RAPT Therapeutics (RAPT) Investor Update summary

Strategic partnership and license agreement

• In-licensed RPT904 (JYB1904), a long-acting anti-IgE antibody, from Jemincare for territories outside China, Taiwan, Macau, and Hong Kong, with Jemincare receiving $35M upfront, up to $672.5M in milestones, and mid-single to low double-digit royalties.

• The agreement positions the company to address significant unmet needs in food allergy and allergic disorders, leveraging omalizumab's recent market success.

• The partnership is expected to accelerate global development and commercialization of RPT904, excluding Jemincare's territory.

• $150M financing secured from top-tier investors, extending cash runway into mid-2027.

Clinical development and trial plans

• Phase 2b study in food allergy planned to start in H2 2025, with top-line data expected H1 2027.

• Jemincare running phase 2 studies in asthma and CSU in China, with data expected in H2 2025 and H1 2026, respectively.

• Potential to leverage Jemincare's CSU data to initiate phase 3 trials, pending regulatory agreement.

• Additional PK/PD studies planned to refine dosing for phase 3.

• Phase 2b trial will use simplified dosing regimens, covering patients excluded from omalizumab's label.

Product profile and differentiation

• RPT904 features a YTE mutation for extended half-life (63 days vs. 27 days for omalizumab) and improved IgE binding, with ~4-fold higher affinity.

• Demonstrated deeper and more sustained free IgE reduction in phase 1 vs. omalizumab.

• Simulations support Q12-week dosing for most patients, including those excluded from omalizumab due to high weight/IgE.

• Improved manufacturability, stability, and reduced immunogenicity through targeted molecular modifications.

• Strong patent protection through 2041.