Core Insights - RAPT Therapeutics reported a productive first half of 2025 with key achievements and upcoming catalysts anticipated in the second half of the year [2] - The company is on track to initiate a Phase 2b trial of RPT904 in food allergy and to report topline results from Jemincare's Phase 2 trials of RPT904 in CSU and asthma [2] - RAPT's financial results show a significant reduction in net loss compared to the previous year, indicating improved financial health [3][5] Financial Performance - The net loss for the second quarter of 2025 was $17.6 million, a decrease from $27.7 million in the second quarter of 2024 [3] - Research and development expenses for the second quarter of 2025 were $12.3 million, down from $22.6 million in the same period of 2024, primarily due to reduced costs in the development of certain drugs [4] - General and administrative expenses increased to $7.2 million in the second quarter of 2025 from $6.7 million in the same period of 2024, mainly due to higher consulting and facilities costs [5] Six-Month Overview - For the six months ended June 30, 2025, the net loss was $34.8 million, compared to $58.2 million for the same period in 2024 [5] - Research and development expenses for the first half of 2025 totaled $24.4 million, down from $47.4 million in the first half of 2024, reflecting a similar trend as seen in the second quarter [6] - General and administrative expenses remained flat at $14.4 million for both the first halves of 2025 and 2024 [7] Cash Position - As of June 30, 2025, RAPT had cash and cash equivalents and marketable securities totaling $168.9 million [7]

Core Viewpoint - RAPT Therapeutics reported a significant reduction in net loss for Q1 2025 compared to Q1 2024, alongside a focus on advancing its lead candidate RPT904 for food allergies and chronic spontaneous urticaria [3][4][5]. Financial Performance - The net loss for Q1 2025 was $17.2 million, a decrease from $30.5 million in Q1 2024 [3]. - Research and development expenses were $12.0 million in Q1 2025, down from $24.8 million in the same period of 2024, primarily due to reduced costs associated with other drug developments [4]. - General and administrative expenses decreased to $7.2 million in Q1 2025 from $7.7 million in Q1 2024, attributed to lower personnel and professional service costs [5]. - As of March 31, 2025, the company had cash and cash equivalents and marketable securities totaling $179.3 million [5]. Company Overview - RAPT Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for inflammatory and immunological diseases, leveraging proprietary expertise in immunology [6].

Core Viewpoint - RAPT Therapeutics is focusing on advancing the development of RPT904, a potential best-in-class treatment for food allergies and chronic spontaneous urticaria, with plans to initiate a Phase 2b clinical trial in the second half of 2025 [2] Financial Results for Q4 2024 - The net loss for Q4 2024 was $53.2 million, an increase from $30.9 million in Q4 2023 [3] - Research and development expenses for Q4 2024 were $46.5 million, up from $26.8 million in Q4 2023, primarily due to a $35.0 million upfront license fee for RPT904 [4] - General and administrative expenses for Q4 2024 were $8.0 million, compared to $6.5 million in Q4 2023, driven by increased professional services and personnel costs [5] Financial Results for Year Ended December 31, 2024 - The net loss for the year ended December 31, 2024, was $129.9 million, compared to $116.8 million for the year ended December 31, 2023 [7] - Research and development expenses for the year were $107.2 million, up from $101.0 million in 2023, mainly due to the upfront license fee for RPT904 [8] - General and administrative expenses for the year were $28.9 million, compared to $26.1 million in 2023, reflecting increased non-cash stock-based compensation and personnel costs [9] Cash Position and Financing Activities - As of December 31, 2024, the company had cash and cash equivalents and marketable securities totaling $231.1 million [9] - In December 2024, the company raised $143.0 million through a private placement of 100 million shares at $0.85 per share and pre-funded warrants [7] Licensing Agreement - In December 2024, the company entered into a licensing agreement with Shanghai Jemincare Pharmaceutical Co., Ltd., paying a $35.0 million upfront fee for exclusive rights to RPT904 outside of certain regions in Asia, with potential additional milestone payments of up to $672.5 million [6]