Rapport Therapeutics (RAPP)
Market Price (6/9/2026): $36.69 | Market Cap: $1.7 BilSector: Health Care | Industry: Biotechnology
Rapport Therapeutics (RAPP)
Market Price (6/9/2026): $36.69Market Cap: $1.7 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 -27% Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -122 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -611% Expensive valuation multiplesP/SPrice/Sales ratio is 87x Stock price has recently run up significantly12M Rtn12 month market price return is 190% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 109% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -401%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -404% 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 -10% High stock price volatilityVol 12M is 137% 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 -27% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -122 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -611% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 87x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 190% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 109% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -401%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -404% |
| 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 -10% |
| High stock price volatilityVol 12M is 137% |
| 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
AI Analysis | Feedback
Updated on 6/3/2026
Rapport Therapeutics (RAPP) stock has gained about 25% since 2/28/2026 because of the following key factors:
1. Positive Phase 2a Follow-up Data for RAP-219 in Focal Onset Seizures: On April 22, 2026, Rapport Therapeutics presented new follow-up data from its Phase 2a trial of RAP-219 in focal onset seizures (FOS), demonstrating a 90% median reduction in clinical seizures over baseline in weeks 9-12. This data further reinforced RAP-219's sustained treatment effect due to an extended estimated half-life of 22 days, highlighting its potential as a differentiated, best-in-class therapy.
2. Accelerated Timeline for RAP-219 Bipolar Mania Trial Topline Results: Rapport Therapeutics announced on May 7, 2026, that topline results for the RAP-219 Phase 2 trial in bipolar mania are now expected in the fourth quarter of 2026, advancing the timeline from the previously guided first half of 2027. This acceleration of a key clinical milestone likely contributed to investor confidence.
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Rapport Therapeutics (RAPP) stock has gained about 25% since 2/28/2026 because of the following key factors:
1. Positive Phase 2a Follow-up Data for RAP-219 in Focal Onset Seizures: On April 22, 2026, Rapport Therapeutics presented new follow-up data from its Phase 2a trial of RAP-219 in focal onset seizures (FOS), demonstrating a 90% median reduction in clinical seizures over baseline in weeks 9-12. This data further reinforced RAP-219's sustained treatment effect due to an extended estimated half-life of 22 days, highlighting its potential as a differentiated, best-in-class therapy.
2. Accelerated Timeline for RAP-219 Bipolar Mania Trial Topline Results: Rapport Therapeutics announced on May 7, 2026, that topline results for the RAP-219 Phase 2 trial in bipolar mania are now expected in the fourth quarter of 2026, advancing the timeline from the previously guided first half of 2027. This acceleration of a key clinical milestone likely contributed to investor confidence.
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Stock Movement Drivers
Fundamental Drivers
The 26.4% change in RAPP stock from 2/28/2026 to 6/8/2026 was primarily driven by a 9.2233720368547763E17% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6082026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.03 | 36.68 | 26.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 20 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 86.6 | |
| Shares Outstanding (Mil) | 38 | 47 | -19.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 6/8/2026| Return | Correlation | |
|---|---|---|
| RAPP | 26.4% | |
| Market (SPY) | 8.1% | 42.9% |
| Sector (XLV) | -4.3% | 27.1% |
Fundamental Drivers
The 23.5% change in RAPP stock from 11/30/2025 to 6/8/2026 was primarily driven by a 9.2233720368547763E17% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6082026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.71 | 36.68 | 23.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 20 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 86.6 | |
| Shares Outstanding (Mil) | 38 | 47 | -19.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 6/8/2026| Return | Correlation | |
|---|---|---|
| RAPP | 23.5% | |
| Market (SPY) | 8.8% | 35.8% |
| Sector (XLV) | -2.4% | 22.3% |
Fundamental Drivers
The 343.5% change in RAPP stock from 5/31/2025 to 6/8/2026 was primarily driven by a 9.2233720368547763E17% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6082026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.27 | 36.68 | 343.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 20 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 86.6 | |
| Shares Outstanding (Mil) | 35 | 47 | -25.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2025 to 6/8/2026| Return | Correlation | |
|---|---|---|
| RAPP | 343.5% | |
| Market (SPY) | 26.9% | 15.5% |
| Sector (XLV) | 17.1% | 9.5% |
Fundamental Drivers
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Market Drivers
5/31/2023 to 6/8/2026| Return | Correlation | |
|---|---|---|
| RAPP | ||
| Market (SPY) | 83.8% | 18.0% |
| Sector (XLV) | 25.5% | 10.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RAPP Return | - | - | - | -15% | 71% | 19% | 74% |
| Peers Return | -16% | 18% | -19% | 31% | 69% | 3% | 81% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| RAPP Win Rate | - | - | - | 29% | 58% | 67% | |
| Peers Win Rate | 45% | 57% | 48% | 45% | 53% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| RAPP Max Drawdown | - | - | - | - | -63% | -17% | |
| Peers Max Drawdown | -57% | -52% | -55% | -44% | -52% | -26% | |
| 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, BTAI.
[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 6/8/2026 (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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Asset Allocation
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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)
We are a clinical-stage biopharmaceutical company focused on discovery and development of transformational small molecule medicines for patients suffering from central nervous system (“CNS”) disorders. Neuronal receptors are complex assemblies of proteins, comprising receptor principal subunits and their receptor associated proteins (“RAPs”), the latter of which play crucial roles in regulating receptor expression and function. Our founders have made pioneering discoveries related to RAP function to form the basis of our RAP technology platform. We believe that our deep expertise in RAP biology provides an opportunity for us to interrogate previously inaccessible targets and develop CNS drugs that are specific for receptor variants and neuroanatomical regions associated with certain diseases. RAP-219, our most advanced product candidate, is an AMPA receptor (“AMPAR”) negative allosteric modulator (“NAM”). RAP-219 is designed to achieve neuroanatomical specificity through its selective targeting of a RAP known as TARPγ8, which is associated with the neuronal AMPAR, a clinically validated target for epilepsy. Whereas AMPARs are distributed widely in the CNS, TARPγ8 is expressed only in discrete regions, including the hippocampus, a key site involved in focal epilepsy. We completed our Phase 1 trials in healthy adults to assess the safety and tolerability of RAP-219, and we intend to initiate a Phase 2a proof-of-concept trial in adult patients with drug-resistant focal epilepsy in the second or third quarter of (“mid”) 2024, with topline results expected in mid 2025. We believe RAP-219 also has therapeutic potential in peripheral neuropathic pain and bipolar disorder, and we intend to initiate Phase 2a trials in these indications in the second half of 2024 and in 2025, respectively. We have also identified another TARPγ8 targeted molecule with differentiated chemical and pharmacokinetic properties, RAP-199, for which we expect to initiate a Phase 1 trial in the first half of 2025. Beyond TARPγ8, we have two advanced discovery-stage nicotinic acetylcholine receptor (“nAChR”) programs stemming from our RAP technology platform. Our first discovery-stage nAChR program comprises modulators of a6 nAChRs that we are developing for the treatment of chronic pain. Our second discovery-stage nAChR program comprises modulators of a9a10 nAChRs that we are developing for the treatment of hearing disorders. We continue to leverage our RAP technology platform to discover additional product candidates. Rapport was formed in February 2022, with founding support from Third Rock Ventures and Johnson & Johnson Innovation-JJDC. Our scientific founder and Chief Scientific Officer, David Bredt, M.D., Ph.D., pioneered the discovery of RAPs and their targeting by small molecules while serving as Global Head of Neuroscience Discovery at Janssen Pharmaceutica NV (“Janssen”) and prior to that as Vice President of Neuroscience at Eli Lilly and Company and as a Professor of Physiology at the University of California, San Francisco. Dr. Bredt was subsequently joined at Rapport by additional scientists who previously worked on the RAP platform at Janssen. In August 2022, we entered into a license agreement with Janssen (the “Janssen License”) for the research, development and commercialization of certain TARPγ8 products, including RAP-219 and RAP-199, and nAChR products created by Dr. Bredt and his colleagues at Janssen. All discovery and development efforts related to our pipeline programs are herein referred to as “ours,” although some of these preclinical efforts were completed at Janssen prior to the Janssen License. In many cases, these efforts were made by certain of the same personnel who have since joined Rapport. We were incorporated under the laws of the State of Delaware in February 2022 under the name Precision Neuroscience NewCo, Inc., and changed our name to Rapport Therapeutics, Inc. in October 2022. Our principal executive offices are located at 1325 Boylston Street, Suite 401, Boston, MA. We have one subsidiary, Rapport Therapeutics Securities Corporation, formed in December 2022 under the laws of the Commonwealth of Massachusetts.
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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.
AI Analysis | Feedback
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.AI Analysis | Feedback
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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.AI Analysis | Feedback
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.
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 | 107.17 |
| Mkt Cap | 5.9 |
| Rev LTM | 10 |
| Op Inc LTM | -149 |
| FCF LTM | -76 |
| FCF 3Y Avg | -105 |
| CFO LTM | -76 |
| CFO 3Y Avg | -104 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -63.3% |
| Rev Chg 3Y Avg | 59.0% |
| Rev Chg Q | 32.4% |
| QoQ Delta Rev Chg LTM | 7.2% |
| Op Inc Chg LTM | -15.3% |
| Op Inc Chg 3Y Avg | -13.6% |
| Op Mgn LTM | -318.0% |
| Op Mgn 3Y Avg | -59.3% |
| QoQ Delta Op Mgn LTM | 3.5% |
| CFO/Rev LTM | -205.7% |
| CFO/Rev 3Y Avg | -38.0% |
| FCF/Rev LTM | -206.8% |
| FCF/Rev 3Y Avg | -38.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.9 |
| P/S | 27.6 |
| P/Op Inc | -12.5 |
| P/EBIT | -12.5 |
| P/E | -13.9 |
| P/CFO | -18.1 |
| Total Yield | -5.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -6.2% |
| D/E | 0.0 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.4% |
| 3M Rtn | 1.0% |
| 6M Rtn | 10.1% |
| 12M Rtn | 86.0% |
| 3Y Rtn | 75.5% |
| 1M Excs Rtn | -9.3% |
| 3M Excs Rtn | -7.9% |
| 6M Excs Rtn | 13.3% |
| 12M Excs Rtn | 64.9% |
| 3Y Excs Rtn | 2.2% |
Price Behavior
Price Behavior
| Market Price | $36.68 | |
| Market Cap ($ Bil) | 1.7 | |
| First Trading Date | 06/07/2024 | |
| Distance from 52W High | -8.1% | |
| 50 Days | 200 Days | |
| DMA Price | $35.84 | $29.06 |
| DMA Trend | up | up |
| Distance from DMA | 2.4% | 26.2% |
| 3M | 1YR | |
| Volatility | 60.1% | 137.8% |
| Downside Capture | 166.97 | 164.74 |
| Upside Capture | 180.95 | 250.65 |
| Correlation (SPY) | 44.4% | 15.1% |
RAPP Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.27 | 1.15 | 1.85 | 1.69 | 1.88 | 0.16 |
| Up Beta | 0.69 | -0.55 | 1.83 | 2.50 | 0.71 | -0.33 |
| Down Beta | 0.69 | -0.15 | 1.22 | 0.87 | 0.81 | -0.34 |
| Up Capture | 253% | 227% | 271% | 213% | 894% | 223% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 12 | 24 | 36 | 69 | 133 | 251 |
| Down Capture | 50% | 345% | 167% | 138% | 142% | 107% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 17 | 27 | 55 | 115 | 239 |
[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 | 192.8% | 137.6% | 1.22 | - |
| Sector ETF (XLV) | 16.8% | 15.0% | 0.83 | 9.5% |
| Equity (SPY) | 26.2% | 12.1% | 1.63 | 15.0% |
| Gold (GLD) | 28.6% | 26.9% | 0.91 | 3.5% |
| Commodities (DBC) | 37.4% | 19.0% | 1.54 | -7.1% |
| Real Estate (VNQ) | 11.0% | 13.4% | 0.53 | 2.7% |
| Bitcoin (BTCUSD) | -40.1% | 42.4% | -1.09 | 13.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RAPP | |
|---|---|---|---|---|
| RAPP | 11.6% | 125.5% | 0.69 | - |
| Sector ETF (XLV) | 6.4% | 14.7% | 0.25 | 10.7% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 18.0% |
| Gold (GLD) | 17.4% | 18.1% | 0.78 | 4.7% |
| Commodities (DBC) | 9.3% | 19.4% | 0.37 | 0.3% |
| Real Estate (VNQ) | 2.6% | 18.8% | 0.04 | 7.4% |
| Bitcoin (BTCUSD) | 10.7% | 54.6% | 0.39 | 16.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RAPP | |
|---|---|---|---|---|
| RAPP | 5.6% | 125.5% | 0.69 | - |
| Sector ETF (XLV) | 9.8% | 16.6% | 0.48 | 10.7% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 18.0% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 4.7% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 0.3% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 7.4% |
| Bitcoin (BTCUSD) | 62.6% | 66.9% | 1.02 | 16.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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 | 5 | 4 | 5 |
| # Negative | 3 | 4 | 3 |
| Median Positive | 5.5% | 7.5% | 10.3% |
| 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 5/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Third, Rock Ventures V, LP | Direct | Sell | 5282026 | 40.05 | 18,572 | 743,753 | 251,516,185 | Form | |
| 2 | Third, Rock Ventures V, LP | Direct | Sell | 5132026 | 40.24 | 133,618 | 5,377,323 | 253,500,860 | Form | |
| 3 | Third, Rock Ventures V, LP | Direct | Sell | 5112026 | 40.31 | 5,018 | 202,256 | 259,277,011 | Form | |
| 4 | Third, Rock Ventures V, LP | Direct | Sell | 5112026 | 40.12 | 271,495 | 10,892,651 | 258,288,286 | Form | |
| 5 | Third, Rock Ventures V, LP | Direct | Sell | 4212026 | 40.32 | 426,005 | 17,175,244 | 270,495,945 | Form |
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: 6/8/2026