Highlights

  • Rapport Therapeutics reported a second quarter 2026 net loss of $56.6 million, compared with $26.7 million a year earlier.
  • Cash, cash equivalents and short-term investments were $436.1 million, with funding expected into the second half of 2029.
  • The company initiated its RAP-219 Phase 3 program in drug-resistant focal onset seizures in the second quarter of 2026.
  • A March 2026 Tenacia license included a $20.0 million upfront payment and up to $308.0 million in contingent milestone payments.

Rapport Therapeutics, Inc. (NASDAQ:RAPP) shares were trading at USD 22.91 on October 28, 2026, down 16.83%, with a relative volume at time of 4.32. The clinical-stage biotechnology company licensed RAP-219 rights in parts of Asia in March 2026, initiated its Phase 3 program in the second quarter and filed its Form 10-Q for the quarter ended June 30, 2026 on August 5, 2026.

Rapport Therapeutics is incorporated in Delaware and lists its principal executive offices in Boston, Massachusetts. The company is a clinical-stage biotechnology company that discovers and develops small molecule precision medicines for patients with neurological or psychiatric disorders. Its most advanced product candidate is RAP-219, an AMPA receptor negative allosteric modulator, and it also has discovery-stage nicotinic acetylcholine receptor programs. The company was founded in February 2022 and has had no revenue from product sales.

Second Quarter 2026 Results

Rapport Therapeutics reported a net loss of $56,615 thousand for the three months ended June 30, 2026, compared with $26,732 thousand for the three months ended June 30, 2025. Net loss per share, basic and diluted, was $1.19, compared with $0.75.

Research and development expenses were $51,414 thousand, compared with $22,680 thousand. RAP-219 program costs were $34,088 thousand, compared with $9,685 thousand. The company said the increase in clinical trial costs was primarily due to start-up costs for its Phase 3 trials, its open-label long-term safety trial and its Phase 2 bipolar mania trial.

Selling, general and administrative expenses were $9,392 thousand, compared with $6,816 thousand.

For the six months ended June 30, 2026, collaboration revenue was $20,000 thousand, which relates to the upfront fee under the Tenacia License Agreement. The net loss was $76,472 thousand, or $1.61 per share, compared with $50,795 thousand, or $1.44 per share. The accumulated deficit was $311.7 million at June 30, 2026.

Balance Sheet, Cash Flow and Capital

At June 30, 2026, total assets were $458,982 thousand. Cash, cash equivalents and short-term investments were $436.1 million, excluding restricted cash. The company said it believes these funds will enable it to fund operating expenses and capital expenditure requirements into the second half of 2029.

Net cash used in operating activities was $54,516 thousand for the six months, compared with $45,307 thousand.

The company has an at-the-market offering program, and in March 2026 it filed an automatic shelf registration statement that includes a sales agreement prospectus for up to $150.0 million of common stock. As of June 30, 2026, it had not sold any shares under the program. It expects its operating losses to increase.

Pipeline and License Developments

In December 2025, the company received FDA feedback from an end-of-Phase 2 meeting supporting advancement into two Phase 3 trials of RAP-219 in drug-resistant focal onset seizures, and it initiated the Phase 3 program in the second quarter of 2026.

On March 6, 2026, the company entered into a license agreement with Tenacia Biotechnology (Hong Kong) Co., Ltd. for RAP-219 in mainland China, Hong Kong, Macau and Taiwan. Rapport received a $20.0 million non-refundable upfront payment and is eligible for up to $308.0 million in contingent sales-based milestone payments and tiered royalties ranging from the mid-single digits to the mid-teens. It retains rights outside that territory.

Expected Milestones

The filing states that data from the open-label long-term safety trial is expected in the fourth quarter of 2026, and that topline results from the Phase 2 bipolar mania trial are expected in October 2026. The company plans to initiate a Phase 3 trial in primary generalized tonic-clonic seizures in the first half of 2027, and initial Phase 1 pharmacokinetic data for the long-acting injectable formulation are expected in 2027.