RAPT Therapeutics, Inc. (RAPT): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see the hard numbers behind RAPT Therapeutics, Inc.'s strategy as they push their immunology pipeline, so let's get straight to the operational blueprint. Honestly, this is a company banking on a recent financial cushion-netting $234.4 million from an October 2025 offering-to fuel the critical Phase 2b trial for ozureprubart in food allergy, all while managing key regional deals with partners like Jemincare. Their core value proposition is clear: offering patients with chronic allergic diseases a potentially best-in-class, long-acting antibody that requires less frequent dosing than current injectables, a massive differentiator. Dive into the full Business Model Canvas below to see precisely how their $36.4 million R&D spend for the nine months ended September 30, 2025, is allocated across their proprietary platform and strategic partnerships.

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

You're looking at the external relationships RAPT Therapeutics, Inc. relies on to get its pipeline, especially ozureprubart (RPT904), across the finish line. These aren't just names on a slide; they represent real cash flow and outsourced expertise.

Biopharma Development and Licensing Partners

RAPT Therapeutics, Inc. structures deals to share risk and gain access to specific markets or assets. The terms of these agreements provide concrete financial anchors for the business model.

• Jemincare (Shanghai Jeyou) for ozureprubart (RPT904): This deal secured worldwide rights for RAPT outside of mainland China, Hong Kong, Macau, and Taiwan.
• Hanmi Pharmaceutical for FLX475 (CCR4 antagonist): This older agreement provided RAPT with an initial foothold in Asia for its cancer program.

Here's a breakdown of the financial structures for these key collaborations:

The RPT904 asset itself showed a Phase 1 half-life of 63 days in China, more than double the 27 days for omalizumab. RAPT's market cap at the time of the Jemincare deal was noted as $28.85M.

Financial Backers and Capital Raising

Financing is a critical partnership for a clinical-stage company like RAPT Therapeutics, Inc., often involving large institutional players and investment banks to fund ongoing trials. You see the results of these relationships in the cash on the balance sheet.

RAPT Therapeutics, Inc. executed a significant equity raise in late 2025 to bolster its balance sheet. The company reported cash and cash equivalents and marketable securities of $157.3 million as of September 30, 2025.

• October 2025 Public Offering: Raised approximately $250 million in gross proceeds.
• Offering Size: Priced at $30.00 per share for 8,333,334 shares.
• Net Proceeds: Approximately $234.4 million after discounts and expenses.
• Underwriter Option: Underwriters received an option for up to an additional 15% of shares.
• Joint Bookrunners: Included Leerink Partners and TD Cowen.

Prior to this, RAPT Therapeutics, Inc. secured a large private placement in December 2024. This financing totaled approximately $150.0 million gross proceeds, led by The Column Group and TCGX.

Specific institutional investor activity shows commitment:

• OrbiMed Advisors LLC: Acquired 13,135,260 shares on December 31, 2024, at $1.58 per share.
• The Column Group LLC: Held a 5.3% stake as of November 17, 2025, valued at $4.28M.
• Total Institutional Ownership: Institutions held 32% of the company as of November 27, 2025.
• Total Institutional Holders: 92 institutions filed forms as of December 1, 2025.

Leerink Partners has a history with RAPT, acting as Joint Bookrunner for a $125 Million Follow-On in February 2023.

Clinical Research Organizations (CROs)

RAPT Therapeutics, Inc. uses CROs to manage the complexity and scale of its global clinical trials, which is a standard operational partnership in this industry. You won't see specific dollar amounts tied to these contracts publicly, but they are essential for executing the Phase 2b trial planned for the second half of 2025 and future studies.

• Manage global trials for ozureprubart (RPT904).
• Support regulatory submissions by ensuring data integrity and protocol adherence.

The successful completion of the October 2025 offering provides the capital runway to fund these outsourced clinical operations through key data readouts.

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

You're running a clinical-stage biopharma company, so your Key Activities are all about moving molecules through the clinic and securing the capital to keep the lights on. For RAPT Therapeutics, Inc., this centers heavily on the development of ozureprubart (RPT904) and managing the transition from preclinical to late-stage trials for its pipeline.

Advancing ozureprubart (RPT904) into Phase 2b for food allergy

This is a major operational focus. RAPT Therapeutics, Inc. secured clearance from the U.S. Food and Drug Administration (FDA) for its Investigational New Drug (IND) Application in September 2025. Following that clearance, the Company initiated the prestIgE Phase 2b clinical trial in October 2025. This trial is designed to test ozureprubart in patients with IgE-mediated food allergies, such as peanut, milk, or egg. The study is a two-part, randomized, double-blind, placebo-controlled design comparing two dosing regimens: every 8 weeks (Q8W) and every 12 weeks (Q12W), against placebo. The initial part of the study involves approximately 100 participants.

Conducting and managing clinical trials for pipeline candidates

Managing these complex trials requires significant resource allocation. For the nine months ended September 30, 2025, RAPT Therapeutics, Inc. reported Research and Development expenses totaling $36.4 million. The R&D spend for the third quarter alone was $12.0 million. This spending directly supports the execution of trials like the food allergy Phase 2b, as well as trials conducted by its partner, Jeyou, in China. The Company is also awaiting topline results from Jeyou's Phase 2 trial of ozureprubart in asthma by the end of 2025.

The data generated from the Chronic Spontaneous Urticaria (CSU) Phase 2 trial, which reported on October 20, 2025, is a key management output. This trial involved 137 patients comparing RPT904 Q8W or Q12W dosing to omalizumab dosed Q4W. The goal is to use this data to inform the next steps for the global registrational pathway.

Here's a quick look at the comparative dosing data points that drive trial management strategy:

Discovery and preclinical development of next-generation CCR4 compounds

Following the termination of the zelnecirnon (RPT193) program due to FDA feedback, RAPT Therapeutics, Inc. shifted focus to its next-generation compounds. The plan was to identify a new preclinical candidate from these next-generation CCR4 compounds, which are designed with improved safety margins for inflammatory disease, in the first half of 2025. This activity is critical to maintaining a pipeline beyond the lead asset, RPT904.

Securing regulatory approvals (e.g., FDA meetings for CSU registrational path)

Securing regulatory buy-in is a non-negotiable activity. The successful IND clearance for the food allergy Phase 2b trial in September 2025 is a direct result of this effort. Furthermore, based on the positive Phase 2 CSU data, RAPT Therapeutics, Inc. plans to meet with the FDA and other regulatory agencies to discuss the registrational pathway for ozureprubart in CSU. The partner, Jeyou, plans to advance the drug into Phase 3 development in China for CSU based on these results.

Strategic in-licensing of new clinical-stage assets

The Company actively pursues in-licensing opportunities for clinical-stage assets to augment its internal pipeline. The most significant recent example underpinning the current Key Activities is the deal for RPT904 itself. RAPT Therapeutics, Inc. gained worldwide rights (ex-China) to ozureprubart for an upfront license fee of $35 million, with potential for up to $672.5 million in additional milestones, plus royalties. This deal, which also involved a concurrent $150 million private placement, was structured to fund pipeline advancement.

The Company's financial position as of September 30, 2025, was $157.3 million in cash and marketable securities, which was then significantly bolstered by an October 2025 public offering netting approximately $234.4 million.

Key in-licensing and financing activities:

• Upfront payment for RPT904 rights: $35 million
• Potential RPT904 milestones: Up to $672.5 million
• October 2025 Public Offering Net Proceeds: Approximately $234.4 million
• Cash on hand as of September 30, 2025: $157.3 million

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

You're looking at the core assets RAPT Therapeutics, Inc. (RAPT) relies on to drive its pipeline forward. For a clinical-stage biopharma, these resources are the lifeblood-the cash to fund trials and the intellectual property to create value.

Financially, RAPT Therapeutics, Inc. (RAPT) bolstered its position significantly in the fall of 2025. As of September 30, 2025, the company held $157.3 million in cash and cash equivalents and marketable securities. This was immediately followed by a crucial capital raise in October 2025.

Here's a quick look at the recent financing event that changed the runway calculation:

That October 2025 offering, which netted RAPT Therapeutics, Inc. (RAPT) approximately $234.4 million after fees, gives the team substantial runway to advance its programs. The funds are definitely key to sustaining operations well into the future.

Beyond the balance sheet, the true value lies in the science and the people who manage it. These are the intangible assets that underpin everything:

• Proprietary RAPTR platform for immune cell targeting.
• Intellectual property surrounding CCR4 antagonists.
• Intellectual property surrounding anti-IgE antibodies.
• Specialized immunology and drug development leadership team.

Specifically, RAPT Therapeutics, Inc. (RAPT) leverages its proprietary RAPTR platform to design small molecule and biologic candidates. This technology is central to developing assets like RPT193, which is an orally available antagonist of the CC chemokine receptor 4 (CCR4). The IP portfolio protects these novel approaches to modulating immune cell trafficking, which is the core of their value proposition in treating inflammatory and immunological diseases.

Also, don't overlook the human capital. The specialized immunology and drug development leadership team brings deep expertise in translational research and biopharmaceutical innovation, which is critical for navigating clinical trials and regulatory pathways. Finance: draft 13-week cash view by Friday.

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:

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.

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.

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.

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.

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.

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:

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.

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)