Rapport Therapeutics, Inc. (RAPP) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RAPP SEC filings page.
This page shows Rapport Therapeutics, Inc. (RAPP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The numbers describe a development-stage business whose expanding research spending is funded primarily through new capital, not operating revenue.
Research spending and cash consumption are moving together: R&D reached$94.8M in FY2025 while operating cash flow was-$87.5M , indicating that the larger research program is creating near-term funding needs rather than operating receipts.
Financing, not borrowing, is reshaping the balance sheet. Financing inflows reached
Accounting losses broadly translate into cash use. FY2025 recorded a net loss of
Financial Health Signals
Rapport Therapeutics, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Rapport Therapeutics, Inc. passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Rapport Therapeutics, Inc. reported a net loss of $111.5M while operations used $87.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Rapport Therapeutics, Inc. generated $0 in revenue in Q2 2026. Against the prior quarter it is down 100.0%.
Rapport Therapeutics, Inc.'s EBITDA was -$60.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 107.2% from the same quarter a year earlier. Against the prior quarter it is down 152.6%.
Rapport Therapeutics, Inc. reported -$56.6M in net income in Q2 2026. This represents a decrease of 111.8% from the same quarter a year earlier. Against the prior quarter it is down 185.1%.
Rapport Therapeutics, Inc. earned -$1.19 per diluted share (EPS) in Q2 2026. This represents a decrease of 58.7% from the same quarter a year earlier. Against the prior quarter it is down 183.3%.
Cash & Balance Sheet
Rapport Therapeutics, Inc. recorded an outflow of $41.5M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 65.5% from the same quarter a year earlier. Against the prior quarter it is down 215.9%.
Rapport Therapeutics, Inc. held $63.6M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Rapport Therapeutics, Inc.'s ROE was -13.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 3.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 9.2 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Rapport Therapeutics, Inc. invested $51.4M in research and development in Q2 2026. This represents an increase of 126.7% from the same quarter a year earlier. Against the prior quarter it is up 57.2%.
Rapport Therapeutics, Inc. invested $78K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 254.5% from the same quarter a year earlier. Against the prior quarter it is down 9.3%.
Not reported for Q2 2026.
RAPP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $20.0M | N/A | N/A | $0 | $0 | N/A | N/A |
| R&D Expenses | $51.4M+126.7% | $32.7M+67.2% | N/A | $22.3M+43.3% | $22.7M+44.6% | $19.6M+56.5% | N/A | $15.5M+105.1% |
| SG&A Expenses | $9.4M+37.8% | $11.5M+52.6% | N/A | $7.7M+26.4% | $6.8M+33.4% | $7.5M+64.2% | N/A | $6.1M+207.3% |
| Operating Income | -$60.8M-106.1% | -$24.2M+10.7% | N/A | -$30.0M-38.6% | -$29.5M-41.8% | -$27.1M-58.6% | N/A | -$21.6M-126.3% |
| EBITDA | -$60.6M-107.2% | -$24.0M+10.7% | N/A | -$29.7M-38.7% | -$29.2M-42.0% | -$26.9M-58.6% | N/A | -$21.4M-124.7% |
| Net Income | -$56.6M-111.8% | -$19.9M+17.5% | N/A | -$26.9M-53.5% | -$26.7M-47.5% | -$24.1M-6.1% | N/A | -$17.5M-101.4% |
| EPS (Basic) | -$1.19-58.7% | -$0.42+38.2% | -$0.71-491.7% | -$0.71-42.0% | -$0.75+55.9% | -$0.68+93.9% | -$0.12+98.6% | -$0.50+91.2% |
| EPS (Diluted) | -$1.19-58.7% | -$0.42+38.2% | -$0.71-491.7% | -$0.71-42.0% | -$0.75 | -$0.68 | -$0.12 | -$0.50 |
| Diluted Shares (Avg) | 47M+33.9% | 47M+33.9% | N/A | 38M+8.8% | 35M | 35M | N/A | 35M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense, Income Tax.
RAPP Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $459.0M+60.8% | $497.6M+64.7% | $512.4M+62.7% | $535.3M+61.7% | $285.5M-17.5% | $302.1M | $314.9M+102.6% | $331.1M |
| Current Assets | $446.9M+65.4% | $484.7M+66.6% | $498.6M+60.9% | $520.7M+59.7% | $270.2M-20.7% | $291.0M | $309.8M+105.3% | $325.9M |
| Cash & Equivalents | $63.6M+15.5% | $78.1M+35.5% | $52.6M-7.3% | $251.4M+539.4% | $55.1M-50.0% | $57.6M-22.4% | $56.8M-19.0% | $39.3M-75.3% |
| Short-Term Investments | $372.5M+81.4% | $398.7M+75.1% | $437.9M+76.2% | $261.7M-7.0% | $205.4M-9.1% | $227.8M | $248.5M+221.4% | $281.3M |
| Accounts Receivable | $293K | $58K | $0 | N/A | N/A | N/A | N/A | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $36.1M+64.0% | $26.1M+60.8% | $27.8M+192.2% | $23.7M+195.2% | $22.0M+138.6% | $16.2M | $9.5M-94.7% | $8.0M |
| Current Liabilities | $28.4M+139.3% | $17.9M+90.7% | $19.0M+117.3% | $14.3M+101.7% | $11.9M+46.7% | $9.4M | $8.8M-0.4% | $7.1M |
| Non-Current Liabilities | $7.6M-24.5% | $8.2M+19.8% | $8.7M+1081.2% | $9.4M+908.6% | $10.1M+804.6% | $6.8M | $739K-99.6% | $931K |
| Total Equity | $422.9M+60.5% | $471.5M+65.0% | $484.7M+58.7% | $511.6M+58.3% | $263.5M-21.8% | $285.8M+821.2% | $305.4M+1291.5% | $323.1M+2563.3% |
| Retained Earnings | -$311.7M-78.6% | -$255.1M-72.6% | -$235.2M-90.1% | -$201.5M-94.2% | -$174.5M-102.4% | -$147.8M | -$123.7M-172.3% | -$103.8M |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
RAPP Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$41.5M-65.4% | -$13.1M+35.5% | -$24.7M-71.0% | -$17.5M-6.4% | -$25.1M-53.3% | -$20.2M-14.9% | -$14.4M-39.5% | -$16.4M-202.6% |
| Depreciation & Amortization | $212K-15.9% | $227K-7.0% | $265K+1.9% | $256K+28.0% | $252K+26.0% | $244K+60.5% | $260K+390.6% | $200K+769.6% |
| Stock-Based Compensation | $7.2M+64.1% | $7.0M+72.4% | N/A | $4.7M+48.8% | $4.4M+86.4% | $4.0M+171.0% | N/A | $3.2M+270.4% |
| Capital Expenditures | $78K+254.5% | $86K-70.4% | $169K-25.2% | $134K-4.3% | $22K-97.7% | $291K-72.9% | $226K-84.3% | $140K+169.2% |
| Free Cash Flow | -$41.5M-65.5% | -$13.1M+36.0% | -$24.9M-69.5% | -$17.6M-6.3% | -$25.1M-44.9% | -$20.5M-9.9% | -$14.7M-24.4% | -$16.6M-202.3% |
| Investing Cash Flow | $25.6M+13.3% | $37.9M+80.4% | -$174.3M-646.0% | -$56.8M-7.0% | $22.6M+121.1% | $21.0M+150.2% | $31.9M+140.6% | -$53.0M-101901.9% |
| Financing Cash Flow | $1.4M+2339.7% | $531K+10520.0% | $311K+4342.9% | $270.5M+19507.0% | -$63K-100.0% | $5K-100.0% | $7K+105.0% | -$1.4M-101.6% |
| Dividends Paid | N/A | N/A | N/A | $0 | $0 | $0 | $0 | $0 |
Not reported in any period shown, so not listed: Share Buybacks.
RAPP Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | -121.1% | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | -99.3% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -13.4%-3.2pp | -4.2%+4.2pp | N/A | -5.3%+0.2pp | -10.1%-4.8pp | -8.4% | N/A | -5.4% |
| Return on Assets | -12.3%-3.0pp | -4.0%+4.0pp | N/A | -5.0%+0.3pp | -9.4%-4.1pp | -8.0% | N/A | -5.3% |
| Current Ratio | 15.72-7.0x | 27.08-3.9x | 26.17-9.2x | 36.37-9.5x | 22.75-19.3x | 31.01 | 35.34+18.2x | 45.91 |
| Debt-to-Equity | 0.090.0x | 0.060.0x | 0.060.0x | 0.050.0x | 0.08+0.1x | 0.06 | 0.03 | 0.02 |
| Asset Turnover | 0.000.0x | 0.040.0x | N/A | N/A | 0.00 | 0.00 | N/A | N/A |
| FCF Margin | N/A | -65.7% | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Rapport Therapeutics, Inc. RAPP | FY2025 | N/A | -$111.5M | N/A | $1.4B | — |
| Dianthus Therapeutics, Inc. DNTH | FY2025 | $2.0M | -$162.3M | N/A | $4.6B | 55/100 |
| Enliven Therapeutics, Inc. ELVN | FY2025 | N/A | -$103.7M | N/A | $3.0B | — |
| Maze Therapeutics, Inc. MAZE | FY2025 | N/A | -$131.1M | N/A | $1.5B | — |
| Oric Pharmaceuticals, Inc. ORIC | FY2025 | N/A | -$129.5M | N/A | $1.2B | — |
| Trevi Therapeutics, Inc. TRVI | FY2025 | N/A | -$42.8M | N/A | $1.9B | — |
Where Rapport Therapeutics, Inc. Ranks
Frequently Asked Questions
Is Rapport Therapeutics, Inc. profitable?
No, Rapport Therapeutics, Inc. (RAPP) reported a net income of -$111.5M in fiscal year 2025.
What is Rapport Therapeutics, Inc.'s EBITDA?
Rapport Therapeutics, Inc. (RAPP) had EBITDA of -$124.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Rapport Therapeutics, Inc.'s return on equity (ROE)?
Rapport Therapeutics, Inc. (RAPP) has a return on equity of -23.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Rapport Therapeutics, Inc.'s free cash flow?
Rapport Therapeutics, Inc. (RAPP) recorded an outflow of $88.1M in free cash flow during fiscal year 2025. This represents a -31.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Rapport Therapeutics, Inc.'s operating cash flow?
Rapport Therapeutics, Inc. (RAPP) recorded an outflow of $87.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Rapport Therapeutics, Inc.'s total assets?
Rapport Therapeutics, Inc. (RAPP) had $512.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Rapport Therapeutics, Inc.'s capital expenditures?
Rapport Therapeutics, Inc. (RAPP) invested $616K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Rapport Therapeutics, Inc. spend on research and development?
Rapport Therapeutics, Inc. (RAPP) invested $94.8M in research and development during fiscal year 2025.
What is Rapport Therapeutics, Inc.'s current ratio?
Rapport Therapeutics, Inc. (RAPP) had a current ratio of 26.17 as of fiscal year 2025, which is generally considered healthy.
What is Rapport Therapeutics, Inc.'s debt-to-equity ratio?
Rapport Therapeutics, Inc. (RAPP) had a debt-to-equity ratio of 0.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Rapport Therapeutics, Inc.'s return on assets (ROA)?
Rapport Therapeutics, Inc. (RAPP) had a return on assets of -21.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Rapport Therapeutics, Inc.'s P/E ratio?
Rapport Therapeutics, Inc. (RAPP) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $1.4B as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Rapport Therapeutics, Inc.'s price-to-sales ratio?
Rapport Therapeutics, Inc. (RAPP) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $1.4B as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Rapport Therapeutics, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Rapport Therapeutics, Inc. (RAPP) held $490.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $87.5M over that year. Dividing the one by the other, the reported balance equals about 67 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Rapport Therapeutics, Inc.'s Piotroski F-Score?
Rapport Therapeutics, Inc. (RAPP) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Rapport Therapeutics, Inc.'s earnings high quality?
Rapport Therapeutics, Inc. (RAPP) reported a net loss of $111.5M while operations used $87.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.