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10-Q2026-05-07· deepseek-chat

RAPP · Rapport Therapeutics, Inc. Common Stock

0001193125-26-210355

SEC filing

Summary

Rapport Therapeutics reported first revenue of $20.0M from the Tenacia collaboration, narrowing net loss to $19.9M, and accelerated its bipolar mania trial timeline to Q4 2026.

Key takeaways

Full analysis

Tenacia Collaboration Drives First Revenue and Validates Platform

Operating Loss Narrows Despite R&D Investment

Net Loss and EPS Improve on Revenue and Interest Income

Net loss narrowed 17.5% to $19.9 million, with diluted EPS improving to -$0.42 from -$0.68. The improvement was supported by increased interest income from higher cash and short-term investment balances following the September 2025 Offering.

Cash Burn Improves; Strong Liquidity Funds Pipeline

Clinical Catalysts Accelerate: Bipolar Mania Trial Topline Expected Q4 2026

Rapport's pipeline advanced significantly during the quarter. The Phase 2 proof-of-concept trial in bipolar mania is progressing well, with topline results now expected in Q4 2026—ahead of prior guidance of H1 2027. The company modified the statistical analysis plan and increased target enrollment, potentially allowing the trial to serve as confirmatory evidence for regulatory filing. In FOS, the company received FDA end-of-Phase 2 feedback supporting advancement into two Phase 3 trials, which are on track to initiate in Q2 2026. Additionally, the Phase 2a FOS trial follow-up data showed sustained biomarker and clinical responses over 8 weeks post-treatment, with RAP-219's half-life now estimated at 22 days (up from 14 days), supporting less frequent dosing. The open-label long-term safety trial is expected to report data in H2 2026. These catalysts, combined with the Tenacia partnership, position Rapport for a data-rich 2026-2027 period that could significantly de-risk the RAP-219 program across multiple indications.