Rapport Therapeutics (RAPP) Q2 2026 earnings summary

Executive summary

• Clinical-stage biotech focused on precision medicines for neurological and psychiatric disorders, with RAP-219 as the lead candidate targeting focal onset seizures, PGTCS, and bipolar mania.

• Advanced RAP-219 into Phase 3 development for focal onset seizures, with FOCUS 1 and FOCUS 2 trials enrolling patients.

• Positive Phase 2a results for RAP-219 in drug-resistant FOS; Phase 3 trials initiated in 2026, with additional trials planned for PGTCS and bipolar mania.

• Pipeline expansion includes RAP-219 long-acting injectable, primary generalized tonic-clonic seizures, and RAP-641 for chronic pain and migraine.

• Entered a license agreement with Tenacia for RAP-219 in Greater China, receiving a $20M upfront payment and eligibility for up to $308M in milestones and royalties.

Financial highlights

• Collaboration revenue of $20.0M for the six months ended June 30, 2026, from the Tenacia License Agreement.

• Net loss of $76.5M for the six months ended June 30, 2026, compared to $50.8M for the same period in 2025.

• Net loss for Q2 2026 was $56.6 million, compared to $26.7 million in Q2 2025.

• Research and development expenses rose to $84.1M (up $41.9M year-over-year), driven by RAP-219 clinical programs and increased headcount.

• Ended Q2 2026 with $436.1 million in cash, cash equivalents, and short-term investments.

Outlook and guidance

• Cash, cash equivalents, and short-term investments of $436.1M as of June 30, 2026, expected to fund operations into the second half of 2029.

• Topline results for RAP-219 in bipolar mania expected in October 2026; Phase 3 trial in PGTCS planned for 2027.

• Initial Phase 1 data for RAP-219 long-acting injectable expected in 2027.

• Anticipates continued operating losses as clinical and preclinical programs advance; expects to seek additional capital as needed.