RAPT Therapeutics, Inc. reported a net loss of $129.9 million for the fiscal year ending December 31, 2024, compared to a net loss of $116.8 million in the previous year, marking an increase of 11%. The company's total operating expenses rose to $136.1 million, up from $127.1 million in 2023, primarily driven by a $35 million upfront license fee for its lead drug candidate, RPT904. Research and development expenses increased by 6% to $107.2 million, while general and administrative expenses rose by 11% to $28.9 million. The company’s accumulated deficit reached $614.5 million as of December 31, 2024.
In December 2024, RAPT entered into a significant licensing agreement with Shanghai Jemincare Pharmaceutical Co., Ltd., granting it exclusive rights to develop and commercialize RPT904 globally, excluding certain territories in Asia. This agreement includes potential milestone payments totaling up to $672.5 million and tiered royalties on future sales. The company also reported a decrease in development costs related to its previously halted drug candidate, zelnecirnon, which was placed on clinical hold by the FDA due to safety concerns.
RAPT's financial position improved with cash and cash equivalents totaling $231.1 million as of December 31, 2024, following a private placement that generated net proceeds of $143 million. The company also has access to an additional $140.6 million under an at-the-market offering agreement. However, RAPT anticipates needing substantial additional funding to support ongoing research and development activities, as it does not expect to generate revenue from product sales in the near future.
As of the end of 2024, RAPT employed 68 individuals, a reduction of approximately 40% from its previous headcount due to a workforce reduction aimed at conserving cash resources. The company plans to continue investing in the clinical development of RPT904 and other drug candidates, with expectations of increased research and development expenditures in the coming years. RAPT's management believes that its current financial resources will be sufficient to meet operational needs for at least the next 12 months, but acknowledges the need for additional capital to sustain its development strategy.
About RAPT Therapeutics, Inc.
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