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RAPT Therapeutics Announces Pricing of Public Offering of Common Stock

1. RAPT announces pricing of a public offering of 8.33 million shares. 2. Offering priced at $30.00 per share, aiming for $250 million gross proceeds. 3. Underwriters have a 30-day option for an additional 1.25 million shares. 4. Closing of the offering expected around October 23, 2025, pending conditions. 5. Offering conducted under SEC shelf registration effective since August 17, 2023.

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FAQ

Why Neutral?

While raising capital signifies investor interest, it dilutes current shareholder value. Historical offerings have often led to short-term stock price pressure before recovery.

How important is it?

The public offering is significant for investors as it impacts share price and funding. However, the market typically reacts negatively to dilution initially, hence a moderate score.

Why Short Term?

The immediate market reaction may influence share price temporarily; typically, offerings depress prices. Recovery usually correlates with strategic use of the funds raised.

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TD CowenGuggenheim SecuritiesWells Fargo Securities
October 21, 2025 23:12 ET  | Source: RAPT Therapeutics, Inc. SOUTH SAN FRANCISCO, Calif., Oct. 21, 2025 (GLOBE NEWSWIRE) -- RAPT Therapeutics, Inc. (Nasdaq: RAPT) (“RAPT”), a clinical-stage immunology-based biopharmaceutical company focused on discovering, developing and commercializing novel therapies for patients living with inflammatory and immunological diseases, today announced the pricing of an underwritten public offering of 8,333,334 shares of its common stock at a price to the public of $30.00 per share. In addition, RAPT has granted the underwriters a 30-day option to purchase up to an additional 1,250,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. All of the shares of common stock are being offered by RAPT. The gross proceeds from the offering to RAPT are expected to be approximately $250.0 million, before deducting underwriting discounts and commissions and other offering expenses, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on or about October 23, 2025, subject to customary closing conditions. Leerink Partners, TD Cowen, Guggenheim Securities, Wells Fargo Securities and LifeSci Capital are acting as joint bookrunning managers for the offering. H.C. Wainwright & Co. and Clear Street are acting as lead managers for the offering. The offering is being made pursuant to a shelf registration statement, including a base prospectus, filed by RAPT with the Securities and Exchange Commission (the “SEC”), which was declared effective by the SEC on August 17, 2023. The offering may be made only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. A final prospectus supplement and accompanying prospectus will be filed with the SEC. When available, electronic copies of the final prospectus supplement and the accompanying prospectus may also be obtained from: Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at 1-800-808-7525 ex. 6132 or by email at syndicate@leerink.com; TD Securities (USA) LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at TDManualrequest@broadridge.com; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com; Wells Fargo Securities, LLC, Attention: Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at 800-645-3751 (option #5) or email a request to WFScustomerservice@wellsfargo.com; or LifeSci Capital LLC at 1700 Broadway, 40th Floor, New York, New York 10019, or by email at compliance@lifescicapital.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. About RAPT Therapeutics, Inc. RAPT is a clinical-stage immunology-based biopharmaceutical company focused on discovering, developing and commercializing novel therapies for patients living with inflammatory and immunological diseases. Utilizing our deep and proprietary expertise in immunology, we develop novel therapies that are designed to modulate the critical immune responses underlying these diseases. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to RAPT’s expectations regarding the offering, including expected gross proceeds and anticipated closing date, the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected. RAPT cautions investors not to place undue reliance on the forward-looking statements contained in this release. These risks and uncertainties include, without limitation, risks and uncertainties related to market conditions, the risk that the public offering will not be consummated on the terms or in the amounts contemplated or otherwise, and the satisfaction of customary closing conditions related to the public offering. Risks and uncertainties relating to RAPT and its business can be found in the “Risk Factors” section of RAPT’s Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 7, 2025, and in the preliminary prospectus supplement related to the public offering filed with the SEC on October 21, 2025, and in the final prospectus supplement related to the public offering to be filed with the SEC. RAPT undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in RAPT’s expectations, except as required by law. RAPT Investor Contact:Sylvia Wheelerswheeler@wheelhouselsa.com RAPT Media Contact:Aljanae Reynoldsareynolds@wheelhouselsa.com

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