Rapport Therapeutics, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 7 May 2026: press release. Guidance figures: 5 kept. The quarter’s numbers.

Key takeaways

Net loss narrowed from prior year: Net loss was $19.9 million for the quarter, compared with $24.1 million in the prior-year period, as collaboration revenue was recorded against higher operating expenses. Source
Follow-up seizure reductions reported: In the 8-week follow-up of the Phase 2a FOS trial, median clinical seizure reduction versus baseline was 90% in weeks 9-12 and 59% in weeks 13-16. Source
Half-life estimate lengthened to 22 days: RAP-219 half-life is now estimated at 22 days, based on pharmacokinetic data from Phase 1 and Phase 2 trials and population modeling, against 14 days previously. Source
Phase 3 FOS program to start Q2: The Phase 3 FOS program follows an end-of-Phase 2 FDA meeting in December 2025 and is on track to begin in the second quarter of 2026. Source
Bipolar topline pulled into Q4 2026: Enrollment in the bipolar mania Phase 2 trial is progressing, and topline results are now expected in the fourth quarter of 2026, earlier than prior guidance. Source
Greater China license signed in March: Rapport entered a strategic collaboration and license agreement with Tenacia Biotechnology in March 2026, covering RAP-219 development and commercialization in Greater China across indications. Source
Cash balance down from year-end: Cash, cash equivalents and short-term investments were $476.8 million, excluding restricted cash, against $490.5 million at December 31, 2025. Source
Funding runway into 2H 2029: The company expects the March 31, 2026 cash balance to fund operating expenses and capital expenditures into the second half of 2029. Source

“We entered 2026 with strong momentum across the RAP-219 development program, highlighted by compelling new follow-up Phase 2a data recently presented at AAN”
Abraham N. Ceesay, chief executive officer of Rapport

Guidance

Area	Period	Figure	Against last quarter
Phase 3 program in focal onset seizures (FOS) start Source	second quarter of 2026	second quarter of 2026	Kept
Bipolar mania Phase 2 topline results Source	fourth quarter of 2026	fourth quarter of 2026
Open-label long-term safety trial data in FOS Source	second half of 2026	second half of 2026	Kept
Phase 3 trial start in primary generalized tonic-clonic seizures (PGTCS) Source	first half of 2027	first half of 2027	Kept
Long-acting injectable formulation Phase 1 pharmacokinetic data Source	2027	2027	Kept
Cash runway Source	into the second half of 2029	into the second half of 2029	Kept

What changed from last quarter

Guidance raised: Bipolar mania Phase 2 topline timing moved earlier, from first half of 2027 to fourth quarter of 2026. Source
Guidance kept: Phase 3 FOS start date remains the second quarter of 2026, the same as the prior quarter's guidance. Source
New: The estimated RAP-219 half-life is now 22 days, up from the prior 14-day estimate, based on pharmacokinetic data and population modeling. Source
New: 8-week follow-up data from the Phase 2a FOS trial were presented at the AAN Annual Meeting in April 2026. Source
New: The company modified the bipolar mania trial's statistical analysis plan and increased target enrollment. Source
New: After the bipolar Phase 2 trial completes, the company plans an End-of-Phase 2 meeting with the FDA on a potential Phase 3 design, subject to results. Source

Results and operating expenses

Net loss narrowed from prior year: Net loss was $19.9 million for the quarter, compared with $24.1 million in the prior-year period, as collaboration revenue was recorded against higher operating expenses. Source
Collaboration revenue recorded this quarter: Collaboration revenue was $20.0 million, against zero in the prior-year quarter, reflecting execution of the Tenacia license agreement in the first quarter of 2026. Source
R&D expense rose on clinical work: R&D expense was $32.7 million, up from $19.6 million, mainly from operational costs of clinical development and work supporting the wider pipeline. Source
G&A expense rose with business growth: G&A expense was $11.5 million, up from $7.5 million, primarily from costs associated with the growth of the business. Source

RAP-219 in epilepsy

Follow-up seizure reductions reported: In the 8-week follow-up of the Phase 2a FOS trial, median clinical seizure reduction versus baseline was 90% in weeks 9-12 and 59% in weeks 13-16. Source
Half-life estimate lengthened to 22 days: RAP-219 half-life is now estimated at 22 days, based on pharmacokinetic data from Phase 1 and Phase 2 trials and population modeling, against 14 days previously. Source
Phase 3 FOS program to start Q2: The Phase 3 FOS program follows an end-of-Phase 2 FDA meeting in December 2025 and is on track to begin in the second quarter of 2026. Source
Open-label safety trial enrolling: Patients from the Phase 2a FOS trial are enrolling in an open-label long-term safety trial, with data expected in the second half of 2026. Source
PGTCS Phase 3 planned for 2027: A Phase 3 trial of RAP-219 in primary generalized tonic-clonic seizures is planned to start in the first half of 2027. Source

“we believe we are well positioned to continue building value across our pipeline”
Abraham N. Ceesay, chief executive officer of Rapport

Bipolar mania and other pipeline

Bipolar topline pulled into Q4 2026: Enrollment in the bipolar mania Phase 2 trial is progressing, and topline results are now expected in the fourth quarter of 2026, earlier than prior guidance. Source
Bipolar trial analysis plan modified: The company modified the trial's statistical analysis plan and raised target enrollment, so the trial could potentially count as confirmatory evidence of effectiveness. Source
Bipolar end-of-Phase 2 FDA meeting planned: After the bipolar Phase 2 trial completes, the company plans an End-of-Phase 2 meeting with the FDA to align on a potential Phase 3 design, subject to results. Source
Long-acting injectable in IND work: Development of the RAP-219 long-acting injectable continues, with IND-enabling activities underway and initial Phase 1 pharmacokinetic data expected in 2027. Source
Alpha6beta4 program advancing toward clinic: IND-enabling work continues for the alpha6beta4 nAChR agonist candidate, which is being developed as a potential non-opioid treatment for chronic pain and migraine. Source

Tenacia Greater China collaboration

Greater China license signed in March: Rapport entered a strategic collaboration and license agreement with Tenacia Biotechnology in March 2026, covering RAP-219 development and commercialization in Greater China across indications. Source
Upfront and milestone terms set: Rapport is eligible for a $20 million upfront payment and up to about $308 million in development, commercialization and other payments, plus tiered royalties on China, Hong Kong, Macau and Taiwan sales.
Chinese Phase 3 sites to be added: Tenacia is to add Phase 3 FOS trial sites in China under its leadership, while Rapport retains rights in all other territories globally.

Cash, cash equivalents and runway

Cash balance down from year-end: Cash, cash equivalents and short-term investments were $476.8 million, excluding restricted cash, against $490.5 million at December 31, 2025. Source
Funding runway into 2H 2029: The company expects the March 31, 2026 cash balance to fund operating expenses and capital expenditures into the second half of 2029. Source
Operating cash use lower than prior year: Net cash used in operating activities was $13.1 million for the quarter, against $20.2 million a year earlier, and investing activities provided $37.9 million. Source

Management view and strategy

CEO cites follow-up data for Phase 3: Chief executive Ceesay said the follow-up Phase 2a data reinforce the RAP-219 treatment effect and build confidence as the company enters Phase 3 trials. Source
Pipeline positioning and milestones ahead: Ceesay said the company believes it is well positioned to keep building value, citing epilepsy, bipolar mania and the long-acting injectable as milestones ahead. Source
RAP-219 described as pipeline-in-a-product: The company believes RAP-219 has pipeline-in-a-product potential and is evaluating it for focal onset seizures, primary generalized tonic-clonic seizures and bipolar mania. Source

Coming up, as management said on 7 May 2026

Phase 3 FOS program start: The Phase 3 program in FOS is on track to begin in the second quarter of 2026. Source
Bipolar mania topline results: Topline results from the bipolar mania Phase 2 trial are expected in the fourth quarter of 2026. Source
Open-label FOS safety trial data: Data from the open-label long-term safety trial in FOS are expected in the second half of 2026. Source
Bipolar end-of-Phase 2 FDA meeting: After the bipolar Phase 2 trial completes, and subject to results, the company plans an End-of-Phase 2 meeting with the FDA. Source
PGTCS Phase 3 start: A Phase 3 trial of RAP-219 in primary generalized tonic-clonic seizures is planned to start in the first half of 2027. Source
Long-acting injectable Phase 1 data: Initial Phase 1 pharmacokinetic data for the long-acting injectable formulation are expected in 2027. Source

Figures management reported

Figure	Reported
R&D expense Source	$32.7 million for the first quarter of 2026
Phase 3 program in FOS Source	start expected in the second quarter of 2026
Bipolar mania Phase 2 topline results Source	fourth quarter of 2026
RAP-219 half-life estimate Source	22 days, up from 14 days

Risks management discussed

Regulatory: Planned Phase 3 design for bipolar mania depends on the Phase 2 results and on FDA feedback at the End-of-Phase 2 meeting. Source

Earlier plans management reported on

On track: Management states the FOS Phase 3 program is on track for the second quarter of 2026 start. Source
Ahead: The prior-quarter release said the FOS Phase 3 start was accelerated from the third quarter of 2026 guidance.
Not stated: The prior-quarter release gave second quarter 2026 as the timing for the 8-week follow-up results; this quarter's release reports them as presented in April 2026.
Ahead: Management states that topline results are now expected earlier than the prior first half of 2027 guidance. Source
Not stated: The prior-quarter release gave second half of 2026 as the timing for open-label trial data.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Rapport Therapeutics Reports First Quarter 2026 Financials and Provides Business Update

Phase 2a follow-up period data for RAP-219 in focal onset seizures (FOS) demonstrated sustained seizure reduction, including a 90% median reduction in clinical seizures over baseline in weeks 9-12

RAP-219 Phase 2 trial in bipolar mania topline results now expected in the fourth quarter of 2026, ahead of previous 1H 2027 guidance

RAP-219 Phase 3 program in FOS remains on track for initiation in the second quarter of 2026

Pipeline programs, including RAP-219 long-acting injectable formulation, RAP-219 in primary generalized tonic-clonic seizures, and α6β4 nAChR in chronic pain and migraine, continue to advance

Strategic collaboration and license agreement entered into with Tenacia Biotechnology to develop and commercialize RAP-219 in Greater China across indications

Ended the first quarter of 2026 with $476.8 million in cash, cash equivalents and short-term investments, excluding restricted cash, expected to fund operations into the second half of 2029

BOSTON and SAN DIEGO, May 7, 2026 -- Rapport Therapeutics, Inc. (Nasdaq: RAPP) (“Rapport” or the “Company”), a clinical-stage biotechnology company dedicated to the discovery and development of small molecule precision medicines for patients with neurological or psychiatric disorders, today reported financial results for the quarter ending March 31, 2026, and provided a business update.

“We entered 2026 with strong momentum across the RAP-219 development program, highlighted by compelling new follow-up Phase 2a data recently presented at AAN that further reinforces RAP-219’s treatment effect in focal onset seizures and builds confidence as we enter our Phase 3 trials,” said Abraham N. Ceesay, chief executive officer of Rapport. “With multiple important development milestones ahead, including continued advancement of our epilepsy franchise, progress in bipolar mania, and development of our long-acting injectable formulation, we believe we are well positioned to continue building value across our pipeline.”

CORPORATE HIGHLIGHTS

RAP-219 in Epilepsy

Positive Phase 2a Follow-up Period Data Reinforces RAP-219’s Sustained Activity in Focal Onset Seizures. In April 2026, Rapport presented new 8-week follow-up period data from its Phase 2a trial of RAP-219 in patients with drug-resistant FOS at the American Academy of Neurology (AAN) Annual Meeting.

Therapeutic levels of RAP-219 were sustained, resulting in continued biomarker and clinical responses in the 8-week follow-up period (weeks 9-16).

RAP-219 continued to demonstrate clinically meaningful improvements in long episodes (LEs) and clinical seizures during the follow-up period, with an 80% median reduction in LEs and 90% median reduction in clinical seizures compared to baseline in weeks 9-12 and a 68% median reduction in LEs and 59% median reduction in clinical seizures compared to baseline in weeks 13-16.

Based on pharmacokinetic (PK) data collected across the Company’s Phase 1 and Phase 2 trials and further supported by population PK modeling, RAP-219 is now estimated to have a 22-day half-life, compared to the prior reported estimate of 14 days.

Phase 3 Program in FOS. Following feedback from an end-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA) in December 2025, the Company accelerated the initiation of its Phase 3 program in FOS, which is on track to begin in the second quarter of 2026.

Open-label Trial Initiated. The Company is enrolling patients from its Phase 2a FOS trial into an open-label, long-term safety trial. Data from the trial is expected to be released in the second half of 2026.

Expansion into Primary Generalized Tonic-Clonic Seizures (PGTCS). Building on the robust clinical data generated in FOS, Rapport plans to initiate a Phase 3 trial of RAP-219 in PGTCS in the first half of 2027, expanding its epilepsy franchise into the most common type of generalized seizure.

Additional Pipeline Updates

Bipolar Mania Phase 2 Trial Topline Results Expected Ahead of Plan. Enrollment in the Phase 2 trial is progressing well and topline results are now expected in the fourth quarter of 2026, ahead of the previous guidance of first half of 2027. Additionally, the Company modified the trial’s statistical analysis plan and increased target enrollment, enabling the trial to potentially be considered as confirmatory evidence of effectiveness. Following completion of the Phase 2 trial, and subject to the results, the Company plans to engage with the FDA in an End-of-Phase 2 meeting to align on the design of a potential Phase 3 program to support a New Drug Application for the treatment of bipolar mania.

Long-Acting Injectable Formulation Development Continues. Development of RAP-219’s long-acting injectable formulation continues to advance, with IND-enabling activities underway and initial Phase 1 pharmacokinetic data expected in 2027.

α6β4 Program Advancing Toward Clinic. Rapport continues IND-enabling activities for its α6β4 nAChR agonist development candidate, which is being developed as a potential novel non-opioid treatment for chronic pain and migraine.

Business Updates

Strategic Collaboration with Tenacia Biotechnology. In March 2026, Rapport entered into a strategic collaboration and license agreement with Tenacia Biotechnology (Hong Kong) Co., Ltd. (the Tenacia License Agreement) for the development and commercialization of RAP-219 in Greater China across indications, including FOS and bipolar mania.

FIRST QUARTER 2026 FINANCIAL RESULTS

Net Loss: Net Loss for the first quarter of 2026 was $19.9 million, as compared to $24.1 million for the prior year period.

Collaboration Revenue: Collaboration revenues were $20.0 million for the first quarter of 2026, as compared to zero for the prior year period due to the execution of the Tenacia License Agreement in the first quarter of 2026.

Research and Development (R&D) Expenses: R&D expense was $32.7 million for the first quarter of 2026, as compared to $19.6 million for the prior year period. The increase in R&D expense was primarily driven by operational costs related to clinical development and costs to support the progression of the Company’s overall pipeline.

General and Administrative (G&A) Expenses: G&A expense was $11.5 million for the first quarter of 2026, as compared to $7.5 million for the prior year period. The increase in G&A expense was primarily driven by costs associated with the growth of the business.

Cash Position: The Company ended the first quarter of 2026 with $476.8 million in cash, cash equivalents and short-term investments, excluding restricted cash, compared to $490.5 million as of December 31, 2025.

Cash Runway: The Company expects that cash, cash equivalents, and short-term investments as of March 31, 2026, will enable it to fund its operating expenses and capital expenditure requirements into the second half of 2029.

About RAP-219

RAP-219 is an investigational and potential first-in-class, clinical-stage TARPγ8-specific AMPA receptor (AMPAR) negative allosteric modulator (NAM). Whereas AMPARs are distributed widely in the central nervous system, the receptor associated protein (RAP) TARPγ8 is expressed only in discrete brain regions, including the hippocampus and neocortex, where focal seizures often originate. By contrast, TARPγ8 has minimal expression in the hindbrain, where drug effects are often associated with intolerable adverse events. With this precision approach, the Company believes RAP-219 has the potential to provide a differentiated profile as compared to traditional neuroscience medications. Due to the role of AMPA biology in various neurological disorders and the selective targeting of TARPγ8, the Company believes RAP-219 has pipeline-in-a-product potential and is evaluating the compound as a potential treatment for patients with focal onset seizures, primary generalized tonic-clonic seizures and bipolar mania. A long-acting injectable formulation of RAP-219 is also in development and could be the first of its kind in epilepsy.

About Rapport Therapeutics Rapport Therapeutics is a clinical-stage biotechnology company dedicated to discovering and developing small molecule precision medicines for patients with neurological and psychiatric disorders. The Company’s founders made pioneering discoveries related to the function of receptor associated proteins (RAPs) in the brain, which form the basis of Rapport’s RAP technology platform. The platform enables a differentiated approach to generate precision small molecule product candidates with the potential to overcome many limitations of conventional neurology drug discovery. Rapport’s precision neuroscience pipeline includes the Company’s lead investigational drug, RAP-219, which is designed to achieve neuroanatomical specificity through selective targeting of a RAP expressed only in discrete regions of the brain. The pipeline is anchored by the Company’s epilepsy portfolio, including FOS and primary generalized tonic-clonic seizures, as well as bipolar mania. The Company is also advancing additional discovery and preclinical programs leveraging its platform, including in chronic pain and migraine and in hearing and vestibular disorders.

Availability of Other Information About Rapport Therapeutics Rapport Therapeutics uses and intends to continue to use its Investor Relations website and LinkedIn (Rapport Therapeutics) as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company’s Investor Relations website and LinkedIn, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations, and webcasts. The contents of the Company’s website or social media shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Forward-looking statements notice

Forward Looking Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, but are not limited to, express or implied statements regarding: the clinical development of RAP-219 for the treatment of FOS, PGTCS and bipolar mania, including the initiation, timing, progress, results and future data releases of our ongoing and planned clinical trials; the expected timing and initiation of the Company’s Phase 3 trials in FOS; the expected timing and preliminary results of the open-label trial in FOS; the anticipated timing and topline results from the Company’s Phase 2 trial in bipolar mania; the anticipated timing of the Phase 3 trial in PGTCS; the anticipated timing of a Phase 1 trial for the long-acting injectable formulation of RAP-219; the potential of Rapport’s RAP technology platform; expectations for the efficacy, tolerability, and commercial potential of RAP-219; and expectations for Rapport’s uses of capital, expenses and financial results, including its cash runway into the second half of 2029.

Forward looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect Rapport’s business, operating results, financial condition and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to the Company’s research and development activities; Rapport’s ability to execute on its strategy including obtaining the requisite regulatory approvals on the expected timeline, if at all; uncertainties relating to preclinical and clinical development activities; the Company’s dependence on third parties to conduct clinical trials, manufacture its product candidates and develop and commercialize its product candidates, if approved; Rapport’s ability to attract, integrate and retain key personnel; risks related to the Company’s financial condition and need for substantial additional funds in order to complete development activities and commercialize a product candidate, if approved; risks related to regulatory developments and approval processes of the U.S. Food and Drug Administration and comparable foreign regulatory authorities; risks related to establishing and maintaining Rapport’s intellectual property protections; and risks related to the competitive landscape for Rapport’s product candidates; as well as other risks described in “Risk Factors,” in the Company’s Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, as well as discussions of potential risks, uncertainties, and other important factors in Rapport’s subsequent filings with the Securities and Exchange Commission. Any forward-looking statements represent Rapport’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Rapport expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Investor Contact Leigh Salvo New Street IR investors@rapportrx.com

Condensed Consolidated Balance Sheet Data

(In thousands)

(unaudited)

	March 31, 2026	December 31, 2025
Assets
Current assets
Cash and cash equivalents	$78,056	$52,645
Accounts receivable	58	-
Short-term investments	398,726	437,894
Restricted cash	105	105
Prepaid expenses and other current assets	7,750	7,917
Total current assets	484,695	498,561
Property and equipment, net	2,518	2,976
Operating lease right of use asset, net	9,327	9,909
Other assets	1,057	985
Total assets	$497,597	$512,431
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$6,561	$4,190
Accrued expenses and other current liabilities	8,721	12,104
Operating lease liability	2,615	2,755
Total current liabilities	17,897	19,049
Operating lease liability, net of current portion	8,188	8,729
Total liabilities	26,085	27,778
Common Stock	48	48
Additional paid-in capital	727,054	719,287
Accumulated other comprehensive income	(505)	546
Accumulated deficit	(255,085)	(235,228)
Total stockholders’ equity	471,512	484,653
Total liabilities and stockholders’ equity	$497,597	$512,431

Condensed Consolidated Statement of Operations

(In thousands, except share and per share data)

(unaudited)

	For the three months ended March 31,
	2026	2025
Collaboration Revenue	$20,000	$ -
Operating expenses
Research and development	32,716	19,572
General and administrative	11,499	7,536
Total operating expenses	44,215	27,108
Loss from operations	(24,215)	(27,108)
Other income:
Interest income	4,358	3,045
Total other income	4,358	3,045
Net loss	$(19,857)	$(24,063)
Net loss per share attributable to common stockholders, basic and diluted	$(0.42)	$(0.68)
Weighted-average common shares outstanding, basic and diluted	47,236,618	35,266,577

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

	For the three months ended March 31,
	2026	2025
Net cash used in operating activities	$(13,061)	$(20,237)
Net cash provided by investing activities	37,941	21,031
Net cash provided by financing activities	531	5
Net increase in cash, cash equivalents and restricted cash	$25,411	$799