Rapport Therapeutics Inc SEC Filings

Rapport Therapeutics (RAPP) is offering common stock at $26.00 per share, with aggregate dollar figures shown of $250,000,010.00 and related underwriting allocations. The prospectus describes RAP-219, an AMPAR negative allosteric modulator targeting TARPγ8 for focal epilepsy, bipolar disorder and peripheral neuropathic pain. In an 8-week Phase 2a cohort of 30 patients, RAP-219 showed topline efficacy: 85.2% of patients achieved ≥30% reduction in LEs (p<0.0001), 72.0% achieved ≥50% reduction in clinical seizures (p<0.0001), and a reported 24% figure for seizure outcome in the 8-week period (p<0.0001). Safety: four discontinuations during treatment, three due to TEAEs; safety population = 30. A PET trial and MAD-2 supported target receptor occupancy and neuroanatomical specificity. The FDA placed the IND for a DPNP proof-of-concept trial on clinical hold in Q4 2024; this hold is LIMITED to DPNP and has not affected the focal epilepsy Phase 2a or planned bipolar trial. Company timelines: initiate open-label long-term safety trial by end of 2025 (prelim results H2 2026), advance two Phase 3 pivotal trials in Q3 2026, and report PK results in 2027. The prospectus notes broad management discretion over net proceeds and typical lock-up and transfer restrictions for insiders.

Rapport Therapeutics insider Cheryl Gault, the company's Chief Operating Officer, reported transactions on 09/08/2025 under a Rule 10b5-1 trading plan adopted December 11, 2024. The Form 4 shows a simultaneous option exercise and sale: 5,000 shares were acquired by exercise of stock options at an exercise price of $1.80 per share and 5,000 shares were sold the same day at $38.33 per share.

After these transactions Ms. Gault directly beneficially owns 171,928 shares of common stock and holds 110,407 shares underlying outstanding options. The option grant vests 25% on August 7, 2024, with the remainder vesting monthly over 36 months, and the exercised options expire December 5, 2033.

Rapport Therapeutics describes RAP-219, an AMPAR negative allosteric modulator designed to target TARPγ8 to achieve neuroanatomical specificity for focal epilepsy and other CNS indications. In a Phase 2a safety population of 30 patients, the company reports topline efficacy in refractory focal-onset seizures: 85.2% of patients achieved ≥30% reduction in LEs and 72.0% achieved ≥50% reduction (both p<0.0001); median and higher-responder results were reported and detailed follow-up analyses are ongoing. The company states RAP-219 was generally well tolerated with four discontinuations during treatment, three attributed to TEAEs.

The filing also discloses an FDA clinical hold specific to the IND for diabetic peripheral neuropathic pain that requested protocol amendments; this hold has not affected the ongoing focal epilepsy trial. The company outlines development plans including additional follow-up results, a long-term safety trial, planned Phase 3 initiation, and further PK and PET data releases as part of its clinical pathway. The prospectus supplement stresses risks, forward-looking uncertainties, and references incorporated SEC filings for more detail.

Rapport Therapeutics (RAPP) Form 144 notice reports a proposed sale of common stock. The filer intends to sell 10,000 shares through Morgan Stanley Smith Barney LLC on NASDAQ with an aggregate market value of $143,600. The shares represent a portion of 36,497,920 shares outstanding. The securities were acquired and are to be sold on 09/08/2025 following an exercise of stock options, with cash payment recorded. The filer certifies no undisclosed material adverse information and provides the required Rule 144 representations.

Rapport Therapeutics reported topline Phase 2a efficacy for RAP-219 in drug-resistant focal onset seizures showing strong short-term clinical responses. In the 8-week treatment period, 85.2% of patients achieved a ≥30% reduction in lifetime events (LEs) from baseline, 72.0% achieved a ≥50% reduction in clinical seizures, and 24% achieved seizure freedom; all responder endpoints reported p<0.0001. Median reductions were assessed versus appropriate null hypotheses using Wilcoxon signed rank tests and exact binomial tests for responder rates.

The company said RAP-219 was generally well-tolerated with mostly mild treatment-emergent adverse events and a low discontinuation rate. Rapport noted ongoing 8-week follow-up, plans for Phase 3 trials in focal onset seizures, a Phase 2 bipolar mania study, exploration of a long-acting injectable formulation, and expects initial pharmacokinetic results in 2027. A press release and corporate presentation were furnished and a webcast presentation will be posted on the company website.

Rapport Therapeutics Chief Scientific Officer David Bredt reported sales of common stock under a Rule 10b5-1 plan adopted December 12, 2024. On 08/15/2025 he sold 8,300 shares at a weighted-average price of $14.9769 (trade prices ranged $14.65–$15.50) and sold 200 shares at a weighted-average price of $15.79 (trade prices ranged $15.74–$15.84). The filings show beneficial ownership following those transactions of 426,842 and 426,642 shares, respectively. The Form 4 was signed by attorney-in-fact Troy Ignelzi on 08/18/2025.