Rapport Therapeutics (RAPP) Q3 2026 earnings summary

Executive summary

• Q3 net loss rose to $40.2M from $26.9M as R&D spending increased; October financings generated ~$410.7M net proceeds.

• RAP-219 met primary and secondary endpoints in a Phase 2 bipolar mania trial; two Phase 3 trials are planned for 2H 2027.

• Estimated cash, cash equivalents and short-term investments were $815.4M as of November 3, 2026, with runway through year-end 2029.

Financial highlights

• Q3 net loss was $40.2M vs. $26.9M; loss from operations was $44.1M vs. $30.0M.

• Q3 R&D expense was $34.3M vs. $22.3M, and SG&A was $9.8M vs. $7.7M.

• Q3 interest income was $3.9M vs. $3.1M; basic and diluted loss per share was $0.84 vs. $0.71.

• 9M net loss was $116.7M vs. $77.7M; operating expenses were $149.1M, including $20.0M collaboration revenue from Tenacia.

Outlook and guidance

• RAP-219 FOS Phase 3 trials FOCUS 1 and FOCUS 2 are enrolling; initial FOS open-label long-term safety data are expected in Q4 2026.

• RAP-219 PGTCS Phase 3 trial is expected to begin in H1 2027.

• FDA End-of-Phase 2 meeting for bipolar mania is expected in Q1 2027; two pivotal Phase 3 trials are expected to begin in H2 2027.

• RAP-219 LAI Phase 1 pharmacokinetic data are expected in Q3 2027; RAP-641 Phase 1 preliminary results are expected in H2 2027.

• Cash runway is projected through year-end 2029, including October and November financing proceeds.