Rapport Therapeutics, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 4 November 2026: press release. The quarter’s numbers.

Read the filing

Key takeaways

• Net loss widened year over year: Net loss was $40.2 million, against $26.9 million a year earlier. Loss per share was $(0.84) on 47.8 million weighted-average shares, versus $(0.71). Source
• Primary endpoint met in bipolar mania: Phase 2 trial in adults with acute mania (N=253) showed a 3.1-point placebo-adjusted YMRS improvement at Week 3 (p=0.045). Topline results were reported October 20, 2026. Source
• FOS Phase 3 trials enrolling: FOCUS 1 and FOCUS 2 pivotal Phase 3 trials of RAP-219 in focal onset seizures are enrolling patients. Source
• Cash fell to $395.0 million: Cash, cash equivalents and short-term investments, excluding restricted cash, were $395.0 million at quarter end, down from $436.1 million on June 30, 2026. Source
• October offerings raised $410.7 million: Common stock at $21.00 per share, 2.25% convertible notes due 2032, and a concurrent private placement produced about $410.7 million in net proceeds. Source
• Runway extended through 2029: Existing cash plus October and November financing proceeds and ATM sales are expected to fund operating expenses and capital expenditure through the end of 2029. Source
• FDA meeting planned for Q1 2027: Rapport plans to meet the FDA in the first quarter of 2027 to discuss Phase 2 data and registrational trial design for RAP-219 in acute mania associated with bipolar disorder. Source

“We continue to deliver on our priorities with strong execution across the portfolio,”

Abraham N. Ceesay, chief executive officer of Rapport

Guidance

What changed from last quarter

• New: FDA cleared the IND application for RAP-641, an α6β4 nAChR agonist; a Phase 1 trial is planned. Source
• New: In October 2026 the company completed underwritten common stock and convertible notes offerings plus a concurrent private placement. Source
• New: In November 2026 the company sold about $10 million of common stock under its ATM Program. Source

Quarterly results and cost drivers

• Net loss widened year over year: Net loss was $40.2 million, against $26.9 million a year earlier. Loss per share was $(0.84) on 47.8 million weighted-average shares, versus $(0.71). Source
• R&D expense rose to $34.3 million: R&D expense was $34.3 million, up from $22.3 million in the prior year period. Source
• RAP-219 trials drove R&D increase: Management attributed the R&D increase mainly to RAP-219 clinical development, including the Phase 3 FOS program and completion of the bipolar mania Phase 2 trial, plus pipeline support costs. Source
• Administrative expense rose to $9.8 million: Expense on this line was $9.8 million, up from $7.7 million. The statement of operations labels the line General and administrative. Source

Bipolar mania Phase 2 results

• Primary endpoint met in bipolar mania: Phase 2 trial in adults with acute mania (N=253) showed a 3.1-point placebo-adjusted YMRS improvement at Week 3 (p=0.045). Topline results were reported October 20, 2026. Source
• Secondary endpoint also significant: Clinical Global Impression-Bipolar severity of mania score improved 0.4 points over placebo at Week 3 (p=0.024), the pre-specified secondary endpoint. Source
• Mania scores fell more on RAP-219: RAP-219 patients had a 15.4-point mean YMRS reduction from baseline at Week 3, against 12.3 points with placebo. All 11 YMRS items improved versus placebo. Source
• Adverse events and discontinuations reported: All treatment-emergent adverse events were mild or moderate, with no serious adverse events. Discontinuation due to a TEAE was 3.2% on RAP-219 versus 0.8% on placebo. Source

“With the additional capital from our recent financing, we are well funded to deliver on the catalysts ahead and remain committed to delivering sustained value for both patients and shareholders.”

Abraham N. Ceesay, chief executive officer of Rapport

Epilepsy program progress

• FOS Phase 3 trials enrolling: FOCUS 1 and FOCUS 2 pivotal Phase 3 trials of RAP-219 in focal onset seizures are enrolling patients. Source
• China partner started FOS recruitment: Tenacia, the China partner, initiated patient recruitment for the Phase 3 FOS program after NMPA approval of the IND application. Source
• Open-label safety data due in Q4: Initial open-label long-term safety data from Phase 2a FOS patients are expected in the fourth quarter of 2026. Source
• PGTCS Phase 3 preparations continue: Preparations continue for a Phase 3 trial of RAP-219 in primary generalized tonic-clonic seizures, expected to start in the first half of 2027. Source

Other pipeline and platform

• RAP-641 IND cleared by FDA: FDA cleared the IND for RAP-641, an α6β4 nAChR agonist in chronic pain and migraine. A Phase 1 trial is planned, with preliminary results expected in the second half of 2027. Source
• Long-acting injectable development continues: Development of a long-acting injectable RAP-219 formulation continues, with Phase 1 pharmacokinetic data expected in the third quarter of 2027. Source
• RAP-219 mechanism and profile claim: The company describes RAP-219 as a TARPγ8-specific AMPA receptor negative allosteric modulator and says it may offer a differentiated profile against traditional neuroscience medications. Source
• Discovery work in other areas: Additional discovery and preclinical programs use the RAP platform, including chronic pain and migraine, and hearing and vestibular disorders. Source

“Our positive Phase 2 results in bipolar mania are transformational for Rapport, accelerating our path to becoming an industry-leading precision neuroscience company.”

Abraham N. Ceesay, chief executive officer of Rapport

Operating costs and cash use

• Operating cash outflow increased: Net cash used in operating activities was $41.6 million, against $17.5 million in the prior year period. Source
• Headcount growth raised administrative costs: Administrative expense increased mainly from business growth, including higher headcount and related compensation. Source
• Interest income offset part of costs: Interest income was $3.9 million, against $3.1 million a year earlier, against a loss from operations of $44.1 million. Source

Capital, financing and runway

• Cash fell to $395.0 million: Cash, cash equivalents and short-term investments, excluding restricted cash, were $395.0 million at quarter end, down from $436.1 million on June 30, 2026. Source
• Estimated cash reached $815.4 million: Estimated unaudited cash of $815.4 million as of November 3, 2026 includes about $420.7 million of proceeds from October offerings and November ATM sales. Source
• October offerings raised $410.7 million: Common stock at $21.00 per share, 2.25% convertible notes due 2032, and a concurrent private placement produced about $410.7 million in net proceeds. Source
• November ATM sales: About $10 million of common stock was sold under the ATM Program in November 2026 at $25.05 per share, the prevailing market price. Source
• Runway extended through 2029: Existing cash plus October and November financing proceeds and ATM sales are expected to fund operating expenses and capital expenditure through the end of 2029. Source

Regulatory path and bipolar Phase 3

• FDA meeting planned for Q1 2027: Rapport plans to meet the FDA in the first quarter of 2027 to discuss Phase 2 data and registrational trial design for RAP-219 in acute mania associated with bipolar disorder. Source
• Two bipolar Phase 3 trials planned: Initiation of two Phase 3 pivotal trials in acute bipolar mania is expected in the second half of 2027. Source
• Management cites two large markets: Management said RAP-219 now has proof-of-concept in two indications across neurology and psychiatry, serving what it describes as two multibillion-dollar markets. Source

Coming up, as management said on 4 November 2026

• FOS open-label safety data: Initial open-label long-term safety data in FOS patients are expected in the fourth quarter of 2026. Source
• End-of-Phase 2 FDA meeting: Meeting with the FDA on the bipolar mania Phase 2 data is expected in the first quarter of 2027. Source
• PGTCS Phase 3 trial start: Phase 3 trial of RAP-219 in primary generalized tonic-clonic seizures is expected to begin in the first half of 2027. Source
• Bipolar mania Phase 3 start: Initiation of two Phase 3 pivotal trials in bipolar mania is expected in the second half of 2027. Source
• Long-acting injectable Phase 1 data: Phase 1 pharmacokinetic data for the RAP-219 long-acting injectable are expected in the third quarter of 2027. Source
• RAP-641 Phase 1 preliminary results: Preliminary results from the planned Phase 1 RAP-641 trial are expected in the second half of 2027. Source

Figures management reported

Earlier plans management reported on

• Not stated: Management said preparations continue for the PGTCS Phase 3 start in the first half of 2027. Source
• Not stated: Management expects cash and financing proceeds to fund operations through the end of 2029. Source

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q3 FY2025 results
• Q2 FY2025 results

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.