Rapport Therapeutics(NASDAQ) RAPP

Rapport makes medicines for people with brain conditions like epilepsy. These drugs stop abnormal brain activity to prevent seizures. The goal is relief without causing harmful side effects.

Medicines Currently in Development

• RAP-219: Lead drug candidate designed to treat focal onset seizures, which are seizures that start in specific areas of the brain; it is currently entering final-stage clinical testing.
• RAP-641: Experimental medicine for chronic pain and migraine; targets specific sensory nerves to provide relief without affecting the central nervous system.
• Hearing Programs: Early-stage research into oral drugs for age-related hearing loss and tinnitus; uses proteins to target auditory hair cells.
• Bipolar Mania: Drug application for patients with mood disorders; currently undergoing Phase 2 clinical trials to test its effectiveness and safety.

Major Milestones and Partnerships

• Janssen Pharmaceutical NV licensed core technology and patents to the company in August 2022.
• NeuroPace collaborated with the firm in November 2023 to provide data from implanted brain devices for clinical trials.
• The company launched an initial public offering on June 7, 2024, to fund its clinical development programs.
• Rapport completed an end-of-phase-2 meeting with the FDA in December 2025 to plan final-stage trials for its seizure medicine.

Precision Through Biology

Rapport uses Receptor Associated Proteins, or RAPs, to target specific neuroanatomical regions. This precision approach aims to treat diseased brain areas while leaving healthy regions unaffected to reduce side effects.

The 2025 Financial Results

• Revenue remained at $0 for the fiscal year ended December 31, 2025, as the company has no approved products.
• Net loss reached $33.8 million in Q4 2025, worsening 69% from the $20 million loss in Q4 2024.
• Operating loss was $38.5 million in Q4 2025, a 63.7% worsening from the $23.5 million loss in Q4 2024.
• Free cash flow was negative $24.7 million in Q4 2025, worsening 68.4% from negative $14.7 million the previous year.
• Market capitalization rose to $1.4 billion in Q4 2025, up 316.6% from $342.2 million in Q4 2024.

Bottom Line

Rapport has transitioned from an early-stage research firm to a clinical-stage company preparing for final-stage human trials. Its focus on precision brain targeting marks a move away from broad neurological drugs toward more localized treatments.