Rapport Therapeutics (RAPP) Q1 2026 earnings summary

Executive summary

• Achieved $20.0 million in collaboration revenue from a new license agreement with Tenacia for RAP-219 in Greater China, marking the first recognized revenue for the company.

• Net loss narrowed to $19.9 million for Q1 2026 from $24.1 million in Q1 2025, reflecting increased revenue and higher operating expenses.

• Advanced lead candidate RAP-219 with positive Phase 2a results in focal onset seizures, showing a 90% median reduction in clinical seizures over baseline in weeks 9-12 and sustained efficacy through week 16.

• RAP-219 Phase 2 trial in bipolar mania is progressing ahead of schedule, with topline results expected in Q4 2026.

• Ended the quarter with $476.8 million in cash, cash equivalents, and short-term investments, expected to fund operations into the second half of 2029.

Financial highlights

• Collaboration revenue: $20.0 million (Q1 2026) vs. $0 (Q1 2025), from Tenacia upfront payment.

• Research and development expenses: $32.7 million, up $13.1 million year-over-year, driven by RAP-219 clinical and manufacturing costs and increased headcount.

• General and administrative expenses: $11.5 million, up $4.0 million year-over-year, mainly due to workforce expansion and professional fees.

• Interest income: $4.4 million, up $1.3 million year-over-year, reflecting higher cash balances.

• Net loss per share: $(0.42) (Q1 2026) vs. $(0.68) (Q1 2025).

Outlook and guidance

• Cash runway projected into the second half of 2029 based on current operating plans.

• Phase 3 program for RAP-219 in focal onset seizures to initiate in Q2 2026; Phase 3 in primary generalized tonic-clonic seizures planned for 2027.

• Topline results for RAP-219 in bipolar mania expected in Q4 2026, ahead of prior guidance.

• Ongoing investment in pipeline expansion and preclinical programs, with continued increase in R&D and G&A expenses anticipated.

• Long-acting injectable formulation of RAP-219 advancing, with Phase 1 PK data expected in 2027.