Rapport Therapeutics, Inc.
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because a material operational question remains open: Rapport’s value rests almost entirely on RAP-219, and the placebo-controlled Phase 3 trials that will decide approval or failure are only under way or start in 2027. There is no existential risk: a preliminary $395.0 million in cash and investments (09/30/2026) plus about $410 million raised in October is expected to last through the end of 2029, well beyond four quarters. Dilution at $21 is a price issue, not a quality verdict. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Rapport Therapeutics is a textbook case of the headline trap: the October 2026 mania trial was positive but narrow, the epilepsy evidence comes from an open-label study, and eight days after the data the company raised about $410 million at $21 a share. Cash is ample and is expected to last through the end of 2029 — but the value rests on a single drug whose decisive Phase 3 tests are only now under way. Not investment advice.
Clinical evidence
Mania trial met its primary endpoint (3.1-point advantage, p = 0.045; 10/20/2026); strong Phase 2a epilepsy data, but from an open-label study without placebo (10-K 2025); Phase 3 in epilepsy under way since Q2 2026.
Liquidity
Preliminary cash of $395.0 million (09/30/2026) plus about $410 million from the October 2026 offerings; runway through the end of 2029, per the company.
Costs
Operating expenses Q2 2026: $60.8 million versus $29.5 million a year earlier; about $410 million in fresh capital extends the stated runway by at most half a year.
Dilution
About 26% more shares from the offerings at $21 (09/2025: $26), up to 6.4 million more through the convertible notes, 8.0 million options (06/30/2026).
Insiders
CFO and five directors bought about $1.7 million from 10/21 to 10/23/2026, Sofinnova about $20.4 million at $21 through James Healy (Form 4 of 10/30/2026); the CEO sold under 10b5-1 plans.
Worth Noting
Rapport landed on our research list through director James Healy’s insider filing (Form 4) of 10/30/2026.
About $410 million = $215.7 million net from shares and pre-funded warrants (incl. the underwriters’ option) + $166.8 million net from the convertible notes + $30.0 million private placement (gross, 6% placement fee) per the 8-K and 424B5s of 10/30/2026; our own sum.
Share count after the offerings: 59,145,555 per the 424B5 (based on 47,955,079 at 06/30/2026, incl. the underwriters’ option) plus 1,190,476 pre-funded warrants = 60,336,031; market value computed × $25.05 (10/30/2026 close). The fundamental data’s market value (≈ $1.20 billion) uses the pre-offering share count and is not used.
Q4 2025 operating expenses = full-year 2025 ($125.1 million) minus nine months ($86.6 million); cash as of 09/30/2026 is a preliminary, unreviewed company estimate (8-K Item 2.02).
Insider totals summed from Form 4 filings of 07/01 to 10/30/2026 (shares × reported average price).
Our reading of which costs the new runway estimate includes is our own interpretation; Rapport does not itemize them.
Stock Watch
This analysis is as of October 31, 2026. Stock Watch will tell you what's changed at RAPP since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 22.50 $ to 52.50 $ · Last price: 25.10 $ (As of: October 30, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/30/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Rapport Therapeutics, Inc. RAPP | 1.2 | – | 0.0 | -109.4 | – | – | -11.6 |
| Vertex Pharmaceuticals Inc VRTX | 141.4 | 33.3 | 25.7 | 55.0 | 38.1 | 9.6 | 33.1 |
| Regeneron Pharmaceuticals Inc REGN | 96.4 | 23.4 | 13.1 | 44.5 | 20.7 | 1.0 | 42.6 |
| Moderna Inc MRNA | 88.0 | – | 4.6 | -66.0 | -131.1 | -39.2 | 687.9 |
| argenx NV ARGX | 55.5 | 34.1 | 26.2 | 59.8 | 32.0 | 89.6 | 8.8 |
| BeiGene, Ltd. ONC | 41.9 | 66.1 | 33.8 | 88.9 | 19.1 | 40.2 | 18.0 |
| Revolution Medicines Inc RVMD | 39.8 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 225.0 |
| Royalty Pharma Plc RPRX | 37.0 | 36.4 | 20.8 | 95.8 | 100.3 | 5.1 | 85.4 |
| Genmab AS GMAB | 35.6 | 44.9 | 24.7 | 93.0 | 35.2 | -82.7 | 99.0 |
| Median of companies shown | 41.9 | 35.2 | 20.8 | 55.0 | 26.3 | 3.0 | 42.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2022 | – | -10 | -11 | -0.53 | -3 | 20 | 32 |
| 2023 | 0 | -36 | -35 | -1.92 | -27 | -26 | 155 |
| 2024 | 0 | -83 | -78 | -3.78 | -65 | 305 | 315 |
| 2025 | 0 | -125 | -111 | -2.37 | -87 | 485 | 512 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.04 | – | 1 | – | -2,775.00 | -14 | -15 |
| 2025: Q1 | -0.68 | – | 0 | – | – | -20 | -21 |
| 2025: Q2 | -0.75 | – | 0 | – | – | -25 | -25 |
| 2025: Q3 | -0.71 | – | 0 | – | – | -18 | -18 |
| 2025: Q4 | -0.72 | – | 0 | -100.00 | – | -25 | -25 |
| 2026: Q1 | -0.42 | – | 20 | – | -99.30 | -13 | -13 |
| 2026: Q2 | -1.19 | -58.70 | 0 | – | – | -42 | -42 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 16 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Power Trend
- RS Leader (≥90)
- RS New Highs
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -4.04 | -4.51 – -3.50 | 20 | -41.2% | 12 |
| 12/31/2027 | -5.09 | -6.80 – -3.81 | 0 | -26.0% | 12 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 31.10.2026 gegen die Quartalsberichte (10-Q) zum 30.06.2026, 31.03.2026, 30.09.2025 und 30.06.2025 sowie die Geschäftsberichte (10-K) für 2025 und 2024 von Rapport Therapeutics: KI („AI“, „AI/ML“, „artificial intelligence“, „machine learning“) kommt ausschließlich in allgemeinen Risikohinweisen vor — zu Cyberangriffen, die KI-gestützt sein können, zu Datenschutz- und KI-Regulierung und zu möglichen Risiken, falls KI im eigenen Betrieb oder bei Dienstleistern eingesetzt wird. Einen konkreten KI-Einsatz in Forschung, Studien oder Verwaltung beschreibt keiner der sechs Berichte, eine KI-Umsatzquelle gibt es nicht, und das Geschäft (Entwicklung des Wirkstoffs RAP-219 gegen Epilepsie und Manie, ohne Produktumsatz) wird nicht als durch KI bedroht beschrieben. Boilerplate-Risikohinweise begründen nach dem Kriterienkatalog weder „bedroht“ noch „nutzt“ — damit bleibt es bei „neutral“ (dokumentierter Negativ-Befund).
View the full file — quotes, sources, reviewed filings
„The use of new and evolving technologies, such as AI and machine learning (“ML”), in our operations, and the operations of third parties upon which we rely, may result in spending additional resources and present new risks and challenges that can impact our business including by posing security and other risks to our sensitive data."
Der Einsatz neuer und sich entwickelnder Technologien wie KI und maschinelles Lernen („ML“) in unserem Betrieb und im Betrieb von Dritten, auf die wir angewiesen sind, kann zusätzliche Ressourcen erfordern und neue Risiken und Herausforderungen mit sich bringen, die unser Geschäft beeinträchtigen können, unter anderem durch Sicherheits- und sonstige Risiken für unsere sensiblen Daten.
10-K · 2026-03-10 · View SEC filing
„attacks enhanced or facilitated by artificial intelligence (“AI”)"
durch künstliche Intelligenz („KI“) verstärkte oder ermöglichte Angriffe
10-Q · 2026-08-05 · View SEC filing
Filings Reviewed: 10-Q 2026-08-05 · 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-K 2026-03-10 · 10-K 2025-03-11
Rated on October 31, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years no data
- More than 10% revenue growth is expected for the coming year -100.0%
- Share count grows by less than 3% a year 32.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") no data
- Gross margin at 40% or higher and without meaningful erosion no data
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 479 m net cash
- Operating cash flow covers the profits of the last three years 45 m
- Return on capital at 15% or higher, or up versus two years ago -25.4%
- Insiders hold at least 10% or are net buyers 4.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% -23.0%
- ROCE > 15% -25.4%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 28, 2026 | Healy James | Director | Buy | 6,933 | 21.00 | 145,593 |
| Oct 28, 2026 | Healy James | Director | Buy | 3,772 | 21.00 | 79,212 |
| Oct 28, 2026 | Healy James | Director | Buy | 6,395 | 21.00 | 134,295 |
| Oct 28, 2026 | Healy James | Director | Buy | 952,380 | 21.00 | 19,999,980 |
| Oct 23, 2026 | Sanchez Ramiro | Director | Buy | 3,600 | 27.35 | 98,478 |
| Oct 22, 2026 | Silva Paul M | Director | Buy | 3,680 | 27.08 | 99,636 |
| Oct 22, 2026 | Young Wendy B. | Director | Buy | 3,789 | 26.39 | 99,992 |
| Oct 22, 2026 | Paul Steven M | Director | Buy | 35,714 | 27.28 | 974,278 |
| Oct 22, 2026 | Maraganore John | Director | Buy | 1,172 | 26.92 | 31,547 |
| Oct 22, 2026 | Maraganore John | Director | Buy | 8,239 | 26.38 | 217,344 |
The company
About the Company
Rapport Therapeutics, Inc. ist ein biopharmazeutisches Unternehmen in der klinischen Phase, das sich auf die Entdeckung und Entwicklung transformativer niedermolekularer Medikamente für Patienten konzentriert, die an Störungen des zentralen Nervensystems (ZNS) leiden.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 84
- Headquarters
- Boston, MA
- Address
- 99 High Street, 02110 Boston, United States
- Phone
- 857 321 8020
- Website
- rapportrx.com
- IPO Date
- 06/07/2024
- ISIN
- US75383L1026
Management
| Name | Title | Birth Year |
|---|---|---|
| Steven M. Paul M.D. | Founder & Independent Chairman | 1951 |
| Abraham N. Ceesay M.B.A. | CEO, President, Treasurer & Director | 1978 |
| Troy A. Ignelzi | Chief Financial Officer | 1968 |
| Karina Chmielewski | Chief Information Officer & Head of Operations | – |
| Julie DiCarlo | Head of Communications & Investor Relations | – |
| Kathleen A. Wilkinson | Chief People Officer | 1972 |
| Gregg Keaney Ph.D. | Senior Vice President of CMC & Product Development | – |
| Craig Wilhelmson | Head of Data Management | – |
| Brian Corcoran | Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/30/2026 Rapport Therapeutics, Inc. (RAPP): Entry into a Material Definitive Agreement; Results of Operations and Financial Condition; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Unregistered Sales of Equity Securities; Financial Statements and Exhibits SEC ↗
- 10/20/2026 Rapport Therapeutics, Inc. (RAPP): Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 08/05/2026 Rapport Therapeutics, Inc. (RAPP): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: October 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.