Here are 1-2 brief analogies for Rapport Therapeutics:

• Vertex Pharmaceuticals for brain conditions.
• Biogen, but focused on precision small molecules for the brain.

• RAP-219: A lead product candidate in clinical development for the precision treatment of drug-resistant focal epilepsy, peripheral neuropathic pain, and bipolar disorder by selectively targeting Kv7.2/7.3 potassium channels.
• RAP-126: A preclinical-stage selective Kv7.2/7.3 potassium channel modulator being developed for central nervous system disorders.
• RAP-311: A preclinical-stage Kv7 potassium channel modulator with potential applications in neuroscience.

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Abraham N. Ceesay, Chief Executive Officer

Mr. Ceesay brings nearly two decades of biopharmaceutical industry experience to Rapport. He served as President of Cerevel Therapeutics from May 2021 through February 2023, and was previously CEO of Tiburio Therapeutics, where he built a fully integrated company that led to the investigational new drug enablement for a rare neuroendocrine tumor. Prior to joining Tiburio, Mr. Ceesay held positions including Chief Operating Officer at scPharmaceuticals, Head of Commercial at Keryx Biopharmaceuticals, Vice President of Marketing at Ironwood Pharmaceuticals, and roles of increasing responsibility at Sanofi, formerly Genzyme.

Troy Ignelzi, Chief Financial Officer

Mr. Ignelzi joins Rapport Therapeutics with nearly two decades of financial leadership experience in the biotech and pharmaceuticals sectors. Over his career, he has raised over $4 billion in capital for life science companies. Most recently, he was Chief Financial Officer at Karuna Therapeutics, where he led the team in the execution of a private crossover round, the company's IPO, and multiple follow-on financings. Prior to Karuna, Mr. Ignelzi served as Chief Financial Officer at Juventas Therapeutics and scPharmaceuticals. He has a long track record of experience, starting at Eli Lilly and holding roles at Esperion Therapeutics and the former Insys Therapeutics. Mr. Ignelzi previously served on the board of CinCor Pharma, Inc., where he advised on the company's sale to AstraZeneca in early 2023.

David Bredt, M.D., Ph.D., Founder, Chief Scientific Officer

Dr. Bredt brings over 20 years of neuroscience drug discovery experience to Rapport. He led groundbreaking research in receptor-associated protein biology at Janssen, where he served as Global Head of Neuroscience Discovery from 2011 through 2021. Before Janssen, he was Vice President of Neuroscience at Eli Lilly and Company from 2004 to 2011. He was also a professor of physiology at the University of California, San Francisco for ten years.

Cheryl Gault, Chief Operating Officer

Ms. Gault has over 20 years of biopharma industry experience. Most recently, she served as Chief Operating Officer at Cyclerion Therapeutics, Inc. In her role at Rapport, she is responsible for overseeing the company's day-to-day administrative and operational functions.

Jeffrey Sevigny, M.D., Chief Medical Officer

Dr. Sevigny is a physician-scientist with more than 15 years of leadership in translational and clinical drug development. He joins Rapport following his tenure as Chief Medical Officer at Prevail Therapeutics, a wholly owned subsidiary of Eli Lilly, and Senior Vice President of Neuroscience at Eli Lilly. While at Prevail, Dr. Sevigny spearheaded groundbreaking research across neuroscience and rare diseases.

The key risks for Rapport Therapeutics (RAPP), a clinical-stage biotechnology company, primarily revolve around the inherent uncertainties of drug development and its financial sustainability as a pre-revenue entity.

1. Clinical Development and Regulatory Approval Risks: Rapport Therapeutics' success is critically dependent on the successful outcome of its preclinical and clinical trials, as well as obtaining the necessary regulatory approvals (such as from the U.S. Food and Drug Administration) for its product candidates. There are significant uncertainties and risks associated with these development activities, including potential trial disappointments, delays, or outright failures. For instance, the company's Investigational New Drug (IND) application for RAP-219 in diabetic peripheral neuropathic pain was placed on clinical hold by the FDA, requiring additional information and protocol design amendments. Interim data from clinical trials are also subject to audit and verification, which could result in material changes to the final data. The timeline for initiating pivotal Phase 3 trials and subsequently securing market approval is lengthy and fraught with risk.
2. Financial Condition and Need for Additional Capital: As a clinical-stage company with no revenue, Rapport Therapeutics is currently operating at a loss and has a negative earnings per share. The company requires substantial additional funds to complete its extensive development activities and, if approved, to commercialize its product candidates. While a recent public offering bolstered its balance sheet, providing funds expected to last into the second half of 2029, there is an ongoing risk of continued operating losses and the potential need for further financing, which could lead to shareholder dilution.
3. Dependence on Third Parties and Intellectual Property Protection: Rapport Therapeutics relies significantly on third parties to conduct its clinical trials, manufacture its investigational product candidates, and eventually develop and commercialize them if they receive approval. This reliance introduces risks related to the performance, quality, and reliability of these external partners. Additionally, the company faces risks related to establishing, maintaining, and enforcing its intellectual property protections, which are crucial for its long-term viability and competitive standing.

The advanced clinical development of Xenon Pharmaceuticals' XEN1101, an oral Kv7.2/7.3 potassium channel opener targeting focal epilepsy, directly competes with Rapport Therapeutics' lead candidate RAP-219 for the same mechanism and indication. XEN1101 is currently in Phase 3 trials, significantly ahead of RAP-219 which is in Phase 2, potentially allowing Xenon to capture significant market share and establish a dominant position before Rapport's product could reach commercialization.

Rapport Therapeutics (symbol: RAPP) is a clinical-stage biotechnology company focused on developing small molecule precision medicines for neurological and psychiatric disorders. Over the next 2-3 years, the company's future revenue growth is expected to be driven by several key factors related to the advancement and potential commercialization of its lead investigational drug, RAP-219, and the expansion of its pipeline.

Here are 3-5 expected drivers of future revenue growth for Rapport Therapeutics:

1. Advancement and Potential Commercialization of RAP-219 for Focal Onset Seizures (FOS): Rapport Therapeutics announced positive topline results from its Phase 2a clinical trial of RAP-219 in patients with drug-resistant focal onset seizures in September 2025. The company plans to hold an end-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA) by the end of 2025 and aims to initiate two Phase 3 pivotal trials for RAP-219 in FOS during the third quarter of 2026. Successful completion of these pivotal trials and subsequent regulatory approval would pave the way for commercialization, representing a significant revenue opportunity as RAP-219 has been described as having "blockbuster potential" if approved.

2. Expansion of RAP-219 into New Indications: Rapport Therapeutics is pursuing a "pipeline-in-a-product" strategy, evaluating RAP-219 for other neurological conditions beyond focal onset seizures. A Phase 2 trial of RAP-219 in bipolar mania has been initiated and is currently enrolling patients, with topline results anticipated in the first half of 2027. The company is also exploring RAP-219 as a potential treatment for diabetic peripheral neuropathic pain (DPNP), with an update on the timeline for trial initiation expected in 2025, following a clinical hold on the IND application in late 2024. Successful development and approval in these additional indications would broaden the market reach and significantly contribute to future revenue.

3. Development of a Long-acting Injectable (LAI) Formulation of RAP-219: Rapport Therapeutics is developing a long-acting injectable (LAI) formulation of RAP-219. This formulation is expected to "transform the treatment landscape for patients while significantly expanding the commercial opportunity and extending the intellectual property runway." Initial pharmacokinetics results for the LAI formulation are anticipated in 2027. A successful LAI formulation could enhance patient adherence and convenience, thereby increasing market penetration and driving additional revenue streams.

4. Advancement of Additional Discovery-Stage Programs: Beyond RAP-219, Rapport Therapeutics has other preclinical and late-stage discovery programs underway targeting chronic pain and hearing disorders. These include two advanced discovery-stage nicotinic acetylcholine receptor (nAChR) programs focused on modulators of α6 nAChRs for chronic pain and modulators of α9α10 nAChRs for hearing disorders. While these are earlier-stage, positive progress and movement into clinical trials within the next 2-3 years could establish a broader pipeline, laying the groundwork for more diverse future revenue sources.

Share Repurchases

No information available for share repurchases over the last 3-5 years.

Share Issuance

• Rapport Therapeutics priced its initial public offering (IPO) on June 6, 2024, offering 8,000,000 shares at $17.00 per share. This offering, along with a concurrent private placement of 1,058,824 shares to existing stockholders, generated approximately $154 million in gross proceeds.
• In September 2025, the company completed an underwritten public offering of 11,057,692 shares at $26.00 per share, resulting in net proceeds of $269.4 million.
• The number of shares outstanding increased significantly, rising by 784.65% in one year to 47.66 million shares as of November 3, 2025.

Inbound Investments

• Rapport Therapeutics launched in February 2022 with founding support from Third Rock Ventures and Johnson & Johnson Innovation-JJDC.
• The company secured $100 million in Series A financing in March 2023.
• Within six months of its launch, Rapport Therapeutics had raised a total of $250 million through Series A and B financing rounds.

Outbound Investments

No information available for outbound investments over the last 3-5 years.

Capital Expenditures

• Capital expenditures for the last 12 months, as of October 27, 2025, were -$679,000.
• For the annual period ending December 2024, capital expenditure was ($2,405.0K).
• Rapport Therapeutics expects its cash, cash equivalents, and short-term investments of $513.0 million as of September 30, 2025, to fund its operating expenses and capital expenditure requirements into the second half of 2029.