RAPT Therapeutics Reports Fourth Quarter and Full Year 2024 Financial Results
Rhea-AI Summary
RAPT Therapeutics reported its Q4 and full-year 2024 financial results, highlighting its focus on advancing RPT904, a novel therapy for food allergy and chronic spontaneous urticaria. The company's Q4 2024 net loss widened to $53.2 million from $30.9 million in Q4 2023.
Key financial highlights include:
- R&D expenses increased to $46.5M in Q4 2024, primarily due to a $35M upfront license fee for RPT904
- Full-year 2024 net loss reached $129.9M compared to $116.8M in 2023
- Secured $143M through private placement of shares and warrants in December 2024
- Cash position of $231.1M as of December 31, 2024
The company entered a license agreement with Jemincare for RPT904, potentially worth up to $672.5M in milestone payments plus royalties. RAPT plans to initiate a Phase 2b trial for RPT904 in food allergy in H2 2025.
Positive
- Secured $143M through private placement strengthening cash position
- Strong cash position of $231.1M as of year-end
- Acquired promising RPT904 drug candidate with validated mechanism
- Clear development timeline with Phase 2b trial planned for H2 2025
Negative
- Net loss increased to $53.2M in Q4 2024 vs $30.9M in Q4 2023
- Full year losses widened to $129.9M from $116.8M
- R&D expenses increased by $6.2M year-over-year
- G&A expenses rose by $2.8M year-over-year
- Significant dilution from 176.45M new shares/warrants issued
Insights
RAPT's Q4 and full-year 2024 results reveal a strategic pivot rather than simply deteriorating financials. The company's increased net loss of
The company has substantially strengthened its balance sheet through a
The licensing agreement with Jemincare for RPT904 represents a calculated bet with potential milestone payments up to
However, investors should note the extended timeline, with Phase 2b trials in food allergy not starting until H2 2025, pushing any potential revenue years into the future. The strategic refocusing from previous lead candidates to RPT904 also signals a significant pipeline shift that warrants close monitoring.
RAPT's strategic refocus on RPT904 represents a targeted approach to established biological pathways with proven clinical relevance. By targeting IgE, RPT904 addresses a validated mechanism in allergic disease already successfully exploited by omalizumab, potentially offering a more streamlined regulatory pathway.
The food allergy and chronic spontaneous urticaria (CSU) markets represent substantial opportunities with significant unmet need. Food allergy affects approximately
The strategic shift away from zelnecirnon and tivumecirnon programs to focus resources on RPT904 suggests an internal portfolio reprioritization based on either preliminary data or market opportunity assessment. This disciplined approach to pipeline management, while potentially disappointing for followers of previous programs, demonstrates pragmatic resource allocation.
While the
SOUTH SAN FRANCISCO, Calif., March 06, 2025 (GLOBE NEWSWIRE) -- RAPT Therapeutics, Inc. (Nasdaq: RAPT) (“RAPT” or the “Company”) is a clinical-stage immunology-based biopharmaceutical company focused on discovering, developing and commercializing novel therapies for patients living with inflammatory and immunological diseases, today reported financial results for the fourth quarter and year ended December 31, 2024.
“Our focus for 2025 will be on advancing development of RPT904, a novel, potential best-in-class option to treat the large and underserved population of patients suffering from food allergy and chronic spontaneous urticaria,” said Brian Wong, President and CEO of RAPT. “We believe RPT904 can be a differentiated product to treat these diseases by targeting IgE, an approach validated by omalizumab. We expect to initiate a Phase 2b clinical trial for RPT904 in food allergy in the second half of 2025 and await clinical data later this year from our partner Jemincare to guide our development strategy in CSU.”
Financial Results for the Fourth Quarter and Year Ended December 31, 2024
Fourth Quarter Ended December 31, 2024
Net loss for the fourth quarter of 2024 was
Research and development expenses for the fourth quarter of 2024 were
General and administrative expenses for the fourth quarter of 2024 were
In December 2024, the Company entered into a license agreement with Shanghai Jemincare Pharmaceutical Co., Ltd. (“Jemincare”), a company incorporated in the People’s Republic of China, under which the Company obtained exclusive rights to RPT904 throughout the world, excluding mainland China, Hong Kong, Macau and Taiwan. As consideration for those rights, the Company paid a
Also in December 2024, the Company sold through a private placement to a select group of accredited investors 100,000,000 shares of common stock at a price of
Year Ended December 31, 2024
Net loss for the year ended December 31, 2024 was
Research and development expenses for the year ended December 31, 2024 were
General and administrative expenses for the year ended December 31, 2024 were
As of December 31, 2024, the Company had cash and cash equivalents and marketable securities of
About RAPT Therapeutics, Inc.
RAPT Therapeutics, Inc. (“RAPT” or the “Company”) is a clinical-stage immunology-based biopharmaceutical company focused on discovering, developing and commercializing novel therapies for patients living with inflammatory and immunological diseases. Utilizing our deep and proprietary expertise in immunology, we develop novel therapies that are designed to modulate the critical immune responses underlying these diseases.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimates,” “expects,” “will” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These statements relate to future events and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future performances or achievements expressed or implied by the forward-looking statements. Each of these statements is based only on current information, assumptions and expectations that are inherently subject to change and involve a number of risks and uncertainties. Forward-looking statements include, but are not limited to, statements about the therapeutic potential of RAPT’s product candidates, the timing of the initiation of or data from clinical trials, the market opportunity for RAPT’s product candidates, potential milestone and royalty payments and other statements that are not historical fact. Many factors may cause differences between current expectations and actual results, including unexpected or unfavorable safety or efficacy data observed during clinical studies, preliminary data and trends that may not be predictive of future data or results or that may not demonstrate safety or efficacy or lead to regulatory approval, clinical trial site activation or enrollment rates that are lower than expected, unanticipated or greater than anticipated impacts or delays due to macroeconomic and geopolitical conditions (including the long-term impacts of ongoing overseas conflicts, fluctuations in inflation and interest rates and other economic uncertainty), changes in expected or existing competition, changes in the regulatory environment, the uncertainties and timing of the regulatory approval process and the sufficiency of RAPT’s cash resources. Detailed information regarding risk factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in RAPT’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 6, 2025 and subsequent filings made by RAPT with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. RAPT disclaims any obligation to update these forward-looking statements, except as required by law.
RAPT Media Contact:
Aljanae Reynolds
areynolds@wheelhouselsa.com
RAPT Investor Contact:
Sylvia Wheeler
swheeler@wheelhouselsa.com
| RAPT THERAPEUTICS INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Three Months Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 46,456 | 26,764 | 107,217 | 101,002 | ||||||||||||
| General and administrative | 8,009 | 6,453 | 28,884 | 26,060 | ||||||||||||
| Total operating expenses | 54,465 | 33,217 | 136,101 | 127,062 | ||||||||||||
| Loss from operations | (54,465 | ) | (33,217 | ) | (136,101 | ) | (127,062 | ) | ||||||||
| Other income, net | 1,216 | 2,341 | 6,236 | 10,264 | ||||||||||||
| Net loss | $ | (53,249 | ) | $ | (30,876 | ) | $ | (129,865 | ) | $ | (116,798 | ) | ||||
| Other comprehensive income (loss): | ||||||||||||||||
| Foreign currency translation loss | — | — | — | (655 | ) | |||||||||||
| Unrealized gain (loss) on marketable securities | (57 | ) | 224 | (53 | ) | 784 | ||||||||||
| Total comprehensive loss | $ | (53,306 | ) | $ | (30,652 | ) | $ | (129,918 | ) | $ | (116,669 | ) | ||||
| Net loss per share, basic and diluted | $ | (1.14 | ) | $ | (0.80 | ) | $ | (3.19 | ) | $ | (3.05 | ) | ||||
| Weighted average number of shares used in computing net loss per share, basic and diluted | 46,687,525 | 38,383,867 | 40,761,143 | 38,338,161 | ||||||||||||
| RAPT THERAPEUTICS, INC. CONSOLIDATED BALANCE SHEETS (In thousands) | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Assets | (Unaudited) | (1) | ||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 169,735 | $ | 47,478 | ||||
| Marketable securities | 61,320 | 111,384 | ||||||
| Prepaid expenses and other current assets | 4,181 | 2,920 | ||||||
| Total current assets | 235,236 | 161,782 | ||||||
| Property and equipment, net | 1,367 | 2,448 | ||||||
| Operating lease right-of-use assets | 3,333 | 5,228 | ||||||
| Other assets | 389 | 3,871 | ||||||
| Total assets | $ | 240,325 | $ | 173,329 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,275 | $ | 5,176 | ||||
| Accrued expenses | 9,597 | 14,103 | ||||||
| License fees payable | 35,000 | — | ||||||
| Operating lease liabilities, current | 2,422 | 2,448 | ||||||
| Other current liabilities | 57 | 109 | ||||||
| Total current liabilities | 48,351 | 21,836 | ||||||
| Operating lease liabilities, non-current | 2,070 | 4,458 | ||||||
| Total liabilities | 50,421 | 26,294 | ||||||
| Commitments | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | 13 | 3 | ||||||
| Additional paid-in capital | 804,388 | 631,611 | ||||||
| Accumulated other comprehensive gain | 50 | 103 | ||||||
| Accumulated deficit | (614,547 | ) | (484,682 | ) | ||||
| Total stockholders’ equity | 189,904 | 147,035 | ||||||
| Total liabilities and stockholders’ equity | $ | 240,325 | $ | 173,329 | ||||
| (1) The consolidated balance sheet for December 31, 2023 has been derived from audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. | ||||||||
FAQ
What were RAPT Therapeutics' Q4 2024 financial results?
How much did RAPT raise in their December 2024 private placement?
What are the terms of RAPT's RPT904 license agreement with Jemincare?
When will RAPT begin Phase 2b trials for RPT904 in food allergy?
What was RAPT's cash position at the end of 2024?
