On May 11, 2023 RAPT Therapeutics, Inc. (Nasdaq: RAPT), a clinical-stage, immunology-based therapeutics company focused on discovering, developing and commercializing oral small molecule therapies for patients with significant unmet needs in inflammatory diseases and oncology, reported its financial results for the first quarter ended March 31, 2023 (Press release, RAPT Therapeutics, MAY 11, 2023, https://investors.rapt.com/news-releases/news-release-details/rapt-therapeutics-reports-first-quarter-2023-financial-results [SID1234631533]).
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"In 2023, we are continuing to focus on advancing our two lead programs, RPT193 and FLX475," said Brian Wong, M.D., Ph.D., President and Chief Executive Officer of RAPT Therapeutics. "In the first quarter, we expanded our RPT193 program with the initiation of a Phase 2a clinical trial in asthma. We continue to enroll our Phase 2b trial of RPT193 in atopic dermatitis and expect top line data from this trial in mid-2024. These two indications are the first of what we believe could be multiple indications amenable to RPT193 treatment. We also continue to enroll our Phase 2 trial of FLX475 in multiple cancer indications and anticipate providing an update in the second half of this year. Importantly, our cash position is strong and is expected to support our operations through mid-2025."
Financial Results for the First Quarter Ended March 31, 2023
Net loss for the first quarter of 2023 was $29.3 million, compared to $20.5 million for the first quarter of 2022.
Research and development expenses for the first quarter of 2023 were $25.6 million, compared to $16.7 million for the same period in 2022. The increase in research and development expenses was primarily due to higher development costs related to RPT193 and early stage programs, as well as increases in personnel expense, lab supplies, facilities and stock-based compensation expense, partially offset by lower development costs related to FLX475.
General and administrative expenses for the first quarter of 2023 were $6.0 million, compared to $4.7 million for the same period in 2022. The increase in general and administrative expenses was primarily due to increases in expenses for personnel, stock-based compensation, facilities and professional services.
As of March 31, 2023, the Company had cash, cash equivalents and marketable securities of $231.6 million.