Financial Statements — RAPP
Balance Sheet
(in millions USD)| Metric | Q2
2026 | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 | Q2
2024 |
|---|
| Cash & Equivalents | 63.61 | 78.06 | 251.36 | 55.07 | 57.60 | 39.31 | 110.16 |
| Short-term Investments | 372.47 | 398.73 | 261.67 | 205.38 | 227.78 | 281.35 | 225.98 |
| Accounts Receivable | 0.29 | 0.06 | -- | -- | -- | -- | -- |
| Total Current Assets | 446.86 | 484.70 | 520.66 | 270.24 | 290.97 | 325.94 | 340.67 |
| Property, Plant & Equipment | 2.34 | 2.52 | 3.12 | 3.17 | 3.40 | 3.41 | 3.47 |
| Total Non-current Assets* | 12.13 | 12.90 | 14.66 | 15.25 | 11.09 | 5.21 | 5.43 |
| Total Assets | 458.98 | 497.60 | 535.32 | 285.50 | 302.05 | 331.14 | 346.10 |
| Accounts Payable | 2.80 | 6.56 | 3.24 | 3.18 | 2.14 | 1.32 | 1.88 |
| Total Current Liabilities | 28.42 | 17.90 | 14.32 | 11.88 | 9.38 | 7.10 | 8.10 |
| Total Non-current Liabilities* | 7.63 | 8.19 | 9.39 | 10.10 | 6.83 | 0.93 | 1.12 |
| Total Liabilities | 36.06 | 26.09 | 23.71 | 21.98 | 16.22 | 8.03 | 9.21 |
| Retained Earnings | (311.70) | (255.08) | (201.46) | (174.54) | (147.81) | (103.76) | (86.23) |
| Total Stockholder Equity | 422.93 | 471.51 | 511.62 | 263.51 | 285.84 | 323.11 | 336.89 |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 |
|---|
| Total Revenue | 0.00 | 20.00 | -- | -- | 0.00 | -- | -- | -- | -- |
| Research & Development | 51.41 | 32.72 | 30.26 | 22.28 | 22.68 | 19.57 | 17.20 | 15.54 | 15.69 |
| Selling, General & Admin | 9.39 | 11.50 | 8.25 | 7.71 | 6.82 | 7.54 | 6.32 | 6.10 | 5.11 |
| Total Operating Expenses | 60.81 | 44.22 | 38.51 | 29.99 | 29.50 | 27.11 | 23.52 | 21.64 | 20.80 |
| Operating Income | (60.81) | (24.21) | (38.51) | (29.99) | (29.50) | (27.11) | (23.52) | (21.64) | (20.80) |
| Pretax Income | -- | -- | -- | -- | -- | -- | (19.98) | (17.54) | (18.12) |
| Tax Provision | -- | -- | -- | -- | -- | -- | 0.01 | 0.00 | 0.00 |
| Net Income | (56.61) | (19.86) | (33.76) | (26.92) | (26.73) | (24.06) | (19.98) | (17.54) | (18.12) |
| Basic EPS | (1.19) | (0.42) | (0.72) | (0.71) | (0.75) | (0.68) | (0.12) | (0.50) | (1.70) |
| Diluted EPS | (1.19) | (0.42) | (0.72) | (0.71) | (0.75) | (0.68) | (0.12) | (0.50) | (1.70) |
Cash Flow Statement
(in millions USD)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 |
|---|
| Operating Cash Flow | (41.45) | (13.06) | (24.70) | (17.46) | (25.07) | (20.24) | (14.45) | (16.41) | (33.97) |
| Capital Expenditures | 0.08 | 0.09 | 0.17 | 0.13 | 0.02 | 0.29 | 0.23 | 0.14 | 2.04 |
| Free Cash Flow* | (41.53) | (13.15) | (24.87) | (17.60) | (25.09) | (20.53) | (14.67) | (16.55) | (36.01) |
| Investing Cash Flow | 25.60 | 37.94 | (174.32) | (56.78) | 22.60 | 21.03 | 31.93 | (53.04) | (149.03) |
| Financing Cash Flow | 1.41 | 0.53 | 0.31 | 270.53 | (0.06) | 0.01 | 0.01 | (1.39) | 223.01 |
* Derived from reported values
