Exhibit 99.1

 

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RAPT Therapeutics Reports Second Quarter 2020 Financial Results

SOUTH SAN FRANCISCO, Calif. – August 13, 2020 – RAPT Therapeutics, Inc. (Nasdaq: RAPT), 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, today reported financial results for the second quarter ended June 30, 2020 and provided an update on recent operational and business progress.

“We remain on track to report initial results from our Phase 1/2 trial of FLX475 later this year and to report results from our Phase 1b study of RPT193 in patients with atopic dermatitis by year end,” said Brian Wong, M.D., Ph.D., President and CEO of RAPT Therapeutics. “We are pleased with the progress we are making in moving our programs forward and adapting our organization in the face of the COVID-19 pandemic.”

Financial Results for the Second Quarter and Six Months Ended June 30, 2020

Second Quarter Ended June 30, 2020

Net loss for the second quarter of 2020 was $12.4 million, compared to $10.6 million for the second quarter of 2019.

Research and development expenses for the second quarter of 2020 were $11.0 million, compared to $8.3 million for the same period in 2019 due to increased clinical costs for FLX475 and RPT193 as well as increased personnel costs associated with these studies and stock-based compensation expenses, offset by a decrease in lab supplies used for preclinical research.

General and administrative expenses for the second quarter of 2020 were $2.8 million, compared to $2.7 million for the same period of 2019. The slight increase was primarily due to an increase in stock-based compensation expense and costs associated with our public company status, offset by a decrease in professional fees.

Six Months Ended June 30, 2020

Net loss for the six months ended June 30, 2020 was $25.5 million, compared to $19.8 million for the same period in 2019.

Research and development expenses for the six months ended June 30, 2020 were $21.7 million, compared to $16.1 million for the same period in 2019. The increase was primarily due to increases in costs relating to the clinical development of FLX475 and RPT193 and increased preclinical program costs as well as increased stock-based compensation and personnel expenses, offset by decreases in costs relating to lab supplies used for preclinical research.

General and administrative expenses for the six months ended June 30, 2020 were $6.1 million, compared to $4.4 million for the same period of 2019. The increase in general and administrative expenses was primarily due to increased stock-based compensation expense as well as costs associated with our public company status, offset by a decrease in travel and personnel costs.

As of June 30, 2020, we had cash and cash equivalents and marketable securities of $133.0 million.


The following information was filed by Rapt Therapeutics, Inc. (RAPT) on Friday, August 14, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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