Loading...
Docoh

RAPT Therapeutics (RAPT)

RAPT Therapeutics 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 oncology and inflammatory diseases. Utilizing its proprietary discovery and development engine, the Company is developing highly selective small molecules designed to modulate the critical immune drivers underlying these diseases. RAPT has discovered and advanced two unique drug candidates, FLX475 and RPT193, each targeting C-C motif chemokine receptor 4 (CCR4), for the treatment of cancer and inflammation, respectively. The Company is also pursuing a range of targets that are in the discovery stage of development.

Company profile

Ticker
RAPT
Exchange
Website
CEO
Brian Wong
Employees
Incorporated
Location
Fiscal year end
Former names
FLX Bio, Inc.
SEC CIK
Subsidiaries
RAPT Therapeutics Australia ...
IRS number
473313701

RAPT stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

11 Aug 22
24 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 57.2M 57.2M 57.2M 57.2M 57.2M 57.2M
Cash burn (monthly) (no burn) 2.42M 6.3M 6.36M 5.07M 5.33M
Cash used (since last report) n/a 6.84M 17.84M 18.01M 14.34M 15.09M
Cash remaining n/a 50.36M 39.36M 39.19M 42.87M 42.11M
Runway (months of cash) n/a 20.8 6.2 6.2 8.5 7.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Sep 22 Ho William Common Stock Option exercise Acquire M No No 12 460 5.52K 53,843
1 Sep 22 Ho William Common Stock Option exercise Acquire M No No 6.3 348 2.19K 53,383
1 Sep 22 Ho William Option Common Stock Option exercise Dispose M No No 12 460 5.52K 6,441
1 Sep 22 Ho William Option Common Stock Option exercise Dispose M No No 6.3 348 2.19K 1,389
30 Aug 22 Ho William Common Stock Sell Dispose S No Yes 28.13 2,500 70.33K 53,035
12 Aug 22 Ho William Common Stock Option exercise Acquire M No No 12 460 5.52K 55,535
12 Aug 22 Ho William Common Stock Option exercise Acquire M No No 6.3 347 2.19K 55,075
12 Aug 22 Ho William Option Common Stock Option exercise Dispose M No No 12 460 5.52K 6,901
12 Aug 22 Ho William Option Common Stock Option exercise Dispose M No No 6.3 347 2.19K 1,737
11 Jul 22 Ho William Common Stock Option exercise Acquire M No No 12 1,381 16.57K 54,728
13F holders Current Prev Q Change
Total holders 87 86 +1.2%
Opened positions 11 9 +22.2%
Closed positions 10 27 -63.0%
Increased positions 31 30 +3.3%
Reduced positions 26 29 -10.3%
13F shares Current Prev Q Change
Total value 2.29B 708.42M +223.3%
Total shares 32.08M 30.38M +5.6%
Total puts 125K 0 NEW
Total calls 501.6K 76.3K +557.4%
Total put/call ratio 0.2
Largest owners Shares Value Change
TROW T. Rowe Price 4.33M $79.11M +9.1%
FMR 4.1M $74.76M +28.7%
Column 2.68M $48.92M +91.2%
BLK Blackrock 2.06M $37.53M +14.1%
Perceptive Advisors 1.91M $34.93M -31.6%
Column Group Ii 1.6M $56.2M 0.0%
Ponoi Management 1.6M $29.19M 0.0%
KPCB XV Associates 1.3M $23.67M 0.0%
Kleiner Perkins Caufield & Byers XV 1.3M $47.64M 0.0%
Vanguard 1.27M $23.1M +3.3%
Largest transactions Shares Bought/sold Change
Column 2.68M +1.28M +91.2%
FMR 4.1M +913.47K +28.7%
Perceptive Advisors 1.91M -886.17K -31.6%
STT State Street 490.87K -856.72K -63.6%
Orbimed Advisors 866.4K +505.1K +139.8%
Woodline Partners 859.01K +500.57K +139.6%
TROW T. Rowe Price 4.33M +359.98K +9.1%
BLK Blackrock 2.06M +254.72K +14.1%
Wellington Management 117.94K -184.74K -61.0%
Velan Capital Investment Management 0 -110K EXIT

Financial report summary

?
Risks
  • We are a clinical stage biopharmaceutical company with a history of losses. We expect to continue to incur significant losses for the foreseeable future and may never achieve or maintain profitability, which could result in a decline in the market value of our common stock.
  • RPT193 and FLX475 are in clinical development, which may fail or suffer delays that materially and adversely affect their commercial viability.
  • RPT193, FLX475 or other future drug candidates may not demonstrate the safety and efficacy necessary to support further clinical development or commercial viability.
  • The ongoing COVID-19 pandemic has materially affected and could continue to impact our operations, including at our headquarters in the San Francisco Bay Area and at our clinical trial sites, as well as the business or operations of our manufacturers, CROs or other third parties with whom we conduct business.
  • Failure to successfully validate, develop and obtain regulatory approval for companion diagnostics for our drug candidates could harm our drug development strategy and operational results.
  • The market may not be receptive to our current or potential future drug candidates, and we may not generate any revenue from the sale or licensing of our drug candidates.
  • We may not be successful in our efforts to expand indications for approved drug candidates.
  • If we or others later identify undesirable side effects caused by RPT193 or FLX475, our ability to market and derive revenue from the drug candidate could be compromised.
  • We will need substantial additional funds to advance development of drug candidates and our drug discovery and development engine, and we cannot guarantee that we will have sufficient funds available in the future to develop and commercialize our current or potential future drug candidates.
  • We may expend our limited resources to pursue a particular drug candidate and fail to capitalize on drug candidates that may be more profitable or for which there is a greater likelihood of success.
  • We may not be able to enter into collaborations or strategic transactions on acceptable terms, if at all, which could adversely affect our ability to develop and commercialize current and potential future drug candidates, impact our cash position and increase our expenses.
  • If third parties on which we rely to conduct certain preclinical studies and clinical trials do not perform as contractually required, fail to satisfy regulatory or legal requirements or miss expected deadlines, our development program could be delayed with material and adverse impacts on our business and financial condition.
  • If we encounter difficulties enrolling patients in our clinical trials, our clinical development activities could be delayed or otherwise adversely affected.
  • We may not be able to conduct, or contract others to conduct, animal testing in the future, which could harm our research and development activities.
  • Because we may rely on third parties for manufacturing and supply of our drug candidates, some of which are or may be sole source vendors, for preclinical and clinical development materials and commercial supplies, our supply may become limited or interrupted or may not be of satisfactory quantity or quality.
  • Our third-party manufacturers may be unable to successfully scale manufacturing of RPT193, FLX475 or potential future drug candidates in sufficient quality and quantity, which would delay or prevent us from developing drug candidates and commercializing approved products, if any.
  • If the market opportunities for our current and potential future drug candidates, including RPT193 and FLX475, are smaller than we believe they are, our ability to generate product revenue may be adversely affected and our business may suffer.
  • We face intense competition from entities that have developed or may develop drug candidates for the treatment of the diseases that we are currently targeting or may target in the future. If these companies develop technologies or drug candidates more rapidly than we do, or if their technologies or drug candidates are more effective, our ability to develop and successfully commercialize drug candidates may be adversely affected.
  • Any inability to attract and retain qualified key management, technical personnel and employees would impair our ability to implement our business plan.
  • We may experience difficulties in managing our growth and expanding our operations.
  • If any of our drug candidates is approved for marketing and commercialization in the future and we are unable to develop sales, marketing and distribution capabilities on our own or enter into agreements with third parties to perform these functions on acceptable terms, we will be unable to successfully commercialize any such future products.
  • Our present and potential future international operations may expose us to business, political, operational and financial risks associated with doing business outside of the United States.
  • Our future growth may depend, in part, on our ability to operate in foreign markets, where we would be subject to additional regulatory burdens and other risks and uncertainties.
  • Price controls imposed in foreign markets may adversely affect our future profitability.
  • Our current operations are concentrated in one location, and we or the third parties upon whom we depend may be adversely affected by natural or other disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • If we are unable to obtain, maintain, enforce or defend intellectual property rights related to our technology and current or future drug candidates, or if our intellectual property rights are inadequate, we may not be able to compete effectively.
  • Patent terms may not be able to protect our competitive position for an adequate period of time with respect to our current or future technologies or drug candidates.
  • Other companies or organizations may challenge our patent rights or may assert patent rights that prevent us from developing and commercializing our current or future products.
  • We may not be able to protect our intellectual property rights throughout the world, which could negatively impact our business.
  • Third parties may initiate legal proceedings alleging that we are infringing, misappropriating or otherwise violating their intellectual property rights, the outcome of which would be uncertain and could have a material adverse impact on the success of our business.
  • We may not be successful in obtaining necessary or exclusive rights to any drug candidates or products we may develop through acquisitions and in-licensing.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by government patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • Intellectual property rights do not necessarily address all potential threats to our business.
  • Clinical development includes a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results.
  • We may be unable to obtain U.S. or foreign regulatory approval and, as a result, be unable to commercialize RPT193, FLX475 or other future drug candidates.
  • Even if we receive regulatory approval for any of our current or potential future drug candidates, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense. Additionally, our current or potential future drug candidates, if approved, could be subject to labeling and other restrictions and market withdrawal and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our products.
  • If we or potential future partners, manufacturers or service providers fail to comply with healthcare laws and regulations, we or they could be subject to enforcement actions, which could affect our ability to develop, market and sell our products and may harm our reputation.
  • If we fail to comply with U.S. and foreign regulatory requirements, regulatory authorities could limit or withdraw any marketing or commercialization approvals we may receive and subject us to other penalties that could materially harm our business.
  • Our business entails a significant risk of product liability, and our inability to obtain sufficient insurance coverage could have a material and adverse effect on our business, financial condition, results of operations and prospects.
  • Our employees, principal investigators, consultants and commercial partners may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
  • Failure to comply with health and data protection laws and regulations could lead to government enforcement actions (which could include civil or criminal penalties), private litigation or adverse publicity and could negatively affect our operating results and business.
  • If we, our CROs or our information technology (“IT”) vendors experience security or data privacy breaches or other unauthorized or improper access to, use of or destruction of personal data, we may face costs, significant liabilities, harm to our brand and business disruption.
  • If we do not comply with laws regulating the protection of the environment and health and human safety, our business could be adversely affected.
  • Our quarterly operating results may fluctuate significantly or may fall below the expectations of investors or securities analysts, each of which may cause our stock price to fluctuate or decline.
  • Our stock price may be volatile and purchasers of our common stock could incur substantial losses.
  • Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our technologies or drug candidates.
  • If securities or industry analysts do not publish research or reports about our company, or if they issue an adverse or misleading opinion regarding our stock, our stock price and trading volume could decline.
  • Our principal stockholders and management own a significant percentage of our stock and are able to exert significant control over matters subject to stockholder approval.
  • We are an “emerging growth company” and our election of reduced reporting requirements applicable to emerging growth companies may make our common stock less attractive to investors.
  • Our ability to use net operating losses to offset future taxable income may be subject to certain limitations.
  • Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.
  • We may incur significant costs from class action litigation due to the volatility of our stock.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the United States will be the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
Management Discussion
  • We are 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 our proprietary drug discovery and development engine, we are developing highly selective small molecules designed to modulate the critical immune responses underlying these diseases. Our two lead drug candidates each target C-C motif chemokine receptor 4 (“CCR4”), a drug target that potentially has broad applicability in inflammatory diseases and oncology.
  • In June 2021, we announced positive topline results from our randomized placebo-controlled Phase 1b clinical trial of RPT193 as monotherapy in 31 patients with moderate-to-severe atopic dermatitis (AD). After four weeks of treatment, patients with moderate-to-severe AD who received RPT193 showed a 36.3% improvement from baseline in the Eczema Area and Severity Index (EASI) score, a standard measure of disease severity, compared to 17.0% in the placebo group. In the two-week period following the end of treatment, the RPT193 group showed continued improvement and further separation from placebo with a 53.2% improvement in the EASI score at the six-week time point compared to 9.6% in the placebo group. RPT193 was well tolerated in the Phase 1b study. No serious adverse events were reported, and all adverse events reported were mild or moderate in intensity.
  • Since commencing operations in 2015, we have devoted substantially all of our efforts and financial resources to building our research and development capabilities and establishing our corporate infrastructure. As a result, we have incurred net losses since inception. As of December 31, 2021, we had an accumulated deficit of $284.0 million. We have incurred net losses of $69.2 million and $52.9 million for the years ended December 31, 2021 and 2020, respectively. We do not expect to generate product revenue unless and until we obtain approval for the commercialization of a drug candidate, and we cannot assure you that we will ever generate significant product revenue or profits.

Content analysis

?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: Canada, coupled, embedded, FLX, freestanding, inflation, insignificant, magnify, military, PIPE, Russian, settlement, Subtopic, warrant
Removed: ChemoCentryx, correction, distancing, economically, Mine, proceed, recession, reducing, Senior, social