Rapt Therapeutics, Inc. Financials

RAPT

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Rapt Therapeutics, Inc. (RAPT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

2/9

Rapt Therapeutics, Inc. passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.64x

For every $1 of reported earnings, Rapt Therapeutics, Inc. generates $0.64 in operating cash flow (-$83.3M OCF vs -$129.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

N/A

EBITDA

-$134.9M

YoY-7.2%

Rapt Therapeutics, Inc.'s EBITDA was -$134.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 7.2% from the prior year.

Free Cash Flow

-$83.4M

YoY+15.0%

Rapt Therapeutics, Inc. generated -$83.4M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 15.0% from the prior year.

Net Income

-$129.9M

YoY-11.2%

Rapt Therapeutics, Inc. reported -$129.9M in net income in fiscal year 2024. This represents a decrease of 11.2% from the prior year.

EPS (Diluted)

$-3.19

Rapt Therapeutics, Inc. earned $-3.19 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 4.6% from the prior year.

Cash & Debt

$169.7M

YoY+257.5%

5Y CAGR+17.0%

Rapt Therapeutics, Inc. held $169.7M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

132M

Rapt Therapeutics, Inc. had 132M shares outstanding in fiscal year 2024. This represents an increase of 283.8% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$107.2M

YoY+6.2%

5Y CAGR+25.2%

Rapt Therapeutics, Inc. invested $107.2M in research and development in fiscal year 2024. This represents an increase of 6.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$122K

YoY-89.2%

5Y CAGR-32.8%

Rapt Therapeutics, Inc. invested $122K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 89.2% from the prior year.

RAPT Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	$0-100.0%	$1.5M-60.0%	$3.8M-24.4%	$5.0M	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$107.2M+6.2%	$101.0M+50.6%	$67.1M+17.7%	$57.0M+25.3%	$45.5M+30.3%	$34.9M
SG&A Expenses	$28.9M+10.8%	$26.1M+28.8%	$20.2M+26.2%	$16.0M+25.6%	$12.8M+46.5%	$8.7M
Operating Income	-$136.1M-7.1%	-$127.1M-48.1%	-$85.8M-24.0%	-$69.2M-30.1%	-$53.2M-22.0%	-$43.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	$990K+50.0%	$660K
Net Income	-$129.9M-11.2%	-$116.8M-39.3%	-$83.8M-21.1%	-$69.2M-30.8%	-$52.9M-23.0%	-$43.0M
EPS (Diluted)	$-3.19	$-3.05-18.2%	$-2.58-2.0%	$-2.53	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q2'23	Q4'22	Q3'22	Q2'22
Revenue	N/A	N/A	N/A	$0	$0	$0	$0-100.0%	$886K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$12.0M-9.8%	$13.3M	N/A	$27.0M+24.9%	$21.6M+11.2%	$19.5M+17.2%	$16.6M+15.6%	$14.4M
SG&A Expenses	$7.3M+13.8%	$6.4M	N/A	$6.9M+2.6%	$6.7M+35.1%	$5.0M-2.0%	$5.1M-6.6%	$5.4M
Operating Income	-$19.4M+2.1%	-$19.8M	N/A	-$33.9M-19.6%	-$28.4M-16.1%	-$24.4M-12.7%	-$21.7M-14.6%	-$18.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$17.6M+4.6%	-$18.4M	N/A	-$31.4M-24.1%	-$25.3M-10.1%	-$23.0M-8.1%	-$21.2M-10.7%	-$19.2M
EPS (Diluted)	$-0.65	$-3.79	N/A	$-0.82-24.2%	$-0.66-3.1%	$-0.64-1.6%	$-0.63-1.6%	$-0.62

RAPT Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$240.3M+38.7%	$173.3M-34.9%	$266.2M+34.0%	$198.6M+67.0%	$119.0M+40.6%	$84.6M
Current Assets	$235.2M+45.4%	$161.8M-36.0%	$252.7M+30.9%	$193.0M+66.9%	$115.6M+43.6%	$80.5M
Cash & Equivalents	$169.7M+257.5%	$47.5M+21.9%	$38.9M+62.1%	$24.0M-3.6%	$24.9M-67.8%	$77.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$50.4M+91.8%	$26.3M+25.0%	$21.0M+71.7%	$12.3M-17.1%	$14.8M+28.8%	$11.5M
Current Liabilities	$48.4M+121.4%	$21.8M+53.5%	$14.2M+48.2%	$9.6M-18.3%	$11.7M+26.9%	$9.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$189.9M+29.2%	$147.0M-40.0%	$245.2M+31.5%	$186.4M+78.9%	$104.2M+42.5%	$73.1M
Retained Earnings	-$614.5M-26.8%	-$484.7M-31.7%	-$367.9M-29.5%	-$284.0M-32.2%	-$214.8M-32.7%	-$161.9M

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q2'23	Q4'22	Q3'22	Q2'22
Total Assets	$165.7M-31.0%	$240.3M+38.7%	$173.3M-13.2%	$199.7M-9.5%	$220.8M-17.1%	$266.2M+27.1%	$209.5M-5.6%	$222.0M
Current Assets	$161.0M-31.5%	$235.2M+45.4%	$161.8M-13.5%	$187.1M-9.8%	$207.4M-17.9%	$252.7M+27.7%	$197.9M-5.7%	$209.9M
Cash & Equivalents	$37.9M-77.7%	$169.7M+257.5%	$47.5M-12.3%	$54.1M+7.9%	$50.2M+28.8%	$38.9M+40.6%	$27.7M-51.6%	$57.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$13.8M-72.7%	$50.4M+91.8%	$26.3M-2.3%	$26.9M+27.7%	$21.1M+0.2%	$21.0M+4.3%	$20.2M+1.6%	$19.9M
Current Liabilities	$13.4M-72.3%	$48.4M+121.4%	$21.8M-0.1%	$21.8M+41.7%	$15.4M+8.4%	$14.2M+2.6%	$13.9M+5.5%	$13.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$152.0M-20.0%	$189.9M+29.2%	$147.0M-14.9%	$172.8M-13.5%	$199.7M-18.6%	$245.2M+29.5%	$189.3M-6.3%	$202.1M
Retained Earnings	-$666.9M-8.5%	-$614.5M-26.8%	-$484.7M-6.8%	-$453.8M-7.4%	-$422.4M-14.8%	-$367.9M-6.7%	-$344.9M-6.6%	-$323.7M

RAPT Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$83.3M+14.2%	-$97.0M-37.1%	-$70.8M-16.0%	-$61.0M-50.7%	-$40.5M-14.1%	-$35.5M
Capital Expenditures	$122K-89.2%	$1.1M+33.1%	$845K+11.9%	$755K+89.7%	$398K-55.2%	$888K
Free Cash Flow	-$83.4M+15.0%	-$98.2M-37.1%	-$71.6M-15.9%	-$61.8M-51.1%	-$40.9M-12.4%	-$36.4M
Investing Cash Flow	$52.7M-49.4%	$104.1M+328.9%	-$45.5M+44.1%	-$81.3M+7.0%	-$87.4M-10271.9%	-$843K
Financing Cash Flow	$152.9M+10463.4%	$1.4M-98.9%	$131.2M-7.3%	$141.5M+87.5%	$75.5M+51.2%	$49.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q2'23	Q4'22	Q3'22	Q2'22
Operating Cash Flow	-$12.5M-19.4%	-$10.4M+62.4%	-$27.8M-26.8%	-$21.9M+24.0%	-$28.8M-26.1%	-$22.8M-33.2%	-$17.1M-12.9%	-$15.2M
Capital Expenditures	$0-100.0%	$1K-98.5%	$67K+1.5%	$66K-71.7%	$233K+375.5%	$49K-39.5%	$81K-85.7%	$566K
Free Cash Flow	-$12.5M-19.4%	-$10.4M+62.5%	-$27.8M-26.7%	-$21.9M+24.4%	-$29.0M-26.8%	-$22.9M-32.9%	-$17.2M-9.3%	-$15.8M
Investing Cash Flow	$8.5M+1104.3%	-$843K-104.1%	$20.6M-19.8%	$25.7M-20.6%	$32.4M+178.6%	-$41.3M-134.5%	-$17.6M-68.3%	-$10.5M
Financing Cash Flow	$36K-100.0%	$143.1M+31147.8%	$458K+332.1%	$106K-86.2%	$767K-99.0%	$75.4M+1335.1%	$5.3M-89.6%	$50.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RAPT Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	-5618.5%-3803.4pp	-1815.1%-759.7pp	-1055.4%	N/A
Net Margin	N/A	N/A	-5490.4%-3675.4pp	-1815.0%-765.9pp	-1049.0%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-54.0%+13.4pp	-67.4%-35.9pp	-31.5%+3.3pp	-34.8%+9.6pp	-44.5%+6.4pp	-50.8%
Current Ratio	4.87-2.5	7.41-10.4	17.77-2.3	20.11+10.3	9.84+1.1	8.70
Debt-to-Equity	0.27+0.1	0.18+0.1	0.09+0.0	0.07-0.1	0.14-0.0	0.16
FCF Margin	N/A	N/A	-4690.0%-3069.7pp	-1620.3%-809.3pp	-811.0%	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q2'23	Q4'22	Q3'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-2134.2%
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-2165.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-10.6%+6.4pp	-17.0%	N/A	-15.7%-4.3pp	-11.5%-2.8pp	-8.6%+1.5pp	-10.1%-1.5pp	-8.6%
Current Ratio	12.04+7.2	4.87-2.5	7.41-1.2	8.57-4.9	13.46-4.3	17.77+3.5	14.27-1.7	15.97
Debt-to-Equity	0.09-0.2	0.27+0.1	0.18+0.0	0.16+0.1	0.11+0.0	0.09-0.0	0.110.0	0.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-1778.9%

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Frequently Asked Questions

Is Rapt Therapeutics, Inc. profitable?

No, Rapt Therapeutics, Inc. (RAPT) reported a net income of -$129.9M in fiscal year 2024.

What is Rapt Therapeutics, Inc.'s earnings per share (EPS)?

Rapt Therapeutics, Inc. (RAPT) reported diluted earnings per share of $-3.19 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Rapt Therapeutics, Inc.'s EBITDA?

Rapt Therapeutics, Inc. (RAPT) had EBITDA of -$134.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Rapt Therapeutics, Inc.'s free cash flow?

Rapt Therapeutics, Inc. (RAPT) generated -$83.4M in free cash flow during fiscal year 2024. This represents a 15.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Rapt Therapeutics, Inc.'s operating cash flow?

Rapt Therapeutics, Inc. (RAPT) generated -$83.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Rapt Therapeutics, Inc.'s total assets?

Rapt Therapeutics, Inc. (RAPT) had $240.3M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Rapt Therapeutics, Inc.'s capital expenditures?

Rapt Therapeutics, Inc. (RAPT) invested $122K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Rapt Therapeutics, Inc. spend on research and development?

Rapt Therapeutics, Inc. (RAPT) invested $107.2M in research and development during fiscal year 2024.

How many shares does Rapt Therapeutics, Inc. have outstanding?

Rapt Therapeutics, Inc. (RAPT) had 132M shares outstanding as of fiscal year 2024.

What is Rapt Therapeutics, Inc.'s current ratio?

Rapt Therapeutics, Inc. (RAPT) had a current ratio of 4.87 as of fiscal year 2024, which is generally considered healthy.

What is Rapt Therapeutics, Inc.'s debt-to-equity ratio?

Rapt Therapeutics, Inc. (RAPT) had a debt-to-equity ratio of 0.27 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Rapt Therapeutics, Inc.'s return on assets (ROA)?

Rapt Therapeutics, Inc. (RAPT) had a return on assets of -54.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Rapt Therapeutics, Inc.'s cash runway?

Based on fiscal year 2024 data, Rapt Therapeutics, Inc. (RAPT) had $169.7M in cash against an annual operating cash burn of $83.3M. This gives an estimated cash runway of approximately 24 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Rapt Therapeutics, Inc.'s Piotroski F-Score?

Rapt Therapeutics, Inc. (RAPT) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Rapt Therapeutics, Inc.'s earnings high quality?

Rapt Therapeutics, Inc. (RAPT) has an earnings quality ratio of 0.64x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.