Rapport Therapeutics, Inc.

Listed Company

RAPPCIK 0002012593NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-111.50M

Total Assets

$512.43M

Equity

$484.65M

Shares Out

47.79M

Op. Cash Flow

$-87.47M

Business

Rapport Therapeutics, Inc. is a clinical-stage biotechnology company discovering and developing precision small molecule medicines for neurological and psychiatric disorders. Its lead product candidate is RAP-219, a TARPγ8-targeted AMPA receptor negative allosteric modulator, and it also advances discovery-stage α6 and α9α10 nicotinic acetylcholine receptor (nAChR) programs. The company operates around its RAP technology platform and organizes activities into discovery, preclinical, and clinical development programs, including a TARPγ8 franchise and RAP-enabled nAChR projects. Rapport pursues global development and commercialization rights, uses third-party contract manufacturing organizations, and conducts clinical trials in the United States and Europe with strategic collaborations for specialized data and device integration.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Research and development	95	61	28
General and administrative	30	22	8
Total operating expenses	125	83	36
Loss from operations	−125	−83	−36
Interest income	14	12	3
Change in fair value of preferred stock tranche right liability	0	−7	−1
Total other income, net	14	5	1
Net loss	−112	−78	−35
Net loss per share attributable to common stockholders, basic	−2.86	−3.78	−23.1
Net loss per share attributable to common stockholders, diluted	−2.86	−3.78	−23.1
Weighted-average common shares outstanding, basic	39	21	2
Weighted-average common shares outstanding, diluted	39	21	2
Change in unrealized gains (losses) on investments, net of tax	1	−526,000	4,000
Total other comprehensive income (loss)	1	−526,000	4,000
Comprehensive loss	−110	−79	−35

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	53	57	70	—
Short-term investments	438	248	77	—
Restricted cash	100,000	100,000	85,000	—
Prepaid expenses and other current assets	8	4	3	—
Total current assets	499	310	151	—
Property and equipment, net	3	4	2	—
Operating lease right of use asset, net	10	1	2	—
Other assets	985,000	160,000	551,000	—
Total assets	512	315	155	—
Accounts payable	4	2	3	—
Accrued expenses and other current liabilities	12	6	6	—
Operating lease liability	3	737,000	670,000	—
Total current liabilities	19	9	9	—
Operating lease liability, net of current portion	9	739,000	1	—
Total liabilities	28	10	14	—
Commitments and contingencies (Note 12)	—	—	—	—
Undesignated preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; zero shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0	—	—
Common stock, $0.001 par value; 500,000,000 shares authorized at December 31, 2025 and December 31, 2024; 47,772,567 shares and 36,580,202 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	48,000	37,000	4,000	—
Additional paid-in capital	719	430	20	—
Accumulated other comprehensive income (loss)	546,000	−522,000	4,000	—
Accumulated deficit	−235	−124	−45	—
Total stockholders' equity	485	305	−26	−10
Total liabilities and stockholders' equity	512	315	155	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Net loss	−111	−78	−35
Depreciation and amortization	1	839,000	112,000
Net (accretion) and amortization of investments in marketable securities	−1	−3	−75,000
Non-cash lease expense	2	642,000	206,000
Stock-based compensation expense	19	10	4
Prepaid expenses and other current assets	−4	−2	−3
Other assets	−791,000	83,000	−240,000
Accounts payable	2	−346,000	856,000
Accrued expenses and other current liabilities	6	371,000	5
Operating lease liabilities	−491,000	−670,000	−144,000
Net cash used in operating activities	−87	−65	−27
Purchases of short-term investments	−355	−378	−77
Maturities of short-term investments	168	210	—
Purchases of property and equipment	−616,000	−2	−2
Net cash used in investing activities	−187	−170	−79
Proceeds from initial public offering and concurrent private placement, net of underwriter discounts and commissions and deferred offering costs	—	158	—
Proceeds from underwritten public offering, net of underwriter discounts and commissions and deferred offering costs	269	—	—
Proceeds from exercise of stock options	1	7,000	—
Repurchase of unvested restricted common stock	−1,000	—	−4,000
Net cash provided by financing activities	271	222	145
Net (decrease) increase in cash, cash equivalents, and restricted cash	−4	−13	39
Right-of-use assets obtained in exchange for operating lease liabilities	10	—	2
Offering costs included in accounts payable and accrued expenses at period end	35,000	—	—
Purchases of property and equipment included in accounts payable and accrued expenses at period end	20,000	172,000	123,000

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