Rapport Therapeutics, Inc. (RAPP) Form 10-Q — Aug 5, 2026

$RAPPForm 10-QFiled Aug 5, 2026, 7:30 AM ET0001193125-26-333862Original filing

Rapport Therapeutics posted a Q2 2026 net loss of $56.6 million, more than double the $26.7 million loss a year earlier, as R&D expense rose to $51.4 million from $22.7 million on the ramp-up of RAP-219 Phase 3 trials in drug-resistant focal onset seizures. The company ended June 30, 2026 with $436.1 million in cash, cash equivalents and short-term investments, bolstered by a $269.4 million net follow-on offering completed in September 2025, and expects this to fund operations into the second half of 2029.

Key figures

Eps: -$1.19 basic and diluted for Q2 2026 (vs -$0.75 Q2 2025); -$1.61 for H1 2026
Revenue: $20.0 million collaboration revenue for H1 2026 (Tenacia upfront, recognized in Q1); $0 revenue in Q2 2026
Net Income: -$56.6 million for Q2 2026 (vs -$26.7 million Q2 2025); -$76.5 million for H1 2026 (vs -$50.8 million H1 2025)
Total Assets: $459.0 million
Cash Position: $436.1 million total ($63.6 million cash and equivalents + $372.5 million short-term investments, excluding restricted cash)
Shares Outstanding: 47978286
Cash runway: into the second half of 2029
Sep2025 follow on: 11,057,692 shares at $26.00 for ~$269.4 million net proceeds
Total liabilities: $36.1 million (no debt disclosed)
Accumulated deficit: $311.7 million
Q2 2026 rnd expense: $51.4 million (vs $22.7 million Q2 2025)
Q2 2026 sga expense: $9.4 million (vs $6.8 million Q2 2025)
Jan2026 atm capacity: $110.0 million (no shares sold under the Sales Agreement to date)
Q2 2026 interest income: $4.2 million
Total stockholders equity: $422.9 million
H1 2026 operating cash use: $54.5 million (vs $45.3 million H1 2025)
H1 2026 stock compensation: $14.2 million (vs $8.4 million H1 2025)
Rap219 estimated half life: 22 days (revised from prior 14-day estimate)
Tenacia upfront recognized: $20.0 million
Tenacia max sales milestones: $308.0 million
Rap219 program external expenses q2: $34.1 million (vs $9.7 million Q2 2025)

Price after filing

1 day: 0.0%7 days: +13.1%30 days: +12.9%

Close on the filing date to close N calendar days later (from $42.20). Historical, not a forecast.

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