RAPT Therapeutics (RAPT) AI Stock Analysis

• Market Cap: $1.60B
• Dividend Yield: N/A
• Average Volume (3M): 1.93M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.46
• Revenue Growth: N/A
• EPS Growth: 50.23%
• Country: US
• Employees: 67
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.65
• Shares Outstanding: 27,710,870
• 10 Day Avg. Volume: 5,267,223
• 30 Day Avg. Volume: 1,931,125
• PEG Ratio: -0.11
• Price to Book (P/B): 0.34
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.77
• Enterprise Value/Market Cap: 0.57
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -4.59K
• Enterprise Value/Ebitda: -8.50
• 1Y Price Target: $57.88
• Price Target Upside: 0.34% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 10
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: $60.00 ▲(4.02% Upside)

The score is held back primarily by weak financial performance (no revenue, large losses, and heavy cash burn). Offsetting that, the stock shows strong upward technical momentum and, most importantly, a definitive cash acquisition agreement at $58/share materially supports the near-term investment profile despite remaining deal-closure conditions.

Positive Factors

Definitive acquisition agreement with GSK

A signed cash acquisition materially de-risks RAPT’s financing and execution path by creating a clear, funded exit and access to GSK’s commercial infrastructure. Over the medium term this secures resources for ozureprubart development and reduces standalone funding pressure.

Low financial leverage / solid balance-sheet flexibility

Very low debt relative to equity provides durable financial flexibility for a pre-revenue biotech, limiting insolvency risk and preserving optionality to fund trials, execute partnerships, or negotiate better transaction terms without high interest burdens.

Advancing pipeline with positive mid-stage data

Clinical progress and positive Phase 2 readouts materially de-risk late-stage plans and broaden commercial potential across food allergy and urticaria. Sustained program advancement increases the asset’s strategic value and likelihood of longer-term revenue generation under a larger commercial partner.

Negative Factors

Pre-revenue with large, persistent cash burn

Absence of revenue combined with substantial, accelerating operating and free cash flow deficits is a durable structural weakness. It forces reliance on external capital or a deal to sustain trials, increasing execution risk if financing markets tighten or a transaction stalls.

Shrinking equity base from ongoing losses

A declining equity base reflects cumulative losses and reduces the company’s capital cushion. Over months this weakens solvency metrics, can increase future financing cost or dilution, and limits strategic flexibility if the acquisition or additional financing encounters delays.

Acquisition is conditional on tender majority and antitrust clearance

The transaction’s customary closing conditions create sustained execution risk; if majority tender thresholds or regulatory approvals fail or are delayed, RAPT would revert to operating independently while burning cash, potentially forcing dilutive financings or program slowdowns.

RAPT Therapeutics Business Overview & Revenue Model

Company Description

RAPT Therapeutics, Inc., a clinical-stage immunology-based biopharmaceutical company, focuses on discovering, developing, and commercializing oral small molecule therapies for patients with unmet needs in oncology and inflammatory diseases. Its lead inflammation drug candidate is RPT193, a C-C motif chemokine receptor 4 (CCR4) antagonist that selectively inhibit the migration of type 2 T helper cells into inflamed tissues. The company's lead oncology drug candidate is FLX475, an oral small molecule CCR4 antagonist that is in the Phase 1/2 clinical trial to investigate as a monotherapy and in combination with pembrolizumab in patients with advanced cancer. It also focuses on the development of hematopoietic progenitor kinase 1 inhibitor. The company was formerly known as FLX Bio, Inc. and changed its name to RAPT Therapeutics, Inc. in May 2019. RAPT Therapeutics, Inc. was incorporated in 2015 and is headquartered in South San Francisco, California.

How the Company Makes Money

RAPT Therapeutics generates revenue primarily through strategic collaborations and partnerships with other pharmaceutical companies, as well as government grants and funding for its research initiatives. The company may also license its proprietary technology and intellectual property to other firms, providing another revenue stream. As RAPT advances its product candidates through clinical trials and towards potential commercialization, it anticipates generating revenue from the sale of its therapies upon obtaining necessary regulatory approvals.

RAPT Therapeutics Financial Statement Overview

Summary

Financial profile is weak overall: the company is pre-revenue ($0 revenue) with large ongoing losses (net income -$105.6M TTM) and heavy, worsening cash burn (free cash flow -$86.7M TTM; sharply negative FCF growth). The main offset is a relatively strong balance sheet with minimal debt (~$2.6M) versus equity (~$152.0M), though equity has been shrinking.

Income Statement

RAPT Therapeutics remains a pre-revenue biotech, with TotalRevenue at $0 in both 2024 (annual) and 2025-09-30 TTM (Trailing-Twelve-Months). Losses are sizeable and persistent, with net income at -$129.9M (2024) and -$105.6M (TTM), indicating ongoing heavy R&D/operating spend. A modest positive is that the TTM net loss is smaller than 2024, but the lack of revenue and continued negative operating results keep earnings quality weak and the profitability profile highly challenged.

Balance Sheet

The balance sheet is a relative strength: leverage is very low, with TotalDebt of ~$2.6M against StockholdersEquity of ~$152.0M in TTM (Trailing-Twelve-Months), implying ample balance-sheet flexibility and limited debt risk. However, the equity base has declined versus prior years (e.g., $189.9M in 2024 to $152.0M TTM), consistent with ongoing losses and cash burn, and returns remain deeply negative (ReturnOnEquity around -0.62 TTM). Overall, solvency looks solid, but the trajectory of shrinking equity is a key watch item.

Cash Flow

Cash generation is weak, with materially negative OperatingCashFlow and FreeCashFlow: about -$83.3M operating and -$83.4M free cash flow in 2024, and roughly -$86.6M operating and -$86.7M free cash flow in TTM (Trailing-Twelve-Months). Free cash flow growth turned sharply negative in TTM (-5.641), signaling accelerating burn versus the prior period. A limited positive is that free cash flow broadly tracks net loss (FreeCashFlowToNetIncome ~1.0), suggesting losses are not being masked by major working-capital distortions—yet the absolute burn rate remains the dominant concern.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	1.53M	3.81M	5.04M
Gross Profit	-200.00K	0.00	0.00	1.53M	3.81M	5.04M
EBITDA	-108.01M	-134.90M	-125.85M	-84.75M	-68.21M	-52.09M
Net Income	-105.64M	-129.87M	-116.80M	-83.84M	-69.20M	-52.89M
Balance Sheet
Total Assets	165.74M	240.32M	173.33M	266.21M	198.64M	118.97M
Cash, Cash Equivalents and Short-Term Investments	157.34M	231.06M	158.86M	249.07M	189.65M	111.51M
Total Debt	2.60M	4.49M	6.91M	8.99M	0.00	0.00
Total Liabilities	13.76M	50.42M	26.29M	21.04M	12.26M	14.79M
Stockholders Equity	151.98M	189.90M	147.03M	245.17M	186.38M	104.18M
Cash Flow
Free Cash Flow	-86.66M	-83.42M	-98.17M	-71.62M	-61.78M	-40.89M
Operating Cash Flow	-86.58M	-83.30M	-97.05M	-70.77M	-61.03M	-40.49M
Investing Cash Flow	-56.70M	52.70M	104.13M	-45.49M	-81.35M	-87.44M
Financing Cash Flow	143.31M	152.85M	1.45M	131.18M	141.48M	75.46M

RAPT Therapeutics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 57.68
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RAPT, the sentiment is Positive. The current price of 57.68 is above the 20-day moving average (MA) of 43.94, above the 50-day MA of 37.49, and above the 200-day MA of 20.48, indicating a bullish trend. The MACD of 6.82 indicates Negative momentum. The RSI at 80.05 is Negative, neither overbought nor oversold. The STOCH value of 88.07 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RAPT.

RAPT Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RAPT	60 Neutral	$1.60B	-5.21	-85.37%	―	―	50.23%
DBVT	60 Neutral	$906.71M	-4.12	-234.58%	―	―	1.29%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
AUTL	51 Neutral	$364.61M	-1.62	-60.52%	―	407.86%	30.35%
NGNE	48 Neutral	$273.55M	-3.99	-42.25%	―	-100.00%	1.47%
ENGN	47 Neutral	$638.36M	-4.15	-53.28%	―	―	-52.86%
LXEO	46 Neutral	$540.84M	―	-80.69%	―	―	4.97%

RAPT Therapeutics Corporate Events

GSK to Acquire RAPT Therapeutics in Cash Merger

On January 19, 2026, RAPT Therapeutics entered into a definitive agreement and plan of merger under which a GSK subsidiary will launch a cash tender offer to acquire all outstanding RAPT shares for $58 per share, implying an equity value of about $2.2 billion and making RAPT a wholly owned GSK unit once a subsequent merger closes. The deal, announced publicly on January 20, 2026, will give GSK global rights outside greater China to ozureprubart, a potentially best-in-class, less-frequently dosed anti-IgE antibody aimed at the growing food allergy market, and is set to strengthen GSK’s Respiratory, Immunology & Inflammation pipeline while offering RAPT shareholders a substantial cash exit, contingent on customary antitrust clearance and a majority tender of shares.

The most recent analyst rating on (RAPT) stock is a Buy with a $39.00 price target. To see the full list of analyst forecasts on RAPT Therapeutics stock, see the RAPT Stock Forecast page.

RAPT Therapeutics Showcases Ozureprubart Progress, Strengthened Outlook

On January 14, 2026, RAPT Therapeutics presented at the 44th Annual J.P. Morgan Healthcare Conference, highlighting progress and plans for its lead drug candidate ozureprubart, which it positions as a potentially best-in-class successor to omalizumab in allergic diseases. The company reported positive Phase 2 data in chronic spontaneous urticaria during 2025, initiated a Phase 2b food allergy trial expected to read out in the first half of 2027, and outlined plans to begin a Phase 3 chronic spontaneous urticaria trial in the second half of 2026, targeting multibillion-dollar U.S. market opportunities in food allergy and urticaria. RAPT also emphasized strengthened corporate and financial footing through a $265 million follow-on offering extending its cash runway to mid-2028, key leadership appointments with commercialization and allergy expertise, and expansion of its pipeline with a next-generation CCR4 candidate, signaling an aggressive push to solidify its position in the competitive inflammatory disease space and de-risk its late-stage development program for stakeholders.

The most recent analyst rating on (RAPT) stock is a Buy with a $95.00 price target. To see the full list of analyst forecasts on RAPT Therapeutics stock, see the RAPT Stock Forecast page.

RAPT Therapeutics Announces CMO Departure

On November 24, 2025, RAPT Therapeutics announced that Chief Medical Officer Dr. William Ho will leave the company on December 31, 2025. Dr. Ho will receive severance benefits and healthcare coverage, and will continue as a strategic consultant with the company until December 31, 2026, allowing him to retain equity award vesting rights.

The most recent analyst rating on (RAPT) stock is a Buy with a $57.00 price target. To see the full list of analyst forecasts on RAPT Therapeutics stock, see the RAPT Stock Forecast page.

RAPT Therapeutics Announces Major Public Stock Offering

On October 21, 2025, RAPT Therapeutics, Inc. announced an underwritten public offering of 8,333,334 shares of its common stock at $30.00 per share, with an option for underwriters to purchase an additional 1,250,000 shares. The company expects to raise approximately $234.4 million, potentially extending to $269.7 million if the option is fully exercised, which will fund operations into 2028. The offering is expected to close on October 23, 2025, subject to customary conditions, and reflects RAPT’s strategic move to secure capital for its ongoing and future projects.

The most recent analyst rating on (RAPT) stock is a Buy with a $60.00 price target. To see the full list of analyst forecasts on RAPT Therapeutics stock, see the RAPT Stock Forecast page.