Earnings Releases·Nov 4, 2026, 7:12 AM ET

Rapport Therapeutics — Third Quarter 2026 Earnings Summary

Net loss widened to $40.2 million in Q3 2026 from $26.9 million in the prior year period, driven by R&D expenses rising to $34.3 million from $22.3 million; cash and short-term investments stood at $395.0 million as of September 30, 2026.
Recent capital raises, including a $410.7 million public offering in October 2026 and $10 million in ATM sales in November 2026, brought estimated cash resources to $815.4 million as of November 3, 2026, extending runway through the end of 2029.
Phase 2 data for RAP-219 in bipolar mania met its primary endpoint with statistically significant improvements in YMRS scores and a favorable safety profile, prompting plans to meet with the FDA in Q1 2027 to discuss registrational trial design.
Development timelines include initiating a Phase 3 trial for RAP-219 in PGTCS in H1 2027, launching two Phase 3 trials in bipolar mania in H2 2027, and expecting initial safety data for focal onset seizures in Q4 2026.
Partner Tenacia has initiated patient recruitment for the Phase 3 RAP-219 focal onset seizures program in China following NMPA approval, while the FDA cleared the IND for the Phase 1 chronic pain and migraine candidate RAP-641.