The Q2 miss and accelerating cash burn are negatives, but the initiation of Phase 3 epilepsy trials and the upcoming October bipolar mania readout are key catalysts. Traders should watch for topline Phase 2 data in October, which could significantly de-risk the RAP-219 franchise. The cash runway into 2029 provides a long development horizon.
Price Chart
Executive Summary
Rapport Therapeutics reported Q2 2026 net loss of $56.6M ($1.19/share), significantly wider than the $26.7M loss in Q2 2025 and missing the Street consensus of -$0.93 by 28%. The increased loss was driven by a doubling of R&D spend to $51.4M as the company initiated its Phase 3 program for RAP-219 in focal onset seizures. Despite the financial miss, pipeline progress—including Phase 3 enrollment and a Phase 2 bipolar mania trial on track for October topline data—provides a partial offset.
Key Financial Metrics
Key Facts
- Net loss of $56.6M in Q2 2026 vs $26.7M in Q2 2025
- EPS of -$1.19 missed consensus of -$0.93 by 28%
- R&D expense rose to $51.4M from $22.7M YoY, reflecting Phase 3 trial initiation
- Cash, cash equivalents and short-term investments of $436.1M, down from $476.8M at Q1 end
- Cash runway expected into second half of 2029
- RAP-219 Phase 3 FOCUS 1 and FOCUS 2 trials now enrolling patients
- Phase 2 bipolar mania trial on track for topline results in October 2026
- RAP-219 half-life estimate increased to 22 days from prior 14-day estimate
Financial Impact
Net loss widened by $29.9M YoY; EPS miss of $0.26 vs consensus
Risk Factors
- Clinical trial failure in Phase 3 epilepsy or Phase 2 bipolar mania
- Higher-than-expected cash burn could necessitate future dilutive financing
- Competition from existing and pipeline epilepsy therapies
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-333853 |
| Document: 0001193125-26-333853-index.html | 0001193125-26-333853 |
| Document: 0001193125-26-333853.txt | 0001193125-26-333853 |
| 8-K Data (Synthetic) | 0001193125-26-333853 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 2d ago | Insider Cluster | $26.00 | awaiting T+5 | — | $25.93 (−0.27%) |
Oct 22, 2026 4d ago | Insider Cluster | $27.33 | awaiting T+5 | — | $25.93 (−5.12%) |
Oct 21, 2026 4d ago | Insider Buy | $26.53 | awaiting T+5 | — | $25.93 (−2.26%) |
Oct 20, 2026 6d ago | 8-K | $29.37 | awaiting T+5 | — | $25.93 (−11.71%) |
Oct 6, 2026 19d ago | 144 | $30.86 $28.33 | ▲ +8.20% | ▲ +7.22% | $25.93 (+15.98%) |
Oct 1, 2026 24d ago | Insider Cluster | $32.17 $30.65 | ▼ −4.72% | ▼ −5.89% | $25.93 (−19.40%) |
Aug 26, 2026 8w ago | Insider Cluster | $50.83 $47.65 | ▼ −6.26% | ▼ −6.52% | $25.93 (−48.99%) |
Aug 5, 2026 11w ago | 8-K | $42.44 $47.73 | ▲ +12.46% | ▲ +12.11% | $25.93 (−38.90%) |
Jul 1, 2026 16w ago | Insider Cluster | $38.97 $41.75 | ▲ +7.13% | ▲ +5.77% | $25.93 (−33.46%) |
Jun 30, 2026 16w ago | 144 | $39.39 $39.72 | ▲ +0.84% | ▲ +0.58% | $25.93 (−34.17%) |
US Market Status
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