RAPT Therapeutics reported a net loss of $17.6 million for the third quarter of 2025, a modest improvement from the $18.4 million loss recorded in the same period a year earlier. Research and development expenses fell to $12.0 million from $13.3 million, while general and administrative costs rose to $7.3 million from $6.4 million. Cash, cash equivalents and marketable securities stood at $157.3 million as of September 30, 2025, giving the company a strengthened liquidity position after completing a $234.4 million public‑equity offering.
Over the nine‑month period ended September 30, 2025, RAPT’s net loss narrowed to $52.4 million from $76.6 million a year earlier. R&D spending dropped to $36.4 million from $60.8 million, while G&A expenses increased slightly to $21.8 million from $20.9 million. The decline in R&D costs is largely attributable to the abandonment of the zelnecirnon (RPT193) program, which eliminated a significant portion of development and personnel expenses, and to reduced spending on the early‑stage tivumecirnon program. The modest rise in G&A reflects higher stock‑based compensation, expanded consulting engagements, and increased facility costs as the company scales its operations.
The public‑equity offering, completed in October 2025, raised 8,333,334 shares at $30.00 per share, generating gross proceeds of $250 million and net proceeds of $234.4 million. The capital infusion, combined with the company’s existing cash balance of $168.9 million at June 30, 2025, extends RAPT’s runway to mid‑2028 and provides a robust buffer for advancing its pipeline. A 1‑for‑8 reverse stock split executed in June 2025 has also adjusted the share count, positioning the company for future growth initiatives.
RAPT’s pipeline remains focused on ozureprubart (RPT904), a long‑acting anti‑IgE antibody that has shown comparable efficacy to omalizumab in early studies. The company has initiated a Phase 2b trial of ozureprubart in food allergy and reported positive topline data from a Phase 2 trial in chronic spontaneous urticaria. CEO Brian Wong emphasized that the recent financing “gives us additional capital to advance our programs” and that the company is preparing to present further data from the asthma trial at a medical meeting next year. He also noted plans to engage with the FDA on the regulatory pathway for the CSU indication.
Headwinds remain inherent to a clinical‑stage biopharma, including the risk of safety or efficacy setbacks and competition from established anti‑IgE therapies. However, the company’s cost discipline, strengthened cash position, and progress in key indications provide a solid foundation for continued development. The market has not yet reacted to the results, and no analyst commentary on the earnings has been reported.
The company’s financial performance reflects a deliberate shift toward capital efficiency, with R&D spending trimmed in line with program priorities and G&A costs managed through disciplined compensation and consulting strategies. The liquidity boost from the equity offering positions RAPT to sustain its clinical program through 2028, while the pipeline progress signals potential for future commercial traction.
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