On May 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, reported financial results for the first quarter ended March 31, 2021 (Press release, RAPT Therapeutics, MAY 11, 2021, View Source [SID1234579691]).
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"Our oncology and inflammation programs continue to make excellent progress," said Brian Wong, M.D., Ph.D., President and Chief Executive Officer of RAPT Therapeutics. "We recently reported preclinical data at the AACR (Free AACR Whitepaper) Annual Meeting that show anti-tumor potential of targeting and inhibiting CCR4 in combination with CAR-T therapy, as well as the promise of exciting next-generation immuno-oncology targets, such as HPK1. In March, we completed enrollment in our Phase 1b trial of RPT193, our lead inflammatory disease drug candidate, in patients with atopic dermatitis. We look forward to reporting top line results this quarter."
Financial Results for the First Quarter Ended March 31, 2021
Net loss for the first quarter of 2021 was $16.5 million, compared to $13.1 million for the first quarter of 2020.
Research and development expenses for the first quarter of 2021 were $13.8 million, compared to $10.7 million for the same period in 2020. This increase was primarily due to increased clinical trial costs for FLX475 and RPT193, increased personnel costs and stock-based compensation expense and an increase in facilities costs, offset by a decrease in laboratory supplies spend.
General and administrative expenses for the first quarter of 2021 were $4.0 million, compared to $3.3 million for the same period of 2020. The increase was primarily due to increases in stock-based compensation expense, insurance expense and personnel costs.
As of March 31, 2021, the Company had cash and cash equivalents and marketable securities of $98.4 million.