0001193125-26-210324
SEC filingRapport Therapeutics reported Q1 2026 financial results with $20.0M collaboration revenue, $19.9M net loss, $476.8M cash runway into H2 2029, and positive RAP-219 Phase 2a epilepsy data with 90% median seizure reduction.
Rapport Therapeutics announced Q1 2026 results showing a narrower net loss of $19.9 million compared to $24.1 million in the prior year period, primarily due to $20.0 million in collaboration revenue from the March 2026 strategic license agreement with Tenacia Biotechnology for RAP-219 development and commercialization in Greater China across indications like focal onset seizures (FOS) and bipolar mania. This offset increased R&D expenses of $32.7 million (up from $19.6 million), driven by clinical development costs for the RAP-219 pipeline, and higher G&A expenses of $11.5 million (up from $7.5 million) tied to business growth. Cash reserves stood at $476.8 million, down slightly from $490.5 million at year-end 2025, providing a robust runway into the second half of 2029. CEO Abraham N. Ceesay highlighted strong momentum in the RAP-219 program, reinforced by Phase 2a FOS follow-up data presented at AAN in April 2026, showing sustained therapeutic levels with 90% median reduction in clinical seizures and 80% in long episodes during weeks 9-12 versus baseline, and a revised 22-day half-life estimate. Key milestones include Phase 3 FOS initiation on track for Q2 2026 post-FDA feedback, open-label long-term safety data in H2 2026, bipolar mania Phase 2 topline accelerated to Q4 2026 with potential confirmatory design, Phase 3 PGTCS in H1 2027, and long-acting injectable Phase 1 PK data in 2027. These updates signal pipeline advancement, enhancing investor confidence in Rapport's precision neuroscience platform targeting TARPγ8-specific AMPAR modulation for epilepsy and psychiatric disorders.