0000950170-24-093354 | 10-Q | XBRL Viewer

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Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 4,401	$ 7,281
Accrued compensation	4,619	6,303
Accrued professional and consulting services	341	341
Other	126	178
Total accrued expenses	$ 9,487	$ 14,103

Common Stock

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Common Stock

6. Common Stock

As of June 30, 2024, the Company had reserved the following shares of common stock for future issuance:


Options issued and outstanding under the 2019 Equity Incentive Plan and 2015 Stock Plan			5,589,209
Shares available for future grants under the 2019 Equity Incentive Plan			2,905,116
Pre-funded warrants issued and outstanding			4,000,000
Shares reserved under the 2019 Employee Stock Purchase Plan			547,084
Total			13,041,409

On August 11, 2023, the Company filed a shelf registration statement on Form S-3 with the SEC, which was declared effective on August 17, 2023, related to the sale and issuance of up to $450 million of the Company’s securities, including up to $150 million of shares of common stock that may be offered and sold from time to time in one or more “at-the-market” offerings pursuant to a Controlled Equity OfferingSM Sales Agreement (the “ATM Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”) and Leerink Partners LLC. The ATM Sales Agreement replaced the Controlled Equity OfferingSM Sales Agreement dated November 4, 2020 by and among the Company, Cantor and Stifel, Nicolaus & Company, Incorporated (the “Prior ATM Sales Agreement”). No shares were sold during the three months ended June 30, 2024 under the ATM Sales Agreement. During the six months ended June 30, 2024, the Company sold 365,316 shares of common stock in “at-the-market” offerings pursuant to the ATM Sales Agreement for net proceeds of $9.0 million, after deducting commissions and other offering related costs. No shares were sold under the Prior ATM Sales Agreement during the three and six months ended June 30, 2023. As of June 30, 2024, $140.6 million remained available under the ATM Sales Agreement.

- Definition

The entire disclosure for equity.

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+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	RAPT
Entity Registrant Name	RAPT Therapeutics, Inc.
Entity Central Index Key	0001673772
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-38997
Entity Tax Identification Number	47-3313701
Entity Address, Address Line One	561 Eccles Avenue
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	489-9000
Entity Common Stock, Shares Outstanding		34,903,476
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

8. Net Loss Per Share

Net loss per share

The following table sets forth the computation of the basic and diluted net loss per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Numerator:
Net loss	$	(27,663	)	$	(25,280	)	$	(58,184	)	$	(54,551	)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted		38,866,760			38,328,741			38,748,214			38,304,758
Net loss per share, basic and diluted	$	(0.71	)	$	(0.66	)	$	(1.50	)	$	(1.42	)

For the three and six months ended June 30, 2024 and 2023, 4,000,000 pre-funded warrants to purchase the Company’s shares of common stock, issued in the May 2022 private placement financing, were included on a weighted average basis in the basic and diluted net loss per share calculation. As of June 30, 2024, all the pre-funded warrants issued in the private placement financing were outstanding.

Potential dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	As of June 30,
	2024		2023
Stock options issued and outstanding under the 2019 Plan and 2015 Stock Plan		5,589,209		4,079,046
Estimated shares issuable under the 2019 ESPP		12,939		11,801
RSUs subject to future vesting		—		13,500
Total		5,602,148		4,104,347

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Cash Equivalents and Marketable Securities Classified as Available-for-Sale Securities Measured at Fair Value on Recurring Basis

Cash equivalents and marketable securities, all of which are classified as available-for-sale securities and measured at fair value on a recurring basis, consisted of the following (in thousands):


		As of June 30, 2024
	Fair Value Hierarchy Level	Amortized Cost			Unrealized Gains		Unrealized Losses			Fair Value
Financial assets:
Money market funds	Level 1	$	3,723		$	—	$	—		$	3,723
Corporate debt	Level 2		18,240			6		(11	)		18,235
Asset-backed securities	Level 2		3,859			—		(1	)		3,858
Commercial paper	Level 2		35,966			—		(4	)		35,962
U.S. government agency securities	Level 2		52,873			1		(38	)		52,836
Subtotal			114,661			7		(54	)		114,614
Less: Cash equivalents			(36,853	)		—		—			(36,853	)
Marketable securities		$	77,808		$	7	$	(54	)	$	77,761


		As of December 31, 2023
	Fair Value Hierarchy Level	Amortized Cost			Unrealized Gains		Unrealized Losses			Fair Value

Financial assets:
Money market funds	Level 1	$	10,869		$	—	$	—		$	10,869
Corporate debt	Level 2		19,531			37		(9	)		19,559
Asset-backed securities	Level 2		5,242			7		(4	)		5,245
Commercial paper	Level 2		59,828			7		(8	)		59,827
U.S. government agency securities	Level 2		63,206			91		(18	)		63,279
Subtotal			158,676			142		(39	)		158,779
Less: Cash equivalents			(47,395	)		—		—			(47,395	)
Marketable securities		$	111,281		$	142	$	(39	)	$	111,384

Schedule of Remaining Contractual Maturities of Marketable Securities

The following table presents the remaining contractual maturities of the Company’s marketable securities as of June 30, 2024 (in thousands):


	June 30, 2024
Maturing in one year or less	$	76,291
Maturing after one year through five years		1,470
Total	$	77,761

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Accrued Expenses

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses

5. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Accrued research and development expenses	$	4,401	$	7,281
Accrued compensation		4,619		6,303
Accrued professional and consulting services		341		341
Other		126		178
Total accrued expenses	$	9,487	$	14,103

Fair Value Measurements - Schedule of Cash Equivalents and Marketable Securities Classified as Available-for-Sale Securities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 114,661	$ 158,676
Unrealized Gains	7	142
Unrealized Losses	(54)	(39)
Fair Value	114,614	158,779
Less: Cash equivalents	(36,853)	(47,395)
Marketable securities, Amortized Cost	77,808	111,281
Marketable securities, Unrealized Gains	7	142
Marketable securities, Unrealized Losses	(54)	(39)
Marketable securities, Fair Value	77,761	111,384
Level 1 \| Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	3,723	10,869
Fair Value	3,723	10,869
Level 2 \| Corporate Debt
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	18,240	19,531
Unrealized Gains	6	37
Unrealized Losses	(11)	(9)
Fair Value	18,235	19,559
Level 2 \| Asset-backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	3,859	5,242
Unrealized Gains		7
Unrealized Losses	(1)	(4)
Fair Value	3,858	5,245
Level 2 \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	35,966	59,828
Unrealized Gains		7
Unrealized Losses	(4)	(8)
Fair Value	35,962	59,827
Level 2 \| U.S. Government Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	52,873	63,206
Unrealized Gains	1	91
Unrealized Losses	(38)	(18)
Fair Value	$ 52,836	$ 63,279

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net loss	$ (58,184)	$ (54,551)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discounts on marketable securities	(1,731)	(2,948)
Depreciation and amortization	619	568
Stock-based compensation expense	10,782	8,333
Loss on foreign currency translation	0	(655)
Non-cash operating lease expense	1,168	1,168
Changes in operating assets and liabilities:
Prepaid expenses and other assets	686	970
Accounts payable, accrued expenses and other current liabilities	(7,155)	1,028
Operating lease liabilities	(1,423)	(1,323)
Net cash used in operating activities	(55,238)	(47,410)
Investing activities
Purchase of marketable securities	(34,007)	(73,951)
Proceeds from maturities of marketable securities	69,211	132,688
Purchase of property and equipment	(104)	(992)
Net cash provided by investing activities	35,100	57,745
Financing activities
Proceeds from issuance of common stock under employee stock plans	768	883
Net cash provided by financing activities	9,737	883
Net (decrease) increase in cash and cash equivalents	(10,401)	11,218
Cash and cash equivalents at beginning of period	47,478	38,946
Cash and cash equivalents at end of period	37,077	50,164
At The Market
Financing activities
Proceeds from equity offerings, net of issuance costs	$ 8,969	$ 0

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest	$ 45,500		$ 45,500
Unrecognized stock-based compensation cost, expected period to be recognized			2 years 9 months 18 days
Stock-based compensation expense	5,384	$ 4,239	$ 10,782	$ 8,333
2019 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 400	$ 300	$ 700	$ 600
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remained available for issuance	2,905,116		2,905,116

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

Fair value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Financial instruments include cash and cash equivalents, marketable securities, accounts payable and accrued expenses that approximate fair value due to their relatively short maturities.

Assets and liabilities recorded at fair value on a recurring basis in the balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3—Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

The Company estimates the fair values of investments in corporate debt securities, commercial paper and U.S. government agency securities using valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs.

Cash equivalents and marketable securities, all of which are classified as available-for-sale securities and measured at fair value on a recurring basis, consisted of the following (in thousands):


		As of June 30, 2024
	Fair Value Hierarchy Level	Amortized Cost			Unrealized Gains		Unrealized Losses			Fair Value
Financial assets:
Money market funds	Level 1	$	3,723		$	—	$	—		$	3,723
Corporate debt	Level 2		18,240			6		(11	)		18,235
Asset-backed securities	Level 2		3,859			—		(1	)		3,858
Commercial paper	Level 2		35,966			—		(4	)		35,962
U.S. government agency securities	Level 2		52,873			1		(38	)		52,836
Subtotal			114,661			7		(54	)		114,614
Less: Cash equivalents			(36,853	)		—		—			(36,853	)
Marketable securities		$	77,808		$	7	$	(54	)	$	77,761


		As of December 31, 2023
	Fair Value Hierarchy Level	Amortized Cost			Unrealized Gains		Unrealized Losses			Fair Value

Financial assets:
Money market funds	Level 1	$	10,869		$	—	$	—		$	10,869
Corporate debt	Level 2		19,531			37		(9	)		19,559
Asset-backed securities	Level 2		5,242			7		(4	)		5,245
Commercial paper	Level 2		59,828			7		(8	)		59,827
U.S. government agency securities	Level 2		63,206			91		(18	)		63,279
Subtotal			158,676			142		(39	)		158,779
Less: Cash equivalents			(47,395	)		—		—			(47,395	)
Marketable securities		$	111,281		$	142	$	(39	)	$	111,384

As of June 30, 2024, the unrealized losses on the Company’s securities that were in an unrealized loss position were caused by interest rate changes and were not attributable to credit losses. As of June 30, 2024, the Company held debt securities with an aggregate unrealized loss position of $54,000 that had an aggregate fair value of $55.6 million. The Company does not intend to sell the securities that are in an unrealized loss position and the Company believes it is more likely than not that the investments will be held until recovery of the amortized cost bases. The Company did not record an allowance for credit losses or other impairment charges related to its marketable securities as of June 30, 2024.

The following table presents the remaining contractual maturities of the Company’s marketable securities as of June 30, 2024 (in thousands):


	June 30, 2024
Maturing in one year or less	$	76,291
Maturing after one year through five years		1,470
Total	$	77,761

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Accrued research and development expenses	$	4,401	$	7,281
Accrued compensation		4,619		6,303
Accrued professional and consulting services		341		341
Other		126		178
Total accrued expenses	$	9,487	$	14,103

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	At The Market	Common Stock	Common Stock At The Market	Additional Paid-In Capital	Additional Paid-In Capital At The Market	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 245,166		$ 3		$ 613,073		$ (26)	$ (367,884)
Beginning balance, shares at Dec. 31, 2022			34,254,314
Issuances of common stock under employee stock plans	116				116
Issuances of common stock under employee stock plans, shares			35,417
Stock-based compensation	4,094				4,094
Unrealized gain (loss) on marketable securities	365						365
Net loss	(29,271)							(29,271)
Ending balance at Mar. 31, 2023	220,470		$ 3		617,283		339	(397,155)
Ending balance, shares at Mar. 31, 2023			34,289,731
Beginning balance at Dec. 31, 2022	245,166		$ 3		613,073		(26)	(367,884)
Beginning balance, shares at Dec. 31, 2022			34,254,314
Unrealized gain (loss) on marketable securities	501
Net loss	(54,551)
Ending balance at Jun. 30, 2023	199,677		$ 3		622,289		(180)	(422,435)
Ending balance, shares at Jun. 30, 2023			34,352,076
Beginning balance at Mar. 31, 2023	220,470		$ 3		617,283		339	(397,155)
Beginning balance, shares at Mar. 31, 2023			34,289,731
Issuances of common stock under employee stock plans	767				767
Issuances of common stock under employee stock plans, shares			62,345
Stock-based compensation	4,239				4,239
Foreign currency translation gain (loss)	(655)						(655)
Unrealized gain (loss) on marketable securities	136						136
Net loss	(25,280)							(25,280)
Ending balance at Jun. 30, 2023	199,677		$ 3		622,289		(180)	(422,435)
Ending balance, shares at Jun. 30, 2023			34,352,076
Beginning balance at Dec. 31, 2023	147,035		$ 3		631,611		103	(484,682)
Beginning balance, shares at Dec. 31, 2023			34,398,312
Issuances of common stock under employee stock plans	67				67
Issuances of common stock under employee stock plans, shares			36,074
Issuance of common stock, net of issuance costs		$ 8,969				$ 8,969
Issuance of common stock, net of issuance costs, shares				365,316
Stock-based compensation	5,398				5,398
Unrealized gain (loss) on marketable securities	(113)						(113)
Net loss	(30,521)							(30,521)
Ending balance at Mar. 31, 2024	130,835		$ 3		646,045		(10)	(515,203)
Ending balance, shares at Mar. 31, 2024			34,799,702
Beginning balance at Dec. 31, 2023	147,035		$ 3		631,611		103	(484,682)
Beginning balance, shares at Dec. 31, 2023			34,398,312
Unrealized gain (loss) on marketable securities	(150)
Net loss	(58,184)
Ending balance at Jun. 30, 2024	109,220		$ 3		652,130		(47)	(542,866)
Ending balance, shares at Jun. 30, 2024			34,903,476
Beginning balance at Mar. 31, 2024	130,835		$ 3		646,045		(10)	(515,203)
Beginning balance, shares at Mar. 31, 2024			34,799,702
Issuances of common stock under employee stock plans	701				701
Issuances of common stock under employee stock plans, shares			103,774
Stock-based compensation	5,384				5,384
Unrealized gain (loss) on marketable securities	(37)						(37)
Net loss	(27,663)							(27,663)
Ending balance at Jun. 30, 2024	$ 109,220		$ 3		$ 652,130		$ (47)	$ (542,866)
Ending balance, shares at Jun. 30, 2024			34,903,476

Net Loss Per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss	$ (27,663)	$ (30,521)	$ (25,280)	$ (29,271)	$ (58,184)	$ (54,551)
Denominator:
Weighted-average shares used to compute net loss per share, basic	38,866,760		38,328,741		38,748,214	38,304,758
Weighted-average shares used to compute net loss per share, diluted	38,866,760		38,328,741		38,748,214	38,304,758
Net loss per share, basic	$ (0.71)		$ (0.66)		$ (1.5)	$ (1.42)
Net loss per share, diluted	$ (0.71)		$ (0.66)		$ (1.5)	$ (1.42)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

9. Subsequent Events

On July 16, 2024, the Company's board of directors approved a reduction of the Company's workforce to conserve cash resources. The workforce reduction impacted 47 people, or approximately 40% of the Company's headcount. All employees affected by the workforce reduction are or will be eligible to receive, among other things, severance payments and paid COBRA premiums for a specified time period post-termination. The Company estimates that it will incur approximately $0.9 million in restructuring charges in connection with the workforce reduction, consisting of cash-based expenses related to employee severance payments, benefits and related costs. The Company expects that the execution of the workforce reduction and the majority of the cash payments related to the restructuring will be substantially completed by the end of the third quarter of 2024.

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following (in thousands):


	June 30,			December 31,
	2024			2023
Laboratory equipment	$	7,086		$	7,399
Leasehold improvements		3,295			3,295
Computer equipment		735			727
Furniture and fixtures		394			394
Total property and equipment		11,510			11,815
Less accumulated depreciation and amortization		(9,577	)		(9,367	)
Property and equipment, net	$	1,933		$	2,448

Common Stock - Additional Information (Details) - ATM Sales Agreement - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
	Aug. 17, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class Of Stock [Line Items]
Shares issued during period value			$ 8,969
Net proceeds received after deducting underwriting discounts and other offering related costs					$ 8,969	$ 0
Common stock remained available value					$ 140,600
Common Stock
Class Of Stock [Line Items]
Shares issued during period			365,316
Sales Agreement
Class Of Stock [Line Items]
Shares issued during period		0		0	365,316	0
Net proceeds received after deducting underwriting discounts and other offering related costs					$ 9,000
Maximum
Class Of Stock [Line Items]
Shares issued during period value	$ 450,000
Maximum \| Sales Agreement \| Common Stock
Class Of Stock [Line Items]
Shares issued during period value	$ 150,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Fair Value Measurements - Additional Information (Details)	Jun. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Debt securities unrealized loss	$ 54,000
Aggregate fair value	55,600,000
Allowance for credit losses or other impairment charges related to marketable securities	$ 0

Net Loss Per Share - Potential Dilutive Securities not Included in Diluted per Share Calculations (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities	5,602,148	4,104,347
Stock Options Issued and Outstanding Under 2019 Plan and 2015 Stock Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities	5,589,209	4,079,046
Estimated Shares Issuable Under the 2019 ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities	12,939	11,801
RSUs Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities		13,500

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 11,510	$ 11,815
Less accumulated depreciation and amortization	(9,577)	(9,367)
Property and equipment, net	1,933	2,448
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	7,086	7,399
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	3,295	3,295
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	735	727
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	$ 394	$ 394

Common Stock - Summary of Reserved Shares of Common Stock for Future Issuance (Details)	Jun. 30, 2024 shares
Class Of Stock [Line Items]
Total shares reserved	13,041,409
Pre-funded warrants issued and outstanding
Class Of Stock [Line Items]
Total shares reserved	4,000,000
2019 Equity Incentive Plan and 2015 Stock Plan \| Options Issued and Outstanding
Class Of Stock [Line Items]
Total shares reserved	5,589,209
2019 Equity Incentive Plan \| Shares Available for Future Grants
Class Of Stock [Line Items]
Total shares reserved	2,905,116
2019 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Total shares reserved	547,084

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Summary of RSU Activity (Details) - 2019 Plan - Restricted Stock Unit ("RSU")	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Outstanding, Beginning Balance \| shares	13,500
Number of Shares Outstanding, RSUs vested and settled \| shares	(13,500)
Weighted Average Grant Date Fair Value Per Share, Beginning Balance \| $ / shares	$ 44.66
Weighted Average Grant Date Fair Value Per Share, RSUs vested and settled \| $ / shares	$ 44.66

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 300	$ 300	$ 619	$ 568

Organization - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 27,663	$ 30,521	$ 25,280	$ 29,271	$ 58,184	$ 54,551
Cash used in operations and capital expenditures					55,200
Cash and cash equivalents and marketable securities	114,800				114,800
Working capital	$ 105,700				$ 105,700

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value Measurements - Schedule of Remaining Contractual Maturities of Marketable Securities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 76,291
Maturing after one year through five years	1,470
Total	$ 77,761

Organization

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

Description of the Business

RAPT Therapeutics, Inc. (“RAPT” or the “Company”) is a clinical stage, immunology-based therapeutics company focused on discovering, developing and commercializing oral small molecule therapies for patients with significant unmet needs in inflammatory diseases and oncology. Utilizing its proprietary drug discovery and development engine, the Company develops highly selective small molecules that are designed to modulate the critical immune responses underlying these diseases. The Company is located in South San Francisco, California.

Liquidity and Management Plans

The accompanying condensed financial statements have been prepared assuming that the Company will continue as a going concern. Since inception, the Company has incurred net losses and negative cash flows from operations. During the six months ended June 30, 2024, the Company incurred a net loss of $58.2 million and used $55.2 million of cash in operations and capital expenditures. At June 30, 2024, the Company had cash and cash equivalents and marketable securities of $114.8 million and working capital of $105.7 million.

The Company plans to continue to incur substantial costs in order to conduct research and development activities, and additional capital will be needed to undertake these activities. The Company intends to raise such capital through the issuance of additional equity, borrowings or strategic alliances with other companies. However, if such arrangements are not available at adequate levels or on acceptable terms, the Company would be required to significantly reduce operating expenses and delay or reduce the scope of or eliminate some of its development programs. The Company believes that its current cash and cash equivalents and marketable securities will provide sufficient funds to enable it to meet its obligations for at least 12 months from the filing date of this Quarterly Report on Form 10-Q.

The Company’s evaluation was based on the facts known as of the date of filing of this Quarterly Report on Form 10-Q, including the impacts of the clinical holds that the U.S. Food and Drug Administration (“FDA”) has placed on the Phase 2b trial of zelnecirnon in atopic dermatitis (“AD”) and the Phase 2a trial of zelnecirnon in asthma and the Company's decision to close and unblind both trials to support its discussions with the FDA.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ 22,640	$ 21,642	$ 47,421	$ 47,216
General and administrative	6,690	6,722	14,427	12,710
Total operating expenses	29,330	28,364	61,848	59,926
Loss from operations	(29,330)	(28,364)	(61,848)	(59,926)
Other income, net	1,667	3,084	3,664	5,375
Net loss	(27,663)	(25,280)	(58,184)	(54,551)
Other comprehensive income (loss):
Foreign currency translation loss	0	(655)	0	(655)
Unrealized gain (loss) on marketable securities	(37)	136	(150)	501
Total comprehensive loss	$ (27,700)	$ (25,799)	$ (58,334)	$ (54,705)
Net loss per share, basic	$ (0.71)	$ (0.66)	$ (1.5)	$ (1.42)
Net loss per share, diluted	$ (0.71)	$ (0.66)	$ (1.5)	$ (1.42)
Weighted average number of shares used in computing net loss per share, basic	38,866,760	38,328,741	38,748,214	38,304,758
Weighted average number of shares used in computing net loss per share, diluted	38,866,760	38,328,741	38,748,214	38,304,758

Common Stock (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Summary of Reserved Shares of Common Stock for Future Issuance

As of June 30, 2024, the Company had reserved the following shares of common stock for future issuance:


Options issued and outstanding under the 2019 Equity Incentive Plan and 2015 Stock Plan			5,589,209
Shares available for future grants under the 2019 Equity Incentive Plan			2,905,116
Pre-funded warrants issued and outstanding			4,000,000
Shares reserved under the 2019 Employee Stock Purchase Plan			547,084
Total			13,041,409

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to Article 10 of Regulation S‑X of the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. Interim-period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The condensed balance sheet as of December 31, 2023 has been derived from the audited financial statements as of that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2023 filed on March 7, 2024 with the Securities and Exchange Commission (“SEC”). The accompanying condensed financial statements have been prepared in accordance with U.S. GAAP and include the accounts of the Company and its wholly owned subsidiary, RAPT Therapeutics Australia Pty Ltd., which was established in 2018 and deregistered during the quarter ended June 30, 2023. All intercompany balances and transactions have been eliminated in consolidation.
Stock-Based Compensation	Stock-Based Compensation The Company determines employee, nonemployee and director stock-based compensation expense for all stock-based awards based on their grant date fair value using the Black-Scholes option-pricing model. For stock-based awards with service conditions only, stock-based compensation expense is recognized over the requisite service period using the straight-line method. Forfeitures are recognized as they occur. The fair value of restricted stock awards granted is determined based on the stock price on the date of grant. The estimated fair value is amortized as compensation expense over the service period of the award.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period, without consideration of potential dilutive securities. Diluted net loss per common share is computed by dividing the net loss by the sum of the weighted average number of common shares outstanding during the period plus the number of potential dilutive securities outstanding during the period calculated in accordance with the treasury stock method. Diluted net loss per share is the same as basic net loss per share since the effect of potentially dilutive securities is anti-dilutive.
Marketable Securities	Marketable Securities Marketable securities primarily consist of commercial paper, corporate debt securities and U.S. government agency securities. The Company has classified its marketable securities as available-for-sale and may sell these securities prior to their stated maturities. The Company views these marketable securities as available to support current operations and classifies marketable securities with maturities beyond 12 months as current assets. The Company’s marketable securities are carried at estimated fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). The cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in other income, net on the condensed statements of operations. All of the Company's available-for-sale investments are subject to a periodic impairment review. For each available-for-sale investment whose fair value is below its amortized cost, the Company determines if the impairment is a result of a credit-related loss or other factors using both quantitative and qualitative factors, including the length of time and extent to which the market value has been less than amortized cost, the financial condition and near-term prospects of the issuer and the Company’s intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value. If the impairment is a result of a credit-related loss, the Company recognizes an allowance for credit losses. If the impairment is not a result of a credit loss, the Company recognizes the loss in other comprehensive loss.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by comparing the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate over its remaining life. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. To date, there have been no such impairment losses.
Leases	Leases At inception of a contract, the Company determines whether an arrangement is or contains a lease. For all leases, the Company determines the classification as either operating leases or financing leases. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the Company’s condensed balance sheets. Lease recognition occurs at the commencement date and lease liability amounts are based on the present value of lease payments over the lease term. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company uses an implicit rate when readily available, or its incremental borrowing rate based on the information available at lease commencement date, in determining the present value of lease payments. ROU assets represent our right to use underlying assets for the lease term and operating lease liabilities represent our obligation to make lease payments under the lease. ROU assets also include any lease payments made prior to the commencement date and exclude lease incentives received. Operating lease expense is recognized on a straight-line basis over the lease term. Lease agreements with both lease and nonlease components are generally accounted for together as a single lease component.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU No. 2023-07”), which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied retrospectively. The Company believes the adoption of this standard will not have a material impact on its financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU No. 2023-09”), which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the income tax disclosures within the financial statements.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.C.Q3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.D.1.Q5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.D.3.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.D.2.Q6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/718/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 37,077	$ 47,478
Marketable securities	77,761	111,384
Prepaid expenses and other current assets	5,658	2,920
Total current assets	120,496	161,782
Property and equipment, net	1,933	2,448
Operating lease right-of-use assets	4,304	5,228
Other assets	447	3,871
Total assets	127,180	173,329
Current liabilities:
Accounts payable	2,716	5,176
Accrued expenses	9,487	14,103
Operating lease liabilities, current	2,568	2,448
Other current liabilities	30	109
Total current liabilities	14,801	21,836
Operating lease liabilities, non-current	3,159	4,458
Total liabilities	17,960	26,294
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock	3	3
Additional paid-in capital	652,130	631,611
Accumulated other comprehensive gain (loss)	(47)	103
Accumulated deficit	(542,866)	(484,682)
Total stockholders' equity	109,220	147,035
Total liabilities and stockholders' equity	$ 127,180	$ 173,329

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

7. Stock-Based Compensation

Stock option activity under the 2019 Equity Incentive Plan (the “2019 Plan”) is set forth below for the six months ended June 30, 2024:


				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Shares			Price Per		Term		Value
	Outstanding			Share		(Years)		(in thousands)
Balances at December 31, 2023		4,099,947		$	21.00		7.6	$	23,206
Stock options granted		1,646,259			21.77
Stock options exercised		(14,374	)		4.67
Stock options forfeited		(142,623	)		23.59
Balances at June 30, 2024		5,589,209		$	21.20		7.7	$	49

As of June 30, 2024, 2,905,116 shares remained available for issuance under the 2019 Plan.

Restricted stock unit (“RSU”) activity under the 2019 Plan is set forth below for the six months ended June 30, 2024:


				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
	Outstanding			Per Share
Balances at December 31, 2023		13,500		$	44.66
RSUs granted		—			—
RSUs vested and settled		(13,500	)		44.66
RSUs forfeited		—			—
Balances at June 30, 2024		—		$	—

Stock-based compensation expense

Total stock-based compensation expense recognized for options and RSUs granted to both employees and non-employees and for the 2019 Employee Stock Purchase Plan (the “2019 ESPP”) was as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	2,632	$	2,015	$	5,269	$	3,975
General and administrative		2,752		2,224		5,513		4,358
Total stock-based compensation expense	$	5,384	$	4,239	$	10,782	$	8,333

As of June 30, 2024, unrecognized stock-based compensation expense related to outstanding unvested stock options and RSUs that are expected to vest was $45.5 million. This unrecognized stock-based compensation expense is expected to be recognized over 2.8 years.

The Company recorded stock-based compensation expense related to the 2019 ESPP of $0.4 million and $0.7 million for the three and six months ended June 30, 2024, respectively, and $0.3 million and $0.6 million for the three and six months ended June 30, 2023, respectively.

Property and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment consisted of the following (in thousands):


	June 30,			December 31,
	2024			2023
Laboratory equipment	$	7,086		$	7,399
Leasehold improvements		3,295			3,295
Computer equipment		735			727
Furniture and fixtures		394			394
Total property and equipment		11,510			11,815
Less accumulated depreciation and amortization		(9,577	)		(9,367	)
Property and equipment, net	$	1,933		$	2,448

Depreciation and amortization expense was $0.3 million for each of the three months ended June 30, 2024 and 2023 and $0.6 million for each of the six months ended June 30, 2024 and 2023.

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss per Share

The following table sets forth the computation of the basic and diluted net loss per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Numerator:
Net loss	$	(27,663	)	$	(25,280	)	$	(58,184	)	$	(54,551	)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted		38,866,760			38,328,741			38,748,214			38,304,758
Net loss per share, basic and diluted	$	(0.71	)	$	(0.66	)	$	(1.50	)	$	(1.42	)

Potential Dilutive Securities not Included in Diluted per Share Calculations

Potential dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	As of June 30,
	2024		2023
Stock options issued and outstanding under the 2019 Plan and 2015 Stock Plan		5,589,209		4,079,046
Estimated shares issuable under the 2019 ESPP		12,939		11,801
RSUs subject to future vesting		—		13,500
Total		5,602,148		4,104,347

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to Article 10 of Regulation S‑X of the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. Interim-period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The condensed balance sheet as of December 31, 2023 has been derived from the audited financial statements as of that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2023 filed on March 7, 2024 with the Securities and Exchange Commission (“SEC”). The accompanying condensed financial statements have been prepared in accordance with U.S. GAAP and include the accounts of the Company and its wholly owned subsidiary, RAPT Therapeutics Australia Pty Ltd., which was established in 2018 and deregistered during the quarter ended June 30, 2023. All intercompany balances and transactions have been eliminated in consolidation. Stock-Based Compensation The Company determines employee, nonemployee and director stock-based compensation expense for all stock-based awards based on their grant date fair value using the Black-Scholes option-pricing model. For stock-based awards with service conditions only, stock-based compensation expense is recognized over the requisite service period using the straight-line method. Forfeitures are recognized as they occur. The fair value of restricted stock awards granted is determined based on the stock price on the date of grant. The estimated fair value is amortized as compensation expense over the service period of the award. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period, without consideration of potential dilutive securities. Diluted net loss per common share is computed by dividing the net loss by the sum of the weighted average number of common shares outstanding during the period plus the number of potential dilutive securities outstanding during the period calculated in accordance with the treasury stock method. Diluted net loss per share is the same as basic net loss per share since the effect of potentially dilutive securities is anti-dilutive. Marketable Securities Marketable securities primarily consist of commercial paper, corporate debt securities and U.S. government agency securities. The Company has classified its marketable securities as available-for-sale and may sell these securities prior to their stated maturities. The Company views these marketable securities as available to support current operations and classifies marketable securities with maturities beyond 12 months as current assets. The Company’s marketable securities are carried at estimated fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). The cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in other income, net on the condensed statements of operations. All of the Company's available-for-sale investments are subject to a periodic impairment review. For each available-for-sale investment whose fair value is below its amortized cost, the Company determines if the impairment is a result of a credit-related loss or other factors using both quantitative and qualitative factors, including the length of time and extent to which the market value has been less than amortized cost, the financial condition and near-term prospects of the issuer and the Company’s intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value. If the impairment is a result of a credit-related loss, the Company recognizes an allowance for credit losses. If the impairment is not a result of a credit loss, the Company recognizes the loss in other comprehensive loss. Impairment of Long-Lived Assets The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by comparing the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate over its remaining life. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. To date, there have been no such impairment losses. Leases At inception of a contract, the Company determines whether an arrangement is or contains a lease. For all leases, the Company determines the classification as either operating leases or financing leases. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the Company’s condensed balance sheets. Lease recognition occurs at the commencement date and lease liability amounts are based on the present value of lease payments over the lease term. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company uses an implicit rate when readily available, or its incremental borrowing rate based on the information available at lease commencement date, in determining the present value of lease payments. ROU assets represent our right to use underlying assets for the lease term and operating lease liabilities represent our obligation to make lease payments under the lease. ROU assets also include any lease payments made prior to the commencement date and exclude lease incentives received. Operating lease expense is recognized on a straight-line basis over the lease term. Lease agreements with both lease and nonlease components are generally accounted for together as a single lease component. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU No. 2023-07”), which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied retrospectively. The Company believes the adoption of this standard will not have a material impact on its financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU No. 2023-09”), which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the income tax disclosures within the financial statements.

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2019 Plan - Share-based Payment Arrangement, Option - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Outstanding, Beginning Balance	4,099,947
Number of Shares Outstanding, Stock options granted	1,646,259
Number of Shares Outstanding, Stock options exercised	(14,374)
Number of Shares Outstanding, Stock options forfeited	(142,623)
Number of Shares Outstanding, Ending Balance	5,589,209	4,099,947
Weighted Average Exercise Price Per Share, Beginning Balance	$ 21
Weighted Average Exercise Price Per Share, Stock options granted	21.77
Weighted Average Exercise Price Per Share, Stock options exercised	4.67
Weighted Average Exercise Price Per Share, Stock options forfeited	23.59
Weighted Average Exercise Price Per Share, Ending Balance	$ 21.2	$ 21
Average Remaining Contractual Term (Years), Balance	7 years 8 months 12 days	7 years 7 months 6 days
Aggregate Intrinsic Value	$ 49	$ 23,206

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Stock option activity under the 2019 Equity Incentive Plan (the “2019 Plan”) is set forth below for the six months ended June 30, 2024:


				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Shares			Price Per		Term		Value
	Outstanding			Share		(Years)		(in thousands)
Balances at December 31, 2023		4,099,947		$	21.00		7.6	$	23,206
Stock options granted		1,646,259			21.77
Stock options exercised		(14,374	)		4.67
Stock options forfeited		(142,623	)		23.59
Balances at June 30, 2024		5,589,209		$	21.20		7.7	$	49

Summary of RSU Activity

Restricted stock unit (“RSU”) activity under the 2019 Plan is set forth below for the six months ended June 30, 2024:


				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
	Outstanding			Per Share
Balances at December 31, 2023		13,500		$	44.66
RSUs granted		—			—
RSUs vested and settled		(13,500	)		44.66
RSUs forfeited		—			—
Balances at June 30, 2024		—		$	—

Summary of Stock-based Compensation Expense


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	2,632	$	2,015	$	5,269	$	3,975
General and administrative		2,752		2,224		5,513		4,358
Total stock-based compensation expense	$	5,384	$	4,239	$	10,782	$	8,333

Subsequent Events - Additional Information (Details) - Subsequent Event [Member] $ in Millions	Jul. 16, 2024 USD ($) Employees
Subsequent Event [Line Items]
Number of workforce reduction \| Employees	47
Percentage of reduction existing headcount	40.00%
Restructuring charges \| $	$ 0.9

Net Loss Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Pre-funded warrants to purchase common stock	4,000,000	4,000,000	4,000,000	4,000,000

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 5,384	$ 4,239	$ 10,782	$ 8,333
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2,632	2,015	5,269	3,975
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 2,752	$ 2,224	$ 5,513	$ 4,358