Rapport Therapeutics Reports Strong Fourth Quarter and Full Year 2025 Financial Results, Announces Major Business Developments

BOSTON and SAN DIEGO, March 10, 2026 – Rapport Therapeutics, Inc. (Nasdaq: RAPP) has released its fourth quarter and full year 2025 financial results, highlighting robust clinical progress, strategic partnerships, and a solid financial foundation. The report includes business updates that are highly relevant for investors and shareholders.

Key Highlights

• RAP-219 Clinical Progress:
  • The lead program, RAP-219, demonstrated robust and consistent activity in patients with focal onset seizures (FOS) in a Phase 2a trial.
  • Phase 2a clinical trial in drug-resistant FOS (n=30) met its primary endpoint with high statistical significance:
    • 77.8% median reduction in clinical seizure frequency (p=0.01)
    • 72% of patients achieved ≥50% reduction in seizures vs. baseline (p<0.0001)
    • 24% achieved seizure freedom for the 8-week treatment period (p<0.0001)
  • Post-hoc analyses showed early onset of action, consistent efficacy, and meaningful reductions in seizure impact on daily functioning.
  • RAP-219’s Phase 3 program for FOS is accelerated and expected to begin in Q2 2026, ahead of previous guidance.
  • Open-label, long-term safety trial for RAP-219 has commenced, with data expected in H2 2026.
• Epilepsy Portfolio Expansion:
  • Based on FOS Phase 2a data, Rapport is initiating a new program in primary generalized tonic-clonic seizures (PGTCS)—the most common generalized seizure type. Phase 3 trial in PGTCS is planned for H1 2027.
• Pipeline Progress:
  • Development of a long-acting injectable formulation of RAP-219 is underway. IND-enabling activities have begun, with initial Phase 1 pharmacokinetic results expected in 2027.
  • Phase 2 trial of RAP-219 in bipolar mania continues, with topline results expected in H1 2027.
  • FDA lifted clinical hold on RAP-219 for diabetic peripheral neuropathic pain (DPNP), but further investment in this indication is deferred in favor of the α6β4 program for chronic pain and migraine.
  • IND-enabling activities for the α6β4 nAChR agonist candidate are ongoing, targeting chronic pain and migraine with a non-opiate, non-CNS approach.
• Strategic Collaboration:
  • 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 (including FOS and bipolar mania).
  • Rapport will receive a \$20 million upfront payment and is eligible for up to \$308 million in milestone and other payments, plus tiered royalties (mid-single digits to mid-teens) on net sales in China, Hong Kong, Macau, and Taiwan.
  • Tenacia will accelerate RAP-219’s development by adding Phase 3 clinical trial sites in China.
• Financial Position:
  • Ended 2025 with \$490.5 million in cash, cash equivalents, and short-term investments, excluding restricted cash.
  • Cash runway is expected to fund operations into H2 2029.
  • Net loss for Q4 2025 was \$33.8 million (up from \$20.0 million in Q4 2024). Full year 2025 net loss was \$111.5 million (vs. \$78.3 million in 2024).
  • R&D expenses: \$30.3 million in Q4 2025 (\$17.2 million in Q4 2024); \$94.8 million for full year (\$60.9 million in 2024).
  • G&A expenses: \$8.3 million in Q4 2025 (\$6.3 million in Q4 2024); \$30.3 million for full year (\$22.1 million in 2024).
  • Increase in expenses driven by clinical development and business growth.
• Product and Technology Overview:
  • RAP-219 is a TARPγ8-specific AMPA receptor negative allosteric modulator (NAM), with potential for best-in-class efficacy and tolerability in neurological disorders.
  • Selective targeting of TARPγ8 could reduce adverse events compared to traditional epilepsy drugs.
  • RAP-219 has “pipeline-in-a-product” potential for FOS, PGTCS, bipolar disorder, and peripheral neuropathic pain.

Key Shareholder Considerations and Potential Price-Sensitive Information

• Accelerated Phase 3 trial initiation for RAP-219 in FOS is a significant positive development and may drive investor optimism.
• Expansion into PGTCS creates additional multi-billion dollar commercial opportunities for RAP-219.
• Strategic partnership with Tenacia Biotechnology provides non-dilutive capital, global expansion, and commercial milestones—potentially boosting shareholder value.
• Cash runway extended to H2 2029 mitigates near-term financial risk and supports ongoing pipeline development.
• Robust clinical results in FOS (high seizure reduction, seizure freedom rates) suggest potential for best-in-class status and significant market share if approved.
• Deferral of DPNP investment and prioritization of α6β4 program signals strategic focus on high-potential assets.
• Rising R&D and G&A expenses reflect increased activity but warrant monitoring for operational efficiency.

Forward-Looking Statements Disclaimer

This article contains forward-looking statements, including statements regarding Rapport Therapeutics’ clinical development plans, pipeline progress, strategic partnerships, financial outlook, and market potential. Actual results may differ materially due to risks and uncertainties such as regulatory delays, clinical trial outcomes, competitive dynamics, and changes in financial strategy. Investors should review all risk disclosures in Rapport’s SEC filings and consult with their financial advisors prior to making investment decisions. The information presented does not constitute investment advice.

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