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RAPT Therapeutics Inc. (NASDAQ: RAPT) is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2015, the company focuses on discovering and developing therapies targeting key drivers of the immune system to treat inflammatory and immunologic diseases. On September 19, 2025, RAPT shares closed at $20.39, reflecting a decrease of 0.54%, with a trading volume of 315,287 shares—over 2,000% higher than its 14,725-share average.
Corporate Structure and Leadership
RAPT employs between 51 and 200 professionals. Its executive team is led by President and Chief Executive Officer Brian Wong, M.D., Ph.D., who has over 25 years of experience from Five Prime Therapeutics and Roche. Dirk, Ph.D., serves as RAPT’s Chief Operating Officer, bringing more than 20 years of immunology research experience from roles at Aduro Biotech and Cerus Corporation. Chief Medical Officer Bill, M.D., Ph.D., joined RAPT in 2015 after leading clinical programs at Igenica Biotherapeutics and Genentech. Chief Financial Officer Rodney, who has over 30 years in corporate finance and strategy, previously served as CFO of Cellerant Therapeutics and StemCells, Inc. before joining RAPT in December 2019.
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Recent Developments and News
On September 15, 2025, Brian Wong presented an overview of RAPT’s clinical programs at the Stifel 2025 Virtual Immunology & Inflammation Forum. Earlier, on June 10, 2025, he participated in a fireside chat at the Goldman Sachs 46th Annual Global Healthcare Conference, discussing RPT904—a half-life extended monoclonal antibody targeting free human immunoglobulin E (IgE)—and a next-generation CCR4 program. RAPT’s pipeline disclosures note that it holds ex-China development and commercialization rights, with Jemincare holding rights specific to Greater China and RAPT seeking partners to advance tivumecirnon outside the Hanmi territory.
Financial and Strategic Analysis
As of September 19, 2025, RAPT had a market capitalization of approximately $186.6 million and an enterprise value of $20.85 million. The company reported a trailing twelve-month net loss of around $106.5 million, corresponding to a diluted EPS of –$14.80, a return on assets of –46.2%, and a return on equity of –77.8%. RAPT held approximately $168.95 million in cash against a debt-to-equity ratio of 1.92%. A 1-for-8 reverse stock split on June 16, 2025, reduced the share count to 16,536,085. Schedule 13G filings on August 14, 2025, indicated that Redmile Group, LLC holds a 9.9% stake, while Nantahala Capital Management has a 5.75% stake, highlighting the presence of institutional investors.
Market Position and Industry Context
Operating in the biotechnology research sector, RAPT competes with other companies developing immunology-based treatments. Its focus on allergic and inflammatory diseases aligns it with existing IgE-directed therapies such as omalizumab, while its lead candidate RPT904 seeks to offer a longer half-life and greater selectivity. Collaborations with Hanmi Pharmaceuticals in Korea, Taiwan, and China support RAPT’s global strategy by leveraging regional expertise while retaining its ex-China commercialization rights.
TL;DR
On September 15, 2025, CEO Brian Wong presented RAPT’s pipeline, including RPT904 and a next-generation CCR4 program, at the Stifel Immunology & Inflammation Forum. The stock traded at $20.39 with significant volume, and the company reported approximately $169 million in cash following the reverse stock split on June 16, 2025. Institutional investors collectively own more than 15% of RAPT. The company is advancing food allergy and immunologic candidates while seeking partners for its ex-China assets.
