On November 13, 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 financial results for the third quarter and the nine months ended September 30, 2023 (Press release, RAPT Therapeutics, NOV 13, 2023, https://investors.rapt.com/news-releases/news-release-details/rapt-therapeutics-reports-third-quarter-2023-financial-results [SID1234637558]).
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"We continue to make progress in 2023 with zelnecirnon (formerly RPT193) in inflammatory diseases and with tivumecirnon (formerly FLX475) in oncology," said Brian Wong, M.D., Ph.D., President and Chief Executive Officer of RAPT Therapeutics. "We anticipate reporting top-line data from our Phase 2b trial of zelnecirnon in atopic dermatitis in mid-2024 and we are pleased with how the trial is enrolling. Furthermore, we have made good progress in enrolling our Phase 2a trial in asthma. Earlier this month, we presented exciting Phase 2 data for tivumecirnon in combination with pembrolizumab in checkpoint-naïve non-small cell lung cancer at SITC (Free SITC Whitepaper). Our current cash balance remains strong and we expect it to support our planned operations through mid-2025."
Financial Results for the Third Quarter and the Nine Months Ended September 30, 2023
Third Quarter Ended September 30, 2023
Net loss for the third quarter of 2023 was $31.4 million, compared to $21.2 million for the third quarter of 2022.
Research and development expenses for the third quarter of 2023 were $27.0 million, compared to $16.6 million for the same period in 2022. The increase in research and development expenses was primarily due to higher development costs related to zelnecirnon, as well as increases in personnel expense, lab supplies, consulting expense, facilities and stock-based compensation expense, partially offset by lower development costs related to tivumecirnon and early-stage programs.
General and administrative expenses for the third quarter of 2023 were $6.9 million, compared to $5.1 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 and facilities.
Nine Months Ended September 30, 2023
Net loss for the nine months ended September 30, 2023 was $85.9 million, compared to $60.9 million for the same period in 2022.
Research and development expenses for the nine months ended September 30, 2023 were $74.2 million, compared to $47.6 million for the same period in 2022. The increase in research and development expenses was primarily due to higher development costs related to zelnecirnon and early-stage programs, as well as increases in personnel expense, lab supplies, consulting expense, facilities and stock-based compensation expense, partially offset by lower development costs related to tivumecirnon.
General and administrative expenses for the nine months ended September 30, 2023 were $19.6 million, compared to $15.3 million for the same period of 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 September 30, 2023, the Company had cash, cash equivalents and marketable securities of $184.8 million.