RAPT Therapeutics Reports $17.2 Million Net Loss, Improves Operating Expenses in Q1 2025

RAPT Therapeutics, Inc. reported a net loss of $17.2 million for the first quarter of 2025, a significant improvement compared to a net loss of $30.5 million during the same period in 2024. The company’s total operating expenses decreased by 41% to $19.3 million, down from $32.5 million in the prior year. This reduction was primarily driven by a 51% decrease in research and development expenses, which fell to $12.0 million from $24.8 million, largely due to the cessation of the zelnecirnon program and associated costs. General and administrative expenses also saw a slight decline, totaling $7.2 million compared to $7.7 million in the previous year.

In terms of financial position, RAPT's total assets decreased to $187.6 million as of March 31, 2025, down from $240.3 million at the end of 2024. The decline in cash and cash equivalents was notable, dropping to $60.3 million from $169.7 million, while marketable securities increased to $119.0 million from $61.3 million. The company’s total liabilities also decreased significantly, from $50.4 million to $10.2 million, reflecting a reduction in accrued expenses and the elimination of license fees payable.

Strategically, RAPT has made significant moves in its product pipeline. The company has entered into an exclusive license agreement with Shanghai Jemincare Pharmaceutical Co., Ltd. for the development and commercialization of its lead drug candidate, RPT904, which targets allergic diseases. This agreement is expected to enhance RAPT's market position, particularly as RPT904 has shown promising results in clinical trials compared to existing treatments. Additionally, RAPT is pursuing new CCR4 antagonists following the closure of the zelnecirnon program, which was halted due to safety concerns.

Operationally, RAPT's employee headcount and customer engagement metrics were not disclosed in the filing. However, the company continues to focus on advancing its clinical programs, particularly for RPT904 and tivumecirnon, which is being evaluated in combination with other therapies for cancer treatment. The company has indicated that it will require substantial additional funding to support ongoing research and development activities, and it plans to raise capital through equity or debt financing, as well as potential strategic partnerships.

Looking ahead, RAPT expects to incur significant costs as it continues to develop its drug candidates and navigate the regulatory approval process. The company believes its current cash and marketable securities will be sufficient to meet its operational needs for at least the next 12 months. However, it acknowledges the potential for future challenges related to capital raising and market conditions, which could impact its ability to execute its business strategy effectively.