$RAPT
RAPT Therapeutics, Inc.

2021 Q1 Form 10-K Financial Statement

#000156459021012250 Filed on March 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 2019 Q4
Revenue $1.222M $5.042M $0.00
YoY Change 30.7%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.010M $12.77M $2.630M
YoY Change 21.88% 46.44% 103.88%
% of Gross Profit
Research & Development $13.77M $45.49M $10.19M
YoY Change 28.91% 30.29% 21.6%
% of Gross Profit
Depreciation & Amortization $280.0K $1.120M $320.0K
YoY Change 40.0% -15.79% 6.67%
% of Gross Profit
Operating Expenses $17.78M $58.26M $12.82M
YoY Change 27.28% 33.53% 32.57%
Operating Profit -$16.56M -$53.21M
YoY Change 27.03% 21.97%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $47.00K $1.312M $260.0K
YoY Change -65.19% 1.55% 8.33%
Pretax Income -$16.51M -$51.90M -$12.56M
YoY Change 28.0% 22.59% 33.19%
Income Tax $0.00 $990.0K $660.0K
% Of Pretax Income
Net Earnings -$16.51M -$52.89M -$13.22M
YoY Change 25.69% 23.01% 40.19%
Net Earnings / Revenue -1351.39% -1049.03%
Basic Earnings Per Share
Diluted Earnings Per Share -$664.7K -$2.192M -$581.1K
COMMON SHARES
Basic Shares Outstanding 24.87M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.40M $111.5M $77.40M
YoY Change -28.8% 44.06%
Cash & Equivalents $24.72M $24.90M $77.38M
Short-Term Investments $73.70M $86.60M
Other Short-Term Assets $4.200M $4.100M $3.100M
YoY Change 13.51% 32.26%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $102.6M $115.6M $80.51M
YoY Change -30.15% 43.6% 23.74%
LONG-TERM ASSETS
Property, Plant & Equipment $2.900M $3.000M $3.707M
YoY Change -19.58% -18.92% -10.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $400.0K $389.0K
YoY Change 2.83% 0.0% 0.0%
Total Long-Term Assets $3.300M $3.400M $4.096M
YoY Change -17.4% -17.07% -9.94%
TOTAL ASSETS
Total Short-Term Assets $102.6M $115.6M $80.51M
Total Long-Term Assets $3.300M $3.400M $4.096M
Total Assets $105.9M $119.0M $84.60M
YoY Change -29.82% 40.66% 21.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.100M $2.400M $1.143M
YoY Change -9.06% 118.18% -35.46%
Accrued Expenses $4.500M $4.900M $3.642M
YoY Change 17.43% 36.11% 46.38%
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 $11.10M $11.70M $9.256M
YoY Change -17.42% 25.81% 99.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.100M $3.000M $2.200M
YoY Change -43.64% 36.36%
Total Long-Term Liabilities $3.100M $3.000M $2.200M
YoY Change -43.64% 36.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.10M $11.70M $9.256M
Total Long-Term Liabilities $3.100M $3.000M $2.200M
Total Liabilities $14.28M $14.80M $11.48M
YoY Change -24.83% 28.7%
SHAREHOLDERS EQUITY
Retained Earnings -$231.4M -$162.0M
YoY Change 32.14% 36.15%
Common Stock $323.2M $235.1M
YoY Change 5.27% 947.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $91.64M $104.2M $73.12M
YoY Change
Total Liabilities & Shareholders Equity $105.9M $119.0M $84.60M
YoY Change -29.8% 40.66% 21.54%

Cashflow Statement

Concept 2021 Q1 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$16.51M -$52.89M -$13.22M
YoY Change 25.69% 23.01% 40.19%
Depreciation, Depletion And Amortization $280.0K $1.120M $320.0K
YoY Change 40.0% -15.79% 6.67%
Cash From Operating Activities -$13.91M -$40.49M -$5.680M
YoY Change 59.06% 14.14% -38.33%
INVESTING ACTIVITIES
Capital Expenditures $227.0K $398.0K -$30.00K
YoY Change 131.63% -55.18% -98.18%
Acquisitions
YoY Change
Other Investing Activities $12.64M -$87.04M $50.00K
YoY Change -126.96% -174180.0%
Cash From Investing Activities $12.41M -$87.44M $20.00K
YoY Change -126.42% 10271.89% -101.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.180M $73.61M
YoY Change -98.31% 112.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.301M 75.46M 34.74M
YoY Change -98.14% 51.22% 53.58%
NET CHANGE
Cash From Operating Activities -13.91M -40.49M -5.680M
Cash From Investing Activities 12.41M -87.44M 20.00K
Cash From Financing Activities 1.301M 75.46M 34.74M
Net Change In Cash -198.0K -52.47M 29.08M
YoY Change -101.4% -486.2% 147.28%
FREE CASH FLOW
Cash From Operating Activities -$13.91M -$40.49M -$5.680M
Capital Expenditures $227.0K $398.0K -$30.00K
Free Cash Flow -$14.14M -$40.89M -$5.650M
YoY Change 59.87% 12.45% -25.26%

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CY2020 us-gaap Nature Of Operations
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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. 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 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 Follow-on Offering generated approximately $69.8 million in net proceeds after deducting underwriting discounts and other offering related costs.</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 November 2020, the Company filed a shelf registration statement on Form S-3 with the SEC covering (a) up to $350&#160;million of the Company&#8217;s securities, including up to $100 million of shares of common stock that may be offered and sold from time to time in one or more &#8220;at-the-market&#8221; offerings pursuant to a Controlled Equity Offering<sup style="font-size:85%;line-height:120%;vertical-align:top">SM</sup>&#160;Sales Agreement (&#8220;ATM Sales Agreement&#8221;) with Cantor Fitzgerald &amp; Co. and Stifel, Nicolaus &amp; Company, Incorporated, and (b) up to an aggregate of 1,000,000 shares of common stock that certain selling stockholders may offer and sell from time to time. During December 2020, the Company sold 188,700 shares under the ATM Sales Agreement resulting in net proceeds of $3.8 million after deducting underwriting discounts and commissions and other offering related costs. As of December 31, 2020, there was up to $95.7 million of shares of common stock available for future issuance under the ATM Sales Agreement. </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, 2020, the Company incurred a net loss of $52.9 million and used $40.5 million of cash in operations. At December 31, 2020, the Company had cash and cash equivalents and marketable securities of $111.5&#160;million and working capital of $103.9 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 and marketable securities will provide sufficient funds to enable the Company to meet its obligations for at least 12 months from the filing date of this report.</p>
CY2020 us-gaap Use Of Estimates
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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;">Use of Estimates </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 preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, management evaluates its critical accounting policies or estimates related to revenue recognition, clinical trial accruals, fair value of assets and liabilities and stock-based compensation. The Company bases its estimates on historical experience and market-specific or other relevant assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company&#8217;s balance sheets and the amounts of expenses and revenue reported for each of the periods presented are affected by estimates and assumptions. Actual results could differ from such estimates or assumptions. </p>
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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 and marketable securities. Substantially all the Company&#8217;s cash is held by two financial institutions. Such deposits may, at times, exceed federally insured limits. The Company invests its cash equivalents in highly rated money market funds and short-term marketable securities comprising commercial paper, corporate bonds and U.S. government agency securities.</p>
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CY2020 us-gaap Common Stock Voting Rights
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2020 us-gaap Allocated Share Based Compensation Expense
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