0001193125-26-099360
SEC filingRapport Therapeutics reported a net loss of $111.5 million for fiscal year 2025, driven by significant operating expenses of $125.1 million, primarily from research and development ($94.8 million) and general and administrative costs ($30.3 million). The company generated $13.6 million in interest income, partially offsetting operating losses. Comprehensive loss was $110.4 million. The balance sheet shows strong liquidity with total assets of $512.4 million, including $498.6 million in current assets (cash and cash equivalents of $52.6 million and short-term investments of $437.9 million). Total liabilities were $27.8 million, with stockholders' equity of $484.7 million. Cash flow from operations was negative $87.5 million, while financing activities provided $270.8 million primarily from public offerings. The company remains in a pre-revenue stage with no disclosed revenue figures.
Rapport Therapeutics reported a net loss of $111.5 million for fiscal year 2025, with a comprehensive loss of $110.4 million. The company's operating loss was $125.1 million, driven by research and development expenses of $94.8 million and general and administrative expenses of $30.3 million. Other income of $13.6 million, primarily from interest income, partially offset operating losses. The company reported a net loss per share of $3.00 for both basic and diluted calculations, based on weighted-average common shares outstanding of 38.9 million. No revenue figures were disclosed, indicating the company remains in a pre-revenue development stage.
No revenue figures were disclosed in the filing. The company appears to be in a development stage with no commercial products generating revenue. The financial statements show no revenue line items in either the income statement or cash flow statement. All financial activity relates to operating expenses, financing activities, and investment income rather than product sales or service revenue.
The company reported negative operating margins due to the absence of revenue and significant operating expenses totaling $125.1 million. Research and development expenses constituted 75.8% of total operating expenses, reflecting the company's focus on drug development. General and administrative expenses represented 24.2% of operating costs. The company's net loss margin cannot be calculated due to the absence of revenue figures. Interest income of $13.6 million provided some offset to operating losses, representing a 10.9% reduction in the operating loss.
Cash flow from operating activities was negative $87.5 million, primarily driven by the net loss of $111.5 million, partially offset by non-cash adjustments including stock-based compensation of $18.9 million and depreciation of $1.0 million. Investing activities used $187.5 million, mainly for purchases of short-term investments ($354.8 million). Financing activities provided $270.8 million, primarily from public offerings ($157.7 million from IPO and $269.4 million from subsequent offering). The balance sheet shows strong liquidity with total assets of $512.4 million, including $498.6 million in current assets. Total liabilities were $27.8 million, resulting in stockholders' equity of $484.7 million. The company had $52.6 million in cash and cash equivalents and $437.9 million in short-term investments.
No specific forward-looking guidance, strategic priorities, or risk factors were provided in the financial data sections of this filing. The company's financial position suggests continued focus on research and development activities, with substantial resources available from recent financing activities. The absence of revenue indicates the company remains in a development stage with products not yet commercialized.