Revenue: As of FY2026 Q2, the actual value is USD 0.

EPS: As of FY2026 Q2, the actual value is USD -1.19, missing the estimate of USD -0.967.

EBIT: As of FY2026 Q2, the actual value is USD -56.62 M.

Net Loss

Rapport Therapeutics, Inc. reported a net loss of - $56.6 million for the second quarter of 2026, compared to a net loss of - $26.7 million for the prior year period.

Operating Expenses

Research and Development (R&D) expenses were $51.4 million for the second quarter of 2026, an increase from $22.7 million in the prior year period, primarily due to costs related to clinical development and pipeline progression. Selling, General and Administrative (SG&A) expenses increased to $9.4 million for the second quarter of 2026, from $6.8 million in the prior year period, driven by business growth.

Cash Position and Runway

The company ended the second quarter of 2026 with $436.1 million in cash, cash equivalents, and short-term investments, excluding restricted cash, a decrease from $476.8 million as of March 31, 2026. This cash position is expected to fund operations into the second half of 2029.

Balance Sheet Highlights (as of June 30, 2026, in thousands)

• Cash and cash equivalents: $63,612
• Short-term investments: $372,465
• Restricted cash: $105
• Total current assets: $446,856
• Total assets: $458,982
• Total current liabilities: $28,424
• Total liabilities: $36,056
• Accumulated deficit: - $311,700
• Total stockholders’ equity: $422,926

Cash Flow Highlights (for the three months ended June 30, in thousands)

• Net cash used in operating activities: - $41,455 in 2026, compared to - $25,070 in 2025.
• Net cash provided by investing activities: $25,600 in 2026, compared to $22,596 in 2025.
• Net cash provided by (used in) financing activities: $1,411 in 2026, compared to - $63 in 2025.

Operational Metrics and Pipeline Updates

The Phase 3 program for RAP-219 in focal onset seizures (FOS) has been initiated, with FOCUS 1 and FOCUS 2 trials actively enrolling patients. The China National Medical Products Administration (NMPA) approved the Investigational New Drug (IND) application for RAP-219 Phase 3 trials in FOS, and patient recruitment in China is expected to begin in Q4 2026. An open-label long-term safety trial for RAP-219 in FOS has been initiated, with initial data anticipated in Q4 2026. Follow-up Phase 2a data for RAP-219 in FOS showed sustained therapeutic levels and clinically meaningful improvements, including an 80% median reduction in long episodes and a 90% median reduction in clinical seizures in weeks 9-12. The estimated half-life of RAP-219 has increased to 22 days. The company is also preparing to initiate a Phase 3 trial of RAP-219 in primary generalized tonic-clonic seizures (PGTCS) in the first half of 2027. The Phase 2 trial for RAP-219 in bipolar mania continues to advance, with topline results expected in October 2026. IND-enabling activities for RAP-219’s long-acting injectable formulation are progressing, with initial Phase 1 pharmacokinetic data expected in 2027. The RAP-641 α6β4 nAChR program is moving towards IND submission.

Outlook

Rapport Therapeutics, Inc. expects to release topline results from its RAP-219 Phase 2 trial in bipolar mania in October 2026, and patient recruitment for RAP-219 Phase 3 trials in FOS in China is anticipated to commence in Q4 2026, alongside initial data from the open-label long-term safety trial. The company plans to initiate a Phase 3 trial for RAP-219 in PGTCS in the first half of 2027 and expects initial Phase 1 pharmacokinetic data for the long-acting injectable formulation in 2027.