RAPT Therapeutics (RAPT) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Pipeline expansion and strategic focus

• Recently in-licensed RPT904, a half-life-extended omalizumab biobetter, targeting food allergy and CSU.

• RPT904 offers more convenient dosing (Q8/Q12-week) and aims for improved compliance and outcomes.

• Phase II-B study in food allergy to start in H2 2025, with data expected H1 2027; phase II/III in CSU planned for next year.

• Oncology program tivumecirnon showed efficacy in solid and liquid tumors; partnership discussions ongoing.

• Next-generation oral CCR4 antagonist expected to enter clinic in 2026, with preclinical candidate selection in H1 2024.

Market opportunity and commercial outlook

• U.S. peak revenue for RPT904 estimated at $4.5B for food allergy and $1B for CSU.

• Omalizumab biosimilars expected to launch by RPT904’s market entry, with 30%-40% price erosion anticipated.

• Payers support a 30% premium for RPT904 over biosimilars due to improved dosing and compliance.

• RPT904 could expand the market by addressing patients excluded from Xolair due to high weight/IgE.

• Small molecule competitors in CSU (e.g., c-Kit inhibitors, MRGPRX2 antagonists) likely to be used post-biologic.

Clinical data and development plans

• Phase I data show RPT904 has a >2x longer half-life and deeper IgE reduction than omalizumab.

• Simulations indicate RPT904 Q12-week dosing covers most patients, including some not eligible for omalizumab.

• Planned phase II-B food allergy study will randomize 75 patients to Q8/Q12-week or placebo, with simplified dosing.

• Jemincare’s phase II studies in asthma and CSU are enrolling quickly, with top-line data expected H2 2024.

• Additional PK/PD studies in healthy and atopic subjects will refine dosing for phase III.