Rapport Therapeutics, Inc. has recently released its 10-Q report, shedding light on the company's financial condition and operational results. The clinical-stage biopharmaceutical company focuses on developing small molecule medicines for patients suffering from central nervous system (CNS) disorders. Its lead product candidate, RAP-219, is designed to inhibit TARPy8-containing AMPARs for the treatment of focal epilepsy, peripheral neuropathic pain, and bipolar disorder. The company also develops RAP-199 and nicotinic acetylcholine receptor (nAChR) programs.
Rapport Therapeutics reported net losses of $26.9 million and $17.5 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the net losses were $77.7 million and $58.3 million, respectively. As of September 30, 2025, the company had an accumulated deficit of $201.5 million. Rapport Therapeutics has not generated any revenue from product sales since its inception in February 2022.
The company completed its initial public offering (IPO) in June 2024 and raised aggregate gross proceeds of $711.9 million from various financings as of September 30, 2025. This includes the net proceeds of approximately $269.4 million from an underwritten public offering of 11,057,692 shares of common stock in September 2025. Additionally, Rapport Therapeutics filed a registration statement to issue up to $400.0 million in shares of its common stock, preferred stock, debt securities, warrants, and/or units. The company also entered into a common stock sales agreement, establishing an at-the-market offering program.
Rapport Therapeutics plans to initiate two Phase 3 trials for RAP-219 in the third quarter of 2026. The company is also enrolling patients for a Phase 2 proof-of-concept trial in bipolar mania, with topline results expected in the first half of 2027. However, its Phase 2 proof-of-concept trial for the treatment of diabetic peripheral neuropathic pain (DPNP) was placed on clinical hold by the U.S. FDA, and the next steps for the program are expected to be determined in the first quarter of 2026.
The company has focused on developing a precision product portfolio, leveraging its RAP technology platform. Rapport Therapeutics aims to transform the standard of care for neurological and psychiatric disorders. However, the company has incurred significant operating losses and negative cash flows since its inception, and its ability to achieve profitability depends heavily on the successful development and commercialization of its product candidates. As a result of these announcements, the company's shares have moved -1.8% on the market, and are now trading at a price of $26.17. For the full picture, make sure to review Rapport Therapeutics's 10-Q report.
