Rapport Therapeutics 3Q 2026: Revenue $0 Net loss $40.2M, EPS $(0.84) — 10-Q Summary

Rapport Therapeutics reported no revenue in the third quarter of 2026 and a net loss of $40.2 million, compared with a $26.9 million loss in the prior-year quarter. Diluted EPS was $(0.84), versus $(0.71) a year earlier.

Financial Highlights

• Revenue was $0 in 3Q 2026, unchanged from 3Q 2025. Nine-month collaboration revenue was $20.0 million from the Tenacia upfront payment.
• Net loss was $40.2 million, compared with $26.9 million in 3Q 2025; the loss widened by $13.3 million year over year.
• Diluted EPS was $(0.84), compared with $(0.71) in 3Q 2025.

Business Highlights

• Phase 3 FOS trials of RAP-219 for epilepsy began enrolling in the second quarter of 2026. A Phase 3 trial in primary generalized tonic-clonic seizures is planned for the first half of 2027.
• A Phase 2 proof-of-concept trial of RAP-219 for bipolar mania met its primary endpoint. Two Phase 3 trials are expected to begin in the second half of 2027, pending FDA discussions.
• Rapport deferred RAP-219’s diabetic peripheral neuropathic pain program and is prioritizing α6β4 candidate RAP-641. A Phase 1 study is planned, with preliminary results expected in the second half of 2027.
• A study of a long-acting injectable formulation of RAP-219 is planned, with initial pharmacokinetic data expected in the third quarter of 2027.
• The Tenacia China-region license generated $20 million in collaboration revenue. No milestones or royalties had been earned as of September 30, 2026.

Original SEC Filing: Rapport Therapeutics, Inc. [ RAPP ] - 10-Q - Nov. 04, 2026