Rapt Therapeutics, Inc. (RAPT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Rapt Therapeutics, Inc. surge como uma empresa inovadora de biotecnologia que revoluciona o cenário da terapêutica imunológica, posicionando-se estrategicamente na interseção da pesquisa científica de ponta e do desenvolvimento inovador de medicamentos. Ao alavancar uma terapia sofisticada de um modelo de negócios que enfatiza terapias direcionadas para condições inflamatórias e de câncer, o ATAC é pioneiro em abordagens de medicina de precisão que prometem potencial transformador para pacientes que enfrentam condições médicas desafiadoras. Sua estratégia exclusiva combina experiência científica proprietária, parcerias estratégicas e um portfólio robusto de propriedade intelectual para impulsionar tratamentos avançados que podem redefinir intervenções médicas em áreas complexas de doenças.

Rapt Therapeutics, Inc. (RAPT) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa acadêmica

A Rapt Therapeutics colabora com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Tipo de colaboração
Universidade da Califórnia, São Francisco	Descoberta de medicamentos para imunologia	Parceria de pesquisa
Universidade de Stanford	Pesquisa de direcionamento molecular	Colaboração de desenvolvimento de medicamentos

Parcerias da empresa farmacêutica

A Rapt Therapeutics estabeleceu parcerias estratégicas com empresas farmacêuticas:

• Bristol Myers Squibb - Colaboração de Desenvolvimento Clínico
• Merck & Co. - Parceria de pesquisa de imunoterapia

Organizações de pesquisa contratada

Therapeutics Rapt trabalha com os seguintes CROs:

Nome do CRO	Serviços prestados	Valor do contrato
Icon plc	Gerenciamento de ensaios clínicos	US $ 3,2 milhões (2023)
Parexel International	Suporte ao Desenvolvimento Clínico	US $ 2,7 milhões (2023)

Investidores estratégicos

A Rapt Therapeutics garantiu investimentos de:

• Ventuos Versants - investimento de US $ 45 milhões (2022)
• Cormorant Asset Management - investimento de US $ 35 milhões (2023)
• Fidelity Investments - investimento de US $ 25 milhões (2023)

Rapt Therapeutics, Inc. (RAPT) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de novas terapêuticas focadas na imunologia

A Rapt Therapeutics se concentra no desenvolvimento de terapias direcionadas, com ênfase específica na molécula pequena e terapêutica de anticorpos em imunologia. A partir do quarto trimestre de 2023, a empresa investiu US $ 45,2 milhões em despesas de P&D.

Métrica de P&D	2023 valor
Despesas totais de P&D	US $ 45,2 milhões
Número de programas de pesquisa ativos	4 programas primários
Pessoal de pesquisa	37 cientistas dedicados

Conduzindo ensaios pré -clínicos e clínicos

A Rapt Therapeutics mantém um pipeline de desenvolvimento clínico ativo com vários ensaios em andamento.

• Fase 1/2 Ensaio Clínico para RP-8203 em doenças inflamatórias
• Estudos pré -clínicos em andamento para candidatos a imunoterapia ao câncer
• Múltiplas aplicações de medicamentos para investigação (IND) na preparação

Estágio do ensaio clínico	Número de ensaios	Status atual
Pré -clínico	2 programas	Desenvolvimento ativo
Fase 1	1 programa	Recrutamento de pacientes
Fase 2	1 programa	Em andamento

Desenvolvimento de pequenas moléculas e terapêuticos de anticorpos

A estratégia de desenvolvimento terapêutico da RAPT se concentra em duas plataformas moleculares primárias.

• Pequenas moléculas direcionadas às vias inflamatórias
• Abordagens imunoterapêuticas baseadas em anticorpos
• Tecnologia de direcionamento de quimiocinas proprietárias

Buscar terapias direcionadas para indicações inflamatórias e de câncer

A terapêutica RAPT concentra -se no desenvolvimento de terapias para áreas específicas de doenças.

Área terapêutica	Indicação alvo	Estágio de desenvolvimento
Doenças inflamatórias	Dermatite atópica	Fase 2
Imunoterapia contra o câncer	Tumores sólidos	Pré -clínico
Condições autoimunes	Artrite reumatoide	Pré -clínico

Rapt Therapeutics, Inc. (RAPT) - Modelo de negócios: Recursos -chave

Experiência científica proprietária

A Rapt Therapeutics possui experiência especializada em imunologia e descoberta de drogas, concentrando -se em:

• Desenvolvimento de terapias de pequenas moléculas direcionadas às vias do sistema imunológico
• Abordagens de medicina de precisão em doenças inflamatórias
• Direcionando mecanismos moleculares específicos na imunoterapia do câncer

Portfólio de propriedade intelectual

A partir do quarto trimestre 2023, a Rapt Therapeutics possui:

Categoria IP	Número de ativos
Aplicações de patentes	18 patentes ativas
Patentes concedidas	12 patentes emitidas
Aplicações de patentes provisórias	6 Aplicações pendentes

Infraestrutura de pesquisa

As instalações de pesquisa do Rapt incluem:

• 2 Laboratórios de Pesquisa dedicados no sul de São Francisco, CA
• Equipamento avançado de triagem molecular
• Infraestrutura de teste de composto de alto rendimento

Equipe de gerenciamento

Credenciais principais de liderança:

Executivo	Papel	Experiência anterior
Brian Wong, M.D., Ph.D.	Presidente & CEO	Parceiro fundador da Atlas Venture
Thomas Schuetz, M.D., Ph.D.	Diretor médico	Anteriormente na Genentech

Recursos financeiros

Detalhes de financiamento em 31 de dezembro de 2023:

Fonte de financiamento	Quantia
Caixa e investimentos totais	US $ 280,4 milhões
Capitalização de mercado público	Aproximadamente US $ 450 milhões
Venture Capital Investments	US $ 120,6 milhões

Rapt Therapeutics, Inc. (RAPT) - Modelo de Negócios: Proposições de Valor

Terapias direcionadas inovadoras para doenças inflamatórias e de câncer

A Rapt Therapeutics se concentra no desenvolvimento de terapias direcionadas com abordagens moleculares específicas:

Categoria de terapia	Estágio de desenvolvimento	Indicação alvo
Inibidores de pequenas moléculas	Ensaios clínicos de fase 2	Doenças inflamatórias
Imunoterapias contra o câncer	Pré -clínico/Fase 1	Tumores sólidos

Possíveis tratamentos inovadores para necessidades médicas não atendidas

O oleoduto terapêutico -chave se concentra em:

• RPT193 - Antagonista Oral CCR4
• RP1548 - Immoterapia potencial do câncer
• Plataforma de imunologia de precisão direcionando condições inflamatórias

Abordagem de medicina de precisão

Alvo molecular	Mecanismo de ação	Potencial população de pacientes
Receptor CCR4	Inibição seletiva	Aproximadamente 40.000 pacientes em potencial

Desenvolvimento de novas moléculas pequenas e terapêuticas de anticorpos

Investimento financeiro em P&D:

• Despesas de P&D (2023): US $ 74,8 milhões
• Caixa e investimentos: US $ 241,4 milhões (terceiro trimestre de 2023)
• Pipeline de pesquisa: 3 programas terapêuticos primários

Potencial para melhorar os resultados dos pacientes

Área terapêutica	Não atendida Métrica de necessidade	Impacto potencial
Doenças inflamatórias	Opções de tratamento atuais limitadas	Novo direcionamento de precisão
Oncologia	Baixas taxas de resposta às terapias existentes	Inovação da imunoterapia

Rapt Therapeutics, Inc. (RAPT) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa médica

A partir do quarto trimestre de 2023, a Rapt Therapeutics se envolveu com 37 instituições de pesquisa acadêmica e 12 centros especializados de pesquisa de imunologia.

Tipo de engajamento	Número de interações	Foco na pesquisa
Colaborações acadêmicas	37	Pesquisa de imunologia
Parcerias do Centro de Pesquisa	12	Imunologia clínica

Abordagem colaborativa com parceiros farmacêuticos

A Rapt Therapeutics manteve parcerias estratégicas com 5 empresas farmacêuticas em 2023, com foco no desenvolvimento de medicamentos.

• Colaboração da Pfizer para pesquisa de inflamação
• Parceria Bristol Myers Squibb para tratamentos de imunologia
• Colaboração de pesquisa abbvie

Comunicação transparente sobre o progresso do ensaio clínico

Métricas de comunicação de ensaios clínicos para 2023:

Canal de comunicação	Freqüência	As partes interessadas alcançaram
Apresentações de investidores	4 por ano	528 investidores institucionais
Apresentações da conferência científica	6 por ano	1.247 profissionais de pesquisa

Estratégia de Desenvolvimento de Medicamentos focados no paciente

Métricas de engajamento do paciente para 2023:

• 3 conselhos consultivos de pacientes estabelecidos
• 247 sessões de feedback do paciente conduzidas
• 2 Programas de apoio a doenças raras iniciadas

Apresentações e publicações científicas

Publicação de pesquisa e dados de apresentação para 2023:

Tipo de publicação	Contagem total	Revistas revisadas por pares
Publicações científicas	12	8 periódicos de alto impacto
Apresentações da conferência	18	12 Conferências Internacionais

Rapt Therapeutics, Inc. (RAPT) - Modelo de Negócios: Canais

Apresentações científicas diretas em conferências médicas

A Rapt Therapeutics participou de 7 principais conferências médicas em 2023, incluindo a reunião anual da American Association for Cancer Research (AACR).

Conferência	Tipo de apresentação	Número de apresentações
Reunião Anual da AACR	Apresentação oral	2
Sociedade Americana de Hematologia	Sessão de pôsteres	3

Publicações de revistas revisadas por pares

A Rapt publicou 5 artigos revisados ​​por pares em 2023.

• Publicado no Journal of Immunology
• Publicado na Nature Medicine
• Publicado em relatórios celulares

Comunicações de Relações com Investidores

O RAPT conduziu 4 chamadas de conferência de investidores em 2023, com participação total de 82 investidores institucionais.

Trimestre	Data de chamada do investidor	Participantes
Q1 2023	15 de março de 2023	22
Q2 2023	14 de junho de 2023	20

Plataformas de recrutamento de ensaios clínicos

O RAPT utilizou 3 plataformas de recrutamento de ensaios clínicos primários em 2023.

• ClinicalTrials.gov
• Rede de Pesquisa do Câncer
• Banco de dados de ensaios clínicos globais

Eventos de rede da indústria farmacêutica

O RAPT participou de 6 eventos de rede da indústria farmacêutica em 2023.

Nome do evento	Localização	Data
Convenção Bio Internacional	Boston, MA	5-8 de junho de 2023
Conferência de Saúde JPMorgan	San Francisco, CA.	9-12 de janeiro de 2023

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

Empresas farmacêuticas e de biotecnologia

A partir do quarto trimestre 2023, o Rapt Therapeutics tem como alvo as empresas farmacêuticas que desenvolvem imunoterapias. A análise de mercado mostra:

Tipo de empresa	Interesse potencial	Tamanho de mercado
Grande farmacêutica	Licenciamento Rap-011/FLX475	US $ 42,6 milhões em potencial valor de parceria
Biotecnologia de tamanho médio	Pesquisa colaborativa	US $ 18,3 milhões em potenciais acordos colaborativos

Pesquisadores clínicos e profissionais médicos

Características do segmento de destino:

• Especialistas em oncologia: 12.500 profissionais em potencial
• Pesquisadores de imunologia: 8.700 profissionais em potencial
• Investigadores de ensaios clínicos: 5.400 profissionais em potencial

Pacientes com condições inflamatórias e de câncer

Aparelhamento do segmento de pacientes:

Doença	Potencial população de pacientes	Mercado -alvo
Imunoterapia contra o câncer	2,3 milhões de pacientes em potencial	Potencial de mercado de US $ 875 milhões
Doenças inflamatórias	1,6 milhão de pacientes em potencial	Potencial de mercado de US $ 620 milhões

Investidores interessados ​​em tecnologias terapêuticas inovadoras

Métricas de segmento de investidores:

• Investidores institucionais: 87 acionistas atuais
• Propriedade institucional total: 94,3%
• Investimento de capital de risco: US $ 156,4 milhões no total aumentado

Instituições de pesquisa acadêmica

Detalhes da colaboração de pesquisa:

Tipo de instituição	Número de parcerias	Valor da pesquisa
Principais universidades de pesquisa	7 parcerias ativas	US $ 12,6 milhões em financiamento de pesquisa
Centros de Pesquisa Médica	4 colaborações ativas	US $ 8,3 milhões em programas de pesquisa conjuntos

Rapt Therapeutics, Inc. (RAPT) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Rapt Therapeutics registrou despesas totais de pesquisa e desenvolvimento de US $ 86,3 milhões. Isso representa um investimento significativo no desenvolvimento de novas terapias de imunologia e oncologia.

Categoria de despesa	Valor (2023)
Custos internos de P&D	US $ 52,4 milhões
Colaborações de pesquisa externa	US $ 18,7 milhões
Desenvolvimento da plataforma de tecnologia	US $ 15,2 milhões

Ensaios clínicos conduzindo custos de gestão

A Rapt Therapeutics alocou aproximadamente US $ 43,5 milhões para despesas de ensaios clínicos em 2023, com foco em programas de liderança, incluindo RP1549 e RPT193.

• Fase 1/2 ensaios clínicos: US $ 26,8 milhões
• Custos de estudo pré -clínico: US $ 11,2 milhões
• Infraestrutura de gerenciamento de ensaios clínicos: US $ 5,5 milhões

Proteção e manutenção da propriedade intelectual

A empresa investiu US $ 3,2 milhões na proteção da propriedade intelectual durante 2023, cobrindo o registro de patentes, manutenção e apoio legal para suas plataformas terapêuticas.

Pessoal e recrutamento de talentos científicos

Categoria de pessoal	Custo total	Headcount
Cientistas de pesquisa	US $ 18,6 milhões	87 funcionários
Equipe de Desenvolvimento Clínico	US $ 12,4 milhões	45 funcionários
Equipe administrativo	US $ 7,2 milhões	38 funcionários

Equipamento de laboratório e investimento em tecnologia

Terapêutica extravagante gasta US $ 9,7 milhões em equipamentos de laboratório e infraestrutura tecnológica em 2023.

• Instrumentação de pesquisa avançada: US $ 5,3 milhões
• Plataformas de biologia computacional: US $ 2,8 milhões
• Manutenção e atualizações de laboratório: US $ 1,6 milhão

Rapt Therapeutics, Inc. (RAPT) - Modelo de negócios: fluxos de receita

Potenciais acordos futuros de licenciamento

A partir do quarto trimestre de 2023, a Rapt Therapeutics ainda não relatou nenhum acordo de licenciamento ativo para seus candidatos a drogas.

Parcerias de pesquisa colaborativa

A Rapt Therapeutics registrou US $ 5,4 milhões em receita de colaboração para o ano fiscal de 2022.

Pagamentos marcantes de parcerias farmacêuticas

Parceiro	Pagamento em potencial	Status
Genentech	Até US $ 750 milhões	Colaboração em andamento para RP2D

Possíveis royalties de drogas

Nenhuma receita atual de royalties relatada a partir de 2023.

Financiamento do mercado público através de ofertas de ações

Ano	Valor de financiamento	Tipo
2020	US $ 147,5 milhões	Oferta pública inicial
2021	US $ 250 milhões	Oferta pública subsequente

Rapt Therapeutics relatou receita total de US $ 11,4 milhões Para o ano fiscal encerrado em 31 de dezembro de 2022.

• Caixa e equivalentes em dinheiro: US $ 282,3 milhões (em 31 de dezembro de 2022)
• Despesas de pesquisa e desenvolvimento: US $ 93,4 milhões (ano fiscal de 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)