RAPT Therapeutics(US:RAPT)2025-11-06 13:05Financial Performance - The company reported a net loss of $52.4 million for the nine months ended September 30, 2025, compared to a net loss of $76.6 million for the same period in 2024, indicating a reduction in losses [86]. - Net loss for the three months ended September 30, 2025, was $17.6 million, a decrease of $0.9 million, or 5%, from a net loss of $18.4 million for the same period in 2024 [101]. - Research and development expenses decreased by $24.3 million, or 40%, to $36.4 million for the nine months ended September 30, 2025, from $60.8 million for the same period in 2024 [107]. - General and administrative expenses increased by $0.9 million, or 4%, to $21.8 million for the nine months ended September 30, 2025, from $20.9 million for the same period in 2024 [109]. - Other income, net increased by $0.8 million, or 15%, to $5.8 million for the nine months ended September 30, 2025, from $5.0 million for the same period in 2024 [110]. Cash and Liquidity - As of September 30, 2025, the company had an accumulated deficit of $666.9 million and cash and cash equivalents of $157.3 million [86]. - As of September 30, 2025, the company had cash and cash equivalents and marketable securities of $157.3 million and working capital of $147.7 million [111]. - Net cash used in operating activities was $76.1 million for the nine months ended September 30, 2025, compared to $72.9 million for the same period in 2024, reflecting a net loss of $52.4 million in 2025 and $76.6 million in 2024 [118][119]. - The company reported a net decrease in cash and cash equivalents of $131.8 million for the nine months ended September 30, 2025, compared to a decrease of $9.6 million in 2024 [116]. - Net cash provided by financing activities was $0.2 million for the nine months ended September 30, 2025, a decrease from $9.7 million in 2024, which included $9.0 million from the sale of shares under the ATM Sales Agreement [121]. Clinical Development - The Phase 2 trial of ozureprubart in chronic spontaneous urticaria (CSU) showed comparable efficacy and safety to omalizumab, with a mean baseline UAS7 score of 28.7 for ozureprubart Q8W [79]. - In the Phase 2 trial, 45.65% of patients in the ozureprubart Q8W arm achieved UAS7=0 at Week 16, compared to 33.33% in the omalizumab Q4W arm [80]. - The company initiated a Phase 2b clinical trial for food allergy in October 2025, evaluating ozureprubart dosed every 8 weeks and 12 weeks [82]. - The company plans to advance ozureprubart to Phase 3 development based on positive topline data from the Phase 2 trial [77]. - The company has exclusive rights to develop and commercialize ozureprubart worldwide, excluding certain territories in Asia, under the Jeyou License Agreement [73]. Operating Expenses - Research and development expenses decreased by $1.3 million, or 10%, to $12.0 million for the three months ended September 30, 2025, compared to $13.3 million for the same period in 2024 [102]. - General and administrative expenses increased by $0.9 million, or 14%, to $7.3 million for the three months ended September 30, 2025, from $6.4 million for the same period in 2024 [104]. - Total operating expenses decreased by $0.4 million, or 2%, to $19.4 million for the three months ended September 30, 2025, compared to $19.8 million for the same period in 2024 [101]. Future Financing and Risks - The company incurred substantial expenditures and expects to continue financing operations through equity or debt financings [89]. - The company is seeking a partner to further develop its oncology drug candidate, tivumecirnon, outside the Hanmi Territory [74]. - The company may face significant disruptions in global financial markets due to macroeconomic factors, which could negatively affect its ability to pursue business strategies [114]. - Future debt financing may impose covenants that restrict the company's operations, including limitations on incurring additional debt and paying dividends [115]. - The company may be required to delay or terminate development programs if unable to raise additional funds when needed [115].