RAPT Therapeutics Acquisition, Valuation & Financials

RAPT Therapeutics was acquired by GSK for $2.2B in January 2026.

RAPT Therapeutics acquisition price

$2.2B

Acquired by GSK · Jan 2026

RAPT Therapeutics revenue as a public company

-

Last twelve months · Jan 2026

Cumulative funding RAPT Therapeutics raised

$176M

across 4 funding rounds

RAPT Therapeutics market cap before the deal

$1.7B

DUS: 0RA0 · Jan 2026

RAPT Therapeutics Overview

About RAPT Therapeutics

RAPT Therapeutics Inc is a clinical-stage immunology-based biopharmaceutical company. It is focused on discovering, developing, and commercializing oral small-molecule therapies for patients with some unmet needs in oncology and inflammatory diseases. The company pipeline products include FLX475, designed to selectively inhibit the migration of immunosuppressive regulatory T cells into tumors; and RPT193, designed to selectively inhibit the migration of type 2 T helper cells into inflamed tissues.


Founded

2015

HQ

United StatesSan Francisco, CA

Website

rapt.com

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Revenue

- (Jan 2026)

Valuation

$2.2B (acquired Jan 2026)

RAPT Therapeutics Acquisition

RAPT Therapeutics was acquired by GSK for $2.2B on 20 January 2026.

Before the acquisition RAPT Therapeutics had raised $176M across 4 funding rounds.

RAPT Therapeutics acquisition details
AcquirerDateTypePrice
20 Jan 2026Strategic M&A$2.2B

RAPT Therapeutics as a Public Company

RAPT Therapeutics traded as DUS: 0RA0 before it was taken private. Its acquisition was announced in January 2026. January 2026 is its last month on record as a listed company, with a market cap of $1.7B and an enterprise value of $1.5B.

Last-twelve-month revenue was -, with EBITDA of ($84M).

Over the 4 years before that, its market cap grew from $639M in January 2022 to $1.7B.

RAPT Therapeutics market cap while listed

RAPT Therapeutics EV/Revenue (LTM) while listed

RAPT Therapeutics financials and trading multiples by year while listed
As ofMarket capRevenue (LTM)EBITDA (LTM)EBITDA marginEV/RevenueEV/EBITDA
Jan 2026$1.7B-($84M)--(18.0x)
Jan 2025$151M-($96M)--(0.6x)
Jan 2024$851M-($127M)--(5.3x)
Jan 2023$995M$2M($85M)-5529%522.5x(9.5x)
Jan 2022$639M$4M($79M)-2159%117.3x(5.4x)

Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month RAPT Therapeutics traded.

RAPT Therapeutics Funding History

RAPT Therapeutics has raised a total of $176M across 4 funding rounds.

RAPT Therapeutics' first fundraising round was a $29M Series A in August 2015. The most recent completed round was a $37M Series C in June 2019.

RAPT Therapeutics funding rounds

RAPT Therapeutics funding rounds
DateStageInvestorsRaisedDeal Summary
Jun 2019Series CKleiner Perkins; The Column Group; Topspin Partners; Regents of the University of California$37MRapt Therapeutics (formerly FLX Bio, founded 2015) is a US-based biopharmaceutical company developing small molecule drugs to treat oncology and inflammatory diseases. The company's lead programs include FLX475 for cancer treatment in phase 1/2 clinical trials, RPT193 for atopic dermatitis in phase 1 trials, and RPT-GCN2i, a solid tumor candidate. The company raised $97 million in a Series C funding round in June 2019 led by investors including Alphabet's GV unit, Celgene, The Column Group, Kleiner Perkins, T. Rowe Price, and Topspin Partners. Prior to this Series C, Rapt had raised $50 million in Series B funding in 2016 and $29 million in Series A funding, bringing total capital raised to $176 million before its November 2019 IPO. At the time of its IPO in November 2019, Rapt floated at the bottom of its range, raising $36 million in a scaled-back offering.
Dec 2017Series CKleiner Perkins; The Column Group; GV; Topspin Partners; Celgene$60MRAPT Therapeutics, Inc. is a clinical-stage immunology-based biopharmaceutical company focused on discovering, developing, and commercializing oral small molecule drugs for immunology and oncology indications. The company was previously known as Flexus Biosciences before rebranding. No details on the specific December 2017 Series B funding round involving Celgene, GV, Kleiner Perkins, The Column Group, and Topspin Partners appear in the provided sources, including no mention of round size, valuation, or use of proceeds. Financial metrics near 2017 are unavailable in the sources, with revenue history starting from fiscal year 2020 at $5.04 million, dropping to $3.81 million in 2021 and $1.53 million in 2022. Earlier years like 2017-2019 require pro upgrade or are blank. The company reports no trailing twelve-month revenue currently and has been unprofitable, with net losses such as -$129.9 million in fiscal 2024 and operating income around -$19 million in recent quarters. RAPT Therapeutics has advanced drug candidates like tivumecirnon (FLX475) and RPT904, with development updates including ceasing zelnecirnon in November 2024 due to FDA feedback and pursuing next-generation CCR4 antagonists for Th2-driven inflammatory diseases such as atopic dermatitis and asthma. The pipeline targets unmet needs in immunology, with plans for collaborations to maximize value. As of mid-2025 SEC filings, the company had about 3.39 million shares outstanding at $35.24 per share and $169.7 million in cash. Market cap stood at around $1.01 billion as of late 2025, with 68 employees. No competitive context, traction metrics near the 2017 round, or valuation multiples are detailed in sources for that period.
Apr 2016Series BKleiner Perkins; The Column Group; Topspin Partners; Celgene; Regents of the University of California$50MFLX Bio, founded in 2015 as a privately-held biopharmaceutical company in South San Francisco, California, focused on discovering, developing, and commercializing novel immuno-oncology agents. It leveraged insights in cancer biology and the immune system to create oral medicines targeting the tumor microenvironment. The company originated from the acquisition of its predecessor, Flexus Biosciences, Inc., by Bristol-Myers Squibb. This brought total funding including Series A to $79 million. The proceeds were designated to advance the company's pipeline of novel drugs that activate the immune system to eradicate cancer by inhibiting regulatory T cells and myeloid cells, which suppress immune responses against tumors. FLX Bio assembled a management team with expertise in tumor microenvironment, drug discovery, and translational research. Brian Wong, M.D., PhD., served as President and Chief Executive Officer, expressing enthusiasm for expanding cancer treatment options through this approach.
Aug 2015Series A-$29MRapt Therapeutics, formerly FLX Bio, was formed in 2015 following Bristol-Myers Squibb's $1.25bn acquisition of Flexus Biosciences, with BMS offloading immuno-oncology assets to the new entity. The company develops small molecule drugs to modulate immune responses for oncology and inflammatory diseases, including FLX475 targeting cancers via CCR4 blockade and RPT193 for atopic dermatitis. A $50m Series B round followed in 2016 with investors including Celgene, The Column Group, Kleiner Perkins Caufield & Byers, and Topspin Partners. Later, Rapt raised $60m in the first tranche of Series C in December 2017 (extended to $97m in 2018 with T. Rowe Price, The Column Group, Kleiner Perkins, Topspin, Celgene, and GV), filed for an IPO in 2019 aiming to raise up to $75m-$86m, and completed a $250m public offering in October 2025.

Who has invested in RAPT Therapeutics?

6 investors have backed RAPT Therapeutics across its funding rounds, including Kleiner Perkins, The Column Group, Topspin Partners, Celgene, Regents of the University of California and GV.


RAPT Therapeutics Investors

Investors in RAPT Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check
Kleiner PerkinsUnited StatesSan Francisco, CA3ParticipantApr 2016
The Column GroupUnited StatesSan Francisco, CA3ParticipantApr 2016
Topspin PartnersUnited StatesNew York City, NY3ParticipantApr 2016
CelgeneUnited StatesSummit, NJ2ParticipantApr 2016

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RAPT Therapeutics Competitors

RAPT Therapeutics competitors include listed companies like Grand Pharmaceutical, Generate Biomedicines, LigaChem Biosciences and Sarepta Therapeutics, and private ones like Insitro and Orano Med.

Public and private companies comparable to RAPT Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
InsitroUnited StatesSan Francisco, CAPrivate--$2.2B-
Grand PharmaceuticalChinaChinaPublicly listed$1.6B$284M$2.2B1.6x
Generate BiomedicinesUnited StatesUnited StatesPublicly listed$32M($222M)$2.2B59.4x
LigaChem BiosciencesSouth KoreaSouth KoreaPublicly listed$103M($76M)$2.2B18.1x
Orano MedUnited StatesDallas, TXPrivate--$2.2B-
Sarepta TherapeuticsUnited StatesUnited StatesPublicly listed$2.2B($656M)$2.2B1.3x
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Grand Pharmaceutical$1.6B$284M1.6x1.6x9.0x8.0x
Generate Biomedicines$32M($222M)56.4x59.4x(8.1x)(7.2x)
LigaChem Biosciences$103M($76M)19.0x18.1x(25.7x)(19.8x)
Sarepta Therapeutics$2.2B($656M)1.1x1.3x(3.7x)12.8x
BioCryst Pharma$875M$337M3.0x3.5x7.9x-
Palvella Therapeutics-($38M)--(51.3x)(27.3x)
Ocular Therapeutix$52M($268M)32.9x32.5x(6.4x)(5.4x)
Trevi Therapeutics-($49M)--(37.6x)(25.8x)

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Common questions about RAPT Therapeutics

When was RAPT Therapeutics founded?RAPT Therapeutics was founded in 2015.
Where is RAPT Therapeutics headquartered?RAPT Therapeutics is headquartered in San Francisco, CA, United States.
Is RAPT Therapeutics publicly listed?No, RAPT Therapeutics was acquired by GSK in January 2026.
Who acquired RAPT Therapeutics?RAPT Therapeutics was acquired by GSK in January 2026.
How much was RAPT Therapeutics acquired for?RAPT Therapeutics was acquired for $2.2B in January 2026.
How much funding has RAPT Therapeutics raised?RAPT Therapeutics has raised $176M across 4 funding rounds.
What was RAPT Therapeutics' last funding round?RAPT Therapeutics' last funding round was a $37M Series C in June 2019.
Who are RAPT Therapeutics' investors?RAPT Therapeutics' investors include Kleiner Perkins, The Column Group, Topspin Partners, Celgene, Regents of the University of California and GV.
Which companies are comparable to RAPT Therapeutics?Companies comparable to RAPT Therapeutics include Insitro, Grand Pharmaceutical, Generate Biomedicines, LigaChem Biosciences, Orano Med and Sarepta Therapeutics.
What was RAPT Therapeutics' market cap before the acquisition?RAPT Therapeutics had a market cap of $1.7B in January 2026, its last month on record as a listed company.
What was RAPT Therapeutics' revenue as a public company?RAPT Therapeutics' last reported twelve-month revenue was - (January 2026), with EBITDA of ($84M).

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