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RAPP — Rapport Therapeutics Inc.

RAPP (Rapport Therapeutics Inc.) stock: $24.44, $1.45B market cap, $395.0M cash, $1.05B EV, $1.37B fully diluted market cap. Next expected readout: Feb-28. Lead program: RAP-219 (Focal Seizure), Phase 3. Data from Fully Diluted's biotech stocks database.

What they do

We are a clinical-stage biotechnology company dedicated to the discovery and development of small molecule precision medicines for patients with neurological or psychiatric disorders. Our foundational science has elucidated the complexities of neuronal receptor biology and enables us to map and target certain neuronal receptor complexes.

Source: 10-K FY2025 via SEC EDGAR

Share price
$24.44
Market cap
$1,448.8M
Cash
$395.0M
Enterprise value
$1,053.8M

Balance sheet

Cash$395.0M
Debt$0.0M
Net cash$395.0M
Enterprise value$1,053.8M
Basic shares48.0M shares
Fully diluted shares56.0M shares
Fully diluted market cap$1,368.9M
Cash per share$8.23
Quarterly burn$41.5M
Cash runway10.5 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common
48.0M
Pre-funded warrants
0.0M
Options
8.0M
RSUs
0.0M
Warrants
0.0M
Converts
0.0M
Conv preferred
0.0M
ESPP reserve
—
FDSO
56.0M

Cap table as of 2026-06-30.

Price history

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Next catalyst

RAP-219 · Mar 16 - Apr 27 in 16 mo · Phase 2 · Focal Epilepsy; Epilepsy; Refractory Focal Epilepsy

Recently reported

RAP-219 Phase 2 Positive · 2026-10-20
RAP-219 · bipolar 1 disorder
Primary: Change from baseline in Young Mania Rating Scale (YMRS) total score at Week 3 — LS mean reduction 15.4 points with RAP-219 versus 12.3 points with placebo, a 3.1-point placebo-adjusted improvement (p=0.045)
· Pre-specified secondary endpoint CGI-BP Severity of Mania: 0.4-point placebo-adjusted improvement (p=0.024)
· Progressive placebo-adjusted YMRS improvement: 0.9 at Week 1, 2.2 at Week 2, and 3.1 at Week 3
· All 11 YMRS items improved numerically versus placebo; irritability, thought content, disruptive-aggressive behavior, and sexual interest reached nominal significance (p<0.05)
· n=253 adults with bipolar I disorder, YMRS>=25 at baseline (mean baseline YMRS 36.9 RAP-219 vs 35.8 placebo); 0.75 mg once daily for three weeks in an inpatient setting
· TEAEs >=5%: agitation 16.7% vs 9.4%, insomnia 14.3% vs 15.0%, restlessness 8.7% vs 7.9%, anxiety 7.1% vs 5.5%, headache 5.6% vs 10.2%, nausea 5.6% vs 1.6%
· FDA end-of-Phase 2 meeting planned Q1 2027; initiation of two Phase 3 trials expected in the second half of 2027
Safety: All TEAEs mild or moderate; TEAE incidence 51.6% vs 52.8% placebo, no severe TEAEs and no SAEs; discontinuations due to TEAE 3.2% vs 0.8%; no orthostatic hypotension, akathisia, or extrapyramidal symptoms reported; somnolence 0.8% vs 3.1%
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