On August 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 second quarter and six months ended June 30, 2021 (Press release, RAPT Therapeutics, AUG 11, 2021, https://investors.rapt.com/news-releases/news-release-details/rapt-therapeutics-reports-second-quarter-2021-financial-results [SID1234586288]).
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"The second quarter was filled with a number of important milestones," said Brian Wong, M.D., Ph.D., President and Chief Executive Officer of RAPT Therapeutics. "We were thrilled to announce positive topline results from our Phase 1b clinical trial of RPT193 in atopic dermatitis in June. Shortly thereafter, we closed an underwritten public offering with net proceeds to RAPT of $134.6 million, significantly bolstering our cash position. Having demonstrated early proof-of-concept of our two lead drug candidates, RPT193 and FLX475, in atopic dermatitis and cancer, respectively, we are well positioned to advance our product development efforts and look forward to reporting additional data as these programs progress."
Financial Results for the Second Quarter Ended June 30, 2021
Second Quarter ended June 30, 2021
Net loss for the second quarter of 2021 was $16.1 million, compared to $12.4 million for the second quarter of 2020.
Research and development expenses for the second quarter of 2021 were $13.2 million, compared to $11.0 million for the same period in 2020. This increase was primarily due to increased clinical trial costs for FLX475 and increases in expenses for preclinical programs, laboratory supplies, stock-based compensation and facilities, offset by a decrease in clinical trial costs for RPT193.
General and administrative expenses for the second quarter of 2021 were $3.8 million, compared to $2.8 million for the same period of 2020. The increase was primarily due to increases in stock-based compensation expense, insurance expense and personnel costs.
Six Months Ended June 30, 2021
Net loss for the six months ended June 30, 2021 was $32.6 million, compared to $25.5 million for the same period in 2020.
Research and development expenses for the six months ended June 30, 2021 were $27.0 million, compared to $21.7 million for the same period in 2020. The increase was primarily due to increases in costs relating to the clinical trials of FLX475 and RPT193, as well as increases in stock-based compensation, personnel expenses, facilities costs and laboratory supplies spend.
General and administrative expenses for the six months ended June 30, 2021 were $7.8 million, compared to $6.1 million for the same period of 2020. The increase in general and administrative expenses was primarily due to increased stock-based compensation expense and personnel costs.
As of June 30, 2021, the Company had cash and cash equivalents and marketable securities of $223.3 million, which includes net proceeds of approximately $134.6 million from our recent public offering of 4,356,060 shares of common stock.