The company continues to operate with significant negative margins, evidenced by consistent quarterly operating losses hovering near $19 million throughout 2025.
| Sales/Revenue | 0 | 0 | 0 | 1.53M | 3.81M | 5.04M | 0 | 0 | 0 |
| Revenue Growth % | - | - | -100% | -59.95% | -24.38% | - | - | - | - |
| Cost of Goods Sold | 200K | 0 | 0 | 0 | 0 | 0 | 1.33M | 1.24M | 1.38M |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -200K | 0 | 0 | 1.53M | 3.81M | 5.04M | -1.33M | -1.24M | -1.38M |
| Gross Margin % | - | - | - | 100% | 100% | 100% | - | - | - |
| Gross Profit Growth % | - | - | -100% | -59.95% | -24.38% | 479.1% | -7.52% | 10.62% | - |
| Operating Expenses | 112.44M | 136.1M | 127.06M | 87.32M | 73.02M | 58.26M | 43.63M | 36.95M | 29.33M |
| OpEx % of Revenue | - | - | - | 5718.53% | 1915.08% | 1155.41% | - | - | - |
| Selling, General & Admin | 29.76M | 28.88M | 26.06M | 20.24M | 16.04M | 12.77M | 8.72M | 5.18M | 3.71M |
| SG&A % of Revenue | - | - | - | 1325.47% | 420.59% | 253.29% | - | - | - |
| Research & Development | 82.87M | 107.22M | 101M | 67.08M | 56.98M | 45.48M | 34.91M | 31.77M | 25.62M |
| R&D % of Revenue | - | - | - | 4393.06% | 1494.49% | 902.12% | - | - | - |
| Other Operating Expenses | -200K | 0 | 0 | 0 | 0 | 0 | 1.29M | 800K | 216K |
| Operating Income | -112.64M | -136.1M | -127.06M | -85.8M | -69.21M | -53.21M | -43.63M | -36.95M | -29.33M |
| Operating Margin % | - | - | - | -5618.53% | -1815.08% | -1055.41% | - | - | - |
| Operating Income Growth % | - | -7.11% | -48.1% | -23.97% | -30.06% | -21.97% | -18.09% | -25.97% | - |
| EBITDA | -111.69M | -134.9M | -125.85M | -84.75M | -68.21M | -52.09M | -42.3M | -35.71M | -27.95M |
| EBITDA Margin % | - | - | - | -5549.97% | -1788.96% | -1033.14% | - | - | - |
| EBITDA Growth % | 1.69% | -7.19% | -48.49% | -24.24% | -30.95% | -23.15% | -18.45% | -27.78% | - |
| D&A (Non-Cash Add-back) | 944K | 1.2M | 1.22M | 1.05M | 996K | 1.12M | 1.33M | 1.24M | 1.38M |
| EBIT | -108.95M | -136.1M | -127.06M | -85.8M | -69.21M | -53.21M | -43.63M | -36.95M | -29.33M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 7M | 6.24M | 10.26M | 1.96M | 5K | 1.31M | 1.29M | 800K | 216K |
| Pretax Income | -105.64M | -129.87M | -116.8M | -83.84M | -69.2M | -51.9M | -42.34M | -36.15M | -29.11M |
| Pretax Margin % | - | - | - | -5490.37% | -1814.95% | -1029.39% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 990K | 660K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -1.91% | -1.56% | 0% | 0% |
| Net Income | -105.64M | -129.87M | -116.8M | -83.84M | -69.2M | -52.89M | -43M | -36.15M | -29.11M |
| Net Margin % | - | - | - | -5490.37% | -1814.95% | -1049.03% | - | - | - |
| Net Income Growth % | 1.73% | -11.19% | -39.31% | -21.15% | -30.84% | -23.01% | -18.95% | -24.15% | - |
| Net Income (Continuing) | -105.64M | -129.87M | -116.8M | -83.84M | -69.2M | -52.89M | -43M | -36.15M | -29.11M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.92 | -25.49 | -24.37 | -20.61 | -20.21 | -17.53 | -15.75 | -13.59 | -10.95 |
| EPS Growth % | 50.24% | -4.58% | -18.25% | -1.97% | -15.29% | -11.28% | -15.94% | -24.15% | - |
| EPS (Basic) | - | -25.49 | -24.37 | -20.61 | -20.21 | -17.53 | -15.75 | -13.59 | -10.95 |
| Diluted Shares Outstanding | 26.96M | 5.1M | 4.79M | 4.07M | 3.42M | 3.02M | 2.73M | 2.66M | 2.66M |
| Basic Shares Outstanding | 26.96M | 5.1M | 4.79M | 4.07M | 3.42M | 3.02M | 2.73M | 2.66M | 2.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Regulatory clinical hold uncertainty
As indicated by recent financial disclosures, RAPT's quarterly research and development spending has fluctuated significantly, peaking at $46.5 million in 2024Q4 before moderating to $12.0 million by 2025Q3, reflecting the company's heavy reliance on clinical trial activity and external contract research organization commitments.
The volatility in R&D spending suggests that the company's cost structure is highly sensitive to the timing of clinical trial milestones and regulatory status. Investors should monitor whether the recent reduction in R&D spend represents a sustainable efficiency gain or merely a temporary pause necessitated by the ongoing clinical hold.
Based on reported income statements, RAPT continues to operate with significant negative operating margins, as the company's quarterly operating losses have consistently hovered near $19 million throughout 2025, underscoring the lack of revenue generation to offset fixed administrative and research-related overhead costs.
The absence of revenue means that operating leverage is currently non-existent, leaving the company entirely dependent on capital preservation. The stability of SG&A expenses around $7 million per quarter suggests a fixed cost base that may become increasingly burdensome if the clinical hold on the lead program persists.
According to quarterly filings, RAPT consistently records stock-based compensation expenses, with figures reaching $5.0 million in 2025Q3, which effectively inflates the reported net loss while representing a non-cash expense that does not directly impact the company's immediate liquidity position.
Analysts should adjust for these non-cash charges to better understand the true cash burn rate required to sustain operations. The reliance on equity-based incentives appears to be a strategic effort to preserve cash, though it introduces ongoing dilution risks for existing shareholders.
As reported in recent regulatory filings, the FDA clinical hold on RPT193 creates a binary risk profile, as the company's entire valuation is predicated on the successful resolution of safety concerns that could potentially invalidate the broader CCR4 small molecule platform.
The market may be underestimating the difficulty of restarting trials once a safety hold is imposed, as investigator confidence and patient recruitment dynamics can be permanently impaired. If the liver toxicity signals are found to be class-wide, the company's remaining oncology assets may face similar regulatory scrutiny.
Quick answers to the most common questions about buying RAPT stock.
For fiscal year 2024, RAPT Therapeutics, Inc. (RAPT) reported total revenue of $0.0M.
RAPT Therapeutics, Inc. (RAPT) reported a net loss of $129.9M for the fiscal year ending 2024.