RAPT Therapeutics (NasdaqGM:RAPT) Conference Transcript

Summary of RAPT Therapeutics Conference Call - September 15, 2025 Company Overview - RAPT Therapeutics focuses on discovering, developing, and commercializing therapeutics for inflammatory disorders, targeting multi-billion dollar markets [2][4] - The lead asset, RPT-904, is a next-generation anti-IgE antibody, in-licensed from Gemincare in China, aimed at improving upon omalizumab (Xolair) [2][6] - RPT-904 targets food allergies and chronic spontaneous urticaria, estimated at $40 billion and $5 billion markets respectively [2] Key Developments and Milestones - RPT-904 is currently in phase 2 trials, with multiple upcoming milestones [2] - The deal for RPT-904 included a $35 million upfront payment and potential milestones totaling $670 million, with worldwide rights excluding China [6][7] Market Opportunity - There are 17 million diagnosed food allergy patients in the U.S., with 3.5 million being children, indicating a significant unmet medical need [8] - Omalizumab was approved in February 2024, with over 60,000 patients already using it for food allergies, suggesting a $1 billion run rate [9] Competitive Landscape - RPT-904 is designed to have improved half-life and dosing convenience compared to omalizumab, with expectations of Q8 or Q12 week dosing [10][18] - The competitive landscape includes other IgE antibodies and novel approaches, but RAPT believes there is ample space for multiple entrants [12] Differentiation Factors - RPT-904's dosing regimen is expected to enhance patient compliance and reduce emergency room visits, which payers recognize as beneficial [15][16] - The drug aims to address high IgE, high weight patients who are currently excluded from the omalizumab label, presenting a unique market opportunity [17][19] Clinical Trials and Data - The phase IIB study is set to start before the end of the year, modeled after the OUTMATCH study for Xolair, focusing on food allergies [22] - Gemincare is conducting two phase 2 studies in China, with results expected to inform U.S. and European development [29] Financial Outlook - RAPT Therapeutics reported a cash balance of just under $170 million at the end of Q2, projected to last through the first half of 2027 [43] Future Considerations - The company is exploring the potential for a broader label that could include asthma and seasonal allergic rhinitis in the future [33] - RAPT is also developing a second-generation CCR4 antagonist, with plans to enter the clinic next year [40][41] Conclusion - RAPT Therapeutics is positioned to capitalize on significant market opportunities with RPT-904, leveraging its differentiated profile and upcoming clinical milestones to address unmet needs in the treatment of food allergies and chronic spontaneous urticaria [2][12][15]