UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38997 RAPT Therapeutics, Inc. (Exact name of registrant as specified in its charter) Delaware 47-3313701 (State or other ju ...

"We have considerable momentum heading into the end of the year. We see tremendous potential for ozureprubart in large IgE-driven indications such as food allergy and CSU, and our recent financing gives us additional capital to advance our programs," said Brian Wong, President and CEO of RAPT. "Looking ahead, we plan to report topline results from Jeyou's Phase 2 trial of ozureprubart in asthma and to provide additional details from the recently reported Phase 2 clinical trial in CSU at a medical meeting ne ...

- Initiated prestIgE Phase 2b trial of ozureprubart in food allergy - Announced positive topline data from Phase 2 trial in chronic spontaneous urticaria; results showed ozureprubart at both Q8W and Q12W dosing had comparable efficacy and safety to omalizumab at Q4W dosing - Completed $250 million public offering to strengthen balance sheet SOUTH SAN FRANCISCO, Calif., Nov. 06, 2025 (GLOBE NEWSWIRE) -- RAPT Therapeutics, Inc. (Nasdaq: RAPT) (“RAPT” or the “Company”), a clinical-stage immunology-based biopha ...

Core Viewpoint - Guggenheim initiated coverage of Rapt Therapeutics Inc. with a Buy rating and a $70 price target, driven by optimism regarding the company's lead anti-IgE antibody program and growth potential in the food allergy treatment market [1] Company Highlights - Rapt's long-acting anti-IgE monoclonal antibody, RPT-904, is highlighted as a key differentiator, featuring a YTE mutation that extends its half-life to approximately three times that of Roche's Xolair, the first-generation anti-IgE treatment recently approved for food allergies [2] - RPT-904 is expected to provide a significant convenience advantage due to its less frequent dosing, which is particularly beneficial for the pediatric population, as most food allergy patients are children [3] Market Potential - Guggenheim estimates that RPT-904 could address 20–30% of the patient population currently ineligible for Xolair due to high IgE levels or weight restrictions [4] - A Phase IIb trial with around 100 participants is anticipated to start in 2026, with data expected in the first half of 2027 [4] - If approved, peak sales for RPT-904 in food allergy indications are projected to be approximately $2.1 billion, indicating substantial upside potential given Rapt's enterprise value near $765 million [4]

Core Viewpoint - RAPT Therapeutics has initiated a Phase 2b clinical trial for ozureprubart, targeting IgE-mediated food allergies, marking a significant milestone in the development of new therapies for this growing health issue [1][2]. Company Overview - RAPT Therapeutics is a clinical-stage biopharmaceutical company focused on developing novel therapies for inflammatory and immunological diseases [7]. - The company aims to provide improved anti-IgE therapies for patients suffering from food allergies and other allergic inflammatory diseases [5][6]. Clinical Trial Details - The prestIgE Phase 2b trial will involve approximately 30 sites across the U.S., Canada, and Australia, assessing the efficacy and safety of ozureprubart in participants with IgE-mediated food allergies [1][3]. - The trial is designed as a two-part, multi-center, randomized, double-blind, placebo-controlled study, comparing two dosing regimens of ozureprubart to placebo [3]. - In Part 1, around 100 participants with food allergies will be treated for 24 weeks, with the primary endpoint being the proportion of participants achieving a target threshold in a double-blind oral food challenge at Week 24 [3]. - Part 2 will continue treatment for an additional 24 weeks, with participants on placebo re-randomized to receive ozureprubart [3]. Product Information - Ozureprubart is a novel, half-life extended anti-IgE monoclonal antibody designed to inhibit free and cell-bound IgE, which is a key driver of allergic diseases [5][6]. - It targets the same epitope as omalizumab but aims to offer improved durability and reduced dosing frequency [2][5]. Industry Context - Food allergies are a significant and increasing health concern, with over 17 million diagnosed individuals in the U.S., including approximately 3.5 million children [4]. - The prevalence of food allergies is rising, with many individuals allergic to multiple foods and experiencing severe reactions [4].

Group 1 - RAPT Therapeutics Inc. has been identified as a promising investment opportunity with significant upside potential, as indicated by Wells Fargo raising its price target from $38 to $48 while maintaining an Overweight rating [1] - The efficacy of RAPT's anti-IgE antibody therapy (RPT904) is reported to be comparable or superior to XOLAIR, particularly in the treatment of Chronic Spontaneous Urticaria, with dosing every 12 weeks [1][2] - RAPT's therapy targets multiple food allergies and is expected to perform well in the market due to its similar epitope to XOLAIR, which could lead to substantial sales even at competitive pricing [2] Group 2 - RAPT Therapeutics is a clinical-stage biopharmaceutical company focused on developing oral small-molecule therapies for oncology and inflammatory diseases, addressing unmet medical needs in the US [3]

Core Points - RAPT Therapeutics, Inc. announced a public offering of 8,333,334 shares of common stock priced at $30.00 per share, with expected gross proceeds of approximately $250 million [1] - The offering includes a 30-day option for underwriters to purchase an additional 1,250,000 shares at the public offering price [1] - The offering is expected to close on or about October 23, 2025, subject to customary closing conditions [1] Company Overview - RAPT Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for inflammatory and immunological diseases [5] - The company utilizes proprietary expertise in immunology to create novel therapies aimed at modulating immune responses [5] Offering Details - The offering is conducted under a shelf registration statement filed with the SEC, which was declared effective on August 17, 2023 [3] - Joint bookrunning managers for the offering include Leerink Partners, TD Cowen, Guggenheim Securities, Wells Fargo Securities, and LifeSci Capital [2]

Core Points - RAPT Therapeutics, Inc. has initiated an underwritten public offering of its common stock, with an option for underwriters to purchase an additional 15% of the total shares offered [1] - The offering is subject to market conditions and there is no assurance regarding its completion or the actual size and terms [1] - The offering is made under a shelf registration statement filed with the SEC, which was declared effective on August 17, 2023 [3] Company Overview - RAPT is a clinical-stage immunology-based biopharmaceutical company focused on developing novel therapies for inflammatory and immunological diseases [5] - The company utilizes proprietary expertise in immunology to create therapies aimed at modulating critical immune responses [5] Offering Details - Joint bookrunning managers for the offering include Leerink Partners, TD Cowen, Guggenheim Securities, Wells Fargo Securities, and LifeSci Capital [2] - Lead managers for the offering are H.C. Wainwright & Co. and Clear Street [2] - A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC and made available on their website [3]

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Core Points - The company held a conference call to discuss a press release and accompanying slides available on its website [1] - Key executives present included the CEO, Chief Medical Officer, Chief Financial Officer, and a special guest from a medical research institute [2] - The call included forward-looking statements that are subject to risks and uncertainties, with a reminder to review risk factors in the latest quarterly report [3]