Rapport Therapeutics (RAPP) Q4 2025 earnings summary

Executive summary

• Lead program RAP-219 showed robust and consistent efficacy in Phase 2a trial for focal onset seizures, with Phase 3 initiation expected in Q2 2026.

• Epilepsy portfolio expanded to include primary generalized tonic-clonic seizures, leveraging strong Phase 2a data.

• Strategic collaboration with Tenacia Biotechnology to develop and commercialize RAP-219 in Greater China, with up to $308 million in milestones and royalties.

• Pipeline progress includes a Phase 2 trial in bipolar mania and development of a long-acting injectable formulation.

Financial highlights

• Net loss for Q4 2025 was $33.8 million, up from $20.0 million in Q4 2024; full-year net loss was $111.5 million versus $78.3 million in 2024.

• R&D expenses rose to $30.3 million in Q4 2025 from $17.2 million in Q4 2024; full-year R&D was $94.8 million, up from $60.9 million.

• G&A expenses increased to $8.3 million in Q4 2025 from $6.3 million; full-year G&A was $30.3 million, up from $22.1 million.

• Ended 2025 with $490.5 million in cash, cash equivalents, and short-term investments.

Outlook and guidance

• Cash runway expected to fund operations into the second half of 2029.

• Phase 3 program for RAP-219 in FOS to begin in Q2 2026, with 8-week follow-up results expected the same quarter.

• Phase 3 trial in PGTCS planned for the first half of 2027; topline results for bipolar mania Phase 2 trial expected in H1 2027.

• Long-acting injectable Phase 1 trial in healthy volunteers to yield initial results in 2027.