Key Highlights

  • The third quarter net loss was USD 0.84 per share against an estimate of USD 1.20, with no revenue.
  • Net loss was USD 40.2 million, compared with USD 26.9 million in the third quarter of 2025.
  • Cash, cash equivalents and short-term investments were USD 395.0 million, which management said funds operations through the end of 2029.
  • Offerings of shares and 2.25% convertible notes closed on October 30, 2026, with net proceeds in three tranches.

Rapport Therapeutics, Inc. (NASDAQ:RAPP) opened its third quarter report with financing and cash runway details. Management stated that cash, cash equivalents and short-term investments of USD 395.0 million fund operating expenses and Capital Expenditure requirements through the end of 2029. The net loss was USD 0.84 per share, against an estimate of USD 1.20, with no Revenue in the quarter.

Runway, Offerings and Stated Milestones

The October 2026 offerings included 9,761,905 shares at USD 21.00 and pre-funded warrants for up to 1,190,476 shares, with net proceeds of approximately USD 215.7 million. A separate offering of USD 172.5 million of 2.25% convertible senior notes due December 1, 2032 had net proceeds of approximately USD 166.8 million. A concurrent private Placement of 1,428,571 shares added approximately USD 28.2 million. After quarter end, the company also sold 399,201 shares under its at-the-market program for gross proceeds of approximately USD 10 million.

Initial data from the open-label long-term safety trial of RAP-219 are scheduled for the fourth quarter of 2026. A meeting with the FDA on registrational design in bipolar mania is planned for the first quarter of 2027, and a Phase 3 trial in primary generalized tonic-clonic seizures is planned for the first half of 2027.

The Quarter in Detail

Net loss was USD 40.2 million, against USD 26.9 million a year earlier. Total operating expenses were USD 44.09 million, compared with USD 29.99 million, and interest income was USD 3.85 million against USD 3.06 million.

Research and development expenses were USD 34.3 million against USD 22.3 million. The company cited an USD 8.7 million increase in RAP-219 program costs, including a USD 5.8 million rise in clinical trial costs tied to the Phase 3 programs, the bipolar mania trial, long-acting injectable work and start-up for the generalized seizure trial. Selling, general and administrative expenses were USD 9.8 million against USD 7.7 million.

For the nine months, the net loss was USD 116.7 million, or USD 2.46 per share, against USD 77.7 million, or USD 2.15. The nine-month period included USD 20.0 million of collaboration revenue from the Tenacia license agreement signed in March 2026, which covers RAP-219 in mainland China, Hong Kong, Macau and Taiwan.

Pipeline and Programs

RAP-219 is a negative allosteric modulator of the AMPA receptor that targets the TARPγ8 protein. The Phase 3 program in drug-resistant focal onset seizures began in the second quarter of 2026, with two pivotal trials, FOCUS 1 and FOCUS 2, enrolling patients. Its Phase 2 bipolar mania trial, reported in October, met its primary endpoint, with a 3.1-point least squares mean improvement over placebo on the Young Mania Rating Scale at Week 3 (p=0.045).

The company is also developing a long-acting injectable formulation, with initial pharmacokinetic data from a planned Phase 1 study scheduled for the third quarter of 2027. In discovery, RAP-641, an α6ß4 nicotinic receptor agonist for chronic pain and migraine, has preliminary Phase 1 results named for the second half of 2027.

Quarter in Numbers

A net loss of USD 0.84 per share sits alongside Research and Development expenses of USD 34.3 million, cash and investments of USD 395.0 million and accumulated Deficit of USD 351.9 million. Net proceeds of approximately USD 215.7 million from the Equity offering, USD 166.8 million from the notes and USD 28.2 million from the private placement closed in October.

Management named the end of 2029 as the horizon covered by existing cash, the fourth quarter of 2026 for open-label data, and the first quarter of 2027 for the FDA meeting in bipolar mania.