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]