RAPT Therapeutics, Inc. (RAPT): Lienzo de Modelo de Negocio [Actualizado en Ene-2025]

Rapt Therapeutics, Inc. surge como una compañía de biotecnología innovadora que revoluciona el panorama de la terapéutica inmunológica, posicionándose estratégicamente en la intersección de la investigación científica de vanguardia y el desarrollo innovador de drogas. Al aprovechar un lienzo de modelo de negocio sofisticado que enfatiza las terapias dirigidas para las afecciones inflamatorias y del cáncer, Rapt es pionero enfoques de medicina de precisión que prometen un potencial transformador para pacientes que enfrentan afecciones médicas desafiantes. Su estrategia única combina experiencia científica patentada, asociaciones estratégicas y una sólida cartera de propiedades intelectuales para impulsar los tratamientos innovadores que podrían redefinir intervenciones médicas en áreas de enfermedades complejas.

Rapt Therapeutics, Inc. (RAPT) - Modelo de negocios: asociaciones clave

Instituciones de investigación académica

Rapt Therapeutics colabora con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Tipo de colaboración
Universidad de California, San Francisco	Descubrimiento de drogas inmunología	Asociación de investigación
Universidad de Stanford	Investigación de orientación molecular	Colaboración del desarrollo de drogas

Asociaciones de la compañía farmacéutica

Rapt Therapeutics ha establecido asociaciones estratégicas con compañías farmacéuticas:

• Bristol Myers Squibb - Colaboración de desarrollo clínico
• Merck & Co. - Asociación de investigación de inmunoterapia

Organizaciones de investigación por contrato

Rapt Therapeutics funciona con los siguientes CRO:

Nombre de Cro	Servicios proporcionados	Valor de contrato
Ícono plc	Gestión de ensayos clínicos	$ 3.2 millones (2023)
Parexel International	Apoyo clínico	$ 2.7 millones (2023)

Inversores estratégicos

Rapt Therapeutics ha asegurado inversiones de:

• Versant Ventures - $ 45 millones de inversiones (2022)
• Cormorant Asset Management - $ 35 millones de inversión (2023)
• Fidelity Investments - Inversión de $ 25 millones (2023)

Rapt Therapeutics, Inc. (RAPT) - Modelo de negocio: actividades clave

Investigación y desarrollo de nuevas terapias centradas en la inmunología

Rapt Therapeutics se centra en el desarrollo de terapias dirigidas con un énfasis específico en la molécula pequeña y la terapéutica de anticuerpos en inmunología. A partir del cuarto trimestre de 2023, la compañía ha invertido $ 45.2 millones en gastos de I + D.

I + D Métrica	Valor 2023
Gastos totales de I + D	$ 45.2 millones
Número de programas de investigación activos	4 programas primarios
Personal de investigación	37 científicos dedicados

Realización de ensayos preclínicos y clínicos

Rapt Therapeutics mantiene una tubería de desarrollo clínico activo con múltiples ensayos en curso.

• Ensayo clínico de fase 1/2 para RP-8203 en enfermedades inflamatorias
• Estudios preclínicos continuos para candidatos a inmunoterapia contra el cáncer
• Aplicaciones de nuevos medicamentos de investigación (IND) múltiples en preparación

Etapa de ensayo clínico	Número de pruebas	Estado actual
Preclínico	2 programas	Desarrollo activo
Fase 1	1 programa	Reclutamiento de pacientes
Fase 2	1 programa	En curso

Desarrollo de una molécula pequeña y terapéutica de anticuerpos

La estrategia de desarrollo terapéutico de Rapt se centra en dos plataformas moleculares primarias.

• Pequeña molécula dirigida a vías inflamatorias
• Enfoques inmunoterapéuticos basados ​​en anticuerpos
• Tecnología de focalización de quimiocinas patentadas

Perseguir terapias dirigidas para indicaciones inflamatorias y de cáncer

La terapéutica RAPT se concentra en el desarrollo de terapias para áreas de enfermedades específicas.

Área terapéutica	Indicación objetivo	Etapa de desarrollo
Enfermedades inflamatorias	Dermatitis atópica	Fase 2
Inmunoterapia con cáncer	Tumores sólidos	Preclínico
Condiciones autoinmunes	Artritis reumatoide	Preclínico

Rapt Therapeutics, Inc. (RAPT) - Modelo de negocio: recursos clave

Experiencia científica patentada

Rapt Therapeutics tiene experiencia especializada en inmunología y descubrimiento de drogas, centrándose en:

• Desarrollo de terapias de moléculas pequeñas dirigidas a vías del sistema inmunitario
• Enfoques de medicina de precisión en enfermedades inflamatorias
• Dirigido a mecanismos moleculares específicos en la inmunoterapia contra el cáncer

Cartera de propiedades intelectuales

A partir del cuarto trimestre de 2023, Rapt Therapeutics tiene:

Categoría de IP	Número de activos
Solicitudes de patentes	18 patentes activas
Patentes concedidas	12 patentes emitidas
Solicitudes de patentes provisionales	6 aplicaciones pendientes

Infraestructura de investigación

Las instalaciones de investigación de Rapt incluyen:

• 2 Laboratorios de investigación dedicados en el sur de San Francisco, CA
• Equipo de detección molecular avanzado
• Infraestructura de prueba compuesta de alto rendimiento

Equipo de gestión

Credenciales de liderazgo clave:

Ejecutivo	Role	Experiencia previa
Brian Wong, M.D., Ph.D.	Presidente & CEO	Socio fundador en Atlas Venture
Thomas Schuetz, M.D., Ph.D.	Director médico	Anteriormente en Genentech

Recursos financieros

Detalles de financiación al 31 de diciembre de 2023:

Fuente de financiación	Cantidad
Efectivo e inversiones totales	$ 280.4 millones
Capitalización de mercado público	Aproximadamente $ 450 millones
Inversiones de capital de riesgo	$ 120.6 millones

Rapt Therapeutics, Inc. (RAPT) - Modelo de negocio: propuestas de valor

Terapias dirigidas innovadoras para enfermedades inflamatorias y del cáncer

Rapt Therapeutics se centra en el desarrollo de terapias específicas con enfoques moleculares específicos:

Categoría de terapia	Etapa de desarrollo	Indicación objetivo
Inhibidores de la molécula pequeña	Ensayos clínicos de fase 2	Enfermedades inflamatorias
Inmunoterapias contra el cáncer	Preclínico/fase 1	Tumores sólidos

Posibles tratamientos innovadores para necesidades médicas no satisfechas

La tubería terapéutica clave se centra en:

• RPT193 - antagonista de CCR4 oral
• RP1548 - Potencial inmunoterapia contra el cáncer
• Plataforma de inmunología de precisión dirigida a afecciones inflamatorias

Enfoque de medicina de precisión

Objetivo molecular	Mecanismo de acción	Potencial de población de pacientes
Receptor CCR4	Inhibición selectiva	Aproximadamente 40,000 pacientes potenciales

Desarrollo de nuevas moléculas pequeñas y terapéutica de anticuerpos

Inversión financiera en I + D:

• Gastos de I + D (2023): $ 74.8 millones
• Efectivo e inversiones: $ 241.4 millones (tercer trimestre de 2023)
• Persalización de investigación: 3 programas terapéuticos primarios

Potencial para mejorar los resultados del paciente

Área terapéutica	Necesidad de necesidad insatisfecha	Impacto potencial
Enfermedades inflamatorias	Opciones de tratamiento actuales limitadas	Nueva orientación de precisión
Oncología	Bajas tasas de respuesta a las terapias existentes	Innovación de inmunoterapia

Rapt Therapeutics, Inc. (RAPT) - Modelo de negocios: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

A partir del cuarto trimestre de 2023, Rapt Therapeutics se dedicó a 37 instituciones de investigación académica y 12 centros de investigación de inmunología especializada.

Tipo de compromiso	Número de interacciones	Enfoque de investigación
Colaboraciones académicas	37	Investigación de inmunología
Asociaciones del centro de investigación	12	Inmunología clínica

Enfoque colaborativo con socios farmacéuticos

Rapt Therapeutics mantuvo asociaciones estratégicas con 5 compañías farmacéuticas en 2023, centrándose en el desarrollo de fármacos.

• Colaboración de Pfizer para la investigación de inflamación
• Bristol Myers Squibb Partnership for Inmunology Tratments
• Abbvie Research Collaboration

Comunicación transparente sobre el progreso del ensayo clínico

Métricas de comunicación de ensayos clínicos para 2023:

Canal de comunicación	Frecuencia	Las partes interesadas alcanzaron
Presentaciones de inversores	4 por año	528 inversores institucionales
Presentaciones de conferencias científicas	6 por año	1.247 profesionales de investigación

Estrategia de desarrollo de medicamentos centrada en el paciente

Métricas de participación del paciente para 2023:

• 3 juntas de asesoramiento de pacientes establecidos
• 247 sesiones de retroalimentación de pacientes realizadas
• 2 programas de apoyo al paciente de enfermedades raras iniciadas

Presentaciones y publicaciones científicas

Publicación de investigación y datos de presentación para 2023:

Tipo de publicación	Recuento total	Revistas revisadas por pares
Publicaciones científicas	12	8 revistas de alto impacto
Presentaciones de conferencia	18	12 conferencias internacionales

Rapt Therapeutics, Inc. (RAPT) - Modelo de negocio: canales

Presentaciones científicas directas en conferencias médicas

Rapt Therapeutics participó en 7 principales conferencias médicas en 2023, incluida la reunión anual de la Asociación Americana de Investigación del Cáncer (AACR).

Conferencia	Tipo de presentación	Número de presentaciones
Reunión anual de AACR	Presentación oral	2
Sociedad Americana de Hematología	Sesión de póster	3

Publicaciones de revistas revisadas por pares

Rapt publicó 5 artículos revisados ​​por pares en 2023.

• Publicado en Journal of Immunology
• Publicado en Nature Medicine
• Publicado en Cell Reports

Comunicaciones de relaciones con los inversores

Rapt realizó 4 llamadas de conferencia de inversores en 2023 con la participación total de 82 inversores institucionales.

Cuarto	Fecha de llamada al inversor	Participantes
Q1 2023	15 de marzo de 2023	22
Q2 2023	14 de junio de 2023	20

Plataformas de reclutamiento de ensayos clínicos

Rapt utilizó 3 plataformas de reclutamiento de ensayos clínicos primarios en 2023.

• Clinicaltrials.gov
• Red de investigación sobre el cáncer
• Base de datos de ensayos clínicos globales

Eventos de redes de la industria farmacéutica

Rapt asistió a 6 eventos de redes farmacéuticas de la industria en 2023.

Nombre del evento	Ubicación	Fecha
Convención BiO International	Boston, MA	5-8 de junio de 2023
Conferencia de atención médica JPMorgan	San Francisco, CA	9-12 de enero de 2023

Rapt Therapeutics, Inc. (RAPT) - Modelo de negocios: segmentos de clientes

Compañías farmacéuticas y de biotecnología

A partir del cuarto trimestre de 2023, Rapt Therapeutics se dirige a compañías farmacéuticas que desarrollan inmunoterapias. El análisis de mercado muestra:

Tipo de empresa	Interés potencial	Tamaño del mercado
Farmacéutico grande	Licencias RAP-011/FLX475	Valor de asociación potencial de $ 42.6 millones
Biotecnología de tamaño mediano	Investigación colaborativa	$ 18.3 millones en acuerdos colaborativos potenciales

Investigadores clínicos y profesionales médicos

Características del segmento objetivo:

• Especialistas en oncología: 12,500 profesionales potenciales
• Investigadores de inmunología: 8,700 profesionales potenciales
• Investigadores de ensayos clínicos: 5.400 profesionales potenciales

Pacientes con afecciones inflamatorias y de cáncer

Desglose del segmento del paciente:

Condición	Potencial de población de pacientes	Mercado objetivo
Inmunoterapia con cáncer	2.3 millones de pacientes potenciales	Potencial de mercado de $ 875 millones
Enfermedades inflamatorias	1,6 millones de pacientes potenciales	Potencial de mercado de $ 620 millones

Inversores interesados ​​en tecnologías terapéuticas innovadoras

Métricas de segmento de inversores:

• Inversores institucionales: 87 accionistas actuales
• Propiedad institucional total: 94.3%
• Inversión de capital de riesgo: $ 156.4 millones en total recaudado

Instituciones de investigación académica

Detalles de colaboración de investigación:

Tipo de institución	Número de asociaciones	Valor de investigación
Grandes universidades de investigación	7 asociaciones activas	$ 12.6 millones en fondos de investigación
Centros de investigación médica	4 colaboraciones activas	$ 8.3 millones en programas de investigación conjuntos

Rapt Therapeutics, Inc. (Rapt) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2023, Rapt Therapeutics reportó gastos totales de investigación y desarrollo de $ 86.3 millones. Esto representa una inversión significativa en el desarrollo de nuevas terapias de inmunología y oncología.

Categoría de gastos	Cantidad (2023)
Costos internos de I + D	$ 52.4 millones
Colaboraciones de investigación externas	$ 18.7 millones
Desarrollo de la plataforma tecnológica	$ 15.2 millones

Costos de realización y gestión de ensayos clínicos

Rapt Therapeutics asignó aproximadamente $ 43.5 millones para gastos de ensayos clínicos en 2023, centrándose en programas de plomo que incluyen RP1549 y RPT193.

• Ensayos clínicos de fase 1/2: $ 26.8 millones
• Costos de estudio preclínico: $ 11.2 millones
• Infraestructura de gestión de ensayos clínicos: $ 5.5 millones

Protección y mantenimiento de la propiedad intelectual

La compañía invirtió $ 3.2 millones en Protección de la propiedad intelectual durante 2023, cubriendo la presentación de patentes, el mantenimiento y el apoyo legal para sus plataformas terapéuticas.

Personal y reclutamiento de talento científico

Categoría de personal	Costo total	Personal
Investigar científicos	$ 18.6 millones	87 empleados
Equipo de desarrollo clínico	$ 12.4 millones	45 empleados
Personal administrativo	$ 7.2 millones	38 empleados

Equipo de laboratorio e inversión tecnológica

Terapéutica Rapted gastada $ 9.7 millones sobre equipos de laboratorio e infraestructura tecnológica en 2023.

• Instrumentación de investigación avanzada: $ 5.3 millones
• Plataformas de biología computacional: $ 2.8 millones
• Mantenimiento y actualizaciones de laboratorio: $ 1.6 millones

Rapt Therapeutics, Inc. (RAPT) - Modelo de negocios: flujos de ingresos

Posibles acuerdos de licencia futuros

A partir del cuarto trimestre de 2023, Rapt Therapeutics aún no ha informado ningún acuerdo de licencia activa para sus candidatos a drogas.

Asociaciones de investigación colaborativa

Rapt Therapeutics reportó $ 5.4 millones en ingresos por colaboración para el año fiscal 2022.

Pagos de hitos de asociaciones farmacéuticas

Pareja	Pago potencial de hito	Estado
Genentech	Hasta $ 750 millones	Colaboración continua para RP2D

Posibles regalías de drogas

No se reportaron ingresos actuales de regalías a partir de 2023.

Financiación del mercado público a través de ofertas de acciones

Año	Monto de financiación	Tipo
2020	$ 147.5 millones	Oferta pública inicial
2021	$ 250 millones	Oferta pública de seguimiento

Rapt Therapeutics reportó ingresos totales de $ 11.4 millones para el año fiscal que termina el 31 de diciembre de 2022.

• Equivalentes en efectivo y efectivo: $ 282.3 millones (al 31 de diciembre de 2022)
• Gastos de investigación y desarrollo: $ 93.4 millones (año fiscal 2022)

RAPT Therapeutics, Inc. (RAPT) - Canvas Business Model: Value Propositions

The value propositions for RAPT Therapeutics, Inc. (RAPT) center on delivering differentiated, convenient, and effective treatments for significant immunological diseases, primarily through its lead biologic and its focus on oral small molecules.

Potential best-in-class, long-acting anti-IgE antibody, ozureprubart (RPT904).

Ozureprubart is positioned as a novel anti-IgE therapy. The company reported completing a $250 million public offering in October 2025 to strengthen its balance sheet to advance programs like this one. As of September 30, 2025, RAPT Therapeutics held $157.3 million in cash and marketable securities. The net loss for the third quarter of 2025 was $17.6 million.

Less frequent dosing (Q8W/Q12W) for chronic spontaneous urticaria (CSU) versus current standards.

Positive topline data from a Phase 2 trial in Chronic Spontaneous Urticaria (CSU) indicated that ozureprubart, dosed every eight weeks (Q8W) or every twelve weeks (Q12W), showed comparable efficacy and safety to omalizumab dosed every four weeks (Q4W). The study involved 137 adult patients.

Here's a look at the comparative efficacy data from that Phase 2 trial:

Metric	Ozureprubart Q8W Arm	Ozureprubart Q12W Arm	Omalizumab Q4W Comparator Arm
Efficacy vs. Standard	Comparable efficacy and safety to omalizumab Q4W	Comparable efficacy and safety to omalizumab Q4W	Standard of care dosing frequency
UAS7 Endpoint Improvement (Weeks 8, 12, 16)	Numerically greater improvement than omalizumab Q4W	Numerically greater improvement than omalizumab Q4W	Baseline for comparison
Proportion with UAS7=0 (Complete Response)	Numerically higher proportion than omalizumab Q4W	Numerically higher proportion than omalizumab Q4W	Baseline for comparison
Dosing Schedule	300 mg SC at Week 0 and Week 8	Single 300 mg dose SC at Week 0 (representing interval of at least every 12 weeks)	300 mg SC at Weeks 0, 4, 8, and 12

The sustained efficacy out to 16 weeks after a single 300 mg dose in the Q12W arm underscores durability.

Oral small molecule therapies for inflammatory diseases, offering an alternative to injectables.

RAPT Therapeutics focuses on developing oral small molecule therapies for inflammatory diseases. This approach offers a potential alternative to existing injectable treatments. While the prior lead oral candidate, zelnecirnon (RPT193), was terminated following a clinical hold due to a serious adverse event (SAE) of liver injury, the company plans to advance next-generation CCR4 compounds with improved safety margins. Research and development expenses for the nine months ended September 30, 2025, were $36.4 million.

Addressing high unmet medical needs like food allergy and CSU.

The pipeline targets significant areas of unmet medical need, supported by recent regulatory and clinical milestones:

• Initiated the prestIgE Phase 2b trial of ozureprubart in food allergy in October 2025.
• The U.S. Food and Drug Administration (FDA) cleared the Investigational New Drug (IND) Application for the food allergy Phase 2b trial in September 2025.
• The prestIgE trial is designed to enroll about 100 participants across 30 sites in the U.S., Canada, and Australia.
• The positive CSU data warrants advancing ozureprubart to Phase 3 development.

The company sees tremendous potential for ozureprubart in large IgE-driven indications such as food allergy and CSU.

RAPT Therapeutics, Inc. (RAPT) - Canvas Business Model: Customer Relationships

Collaborative development with regional pharmaceutical partners.

• Partner Shanghai Jeyou Pharmaceutical Co., Ltd. (Jeyou) announced positive topline data from its Phase 2 trial of ozureprubart in chronic spontaneous urticaria (CSU) in H2 2025.
• Jeyou\'s Phase 2 CSU data showed comparable efficacy and safety to omalizumab dosed Q4W.
• The companies believe Jeyou\'s results warrant advancing ozureprubart to Phase 3 development in CSU.
• RAPT expects topline results from partner Jemincare\'s Phase 2 trials in CSU and asthma in H2 2025.

High-touch engagement with institutional investors and analysts.

RAPT Therapeutics completed an underwritten public offering in October 2025, raising net proceeds of approximately $234.4 million. The offering price was $30.00 per share for 8,333,334 shares of common stock.

Metric	Value as of Late 2025
Cash and Marketable Securities (as of September 30, 2025)	$157.3 million
Total Public Offering Amount (October 2025)	$250 million
Institutional Investors	21

The company announced participation in multiple upcoming investor conferences on November 4, 2025.

Direct communication with regulatory bodies (FDA, etc.).

• In September 2025, the U.S. Food and Drug Administration (FDA) cleared RAPT Therapeutics\' Investigational New Drug (IND) Application to proceed to a Phase 2b clinical trial of ozureprubart (RPT904) in food allergy.
• The CEO stated plans to meet with the FDA and other regulatory agencies to discuss the registrational pathway in CSU.
• The FDA placed a clinical hold on the zelnecirnon program in February 2024 due to a single Serious Adverse Event (SAE), which led to program termination based on agency feedback in November 2024.

Professional relationships with clinical investigators and key opinion leaders.

RAPT Therapeutics initiated the prestIgE Phase 2b trial of ozureprubart in food allergy in October 2025. The company strengthened its team with the addition of Jessica Savage, an experienced drug developer in the food allergy space, and Drs. Scott Braunstein and Ashley Dombkowski to the board of directors.

• New Board Member: Dr. Scott Braunstein
• New Board Member: Dr. Ashley Dombkowski
• New Team Member: Jessica Savage

RAPT Therapeutics, Inc. (RAPT) - Canvas Business Model: Channels

You're looking at how RAPT Therapeutics, Inc. gets its value proposition-novel therapies for inflammatory and immunological diseases-out to the world, focusing on the late 2025 landscape.

Strategic licensing agreements for ex-US development and commercialization.

RAPT Therapeutics utilizes strategic partnerships to manage ex-US commercialization for its key asset, ozureprubart (RPT904). The primary example is the agreement with Shanghai Jeyou Pharmaceutical Co., Ltd. (Jeyou), formerly Shanghai Jemincare Pharmaceutical Co., Ltd..

• The agreement grants Jeyou rights for mainland China, Hong Kong, Macau, and Taiwan for JYB1904/RPT904.
• RAPT Therapeutics retained the exclusive and sublicensable rights to develop, manufacture, commercialize, and exploit the Licensed Molecules throughout the rest of the world, excluding the territories noted above.
• The deal structure included an upfront payment of $35 million to RAPT Therapeutics.
• The potential value from milestone payments is up to $672.5 million.
• Royalties on future sales are structured as high single-digit to low-double digit percentages.

Direct clinical development and potential commercialization in the US, Europe, and Japan.

Direct engagement is focused on advancing the pipeline, primarily RPT904, within the US, with plans that imply future global commercialization efforts outside the licensed territories. As of late 2025, the primary focus for direct development is the US market for specific indications.

• RAPT Therapeutics initiated the prestIgE Phase 2b trial of ozureprubart (RPT904) in food allergy in October 2025.
• The company plans to meet with the FDA and other regulatory agencies to discuss the registrational pathway for RPT904 in Chronic Spontaneous Urticaria (CSU).
• The company's cash and cash equivalents and marketable securities as of September 30, 2025, stood at $157.3 million, providing capital for this direct development.
• Research and development expenses for the nine months ended September 30, 2025, totaled $36.4 million.

The current data does not specify a direct commercialization plan for Europe or Japan as of late 2025, focusing instead on US regulatory pathways and partner-led development in Asia.

Investor conferences and financial roadshows (e.g., November 2025 events).

RAPT Therapeutics uses investor conferences as a key channel to communicate progress and financial standing to the investment community. In November 2025, management actively engaged through several events.

Event Name	Date (2025)	Format
Guggenheim's 2nd Annual Healthcare Innovation Conference	November 11	Fireside chat
Stifel 2025 Healthcare Conference	November 12	Fireside chat
TD Cowen Virtual Immunology & Inflammation Summit	November 13	Fireside chat

This outreach followed a significant capital raise in October 2025, where the company completed a public offering for net proceeds of approximately $234.4 million. The Q3 2025 net loss was $17.6 million.

Scientific publications and medical meetings for clinical data dissemination.

Dissemination of clinical trial results is a critical channel for validating the platform and pipeline assets. RAPT Therapeutics actively presented data in late 2025.

• Topline data from the Phase 2 trial of RPT904 (JYB1904) in Chronic Spontaneous Urticaria (CSU) was reported on October 20, 2025, via a press release and webcast.
• The company hosted a webcast conference call accompanied by a slide presentation on October 20, 2025, at 8:30 a.m. ET.
• The data showed ozureprubart at both Q8W and Q12W dosing had comparable efficacy and safety to omalizumab at Q4W dosing.
• The company plans to provide additional details from the recently reported Phase 2 clinical trial in CSU at a medical meeting next year.

The company's investor relations contact is Sylvia Wheeler (swheeler@wheelhouselsa.com) and media contact is Aljanae Reynolds (areynolds@wheelhouselsa.com).

RAPT Therapeutics, Inc. (RAPT) - Canvas Business Model: Customer Segments

Patients with severe allergic and inflammatory diseases (e.g., food allergy, CSU).

The global food allergy treatment market was calculated at USD 7.47 billion in 2025. Food allergies affect approximately 250 million people globally. RAPT Therapeutics, Inc. is advancing ozureprubart (RPT904) for this patient population, initiating the prestIgE Phase 2b trial in food allergy in October 2025.

Disease Indication	Market Metric	Value as of Late 2025
Food Allergy Treatment	Estimated Market Size (2025)	USD 7.47 billion
Food Allergy Treatment	Projected Market Size (2034)	USD 15.32 billion
Global Food Allergy Prevalence	Total Affected Population	250 million people
Chronic Spontaneous Urticaria (CSU)	Ozureprubart Dosing Schedule	Q8W and Q12W

Global pharmaceutical companies seeking to license novel immunology assets.

RAPT Therapeutics, Inc. has established collaborations, such as the one with Shanghai Jeyou Pharmaceutical Co., Ltd. for ozureprubart. A prior agreement for FLX475 with Hanmi Pharmaceutical included an upfront payment of $10 million plus near-term milestones. The company strengthened its balance sheet by completing a public offering in October 2025, raising net proceeds of approximately $234.4 million.

Partner/Transaction Type	Asset/Focus	Financial Component Example
Shanghai Jeyou Pharmaceutical Co., Ltd.	Ozureprubart (China)	Co-development/Commercialization
Hanmi Pharmaceutical (Historical)	FLX475 (Asia)	Upfront Payment of $10 million
October 2025 Public Offering	Corporate Funding	Net Proceeds of $234.4 million

Specialist physicians (allergists, dermatologists) who prescribe advanced therapies.

Physicians treating CSU patients are presented with ozureprubart data showing comparable efficacy and safety to omalizumab dosed at Q4W, with RAPT's candidate using less frequent dosing schedules. The company is advancing its lead candidate in two indications: food allergy and CSU.

• Ozureprubart Phase 2b trial initiated in food allergy in October 2025.
• Phase 2 trial in Chronic Spontaneous Urticaria showed positive topline data.
• The company plans to meet with the FDA to discuss the registrational pathway in CSU.

Institutional and retail investors focused on clinical-stage biotech.

Investors track RAPT Therapeutics, Inc.'s cash position and burn rate. As of September 30, 2025, the company held cash and cash equivalents and marketable securities of $157.3 million. The net loss for the third quarter of 2025 was $17.6 million, an improvement from the $18.4 million loss in Q3 2024. For the nine months ended September 30, 2025, the net loss was $52.4 million, down from $76.6 million for the same period in 2024.

Financial Metric (as of September 30, 2025)	Amount
Cash and Marketable Securities	$157.3 million
Net Loss (Q3 2025)	$17.6 million
R&D Expenses (Q3 2025)	$12.0 million
Net Loss (Nine Months Ended 9/30/2025)	$52.4 million
R&D Expenses (Nine Months Ended 9/30/2025)	$36.4 million

RAPT Therapeutics, Inc. (RAPT) - Canvas Business Model: Cost Structure

You're looking at the core expenses RAPT Therapeutics, Inc. (RAPT) is incurring to keep its pipeline moving, especially as it pushes ozureprubart (RPT904) toward Phase 3 studies. For a clinical-stage biotech, the cost structure is almost entirely driven by research, development, and keeping the lights on while waiting for data milestones.

The primary financial outlay comes from operating expenses, which are dominated by Research and Development. Here's a quick look at the main components for the nine months ended September 30, 2025, based on their reported figures:

Cost Category	Amount (Nine Months Ended September 30, 2025)
Research and Development (R&D) Expenses	$36.4 million
General and Administrative (G&A) Expenses	$21.8 million

This means that for the first nine months of 2025, total operating expenses were $58.2 million ($36.4 million + $21.8 million). The net loss for the same period was $52.4 million.

Research and Development (R&D) Expenses

The $36.4 million in R&D expenses for the nine months ended September 30, 2025, represents a significant reduction from the $60.8 million reported for the same period in 2024. This decrease was driven by lower costs across several areas, but the spending is still heavily weighted toward active programs.

The composition of R&D costs includes:

• Costs related to development of zelnecirnon and tivumecirnon.
• Personnel costs, which saw a decrease over the prior year period.
• Lab supplies.
• Non-cash stock-based compensation, which also decreased year-over-year in R&D.
• Facilities costs, which also decreased.

Still, RAPT Therapeutics is actively increasing spending in specific areas to drive near-term value, partially offsetting the overall reduction in R&D spend.

Clinical Trial Execution and Manufacturing Costs for Ozureprubart (RPT904)

Clinical trial execution and manufacturing costs for ozureprubart (RPT904) are embedded within the total R&D expenses. The press release explicitly noted that the overall R&D decrease was partially offset by increases in consulting costs and costs related to development of ozureprubart and early-stage programs.

This increase reflects the progression of RPT904, specifically:

• Costs associated with the initiation of the prestIgE Phase 2b trial of ozureprubart in food allergy in October 2025.
• Costs related to advancing ozureprubart toward planned Phase 3 studies in chronic spontaneous urticaria (CSU).

While the exact dollar amount allocated solely to RPT904 manufacturing and trial execution isn't itemized separately from the aggregate R&D, the qualitative data shows it is a growing component of the expense base as the drug moves into later-stage trials.

Personnel Costs, Including Non-Cash Stock-Based Compensation

Personnel costs are a major driver in both operating expense categories, but their trend varied between R&D and G&A for the nine months ended September 30, 2025.

In R&D, personnel costs were a factor in the overall expense decrease. Conversely, in G&A, personnel costs saw a decrease, which helped offset increases elsewhere.

Non-cash stock-based compensation is a key non-cash element that impacts both areas:

• In R&D, non-cash stock-based compensation decreased compared to the prior year period.
• In G&A, non-cash stock-based compensation was a primary driver for the expense increase, alongside consulting and facilities costs.

The company's ability to manage headcount, especially following a workforce reduction in 2024, directly impacts these personnel-related costs.

Intellectual Property Maintenance and Regulatory Compliance Costs

Costs for intellectual property maintenance and regulatory compliance are typically bundled into the G&A expenses, though specific line-item disclosure for these is not provided in the high-level summaries. These costs ensure patent protection for their pipeline, including ozureprubart, and cover ongoing interactions with regulatory bodies like the FDA.

The total G&A expense was $21.8 million for the nine months ended September 30, 2025. This figure covers all non-R&D overhead, including executive, finance, legal, and administrative support necessary for compliance and IP management.

Finance: draft 13-week cash view by Friday.

RAPT Therapeutics, Inc. (RAPT) - Canvas Business Model: Revenue Streams

You're looking at the cash-in side of the RAPT Therapeutics, Inc. (RAPT) operation, which, as a clinical-stage company, relies heavily on non-sales revenue sources right now. The current financial reality is that RAPT Therapeutics, Inc. (RAPT) is operating at a net loss of $52.4 million for the nine months ended September 30, 2025.

The most immediate and largest recent cash infusion came from equity financing. In October 2025, RAPT Therapeutics, Inc. (RAPT) completed an underwritten public offering. This event brought in significant capital to fund ongoing trials.

Financing Event Detail	Shares Offered	Price Per Share	Gross Proceeds (Approximate)	Net Proceeds (Approximate)
October 2025 Public Offering	8,333,334	$30.00	$250.0 million	$234.4 million

This offering, which closed around October 23, 2025, was a key move to strengthen the balance sheet, which held cash and marketable securities of $157.3 million as of September 30, 2025. Honestly, these financing rounds are the lifeblood when product sales are zero.

Collaboration and licensing payments are another vital stream, primarily stemming from the agreement with Shanghai Jemincare Pharmaceutical Co., Ltd. (Jemincare) for RPT904. While the $35 million upfront payment was noted in the context of the December 2024 agreement, this structure defines a revenue pathway.

Future milestone payments are tied directly to clinical and regulatory progress, which you can defintely see as contingent revenue. The Jemincare deal outlines potential milestone payments totaling up to $672.5 million, plus royalties on future sales outside of specific Asian territories.

Future product sales revenue upon commercialization is currently zero. RAPT Therapeutics, Inc. (RAPT) remains in the clinical development phase for its pipeline candidates, such as ozureprubart.

The current revenue-generating activities can be summarized by the sources that are either realized or contractually possible:

• Proceeds from the October 2025 public offering: $234.4 million (net)
• Potential milestone payments from Jemincare: Up to $672.5 million
• Royalties from Jemincare sales (outside China, Hong Kong, Macau, Taiwan)
• Upfront license fee from Jemincare: $35 million (received prior to Q3 2025 reporting period)