Cash runway to 2H 2029 as Rapport (NASDAQ: RAPP) advances RAP-219
Rhea-AI Filing Summary
Rapport Therapeutics reported first quarter 2026 results and highlighted major progress for its lead candidate RAP-219. Collaboration revenue was $20.0 million, driven by a new license agreement with Tenacia Biotechnology, while net loss narrowed to $19.9 million from $24.1 million a year earlier.
R&D expenses rose to $32.7 million and G&A to $11.5 million as the pipeline expanded. The company ended the quarter with $476.8 million in cash, cash equivalents and short-term investments, which it expects will fund operations into the second half of 2029.
Phase 2a follow-up data in focal onset seizures showed sustained effects, including a 90% median reduction in clinical seizures over baseline in weeks 9–12. A Phase 3 program in focal onset seizures is on track to start in the second quarter of 2026, and Phase 2 bipolar mania topline data are now expected in the fourth quarter of 2026, earlier than prior guidance.
Positive
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Insights
Rapport pairs strong RAP-219 data with non-dilutive revenue and long cash runway.
Rapport Therapeutics reported Q1 2026 collaboration revenue of $20.0 million, reflecting the Tenacia Biotechnology license, which helped narrow net loss to $19.9 million despite higher R&D of $32.7 million. This adds a non-dilutive capital source while the company scales development.
Follow-up Phase 2a data in focal onset seizures showed an approximately 90% median reduction in clinical seizures over baseline in weeks 9–12, supporting the decision to initiate Phase 3 FOS trials in Q2 2026. The earlier Q4 2026 topline timing for the bipolar mania trial may allow a more integrated development narrative across indications.
With $476.8 million in cash, cash equivalents and short-term investments and a runway into the second half of 2029, financing risk is moderated over multiple planned milestones, including FOS Phase 3 initiation, bipolar mania Phase 2 readout, and progression of long-acting injectable and chronic pain programs.
8-K Event Classification
Key Figures
Key Terms
focal onset seizures medical
primary generalized tonic-clonic seizures medical
long-acting injectable formulation medical
collaboration revenue financial
TARPγ8-specific AMPA receptor (AMPAR) negative allosteric modulator medical
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026, Rapport Therapeutics, Inc. (the “Company”) announced its financial results and business highlights for the quarter ended March 31, 2026. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information included under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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99.1 |
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Press Release issued by Rapport Therapeutics, Inc. on May 7, 2026, furnished herewith. |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Rapport Therapeutics, Inc. |
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Date: |
May 7, 2026 |
By: |
/s/ Troy Ignelzi |
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Troy Ignelzi |
Exhibit 99.1
Rapport Therapeutics Reports First Quarter 2026 Financials and Provides Business Update
Phase 2a follow-up period data for RAP-219 in focal onset seizures (FOS) demonstrated sustained seizure reduction, including a 90% median reduction in clinical seizures over baseline in weeks 9-12
RAP-219 Phase 2 trial in bipolar mania topline results now expected in the fourth quarter of 2026, ahead of previous 1H 2027 guidance
RAP-219 Phase 3 program in FOS remains on track for initiation in the second quarter of 2026
Pipeline programs, including RAP-219 long-acting injectable formulation, RAP-219 in primary generalized tonic-clonic seizures, and α6β4 nAChR in chronic pain and migraine, continue to advance
Strategic collaboration and license agreement entered into with Tenacia Biotechnology to develop and commercialize RAP-219 in Greater China across indications
Ended the first quarter of 2026 with $476.8 million in cash, cash equivalents and short-term investments, excluding restricted cash, expected to fund operations into the second half of 2029
BOSTON and SAN DIEGO, May 7, 2026 -- 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 or psychiatric disorders, today reported financial results for the quarter ending March 31, 2026, and provided a business update.
“We entered 2026 with strong momentum across the RAP-219 development program, highlighted by compelling new follow-up Phase 2a data recently presented at AAN that further reinforces RAP-219’s treatment effect in focal onset seizures and builds confidence as we enter our Phase 3 trials,” said Abraham N. Ceesay, chief executive officer of Rapport. “With multiple important development milestones ahead, including continued advancement of our epilepsy franchise, progress in bipolar mania, and development of our long-acting injectable formulation, we believe we are well positioned to continue building value across our pipeline.”
CORPORATE HIGHLIGHTS
RAP-219 in Epilepsy
Additional Pipeline Updates
Business Updates
FIRST QUARTER 2026 FINANCIAL RESULTS
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, where focal seizures often originate. 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. Due to the role of AMPA biology in various neurological disorders and the selective targeting of TARPγ8, the Company believes RAP-219 has pipeline-in-a-product potential and is evaluating the compound as a potential treatment for patients with focal onset seizures, primary generalized tonic-clonic seizures and bipolar mania. A long-acting injectable formulation of RAP-219 is also in development and could be the first of its kind in epilepsy.
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, including the initiation, timing, progress, results and future data releases of our ongoing and planned clinical trials; the expected timing and initiation of the Company’s Phase 3 trials in FOS; the expected timing and preliminary results of the open-label trial in FOS; the anticipated timing and topline results from the Company’s Phase 2 trial in bipolar mania; the anticipated timing of the Phase 3 trial in PGTCS; the anticipated timing of a Phase 1 trial for the long-acting injectable formulation of RAP-219; the potential of Rapport’s RAP technology platform; expectations for the efficacy, tolerability, and commercial potential of RAP-219; and expectations for Rapport’s uses of capital, expenses and financial results, including its cash runway into the second half 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.
Investor Contact
Leigh Salvo
New Street IR
investors@rapportrx.com
Condensed Consolidated Balance Sheet Data
(In thousands)
(unaudited)
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March 31, |
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December 31, |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
78,056 |
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$ |
52,645 |
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Accounts receivable |
|
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58 |
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|
|
— |
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Short-term investments |
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398,726 |
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437,894 |
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Restricted cash |
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105 |
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105 |
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Prepaid expenses and other current assets |
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7,750 |
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7,917 |
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Total current assets |
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484,695 |
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498,561 |
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Property and equipment, net |
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2,518 |
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2,976 |
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Operating lease right of use asset, net |
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9,327 |
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9,909 |
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Other assets |
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1,057 |
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|
985 |
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Total assets |
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$ |
497,597 |
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$ |
512,431 |
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Liabilities and Stockholders’ Equity |
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Current liabilities |
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Accounts payable |
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$ |
6,561 |
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$ |
4,190 |
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Accrued expenses and other current liabilities |
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8,721 |
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12,104 |
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Operating lease liability |
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2,615 |
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2,755 |
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Total current liabilities |
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17,897 |
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19,049 |
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Operating lease liability, net of current portion |
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8,188 |
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8,729 |
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Total liabilities |
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26,085 |
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27,778 |
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Common Stock |
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48 |
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48 |
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Additional paid-in capital |
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727,054 |
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719,287 |
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Accumulated other comprehensive income |
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(505 |
) |
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546 |
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Accumulated deficit |
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(255,085 |
) |
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(235,228 |
) |
Total stockholders’ equity |
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471,512 |
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484,653 |
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Total liabilities and stockholders’ equity |
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$ |
497,597 |
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$ |
512,431 |
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Condensed Consolidated Statement of Operations
(In thousands, except share and per share data)
(unaudited)
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For the three months ended March 31, |
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2026 |
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2025 |
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Collaboration Revenue |
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$ |
20,000 |
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$ |
— |
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Operating expenses |
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Research and development |
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32,716 |
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19,572 |
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General and administrative |
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11,499 |
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7,536 |
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Total operating expenses |
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44,215 |
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27,108 |
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Loss from operations |
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(24,215 |
) |
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(27,108 |
) |
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Other income: |
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Interest income |
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4,358 |
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3,045 |
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Total other income |
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4,358 |
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3,045 |
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Net loss |
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$ |
(19,857 |
) |
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$ |
(24,063 |
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Net loss per share attributable to common stockholders, basic |
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$ |
(0.42 |
) |
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$ |
(0.68 |
) |
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Weighted-average common shares outstanding, basic and diluted |
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47,236,618 |
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35,266,577 |
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Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
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For the three months ended |
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2026 |
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2025 |
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Net cash used in operating activities |
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$ |
(13,061 |
) |
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$ |
(20,237 |
) |
Net cash provided by investing activities |
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37,941 |
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21,031 |
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Net cash provided by financing activities |
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531 |
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5 |
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Net increase in cash, cash equivalents and restricted cash |
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$ |
25,411 |
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$ |
799 |
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