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RAPT Therapeutics Inc. (RAPT-4.05%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss of $129.9 million for the year, compared to a net loss of $116.8 million in the previous year. The increase in net loss is attributed to a $35.0 million upfront license fee related to RPT904.
Research and development expenses increased to $107.2 million from $101.0 million in the prior year, primarily due to the upfront license fee for RPT904. Excluding this fee, research and development expenses decreased due to the termination of the zelnecirnon program.
General and administrative expenses rose to $28.9 million from $26.1 million, driven by higher stock-based compensation and personnel costs.
RAPT ended the year with $231.1 million in cash, cash equivalents, and marketable securities, up from $158.9 million at the end of 2023. This increase was primarily due to a private placement and sales under the ATM Sales Agreement.
The company plans to continue its focus on developing RPT904 and tivumecirnon, while exploring different CCR4 antagonists after ceasing development of zelnecirnon.
RAPT anticipates needing substantial additional funding to support its operations and development plans, which may include raising capital through equity or debt financings.
The filing also details the company's strategy to advance RPT904 through clinical development for food allergy and CSU, and to seek partnerships for tivumecirnon outside of the Hanmi Territory.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RAPT Therapeutics Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.