Rapport Therapeutics, Inc.
RAPP evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for RAPP—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · RAPP
Rapport Therapeutics, Inc. (RAPP) is a clinical-stage biotechnology company focused on developing precision therapies for central nervous system disorders, with its lead candidate RAP-219 in Phase 2 trials for refractory focal epilepsy and other indications.
Key risk: Clinical trial failure risk
BioSniper Score
Based on 6 of 6 signals
Market Cap
$2.34B
Cash Runway
30.4 moLead Asset
rap-219 (Phase 2)
Next Catalyst
Phase2_Topline · Jun 30, 2027Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 5 clinical trials · 2 catalysts for Rapport Therapeutics, Inc..
Rapport Therapeutics, Inc. (RAPP) is a clinical-stage biotechnology company focused on developing precision therapies for central nervous system disorders, with its lead candidate RAP-219 in Phase 2 trials for refractory focal epilepsy and other indications.
- Lead product candidate RAP-219 is in Phase 2a proof-of-concept trials for refractory focal epilepsy and bipolar mania, with topline results for epilepsy expected in the third quarter of 2025 [sec · filed 2025-03-03].
- As of June 30, 2026, the company reported cash and equivalents of $63.6 million, zero revenue, and a net loss of $56.6 million [sec].
- Accumulated deficit was $235.2 million as of December 31, 2025, and the company expects operating losses to increase as it advances clinical trials and preclinical programs [sec_mda · as of 2026-03-10].
- The company has an advanced discovery-stage nicotinic acetylcholine receptor (nAChR) program, including RAP-641, an α6β4 nAChR agonist with human genetic validation in chronic pain, with IND-enabling activities initiated [sec_mda · as of 2026-03-10].
- Rapport expects to need substantial additional capital to fund its ongoing and planned clinical development activities [sec_mda · as of 2026-03-10].
What works
- RAP-219 targets refractory focal epilepsy and bipolar mania, indications with significant unmet medical need, and has advanced to Phase 2 trials [sec · filed 2025-03-03].
- The company's RAP technology platform has generated a pipeline including RAP-641, a genetically validated α6β4 nAChR agonist for chronic pain, with IND-enabling activities underway [sec_mda · as of 2026-03-10].
- Rapport has a clear catalyst timeline with multiple upcoming clinical readouts, including Phase 2 topline results for RAP-219 in focal epilepsy in 2025 and bipolar mania in the first half of 2027 [sec · filed 2025-03-03].
What to weigh
- The company has no approved products or revenue, and its accumulated deficit of $235.2 million as of December 31, 2025, reflects a history of losses [sec_mda · as of 2026-03-10].
- Rapport will need to raise substantial additional capital to fund its operations, and its cash position of $63.6 million as of June 30, 2026, may not be sufficient to complete all planned development [sec_mda · as of 2026-03-10].
- Clinical development is subject to significant risks, including uncertainty in trial outcomes, regulatory approvals, and the timing of data readouts [sec · filed 2025-09-08].
From the filings
Quoted directly from source documents.
RAP-219 Phase 2a trial in refractory focal epilepsy topline results expected in Q3 2025
“The Company is currently conducting a Phase 2a proof-of-concept trial in adult patients with refractory focal epilepsy, for which it expects to report topline results in the third quarter of 2025.”
SEC filings · March 3, 2025
Accumulated deficit of $235.2 million as of December 31, 2025
“As of December 31, 2025, we had an accumulated deficit of $235.2 million.”
SEC MD&A · March 10, 2026
Company expects to need substantial additional capital
“We will need to raise substantial additional capital in the future.”
SEC MD&A · March 10, 2026
Catalyst timeline
- 2027-06-30 · Phase2_Topline · rap-219 — Phase 2 Readout: rap-219 — Topline results from the Phase 2 trial of RAP-219 are expected, which will provide key efficacy and safety data.
- 2029-09-01 · Phase3_Topline — Phase 3 Topline: A Phase 3, Randomized, Double-blind, Placebo-controlled Study to Evaluate the Efficacy and Safety of — Topline results from a Phase 3 trial are anticipated, representing a major milestone for regulatory submission.
Risks & what to watch (4)›
Key risks
- Clinical trial failure risk — RAP-219 Phase 2 results may fail to meet endpoints, delaying or halting development. [sec · filed 2025-09-08]
- Capital requirement risk — The company needs substantial additional funding; cash of $63.6M as of June 30, 2026, may not sustain operations. [sec_mda · as of 2026-03-10]
- Regulatory approval uncertainty — Obtaining regulatory approvals for RAP-219 or other candidates is uncertain and may not occur on expected timelines. [sec · filed 2025-09-08]
- Dependence on third parties — The company relies on third parties for clinical trials, manufacturing, and development, which introduces execution risk. [sec · filed 2025-09-08]
What to watch
- Topline results from the Phase 2a trial of RAP-219 in refractory focal epilepsy, expected in the third quarter of 2025 [sec · filed 2025-03-03].
- Initiation and topline data from the Phase 2a trial of RAP-219 in bipolar mania, with topline data expected in the first half of 2027 [sec · filed 2025-03-03].
- Update on the plan and timeline for a Phase 2 trial of RAP-219 in diabetic peripheral neuropathic pain, expected later in 2025 [sec · filed 2025-09-08].
- Initial pharmacokinetics results from a Phase 1 study of RAP-219 in healthy volunteers, expected in 2027 [sec_mda · as of 2026-03-10].
Sources: Catalysts · SEC filings · SEC MD&A · Generated August 24, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
30.4 months
D/E 0.09 · 0% dilution
Lead: Phase 2
1 candidate
2 upcoming, next in ~304d
0 buys · 30 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
144
Total value held
$1.41B
| Holder | Shares | Value |
|---|---|---|
| fmr llc | 7,168,939 | $224.3M |
| trv gp v, llc | 7,135,233 | $223.3M |
| arch venture management, llc | 3,728,738 | $116.7M |
| goldman sachs group inc | 2,942,251 | $92.1M |
| vanguard capital management llc | 2,650,164 | $82.9M |
| blackrock, inc. | 2,505,955 | $78.4M |
| johnson & johnson | 1,784,517 | $55.8M |
| polar capital holdings plc | 1,642,461 | $51.4M |
| baker bros. advisors lp | 1,547,090 | $48.4M |
| vestal point capital, lp | 1,436,229 | $44.9M |
Showing top 10 of 144 institutional holders of Rapport Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 20, 2026- % of float
- 14.6%
- Days to cover
- 10.6
- Shares short
- 3,849,519
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
RAPP short interestGovernance
Frequently asked questions
What is the AI investment thesis for Rapport Therapeutics, Inc.?
Rapport Therapeutics, Inc. (RAPP) is a clinical-stage biotechnology company focused on developing precision therapies for central nervous system disorders, with its lead candidate RAP-219 in Phase 2 trials for refractory focal epilepsy and other indications.
What is Rapport Therapeutics, Inc.'s lead drug candidate?
Rapport Therapeutics, Inc.'s most advanced tracked candidate is rap-219 (Phase 2) for Focal Seizure; Bipolar 1 Disorder; Focal Epilepsy.
What is Rapport Therapeutics, Inc.'s next catalyst?
Rapport Therapeutics, Inc.'s next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: rap-219" — expected June 30, 2027.
Who is the CEO of Rapport Therapeutics, Inc.?
Mr. Abraham N. Ceesay M.B.A. is the chief executive officer of Rapport Therapeutics, Inc. (RAPP).
Where is Rapport Therapeutics, Inc. headquartered?
Rapport Therapeutics, Inc. (RAPP) is headquartered in Boston, MA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.