Rapport Therapeutics (RAPP)
Market Price (11/9/2026): $24.55 | Market Cap: $1.5 BilSector: Health Care | Industry: Biotechnology
Rapport Therapeutics (RAPP)
Market Price (11/9/2026): $24.55Market Cap: $1.5 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -33% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41% Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -57% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.76 | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -168 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -838% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 137% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -604%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -606% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% Key risksRAPP key risks include [1] an FDA clinical hold placed on its Investigational New Drug (IND) application for RAP-219, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -33% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -57% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.76 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -168 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -838% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 137% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -604%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -606% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% |
| Key risksRAPP key risks include [1] an FDA clinical hold placed on its Investigational New Drug (IND) application for RAP-219, Show more. |
Qualitative Assessment
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Updated on 11/5/2026
Rapport Therapeutics (RAPP) stock has lost about 40% since 7/31/2026 because of the following key factors:
1. Dilutive Capital Raises Depressed Share Price.
Rapport Therapeutics executed a significant capital raise in late October and early November 2026, which substantially diluted existing shareholders. On October 28, 2026, the company announced a financing package of approximately $350 million to $380 million, including common stock and pre-funded warrants priced at $21.00 per share, which represented a deep discount of about 24% from the prior day's closing price of $27.54. This dilutive offering, coupled with $150 million in convertible senior notes due 2032 and a concurrent private placement, triggered an immediate stock plunge of 16.96% to 22.5% on October 28, 2026. Additionally, an at-the-market (ATM) sale of approximately $10 million in common stock at $25.05 per share occurred in early November 2026, further contributing to the dilution.
2. Safety Concerns Regarding RAP-219's Agitation Side Effect.
Investor apprehension arose due to safety concerns identified with Rapport's lead drug candidate, RAP-219, following its positive Phase 2 topline results for acute bipolar mania announced on October 20, 2026. Analysts, such as Wells Fargo, cited the "agitation" observed in the trial as a potential safety signal, which led to a 13% decline in Rapport's shares since the bipolar data release. The Phase 2 trial data indicated that 3.2% of RAP-219-treated patients discontinued due to adverse events, compared to 0.8% in the placebo group. These safety profile concerns have raised questions about the implications for the higher-dose focal onset seizures (FOS) program.
Show more
Rapport Therapeutics (RAPP) stock has lost about 40% since 7/31/2026 because of the following key factors:
1. Dilutive Capital Raises Depressed Share Price.
Rapport Therapeutics executed a significant capital raise in late October and early November 2026, which substantially diluted existing shareholders. On October 28, 2026, the company announced a financing package of approximately $350 million to $380 million, including common stock and pre-funded warrants priced at $21.00 per share, which represented a deep discount of about 24% from the prior day's closing price of $27.54. This dilutive offering, coupled with $150 million in convertible senior notes due 2032 and a concurrent private placement, triggered an immediate stock plunge of 16.96% to 22.5% on October 28, 2026. Additionally, an at-the-market (ATM) sale of approximately $10 million in common stock at $25.05 per share occurred in early November 2026, further contributing to the dilution.
2. Safety Concerns Regarding RAP-219's Agitation Side Effect.
Investor apprehension arose due to safety concerns identified with Rapport's lead drug candidate, RAP-219, following its positive Phase 2 topline results for acute bipolar mania announced on October 20, 2026. Analysts, such as Wells Fargo, cited the "agitation" observed in the trial as a potential safety signal, which led to a 13% decline in Rapport's shares since the bipolar data release. The Phase 2 trial data indicated that 3.2% of RAP-219-treated patients discontinued due to adverse events, compared to 0.8% in the placebo group. These safety profile concerns have raised questions about the implications for the higher-dose focal onset seizures (FOS) program.
Show more
Updated on 11/5/2026
Rapport Therapeutics (RAPP) stock has lost about 40% since 7/31/2026 because of the following key factors:
1. Dilutive Capital Raises Depressed Share Price.
Rapport Therapeutics executed a significant capital raise in late October and early November 2026, which substantially diluted existing shareholders. On October 28, 2026, the company announced a financing package of approximately $350 million to $380 million, including common stock and pre-funded warrants priced at $21.00 per share, which represented a deep discount of about 24% from the prior day's closing price of $27.54. This dilutive offering, coupled with $150 million in convertible senior notes due 2032 and a concurrent private placement, triggered an immediate stock plunge of 16.96% to 22.5% on October 28, 2026. Additionally, an at-the-market (ATM) sale of approximately $10 million in common stock at $25.05 per share occurred in early November 2026, further contributing to the dilution.
2. Safety Concerns Regarding RAP-219's Agitation Side Effect.
Investor apprehension arose due to safety concerns identified with Rapport's lead drug candidate, RAP-219, following its positive Phase 2 topline results for acute bipolar mania announced on October 20, 2026. Analysts, such as Wells Fargo, cited the "agitation" observed in the trial as a potential safety signal, which led to a 13% decline in Rapport's shares since the bipolar data release. The Phase 2 trial data indicated that 3.2% of RAP-219-treated patients discontinued due to adverse events, compared to 0.8% in the placebo group. These safety profile concerns have raised questions about the implications for the higher-dose focal onset seizures (FOS) program.
3. Increased Operating Expenses and Wider Net Loss in Fiscal Q3 2026.
Rapport Therapeutics reported a wider net loss for its third fiscal quarter ended September 30, 2026, which impacted investor sentiment. The company announced a net loss of $40.2 million, or $0.84 per share, an increase from a net loss of $26.9 million, or $0.71 per share, in the prior year's period. This was largely driven by a substantial increase in research and development (R&D) expenses, which rose to $34.3 million in fiscal Q3 2026 from $22.3 million a year earlier. This increased spending was attributed to the advancement of RAP-219's clinical development, including the Phase 3 FOS program and the completion of the bipolar mania Phase 2 trial.
4. Broader Biotech Sector Weakness.
The period encompassing fiscal Q3 2026 saw a general downturn in the broader biotechnology sector, contributing to a more cautious investment environment. The S&P Biotechnology Select Industry Index (XBI) reached a five-year high of approximately $170 in August but then sold off, closing at approximately $158 by the end of fiscal Q3 2026. Clinical-stage and small-to-mid-cap biotech companies, like Rapport Therapeutics, experienced more significant declines compared to larger-cap peers. This sector-wide reticence, exacerbated by a 25-basis-point interest rate hike by the Federal Reserve in September 2026, fostered a more selective market where funding became more challenging and existing shares faced pressure.
Show less
Rapport Therapeutics (RAPP) stock has lost about 40% since 7/31/2026 because of the following key factors:
1. Dilutive Capital Raises Depressed Share Price.
Rapport Therapeutics executed a significant capital raise in late October and early November 2026, which substantially diluted existing shareholders. On October 28, 2026, the company announced a financing package of approximately $350 million to $380 million, including common stock and pre-funded warrants priced at $21.00 per share, which represented a deep discount of about 24% from the prior day's closing price of $27.54. This dilutive offering, coupled with $150 million in convertible senior notes due 2032 and a concurrent private placement, triggered an immediate stock plunge of 16.96% to 22.5% on October 28, 2026. Additionally, an at-the-market (ATM) sale of approximately $10 million in common stock at $25.05 per share occurred in early November 2026, further contributing to the dilution.
2. Safety Concerns Regarding RAP-219's Agitation Side Effect.
Investor apprehension arose due to safety concerns identified with Rapport's lead drug candidate, RAP-219, following its positive Phase 2 topline results for acute bipolar mania announced on October 20, 2026. Analysts, such as Wells Fargo, cited the "agitation" observed in the trial as a potential safety signal, which led to a 13% decline in Rapport's shares since the bipolar data release. The Phase 2 trial data indicated that 3.2% of RAP-219-treated patients discontinued due to adverse events, compared to 0.8% in the placebo group. These safety profile concerns have raised questions about the implications for the higher-dose focal onset seizures (FOS) program.
3. Increased Operating Expenses and Wider Net Loss in Fiscal Q3 2026.
Rapport Therapeutics reported a wider net loss for its third fiscal quarter ended September 30, 2026, which impacted investor sentiment. The company announced a net loss of $40.2 million, or $0.84 per share, an increase from a net loss of $26.9 million, or $0.71 per share, in the prior year's period. This was largely driven by a substantial increase in research and development (R&D) expenses, which rose to $34.3 million in fiscal Q3 2026 from $22.3 million a year earlier. This increased spending was attributed to the advancement of RAP-219's clinical development, including the Phase 3 FOS program and the completion of the bipolar mania Phase 2 trial.
4. Broader Biotech Sector Weakness.
The period encompassing fiscal Q3 2026 saw a general downturn in the broader biotechnology sector, contributing to a more cautious investment environment. The S&P Biotechnology Select Industry Index (XBI) reached a five-year high of approximately $170 in August but then sold off, closing at approximately $158 by the end of fiscal Q3 2026. Clinical-stage and small-to-mid-cap biotech companies, like Rapport Therapeutics, experienced more significant declines compared to larger-cap peers. This sector-wide reticence, exacerbated by a 25-basis-point interest rate hike by the Federal Reserve in September 2026, fostered a more selective market where funding became more challenging and existing shares faced pressure.
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Stock Movement Drivers
Fundamental Drivers
The -40.4% change in RAPP stock from 7/31/2026 to 11/8/2026 was primarily driven by a -39.7% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.98 | 24.44 | -40.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20 | 20 | 0.0% |
| P/S Multiple | 96.8 | 58.4 | -39.7% |
| Shares Outstanding (Mil) | 47 | 48 | -1.1% |
| Cumulative Contribution | -40.4% |
Market Drivers
7/31/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| RAPP | -40.4% | |
| Market (SPY) | -1.6% | 16.4% |
| Sector (XLV) | 13.7% | 31.9% |
Fundamental Drivers
The -26.2% change in RAPP stock from 4/30/2026 to 11/8/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.13 | 24.44 | -26.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 20 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 58.4 | |
| Shares Outstanding (Mil) | 47 | 48 | -1.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| RAPP | -26.2% | |
| Market (SPY) | 2.6% | 17.2% |
| Sector (XLV) | 27.1% | 20.0% |
Fundamental Drivers
The -15.5% change in RAPP stock from 10/31/2025 to 11/8/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.93 | 24.44 | -15.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 20 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 58.4 | |
| Shares Outstanding (Mil) | 35 | 48 | -25.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2025 to 11/8/2026| Return | Correlation | |
|---|---|---|
| RAPP | -15.5% | |
| Market (SPY) | 8.7% | 25.5% |
| Sector (XLV) | 29.8% | 21.3% |
Fundamental Drivers
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Market Drivers
10/31/2023 to 11/8/2026| Return | Correlation | |
|---|---|---|
| RAPP | ||
| Market (SPY) | 81.9% | 17.7% |
| Sector (XLV) | 55.4% | 11.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RAPP Return | - | - | - | -15% | 71% | -19% | 18% |
| Peers Return | -6% | 21% | -2% | 60% | 104% | -7% | 235% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| RAPP Win Rate | - | - | - | 29% | 58% | 55% | |
| Peers Win Rate | 48% | 56% | 50% | 52% | 60% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| RAPP Max Drawdown | - | - | - | - | -63% | -57% | |
| Peers Max Drawdown | -54% | -49% | -45% | -32% | -43% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: XENE, NBIX, AXSM, PRAX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | RAPP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.7% | -18.8% |
| % Gain to Breakeven | 91.2% | 23.1% |
| Time to Breakeven | 128 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -23.4% | -7.8% |
| % Gain to Breakeven | 30.5% | 8.5% |
| Time to Breakeven | 63 days | 18 days |
In The Past
Rapport Therapeutics's stock fell -47.7% during the 2025 US Tariff Shock. Such a loss loss requires a 91.2% gain to breakeven.
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| Event | RAPP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.7% | -18.8% |
| % Gain to Breakeven | 91.2% | 23.1% |
| Time to Breakeven | 128 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -23.4% | -7.8% |
| % Gain to Breakeven | 30.5% | 8.5% |
| Time to Breakeven | 63 days | 18 days |
In The Past
Rapport Therapeutics's stock fell -47.7% during the 2025 US Tariff Shock. Such a loss loss requires a 91.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Rapport Therapeutics (RAPP)
Rapport Therapeutics is a clinical-stage biopharmaceutical company dedicated to discovering and developing innovative small molecule medicines for a variety of Central Nervous System (CNS) disorders. The company's unique approach centers on its proprietary Receptor Associated Protein (RAP) technology platform. This platform enables Rapport to develop highly specific drugs by targeting RAPs, which play crucial roles in regulating neuronal receptor expression and function. This precision aims to create therapies that are specific to receptor variants and neuroanatomical regions associated with particular diseases, addressing previously inaccessible targets.
The company's most advanced product candidate is RAP-219, an AMPA receptor (AMPAR) negative allosteric modulator. RAP-219 is designed to treat drug-resistant focal epilepsy by selectively targeting TARPγ8, a RAP specifically expressed in regions like the hippocampus, a key site involved in focal epilepsy. Having completed Phase 1 trials, RAP-219 is expected to enter Phase 2a proof-of-concept trials for focal epilepsy in mid-2024, with topline results anticipated in mid-2025. Rapport also plans to explore RAP-219 for peripheral neuropathic pain and bipolar disorder, initiating Phase 2a trials for these indications in late 2024 and 2025, respectively. The pipeline further includes RAP-199, another TARPγ8-targeted molecule, and discovery-stage programs utilizing nAChR modulators for chronic pain and hearing disorders.
Rapport Therapeutics primarily serves patients suffering from CNS disorders where existing treatments are inadequate. Its initial market focus is on individuals with drug-resistant focal epilepsy, an area of significant unmet medical need. The company aims to expand its reach to patients with peripheral neuropathic pain, bipolar disorder, chronic pain, and hearing disorders. By developing highly targeted and potentially more effective therapies, Rapport seeks to provide new treatment options for these patient populations, ultimately delivered through healthcare providers and the medical community.
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Here are 1-2 brief analogies to describe Rapport Therapeutics (RAPP):
- Like a CRISPR Therapeutics for the brain, using a novel platform to precisely target specific receptors for central nervous system (CNS) disorders.
- Imagine a precision oncology company, but for brain disorders, applying a unique platform to target specific neuronal receptors with high accuracy.
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- RAP-219: An AMPA receptor negative allosteric modulator targeting TARPγ8, currently in Phase 2a for drug-resistant focal epilepsy, with planned trials for peripheral neuropathic pain and bipolar disorder.
- RAP-199: A second TARPγ8-targeted molecule with differentiated properties, expected to enter Phase 1 for undisclosed indications.
- a6 nAChR modulators: Discovery-stage drug candidates being developed for the treatment of chronic pain.
- a9a10 nAChR modulators: Discovery-stage drug candidates being developed for the treatment of hearing disorders.
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Rapport Therapeutics (RAPP) is a clinical-stage biopharmaceutical company focused on the discovery and development of small molecule medicines for central nervous system disorders. As a company in the clinical development phase, it does not currently have approved products or services for sale, and therefore, does not have commercial customers. Its operations are centered on research, preclinical studies, and clinical trials for its product candidates.
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Johnson & Johnson (JNJ)
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Abraham N. Ceesay, Chief Executive Officer
Abraham N. Ceesay brings nearly two decades of biopharmaceutical industry experience to Rapport Therapeutics. He previously served as President of Cerevel Therapeutics from May 2021 through February 2023. Prior to that, he was the Chief Executive Officer of Tiburio Therapeutics, where he built a fully integrated company that led to the investigational new drug enablement for a rare neuroendocrine tumor. Mr. Ceesay's career also includes roles as Chief Operating Officer at scPharmaceuticals, Head of Commercial at Keryx Biopharmaceuticals, Vice President of Marketing at Ironwood Pharmaceuticals, and various positions at Sanofi, formerly Genzyme. Cerevel Therapeutics was formed by Pfizer and Bain Capital. Rapport Therapeutics itself was formed with founding support from Third Rock Ventures and Johnson & Johnson Innovation-JJDC, with Mr. Ceesay named CEO at its launch.
Troy Ignelzi, Chief Financial Officer
Troy Ignelzi possesses nearly two decades of financial leadership experience in the biotech and pharmaceuticals sectors, having raised over $4 billion in capital for life science companies. Most recently, he served as Chief Financial Officer at Karuna Therapeutics, where he led the company through a private crossover round, its IPO, and multiple follow-on financings. Before Karuna, Mr. Ignelzi was Chief Financial Officer at Juventas Therapeutics and scPharmaceuticals. He advised on CinCor Pharma, Inc.'s sale to AstraZeneca in early 2023 while serving on its board. Mr. Ignelzi also led finance at Karuna during the period preceding its acquisition by Bristol Myers Squibb in January 2024.
David Bredt, M.D., Ph.D., Founder, Chief Scientific Officer
David Bredt brings over 20 years of neuroscience drug discovery experience to Rapport Therapeutics and is the company's scientific founder. He led groundbreaking research in receptor-associated protein (RAP) biology during his tenure as Global Head of Neuroscience Discovery at Janssen from 2011 to 2021. Before joining Janssen, he was Vice President of Neuroscience at Eli Lilly and Company from 2004 to 2011 and a professor of physiology at the University of California, San Francisco, for ten years. Dr. Bredt's discovery of RAPs and their role in modulating receptor expression and function laid the foundation for Rapport's therapeutic approach.
Cheryl Gault, Chief Operating Officer
Cheryl Gault has over 20 years of experience in the biopharmaceutical industry, encompassing corporate strategy, corporate and business development, portfolio strategy, new product planning, marketing, sales, launch, and commercial strategy across various therapeutic areas. She previously served as Chief Operating Officer at Cyclerion Therapeutics, where she played a leadership role in achieving clinical data readouts for several novel molecules and successfully completing critical transactions to enhance shareholder value.
Jeffrey Sevigny, M.D., Chief Medical Officer
Jeffrey Sevigny is a physician-scientist with more than 15 years of leadership experience in translational and clinical drug development. Before joining Rapport, Dr. Sevigny was the chief medical officer at Prevail Therapeutics, a wholly-owned subsidiary of Eli Lilly, and senior vice president of Neuroscience at Eli Lilly. At Prevail, he built and led the clinical development organization and played a pivotal role in the company's corporate success, including several rounds of financing, an IPO, and an acquisition by Eli Lilly.
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The key risks for Rapport Therapeutics (RAPP) are primarily centered around the inherent challenges of a clinical-stage biopharmaceutical company, its specific technology platform, and its reliance on in-licensed intellectual property.
- Failure of Clinical Trials and Inability to Obtain Regulatory Approval: As a clinical-stage company, Rapport Therapeutics' success is contingent upon the successful completion of clinical trials for its product candidates, particularly RAP-219 and RAP-199, and subsequent receipt of regulatory approvals. RAP-219, their most advanced candidate, is slated for Phase 2a trials in mid-2024, with topline results expected in mid-2025. Failure at any stage of clinical development (e.g., demonstrating safety or efficacy) or the inability to secure regulatory approval would severely impact the company's business and prospects.
- Dependence on the RAP Technology Platform and Specific Targets: Rapport Therapeutics' entire pipeline and business strategy are built upon its proprietary Receptor Associated Protein (RAP) technology platform and deep expertise in RAP biology. The company's lead product candidates, RAP-219 and RAP-199, specifically target TARPγ8, which is associated with the neuronal AMPAR. If the underlying scientific premise of the RAP technology platform proves to be less effective than anticipated, or if the specific targets chosen (such as TARPγ8) do not yield the desired therapeutic outcomes or present unforeseen challenges, the development and commercialization of their entire pipeline could be jeopardized.
- Reliance on In-Licensed Products and Associated Intellectual Property: A significant portion of Rapport Therapeutics' pipeline, including the advanced TARPγ8 products like RAP-219 and RAP-199, and certain nAChR products, originates from a license agreement with Janssen (the "Janssen License") entered into in August 2022. The company's ability to develop and commercialize these key product candidates is dependent on maintaining this license agreement and the validity and enforceability of the underlying intellectual property. Any issues arising with the Janssen License, such as its termination, disputes over its terms, or challenges to the intellectual property rights, could have a material adverse effect on Rapport Therapeutics.
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Rapport Therapeutics (RAPP) focuses on developing small molecule medicines for central nervous system (CNS) disorders. The addressable markets for their main product candidates span several significant therapeutic areas:
- RAP-219 for Drug-Resistant Focal Epilepsy: The global intractable focal epilepsy market was valued at over US$2 billion in 2022 and is projected to reach USD 4.1 billion by 2033. More broadly, the global epilepsy drugs market is estimated to be valued at USD 10.88 billion in 2025 and is expected to reach USD 15.83 billion by 2032.
- RAP-219 for Peripheral Neuropathic Pain: The market size for peripheral neuropathic pain in the 7MM (United States, EU4, United Kingdom, and Japan) was approximately USD 12 billion in 2023. Globally, the neuropathic pain market size was valued at USD 6.39 billion in 2024 and is expected to reach USD 12.93 billion by 2032.
- RAP-219 for Bipolar Disorder: The global bipolar disorder treatment market size was valued at USD 5.7 billion in 2024 and is projected to grow to USD 8.2 billion by 2034. Other estimates place the global bipolar disorder treatment market size at USD 9.74 billion in 2025, projected to reach around USD 15.67 billion by 2034.
- a6 nAChR modulators for Chronic Pain: The global chronic pain market size is estimated to be valued at USD 77.30 billion in 2025 and is expected to reach USD 125.84 billion by 2032. Another report valued the global chronic pain treatment market at USD 78.0 billion in 2024, projected to reach USD 155.2 billion by 2035.
- a9a10 nAChR modulators for Hearing Disorders: The global hearing loss disease treatment market size was estimated at USD 11.54 billion in 2024 and is projected to reach USD 17.51 billion by 2030. More specifically for the drugs segment within this market, it is projected to reach USD 5.05 billion by 2034.
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Here are 3-5 expected drivers of future revenue growth for Rapport Therapeutics (RAPP) over the next 2-3 years:
- Successful advancement and positive clinical trial results for RAP-219 in focal epilepsy: Rapport Therapeutics intends to initiate a Phase 2a proof-of-concept trial for RAP-219 in adult patients with drug-resistant focal epilepsy in mid-2024, with topline results expected in mid-2025. Positive outcomes from this trial would significantly de-risk the company's most advanced product candidate, potentially attracting strategic partnerships, licensing agreements, or substantial future investment, which are key sources of revenue for clinical-stage biopharmaceutical companies.
- Expansion of RAP-219 into new therapeutic indications: The company plans to initiate Phase 2a trials for RAP-219 in peripheral neuropathic pain in the second half of 2024 and in bipolar disorder in 2025. Successfully advancing RAP-219 into these additional indications would broaden the potential market and therapeutic utility of their lead asset, thereby increasing its overall value and attractiveness for future commercialization or partnership opportunities.
- Progression of RAP-199 into Phase 1 clinical development: Rapport Therapeutics expects to initiate a Phase 1 trial for RAP-199, another TARPγ8 targeted molecule with differentiated properties, in the first half of 2025. Bringing a second product candidate into clinical development diversifies the company's pipeline and offers an additional potential source of future revenue through development milestones or licensing agreements.
- Advancement of discovery-stage nicotinic acetylcholine receptor (nAChR) programs: Rapport Therapeutics is leveraging its RAP technology platform to develop modulators of a6 nAChRs for chronic pain and a9a10 nAChRs for hearing disorders. Significant progress in these discovery-stage programs could lead to early-stage partnerships or licensing agreements, providing non-dilutive funding or milestone payments as these programs advance through preclinical and potentially into clinical development within the 2-3 year timeframe.
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Capital Allocation Decisions of Rapport Therapeutics (RAPP)
Share Issuance
- Rapport Therapeutics completed its Initial Public Offering (IPO) on June 6, 2024, pricing 8,000,000 shares of common stock at $17.00 per share, raising $136.0 million.
- Concurrently with the IPO, the company sold an additional 1,058,824 shares of common stock to existing stockholders in a private placement at the IPO price.
- Including the full exercise of the underwriters' option and the concurrent private placement, the gross proceeds from these offerings totaled approximately $174 million. An additional public offering in September 2025 yielded approximately $269.4 million in net proceeds.
Inbound Investments
- Rapport Therapeutics was formed in February 2022 with founding support from Third Rock Ventures and Johnson & Johnson Innovation-JJDC.
- In March 2026, Rapport entered into a strategic collaboration and license agreement with Tenacia Biotechnology (Hong Kong) Co., Ltd. for the development and commercialization of RAP-219 in Greater China.
- Under the Tenacia agreement, Rapport is eligible to receive an upfront payment of $20 million and up to approximately $308 million in potential development and commercialization milestones and other payments, along with tiered royalties on net sales.
Capital Expenditures
- Rapport Therapeutics expects its cash, cash equivalents, and short-term investments as of December 31, 2025, to fund its operating expenses and capital expenditure requirements into the second half of 2029.
- A primary focus for capital allocation is advancing the clinical development of its lead product candidate, RAP-219, into Phase 2a proof-of-concept trials for focal epilepsy, peripheral neuropathic pain, and bipolar disorder.
- The company also plans to allocate capital towards developing a long-acting injectable formulation of RAP-219 and advancing RAP-199 into Phase 1 trials, as well as other research and development activities.
Peer Outperformance in Biotechnology
nullShare of Biotechnology constituents that RAPP has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
60%
of 452 industry peers · -4.8% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
null
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is RAPP's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 6.4% | 56.1% | 94.3% | CAH 506% · MCK 394% · COR 179% |
| Health Care Services | 20 | 32.4% | 25.6% | 7.4% | HIMS 208% · RDNT 127% · DGX 98% |
| Managed Health Care | 8 | 55.2% | -1.8% | -2.7% | OSCR 86% · HQY 50% · ELV 7% |
| Health Care Facilities | 26 | 16.4% | 22.6% | -8.9% | THC 277% · NHC 227% · EHC 177% |
| Health Care Equipment | 50 | 4.0% | 18.3% | -16.3% | UFPT 356% · GKOS 318% · TMDX 175% |
| Pharmaceuticals | 60 | -8.6% | 18.7% | -39.8% | LQDA 933% · XERS 649% · KNSA 543% |
| Health Care Supplies | 11 | 23.1% | 19.5% | -41.3% | LNTH 242% · HAE 69% · MMSI 25% |
| Life Sciences Tools & Services | 108 | -6.4% | -14.5% | -74.1% | AXGN 249% · MEDP 191% · NTRA 166% |
| Biotechnology ← | 365 | -23.8% | -29.2% | -81.7% | ELVN 1232% · TRVI 1075% · DNTH 1069% |
| Health Care Technology | 21 | -21.7% | -47.8% | -83.1% | VEEV -5% · DOCS -54% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Rapport Therapeutics Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 132.37 |
| Mkt Cap | 6.9 |
| Rev LTM | 20 |
| Op Inc LTM | -168 |
| FCF LTM | -121 |
| FCF 3Y Avg | -106 |
| CFO LTM | -121 |
| CFO 3Y Avg | -105 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -31.0% |
| Rev Chg 3Y Avg | 57.2% |
| Rev Chg Q | 46.6% |
| QoQ Delta Rev Chg LTM | 9.7% |
| Op Inc Chg LTM | -38.8% |
| Op Inc Chg 3Y Avg | -16.2% |
| Op Mgn LTM | -18.9% |
| Op Mgn 3Y Avg | -9.1% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | -9.5% |
| CFO/Rev 3Y Avg | 1.2% |
| FCF/Rev LTM | -9.5% |
| FCF/Rev 3Y Avg | 0.5% |
Segment Financials
Revenue by Segment| $ Mil | 2023 |
|---|---|
| Developing medicines for patients with neurological or psychiatric disorders | 0 |
| Total | 0 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Developing medicines for patients with neurological or psychiatric disorders | -125 | -83 | -36 |
| Total | -125 | -83 | -36 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Developing medicines for patients with neurological or psychiatric disorders | -111 | -78 | -35 |
| Total | -111 | -78 | -35 |
| $ Mil | 2023 |
|---|---|
| Developing medicines for patients with neurological or psychiatric disorders | 155 |
| Total | 155 |
Price Behavior
Price Behavior
| Market Price | $24.44 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 06/07/2024 | |
| Distance from 52W High | -53.4% | |
| 50 Days | 200 Days | |
| DMA Price | $34.16 | $35.60 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -28.4% | -31.4% |
| 3M | 1YR | |
| Volatility | 76.3% | 61.8% |
| Downside Capture | 185.92 | 97.13 |
| Upside Capture | -154.11 | 79.57 |
| Correlation (S&P 500) | 15.9% | 26.4% |
RAPP Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.21 | 0.16 | 0.22 | 0.55 | 1.08 | 0.46 |
| Up Beta | 3.06 | 1.07 | 0.74 | 1.20 | 1.83 | -0.76 |
| Down Beta | -1.95 | -0.39 | 1.06 | 0.65 | 0.70 | 0.78 |
| Up Capture | -355% | -191% | -111% | -5% | 79% | 181% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 17 | 30 | 63 | 132 | 303 |
| Down Capture | 74% | 272% | 144% | 81% | 105% | 109% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 13 | 26 | 34 | 62 | 118 | 293 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RAPP | |
|---|---|---|---|---|
| RAPP | -6.6% | 61.8% | 0.13 | - |
| Sector ETF (XLV) | 28.6% | 16.9% | 1.31 | 21.6% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 25.9% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 6.5% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -20.4% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 16.8% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 11.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RAPP | |
|---|---|---|---|---|
| RAPP | 2.9% | 117.7% | 0.49 | - |
| Sector ETF (XLV) | 8.3% | 15.4% | 0.35 | 11.5% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 17.8% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 5.0% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | -1.5% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 8.6% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 14.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RAPP | |
|---|---|---|---|---|
| RAPP | 1.4% | 117.7% | 0.49 | - |
| Sector ETF (XLV) | 12.2% | 16.8% | 0.59 | 11.5% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 17.8% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 5.0% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | -1.5% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 8.6% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 14.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | 1.9% | ||
| 8/5/2026 | 0.6% | 15.7% | 15.4% |
| 5/7/2026 | 7.7% | 2.8% | -2.6% |
| 3/10/2026 | -3.0% | -9.6% | 10.3% |
| 11/6/2025 | -3.1% | -3.8% | 15.2% |
| 8/7/2025 | 5.5% | 6.8% | -1.7% |
| 5/8/2025 | 4.2% | -5.8% | 23.9% |
| 3/11/2025 | 8.3% | 23.1% | 5.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 5 | 6 |
| # Negative | 3 | 4 | 3 |
| Median Positive | 4.2% | 8.2% | 12.8% |
| Median Negative | -3.0% | -7.7% | -2.6% |
| Max Positive | 8.3% | 23.1% | 23.9% |
| Max Negative | -3.1% | -16.4% | -21.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | 1.9% | ||
| 8/5/2026 | 0.6% | 15.7% | 15.4% |
| 5/7/2026 | 7.7% | 2.8% | -2.6% |
| 3/10/2026 | -3.0% | -9.6% | 10.3% |
| 11/6/2025 | -3.1% | -3.8% | 15.2% |
| 8/7/2025 | 5.5% | 6.8% | -1.7% |
| 5/8/2025 | 4.2% | -5.8% | 23.9% |
| 3/11/2025 | 8.3% | 23.1% | 5.4% |
| 11/7/2024 | 2.9% | -16.4% | -21.8% |
| 8/8/2024 | -1.6% | 8.2% | 7.8% |
| SUMMARY STATS | |||
| # Positive | 7 | 5 | 6 |
| # Negative | 3 | 4 | 3 |
| Median Positive | 4.2% | 8.2% | 12.8% |
| Median Negative | -3.0% | -7.7% | -2.6% |
| Max Positive | 8.3% | 23.1% | 23.9% |
| Max Negative | -3.1% | -16.4% | -21.8% |
Insider Activity
Updated 10/30/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Healy, James | Sofinnova Venture Partners XI, L.P. | Buy | 10302026 | 21.00 | 952,380 | 19,999,980 | 59,129,847 | Form | |
| 2 | Healy, James | SummitTX Master, SPC -SummitTX Apex SP - Healthcare 3 | Buy | 10302026 | 21.00 | 6,395 | 134,295 | 377,790 | Form | |
| 3 | Healy, James | SummitTX Master, SPC - SummitTX Alpha SP - Healthcare 3 | Buy | 10302026 | 21.00 | 3,772 | 79,212 | 313,404 | Form | |
| 4 | Healy, James | SummitTX Pinnacle Master, L.P. - Healthcare 3 | Buy | 10302026 | 21.00 | 6,933 | 145,593 | 530,607 | Form | |
| 5 | Sanchez, Ramiro | Direct | Buy | 10232026 | 27.35 | 3,600 | 98,478 | 98,478 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Healy, James | Sofinnova Venture Partners XI, L.P. | Buy | 10302026 | 21.00 | 952,380 | 19,999,980 | 59,129,847 | Form | |
| 2 | Healy, James | SummitTX Master, SPC -SummitTX Apex SP - Healthcare 3 | Buy | 10302026 | 21.00 | 6,395 | 134,295 | 377,790 | Form | |
| 3 | Healy, James | SummitTX Master, SPC - SummitTX Alpha SP - Healthcare 3 | Buy | 10302026 | 21.00 | 3,772 | 79,212 | 313,404 | Form | |
| 4 | Healy, James | SummitTX Pinnacle Master, L.P. - Healthcare 3 | Buy | 10302026 | 21.00 | 6,933 | 145,593 | 530,607 | Form | |
| 5 | Sanchez, Ramiro | Direct | Buy | 10232026 | 27.35 | 3,600 | 98,478 | 98,478 | Form | |
| 6 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 10232026 | 29.16 | 2,210 | 64,448 | 13,123,831 | Form |
| 7 | Silva, Paul M | Paul M Silva 2016 Declaration of Trust U/A DTD 12/19/2016 | Buy | 10222026 | 27.07 | 3,680 | 99,636 | 99,636 | Form | |
| 8 | Young, Wendy B | Direct | Buy | 10222026 | 26.39 | 3,789 | 99,992 | 350,697 | Form | |
| 9 | Paul, Steven M | Paul Capital Strategy III Fund LLC | Buy | 10222026 | 27.28 | 35,714 | 974,278 | 2,110,926 | Form | |
| 10 | Maraganore, John | John M. Maraganore Revocable Trust | Buy | 10222026 | 26.45 | 9,411 | 248,891 | 248,891 | Form | |
| 11 | Ignelzi, Troy A | Chief Financial Officer | Direct | Buy | 10212026 | 26.10 | 5,500 | 143,550 | 404,550 | Form |
| 12 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 10082026 | 30.66 | 1,147 | 35,167 | 13,865,832 | Form |
| 13 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 10082026 | 32.03 | 3,375 | 108,106 | 14,522,781 | Form |
| 14 | Gault, Cheryl | Chief Operating Officer | Direct | Sell | 10012026 | 33.19 | 10,000 | 331,856 | 4,643,135 | Form |
| 15 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 9242026 | 39.17 | 2,210 | 86,565 | 17,891,456 | Form |
| 16 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 9092026 | 45.61 | 8,210 | 374,498 | 20,936,170 | Form |
| 17 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 8262026 | 49.57 | 18,921 | 937,957 | 23,159,534 | Form |
| 18 | Yeleswaram, Krishnaswamy | Chief Development Officer | Direct | Sell | 8262026 | 50.64 | 37,000 | 1,873,605 | 9,918,053 | Form |
| 19 | Yeleswaram, Krishnaswamy | Chief Development Officer | Direct | Sell | 8262026 | 50.00 | 13,160 | 657,978 | 11,642,704 | Form |
| 20 | Yeleswaram, Krishnaswamy | Chief Development Officer | Direct | Sell | 8202026 | 49.90 | 404 | 20,160 | 12,276,498 | Form |
| 21 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 8122026 | 48.01 | 28,958 | 1,390,405 | 23,340,244 | Form |
| 22 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 8122026 | 46.26 | 22,541 | 1,042,772 | 23,827,528 | Form |
| 23 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 7292026 | 42.11 | 2,210 | 93,061 | 22,638,087 | Form |
| 24 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 7152026 | 40.00 | 8,210 | 328,437 | 21,595,094 | Form |
| 25 | Gault, Cheryl | Chief Operating Officer | Direct | Sell | 7012026 | 41.58 | 10,000 | 415,798 | 6,233,391 | Form |
| 26 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 7012026 | 39.83 | 8,220 | 327,398 | 21,827,590 | Form |
| 27 | Third, Rock Ventures V, LP | Direct | Sell | 5282026 | 40.05 | 18,572 | 743,753 | 251,516,185 | Form | |
| 28 | Third, Rock Ventures V, LP | Direct | Sell | 5132026 | 40.24 | 133,618 | 5,377,323 | 253,500,860 | Form | |
| 29 | Third, Rock Ventures V, LP | Direct | Sell | 5112026 | 40.31 | 5,018 | 202,256 | 259,277,011 | Form | |
| 30 | Third, Rock Ventures V, LP | Direct | Sell | 5112026 | 40.12 | 271,495 | 10,892,651 | 258,288,286 | Form | |
| 31 | Third, Rock Ventures V, LP | Direct | Sell | 4212026 | 40.32 | 426,005 | 17,175,244 | 270,495,945 | Form | |
| 32 | Yeleswaram, Krishnaswamy | Chief Development Officer | Direct | Sell | 4212026 | 39.99 | 20,225 | 808,844 | 9,855,143 | Form |
| 33 | Yeleswaram, Krishnaswamy | Chief Development Officer | Direct | Sell | 4142026 | 35.08 | 10,200 | 357,797 | 9,353,610 | Form |
| 34 | Yeleswaram, Krishnaswamy | Chief Development Officer | Direct | Sell | 4142026 | 34.97 | 9,165 | 320,537 | 9,682,587 | Form |
| 35 | Yeleswaram, Krishnaswamy | Chief Development Officer | Direct | Sell | 4142026 | 34.98 | 500 | 17,490 | 10,004,840 | Form |
| 36 | Yeleswaram, Krishnaswamy | Chief Development Officer | Direct | Sell | 4092026 | 34.90 | 360 | 12,564 | 9,999,408 | Form |
| 37 | Gault, Cheryl | Chief Operating Officer | Direct | Sell | 3312026 | 28.19 | 10,000 | 281,857 | 4,507,290 | Form |
| 38 | Yeleswaram, Krishnaswamy | Chief Development Officer | Direct | Sell | 3262026 | 29.99 | 10,115 | 303,355 | 8,603,583 | Form |
| 39 | Gault, Cheryl | Chief Operating Officer | Direct | Sell | 3092026 | 28.93 | 2,014 | 58,265 | 4,915,612 | Form |
| 40 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 2192026 | 29.34 | 5,833 | 171,161 | 16,322,288 | Form |
| 41 | Ceesay, Abraham | Chief Executive Officer | Dorothy Ceesay Irrevocable Trust | Sell | 2192026 | 29.36 | 5,083 | 149,212 | 608,501 | Form |
| 42 | Bredt, David | Chief Scientific Officer | Direct | Sell | 2192026 | 29.02 | 8,500 | 246,655 | 11,232,236 | Form |
| 43 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 1222026 | 26.12 | 5,833 | 152,333 | 14,679,169 | Form |
| 44 | Ceesay, Abraham | Chief Executive Officer | Dorothy Ceesay Irrevocable Trust | Sell | 1222026 | 26.11 | 5,083 | 132,737 | 674,055 | Form |
| 45 | Bredt, David | Chief Scientific Officer | Direct | Sell | 1162026 | 26.84 | 8,500 | 228,132 | 10,616,844 | Form |
| 46 | Bredt, David | Chief Scientific Officer | Direct | Sell | 1052026 | 30.05 | 6,567 | 197,338 | 12,142,413 | Form |
| 47 | Yeleswaram, Krishnaswamy | Chief Development Officer | Direct | Sell | 1052026 | 30.05 | 2,840 | 85,342 | 8,924,580 | Form |
| 48 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 12182025 | 29.64 | 5,833 | 172,877 | 16,831,623 | Form |
| 49 | Ceesay, Abraham | Chief Executive Officer | Dorothy Ceesay Irrevocable Trust | Sell | 12182025 | 29.63 | 5,083 | 150,632 | 915,555 | Form |
| 50 | Bredt, David | Chief Scientific Officer | Direct | Sell | 12162025 | 30.02 | 8,500 | 255,130 | 11,785,264 | Form |
| 51 | Gault, Cheryl | Chief Operating Officer | Direct | Sell | 12012025 | 30.10 | 5,000 | 150,486 | 5,174,569 | Form |
| 52 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 11182025 | 25.19 | 5,833 | 146,931 | 14,452,400 | Form |
| 53 | Ceesay, Abraham | Chief Executive Officer | Dorothy Ceesay Irrevocable Trust | Sell | 11182025 | 25.20 | 5,083 | 128,116 | 906,820 | Form |
| 54 | Bredt, David | Chief Scientific Officer | Direct | Sell | 11182025 | 25.19 | 8,500 | 214,091 | 10,103,617 | Form |
| 55 | Bredt, David | Chief Scientific Officer | Direct | Sell | 10162025 | 25.79 | 8,500 | 219,196 | 10,563,762 | Form |
| 56 | Ceesay, Abraham | Chief Executive Officer | Direct | Sell | 10162025 | 25.81 | 5,833 | 150,541 | 14,958,019 | Form |
| 57 | Ceesay, Abraham | Chief Executive Officer | Dorothy Ceesay Irrevocable Trust | Sell | 10162025 | 25.81 | 5,083 | 131,189 | 1,059,755 | Form |
Investor Activity (13F)
Updated Nov 9, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 11/8/2026