$RAPT
RAPT Therapeutics, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022016667 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $886.0K $641.0K
YoY Change -100.0% 1.96% -47.55%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.079M $5.436M $4.748M
YoY Change 34.58% 44.57% 18.4%
% of Gross Profit
Research & Development $16.60M $14.36M $16.67M
YoY Change 5.56% 8.86% 21.05%
% of Gross Profit
Depreciation & Amortization $260.0K $274.0K $261.0K
YoY Change 13.54% 7.03% -6.79%
% of Gross Profit
Operating Expenses $21.68M $19.80M $21.42M
YoY Change 11.17% 16.78% 20.44%
Operating Profit -$21.68M -$18.91M -$20.78M
YoY Change 16.97% 17.59% 25.46%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $443.0K -$275.0K $309.0K
YoY Change -475.42% 848.28% 557.45%
Pretax Income -$21.24M -$19.18M -$20.47M
YoY Change 13.85% 19.08% 23.94%
Income Tax
% Of Pretax Income
Net Earnings -$21.24M -$19.18M -$20.47M
YoY Change 13.85% 19.08% 23.94%
Net Earnings / Revenue -2165.24% -3193.14%
Basic Earnings Per Share -$0.63 -$0.62 -$0.69
Diluted Earnings Per Share -$0.63 -$0.62 -$692.1K
COMMON SHARES
Basic Shares Outstanding 29.66M 31.14M 29.57M
Diluted Shares Outstanding 33.68M 31.14M 29.57M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $195.4M $207.3M $173.0M
YoY Change -7.28% -7.15% 75.82%
Cash & Equivalents $27.71M $57.20M $32.42M
Short-Term Investments $167.7M $150.1M $140.6M
Other Short-Term Assets $2.458M $2.588M $2.656M
YoY Change -33.73% -44.36% -36.76%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $197.9M $209.9M $175.7M
YoY Change -7.74% -7.91% 71.21%
LONG-TERM ASSETS
Property, Plant & Equipment $2.742M $2.921M $2.629M
YoY Change 6.36% 6.72% -9.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.071M $3.091M $2.933M
YoY Change 689.46% 694.6% 633.25%
Total Long-Term Assets $11.60M $12.07M $11.88M
YoY Change 290.8% 286.02% 260.12%
TOTAL ASSETS
Total Short-Term Assets $197.9M $209.9M $175.7M
Total Long-Term Assets $11.60M $12.07M $11.88M
Total Assets $209.5M $222.0M $187.5M
YoY Change -3.67% -3.93% 77.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.043M $4.097M $1.936M
YoY Change 0.65% 50.96% -37.55%
Accrued Expenses $8.240M $7.507M $8.276M
YoY Change 20.38% 48.13% 83.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.87M $13.15M $12.36M
YoY Change 9.23% 26.48% 11.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.316M $6.717M $7.353M
YoY Change 118.24% 116.12% 137.19%
Total Long-Term Liabilities $6.316M $6.717M $7.353M
YoY Change 118.24% 116.12% 137.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.87M $13.15M $12.36M
Total Long-Term Liabilities $6.316M $6.717M $7.353M
Total Liabilities $20.18M $19.86M $19.71M
YoY Change 29.47% 47.11% 38.02%
SHAREHOLDERS EQUITY
Retained Earnings -$344.9M -$323.7M
YoY Change
Common Stock $534.7M $526.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $189.3M $202.1M $167.8M
YoY Change
Total Liabilities & Shareholders Equity $209.5M $222.0M $187.5M
YoY Change -3.67% -3.93% 77.06%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$21.24M -$19.18M -$20.47M
YoY Change 13.85% 19.08% 23.94%
Depreciation, Depletion And Amortization $260.0K $274.0K $261.0K
YoY Change 13.54% 7.03% -6.79%
Cash From Operating Activities -$17.15M -$15.20M -$15.58M
YoY Change 36.98% 9.19% 11.99%
INVESTING ACTIVITIES
Capital Expenditures -$81.00K -$566.0K $149.0K
YoY Change 15.71% 827.87% -34.36%
Acquisitions
YoY Change
Other Investing Activities -$17.52M -$9.892M $23.99M
YoY Change 24.21% -84.45% 89.76%
Cash From Investing Activities -$17.60M -$10.46M $23.84M
YoY Change 24.16% -83.58% 92.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.251M 50.44M 132.0K
YoY Change 1012.5% -63.74% -89.85%
NET CHANGE
Cash From Operating Activities -17.15M -15.20M -15.58M
Cash From Investing Activities -17.60M -10.46M 23.84M
Cash From Financing Activities 5.251M 50.44M 132.0K
Net Change In Cash -29.50M 24.79M 8.391M
YoY Change 12.49% -59.7% -4337.88%
FREE CASH FLOW
Cash From Operating Activities -$17.15M -$15.20M -$15.58M
Capital Expenditures -$81.00K -$566.0K $149.0K
Free Cash Flow -$17.07M -$14.63M -$15.73M
YoY Change 37.1% 5.59% 11.25%

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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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6000
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">1. Organization</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Description of the Business</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">RAPT Therapeutics, Inc. (“RAPT” or the “Company”) is 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. Utilizing its proprietary drug discovery and development engine, the Company develops highly selective small molecules that are designed to modulate the critical immune responses underlying these diseases.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company is located in South San Francisco, California.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Equity Financing</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">In May 2022, the Company completed the sale of pre-funded warrants to purchase </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">4,000,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> shares of its common stock at a price of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">12.4999</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> per pre-funded warrant, which sale was done as a private investment in public equity ("PIPE") financing. Net proceeds received from the PIPE financing were approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">49.8</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million, after deducting $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">0.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million of offering expenses. As of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">June 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, all of the pre-funded warrants issued in the PIPE financing were outstanding (see Note 8).</span></p>
rapt Issuance Costs Related To Public Offering Included In Accrued Expenses
IssuanceCostsRelatedToPublicOfferingIncludedInAccruedExpenses
403000
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">1. Organization</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Description of the Business</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">RAPT Therapeutics, Inc. (“RAPT” or the “Company”) is 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. Utilizing its proprietary drug discovery and development engine, the Company develops highly selective small molecules that are designed to modulate the critical immune responses underlying these diseases.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company is located in South San Francisco, California.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Equity Financing</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">In May 2022, the Company completed the sale of pre-funded warrants to purchase </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">4,000,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> shares of its common stock at a price of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">12.4999</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> per pre-funded warrant, which sale was done as a private investment in public equity ("PIPE") financing. Net proceeds received from the PIPE financing were approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">49.8</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million, after deducting $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">0.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million of offering expenses. As of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">June 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, all of the pre-funded warrants issued in the PIPE financing were outstanding (see Note 8).</span></p>
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1129000
CY2022Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
205965000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
205965000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
188520000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
235000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
188285000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1503000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6717000
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