RAPT Therapeutics(RAPT) - 2025 Q1 - Quarterly Results

Business Highlights RAPT Therapeutics reported positive progress on its lead candidate, RPT904, with plans to initiate a Phase 2b trial for food allergies in the second half of 2025, while also anticipating clinical data from its partner, Jemincare, for RPT904 in chronic spontaneous urticaria (CSU) later in the year to inform future development strategies - The company is advancing its RPT904 program, with plans to initiate a Phase 2b trial for food allergy treatment in the second half of 2025[3] - RAPT is awaiting clinical data from its partner Jemincare for RPT904's potential as a treatment for chronic spontaneous urticaria (CSU), expected later in 2025[3] Financial Results Summary (Q1 2025) For the first quarter of 2025, RAPT significantly narrowed its net loss to $17.2 million from $30.5 million in the prior-year period, primarily driven by a substantial decrease in research and development expenses, while maintaining a solid cash position of $179.3 million in cash, cash equivalents, and marketable securities Q1 2025 vs Q1 2024 Key Financials | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Loss | $17.2 million | $30.5 million | | Research and Development Expenses | $12.0 million | $24.8 million | | General and Administrative Expenses | $7.2 million | $7.7 million | - The reduction in R&D expenses was mainly due to decreased costs related to the development of zelnecirnon and tivumecirnon, partially offset by increased investment in RPT904 and early-stage programs[5] - As of March 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $179.3 million[7] Detailed Financial Statements This section provides the unaudited Statements of Operations for the first quarter of 2025 and the Balance Sheets as of March 31, 2025, detailing the components of the company's operating expenses, net loss, assets, liabilities, and stockholders' equity Statements of Operations and Comprehensive Loss For the three months ended March 31, 2025, RAPT reported a net loss of $17.2 million, or ($0.08) per share, a significant improvement from a net loss of $30.5 million, or ($0.79) per share, in the same period of 2024, driven by lower total operating expenses which fell to $19.3 million from $32.5 million year-over-year Statements of Operations (Unaudited, in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $12,042 | $24,781 | | General and administrative | $7,223 | $7,737 | | Total operating expenses | $19,265 | $32,518 | | Loss from operations | ($19,265) | ($32,518) | | Other income, net | $2,100 | $1,997 | | Net loss | ($17,165) | ($30,521) | | Net loss per share, basic and diluted | ($0.08) | ($0.79) | Balance Sheets As of March 31, 2025, RAPT's balance sheet showed total assets of $187.6 million, compared to $240.3 million at the end of 2024, with total liabilities decreasing significantly to $10.2 million from $50.4 million primarily due to the settlement of license fees payable, resulting in total stockholders' equity of $177.4 million Balance Sheet Highlights (Unaudited, in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $60,257 | $169,735 | | Marketable securities | $119,019 | $61,320 | | Total assets | $187,570 | $240,325 | | Liabilities and Stockholders' Equity | | | | Total current liabilities | $8,678 | $48,351 | | Total liabilities | $10,198 | $50,421 | | Total stockholders' equity | $177,372 | $189,904 | About RAPT Therapeutics, Inc. RAPT Therapeutics is a clinical-stage biopharmaceutical company that leverages its deep expertise in immunology to discover and develop novel therapies, focusing on modulating critical immune responses to treat patients with inflammatory and immunological diseases - RAPT is a clinical-stage immunology-based biopharmaceutical company focused on developing novel therapies for inflammatory and immunological diseases[8] Forward-Looking Statements This section cautions investors that the press release contains forward-looking statements regarding the potential of RPT904, clinical trial timelines, and partnership expectations, highlighting that actual results could differ materially due to various risks including unfavorable clinical data, reliance on partners, macroeconomic conditions, and regulatory uncertainties - The report includes forward-looking statements concerning the therapeutic potential of RPT904, clinical trial timing, and partnership with Jemincare[9] - Key risks that could cause actual results to differ include unexpected safety or efficacy data, reliance on third parties, clinical trial enrollment rates, macroeconomic impacts, and the regulatory approval process[9]