RAPT Therapeutics (RAPT) Stifel Virtual Immunology and Inflammation Forum summary

Company overview and strategy

• Focused on developing high-value therapeutics for inflammatory disorders, targeting large markets like food allergy and chronic spontaneous urticaria (CSU).

• Lead asset RPT904, a next-generation anti-IgE antibody, in-licensed from Jemincare, is in phase II development.

• Portfolio includes a next-generation CCR4 antagonist, with a new candidate selected and advancing toward the clinic.

RPT904 deal terms and market opportunity

• $35 million upfront payment, up to $670 million in milestones, with $450 million as commercial milestones and $200+ million as developmental milestones.

• Royalty rates reach low double digits; rights are worldwide except China.

• Food allergy and CSU markets estimated at $40 billion and $5 billion, respectively.

Clinical development and differentiation

• RPT904 designed for improved half-life and affinity, enabling Q8 or Q12 week dosing versus Q2 or Q4 week for omalizumab.

• Shares the same epitope as omalizumab, unlike failed competitor ligelizumab, supporting high confidence in efficacy and safety.

• Phase II-B study to start before year-end, modeled after the OUtMATCH study, with 100 patients and an 18-month timeline to top-line data.

• Study includes both omalizumab-eligible and ineligible patients, targeting broader population coverage.