RAPT Therapeutics(RAPT) - 2025 Q2 - Quarterly Results

Company Overview and Business Highlights RAPT Therapeutics reported strong Q2 2025 results, advancing RPT904 in clinical trials and strengthening its team and board Introduction and Q2 2025 Highlights RAPT Therapeutics reported Q2 and H1 2025 financial results, highlighting team and board strengthening and significant clinical milestones for RPT904 in H2 2025 - RAPT Therapeutics, Inc. (Nasdaq: RAPT) is a clinical-stage immunology-based biopharmaceutical company focused on inflammatory and immunological diseases[2] - Key achievements in H1 2025 include strengthening the team with Jessica Savage (drug developer in food allergy) and the board with Drs. Scott Braunstein and Ashley Dombkowski[3] - Anticipated catalysts for H2 2025 include initiating a Phase 2b trial of RPT904 in food allergy and reporting topline results from Jemincare's Phase 2 trials of RPT904 in CSU and asthma, while also advancing the next-generation CCR4 pipeline[3] About RAPT Therapeutics RAPT Therapeutics is a clinical-stage biopharmaceutical company developing novel immunology-based therapies for inflammatory and immunological diseases - RAPT is a clinical-stage immunology-based biopharmaceutical company focused on discovering, developing, and commercializing novel therapies for inflammatory and immunological diseases[11] - The company utilizes deep and proprietary expertise in immunology to develop therapies designed to modulate critical immune responses[11] Financial Results Overview RAPT Therapeutics reported a significantly reduced net loss for Q2 and H1 2025, driven by decreased R&D expenses, while maintaining a strong cash position Second Quarter Ended June 30, 2025 RAPT Therapeutics reported a $17.6 million net loss in Q2 2025, a 36.5% improvement driven by reduced R&D expenses Second Quarter Financial Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (Millions) | Change (%) | | :------------------------- | :----------------- | :----------------- | :---------------- | :--------- | | Net Loss | $(17.6) | $(27.7) | $10.1 | (36.5%) | | R&D Expenses | $12.3 | $22.6 | $(10.3) | (45.6%) | | G&A Expenses | $7.2 | $6.7 | $0.5 | 7.5% | - The decrease in research and development expenses was primarily due to lower costs related to the development of zelnecirnon and tivumecirnon, personnel, lab supplies, non-cash stock-based compensation, and facilities, partially offset by increased costs for RPT904 and early-stage programs[6] - The increase in general and administrative expenses was primarily due to higher consulting and facilities costs[7] Six Months Ended June 30, 2025 RAPT Therapeutics reported a $34.8 million net loss for H1 2025, a 40.2% reduction primarily due to decreased R&D expenses Six Months Financial Highlights (H1 2025 vs H1 2024) | Metric | H1 2025 (Millions) | H1 2024 (Millions) | Change (Millions) | Change (%) | | :------------------------- | :----------------- | :----------------- | :---------------- | :--------- | | Net Loss | $(34.8) | $(58.2) | $23.4 | (40.2%) | | R&D Expenses | $24.4 | $47.4 | $(23.0) | (48.5%) | | G&A Expenses | $14.4 | $14.4 | $0.0 | 0.0% | - The decrease in research and development expenses for the six months was primarily due to lower costs related to the development of zelnecirnon and tivumecirnon, personnel, lab supplies, non-cash stock-based compensation, and facilities, partially offset by increased costs for RPT904 and early-stage programs[9] - General and administrative expenses were flat for the six months, primarily due to decreased personnel costs offset by increases in facilities costs[10] Balance Sheet Highlights As of June 30, 2025, RAPT Therapeutics held $168.9 million in cash and equivalents, with total assets decreasing due to reduced cash and paid license fees - As of June 30, 2025, the Company had cash and cash equivalents and marketable securities of $168.9 million[10] Key Balance Sheet Items (June 30, 2025 vs Dec 31, 2024) | Metric | June 30, 2025 (Thousands) | Dec 31, 2024 (Thousands) | Change (Thousands) | Change (%) | | :-------------------------------- | :------------------------ | :----------------------- | :----------------- | :--------- | | Cash and cash equivalents | $41,886 | $169,735 | $(127,849) | (75.3%) | | Marketable securities | $127,061 | $61,320 | $65,741 | 107.2% | | Total Cash, Equivalents & Marketable Securities | $168,947 | $231,055 | $(62,108) | (26.9%) | | Total Assets | $178,410 | $240,325 | $(61,915) | (25.8%) | | Total Current Liabilities | $13,043 | $48,351 | $(35,308) | (73.0%) | | License fees payable | $0 | $35,000 | $(35,000) | (100.0%) | | Total Liabilities | $14,002 | $50,421 | $(36,419) | (72.2%) | | Total Stockholders' Equity | $164,408 | $189,904 | $(25,496) | (13.4%) | Financial Statements This section provides detailed unaudited financial statements, including statements of operations and balance sheets, reflecting the company's financial performance and position Statements of Operations and Comprehensive Loss This section details unaudited statements of operations and comprehensive loss for Q2 and H1 2025, showing reduced net loss after a 1-for-8 reverse stock split Statements of Operations and Comprehensive Loss (Unaudited, in thousands) | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $12,340 | $22,640 | $24,382 | $47,421 | | General and administrative | $7,195 | $6,690 | $14,418 | $14,427 | | Total operating expenses | $19,535 | $29,330 | $38,800 | $61,848 | | Loss from operations | $(19,535) | $(29,330) | $(38,800) | $(61,848) | | Other income, net | $1,892 | $1,667 | $3,992 | $3,664 | | Net loss | $(17,643) | $(27,663) | $(34,808) | $(58,184) | | Unrealized loss on marketable securities | $(19) | $(37) | $(34) | $(150) | | Total comprehensive loss | $(17,662) | $(27,700) | $(34,842) | $(58,334) | | Net loss per share, basic and diluted | $(0.65) | $(5.69) | $(1.29) | $(12.01) | | Weighted average shares | 26,949,752 | 4,858,345 | 26,938,008 | 4,843,527 | - All share amounts and per share amounts in this press release have been adjusted to reflect the 1-for-8 reverse split of the Company's common stock, effective on June 16, 2025[4] Balance Sheets This section presents unaudited balance sheets for June 30, 2025, and audited for December 31, 2024, showing decreased assets and liabilities, including paid license fees Balance Sheets (Unaudited, in thousands) | Asset/Liability/Equity (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Assets: | | | | Cash and cash equivalents | $41,886 | $169,735 | | Marketable securities | $127,061 | $61,320 | | Prepaid expenses and other current assets | $3,912 | $4,181 | | Total current assets | $172,859 | $235,236 | | Property and equipment, net | $970 | $1,367 | | Operating lease right-of-use assets | $2,308 | $3,333 | | Other assets | $2,273 | $389 | | Total assets | $178,410 | $240,325 | | Liabilities: | | | | Accounts payable | $4,189 | $1,275 | | Accrued expenses | $6,583 | $9,597 | | License fees payable | $— | $35,000 | | Operating lease liabilities, current | $2,205 | $2,422 | | Other current liabilities | $66 | $57 | | Total current liabilities | $13,043 | $48,351 | | Operating lease liabilities, non-current | $959 | $2,070 | | Total liabilities | $14,002 | $50,421 | | Stockholders' Equity: | | |\ | Common stock | $13 | $13 | | Additional paid-in capital | $813,734 | $804,388 | | Accumulated other comprehensive income | $16 | $50 | | Accumulated deficit | $(649,355) | $(614,547) | | Total stockholders' equity | $164,408 | $189,904 | | Total liabilities and stockholders' equity | $178,410 | $240,325 | - The balance sheet for December 31, 2024, has been derived from audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024[17] Additional Information This section includes important disclaimers regarding forward-looking statements and provides essential contact information for media and investors Forward-Looking Statements This section outlines forward-looking statements, emphasizing inherent risks and uncertainties that could cause actual results to differ materially from expectations - Forward-looking statements are based on current information, assumptions, and expectations, which are inherently subject to change and involve numerous risks and uncertainties[12] - Factors that may cause differences between current expectations and actual results include unexpected safety or efficacy data, preliminary data not being predictive, reliance on partners, lower clinical trial activation or enrollment rates, macroeconomic and geopolitical impacts, changes in competition, regulatory environment changes, and the sufficiency of RAPT's cash resources[12] - Detailed risk factors can be found in RAPT's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025, and subsequent filings[12] Media and Investor Contacts This section provides essential contact information for media and investor relations inquiries for RAPT Therapeutics - Media Contact: Aljanae Reynolds (areynolds@wheelhouselsa.com)[13] - Investor Contact: Sylvia Wheeler (swheeler@wheelhouselsa.com)[13]