RAPPRapport Therapeutics, Inc.
Rapport Therapeutics, Inc. (RAPP) sells late-stage biotech assets with a focus on neurology and psychiatry, particularly its RAP-219 molecule for bipolar mania. The next catalyst is Nov 9, 2026 — Q3 2026 Earnings & Cash Runway Update, which will test the company’s ability to report progress on RAP-219 and demonstrate sufficient cash to fund its Phase 2 trial.
- Rapport has $476.8M in cash as of Q1 2026, but has posted a net loss of $123.25M in 2026 and a TTM net margin of -616.3%.
- Free cash flow remains negative at -$176.67M TTM, and the company is heavily leveraged with $484.65M in shareholders’ equity.
- Revenue stands at $20.00M, with no profitability in sight, and the path to breakeven is unclear without a successful Phase 2 readout.
The Read
Historically, RAPP stock has shown high volatility before FDA decisions with moves up to about 43% driven by positive clinical updates, but FDA-related catalysts have not yet resolved, and recent earnings events with RAP-219 trial updates caused mixed reactions including 4–12% moves mostly tied to trial progress and cash runway concerns rather than direct FDA approvals.
The schedule
- Mon9Nov
This event will test the company's ability to secure additional capital for Phase 3 trials, which is essential for advancing its drug development pipeline. The outcome will reflect the market's confidence in the company's long-term prospects and its ability to fund critical trials.
- Wed23Dec
The release of Phase 2 top-line data will test the company's progress in its Bipolar Mania trial, which is a key driver of its long-term value proposition. This will provide insight into the drug's potential efficacy and its ability to meet regulatory milestones.
- Sun10Jan
This event will test the company's ability to secure additional capital for Phase 3 trials, which is essential for advancing its drug development pipeline. The outcome will reflect the market's confidence in the company's long-term prospects and its ability to fund critical trials.
- Tue9Feb
The earnings release will test the company's ability to meet revenue and guidance expectations, particularly in light of the recent cash runway concerns. This differs from the last print where the focus was on short-term cash flow, not long-term growth.
- Thu6May
This release will test the company's ability to deliver on its Phase 3 trial progress and cash flow management. The focus will shift from short-term cash to long-term trial data and potential regulatory milestones.
- Thu5Aug
This release will test the company's ability to deliver on its Phase 3 trial data and potential regulatory approval timelines. The focus will be on the long-term value proposition and the ability to convert trial data into revenue.
Past
- Thu7May
Actual outcome: Bear · $38.43 at outcome
Rapport reported a Q1 loss of $0.42 per share, which met or beat estimates, and provided positive clinical updates including accelerated timelines for its RAP-219 Phase 2 bipolar mania trial. Despite these positive developments, the stock fell below the $39.00 bear floor, likely driven by profit-taking following a 230% surge over the past year and recent significant insider selling as the company prepares for costly Phase 3 trials.
On May 15, 2026, Rapport is expected to report Q1 2026 earnings and update cash runway. From a base price of $44.00, a clean print with R&D spend aligned to RAP-219 Phase 3 plans and runway comfortably past key readouts could support a move to $46.00, while higher-than-expected burn or hints of upcoming financing could pull the stock back toward $46.00.
- Tue10Mar
Actual outcome: Bear · $27.84 at outcome
Rapport Therapeutics reported in-line Q4 2025 earnings with an EPS of -$0.72 and announced a strategic collaboration with Tenacia Biotechnology for RAP-219 in Greater China. The company also highlighted RAP-219's Phase 2a trial results and expected Phase 3 initiation in Q2 2026, but despite these pipeline updates, the stock fell 6.0% following the report.