On November 10, 2022 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 inflammatory diseases and oncology, reported financial results for the quarter and nine months ended September 30, 2022 (Press release, RAPT Therapeutics, NOV 10, 2022, https://investors.rapt.com/news-releases/news-release-details/rapt-therapeutics-reports-third-quarter-2022-financial-results [SID1234623662]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"Our focus remains on executing and advancing both our inflammation and oncology programs. In our RPT193 program, we are actively enrolling our Phase 2b clinical trial in patients with moderate-to-severe atopic dermatitis, and we remain on track to initiate a Phase 2a clinical trial in asthma in the first quarter of next year," said Brian Wong, M.D., Ph.D., President and Chief Executive Officer of RAPT Therapeutics. "In our FLX475 program, we plan to provide an update on our Phase 1/2 trial at the upcoming European Society for Medical Oncology Immuno-Oncology Congress in Geneva. This presentation will include data from select ongoing cohorts, including a previously undisclosed cohort in checkpoint-naïve non-small cell lung cancer, which was opened based on supportive clinical and biomarker data from non-small cell lung cancer patients enrolled earlier in this study. Separately, we have made the decision not to move forward with development in nasopharyngeal cancer and checkpoint-naïve head and neck cancer."
Financial Results for the Third Quarter and Nine Months Ended September 30, 2022
Third Quarter Ended September 30, 2022
Net loss for the third quarter of 2022 was $21.2 million, compared to $18.7 million for the third quarter of 2021.
Research and development expenses for the third quarter of 2022 were $16.6 million, compared to $15.7 million for the same period in 2021. The increase in research and development expenses was primarily due to increases in expenses for early-stage programs, personnel and facilities, partially offset by decreases in development costs related to FLX475 and stock-based compensation expense.
General and administrative expenses for the third quarter of 2022 were $5.1 million, compared to $3.8 million for the same period in 2021. The increase in general and administrative expenses was primarily due to increases in expenses for professional services, personnel, stock-based compensation and facilities.
Nine Months Ended September 30, 2022
Net loss for the nine months ended September 30, 2022 was $60.9 million, compared to $51.3 million for the same period in 2021.
Research and development expenses for the nine months ended September 30, 2022 were $47.6 million, compared to $42.7 million for the same period in 2021. The increase in research and development expenses was primarily due to higher development costs related to RPT193 and increases in expenses for early-stage programs, personnel and facilities, partially offset by decreases in development costs related to FLX475 and stock-based compensation expense.
General and administrative expenses for the nine months ended September 30, 2022 were $15.3 million, compared to $11.5 million for the same period of 2021. The increase in general and administrative expenses was primarily due to increases in expenses for professional services, personnel, stock-based compensation and facilities.
As of September 30, 2022, the Company had cash, cash equivalents and marketable securities of $195.4 million.