Redmile Group, Jeremy Green Report Near-10% Holding in RAPT Therapeutics

Rhea-AI Filing Summary

RAPT Therapeutics, Inc. Schedule 13G/A filed by Redmile Group, LLC, Jeremy C. Green and Redmile Biopharma Investments III, L.P. reports beneficial ownership tied to both directly held common stock and exercisable warrants. Redmile Group and Mr. Green report 1,765,303 shares beneficially owned (9.9% of the class) and RBI III reports 1,147,390 shares (6.5% of the class). The filings explain ownership counts after a 1-for-8 reverse stock split and include up to 1,134,617 shares that could be issued upon exercise of certain pre-funded warrants subject to a 9.99% beneficial ownership blocker.

The filing discloses that Redmile Group acts as investment manager to Redmile Funds and that Mr. Green may be deemed to beneficially own the reported securities as principal of Redmile Group. Each reporting person disclaims beneficial ownership except for any pecuniary interest. The statement certifies the holdings are not for the purpose of changing control.

Positive

• Material disclosure of a near-10% economic stake provides transparency to investors
• Clear explanation of the Beneficial Ownership Limitation and how it constrains warrant exercises
• Filing aligns with passive Schedule 13G reporting and includes required signatures and certifications

Negative

• Concentrated position (9.9%) could be material to shareholders and may influence market perceptions
• Potential dilution from pre-funded warrants (up to 1,134,617 shares) exists, although capped by the blocker

Insights

Financial Analyst

TL;DR Redmile discloses a near-10% economic stake in RAPT via direct shares plus warrant exposure, limited by a 9.99% blocker.

The Schedule 13G/A shows Redmile Group and Jeremy C. Green reporting 1,765,303 shares, equal to 9.9% of RAPT's outstanding common stock on the stated basis, and RBI III reporting 1,147,390 shares (6.5%). The filing clarifies the effect of a 1-for-8 reverse split and explains that up to 1,134,617 shares could be issued upon exercise of certain pre-funded warrants but that exercises are constrained by a Beneficial Ownership Limitation that prevents issuance if it would push holdings above 9.99%. For investors, this is a material disclosure of concentrated ownership and potential dilution mechanics, disclosed in a manner consistent with passive reporting rules.

Corporate Governance Expert

TL;DR Ownership disclosure is comprehensive; the Beneficial Ownership Blocker and disclaimers reduce governance-control implications.

The filing identifies Redmile Group as investment manager to funds holding economic exposure, with Mr. Green linked as principal and signatures executed by him. The Beneficial Ownership Blocker and the formal disclaimers that the reporting persons do not seek control are important governance signals: they limit immediate voting/ownership concentration above the 9.99% threshold and clarify intent consistent with Schedule 13G passive investor treatment. The disclosure of shared voting and dispositive power is explicit, meeting regulatory transparency expectations.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

RAPT Therapeutics, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

75382E208

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 75382E208

1

Names of Reporting Persons

Redmile Group, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,765,303.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,765,303.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,765,303.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: After giving effect to the Reverse Stock Split (as defined below), Redmile Group, LLC's beneficial ownership of the Issuer's Common Stock, $0.0001 par value ("Common Stock") is comprised of 630,686 shares of Common Stock owned by certain private investment vehicles managed by Redmile Group, LLC (the "Redmile Funds"), including Redmile Biopharma Investments III, L.P. ("RBI III"). Subject to the Beneficial Ownership Blocker (as defined below), Redmile Group, LLC may also be deemed to beneficially own 1,957,432 shares of Common Stock issuable upon exercise of certain pre-funded warrants to purchase Common Stock (the "Warrants"). Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of the Warrant, and a holder of a Warrant does not have the right to exercise the Warrant held by such holder, to the extent that after giving effect to such issuance after exercise, the holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates), would beneficially own in excess of 9.99% (the "Beneficial Ownership Limitation") of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issued upon exercise of the Warrant (the "Beneficial Ownership Blocker"). The Beneficial Ownership Limitation may be changed at a holder's election upon 61 days' notice to the Issuer. The 1,765,303 shares of Common Stock reported as beneficially owned by Redmile Group, LLC in this Schedule 13G represent 9.99% of the outstanding shares of Common Stock (calculated in accordance with the footnote below), which includes 1,134,617 shares of Common Stock that could be issued upon exercise of certain of the Warrants under the Beneficial Ownership Blocker. The reported securities may be deemed beneficially owned by Redmile Group, LLC as investment manager of the Redmile Funds. The reported securities may also be deemed beneficially owned by Jeremy C. Green as the principal of Redmile Group, LLC. Redmile Group, LLC and Mr. Green each disclaim beneficial ownership of these shares, except to the extent of its or his pecuniary interest in such shares, if any. Percentage based on: (i) 16,536,085 shares of Common Stock outstanding, which was calculated based on the amount of shares of Common Stock reported by the Issuer to be outstanding as of May 2, 2025 in its Form 10-Q for the quarterly period ended March 31, 2025 filed with the SEC on May 8, 2025 (the "Form 10-Q") and taking into account the 1-for-8 reverse stock split with respect to the Issuer's Common Stock that was effected on June 16, 2025 (the "Reverse Stock Split"), as reported by the Issuer in its Form 8-K filed with the SEC on June 17, 2025 (the "Form 8-K"); plus (ii) 1,134,617 shares of Common Stock issuable upon exercise of the Warrants, which due to the Beneficial Ownership Limitation is the maximum number of shares that could be issued upon exercise of the Warrants.

SCHEDULE 13G

CUSIP No. 75382E208

1

Names of Reporting Persons

Jeremy C. Green

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,765,303.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,765,303.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,765,303.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: After giving effect to the Reverse Stock Split, Jeremy C. Green's beneficial ownership of Common Stock is comprised of 630,686 shares of Common Stock owned by the Redmile Funds, including RBI III. Subject to the Beneficial Ownership Blocker, Mr. Green may also be deemed to beneficially own 1,957,432 shares of Common Stock issuable upon exercise of the Warrants. Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of the Warrant, and a holder of a Warrant does not have the right to exercise the Warrant held by such holder, to the extent that the Beneficial Ownership Blocker applies. The 1,765,303 shares of Common Stock reported as beneficially owned by Mr. Green in this Schedule 13G represent 9.99% of the outstanding shares of Common Stock (calculated in accordance with the footnote below), which includes 1,134,617 shares of Common Stock that could be issued upon exercise of certain of the Warrants under the Beneficial Ownership Blocker. The reported securities may be deemed beneficially owned by Redmile Group, LLC as investment manager of the Redmile Funds. The reported securities may also be deemed beneficially owned by Jeremy C. Green as the principal of Redmile Group, LLC. Redmile Group, LLC and Mr. Green each disclaim beneficial ownership of these shares, except to the extent of its or his pecuniary interest in such shares, if any. Percentage based on: (i) 16,536,085 shares of Common Stock outstanding, which was calculated based on the amount of shares of Common Stock reported by the Issuer to be outstanding as of May 2, 2025 in the Form 10-Q and taking into account the Reverse Stock Split as reported by the Issuer in the Form 8-K; plus (ii) 1,134,617 shares of Common Stock issuable upon exercise of the Warrants, which due to the Beneficial Ownership Limitation is the maximum number of shares that could be issued upon exercise of the Warrants.

SCHEDULE 13G

CUSIP No. 75382E208

1

Names of Reporting Persons

Redmile Biopharma Investments III, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,147,390.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,147,390.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,147,390.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.5 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: After giving effect to the Reverse Stock Split, RBI III's beneficial ownership of Common Stock is comprised of 12,773 shares of Common Stock directly held by RBI III. Subject to the Beneficial Ownership Blocker, RBI III may also be deemed to beneficially own 1,957,432 shares of Common Stock issuable upon exercise of the Warrants directly held by RBI III. Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of any Warrant, and a holder of a Warrant does not have the right to exercise any portion of the Warrant held by such holder, if the Beneficial Ownership Blocker applies. The shares of Common Stock reported as beneficially owned by RBI III in this Schedule 13G represent the shares of Common Stock held directly by RBI III and the 1,134,617 shares of Common Stock that could be issued to RBI III upon exercise of certain of the Warrants directly held by RBI III under the Beneficial Ownership Blocker. Percentage based on: (i) 16,536,085 shares of Common Stock outstanding, which was calculated based on the amount of shares of Common Stock reported by the Issuer to be outstanding as of May 2, 2025 in the Form 10-Q and taking into account the Reverse Stock Split as reported by the Issuer in the Form 8-K; plus (ii) 1,134,617 shares of Common Stock issuable upon exercise of the Warrants directly held by RBI III, which due to the Beneficial Ownership Limitation is the maximum number of shares that could be issued upon exercise of the Warrants.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: RAPT Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 561 Eccles Avenue, South San Francisco, CA, 94080
Item 2.
(a)	Name of person filing: Redmile Group, LLC Jeremy C. Green Redmile Biopharma Investments III, L.P.
(b)	Address or principal business office or, if none, residence: Redmile Group, LLC One Letterman Drive Building D, Suite D3-300 The Presidio of San Francisco San Francisco, California 94129 Jeremy C. Green c/o Redmile Group, LLC (NY Office) 45 W. 27th Street, Floor 11 New York, NY 10001 Redmile Biopharma Investments III, L.P. c/o Redmile Group, LLC One Letterman Drive Building D, Suite D3-300 The Presidio of San Francisco San Francisco, California 94129
(c)	Citizenship: Redmile Group, LLC: Delaware Jeremy C. Green: United Kingdom Redmile Biopharma Investments III, L.P.: Delaware
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 75382E208
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Redmile Group, LLC - 1,765,303 (1) Jeremy C. Green - 1,765,303 (1) Redmile Biopharma Investments III, L.P. - 1,147,390 (2)
(b)	Percent of class: Redmile Group, LLC - 9.9% (3) Jeremy C. Green - 9.9% (3) Redmile Biopharma Investments III, L.P. - 6.5% (3)
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Redmile Group, LLC - 0 Jeremy C. Green - 0 Redmile Biopharma Investments III, L.P. - 0
	(ii) Shared power to vote or to direct the vote: Redmile Group, LLC - 1,765,303 (1) Jeremy C. Green - 1,765,303 (1) Redmile Biopharma Investments III, L.P. - 1,147,390 (2)
	(iii) Sole power to dispose or to direct the disposition of: Redmile Group, LLC - 0 Jeremy C. Green - 0 Redmile Biopharma Investments III, L.P. - 0
	(iv) Shared power to dispose or to direct the disposition of: Redmile Group, LLC - 1,765,303 (1) Jeremy C. Green - 1,765,303 (1) Redmile Biopharma Investments III, L.P. - 1,147,390 (2) (1) After giving effect to the Reverse Stock Split, Redmile Group, LLC's and Jeremy C. Green's beneficial ownership of the Issuer's Common Stock is comprised of 630,686 shares of Common Stock owned by the Redmile Funds, including RBI III. Subject to the Beneficial Ownership Blocker, Redmile Group, LLC and Mr. Green may also be deemed to beneficially own 1,957,432 shares of Common Stock issuable upon exercise of the Warrants. Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of any Warrant, and a holder of a Warrant does not have the right to exercise any portion of the Warrant held by such holder, if the Beneficial Ownership Blocker applies. The 1,765,303 shares of Common Stock reported as beneficially owned by Redmile Group, LLC and Mr. Green in this Schedule 13G represent 9.99% of the outstanding shares of Common Stock (calculated in accordance with footnote (3) below), which represent the shares of Common Stock held directly by the Redmile Funds and the 1,134,617 shares of Common Stock that could be issued upon exercise of certain of the Warrants under the Beneficial Ownership Blocker. The reported securities may be deemed beneficially owned by Redmile Group, LLC as investment manager of the Redmile Funds. The reported securities may also be deemed beneficially owned by Jeremy C. Green as the principal of Redmile Group, LLC. Redmile Group, LLC and Mr. Green each disclaim beneficial ownership of these shares, except to the extent of its or his pecuniary interest in such shares, if any. (2) After giving effect to the Reverse Stock Split, RBI III's beneficial ownership of Common Stock is comprised of 12,773 shares of Common Stock. Subject to the Beneficial Ownership Blocker, RBI III may also be deemed to beneficially own 1,957,432 shares of Common Stock issuable upon exercise of the Warrants directly held by RBI III. Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of any Warrant, and a holder of a Warrant does not have the right to exercise any portion of the Warrant held by such holder, if the Beneficial Ownership Blocker applies. The shares of Common Stock reported as beneficially owned by RBI III in this Schedule 13G represent the shares of Common Stock held directly by RBI III and the 1,134,617 shares of Common Stock that could be issued to RBI III upon exercise of certain of the Warrants directly held by RBI III under the Beneficial Ownership Blocker. (3) Percentage based on: (i) 16,536,085 shares of Common Stock outstanding, which was calculated based on the amount of shares of Common Stock reported by the Issuer to be outstanding as of May 2, 2025 in the Form 10-Q and taking into account the Reverse Stock Split as reported by the Issuer in the Form 8-K; plus (ii) 1,134,617 shares of Common Stock issuable upon exercise of the Warrants, which due to the Beneficial Ownership Limitation is the maximum number of shares that could be issued upon exercise of the Warrants.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See the response to Item 4.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Redmile Group, LLC

Signature:	/s/ Jeremy C. Green
Name/Title:	Managing Member
Date:	08/14/2025

Jeremy C. Green

Signature:	/s/ Jeremy C. Green
Name/Title:	Jeremy C. Green
Date:	08/14/2025

Redmile Biopharma Investments III, L.P.

Signature:	/s/ Jeremy C. Green
Name/Title:	Managing Member of Redmile Biopharma Investments III (GP), LLC, general partner of Redmile Biopharma Investments III, L.P.
Date:	08/14/2025

FAQ

What stake in RAPT does Redmile Group report in this filing?

Redmile Group and Jeremy C. Green report beneficial ownership of 1,765,303 shares (9.9%) of RAPT common stock on the filing basis.

How much does Redmile Biopharma Investments III (RBI III) report owning in RAPT?

RBI III reports beneficial ownership of 1,147,390 shares (6.5%) of RAPT common stock on the filing basis.

Do the reported holdings include warrant exposure for RAPT (symbol RAPT)?

Yes. The filings state up to 1,134,617 shares could be issued upon exercise of certain pre-funded warrants, but exercises are limited by a 9.99% Beneficial Ownership Limitation (the Blocker).

Does the filing indicate Redmile or Mr. Green intends to change control of RAPT?

No. The certification states the securities were not acquired for the purpose of changing or influencing control and the reporting persons disclaim beneficial ownership except for any pecuniary interest.

How did the reverse stock split affect the reported ownership counts?

The filing states counts are reported after a 1-for-8 reverse stock split, and outstanding share calculations incorporate that split when deriving percentages.