SCHEDULE: Nantahala Capital Reduces RAPT Therapeutics Stake Below 5%

Nantahala Capital Management and its managing members have reduced their beneficial ownership in RAPT Therapeutics, Inc. to 3.77% of common stock.

Summary

• Nantahala Capital Management, LLC, along with its managing members Wilmot B. Harkey and Daniel Mack, filed an Amendment No. 1 to Schedule 13G for RAPT Therapeutics, Inc.
• As of September 30, 2025, the reporting persons beneficially own an aggregate of 623,282 shares of RAPT Therapeutics, Inc. common stock.
• This ownership represents 3.77% of the total class of common stock outstanding.
• The reporting persons hold shared voting power and shared dispositive power over all 623,282 shares.
• The filing indicates that the beneficial ownership is now 5 percent or less of the class, implying a reduction from a previous stake that was above this threshold.

Sentiment

Score: 3

Explanation: The sentiment is moderately negative. The filing indicates a reduction in beneficial ownership by a significant institutional investor (Nantahala Capital Management) to below the 5% threshold, which can be interpreted by the market as a decrease in conviction or a strategic divestment.

Positives

• NA This filing is a disclosure of beneficial ownership and does not contain information typically categorized as 'positives' regarding the issuer's performance or outlook.

Negatives

• The reduction in beneficial ownership by a significant institutional investor like Nantahala Capital Management to below the 5% threshold could be perceived as a negative signal regarding their conviction in RAPT Therapeutics, Inc.

Risks

• NA This filing is a disclosure of beneficial ownership and does not detail specific risks related to the issuer's operations or financial health.

Future Outlook

NA This filing is a disclosure of beneficial ownership and does not provide any forward-looking statements or guidance from the issuer or the reporting persons regarding the issuer's future.

Industry Context

NA This filing primarily concerns a change in institutional ownership and does not provide analysis of broader industry trends or comparisons to competitors.

Management Changes

Corporate Governance

Legal Proceedings

• NA This filing is a disclosure of beneficial ownership and does not mention any litigation or regulatory matters concerning RAPT Therapeutics, Inc.

Related Party Transactions

• NA This filing is a disclosure of beneficial ownership and does not disclose any related party dealings.

Stakeholder Impact

• Shareholders: The reduction in a significant institutional stake could influence investor sentiment and potentially the stock price, as it signals a change in a major holder's position.

Next Steps

• NA This filing is a disclosure of beneficial ownership and does not outline any future actions, events, or milestones for RAPT Therapeutics, Inc. or the reporting persons beyond regulatory compliance.

Key Dates

Recommendation

The reduction in beneficial ownership by Nantahala Capital Management to below 5% suggests a diminished conviction from a notable institutional investor. While not an explicit 'sell' signal, it indicates a potential re-evaluation of the investment thesis by a sophisticated entity. Investors currently holding the stock might consider holding to observe further developments or re-evaluating their own position, while new investors might exercise caution.

Keywords

RAPT Therapeutics, Nantahala Capital Management, Schedule 13G, Beneficial Ownership, Institutional Ownership, Common Stock, Investment Adviser, Stake Reduction