Recent Updates — RAPP

Rapport Therapeutics closed a combined capital raise of approximately $412 million on October 30, 2026. The company issued $172.5 million in aggregate principal amount of 2.25% convertible senior notes due 2032, generating net proceeds of roughly $166.8 million. Concurrently, it completed an underwritten public offering and private placement (PIPE) raising approximately $245.7 million in net equity proceeds. The total capital is intended to fund ongoing clinical trials for RAP-219, research and development, and general corporate purposes through the end of 2029. Rapport Therapeutics operates as a biopharmaceutical company focused on developing treatments for neurological disorders.

Rapport Therapeutics announced that its Phase 2 trial of RAP-219 for acute bipolar mania met both primary and secondary endpoints. The drug achieved a statistically significant 3.1-point least squares mean improvement over placebo in Young Mania Rating Scale (YMRS) total scores at Week 3, with patients seeing a 15.4-point reduction from baseline compared to 12.3 points for placebo. RAP-219 also demonstrated a significant improvement in mania severity on the CGI-BP scale and was well-tolerated, with no serious adverse events reported. These results establish clinical proof-of-concept, supporting progression to Phase 3 trials expected to begin in the second half of 2027. The company holds $436.1 million in cash as of June 30, 2026. Rapport Therapeutics is a clinical-stage biotechnology company developing precision small molecule medicines for neurological and psychiatric disorders.

Rapport Therapeutics reported a net loss of $56.6 million for the quarter ended June 30, 2026, compared to $26.7 million in the prior year period. Research and development expenses increased to $51.4 million from $22.7 million, while selling, general and administrative expenses rose to $9.4 million from $6.8 million. The company ended the quarter with $436.1 million in cash, cash equivalents, and short-term investments, providing a runway into the second half of 2029. Key operational highlights include the initiation of Phase 3 trials FOCUS 1 and FOCUS 2 for RAP-219 in focal onset seizures, an IND approval from China's NMPA for these trials, and progress on a long-acting injectable formulation with initial Phase 1 data expected in 2027. The company also advanced its bipolar mania Phase 2 trial toward topline results in October 2026 and continued IND-enabling activities for RAP-641 in chronic pain and migraine. Rapport Therapeutics is a clinical-stage biotechnology company dedicated to discovering and developing small molecule precision medicines for neurological and psychiatric disorders.