SCHEDULE: BVF Funds Divest Entire Stake in RAPT Therapeutics

Biotechnology Value Fund and its affiliates have reported a complete divestment of their beneficial ownership in RAPT Therapeutics, Inc. as of September 30, 2025.

Summary

• Reporting Persons, including Biotechnology Value Fund, L.P., and its affiliates, no longer beneficially own any securities of RAPT Therapeutics, Inc.
• The divestment was effective as of September 30, 2025, the date of the event requiring this filing.
• This document is an Amendment No. 1 to a previously filed Schedule 13G, indicating a change from a prior ownership position.
• The aggregate amount beneficially owned by each Reporting Person is 0.00, representing 0% of the class of securities.

Sentiment

Score: 3

Explanation: The complete divestment by a significant institutional investor group is a negative signal, indicating a lack of confidence or a strategic shift away from the issuer. This could lead to negative market perception and potential stock price pressure.

Negatives

• A significant institutional investor group, Biotechnology Value Fund and its affiliates, has completely exited its position in RAPT Therapeutics, Inc.
• This complete divestment could signal a loss of confidence or a strategic reallocation of capital away from RAPT Therapeutics by these funds.

Risks

• The complete divestment by a major institutional investor group could lead to negative market sentiment and potential downward pressure on the stock price.
• Loss of institutional support may impact future capital raising efforts or investor relations for RAPT Therapeutics.

Future Outlook

No forward-looking statements or guidance regarding RAPT Therapeutics' future performance or strategic direction are provided by the Reporting Persons in this ownership filing.

Industry Context

The biotechnology industry is highly sensitive to institutional investor sentiment and capital flows. A complete exit by a specialized biotech fund like Biotechnology Value Fund could be interpreted by the market as a negative signal regarding RAPT Therapeutics' prospects or valuation, potentially influencing other investors and analysts.

Stakeholder Impact

• Shareholders: Existing shareholders may experience negative sentiment and potential downward pressure on stock price due to the institutional exit.
• Potential Investors: May view the complete divestment as a red flag, making them hesitant to invest in RAPT Therapeutics.

Key Dates

Recommendation

The complete divestment by a specialized biotechnology investment fund, Biotechnology Value Fund, and its affiliates, signals a strong lack of conviction in RAPT Therapeutics, Inc. This action by a sophisticated investor group often precedes or accompanies negative developments or a reassessment of the company's prospects. While the filing itself doesn't provide reasons, the exit itself is a significant negative indicator that could lead to further stock price depreciation. Investors should consider this a strong signal to re-evaluate their holdings and potentially exit their positions.

Keywords

RAPT Therapeutics, Biotechnology Value Fund, BVF, Schedule 13G, Divestment, Institutional Ownership, Biotech, SEC Filing, Ownership Change, 75382E109