RAPP Stock — Rapport Therapeutics Inc.: Cash, EV, Pipeline

Share price

$40.45

Market cap

$1,940.7M

Cash

$436.1M

Enterprise value

$1,504.6M

Balance sheet

Cash	$436.1M
Debt	$0.0M
Net cash	$436.1M
Enterprise value	$1,504.6M
Basic shares	48.0M shares
Fully diluted shares	56.0M shares
Fully diluted market cap	$2,266.2M
Cash per share	$9.09

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Oct 28, 2026	RAP-219	Phase 2	Bipolar 1 Disorder	October 2026
Mar 16 - Apr 27	RAP-219	Phase 2	Focal Epilepsy; Epilepsy; Refractory Focal Epilepsy	—
Aug 12 - Sep 23	RAP-219	Phase 3	Focal Seizure; Epilepsy; Focal Epilepsy	—
Aug 12 - Sep 23	RAP-219	Phase 3	Focal Seizure; Epilepsy; Focal Epilepsy	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

RAP-219

Phase 2 · Active Modality: small molecule

Target AMPA receptor (TARPgamma8-associated)

Partnerships Tenacia Biotechnology: exclusive rights to develop/commercialize RAP-219 in Greater China (mainland China, Hong Kong, Macau, Taiwan); $20M upfront (Mar 2026), commercial/sales milestones + royalties; Tenacia participates in global trials for FOS and bipolar mania.

Indications

Drug-resistant focal onset seizures (FOS) (Phase 2)
Bipolar mania (Stage not disclosed)

Status note Lead program for drug-resistant FOS. Phase 2a clinical trial and open-label long-term safety trial in FOS ongoing (NeuroPace RNS data services). Tenacia licensed RAP-219 for Greater China (mainland China, Hong Kong, Macau, Taiwan) Mar 2026: $20M upfront, up to $308M milestones, tiered royalties; Tenacia participates in planned global trials for FOS and bipolar mania.

Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	RAP-219
Lead indication	Focal Seizure
Lead phase	Phase 3
Active trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07563881	Phase 3	Recruiting	Sponsor	RAPP	—	Focal Seizure; Epilepsy; Focal Epilepsy	—
NCT07594119	Phase 3	Recruiting	Sponsor	RAPP	—	Focal Seizure; Epilepsy; Focal Epilepsy	—
NCT07219407	Phase 2	Recruiting	Sponsor	RAPP	—	Focal Epilepsy; Epilepsy; Refractory Focal Epilepsy	—
NCT07046494	Phase 2	Active, not recruiting	Sponsor	RAPP	—	Bipolar 1 Disorder	October 2026

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Rapport Therapeutics Inc. on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Baker Bros. Advisors	1,547,090	no change	0.32%	2026-08-14
OrbiMed Advisors	76,616	+76,616	0.06%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

RAPP — Rapport Therapeutics Inc.