Rapport Therapeutics Reports Third Quarter 2026 Financials and Provides Business Update
Rapport Therapeutics, Inc. (RAPP) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Rapport Therapeutics Reports Third Quarter 2026 Financials and Provides Business Update Positive topline results from Phase 2 trial of RAP-219 in bipolar mania; initiation of two Phase 3 trials in bipolar mania expected in 2H 2027 Data from the Phase 2 FOS open-label
How this was made
The 30-second read
Why it matters
The disclosed data represent the first public release of trial efficacy and financing, likely prompting a short‑term rally.
Market read
First‑time disclosure of material clinical data and sizable financing makes this a high‑impact biotech news item.
What to watch
Future regulatory timelines and competition in bipolar mania treatments could temper upside.
Rapport Therapeutics reported third-quarter 2026 financial results, positive Phase 2 topline results for RAP-219 in bipolar mania, and cash runway through the end of 2029.
Positive Phase 2 bipolar mania results, continued enrollment in Phase 3 FOS trials and financing proceeds supporting runway through the end of 2029 offset a wider net loss and higher operating expenses.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expense, three months ended September 30, 2026 (In thousands)GAAP | 34.32M | – | – |
| General and administrative expense, three months ended September 30, 2026 (In thousands)GAAP | 9.77M | – | – |
| Total operating expenses, three months ended September 30, 2026 (In thousands)GAAP | 44.09M | – | – |
| Loss from operations, three months ended September 30, 2026 (In thousands)GAAP | −44.09M | – | – |
| Interest income, three months ended September 30, 2026 (In thousands)GAAP | 3.85M | – | – |
| Total other income, three months ended September 30, 2026 (In thousands)GAAP | 3.85M | – | – |
| Net loss, three months ended September 30, 2026GAAP | $40.2M | – | – |
| Net loss per share attributable to common stockholders, basic and diluted, three months ended September 30, 2026GAAP | $(0.84) | – | – |
| Weighted-average common shares outstanding, basic and diluted, three months ended September 30, 2026GAAP | 47,768,633 | – | – |
| Cash and cash equivalents, September 30, 2026 (In thousands)GAAP | $74.75M | – | – |
| Short-term investments, September 30, 2026 (In thousands)GAAP | $320.3M | – | – |
| Cash, cash equivalents and short-term investments, excluding restricted cash, September 30, 2026GAAP | $395M | – | – |
| Restricted cash, September 30, 2026 (In thousands)GAAP | $105K | – | – |
| Total current assets, September 30, 2026 (In thousands)GAAP | $407.4M | – | – |
| Total assets, September 30, 2026 (In thousands)GAAP | $418.6M | – | – |
| Total current liabilities, September 30, 2026 (In thousands)GAAP | 20.30M | – | – |
| Total liabilities, September 30, 2026 (In thousands)GAAP | 27.37M | – | – |
| Total stockholders' equity, September 30, 2026 (In thousands)GAAP | 391.2M | – | – |
| Net cash used in operating activities, three months ended September 30, 2026 (In thousands)GAAP | −$41.63M | – | – |
| Net cash provided by investing activities, three months ended September 30, 2026 (In thousands)GAAP | 51.06M | – | – |
| Net cash provided by financing activities, three months ended September 30, 2026 (In thousands)GAAP | 1.71M | – | – |
| Net decrease in cash, cash equivalents and restricted cash, three months ended September 30, 2026 (In thousands)GAAP | $11.14M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Through the end of 2029 and upcoming clinical milestones outlook
- NoteCash, cash equivalents, and short-term investments as of September 30, 2026, together with net proceeds from the October and November 2026 financings and sales through its ATM program, are expected to fund operating expenses and capital expenditure requirements through the end of 2029.
- NoteInitial data from the RAP-219 FOS open-label long-term safety extension of the Phase 2a trial are expected in fourth quarter of 2026.
- NoteAn End-of-Phase 2 meeting with the FDA for RAP-219 in bipolar mania is expected in first quarter of 2027.
- NoteInitiation of two Phase 3 pivotal trials of RAP-219 in acute bipolar mania is expected in second half of 2027.
- NoteThe RAP-219 Phase 3 trial in PGTCS is expected to begin in first half of 2027.
- NoteRAP-219 LAI Phase 1 pharmacokinetic data are expected in third quarter of 2027.
- NoteRAP-641 Phase 1 preliminary results are expected in the second half of 2027.
What drove it
- R&D expense increased primarily due to operational costs related to clinical development of RAP-219, including the Phase 3 FOS program and completion of the bipolar mania Phase 2 trial, as well as costs supporting progression of the overall pipeline.
- SG&A expense increased primarily due to business growth, including increased headcount and related compensation.
- The randomized, double-blind, placebo-controlled Phase 2 bipolar mania trial met its primary endpoint with a statistically significant 3.1-point placebo-adjusted LS mean improvement in YMRS total score at Week 3.
- The trial also met its pre-specified secondary endpoint, with a statistically significant 0.4-point improvement over placebo in Clinical Global Impression-Bipolar Version Severity of Mania score at Week 3.
- FOCUS 1 and FOCUS 2 pivotal Phase 3 trials of RAP-219 in FOS are enrolling patients.
Concerns
- Net loss was $40.2 million for the third quarter of 2026, compared with $26.9 million for the prior-year period.
- R&D expense was $34.3 million for the third quarter of 2026, compared with $22.3 million for the prior-year period.
- SG&A expense was $9.8 million for the third quarter of 2026, compared with $7.7 million for the prior-year period.
- RAP-219 remains investigational, and planned Phase 3 trials in bipolar mania and PGTCS have not yet begun.
- In the Phase 2 bipolar mania trial, 3.2% of patients on RAP-219 discontinued due to a TEAE, versus 0.8% on placebo.
What to watch
- Initial data from the RAP-219 FOS open-label long-term safety trial in fourth quarter of 2026.
- The planned FDA meeting regarding RAP-219 in acute bipolar mania in the first quarter of 2027.
- Expected initiation of the RAP-219 Phase 3 PGTCS trial in the first half of 2027.
- Expected initiation of two RAP-219 Phase 3 acute bipolar mania trials in the second half of 2027.
- RAP-219 LAI Phase 1 pharmacokinetic data in the third quarter of 2027.
- RAP-641 Phase 1 preliminary results in the second half of 2027.
Balance sheet and cash flow
- The Company ended the third quarter of 2026 with $395.0 million in cash, cash equivalents and short-term investments, excluding restricted cash.
- Unaudited, estimated cash, cash equivalents, and short-term investments were $815.4 million as of November 3, 2026.
- The aggregate net proceeds from the October 2026 equity and debt offerings were approximately $410.7 million, after deducting underwriting discounts and commissions, placement agent fees and other offering expenses.
- In November 2026, the Company sold approximately $10 million of common stock under its ATM Program at a price of $25.05 per share.
- Net cash used in operating activities was $(41,633) (In thousands) for the three months ended September 30, 2026.
Analysis
Rapport reported a larger third-quarter loss as development activity advanced. Net loss was $40.2 million, compared with $26.9 million for the prior-year period. R&D expense was $34.3 million versus $22.3 million, driven primarily by RAP-219 clinical-development operations, including the Phase 3 FOS program and completion of the bipolar mania Phase 2 trial. SG&A expense was $9.8 million versus $7.7 million, reflecting business growth, headcount and related compensation.
The principal operating update was positive topline Phase 2 data for RAP-219 in adults with acute bipolar mania. The trial met its primary endpoint with a statistically significant 3.1-point placebo-adjusted LS mean improvement in YMRS total score at Week 3 and its pre-specified secondary endpoint with a statistically significant 0.4-point improvement over placebo in Clinical Global Impression-Bipolar Version Severity of Mania score at Week 3. RAP-219-treated patients had a 15.4-point LS mean reduction in YMRS total score from baseline at Week 3, versus 12.3 points with placebo. All TEAEs were mild or moderate, with no serious adverse events reported.
RAP-219 development is progressing across several indications. FOCUS 1 and FOCUS 2 Phase 3 FOS trials are enrolling patients, while Tenacia has initiated patient recruitment in China after NMPA approval of the IND application. Rapport expects initial FOS long-term safety data in the fourth quarter of 2026, plans a Phase 3 PGTCS trial in the first half of 2027, and expects to initiate two Phase 3 acute bipolar mania trials in the second half of 2027 following an anticipated FDA meeting in the first quarter of 2027.
Liquidity was materially strengthened after quarter-end. The Company reported $395.0 million in cash, cash equivalents and short-term investments at September 30, 2026, excluding restricted cash, and estimated $815.4 million as of November 3, 2026 after incorporating recent proceeds. October equity and debt offerings generated approximately $410.7 million of aggregate net proceeds, and the Company sold approximately $10 million of stock under its ATM program in November. Management expects available capital to fund operating expenses and capital expenditure requirements through the end of 2029.
Management, verbatim
Our positive Phase 2 results in bipolar mania are transformational for Rapport, accelerating our path to becoming an industry-leading precision neuroscience company.
Abraham N. Ceesay, chief executive officer of Rapport
Not in the filing
stated, not guessed- Total revenue was not reported.
- Revenue by segment was not reported.
- Gross profit and gross margin were not reported.
- Operating income was not reported; the Company reported loss from operations.
- Non-GAAP financial measures, including non-GAAP net income or loss and non-GAAP EPS, were not reported.
- Free cash flow was not reported.
- Dividends and share repurchases were not reported.
- Debt balances as of September 30, 2026 were not reported.
- Accounts receivable, prepaid expenses and other current assets, property and equipment, operating lease assets and liabilities, other assets, accounts payable, accrued expenses, common stock, additional paid-in capital, accumulated other comprehensive income and accumulated deficit were reported in the balance sheet but are not individually included in key_metrics.
- Prior earnings guidance or a previous outlook section was not provided.
- Quantitative revenue, gross margin, operating expense and tax-rate guidance was not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Rapport Therapeutics filed an 8‑K reporting Q3 2026 financials, a $410.7M capital raise, and positive Phase 2 data for RAP‑219 in bipolar mania.
Ticker impact
Positive Phase 2 topline results for RAP-219 in bipolar mania disclosed for the first time, plus $410.7M financing and cash runway extension.
upward pressure as market prices in the successful Phase 2 outcome and strong cash position
First disclosure of statistically significant efficacy and sizable financing; biotech stocks typically rally on positive data.
Market effects
May lift sentiment for precision neuroscience and psychiatric biotech peers.
Limited to US biotech sector; no broader regional effect.
Potential interest from global investors tracking CNS drug pipelines.
Counterpoint
Skeptics may question durability of Phase 2 results and long-term safety data pending.
Key entities
- companyRapport Therapeutics, Inc.
Clinical‑stage biotech developing RAP‑219 for CNS disorders.
