The EPS beat and accelerated pipeline timelines are positive, but rising operating expenses and reliance on non-recurring collaboration revenue temper enthusiasm. Watch for upcoming Phase 3 initiation in FOS and bipolar mania topline data in Q4 2026 as key catalysts.
Price Chart
Executive Summary
Rapport Therapeutics reported Q1 2026 results with a net loss of $19.9M ($0.42 per share), beating the $-0.56 consensus on EPS due to $20M collaboration revenue from the Tenacia deal. Pipeline progress includes sustained Phase 2a data for RAP-219 in epilepsy, accelerated bipolar mania trial topline (now Q4 2026), and cash runway into 2029.
Key Financial Metrics
Key Facts
- Q1 2026 net loss of $19.9M, EPS -$0.42 compared to consensus -$0.56 (beat)
- Collaboration revenue of $20.0M from Tenacia license agreement (vs $0 in prior year)
- Cash, equivalents & ST investments of $476.8M as of March 31, 2026
- R&D expenses rose to $32.7M from $19.6M year-over-year
- Phase 2a follow-up data showed 90% median seizure reduction in weeks 9-12
- Bipolar mania Phase 2 topline results expected Q4 2026 (ahead of prior 1H 2027 guidance)
- Phase 3 program in FOS on track to start in Q2 2026
Financial Impact
EPS beat of $0.14 (25% above consensus) driven by one-time collaboration revenue; operating loss deepened due to increased R&D and G&A spend.
Risk Factors
- Clinical trial failures in Phase 3 epilepsy or bipolar mania programs
- Rising cash burn rate if R&D expenses continue to increase
- Dependence on upfront collaboration revenue; no approved products yet
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-210324 |
| Document: 0001193125-26-210324-index.html | 0001193125-26-210324 |
| Document: 0001193125-26-210324.txt | 0001193125-26-210324 |
| 8-K Data (Synthetic) | 0001193125-26-210324 |
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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