Key Highlights

• Rapport Therapeutics (NASDAQ:RAPP) reported positive Phase 2 results for RAP-219 in adults with acute bipolar mania, meeting both primary and secondary endpoints.

• The company holds $815.4 million in cash and cash equivalents as of November 3, 2026, with runway extending through the end of 2029.

• Two Phase 3 trials in bipolar mania are expected to initiate in the second half of 2027, and Phase 3 epilepsy trials are currently enrolling patients.

• Net loss for Q3 2026 was $40.2 million, compared to $26.9 million in the year-ago period, driven by increased R&D spending.

Rapport Therapeutics Inc. (NASDAQ:RAPP), a clinical-stage biotechnology company developing precision medicines for neurological and psychiatric disorders, has posted third quarter 2026 financial results alongside a series of clinical and corporate updates. The quarter was highlighted by positive Phase 2 topline data for its lead candidate RAP-219 in bipolar mania, marking the drug's second clinical proof-of-concept.

Phase 2 Data in Bipolar Mania

On October 20, 2026, Rapport reported topline results from a randomized, double-blind, placebo-controlled Phase 2 trial of RAP-219 in 253 adults with bipolar I disorder experiencing an acute manic episode. The trial met its primary endpoint, achieving a statistically significant 3.1-point placebo-adjusted improvement in Young Mania Rating Scale (YMRS) total score at Week 3 (p=0.045). The pre-specified secondary endpoint was also met, with a significant 0.4-point improvement over placebo in the Clinical Global Impression-Bipolar Version Severity of Mania score (p=0.024).

RAP-219-treated patients saw a 15.4-point mean reduction in YMRS from baseline at Week 3, compared to 12.3 points with placebo. All 11 YMRS items improved versus placebo, with four reaching nominal significance. The drug was well tolerated — all treatment-emergent adverse events were mild or moderate, with no serious adverse events reported and a 3.2% discontinuation rate due to adverse events versus 0.8% on placebo.

Epilepsy Program Advancing in Parallel

The RAP-219 development program extends well beyond psychiatry. Two pivotal Phase 3 trials in focal onset seizures (FOS) — FOCUS 1 and FOCUS 2 — are actively enrolling patients. The company's partner in China, Tenacia, has also begun patient recruitment following IND approval from China's NMPA. Initial data from an open-label long-term safety trial in FOS patients from the Phase 2a study are expected in Q4 2026. Additionally, Rapport is preparing to initiate a Phase 3 trial in primary generalized tonic-clonic seizures in the first half of 2027.

Expanding the Pipeline

Beyond RAP-219, the company is developing a long-acting injectable formulation, with Phase 1 pharmacokinetic data expected in Q3 2027. Rapport also received FDA clearance for an IND application for RAP-641, an α6β4 nicotinic acetylcholine receptor agonist being studied for chronic pain and migraine, with a Phase 1 trial planned to produce preliminary results in the second half of 2027.

Financial Position

Net loss for the third quarter was $40.2 million, compared to $26.9 million in Q3 2025. The increase was driven by R&D expense rising to $34.3 million from $22.3 million, reflecting the expansion of clinical programs. The company's cash position is substantial at $815.4 million as of November 3, 2026 — bolstered by a recent public offering and concurrent private Placement that raised approximately $410.7 million in net proceeds, plus $10 million from an at-the-market sale in November 2026. This cash runway is expected to extend through the end of 2029.

The Road Ahead

Rapport Therapeutics now has clinical proof-of-concept for RAP-219 in two indications — epilepsy and bipolar mania — and is approaching a period of intensive Phase 3 activity across both neurological and psychiatric programs. The company's deep cash reserves provide the financial flexibility to pursue multiple late-stage trials simultaneously. An FDA meeting in Q1 2027 to discuss registrational trial design in bipolar mania will be a key upcoming catalyst.