Rapport Therapeutics, Inc.
RAPP · Pharmaceutical Preparations · 47.8M shares · +1277%/yr ↑ dilution · EDGAR filings ↗
Reference price $40.05 · est. market cap ~$1.9B — last insider sale, 2026-05-26 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — neuroscience clinical, heavy burn ($88M), very cash-rich.
Strengths
- Liquidity — current ratio 26.2 (97th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, CITADEL ADVISORS LLC
- Cash burnNegative free cash flow (-88.1M)
- Chronic dilutionShare count +1277%/yr over 1y (dilution, book value/share -88%)
- Strong balance sheetStrong balance sheet — $490M cash & investments, ~22 quarters of runway
- Insider sellingInsider selling — 27 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$38M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-09 — PHASE2 · Bipolar 1 Disorder
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Notable holderHeld by 4 notable fund(s): FMR LLC, GOLDMAN SACHS GROUP INC, STATE STREET CORP +1 more (as of 2026-03-31)
Quarterly revenue
Last 2 quarters · from SEC filings.
Key metrics
Return on equity
-23.0%
Return on assets
-21.8%
Current ratio
26.2×
Free cash flow
-$88M
EBITDA
-$124M
Tangible book value
$485M
Cash & investments
$490M
Cash runway
22q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-26 | Third Rock Ventures V, L.P. | Sell | 19K | $40.05 |
| 2026-05-11 | Third Rock Ventures V, L.P. | Sell | 134K | $40.24 |
| 2026-05-08 | Third Rock Ventures V, L.P. | Sell | 5.0K | $40.31 |
| 2026-05-07 | Third Rock Ventures V, L.P. | Sell | 271K | $40.12 |
| 2026-04-17 | Third Rock Ventures V, L.P. | Sell | 426K | $40.32 |
| 2026-04-17 | Yeleswaram Krishnaswamy | Sell | 20K | $39.99 |
| 2026-04-14 | Yeleswaram Krishnaswamy | Sell | 10K | $35.08 |
| 2026-04-13 | Yeleswaram Krishnaswamy | Sell | 9.2K | $34.97 |
| 2026-04-10 | Yeleswaram Krishnaswamy | Sell | 500 | $34.98 |
| 2026-04-08 | Yeleswaram Krishnaswamy | Sell | 360 | $34.90 |
| 2026-03-30 | Gault Cheryl | Sell | 7.2K | $28.04 |
| 2026-03-30 | Gault Cheryl | Sell | 2.8K | $28.55 |
| 2026-03-25 | Yeleswaram Krishnaswamy | Sell | 10K | $29.99 |
| 2026-03-05 | Gault Cheryl | Sell | 2.0K | $28.93 |
| 2026-02-19 | Bredt David | Option exercise | 6.0K | $1.80 |
| 2026-02-18 | Ceesay Abraham | Sell | 2.1K | $29.80 |
| 2026-02-18 | Ceesay Abraham | Sell | 2.3K | $29.80 |
| 2026-02-18 | Ceesay Abraham | Sell | 3.6K | $29.05 |
| 2026-02-18 | Ceesay Abraham | Sell | 3.0K | $29.04 |
| 2026-02-17 | Bredt David | Sell | 900 | $28.02 |
| 2026-02-17 | Bredt David | Sell | 5.4K | $28.95 |
| 2026-02-17 | Bredt David | Sell | 2.2K | $29.59 |
| 2026-01-20 | Ceesay Abraham | Sell | 5.8K | $26.12 |
| 2026-01-20 | Ceesay Abraham | Sell | 5.1K | $26.11 |
| 2026-01-15 | Bredt David | Sell | 8.3K | $26.83 |
| 2026-01-15 | Bredt David | Sell | 200 | $27.40 |
| 2025-12-31 | Bredt David | Grant | 18K | — |
| 2025-12-31 | Bredt David | Sell | 6.6K | $30.05 |
| 2025-12-31 | Yeleswaram Krishnaswamy | Grant | 9.0K | — |
| 2025-12-31 | Yeleswaram Krishnaswamy | Sell | 2.8K | $30.05 |
| 2025-12-17 | Ceesay Abraham | Sell | 2.4K | $28.84 |
| 2025-12-17 | Ceesay Abraham | Sell | 2.8K | $30.04 |
| 2025-12-17 | Ceesay Abraham | Sell | 600 | $31.04 |
| 2025-12-17 | Ceesay Abraham | Sell | 2.1K | $28.84 |
| 2025-12-17 | Ceesay Abraham | Sell | 2.4K | $30.04 |
| 2025-12-17 | Ceesay Abraham | Sell | 515 | $31.04 |
| 2025-12-15 | Bredt David | Sell | 796 | $30.68 |
| 2025-12-15 | Bredt David | Sell | 7.7K | $29.95 |
| 2025-11-26 | Gault Cheryl | Option exercise | 5.0K | $1.80 |
| 2025-11-26 | Gault Cheryl | Sell | 5.0K | $30.10 |
| 2025-11-17 | Ceesay Abraham | Sell | 2.8K | $24.92 |
| 2025-11-17 | Ceesay Abraham | Sell | 3.1K | $25.43 |
| 2025-11-17 | Ceesay Abraham | Sell | 2.2K | $24.91 |
| 2025-11-17 | Ceesay Abraham | Sell | 2.8K | $25.44 |
| 2025-11-17 | Bredt David | Sell | 3.2K | $24.84 |
| 2025-11-17 | Bredt David | Sell | 5.3K | $25.39 |
| 2025-10-15 | Bredt David | Sell | 7.4K | $25.73 |
| 2025-10-15 | Bredt David | Sell | 1.1K | $26.16 |
| 2025-10-15 | Ceesay Abraham | Sell | 4.6K | $25.72 |
| 2025-10-15 | Ceesay Abraham | Sell | 1.2K | $26.14 |
| 2025-10-15 | Ceesay Abraham | Sell | 4.3K | $25.75 |
| 2025-10-15 | Ceesay Abraham | Sell | 755 | $26.17 |
| 2025-09-17 | Ceesay Abraham | Sell | 39K | $26.30 |
| 2025-09-17 | Ceesay Abraham | Sell | 1.4K | $26.87 |
| 2025-09-17 | Ceesay Abraham | Sell | 35K | $26.30 |
| 2025-09-17 | Ceesay Abraham | Sell | 700 | $27.04 |
| 2025-09-15 | Bredt David | Sell | 5.1K | $23.88 |
| 2025-09-15 | Bredt David | Sell | 3.4K | $24.66 |
| 2025-09-12 | Huber Reid M | Buy | 20K | $24.48 |
| 2025-09-12 | PAUL STEVEN M | Buy | 28K | $24.50 |
| 2025-09-12 | PAUL STEVEN M | Buy | 13K | $24.97 |
| 2025-09-11 | Young Wendy B. | Buy | 3.5K | $22.60 |
| 2025-09-08 | Gault Cheryl | Option exercise | 5.0K | $1.80 |
| 2025-09-08 | Gault Cheryl | Sell | 5.0K | $38.33 |
| 2025-08-15 | Bredt David | Sell | 8.3K | $14.98 |
| 2025-08-15 | Bredt David | Sell | 200 | $15.79 |
| 2025-07-15 | Bredt David | Sell | 8.5K | $14.00 |
| 2025-06-16 | Bredt David | Sell | 8.5K | $11.00 |
| 2025-05-15 | Bredt David | Sell | 8.5K | $9.56 |
| 2025-04-15 | Bredt David | Sell | 8.5K | $9.57 |
| 2025-03-14 | Bredt David | Sell | 8.5K | $10.85 |
| 2025-03-13 | Ignelzi Troy A. | Buy | 100 | $9.98 |
| 2025-03-12 | Ignelzi Troy A. | Buy | 9.9K | $10.10 |
| 2025-03-12 | Young Wendy B. | Buy | 6.0K | $10.21 |
| 2025-03-03 | Gault Cheryl | Grant | 14K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07594119 ↗ | Study Evaluating the Efficacy and Safety of RAP-219 in Adult Participants With Focal Seizures Focal Seizure, Epilepsy | PHASE3 | Recruiting | 2029-07-01 |
| NCT07563881 ↗ | Study Evaluating the Efficacy and Safety of RAP-219 in Adult Participants With Focal Seizures FOCUS-1 Focal Seizure, Epilepsy | PHASE3 | Recruiting | 2029-07-01 |
| NCT07219407 ↗ | A Long-term Study of the Safety and Effectiveness of RAP-219 in Adults With Focal Onset Seizures Focal Epilepsy, Epilepsy | PHASE2 | Recruiting | 2028-02-03 |
| NCT07046494 ↗ | Study Evaluating the Efficacy and Safety of RAP-219 in Adult Participants With Bipolar I Disorder Bipolar 1 Disorder | PHASE2 | Recruiting | 2026-09-01 |
| NCT06377930 ↗ | Study Evaluating the Safety and Efficacy of RAP-219 in Adult Participants With Refractory Focal Epilepsy Focal Onset Seizures | PHASE2 | Completed | 2025-09-26 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-10 | 2026-06-10 | 0001193125-26-265841 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-210324 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-210355 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0001193125-26-167078 ↗ |
| 10-K | 2026-03-10 | 2025-12-31 | 0001193125-26-099360 ↗ |
| 8-K | 2026-03-10 | 2026-03-10 | 0001193125-26-099336 ↗ |
| 8-K | 2026-01-07 | 2026-01-07 | 0001193125-26-005499 ↗ |
| 8-K | 2026-01-07 | 2026-01-07 | 0001193125-26-005446 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-268072 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-268096 ↗ |
| 8-K | 2025-09-10 | 2025-09-09 | 0001193125-25-200205 ↗ |
| 8-K | 2025-09-08 | 2025-09-08 | 0001193125-25-198322 ↗ |