SCHEDULE: Forbion Entities Disclose 7.4% Stake in RAPT Therapeutics

ForGrowth III PA B.V., Forbion Growth Opportunities Fund III Cooperatief U.A., and Forbion Growth III Management B.V. have collectively reported a 7.4% beneficial ownership in RAPT Therapeutics, Inc.

Summary

• ForGrowth III PA B.V., Forbion Growth Opportunities Fund III Cooperatief U.A., and Forbion Growth III Management B.V. (collectively, the "Reporting Persons") have filed a Schedule 13G.
• The Reporting Persons beneficially own 1,833,333 shares of RAPT Therapeutics, Inc. Common Stock.
• This ownership represents 7.4% of the outstanding shares of Common Stock.
• The percentage is based on 24,869,403 shares outstanding following the closing of an offering, as disclosed in a Form 424B4 prospectus filed by RAPT Therapeutics, Inc. on October 22, 2025 (assuming no exercise of the over-allotment option).
• The Reporting Persons share both voting and dispositive power over all 1,833,333 beneficially owned shares.
• The securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Sentiment

Score: 7

Explanation: The disclosure of a significant beneficial ownership by an investment group like Forbion is generally a positive signal, indicating investor confidence and potentially providing stability to the shareholder base. The investment following a recent offering also suggests a successful capital raise for the company.

Positives

• A significant beneficial ownership stake by an investment group like Forbion can signal confidence in RAPT Therapeutics' future prospects and strategic direction.
• The investment follows a recent offering, indicating participation in a capital raise which strengthens the company's financial position and provides capital for operations.

Negatives

• The filing itself does not contain negative information about RAPT Therapeutics.

Risks

• The filing does not explicitly mention risks related to RAPT Therapeutics.

Future Outlook

The filing does not provide forward-looking statements or guidance from RAPT Therapeutics.

Industry Context

The investment by Forbion, a European life sciences venture capital firm, in RAPT Therapeutics, a biotechnology company, highlights continued investor interest in the biotech sector, particularly in companies that have recently completed capital raises. Such investments often indicate a belief in the long-term potential of the company's pipeline or technology.

Corporate Governance

Stakeholder Impact

• Shareholders: The entry of a significant institutional investor like Forbion could be viewed positively, potentially increasing investor confidence and providing a stable long-term shareholder base.
• Company Management: A significant institutional investor may bring additional scrutiny or strategic input, although the filing states the investment is not for influencing control.

Key Dates

Recommendation

The filing indicates a significant institutional investment in RAPT Therapeutics following a recent offering. While this is a positive signal of investor confidence and capital infusion, a Schedule 13G filing primarily discloses ownership and does not provide sufficient financial or operational details to warrant a 'buy' or 'sell' recommendation. It suggests stability and institutional backing, making 'hold' a prudent recommendation until further operational or financial updates are available.

Keywords

RAPT Therapeutics, Forbion, Schedule 13G, Beneficial Ownership, Common Stock, Biotechnology, Investment, SEC Filing, Shareholder