On August 11, 2023 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 second quarter and the six months ended June 30, 2023 (Press release, RAPT Therapeutics, AUG 11, 2023, https://investors.rapt.com/news-releases/news-release-details/rapt-therapeutics-reports-second-quarter-2023-financial-results [SID1234634280]).
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"We continue to remain focused on our Phase 2 trials for RPT193 in atopic dermatitis (AD) and asthma. We anticipate reporting top-line data from our Phase 2b trial in AD in mid-2024 and we continue to enroll our Phase 2a trial in asthma. These are the first two indications in what we believe will be a significant franchise for our promising oral small molecule drug in inflammatory diseases," said Brian Wong, M.D., Ph.D., President and Chief Executive Officer of RAPT Therapeutics. "Separately, our Phase 2 trial of FLX475 continues to progress and we anticipate providing an update later this year. With our current cash balance, we expect to be able to support our operations through mid-2025."
Financial Results for the Second Quarter and the Six Months Ended June 30, 2023
Second Quarter Ended June 30, 2023
Net loss for the second quarter of 2023 was $25.3 million, compared to $19.2 million for the second quarter of 2022.
Research and development expenses for the second quarter of 2023 were $21.6 million, compared to $14.4 million for the same period in 2022. The increase in research and development expenses was primarily due to higher development costs related to RPT193 and early-stage programs, as well as increases in personnel expense, lab supplies, consulting expense, facilities and stock-based compensation expense, partially offset by lower development costs related to FLX475.
General and administrative expenses for the second quarter of 2023 were $6.7 million, compared to $5.4 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.
Six Months Ended June 30, 2023
Net loss for the six months ended June 30, 2023 was $54.6 million, compared to $39.7 million for the same period in 2022.
Research and development expenses for the six months ended June 30, 2023 were $47.2 million, compared to $31.0 million for the same period in 2022. The increase in research and development expenses was primarily due to higher development costs related to RPT193 and early-stage programs, as well as increases in personnel expense, lab supplies, consulting expense, facilities and stock-based compensation expense, partially offset by lower development costs related to FLX475.
General and administrative expenses for the six months ended June 30, 2023 were $12.7 million, compared to $10.2 million for the same period of 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 June 30, 2023, the Company had cash, cash equivalents and marketable securities of $205 million.