2019 Form 10-K Financial Statement

#000156459020014162 Filed on March 30, 2020

View on sec.gov

Income Statement

Concept 2019 2018 Q4 2018
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.720M $1.290M $5.180M
YoY Change 68.34% 39.62%
% of Gross Profit
Research & Development $34.91M $8.380M $31.77M
YoY Change 9.89% 23.99%
% of Gross Profit
Depreciation & Amortization $1.330M $300.0K $1.240M
YoY Change 7.26% -10.14%
% of Gross Profit
Operating Expenses $43.63M $9.670M $36.95M
YoY Change 18.09% 25.97%
Operating Profit -$43.63M -$36.95M
YoY Change 18.09%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.292M $240.0K $800.0K
YoY Change 61.5% 263.64%
Pretax Income -$42.34M -$9.430M -$36.15M
YoY Change 17.12% 24.13%
Income Tax $660.0K
% Of Pretax Income
Net Earnings -$43.00M -$9.430M -$36.15M
YoY Change 18.95% 24.13%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.890M -$405.6K -$1.589M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.40M $63.80M
YoY Change 21.32% 34.32%
Cash & Equivalents $77.40M $63.80M $63.80M
Short-Term Investments
Other Short-Term Assets $3.100M $1.300M
YoY Change 138.46% 85.71%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $80.50M $65.06M $65.10M
YoY Change 23.66% 35.06%
LONG-TERM ASSETS
Property, Plant & Equipment $3.700M $4.159M $4.200M
YoY Change -11.9% 121.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $389.0K $400.0K
YoY Change 0.0% 100.0%
Total Long-Term Assets $4.100M $4.548M $4.500M
YoY Change -8.89% 104.55%
TOTAL ASSETS
Total Short-Term Assets $80.50M $65.06M $65.10M
Total Long-Term Assets $4.100M $4.548M $4.500M
Total Assets $84.60M $69.61M $69.60M
YoY Change 21.55% 38.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.100M $1.771M $1.800M
YoY Change -38.89% 63.64%
Accrued Expenses $3.600M $2.488M $2.500M
YoY Change 44.0% 66.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.300M $4.643M $4.600M
YoY Change 102.17% 43.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.200M $1.000M
YoY Change 120.0% 11.11%
Total Long-Term Liabilities $2.200M $1.000M
YoY Change 120.0% 11.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.300M $4.643M $4.600M
Total Long-Term Liabilities $2.200M $1.000M
Total Liabilities $11.50M $5.600M
YoY Change 105.36% 33.33%
SHAREHOLDERS EQUITY
Retained Earnings -$119.0M
YoY Change
Common Stock $22.44M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $73.10M -$97.11M $64.00M
YoY Change
Total Liabilities & Shareholders Equity $84.60M $69.61M $69.60M
YoY Change 21.55% 38.1%

Cashflow Statement

Concept 2019 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$43.00M -$9.430M -$36.15M
YoY Change 18.95% 24.13%
Depreciation, Depletion And Amortization $1.330M $300.0K $1.240M
YoY Change 7.26% -10.14%
Cash From Operating Activities -$35.47M -$9.210M -$32.95M
YoY Change 7.65% 21.51%
INVESTING ACTIVITIES
Capital Expenditures $888.0K -$1.650M -$3.500M
YoY Change -125.37% 212.5%
Acquisitions
YoY Change
Other Investing Activities $50.00K
YoY Change
Cash From Investing Activities -$843.0K -$1.650M -$3.500M
YoY Change -75.91% 212.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $34.72M $266.0K
YoY Change 12953.01% -99.12%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 49.90M 22.62M 52.73M
YoY Change -5.37% 75.2%
NET CHANGE
Cash From Operating Activities -35.47M -9.210M -32.95M
Cash From Investing Activities -843.0K -1.650M -3.500M
Cash From Financing Activities 49.90M 22.62M 52.73M
Net Change In Cash 13.59M 11.76M 16.28M
YoY Change -16.56% 775.32%
FREE CASH FLOW
Cash From Operating Activities -$35.47M -$9.210M -$32.95M
Capital Expenditures $888.0K -$1.650M -$3.500M
Free Cash Flow -$36.36M -$7.560M -$29.45M
YoY Change 23.46% 13.28%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. Organization</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Description of the Business</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">RAPT Therapeutics, Inc. (<font style="color:#000000;">&#8220;</font>RAPT<font style="color:#000000;">&#8221;</font> or the <font style="color:#000000;">&#8220;</font>Company<font style="color:#000000;">&#8221;</font>) 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 oncology and inflammatory diseases. 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. In May 2019, the Company changed its name from FLX Bio, Inc. to RAPT Therapeutics, Inc. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is located in South San Francisco, California. </p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Equity Financings</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In November 2019, the Company completed its initial public offering (&#8220;IPO&#8221;), pursuant to which the Company issued an aggregate of 3,427,360&#160;shares of its common stock at an offering price of $12.00 per share for net proceeds of $34.7&#160;million after deducting underwriting discounts and other offering related costs.&#160;Immediately prior to the closing of the IPO, all outstanding shares of the Company&#8217;s convertible preferred stock converted into 17,467,184 shares of the Company&#8217;s common stock.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with the completion of its IPO, the Company&#8217;s certificate of incorporation was amended and restated to provide for 500,000,000 authorized shares of common stock with a par value of $0.0001 per share and 50,000,000 authorized shares of preferred stock with a par value of $0.0001 per share.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2020, the Company completed an underwritten follow-on public offering (&#8220;Follow&#8209;on Offering&#8221;) of 2,500,000 shares of its common stock issued at an offering price of $30.00 per share. The shares issued in the Follow-on Offering generated approximately $69.7 million in net proceeds after deducting underwriting discounts and other offering related costs.</p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Liquidity and Management Plans </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying 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 year ended December 31, 2019, the Company incurred a net loss of $43.0 million and used $35.5 million of cash in operations. At December 31, 2019, the Company had cash and cash equivalents of $77.4&#160;million and working capital of $71.3 million.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Management 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 and 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. Management believes that the Company&#8217;s current cash and cash equivalents, including the net proceeds of approximately $69.7 million from the Follow-on Offering in February 2020, will provide sufficient funds to enable the Company to meet its obligations for at least twelve months from the filing date of this report.<font style="color:#000000;"> </font></p>
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Other Risks and Uncertainties</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is subject to a number of risks similar to other biopharmaceutical companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company&#8217;s products and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, commercialize or partner any of its product candidates, it will be unable to generate revenue from product sales or achieve profitability.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. Substantially all the Company&#8217;s cash and cash equivalents are held by financial institutions. Such deposits may, at times, exceed federally insured limits. The Company invests its cash equivalents in highly rated money market funds.</p>
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