Loading...
•
Dec 31, 2022
RAPT Q4 2022 Earnings Report
Reported financial results for the fourth quarter and year ended December 31, 2022.
Key Takeaways
RAPT Therapeutics reported a net loss of $23.0 million for the fourth quarter of 2022, compared to a net loss of $17.9 million for the fourth quarter of 2021. The company's cash, cash equivalents and marketable securities totaled $249.1 million as of December 31, 2022, providing runway into mid-2025.
Advanced both lead programs, RPT193 and FLX475, in inflammatory disease and cancer.
Anticipated initiation of a Phase 2a trial with RPT193 in asthma this quarter.
Targeting a clinical data update from ongoing Phase 2 trial of FLX475 in multiple cancer indications in the second half of this year.
Expect topline results in mid-2024 for Phase 2b trial of RPT193 in atopic dermatitis due to slower than expected patient enrollment.
RAPT
RAPT
Forward Guidance
RAPT Therapeutics anticipates several milestones in 2023, including the initiation of a Phase 2a trial with RPT193 in asthma and a clinical data update from the Phase 2 trial of FLX475 in multiple cancer indications. Topline results for the Phase 2b trial of RPT193 in atopic dermatitis are expected in mid-2024.
Positive Outlook
- Initiation of Phase 2a trial with RPT193 in asthma this quarter.
- Clinical data update from Phase 2 trial of FLX475 in multiple cancer indications targeted for the second half of this year.
- Strong cash position expected to provide runway into mid-2025.
- Advancement of RPT193 in inflammatory disease.
- Advancement of FLX475 in cancer.
Challenges Ahead
- Slower than expected patient enrollment in Phase 2b trial of RPT193 in atopic dermatitis.
- Topline results for Phase 2b trial of RPT193 in atopic dermatitis now expected in mid-2024.
- Net loss for the fourth quarter of 2022 was $23.0 million, compared to $17.9 million for the fourth quarter of 2021.
- Research and development expenses increased to $19.5 million for the fourth quarter of 2022, compared to $14.3 million for the same period in 2021.
- General and administrative expenses increased to $5.0 million for the fourth quarter of 2022, compared to $4.5 million for the same period in 2021.