GlobeNewswire·Nov 2, 2026, 7:00 AM ET

Rapport Announces Closing of Public Offerings of Common Stock and Pre-Funded Warrants and Convertible Notes, Including Full Exercise of Underwriters’ Options to Purchase Additional Shares and Notes, as well as Concurrent Private Placement

RAPP

Rapport Therapeutics closed separate underwritten public offerings of 9,761,905 common stock shares & $172.5 million in 2.25% convertible senior notes due 2032, including full exercise of underwriters' options.
The company also completed a concurrent private placement of 1,428,571 common stock shares to a specific investor at the public offering price.
Net proceeds from all offerings are approximately $410.7 million after deducting underwriting discounts, commissions, fees, & estimated expenses.
Morgan Stanley, Leerink Partners, & Evercore ISI served as joint book-running managers & placement agents, while BTIG & Citizens Capital Markets acted as joint book-running managers for the common stock offering.
Rapport intends to use proceeds primarily to fund clinical trials for RAP-219, research & development, working capital, & general corporate purposes, with potential future use for in-licensing or acquisitions.
The company estimates that its cash resources will fund operations through the end of 2029.
The convertible notes accrue interest at 2.25% per annum, payable semi-annually, & mature on December 1, 2032, with an initial conversion rate of 37.3483 shares per $1,000 principal amount.
Rapport may redeem notes at its option after December 6, 2030, or 60 days following specific clinical trial results, if the stock price remains at least 130% of the conversion price for a specified period.
Noteholders may require repurchase of notes at 100% of principal plus accrued interest in the event of a fundamental change.
Rapport filed a shelf registration statement with the SEC on March 10, 2026, to facilitate the underwritten offerings, & agreed to file a registration statement for the resale of shares sold in the private placement.