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RAPT Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total assets to $108.5 million from $173.3 million at the end of 2023. The decrease is attributed to reductions in cash, cash equivalents, and marketable securities.
Operating expenses for the quarter were $19.8 million, down from $33.9 million in the same period the previous year. This reduction is primarily due to decreased research and development expenses following the halt of the zelnecirnon program.
RAPT reported a net loss of $18.4 million for the quarter, compared to $31.4 million in the previous year. The decrease in net loss is attributed to reduced operating expenses.
Cash used in operating activities was $72.9 million for the nine months ended September 30, 2024, compared to $69.3 million in the same period of 2023. This increase in cash usage is due to ongoing research and development activities.
RAPT had cash and cash equivalents of $37.9 million at the end of the quarter, down from $47.5 million at the start of the year. Marketable securities totaled $60.0 million, down from $111.4 million.
On July 16, 2024, RAPT's board approved a workforce reduction impacting 40% of its headcount to conserve cash resources. The company incurred $0.9 million in restructuring charges as a result.
The company continues to focus on developing its drug candidates, including tivumecirnon, which is in ongoing clinical trials. RAPT plans to incur substantial costs for research and development activities and anticipates the need for additional capital.
RAPT acknowledges the risks associated with its business, including dependence on successful clinical trials, regulatory approvals, and market acceptance of its drug candidates.
The filing details various financial and operational risks, including potential impacts from healthcare legislative changes, competition, and reliance on third-party manufacturers and suppliers.
RAPT does not anticipate cash dividend payments to common stockholders in the near future. The company plans to use its current cash and marketable securities to meet obligations for at least the next 12 months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RAPT Therapeutics Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.