Rapt stock slumps ~25% as enrollment woes delay timeline for eczema trial of RPT193

Mar. 14, 2023 11:10 AM ETRAPT Therapeutics, Inc. (RAPT)By: Ravikash, SA News Editor

Rapt Therapeutics (NASDAQ:RAPT) stock fell ~25% on Tuesday after the company informed about a delay in timeline for a phase 2b trial of RPT193 in eczema, amid its Q4 results.
President and CEO Brian Wong, said "For our Phase 2b trial of RPT193 in atopic dermatitis, we now expect topline results in mid-2024 due to recent slower than expected patient enrollment as we did not see the seasonal uptick that we anticipated."
Wong expects the company's cash runway to extend into mid-2025, beyond the expected data readout.
As of Dec. 31, 2022, the company had cash, cash equivalents and marketable securities of $249.1M.
In addition the CEO noted that Rapt anticipates to start a phase 2a trial of RPT193 in asthma this quarter.
Q4 research and development expenses increased to $19.45M, compared to $14.3M in Q4 2021, mainly due to higher development costs related to RPT193 and FLX475, personnel and stock-based compensation expense, according to the company.
Net loss widened to -$22.95M, compared to -$17.93M in Q4 2021.