Rapport's Third-Quarter Net Loss Widens to $40.2 Million

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter 2026 net loss widened to $40.2 million. The company ended September with $395.0 million in cash, cash equivalents and short-term investments, excluding restricted cash, then raised about $410.7 million in October and added roughly $10 million in November.

Rapport Therapeutics, Inc. (RAPP), a clinical-stage biotechnology company developing small-molecule precision medicines for neurological and psychiatric disorders, reported a net loss of $40.2 million for the third quarter ended September 30, 2026, compared with $26.9 million a year earlier, as research and development spending rose with RAP-219 programs.

Net loss per share was $0.84, versus $0.71 a year earlier. Research and development expense was $34.3 million, up from $22.3 million. The company said the increase was primarily driven by operational costs related to clinical development of RAP-219, including the Phase 3 focal onset seizures program and completion of the bipolar mania Phase 2 trial, and costs to support the rest of the pipeline. Selling, general and administrative expense was $9.8 million, compared with $7.7 million, which the company attributed primarily to growth in headcount and related compensation.

Cash, cash equivalents and short-term investments, excluding restricted cash, declined to $395.0 million at September 30 from $436.1 million at June 30. That followed a drop from $476.8 million at March 31.

After quarter-end, Rapport completed an October 2026 financing that included an underwritten public offering of common stock at $21.00 a share, pre-funded warrants at $20.999, an underwritten offering of 2.25% convertible senior notes due 2032, and a concurrent private placement of common stock. Aggregate net proceeds were approximately $410.7 million. In November it sold about $10 million of common stock under its at-the-market program at $25.05 a share. The company said it was well-capitalized with an unaudited estimate of $815.4 million in cash, cash equivalents and short-term investments as of November 3, 2026, and that cash on hand plus those October and November proceeds would fund operations through the end of 2029.

On October 20, Rapport reported topline results from a randomized, double-blind, placebo-controlled Phase 2 trial of RAP-219 in 253 adults with bipolar I disorder experiencing an acute manic episode. The trial met its primary endpoint, with a statistically significant 3.1-point placebo-adjusted least-squares mean improvement in Young Mania Rating Scale total score at Week 3 (p=0.045), and its pre-specified secondary endpoint, with a 0.4-point improvement over placebo in Clinical Global Impression–Bipolar Version Severity of Mania at Week 3 (p=0.024). RAP-219-treated patients had a 15.4-point least-squares mean reduction in YMRS total score from baseline at Week 3, versus 12.3 points with placebo. All 11 YMRS items improved on RAP-219 compared with placebo. The company said RAP-219 was well tolerated, with all treatment-emergent adverse events mild or moderate and no serious adverse events; 3.2% of patients on RAP-219 discontinued due to a treatment-emergent adverse event, versus 0.8% on placebo.

Rapport plans to meet with the FDA in the first quarter of 2027 to discuss the Phase 2 data and registrational trial design, with initiation of two Phase 3 trials in acute bipolar mania expected in the second half of 2027. Topline results from that Phase 2 trial had previously been expected in the fourth quarter of 2026.

The FOCUS 1 and FOCUS 2 pivotal Phase 3 trials of RAP-219 in focal onset seizures remained enrolling. Partner Tenacia initiated patient recruitment in China after NMPA approval of the IND. Initial data from the open-label long-term safety trial in patients from the Phase 2a FOS trial are expected in the fourth quarter of 2026. Rapport continues preparations to start a Phase 3 trial in primary generalized tonic-clonic seizures in the first half of 2027.

The FDA cleared an IND for RAP-641, an α6β4 nicotinic acetylcholine receptor agonist, in chronic pain and migraine. The company plans to initiate a Phase 1 trial, with preliminary results expected in the second half of 2027. Phase 1 pharmacokinetic data for a long-acting injectable formulation of RAP-219 are expected in the third quarter of 2027.