three months ended September 30, 2026
Filed Oct 30, 2026Rapport disclosed preliminary cash of approximately $395.0 million as of September 30, 2026 and closed equity, convertible notes and private-placement financings on October 30, 2026.
The filing provides a substantial liquidity and financing update but no revenue, expense, earnings, cash-flow or clinical-results metrics for the three months ended September 30, 2026.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Cash, cash equivalents and short-term investments, excluding restricted cash, as of September 30, 2026other | approximately $395.0 million | – | – |
through the end of 2029 outlook
- NoteThe Company believes that the net proceeds from the Offerings, together with its existing cash, cash equivalents and short-term investments, will enable it to fund its operations through the end of 2029.
What drove it
- The Company stated that it intends to use net proceeds from the Offerings primarily to fund ongoing and planned clinical trials advancing RAP-219, for other research and development, and for working capital and general corporate purposes.
- The Notes’ optional redemption provisions reference reported topline data from the FOCUS 1 and FOCUS 2 clinical trials of RAP-219 in drug resistant focal onset seizures and two planned pivotal trials of RAP-219 in acute bipolar mania.
Concerns
- The September 30, 2026 cash estimate is preliminary, may change and has not been audited, reviewed, examined, compiled or subjected to agreed-upon procedures by the Company’s independent registered public accountants.
- The Company stated that its capital-resources estimate is based on assumptions that may prove wrong and that it could use available capital resources sooner than currently expected.
- The Company issued $172,500,000 principal amount of 2.25% convertible senior notes due 2032.
- The Common Stock Offering included shares, pre-funded warrants and fully exercised option shares, while the concurrent Private Placement issued additional common stock.
What to watch
- Final financial statements for the three months ended September 30, 2026, which the Company said will be included in its Quarterly Report on Form 10-Q.
- Completion and reported topline data from FOCUS 1 and FOCUS 2 of RAP-219 in drug resistant focal onset seizures.
- Progress of the two planned pivotal trials of RAP-219 in acute bipolar mania.
- Use of financing proceeds and whether the stated funding runway through the end of 2029 is maintained.
Balance sheet and cash flow
- As of September 30, 2026, the Company estimates that it had cash, cash equivalents and short-term investments, excluding restricted cash, of approximately $395.0 million.
- The Company estimates that the net proceeds from the Common Stock Offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, will be approximately $215.7 million, including proceeds from exercise of the Equity Offering Underwriters’ option to purchase Option Shares.
- The net proceeds to the Company from the Notes Offering were approximately $166.8 million, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company.
- On October 30, 2026, the Company issued an aggregate of $172,500,000 principal amount of the Notes.
- The Notes bear interest at a rate of 2.25% per year and will mature on December 1, 2032.
- The Private Placement closed on October 30, 2026, with an aggregate purchase price of approximately $30.0 million.
Analysis
This filing is principally a financing and liquidity update rather than a conventional earnings release. Rapport disclosed an estimated cash, cash equivalents and short-term-investments balance, excluding restricted cash, of approximately $395.0 million as of September 30, 2026. Management characterized that figure as preliminary and subject to change upon completion of its financial statements for the three months ended September 30, 2026.
No revenue, operating expenses, operating loss, net loss, EPS, operating cash flow or free cash flow was reported in the filing. As a result, the document does not provide evidence on period demand, commercial mix, margin trends or operating-cost progression. Complete results are expected in the Quarterly Report on Form 10-Q for the three months ended September 30, 2026.
Capital formation was the central development. The Common Stock Offering closed on October 30, 2026 and is expected to provide approximately $215.7 million of net proceeds. The Notes Offering also closed that day, producing approximately $166.8 million of net proceeds and $172,500,000 principal amount of 2.25% convertible senior notes due 2032. Separately, the Private Placement closed with an aggregate purchase price of approximately $30.0 million.
The equity financing included 8,333,334 firm shares, 1,428,571 option shares after the underwriters exercised their option in full, and pre-funded warrants to purchase an aggregate of up to 1,190,476 shares. The private placement added 1,428,571 PIPE Shares. The notes are general unsecured obligations, bear interest at 2.25% per year and are convertible into common stock, creating both a fixed debt obligation and potential future equity issuance upon conversion.
Management intends to use proceeds primarily for ongoing and planned clinical trials of RAP-219, other research and development, working capital and general corporate purposes. The Company said its net offering proceeds together with existing cash, cash equivalents and short-term investments are expected to fund operations through the end of 2029. That runway statement is explicitly dependent on management assumptions, and the Company cautioned that available resources could be used sooner than expected.
The primary reported operating milestones remain clinical. The notes’ redemption terms specifically reference future topline data from FOCUS 1 and FOCUS 2 in drug resistant focal onset seizures and two planned pivotal trials in acute bipolar mania. Investors should therefore focus on the final September-quarter financial statements, cash usage after the financings, and progress toward those RAP-219 clinical readouts.
Not in the filing
stated, not guessed- Total revenue for the three months ended September 30, 2026
- Segment revenue and segment comparisons
- Gross profit and gross margin
- Operating expenses
- Operating income or loss
- Net income or loss
- GAAP EPS
- Non-GAAP EPS
- Operating cash flow
- Free cash flow
- Prior-year and prior-quarter financial metrics
- Year-over-year and quarter-over-quarter changes for financial metrics
- Capital-return activity, including share repurchases and dividends
- Revenue, gross-margin, operating-expense and tax-rate guidance
- Named executive commentary or earnings-release quotes
- Final audited or reviewed cash, cash equivalents and short-term investments balance as of September 30, 2026
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.