$RAPT
RAPT Therapeutics, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024056302 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $22.64M $24.78M
YoY Change 4.61% -3.1%
% of Gross Profit
Depreciation & Amortization $305.0K $314.0K
YoY Change 13.38% 5.02%
% of Gross Profit
Operating Expenses $29.33M $32.52M
YoY Change 3.41% 3.03%
Operating Profit -$29.33M -$32.52M
YoY Change 3.41% 3.03%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.667M $1.997M
YoY Change -45.95% -12.83%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$27.66M -$30.52M
YoY Change 9.43% 4.27%
Net Earnings / Revenue
Basic Earnings Per Share -$0.71 -$0.79
Diluted Earnings Per Share -$0.71 -$0.79
COMMON SHARES
Basic Shares Outstanding 34.90M 34.80M
Diluted Shares Outstanding 38.87M 38.63M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.8M $141.6M
YoY Change -43.98% -38.88%
Cash & Equivalents $37.08M $45.32M
Short-Term Investments $77.76M $96.26M
Other Short-Term Assets $5.658M $6.781M
YoY Change 133.9% 129.24%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $120.5M $148.4M
YoY Change -41.91% -36.76%
LONG-TERM ASSETS
Property, Plant & Equipment $1.933M $2.239M
YoY Change -34.76% -25.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $447.0K $447.0K
YoY Change -89.54% -89.39%
Total Long-Term Assets $6.684M $7.458M
YoY Change -49.89% -45.72%
TOTAL ASSETS
Total Short-Term Assets $120.5M $148.4M
Total Long-Term Assets $6.684M $7.458M
Total Assets $127.2M $155.8M
YoY Change -42.39% -37.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.716M $6.771M
YoY Change 0.97% -24.27%
Accrued Expenses $9.487M $11.81M
YoY Change -7.85% 14.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.80M $21.17M
YoY Change -3.98% -2.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.159M $3.815M
YoY Change -44.24% -38.94%
Total Long-Term Liabilities $3.159M $3.815M
YoY Change -44.24% -38.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.80M $21.17M
Total Long-Term Liabilities $3.159M $3.815M
Total Liabilities $17.96M $24.98M
YoY Change -14.8% -10.31%
SHAREHOLDERS EQUITY
Retained Earnings -$542.9M -$515.2M
YoY Change 28.51% 29.72%
Common Stock $652.1M $646.0M
YoY Change 4.8% 4.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $109.2M $130.8M
YoY Change
Total Liabilities & Shareholders Equity $127.2M $155.8M
YoY Change -42.39% -37.25%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$27.66M -$30.52M
YoY Change 9.43% 4.27%
Depreciation, Depletion And Amortization $305.0K $314.0K
YoY Change 13.38% 5.02%
Cash From Operating Activities -$28.15M -$27.08M
YoY Change -2.27% 45.6%
INVESTING ACTIVITIES
Capital Expenditures -$1.000K $105.0K
YoY Change -100.43% -86.17%
Acquisitions
YoY Change
Other Investing Activities $19.21M $15.99M
YoY Change -41.19% -38.65%
Cash From Investing Activities $19.21M $15.89M
YoY Change -40.77% -37.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 701.0K 9.036M
YoY Change -8.6% 7689.66%
NET CHANGE
Cash From Operating Activities -28.15M -27.08M
Cash From Investing Activities 19.21M 15.89M
Cash From Financing Activities 701.0K 9.036M
Net Change In Cash -8.240M -2.161M
YoY Change -287.44% -131.68%
FREE CASH FLOW
Cash From Operating Activities -$28.15M -$27.08M
Capital Expenditures -$1.000K $105.0K
Free Cash Flow -$28.15M -$27.19M
YoY Change -3.06% 40.43%

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Organization</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Description of the Business</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">RAPT Therapeutics, Inc. (“RAPT” or the “Company”) is 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. 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. The Company is located in South San Francisco, California.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Liquidity and Management Plans</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Since inception, the Company has incurred net losses and negative cash flows from operations. During the quarter ended March 31, 2024, the Company incurred a net loss of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">30.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and used $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">27.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million of cash in operations and capital expenditures. At March 31, 2024, the Company had cash and cash equivalents and marketable securities of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">141.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and working capital of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">127.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company plans to continue to incur substantial costs in order to conduct research and development activities, and additional capital will be needed to undertake these activities. The Company intends to raise such capital through the issuance of additional equity, borrowings or strategic alliances with other companies. However, if such arrangements are not available at adequate levels or on acceptable terms, the Company would be required to significantly reduce operating expenses and delay or reduce the scope of or eliminate some of its development programs. The Company believes that its current cash and cash equivalents and marketable securities will provide sufficient funds to enable it to meet its obligations for at least 12 months from the filing date of this Quarterly Report on Form 10-Q.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s evaluation was based on the facts known as of the date of filing of this Quarterly Report on Form 10-Q, including the impacts of the clinical holds that the U.S. Food and Drug Administration (“FDA”) has placed on the Phase 2b trial of zelnecirnon in atopic dermatitis (“AD”) and the Phase 2a trial of zelnecirnon in asthma and the Company's decision to close and unblind both trials to support its discussions with the FDA</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span></p>
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-30500000
CY2024Q1 rapt Cash Used In Operating Activities And Capital Expenditures
CashUsedInOperatingActivitiesAndCapitalExpenditures
27200000
CY2024Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
141600000
CY2024Q1 rapt Working Capital
WorkingCapital
127200000
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
141589000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
35000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
45000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
141579000
CY2024Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
45317000
CY2024Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
45317000
CY2024Q1 rapt Marketable Securities At Amortized Cost
MarketableSecuritiesAtAmortizedCost
96272000
CY2024Q1 rapt Marketable Securities At Unrealized Gains
MarketableSecuritiesAtUnrealizedGains
35000
CY2024Q1 rapt Marketable Securities At Unrealized Losses
MarketableSecuritiesAtUnrealizedLosses
45000
CY2024Q1 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
96262000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
158676000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
142000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
39000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
158779000
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
47395000
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
47395000
CY2023Q4 rapt Marketable Securities At Amortized Cost
MarketableSecuritiesAtAmortizedCost
111281000
CY2023Q4 rapt Marketable Securities At Unrealized Gains
MarketableSecuritiesAtUnrealizedGains
142000
CY2023Q4 rapt Marketable Securities At Unrealized Losses
MarketableSecuritiesAtUnrealizedLosses
39000
CY2023Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
111384000
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
45000
CY2024Q1 rapt Debt Securities Available For Sale Fair Value
DebtSecuritiesAvailableForSaleFairValue
44300000
CY2024Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
88717000
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
7545000
CY2024Q1 us-gaap Debt Securities Available For Sale Amortized Cost Current
DebtSecuritiesAvailableForSaleAmortizedCostCurrent
96262000
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11918000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11815000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9679000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9367000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2239000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2448000
CY2024Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
300000
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
300000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5398000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4094000
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
51600000
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M6D
CY2024Q1 rapt Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
7141000
CY2023Q4 rapt Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
7281000
CY2024Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
3932000
CY2023Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
6303000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
531000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
341000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
203000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
178000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11807000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14103000
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13145183
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-30521000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-29271000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38625365
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38625365
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38280539
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38280539
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.79
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.79
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.76
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.76
CY2024Q1 rapt Pre Funded Warrants To Purchase Common Stock
PreFundedWarrantsToPurchaseCommonStock
4000000
CY2023Q1 rapt Pre Funded Warrants To Purchase Common Stock
PreFundedWarrantsToPurchaseCommonStock
4000000
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5546338
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3846432

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