RAPT Therapeutics, Inc. (RAPT): BCG Matrix [Dec-2025 Updated]

You're digging into RAPT Therapeutics' current standing, and honestly, the late 2025 picture is a classic biotech tightrope walk. We've got Ozureprubart in Chronic Spontaneous Urticaria shaping up as a clear Star, ready to challenge the standard of care, but the whole operation is currently fueled by the $234.4 million capital infusion from October-our functional Cash Cow-especially after the Zelnecirnon program became a definitive Dog following that serious adverse event. The real question is whether the high-potential, capital-hungry Question Marks can deliver before that cash runs dry; let's break down this portfolio map now.

Background of RAPT Therapeutics, Inc. (RAPT)

You're looking at RAPT Therapeutics, Inc. (RAPT), a clinical-stage biopharmaceutical company that, as of late 2025, is squarely focused on developing novel therapies for patients dealing with inflammatory and immunological diseases. Honestly, they're leveraging their deep, proprietary knowledge in immunology to create treatments that intelligently target the core drivers of these conditions. The company was previously known as FLX Bio, but the current focus is clearly on their pipeline.

The most significant asset you'll see them discussing is Ozureprubart, or RPT904, which is a long-acting anti-IgE antibody they believe can be a best-in-class option for allergic inflammatory diseases. They've been pushing this hard; for instance, in October 2025, RAPT Therapeutics initiated the prestIgE Phase 2b clinical trial for RPT904 in food allergy. This followed positive topline data from a Phase 2 trial in Chronic Spontaneous Urticaria (CSU), where RPT904 at both Q8W and Q12W dosing showed comparable efficacy and safety to omalizumab dosed every four weeks (Q4W).

Financially speaking, RAPT Therapeutics has been active in shoring up its balance sheet. Right before the Q3 2025 results dropped in November, the company completed a significant underwritten public offering in October 2025, bringing in net proceeds of approximately $234.4 million from the sale of common stock. As of September 30, 2025, they held $157.3 million in cash and marketable securities, which management suggested provided a solid runway to advance their programs.

Looking at the nine-month performance ending September 30, 2025, RAPT reported a net loss of $52.4 million, which is an improvement from the $76.6 million loss in the same period of 2024. This efficiency shows up in their R&D spending, which decreased to $36.4 million for the nine months in 2025, down from $60.8 million in 2024, though they strategically increased investment in the RPT904 program. As of November 3, 2025, the market valued RAPT Therapeutics at a market cap of $730M, with the stock trading around $29.35.

Beyond RPT904, their pipeline includes next-generation CCR4 antagonists like zelnecirnon (RPT193) and tivumecirnon (FLX475), which target Th2-driven disorders. To be fair, the R&D costs related to these earlier-stage programs, like zelnecirnon and tivumecirnon, have been decreasing as the company prioritizes RPT904, which is a clear strategic move to concentrate resources where the near-term catalysts are.

RAPT Therapeutics, Inc. (RAPT) - BCG Matrix: Stars

You're analyzing RAPT Therapeutics, Inc. (RAPT) portfolio, and the drug candidate Ozureprubart (RPT904) in Chronic Spontaneous Urticaria (CSU) is positioned here based on its market potential, even though, as a clinical-stage company, it doesn't yet have the high market share that defines a traditional Star.

The key asset driving this potential is Ozureprubart (RPT904) in Chronic Spontaneous Urticaria (CSU). This is a next-generation anti-IgE monoclonal antibody (mAb) designed to target the same epitope as omalizumab but with an extended half-life. This design is what gives it the potential for high market share in a large, growing market for IgE-driven disorders.

The recent clinical evidence strongly supports this positioning. Positive topline data from a Phase 2 trial conducted by partner Shanghai Jeyou Pharmaceutical Co., Ltd. in China showed that Ozureprubart, when dosed every 8 weeks (Q8W) or every 12 weeks (Q12W), demonstrated comparable efficacy and safety to omalizumab dosed every 4 weeks (Q4W). This differentiated profile, offering less frequent dosing, is a significant competitive advantage for patient convenience and adherence.

Specifically, the data from the Phase 2 trial showed that at Week 16, the RPT904 Q8W arm showed a 23.2 point improvement on the UAS7 endpoint, the Q12W arm showed a 22.2 point improvement, while the omalizumab Q4W arm showed a 19.1 point improvement. While the study was not powered for non-inferiority, the numerical improvements suggest a strong product profile. These results warrant advancing Ozureprubart to Phase 3 development in CSU.

The market sentiment reflects this high-growth potential. As of November 2025, analysts have a consensus recommendation of 'Moderate Buy' or 'Strong Buy' on RAPT Therapeutics. The average 1-year price target cited by some analysts is $50.50. Other analyst reports show average price targets around $57 or $54.13, with high targets reaching as much as $72.00.

Because RAPT Therapeutics is a clinical-stage company, this Star product consumes significant cash to reach commercialization. This cash burn is evident in the financial results, which show the company is operating at a loss while heavily investing in its pipeline. For instance, Research and Development expenses for the second quarter of 2025 were $12.3 million, and for the first six months ended June 30, 2025, R&D expenses totaled $24.4 million. To support this investment, RAPT completed a $250 million public offering in September 2025. As of June 30, 2025, the Company held cash and cash equivalents and marketable securities of $168.9 million.

Here is a summary of the key data points supporting the Star classification for Ozureprubart:

• Dosing Frequency: Q8W or Q12W versus standard Q4W for omalizumab.
• Efficacy: Numerically greater improvement on UAS7 endpoint compared to omalizumab.
• Development Status: Advancing to Phase 3 development in CSU.
• Analyst Price Target (Average): $50.50.
• Cash Consumption (Q2 2025 R&D): $12.3 million.

The investment in this potential Star is substantial, as seen in the capital structure changes. The company's ability to sustain this investment until market slowdown-when it could transition to a Cash Cow-depends on successful Phase 3 execution and subsequent commercial launch. The cash position as of June 30, 2025, was $168.9 million, bolstered by the September 2025 financing of $250 million.

RAPT Therapeutics, Inc. (RAPT) - BCG Matrix: Cash Cows

You're looking at RAPT Therapeutics, Inc. (RAPT) and trying to map its business units onto the Boston Consulting Group (BCG) Matrix. For a clinical-stage company like RAPT Therapeutics, the traditional product-based Cash Cow category is empty, honestly. RAPT Therapeutics is a clinical-stage company with $0 total revenue reported in Q3 2025, so no true product Cash Cow exists.

Instead, the company's primary 'Cash Cow' asset is its strong balance sheet, which is the critical resource funding all Research and Development (R&D). This liquidity position is what allows RAPT Therapeutics to operate without immediate revenue generation, which is typical for this stage of biopharma development. This capital base is the engine that keeps the pipeline moving forward, defintely a critical resource.

Here's a quick look at the capital position that underpins this 'Cash Cow' status as of late 2025:

The recent financing event was a major infusion to support operations and upcoming milestones. You need to track this capital deployment closely.

• October 2025 public offering raised net proceeds of approximately $234.4 million.
• Gross proceeds from the offering were approximately $250.0 million before fees.
• This capital infusion is projected to fund operations until mid-2028.
• Cash and marketable securities totaled $157.3 million as of September 30, 2025.

This strong cash position, built through equity raises, acts as the internal source of funds, much like a traditional Cash Cow generates the cash required to turn a Question Mark into a market leader or cover administrative costs. The company is using this resource to advance its programs, including planned initiation of Phase 3 studies of ozureprubart in Chronic Spontaneous Urticaria (CSU).

RAPT Therapeutics, Inc. (RAPT) - BCG Matrix: Dogs

The Zelnecirnon (RPT193) program for atopic dermatitis and asthma firmly occupies the Dogs quadrant for RAPT Therapeutics, Inc. as of 2025. This asset represents a low market share product that has been completely removed from the active portfolio, signifying a definitive low-growth, low-return outcome. The program was formally terminated in November 2024 following negative feedback from the U.S. Food and Drug Administration (FDA).

The catalyst for this outcome was a serious adverse event (SAE) of liver injury requiring a transplant in one patient enrolled in the atopic dermatitis trial. This event led to an FDA clinical hold in February 2024, causing RAPT Therapeutics shares to drop by over 82% from their peak before the hold was announced. The termination represents a complete loss of prior Research and Development (R&D) investment in this lead CCR4 inflammatory asset, which was being evaluated in two separate Phase II clinical trials.

The sunk cost associated with this program is now a realized loss, fitting the description of a cash trap where capital is tied up with almost no return. Prior to the termination, RAPT Therapeutics ended Q1 2024 with $141.6 million in cash and marketable securities, while reporting a net loss of $30.5 million for that quarter. The company's total R&D expenses for the full year ended December 31, 2024, reached $107.2 million. The cessation of development provided some immediate, albeit negative, financial relief, as R&D expenses for Q4 2024 were partially offset by lower development costs related to zelnecirnon. To manage the resulting financial pressure, RAPT Therapeutics reduced its headcount by approximately 40% in July 2024.

Expensive turn-around plans are clearly not viable here; the company accepted the FDA's feedback and moved to divest this asset from its active pipeline. This strategic move forces RAPT Therapeutics to focus resources elsewhere, with plans to identify a new next-generation CCR4 candidate in the first half of 2025.

The key takeaways regarding this terminated asset, which defines its status as a Dog, include:

• Program formally terminated in November 2024.
• Clinical hold imposed in February 2024.
• SAE involved liver injury requiring transplant.
• Represents a complete loss of prior R&D investment.
• Lower development costs offset Q4 2024 R&D spend.
• Company cut headcount by about 40% in July 2024.
• Focus shifts to identifying a new candidate by H1 2025.

RAPT Therapeutics, Inc. (RAPT) - BCG Matrix: Question Marks

You're looking at RAPT Therapeutics, Inc. (RAPT) assets that are currently burning cash to gain traction in high-growth therapeutic areas. These are the classic Question Marks: high potential growth markets but with RAPT Therapeutics, Inc. holding a low current market share, meaning they consume capital without delivering significant returns yet. The strategy here is clear: invest heavily to capture share or divest if the path to becoming a Star is too uncertain.

Ozureprubart (RPT904) in Food Allergy (FA)

This asset represents a major capital deployment for RAPT Therapeutics, Inc. The focus is on the IgE-mediated food allergy space, which is projected to be a $4.4 billion market. RAPT Therapeutics, Inc. officially initiated the prestIgE randomized, double-blind, placebo-controlled Phase 2b clinical trial for Ozureprubart on October 27, 2025. This trial is designed to assess efficacy across two long-interval dosing regimens: subcutaneous every 8 weeks or every 12 weeks, compared to placebo in a 2:2:1 ratio. Part 1 of the study targets approximately 100 participants with allergies to peanut, milk, egg, walnut, or cashew, with the primary efficacy endpoint measured by a double-blind, placebo-controlled oral food challenge (DBPCFC) at Week 24. The need for this significant investment is underscored by the Q3 2025 results, where RAPT Therapeutics, Inc. reported an EPS of ($0.65), and analysts project an EPS of -2.14 for the current fiscal year, indicating ongoing cash burn to fund these late-stage trials. The company also completed a $250 million offering in Q3 2025, which helps fund this high-growth, high-cost development path.

Tivumecirnon (FLX475) in Oncology (HNSCC)

Tivumecirnon, or FLX475, is RAPT Therapeutics, Inc.'s play in oncology, specifically targeting checkpoint inhibitor (CPI)-experienced Head and Neck Squamous Cell Carcinoma (HNSCC). This is a high-risk, high-reward segment. Data presented, based on a cutoff of March 4, 2024, showed a confirmed Objective Response Rate (ORR) of 15.6% across all 32 patients treated in the Phase 2 cohort when combined with pembrolizumab. For the subset of patients with HPV-positive disease, the confirmed ORR was 22.2% (4/18 patients). Importantly, for those patients who did respond, the median duration of treatment was 19.6 months, suggesting potential for durable benefit in a small segment of a difficult-to-treat population. The low market share is implied by the need to prove this combination therapy is superior to the standard of care in this heavily pretreated setting.

Ozureprubart in Asthma and Discovery Programs

The development of Ozureprubart extends beyond food allergy. RAPT Therapeutics, Inc. is also awaiting topline Phase 2 results from its partner, Shanghai Jeyou Pharmaceutical, for the indication of Asthma, with these results expected by the end of 2025. This represents another significant potential market where RAPT Therapeutics, Inc. is currently seeking validation. Furthermore, the company maintains a pipeline of next-generation CCR4 compounds that are still in the preclinical/discovery stage, representing early-stage cash consumption with unknown future market potential.

You can see the current pipeline positioning for these Question Marks below:

The overall financial picture for RAPT Therapeutics, Inc. shows a company actively investing in its pipeline, evidenced by the recent $250 million capital raise and the ongoing Phase 2b trial initiation. The market capitalization as of late November 2025 was approximately $908.72 million, which you must weigh against the cash required to push these Question Marks toward the Star quadrant. Finance: draft 13-week cash view by Friday.