On March 7, 2024 RAPT Therapeutics, Inc. (Nasdaq: RAPT), 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, reported financial results for the fourth quarter and year ended December 31, 2023 (Press release, RAPT Therapeutics, MAR 7, 2024, https://investors.rapt.com/news-releases/news-release-details/rapt-therapeutics-reports-fourth-quarter-and-full-year-2023 [SID1234640936]).
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"We are working diligently to lift the clinical hold on our Phase 2 trials of zelnecirnon in atopic dermatitis and asthma," said Brian Wong, M.D., Ph.D., President and Chief Executive Officer of RAPT Therapeutics. "Patient safety is our top priority. We expect to provide an update once we have defined a plan to move ahead and appreciate your patience during this process. Separately, our Phase 2 study of tivumecirnon in cancer is ongoing and we will be presenting an update at AACR (Free AACR Whitepaper) in April."
Financial Results for the Fourth Quarter and the Year Ended December 31, 2023
Fourth Quarter Ended December 31, 2023
Net loss for the fourth quarter of 2023 was $30.9 million, compared to $23.0 million for the fourth quarter of 2022.
Research and development expenses for the fourth quarter of 2023 were $26.8 million, compared to $19.5 million for the same period in 2022. The increase in research and development expenses was primarily due to higher development costs related to zelnecirnon, as well as increased expenses for personnel, lab supplies, consultants, facilities and stock-based compensation, partially offset by lower development costs related to tivumecirnon and early-stage programs.
General and administrative expenses for the fourth quarter of 2023 were $6.5 million, compared to $5.0 million for the same period in 2022. The increase in general and administrative expenses was primarily due to increases in expenses for personnel, stock-based compensation and facilities.
Year Ended December 31, 2023
Net loss for the year ended December 31, 2023 was $116.8 million, compared to $83.8 million in 2022.
Research and development expenses for the year ended December 31, 2023 were $101.0 million, compared to $67.1 million in 2022. The increase in research and development expenses was primarily due to higher development costs related to zelnecirnon, as well as increased expenses for personnel, lab supplies, consultants, facilities and stock-based compensation, partially offset by lower development costs related to tivumecirnon and early-stage programs.
General and administrative expenses for the year ended December 31, 2023 were $26.1 million, compared to $20.2 million in 2022. The increase in general and administrative expenses was primarily due to increases in expenses for personnel, stock-based compensation, facilities and professional services.
As of December 31, 2023, the Company had cash and cash equivalents and marketable securities of $158.9 million.