Analyst Summary:
RAPT Therapeutics (Nasdaq: RAPT), a clinical stage immunology-based therapeutics company, has reported its financial results for Q4 and year-ended December 31, 2022. Despite reporting a net loss of $23.0 million in Q4 2022, compared to $17.9 million in Q4 2021, the company maintained a strong cash position of $249.1 million as of December 31, 2022, due to completion of a public offering in December 2022. RAPT Therapeutics is focused on discovering, developing, and commercializing oral small molecule therapies for inflammatory diseases and oncology. The company expects to initiate a Phase 2a trial of RPT193 in asthma this quarter and to update clinical data for its ongoing Phase 2 trial of FLX475 in multiple cancer indications in 2H 2023. The company's CEO, Brian Wong, said that the cash position is expected to provide runway into mid-2025, well beyond the expected data readout. The financial outlook appears positive and allows the company to continue its clinical development progress, according to the CEO. However, the company recently saw slower than expected patient enrollment for its Phase 2b trial of RPT193 in atopic dermatitis, now expecting topline results in mid-2024. Investors should note that the forward-looking statements made by the company are subject to inherent risks and uncertainties.