RAPT Therapeutics, Inc. reported a net loss of $17.6 million for the third quarter of 2025, a slight improvement from the $18.4 million loss recorded in the same period of the previous year. For the nine months ending September 30, 2025, the company incurred a net loss of $52.4 million, down from $76.6 million in the prior year. Total operating expenses for the third quarter were $19.4 million, a decrease of 2% compared to $19.8 million in the third quarter of 2024. The reduction in losses is attributed to a significant decrease in research and development expenses, which fell by 10% to $12.0 million, primarily due to the closure of the zelnecirnon clinical trials.
In terms of financial position, RAPT's total assets decreased to $165.7 million as of September 30, 2025, down from $240.3 million at the end of 2024. The decline in assets was largely driven by a reduction in cash and cash equivalents, which fell to $37.9 million from $169.7 million. However, the company reported an increase in marketable securities, which rose to $119.4 million from $61.3 million. RAPT's accumulated deficit also increased to $666.9 million, reflecting ongoing investments in research and development.
Strategically, RAPT has made significant advancements in its clinical pipeline. The company initiated a Phase 2b clinical trial for its lead drug candidate, ozureprubart, in food allergy treatment in October 2025. Additionally, RAPT announced positive topline data from a Phase 2 trial of ozureprubart in chronic spontaneous urticaria (CSU), indicating comparable efficacy and safety to the existing treatment, omalizumab. The company is also pursuing different novel CCR4 antagonists following the cessation of the zelnecirnon program.
RAPT's operational metrics reflect a focus on clinical development, with research and development expenses expected to increase as the company advances ozureprubart and other programs. The company reported a total of 16.9 million shares outstanding as of September 30, 2025, following a reverse stock split in June 2025. RAPT's employee headcount remains stable, supporting its ongoing research initiatives. The company anticipates needing substantial additional funding to support its development activities, with plans to raise capital through equity or debt financing.
Looking ahead, RAPT believes its current cash and marketable securities will be sufficient to meet its obligations for at least the next 12 months. However, the company acknowledges the need for additional capital to continue its operations and pursue its development strategy. The recent public offering of 8.3 million shares at $30.00 per share, which generated approximately $234.4 million in net proceeds, is expected to bolster its financial position as it navigates the complexities of drug development and regulatory approval processes.
About RAPT Therapeutics, Inc.
RAPT Therapeutics is a biopharmaceutical company focused on discovering and developing immunology-based therapies for inflammatory and immunological diseases. Its core pipeline includes monoclonal antibodies and small molecules targeting IgE and CCR4 pathways, aiming to treat allergies, CSU, asthma, and cancers like NSCLC. The company leverages strategic licensing and collaborations to advance innovative treatments with potential competitive advantages in efficacy, safety, and dosing.
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