RAPT Therapeutics, Inc. - RAPT STOCK NEWS

RAPT Therapeutics has appointed Lori Lyons-Williams as the new chair of its board of directors, effective January 3, 2025. She succeeds William Rieflin, who will remain as a consultant. Lori has been a board member for four years and brings over 20 years of experience in the biotech and pharmaceutical industries. She is currently the President and CEO of Abdera Therapeutics and has held significant roles at Neumora Therapeutics, Dermira, and Allergan. Her expertise includes the successful launch of multiple commercial products, including BOTOX®. Brian Wong, President and CEO of RAPT, expressed confidence in Lori's ability to guide the company through late-stage development and commercialization efforts, particularly in the field of inflammatory diseases. William Rieflin, who led the board for nine years, expressed his confidence in the board and management team under Lori's leadership.

RAPT Therapeutics has announced a $150 million private placement through the sale of 100,000,000 shares of common stock at $0.85 per share and pre-funded warrants for up to 76,452,000 shares at $0.8499 per warrant. The placement, expected to close around December 27, 2024, was led by The Column Group and TCGX, with participation from several prominent investors including BVF Partners LP, Deep Track Capital, and others.

The pre-funded warrants will have an exercise price of $0.0001 per share and will be immediately exercisable. The proceeds will fund research and development of the company's pipeline and general corporate purposes. The company has agreed to file a registration statement for the resale of the shares and warrant-underlying shares.

RAPT Therapeutics and Shanghai Jemincare Pharmaceutical have entered into an exclusive license agreement for JYB1904 (RPT904), a clinical-stage anti-IgE antibody. RAPT obtains worldwide rights excluding China, Hong Kong, Macau, and Taiwan for a $35 million upfront payment, up to $672.5 million in milestone payments, and high single-digit to low-double digit royalties.

RPT904 is being developed as a potential improvement over omalizumab (Xolair®), targeting the same epitope but with an extended half-life. Jemincare's Phase 1 study showed good safety profile and a half-life more than twice that of omalizumab. RAPT plans to initiate a Phase 2b trial in food allergy in the second half of 2025, while Jemincare is conducting Phase 2 trials in asthma and chronic spontaneous urticaria in China.

RAPT Therapeutics (Nasdaq: RAPT), a clinical-stage, immunology-based therapeutics company, reported its third quarter 2024 financial results. Net loss for Q3 2024 was $18.4 million, a significant improvement from the $31.4 million loss in Q3 2023. Research and development expenses decreased to $13.3 million from $27.0 million in Q3 2023, mainly due to lower development costs for zelnecirnon, tivumecirnon, and early-stage programs, as well as reduced personnel and lab supply expenses. General and administrative expenses also saw a slight reduction to $6.4 million from $6.9 million. The company implemented a workforce reduction in July 2024, affecting 47 employees (40% of the workforce), incurring $0.9 million in restructuring charges. For the nine months ended September 30, 2024, net loss was $76.6 million, down from $85.9 million in the same period of 2023. As of September 30, 2024, RAPT held $97.9 million in cash and marketable securities.

RAPT Therapeutics (Nasdaq: RAPT) announced the termination of its zelnecirnon (RPT193) program following FDA clinical holds on two Phase 2 trials in asthma and atopic dermatitis. The holds were implemented in February 2024 due to a serious adverse event of liver injury requiring transplant in one patient. No other liver toxicity or treatment-related serious adverse events were reported in other participants. The company plans to advance next-generation CCR4 compounds with improved safety margins and expects to identify a new candidate in first half 2025, while pursuing in-licensing opportunities for clinical-stage assets.

RAPT Therapeutics (Nasdaq: RAPT) reported financial results for Q2 2024. Key points include:

- Net loss of $27.7 million in Q2 2024, up from $25.3 million in Q2 2023
- R&D expenses increased to $22.6 million in Q2 2024 from $21.6 million in Q2 2023
- G&A expenses remained unchanged at $6.7 million for both Q2 2024 and Q2 2023
- Cash and equivalents of $114.8 million as of June 30, 2024
- Workforce reduction of 40% (47 people) announced on July 16, 2024

The company continues to analyze data from Phase 2 trials of zelnecirnon in atopic dermatitis and asthma, which were closed early due to FDA clinical holds in February.

RAPT Therapeutics, Inc. reported its financial results for the first quarter of 2024, maintaining a solid cash position of $141.6 million. The company decided to close and unblind its Phase 2b clinical trial of zelnecirnon in atopic dermatitis and its Phase 2a trial in asthma due to a serious adverse event of liver failure. Despite challenges, the company remains optimistic about the data collected and is working towards completing the analysis in the third quarter of the year.

RAPT Therapeutics, Inc. announces positive safety and efficacy data from Phase 2 trial of tivumecirnon in combination with pembrolizumab for advanced head and neck squamous cell carcinoma. The study showed a confirmed objective response rate of 15.6% in all patients, 17.4% in PD-L1+ patients, and 22.2% in HPV+ patients, with a median duration of treatment in responders of 19.6 months. The combination treatment was well-tolerated with no increased toxicity observed, demonstrating promise in various oncology indications.

RAPT Therapeutics Inc. reports financial results for Q4 and year ended December 31, 2023, with a net loss of $30.9 million in Q4 and $116.8 million for the year. The company maintains a solid cash position of $158.9 million. RAPT is focused on lifting the clinical hold on Phase 2 trials of zelnecirnon in atopic dermatitis and asthma while continuing the Phase 2 study of tivumecirnon in cancer.