Rapt Therapeutics model under review at Stifel after zelnecirnon discontinued

Stifel notes that the firm’s model is under review after Rapt Therapeutics (RAPT) disclosed this morning that they will discontinue development of RPT193, or zelnecirnon, after recent FDA feedback following a clinical hold related to liver failure announced in February. Management plans to move novel compounds forward with a unique scaffold with selection expected in the first half of 2025, and the company emphasized that they are confident in the CCR4 mechanism of action, adding that they plan to present the data at a medical meeting in the future and are limiting disclosure for competitive reasons. “From our seat, the lack of details is challenging and timelines have been extended,” says Stifel, which has a Buy rating on Rapt shares with the firm’s review of its model ongoing.