Core Insights - RAPT Therapeutics has initiated a Phase 2b trial of ozureprubart for food allergies and reported positive topline data from a Phase 2 trial in chronic spontaneous urticaria (CSU), showing comparable efficacy and safety to omalizumab [1][3] - The company completed a $250 million public offering to enhance its balance sheet, which is expected to fund operations until mid-2028, including planned Phase 3 studies of ozureprubart in CSU [1][12] Clinical Developments - The FDA has cleared RAPT's Investigational New Drug (IND) application for ozureprubart, leading to the initiation of a Phase 2b clinical trial designed to evaluate its safety and efficacy in food allergies [3] - Positive topline data from a Phase 2 trial in CSU indicated that ozureprubart dosed every 8 weeks (Q8W) or every 12 weeks (Q12W) showed comparable efficacy and safety to omalizumab dosed every 4 weeks (Q4W) [3] Financial Performance - For the third quarter of 2025, RAPT reported a net loss of $17.6 million, a slight improvement from a net loss of $18.4 million in the same quarter of 2024 [5] - Research and development expenses decreased to $12.0 million in Q3 2025 from $13.3 million in Q3 2024, primarily due to reduced costs associated with other drug developments [6][10] - General and administrative expenses increased to $7.3 million in Q3 2025 from $6.4 million in Q3 2024, driven by higher non-cash stock-based compensation and consulting costs [7][8] Cash Position - As of September 30, 2025, RAPT had cash and cash equivalents and marketable securities totaling $157.3 million, bolstered by the recent public offering [12] - The company completed an underwritten public offering of 8,333,334 shares at $30.00 per share, resulting in net proceeds of approximately $234.4 million [12]