Rapport Therapeutics, Inc. (RAPP)

Price$46.88Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe market already assigns substantial value to RAP-219, but cash and catalysts provide meaningful support.

At roughly $2.2 billion of equity value, Rapport is valued far above its $436.1 million cash and short-term investment balance, so investors are paying mainly for future drug success rather than current assets. With no approved product and no recurring product revenue, traditional earnings multiples are not useful. The offset is a well-funded pivotal program and multiple near-term catalysts. That combination makes the current valuation demanding but not obviously excessive, supporting a Fair-priced view.

Big pictureCash durability is strong, while rising trial spending and clinical risk keep profitability distant.

Second-quarter net loss was $56.6 million, while operating cash use for the first half was $54.5 million. Rapport ended June with $436.1 million in cash and short-term investments and says that should fund operations into the second half of 2029. The balance sheet showed no funded debt, only modest lease obligations. Research spending is rising sharply as Phase 3 expands. Economic cycles matter less than for industrial companies, but biotech financing conditions and risk appetite can still move valuation materially.

Business strengthPromising seizure data, pivotal progress, and partnering strengthen the case, though dilution remains a real cost.

RAP-219 has moved into two enrolling Phase 3 focal-onset-seizure trials after encouraging Phase 2a follow-up data, including deep seizure reductions that persisted after dosing. The Tenacia partnership brought $20 million upfront, potential milestones and royalties, plus shared Greater China development costs. Capital allocation has nevertheless relied heavily on equity: the September 2025 offering raised $269.4 million net, and a $150 million at-the-market program remained available and unused at June 30. Stock-based awards add further dilution potential.

What could change the storyOctober bipolar data and later pivotal seizure results can quickly shift the risk-reward balance.

The bull case requires RAP-219 to reproduce meaningful seizure reduction with acceptable safety in the pivotal FOCUS trials, October bipolar-mania data to show clear efficacy, and long-term safety results to remain supportive. Successful Tenacia execution could also offset some development spending. The bear case is a weak bipolar readout, reduced efficacy or new safety issues in larger seizure trials, or trial delays that accelerate cash use. If spending outruns milestones, use of the ATM could dilute shareholders before commercialization.

AI: News

Phase 3 enrollment startsFOCUS 1 and FOCUS 2 began enrolling, moving RAP-219 into pivotal focal-seizure development.

On August 5, Rapport said both Phase 3 focal-onset-seizure trials were enrolling patients after initiation during the second quarter. The company also reported that China had approved the RAP-219 Phase 3 investigational application, with partner Tenacia targeting China recruitment in the fourth quarter. This is an important de-risking step operationally, but the program still must confirm efficacy and safety in much larger pivotal studies.

Bipolar catalyst moves closerRapport scheduled a September KOL event while keeping October bipolar-mania topline data on track.

On August 24, Rapport announced a September 22 expert event focused on bipolar mania and RAP-219. Management reiterated that topline Phase 2 bipolar-mania results are expected in October 2026, earlier than guidance at the start of the year. A positive readout could support an FDA end-of-Phase-2 discussion and broaden RAP-219 beyond epilepsy; a negative result would remove an important near-term source of pipeline diversification.

Seizure benefit persistsApril follow-up data showed sustained seizure reductions after dosing, supporting the Phase 3 dose strategy.

On April 21, Rapport presented Phase 2a follow-up results showing a 90% median reduction in clinical seizures versus baseline during weeks 9-12 and a 59% median reduction during weeks 13-16. RAP-219 was generally well tolerated during follow-up, and the company estimated a roughly 22-day half-life. The study was small and open-label, so the findings are encouraging rather than definitive, but they helped support confidence entering Phase 3.

China deal adds runwayTenacia partnership brought upfront cash, shared development costs, and Greater China commercialization optionality.

On March 9, Rapport licensed Greater China rights for RAP-219 to Tenacia. Rapport received a $20 million upfront payment and can earn up to $308 million in contingent sales-based milestones plus tiered royalties, while Tenacia funds territory development and shares specified global trial costs. The agreement extends RAP-219 geographically and reduces some funding burden, although milestone and royalty economics depend on successful development, approval, and commercialization.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$0	$0	$0
Research & development	$94.8M	$60.9M	$28.0M
Operating expenses	$125.1M	$83.1M	$36.2M
Operating income	−$125.1M	−$83.1M	−$36.2M
EBITDA	−$124.1M	−$82.2M	−$36.1M
Net income	−$111.5M	−$78.3M	−$34.8M
Basic EPSper basic share	-$2.86	-$3.78	-$23.10
Diluted EPSper diluted share	-$2.86	-$3.78	-$23.10

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.96%of listed shares

FMR LLC7.17M shares · Jun 30, 2026

View holders

Top 20 reported holders of RAPP
Holder	% owned
FMR LLC	14.96%7.17M shares
TRV GP V, LLC	13.10%6.28M shares
ARCH Venture Management, LLC	7.78%3.73M shares
Capital International Investors	6.09%2.92M shares
GOLDMAN SACHS GROUP INC	6.07%2.91M shares
BlackRock, Inc.	5.63%2.7M shares
Cormorant Asset Management, LP	5.54%2.66M shares
HEALY JAMES	≈4.16%2M shares
Sofinnova Investments, Inc.	3.97%1.9M shares
JOHNSON & JOHNSON	3.72%1.78M shares
Polar Capital Holdings Plc	3.35%1.61M shares
BAKER BROS. ADVISORS LP	3.23%1.55M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.81%1.35M shares
TRV GP VI, LLC	2.02%969.22K shares
STATE STREET CORP	1.71%818.71K shares
GEODE CAPITAL MANAGEMENT, LLC	1.65%793.45K shares
PRICE T ROWE ASSOCIATES INC /MD/	1.64%787.45K shares
PERCEPTIVE ADVISORS LLC	1.61%773.34K shares
Vestal Point Capital, LP	1.52%730K shares
ALLIANCEBERNSTEIN L.P.	1.45%693.38K shares

Percentages use 47.96M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys19$2.85M disclosed value

Sells (SEC code S)62$42.64M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 26, 2026Form 4 · 10b5-1	Third Rock Ventures V, L.P. +5TenPercentOwner	SellCommon Stock	18.6K	$40.05	$743.8K	6.28M
May 11, 2026Form 4 · 10b5-1	Third Rock Ventures V, L.P. +5TenPercentOwner	SellCommon Stock	133.6K	$40.24	$5.38M	6.30M
May 8, 2026Form 4 · 10b5-1	Third Rock Ventures VI, L.P. +5TenPercentOwner	SellCommon Stock	5.0K	$40.31	$202.3K	6.43M
May 7, 2026Form 4 · 10b5-1	Third Rock Ventures VI, L.P. +5TenPercentOwner	SellCommon Stock	271.5K	$40.12	$10.89M	6.44M
Apr 17, 2026Form 4 · 10b5-1	Third Rock Ventures VI, L.P. +5TenPercentOwner	SellCommon Stock	426.0K	$40.32	$17.18M	6.71M

Review ownership filings at SEC.gov ↗

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Rapport Therapeutics, Inc. (RAPP)

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