$RAPT
RAPT Therapeutics, Inc.

2024 Q4 Form 10-Q Financial Statement

#000095017024124624 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
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 $13.34M
YoY Change -50.63%
% of Gross Profit
Depreciation & Amortization $297.0K
YoY Change -7.19%
% of Gross Profit
Operating Expenses $19.79M
YoY Change -41.66%
Operating Profit -$19.79M
YoY Change -41.66%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.356M
YoY Change -46.78%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$18.43M
YoY Change -41.25%
Net Earnings / Revenue
Basic Earnings Per Share -$0.47
Diluted Earnings Per Share -$0.47
COMMON SHARES
Basic Shares Outstanding 34.96M 34.90M
Diluted Shares Outstanding 38.90M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.91M
YoY Change -47.02%
Cash & Equivalents $37.90M
Short-Term Investments $60.01M
Other Short-Term Assets $4.693M
YoY Change 95.54%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $102.6M
YoY Change -45.18%
LONG-TERM ASSETS
Property, Plant & Equipment $1.653M
YoY Change -38.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $389.0K
YoY Change -90.75%
Total Long-Term Assets $5.867M
YoY Change -53.37%
TOTAL ASSETS
Total Short-Term Assets $102.6M
Total Long-Term Assets $5.867M
Total Assets $108.5M
YoY Change -45.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.380M
YoY Change -73.95%
Accrued Expenses $6.398M
YoY Change -54.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.36M
YoY Change -52.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $2.597M
YoY Change -49.08%
Total Long-Term Liabilities $2.597M
YoY Change -49.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.36M
Total Long-Term Liabilities $2.597M
Total Liabilities $12.96M
YoY Change -51.86%
SHAREHOLDERS EQUITY
Retained Earnings -$561.3M
YoY Change 23.69%
Common Stock $656.7M
YoY Change 4.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $95.51M
YoY Change
Total Liabilities & Shareholders Equity $108.5M
YoY Change -45.69%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$18.43M
YoY Change -41.25%
Depreciation, Depletion And Amortization $297.0K
YoY Change -7.19%
Cash From Operating Activities -$17.62M
YoY Change -19.46%
INVESTING ACTIVITIES
Capital Expenditures $17.00K
YoY Change -75.71%
Acquisitions
YoY Change
Other Investing Activities $18.46M
YoY Change -28.47%
Cash From Investing Activities $18.45M
YoY Change -28.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -17.62M
Cash From Investing Activities 18.45M
Cash From Financing Activities 0.000
Net Change In Cash 823.0K
YoY Change -79.27%
FREE CASH FLOW
Cash From Operating Activities -$17.62M
Capital Expenditures $17.00K
Free Cash Flow -$17.64M
YoY Change -19.64%

Facts In Submission

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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 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 nine months ended September 30, 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;">76.6</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;">72.9</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 September 30, 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;">97.9</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;">92.2</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:12pt;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:12pt;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 Company’s decision to stop the zelnecirnon program following the clinical holds that the U.S. Food and Drug Administration (“FDA”) placed on the Phase 2b trial of zelnecirnon in atopic dermatitis (“AD”) and the Phase 2a trial of zelnecirnon in asthma</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span></p>
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