RAPP Rapport Therapeutics, Inc.
Price Chart
Executive Summary
Rapport Therapeutics reported Q1 2026 results with a net loss of $19.9M ($0.42 per share), beating the $-0.56 consensus on EPS due to $20M collaboration revenue from the Tenacia deal. Pipeline progress includes sustained Phase 2a data for RAP-219 in epilepsy, accelerated bipolar mania trial topline (now Q4 2026), and cash runway into 2029.
Actionable Insight
The EPS beat and accelerated pipeline timelines are positive, but rising operating expenses and reliance on non-recurring collaboration revenue temper enthusiasm. Watch for upcoming Phase 3 initiation in FOS and bipolar mania topline data in Q4 2026 as key catalysts.
Key Facts
- Q1 2026 net loss of $19.9M, EPS -$0.42 compared to consensus -$0.56 (beat)
- Collaboration revenue of $20.0M from Tenacia license agreement (vs $0 in prior year)
- Cash, equivalents & ST investments of $476.8M as of March 31, 2026
- R&D expenses rose to $32.7M from $19.6M year-over-year
- Phase 2a follow-up data showed 90% median seizure reduction in weeks 9-12
- Bipolar mania Phase 2 topline results expected Q4 2026 (ahead of prior 1H 2027 guidance)
- Phase 3 program in FOS on track to start in Q2 2026
Financial Impact
EPS beat of $0.14 (25% above consensus) driven by one-time collaboration revenue; operating loss deepened due to increased R&D and G&A spend.
Risk Factors
- Clinical trial failures in Phase 3 epilepsy or bipolar mania programs
- Rising cash burn rate if R&D expenses continue to increase
- Dependence on upfront collaboration revenue; no approved products yet
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-210324 |
| Document: 0001193125-26-210324-index.html | 0001193125-26-210324 |
| Document: 0001193125-26-210324.txt | 0001193125-26-210324 |
| 8-K Data (Synthetic) | 0001193125-26-210324 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 11, 2026
2d ago
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Institutional Cluster
| $35.19 awaiting T+5 | awaiting T+5 | — | $38.40 (+9.12%) |
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May 27, 2026
16d ago
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144
| $39.51 $34.90 | ▲ +11.67% | ▲ +12.88% | $38.40 (+2.81%) |
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May 11, 2026
4w ago
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144
| $37.24 $35.18 | ▲ +5.53% | ▲ +5.61% | $38.40 (−3.11%) |
|
May 8, 2026
5w ago
|
144
| $38.43 $35.18 | ▼ −8.46% | ▼ −8.37% | $38.40 (−0.08%) |
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May 7, 2026
5w ago
|
144
| $38.04 $37.95 | ▼ −0.24% | ▼ −1.70% | $38.40 (+0.95%) |
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May 7, 2026
5w ago
|
8-K
| $39.93 $38.08 | ▼ −4.63% | ▼ −6.14% | $38.40 (−3.83%) |
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Apr 23, 2026
7w ago
|
DEFA14A
| $36.36 $33.00 | ▼ −9.24% | ▼ −10.72% | $38.40 (+5.61%) |
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Apr 21, 2026
7w ago
|
Press Release
| $36.78 $33.30 | ▼ −9.48% | ▼ −9.53% | $38.40 (+4.40%) |
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Apr 1, 2026
10w ago
|
Press Release
| $31.67 $34.22 | ▲ +8.05% | ▲ +4.29% | $38.40 (+21.25%) |
|
Mar 30, 2026
10w ago
|
144
| $31.29 $33.69 | ▲ +7.67% | ▲ +3.73% | $38.40 (+22.72%) |
US Market Status
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