Rapport Therapeutics Reports Third Quarter 2026 Financials and Provides Business Update

October financing combined equity and convertible debt, while quarterly operating cash use rose to $41.633 million.

Rhea-AI Summary

Rapport Therapeutics (RAPP) reported a wider third-quarter loss alongside positive Phase 2 results for RAP-219 in adults with acute bipolar mania. Net loss was $40.235 million, versus $26.925 million a year earlier; loss per share widened to $0.84 from $0.71.

The 253-patient trial met its primary endpoint, with a 3.1-point placebo-adjusted improvement on the Young Mania Rating Scale at Week 3 (p=0.045). Rapport expects two Phase 3 bipolar mania trials to start in the second half of 2027. Phase 3 focal onset seizure trials are enrolling, with initial long-term safety data expected in the fourth quarter of 2026.

October financing generated approximately $410.7 million in net proceeds, followed by approximately $10 million of November share sales. Rapport expects its available funds, including financing proceeds, to support operations and capital spending through the end of 2029.

15 points · 2 major

PositiveiHow this balance works

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How the balance worksHow Sentiment works

1 major · 10 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointOctober equity and convertible-note financing generated approximately $410.7 million in net proceeds. 29% of market cap
• Major pointRAP-219's Phase 2 primary endpoint showed 3.1-point placebo-adjusted improvement in mania scores at Week 3 (p=0.045).
• Moderate point. Forward-looking: it has not happened yet and may not happen.Rapport expects funding to cover operating expenses and capital expenditures through the end of 2029.
• Moderate pointThe prespecified secondary endpoint showed 0.4-point improvement over placebo in mania severity at Week 3 (p=0.024).
• Moderate point. Forward-looking: it has not happened yet and may not happen.Rapport expects two Phase 3 bipolar mania trials to begin in the second half of 2027.
• Moderate pointFOCUS 1 and FOCUS 2 Phase 3 focal onset seizure trials are enrolling patients.
• Moderate pointChina partner Tenacia began Phase 3 focal onset seizure recruitment following NMPA clinical-trial application approval.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Rapport expects a Phase 3 primary generalized tonic-clonic seizure trial to begin in first half 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.FDA cleared RAP-641's clinical-trial application; Rapport plans Phase 1, with preliminary results expected in second half 2027.

6 minor points

• Minor pointNovember share sales raised approximately $10 million under the at-the-market program.
• Minor pointRAP-219 improved all 11 mania rating items versus placebo; four reached nominal significance (p<0.05).
• Minor pointPhase 2 treatment-emergent adverse events were all mild or moderate, with no serious adverse events.
• Minor point. Forward-looking: it has not happened yet and may not happen.Rapport expects initial focal onset seizure long-term safety data in fourth quarter 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Rapport expects long-acting injectable RAP-219 Phase 1 drug-exposure data in third quarter 2027.
• Minor pointThird-quarter interest income rose to $3.851 million from $3.061 million a year earlier.

Negative

• Major pointOctober common shares at $21.00 and pre-funded warrants at $20.999 add dilution.
• Moderate pointThird-quarter net loss widened to $40.235 million from $26.925 million a year earlier.
• Moderate pointThird-quarter operating cash use rose to $41.633 million from $17.465 million a year earlier.
• Moderate pointCash, equivalents and short-term investments, excluding restricted cash, fell to $395.0 million from $436.1 million at June 30.
• Minor pointThird-quarter loss per share widened to $0.84 from $0.71 a year earlier.

5 minor points

• Minor pointThird-quarter research and development expense rose to $34.316 million from $22.279 million a year earlier.
• Minor pointThird-quarter general and administrative expense rose to $9.770 million from $7.707 million a year earlier.
• Minor pointOctober convertible senior notes add debt carrying 2.25% interest and maturing in 2032.
• Minor pointNovember common-stock sales at $25.05 per share dilute existing holders.
• Minor pointPhase 2 adverse-event discontinuations were 3.2% with RAP-219 versus 0.8% with placebo.

News Explained

Completed common-stock sales increase share count, but the release does not quantify ownership change; the November liquidity estimate includes short-term investments and recent financing proceeds.

Rapport reports its October offerings of common stock, pre-funded warrants and convertible senior notes as completed, and says it sold about $10 million of common stock through its ATM in November; the completed common-stock sales increase the share count and reduce existing holders’ percentage ownership absent offsetting changes.

The pre-funded warrants convert to shares upon exercise; the release does not give the numbers of shares sold or warrants issued, so it does not quantify the resulting ownership change.

The $815.4 million headline balance as of November 3, 2026 is footnoted as an unaudited estimate that includes short-term investments and about $420.7 million of proceeds from October offerings and November ATM sales.

Key Figures

Phase 2 trial enrollment: 253 adults Placebo-adjusted YMRS improvement: 3.1 points; p=0.045 Placebo-adjusted mania severity improvement: 0.4 points; p=0.024 +5 more

Phase 2 trial enrollment

253 adults

RAP-219 bipolar mania trial

Placebo-adjusted YMRS improvement

3.1 points; p=0.045

Primary endpoint at Week 3

Placebo-adjusted mania severity improvement

0.4 points; p=0.024

Prespecified secondary endpoint at Week 3

TEAE-related discontinuations

3.2% vs. 0.8%

RAP-219 vs. placebo

Net loss

$40.2 million vs. $26.9 million

Third quarter 2026 vs. prior-year period

Cash, cash equivalents and short-term investments

$395.0 million

September 30, 2026; excluding restricted cash

Expected cash runway

Through the end of 2029

Based on September 30 liquidity and subsequent financing and ATM sales

Planned bipolar mania Phase 3 trials

2 trials in 2H 2027

Initiation expected in the second half of 2027

Previous Earnings Reports

1 past event · Latest: Aug 05

Same Type 1 event

1. Aug 05

   Earnings report

   24h Move

   +0.6%

   FOCUS 1 and FOCUS 2 entered Phase 3; the current update says both trials are enrolling patients.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

convertible senior notes, pre-funded warrants, at-the-market (atm) program, investigational new drug (ind) application, +2 more

6 terms

convertible senior notes financial

"an underwritten public offering of 2.25% convertible senior notes due 2032"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

pre-funded warrants financial

"pre-funded warrants to purchase common stock"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

at-the-market (atm) program financial

"sold approximately $10 million of common stock under its ATM Program"

An at-the-market (ATM) program is a way for a company to sell newly issued shares directly into the open market at the current trading price over time, rather than all at once. For investors it matters because it provides a flexible, ongoing source of capital but can dilute existing ownership and put steady selling pressure on a stock’s price—similar to a store quietly adding more items for sale at the posted price.

investigational new drug (ind) application regulatory

"cleared the Company’s Investigational New Drug (IND) application"

An investigational new drug (IND) application is a formal request submitted to a drug regulator asking permission to begin testing a new medicine in people. It compiles lab results, manufacturing details and proposed human trial plans so regulators can judge safety before human studies start; for investors, an accepted IND is a key milestone that opens the clinical development pathway and can materially change a company’s risk profile and potential value, like getting a license to road-test a prototype.

pharmacokinetic medical

"Phase 1 pharmacokinetic data expected in the third quarter of 2027"

Pharmacokinetic describes how a drug moves through and leaves the body — how it is absorbed, spread to tissues, broken down and excreted — like tracking a package from pickup to delivery and disposal. For investors, these properties determine effective dose, safety risks, how often a medicine must be taken, and how reliably it works, which in turn influence clinical trial success, regulatory approval chances, production complexity and a drug’s commercial value.

treatment-emergent adverse events (teaes) medical

"all treatment-emergent adverse events (TEAEs) were mild or moderate"

Adverse events that first appear or worsen after a patient starts a medical treatment; they are the new or intensified negative effects linked in time to taking the drug or therapy. Investors care because the number and severity of these events shape regulators’ decisions, drug labeling, patient uptake and potential legal or cost risks—think of them like customer complaints that can slow sales, trigger recalls, or change a product’s value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Positive topline results from Phase 2 trial of RAP-219 in bipolar mania; initiation of two Phase 3 trials in bipolar mania expected in 2H 2027

Data from the Phase 2 FOS open-label long-term safety trial expected in 4Q 2026; Phase 3 FOS trials enrolling patients

Well-capitalized with $815.4 million¹ in cash and cash equivalents as of November 3, 2026, and runway through the end of 2029

BOSTON and SAN DIEGO, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Rapport Therapeutics, Inc. (Nasdaq: RAPP) (“Rapport” or the “Company”), a clinical-stage biotechnology company dedicated to the discovery and development of small molecule precision medicines for patients with neurological and psychiatric disorders, today reported financial results for the third quarter ended September 30, 2026, and provided a business update, including a summary of the recently announced positive topline results from its Phase 2 trial of RAP-219 in adults with acute bipolar mania and updates across the RAP-219 development program and pipeline.

“We continue to deliver on our priorities with strong execution across the portfolio,” said Abraham N. Ceesay, chief executive officer of Rapport. “Our positive Phase 2 results in bipolar mania are transformational for Rapport, accelerating our path to becoming an industry-leading precision neuroscience company. RAP-219 now has clinical proof-of-concept in two indications across neurology and psychiatry, giving us the opportunity to serve patients in two multibillion-dollar markets. We are building on this momentum, with a steady cadence of catalysts ahead. With the additional capital from our recent financing, we are well funded to deliver on the catalysts ahead and remain committed to delivering sustained value for both patients and shareholders.”

BUSINESS UPDATES

RAP-219 in Epilepsy

• Phase 3 Program in Focal Onset Seizures (FOS). The FOCUS 1 and FOCUS 2 pivotal Phase 3 trials of RAP-219 in FOS are enrolling patients. Tenacia, Rapport’s partner in China, has initiated patient recruitment for the Phase 3 FOS program following China National Medical Products Administration (NMPA) approval of the Investigational New Drug (IND) application.
• Open-Label Long-Term Safety Trial. Initial data from the open-label long-term safety trial in patients from the Phase 2a trial in FOS are expected in the fourth quarter of 2026.
• Primary Generalized Tonic-Clonic Seizures (PGTCS). Rapport continues preparations to initiate a Phase 3 trial of RAP-219 in PGTCS in the first half of 2027.

RAP-219 in Bipolar Mania

• Positive Phase 2 Topline Results. On October 20, 2026, the Company reported topline results from its randomized, double-blind, placebo-controlled Phase 2 trial of RAP-219 in adults with bipolar I disorder (BD) (N=253) experiencing an acute manic episode.
  • The trial met its primary endpoint, with a statistically significant 3.1-point placebo-adjusted least squares (LS) mean improvement in Young Mania Rating Scale (YMRS) total score at Week 3 (p=0.045), and its pre-specified secondary endpoint, with a statistically significant 0.4-point improvement over placebo in Clinical Global Impression-Bipolar Version Severity of Mania score at Week 3 (p=0.024).
  • RAP-219-treated patients had a 15.4-point LS mean reduction in YMRS total score from baseline at Week 3 (vs 12.3 points with placebo), consistent with the magnitude of improvement reported in recent trials of approved acute mania treatments.
  • All 11 YMRS items improved on RAP-219 compared to placebo, with improvements in irritability, thought content, disruptive-aggressive behavior, and sexual interest reaching nominal significance (p<0.05).
  • RAP-219 was well tolerated; all treatment-emergent adverse events (TEAEs) were mild or moderate and there were no serious adverse events. 3.2% of patients on RAP-219 discontinued due to a TEAE (vs 0.8% on placebo).
• Regulatory Path and Phase 3 Plans. Rapport plans to meet with the U.S. Food and Drug Administration (FDA) in the first quarter of 2027 to discuss the Phase 2 data and registrational trial design for RAP-219 in adults experiencing acute mania associated with BD, with initiation of two Phase 3 trials in acute bipolar mania expected in the second half of 2027.

Additional Pipeline Updates

• Long-Acting Injectable (LAI) Formulation. Development of an LAI formulation of RAP-219 continues, with Phase 1 pharmacokinetic data expected in the third quarter of 2027.
• RAP-641 in chronic pain and migraine. The FDA has cleared the Company’s Investigational New Drug (IND) application for RAP-641, an α6β4 nicotinic acetylcholine receptor (nAChR) agonist, and the Company plans to initiate a Phase 1 clinical trial, with preliminary results expected in the second half of 2027.

Corporate Updates

• Financing Completed. In October 2026, the Company completed (i) an underwritten public offering of common stock (including the full exercise of the underwriters’ option to purchase additional shares) at a public offering price of $21.00 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase common stock at a public offering price of $20.999 per pre-funded warrant, (ii) an underwritten public offering of 2.25% convertible senior notes due 2032, and (iii) the sale, in a concurrent private placement, of common stock at the public offering price. The aggregate net proceeds were approximately $410.7 million, after deducting underwriting discounts and commissions, placement agent fees and other offering expenses.
• At-the-Market (ATM) Sale. In November 2026, the Company sold approximately $10 million of common stock under its ATM Program at a price of $25.05 per share, the prevailing market price at the time of sale.

THIRD QUARTER 2026 FINANCIAL RESULTS

• Net Loss: Net loss for the third quarter of 2026 was $40.2 million, as compared to $26.9 million for the prior year period.
• Research and Development (R&D) Expenses: R&D expense was $34.3 million for the third quarter of 2026, as compared to $22.3 million for the prior year period. The increase in R&D expense was primarily driven by operational costs related to clinical development of RAP-219, including the Phase 3 FOS program and completion of the bipolar mania Phase 2 trial, and costs to support the progression of the Company’s overall pipeline.
• Selling, General and Administrative (SG&A) Expenses: SG&A expense was $9.8 million for the third quarter of 2026, as compared to $7.7 million for the prior year period. The increase in SG&A was primarily driven by costs associated with the growth of the business, including an increase in headcount and related compensation.
• Cash Position: The Company ended the third quarter of 2026 with $395.0 million in cash, cash equivalents and short-term investments, excluding restricted cash, compared to $436.1 million as of June 30, 2026.
• Cash Runway: The Company expects that cash, cash equivalents, and short-term investments as of September 30, 2026, together with net proceeds from the October and November 2026 financings and sales through its ATM program, will enable it to fund its operating expenses and capital expenditure requirements through the end of 2029.

Upcoming Milestones

• RAP-219 FOS open-label long-term safety extension of Phase 2a trial: Initial data expected in fourth quarter of 2026.
• RAP-219 in bipolar mania: End-of-Phase 2 meeting with the FDA expected in first quarter of 2027; initiation of two Phase 3 pivotal trials expected in second half of 2027.
• RAP-219 in PGTCS: Phase 3 trial expected to begin in first half of 2027.
• RAP-219 LAI: Phase 1 pharmacokinetic data expected in third quarter of 2027.
• RAP-641: Phase 1 preliminary results expected in the second half of 2027.

¹ Unaudited, estimated cash, cash equivalents, and short-term investments, calculated as the Company’s cash balance as of September 30, 2026, plus approximately $420.7 million of proceeds from its recently closed equity and debt offerings in October 2026 and from sales under its ATM sales agreement in November 2026.

About RAP-219

RAP-219 is an investigational and potential first-in-class, clinical-stage TARPγ8-specific AMPA receptor (AMPAR) negative allosteric modulator (NAM). Whereas AMPARs are distributed widely in the central nervous system, the receptor associated protein (RAP) TARPγ8 is expressed only in discrete brain regions, including the hippocampus and neocortex, which are implicated in neurological and psychiatric disorders. By contrast, TARPγ8 has minimal expression in the hindbrain, where drug effects are often associated with intolerable adverse events. With this precision approach, the Company believes RAP-219 has the potential to provide a differentiated profile as compared to traditional neuroscience medications. The Company believes RAP-219’s selective targeting of TARPγ8 and the role of AMPA biology across multiple disorders give it pipeline-in-a-product potential. RAP-219 has demonstrated proof-of-concept in both focal onset seizures and bipolar mania, with Phase 3 trials ongoing and planned, respectively. A Phase 3 trial in primary generalized tonic-clonic seizures is also planned. A long-acting injectable formulation of RAP-219 is also in development and has potential to transform the treatment landscape for patients across indications and extend the product’s lifecycle.

About Rapport Therapeutics

Rapport Therapeutics is a clinical-stage biotechnology company dedicated to discovering and developing small molecule precision medicines for patients with neurological and psychiatric disorders. The Company’s founders made pioneering discoveries related to the function of receptor associated proteins (RAPs) in the brain, which form the basis of Rapport’s RAP technology platform. The platform enables a differentiated approach to generate precision small molecule product candidates with the potential to overcome many limitations of conventional neurology drug discovery. Rapport’s precision neuroscience pipeline includes the Company’s lead investigational drug, RAP-219, which is designed to achieve neuroanatomical specificity through selective targeting of a RAP expressed only in discrete regions of the brain. The pipeline is anchored by the Company’s epilepsy portfolio, including FOS and primary generalized tonic-clonic seizures, as well as bipolar mania. The Company is also advancing additional discovery and preclinical programs leveraging its platform, including in chronic pain and migraine and in hearing and vestibular disorders.

Availability of Other Information About Rapport Therapeutics

Rapport Therapeutics uses and intends to continue to use its Investor Relations website and LinkedIn (Rapport Therapeutics) as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company’s Investor Relations website and LinkedIn, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations, and webcasts. The contents of the Company’s website or social media shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, but are not limited to, express or implied statements regarding: the clinical development of RAP-219 for the treatment of FOS, PGTCS and bipolar mania and the initiation, timing, progress, results and future data releases of our ongoing and planned clinical trials, including the long-term open-label extension of the Phase 2a trial in FOS, the FOCUS 1 and FOCUS 2 pivotal Phase 3 trials, the Phase 1 trial for a long-acting injectable formulation of RAP-219, the Phase 1 trial for RAP-641 and the Phase 3 trial of RAP-219 in PGTCS; expectations and timing of upcoming regulatory interactions, including an End-of-Phase 2 Meeting with the FDA for RAP-219 and the anticipated planning activities for a potential Phase 3 trial in bipolar mania; development of and expectations for a LAI formulation of RAP-219; the potential of the Company’s RAP technology platform; expectations for the efficacy, tolerability, and commercial potential of RAP-219; and expectations for the Company’s uses of capital, expenses and financial results, including its expectations regarding cash runway through the end of 2029.

Forward looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect Rapport’s business, operating results, financial condition and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to the Company’s research and development activities; Rapport’s ability to execute on its strategy including obtaining the requisite regulatory approvals on the expected timeline, if at all; uncertainties relating to preclinical and clinical development activities; the Company’s dependence on third parties to conduct clinical trials, manufacture its product candidates and develop and commercialize its product candidates, if approved; Rapport’s ability to attract, integrate and retain key personnel; risks related to the Company’s financial condition and need for substantial additional funds in order to complete development activities and commercialize a product candidate, if approved; risks related to regulatory developments and approval processes of the U.S. Food and Drug Administration and comparable foreign regulatory authorities; risks related to establishing and maintaining Rapport’s intellectual property protections; and risks related to the competitive landscape for Rapport’s product candidates; as well as other risks described in “Risk Factors,” in the Company’s Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, as well as discussions of potential risks, uncertainties, and other important factors in Rapport’s subsequent filings with the Securities and Exchange Commission. Any forward-looking statements represent Rapport’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Rapport expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Condensed Consolidated Balance Sheet Data (In thousands) (unaudited)
		September 30, 2026				December 31, 2025
Assets
Current assets
Cash and cash equivalents		$	74,754			$	52,645
Accounts receivable			171				—
Short-term investments			320,275				437,894
Restricted cash			105				105
Prepaid expenses and other current assets			12,076				7,917
Total current assets			407,381				498,561
Property and equipment, net			1,957				2,976
Operating lease right of use asset, net			8,125				9,909
Other assets			1,095				985
Total assets		$	418,558			$	512,431
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable		$	1,718			$	4,190
Accrued expenses and other current liabilities			16,259				12,104
Operating lease liability			2,325				2,755
Total current liabilities			20,302				19,049
Operating lease liability, net of current portion			7,066				8,729
Total liabilities			27,368				27,778
Common Stock			48				48
Additional paid-in capital			745,192				719,287
Accumulated other comprehensive income			(2,115	)			546
Accumulated deficit			(351,935	)			(235,228	)
Total stockholders’ equity			391,190				484,653
Total liabilities and stockholders’ equity		$	418,558			$	512,431

Condensed Consolidated Statement of Operations (In thousands, except share and per share data) (unaudited)
		For the three months ended September 30,
		2026				2025
Operating expenses
Research and development			34,316				22,279
General and administrative			9,770				7,707
Total operating expenses			44,086				29,986
Loss from operations			(44,086	)			(29,986	)
Other income:
Interest income			3,851				3,061
Total other income			3,851				3,061
Net loss		$	(40,235	)		$	(26,925	)
Net loss per share attributable to common stockholders, basic and diluted		$	(0.84	)		$	(0.71	)
Weighted-average common shares outstanding, basic and diluted			47,768,633				37,931,170

Condensed Consolidated Statements of Cash Flows (In thousands) (unaudited)
		Three months ended September 30,
		2026				2025
Net cash used in operating activities		$	(41,633	)		$	(17,465	)
Net cash provided by investing activities			51,064				(56,776	)
Net cash provided by (used in) financing activities			1,711				270,533
Net decrease in cash, cash equivalents and restricted cash		$	11,142			$	196,292

Investor Contact

Julie DiCarlo

Head of Communications & IR
Rapport Therapeutics
investors@rapportrx.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Rapport Therapeutics' RAP-219 Phase 2 bipolar mania trial show?

The trial met its primary endpoint with a 3.1-point placebo-adjusted improvement in Young Mania Rating Scale total score at Week 3 (p=0.045). In the randomized, double-blind, placebo-controlled study of 253 adults, RAP-219 produced a 15.4-point reduction from baseline, versus 12.3 points with placebo.

How long does Rapport Therapeutics expect its financing to fund operations?

Rapport expects its available funding to cover operating expenses and capital expenditure requirements through the end of 2029. That expectation includes September 30, 2026 cash, cash equivalents and short-term investments, together with proceeds from October and November financings and at-the-market sales.

When does Rapport Therapeutics plan to discuss RAP-219 bipolar mania trials with the FDA?

Rapport plans to meet with the FDA in the first quarter of 2027 to discuss Phase 2 results and the design of trials intended to support registration for adults experiencing acute mania associated with bipolar I disorder.