Rapport Therapeutics Inc Financials
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).
External financing supports a research-heavy model with no reported revenue, making cash funding the dominant visible business mechanic.
R&D investment rose from$28.0M in FY2023 to$94.8M in FY2025, making research spending the clearest driver of the expanding cost base. Operating cash flow moved from-$27.2M to-$87.5M across the same period, showing that reported losses are accompanied by similarly larger cash consumption.
Shares outstanding rose from 4.2M in FY2023 to 47.8M in FY2025, consistent with a development model funded outside operations. FY2025 financing cash flow reached
FY2025 liabilities 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's EBITDA was -$124.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 50.9% from the prior year.
Rapport Therapeutics Inc reported -$111.5M in net income in fiscal year 2025. This represents a decrease of 42.4% from the prior year.
Rapport Therapeutics Inc earned -$2.86 per diluted share (EPS) in fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Rapport Therapeutics Inc recorded an outflow of $88.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 31.0% from the prior year.
Rapport Therapeutics Inc held $52.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Rapport Therapeutics Inc's ROE was -23.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.6 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Rapport Therapeutics Inc invested $94.8M in research and development in fiscal year 2025. This represents an increase of 55.6% from the prior year.
Rapport Therapeutics Inc invested $616K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 74.4% from the prior year.
Not reported for fiscal year 2025.
RAPP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0-100.0% | $20.0M | N/A | N/A | $0 | $0 | N/A | N/A |
| R&D Expenses | $51.4M+57.2% | $32.7M | N/A | $22.3M-1.8% | $22.7M+15.9% | $19.6M | N/A | $15.5M |
| SG&A Expenses | $9.4M-18.3% | $11.5M | N/A | $7.7M+13.1% | $6.8M-9.6% | $7.5M | N/A | $6.1M |
| Operating Income | -$60.8M-151.1% | -$24.2M | N/A | -$30.0M-1.7% | -$29.5M-8.8% | -$27.1M | N/A | -$21.6M |
| Net Income | -$56.6M-185.1% | -$19.9M | N/A | -$26.9M-0.7% | -$26.7M-11.1% | -$24.1M | N/A | -$17.5M |
| EPS (Diluted) | -$1.19-183.3% | -$0.42+40.8% | -$0.710.0% | -$0.71+5.3% | -$0.75-10.3% | -$0.68-466.7% | -$0.12+76.0% | -$0.50 |
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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $459.0M-7.8% | $497.6M-2.9% | $512.4M-4.3% | $535.3M+87.5% | $285.5M-5.5% | $302.1M-4.1% | $314.9M-4.9% | $331.1M |
| Current Assets | $446.9M-7.8% | $484.7M-2.8% | $498.6M-4.2% | $520.7M+92.7% | $270.2M-7.1% | $291.0M-6.1% | $309.8M-5.0% | $325.9M |
| Cash & Equivalents | $63.6M-18.5% | $78.1M+48.3% | $52.6M-79.1% | $251.4M+356.5% | $55.1M-4.4% | $57.6M+1.4% | $56.8M+44.5% | $39.3M |
| Accounts Receivable | $293K+405.2% | $58K | $0 | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $36.1M+38.2% | $26.1M-6.1% | $27.8M+17.2% | $23.7M+7.8% | $22.0M+35.6% | $16.2M+70.6% | $9.5M+18.4% | $8.0M |
| Current Liabilities | $28.4M+58.8% | $17.9M-6.0% | $19.0M+33.1% | $14.3M+20.5% | $11.9M+26.6% | $9.4M+7.0% | $8.8M+23.5% | $7.1M |
| Total Equity | $422.9M-10.3% | $471.5M-2.7% | $484.7M-5.3% | $511.6M+94.2% | $263.5M-7.8% | $285.8M-6.4% | $305.4M-5.5% | $323.1M |
| Retained Earnings | -$311.7M-22.2% | -$255.1M-8.4% | -$235.2M-16.8% | -$201.5M-15.4% | -$174.5M-18.1% | -$147.8M-19.4% | -$123.7M-19.3% | -$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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$41.5M-217.4% | -$13.1M+47.1% | -$24.7M-41.4% | -$17.5M+30.3% | -$25.1M-23.9% | -$20.2M-40.1% | -$14.4M+12.0% | -$16.4M |
| Capital Expenditures | $78K-9.3% | $86K-49.1% | $169K+26.1% | $134K+509.1% | $22K-92.4% | $291K+28.8% | $226K+61.4% | $140K |
| Free Cash Flow | -$41.5M-215.9% | -$13.1M+47.1% | -$24.9M-41.3% | -$17.6M+29.9% | -$25.1M-22.2% | -$20.5M-39.9% | -$14.7M+11.4% | -$16.6M |
| Investing Cash Flow | $25.6M-32.5% | $37.9M+121.8% | -$174.3M-207.0% | -$56.8M-351.3% | $22.6M+7.4% | $21.0M-34.1% | $31.9M+160.2% | -$53.0M |
| Financing Cash Flow | $1.4M+165.7% | $531K+70.7% | $311K-99.9% | $270.5M+429517.5% | -$63K-1360.0% | $5K-28.6% | $7K+100.5% | -$1.4M |
| 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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| 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%-9.2pp | -4.2% | N/A | -5.3%+4.9pp | -10.1%-1.7pp | -8.4% | N/A | -5.4% |
| Return on Assets | -12.3%-8.3pp | -4.0% | N/A | -5.0%+4.3pp | -9.4%-1.4pp | -8.0% | N/A | -5.3% |
| Current Ratio | 15.72-11.4x | 27.08+0.9x | 26.17-10.2x | 36.37+13.6x | 22.75-8.3x | 31.01-4.3x | 35.34-10.6x | 45.91 |
| Debt-to-Equity | 0.090.0x | 0.060.0x | 0.060.0x | 0.050.0x | 0.080.0x | 0.060.0x | 0.030.0x | 0.02 |
| 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.
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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.
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.