$RAPT
RAPT Therapeutics, Inc.

2021 Form 10-K Financial Statement

#000156459022009488 Filed on March 10, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $3.813M $1.300M $5.042M
YoY Change -24.38%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $16.04M $3.480M $12.77M
YoY Change 25.58% 32.32% 46.44%
% of Gross Profit
Research & Development $56.99M $10.90M $45.49M
YoY Change 25.28% 6.97% 30.29%
% of Gross Profit
Depreciation & Amortization $996.0K $260.0K $1.120M
YoY Change -11.07% -18.75% -15.79%
% of Gross Profit
Operating Expenses $73.02M $14.39M $58.26M
YoY Change 25.35% 12.25% 33.53%
Operating Profit -$69.21M -$53.21M
YoY Change 30.06% 21.97%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $5.000K $550.0K $1.312M
YoY Change -99.62% 111.54% 1.55%
Pretax Income -$69.20M -$12.54M -$51.90M
YoY Change 33.34% -0.16% 22.59%
Income Tax $0.00 $200.0K $990.0K
% Of Pretax Income
Net Earnings -$69.20M -$12.74M -$52.89M
YoY Change 30.84% -3.63% 23.01%
Net Earnings / Revenue -1814.95% -980.0% -1049.03%
Basic Earnings Per Share -$2.53
Diluted Earnings Per Share -$2.527M -$518.5K -$2.192M
COMMON SHARES
Basic Shares Outstanding 27.39M
Diluted Shares Outstanding 27.39M

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $189.7M $111.5M $111.5M
YoY Change 70.09% 44.06% 44.06%
Cash & Equivalents $24.03M $24.92M $24.90M
Short-Term Investments $165.6M $86.60M $86.60M
Other Short-Term Assets $3.319M $4.100M $4.100M
YoY Change -19.05% 32.26% 32.26%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $193.0M $115.6M $115.6M
YoY Change 66.93% 43.59% 43.6%
LONG-TERM ASSETS
Property, Plant & Equipment $2.741M $2.982M $3.000M
YoY Change -8.63% -19.56% -18.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.922M $389.0K $400.0K
YoY Change 630.5% 0.0% 0.0%
Total Long-Term Assets $5.663M $3.371M $3.400M
YoY Change 66.56% -17.7% -17.07%
TOTAL ASSETS
Total Short-Term Assets $193.0M $115.6M $115.6M
Total Long-Term Assets $5.663M $3.371M $3.400M
Total Assets $198.6M $119.0M $119.0M
YoY Change 66.92% 40.62% 40.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.999M $2.383M $2.400M
YoY Change -16.71% 108.49% 118.18%
Accrued Expenses $6.326M $4.935M $4.900M
YoY Change 29.1% 35.5% 36.11%
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 $9.595M $11.74M $11.70M
YoY Change -17.99% 26.86% 25.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.661M $3.000M $3.000M
YoY Change -11.3% 36.36% 36.36%
Total Long-Term Liabilities $2.661M $3.000M $3.000M
YoY Change -11.3% 36.36% 36.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.595M $11.74M $11.70M
Total Long-Term Liabilities $2.661M $3.000M $3.000M
Total Liabilities $12.26M $14.79M $14.80M
YoY Change -17.19% 28.82% 28.7%
SHAREHOLDERS EQUITY
Retained Earnings -$214.8M
YoY Change 32.66%
Common Stock $319.2M
YoY Change 35.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $186.4M $104.2M $104.2M
YoY Change
Total Liabilities & Shareholders Equity $198.6M $119.0M $119.0M
YoY Change 66.92% 40.62% 40.66%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$69.20M -$12.74M -$52.89M
YoY Change 30.84% -3.63% 23.01%
Depreciation, Depletion And Amortization $996.0K $260.0K $1.120M
YoY Change -11.07% -18.75% -15.79%
Cash From Operating Activities -$61.00M -$15.36M -$40.49M
YoY Change 50.65% 170.42% 14.14%
INVESTING ACTIVITIES
Capital Expenditures $755.0K -$180.0K $398.0K
YoY Change 89.7% 500.0% -55.18%
Acquisitions
YoY Change
Other Investing Activities -$80.59M $15.67M -$87.04M
YoY Change -7.41% 31240.0% -174180.0%
Cash From Investing Activities -$81.35M $15.49M -$87.44M
YoY Change -6.96% 77350.0% 10271.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $73.61M
YoY Change 112.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 141.5M 4.560M 75.46M
YoY Change 87.49% -86.87% 51.22%
NET CHANGE
Cash From Operating Activities -61.00M -15.36M -40.49M
Cash From Investing Activities -81.35M 15.49M -87.44M
Cash From Financing Activities 141.5M 4.560M 75.46M
Net Change In Cash -891.0K 4.690M -52.47M
YoY Change -98.3% -83.87% -486.2%
FREE CASH FLOW
Cash From Operating Activities -$61.00M -$15.36M -$40.49M
Capital Expenditures $755.0K -$180.0K $398.0K
Free Cash Flow -$61.76M -$15.18M -$40.89M
YoY Change 51.03% 168.67% 12.45%

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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:4.86%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">RAPT Therapeutics, Inc. (<span style="color:#000000;">“</span>RAPT<span style="color:#000000;">”</span> or the <span style="color:#000000;">“</span>Company<span style="color:#000000;">”</span>) 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. 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:4.86%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In June 2021, pursuant to the shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission (“SEC”) on November 16, 2020, the Company completed an underwritten public offering (“2021 Public Offering”) of 4,356,060 shares of common stock, including 568,181 shares of common stock issued in connection with the exercise of the over-allotment option by the underwriters, at a public offering price of $33.00 per share. The Company received approximately $134.8 million in net proceeds from the 2021 Public Offering, after deducting underwriting discounts and other offering-related costs.</span> </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;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 (“Follow‑on Offering”) 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:4.86%;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 million of the Company’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 “at-the-market” offerings pursuant to a Controlled Equity Offering<sup style="font-size:85%;line-height:120%;vertical-align:top">SM</sup> Sales Agreement (“ATM Sales Agreement”) 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 the year ended December 31, 2021, the Company sold 214,971 shares under the ATM Sales Agreement resulting in net proceeds of $4.7 million after deducting underwriting discounts and commissions and other offering related costs. During the year ended December 31, 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, 2021, there was up to $90.9 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:4.86%;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, 2021, the Company incurred a net loss of $69.2 million and used $61.0 million of cash in operations. At December 31, 2021, the Company had cash and cash equivalents and marketable securities of $189.7 million and working capital of $183.4 million.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.86%;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’s current cash and cash equivalents and marketable securities </p> <p style="margin-top:12pt;margin-bottom:0pt;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will provide sufficient funds to enable the Company to meet its obligations for at least </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">months from the filing date of this report.</span></p>
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CY2021 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:4.86%;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’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>
CY2021 us-gaap Concentration Risk Credit Risk
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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:4.86%;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’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:4.86%;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’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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2022-05
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6378
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36754
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2026-11
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2020-07
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CY2020 us-gaap Loss Contingency Accrual Payments
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CY2021 us-gaap Common Stock Voting Rights
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The holders of the Company’s common stock have one vote for each share of common stock held by them
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CY2021 us-gaap Dividends Common Stock
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2020 us-gaap Allocated Share Based Compensation Expense
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CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2020Q4 us-gaap Deferred Tax Assets Gross
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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