Rapport Therapeutics, Inc.
Business
Rapport Therapeutics is a clinical-stage biotechnology company focused on discovering and developing small-molecule precision medicines for neurological and psychiatric disorders using its proprietary receptor-associated protein (RAP) technology platform. The company's lead candidate, RAP-219, is an AMPA receptor negative allosteric modulator targeting TARP8 in brain regions associated with focal onset seizures, primary generalized tonic-clonic seizures, and bipolar mania; Phase 2a proof-of-concept data in focal onset seizures met primary and secondary endpoints. Rapport is also advancing two discovery-stage nicotinic acetylcholine receptor programs targeting chronic pain, migraine, hearing disorders, and vestibular conditions, all derived from its RAP platform.
Summary from 10-K filed 2026-03-10
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Rapport Therapeutics, Inc.'s CIK number?
Rapport Therapeutics, Inc.'s SEC CIK number is 0002012593 (2012593). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Rapport Therapeutics, Inc.'s SEC filings?
All of Rapport Therapeutics, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Rapport Therapeutics, Inc. last report earnings?
Rapport Therapeutics, Inc. (RAPP) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-210324). This is Rapport Therapeutics, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Rapport Therapeutics, Inc.'s most recent earnings 8-K?
Rapport Therapeutics, Inc.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001193125-26-210324. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Rapport Therapeutics, Inc.'s latest earnings 8-K →
Look up any company's CIK number →