Cambridge biotech tracker · Boston
Rapport Therapeutics
Listed on Nasdaq as RAPP, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $395M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- $30.2M
- avg. operating cash flow, 4 qtrs
- Runway
- 3.3 yrs
- 3+ years
- Net loss
- $40.2M
- Q3 '26
- R&D expense
- $34.3M
- 78% of opex
- Raised, last 4 qtrs
- +$4.0M
- net financing cash flow
- Next readout
- Jul 2029
- Phase 3 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
3.3 years
Cash at Q3 '26 divided by the average burn of the last four quarters, $10.1M a month.
Management’s own date
Through 2029
Dec 2029
Guidance counts money received after quarter end, so it is not converted into a burn rate.
“We believe that our existing cash, cash equivalents, and short-term investments will enable us to fund our operating expenses and capital expenditure requirements through the end of 2029.”
Cash against the calendar
What the runway has to reach.
Jul 2029estimated
Study Evaluating the Efficacy and Safety of RAP-219 in Adult Participants With Focal Seizures
Focal Seizure · Epilepsy · Focal Epilepsy
NCT07594119 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 3.3 years
- Time to the date
- 32 months
It is about 32 months out. At the current burn there is roughly 7 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Pipeline
3 active trials, through phase 3.
Phase 3 · 2Phase 2 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| Study Evaluating the Efficacy and Safety of RAP-219 in Adult Participants With Focal SeizuresNCT07594119 · Focal Seizure, EpilepsyPhase 3Jul 2029est. | Phase 3 | Recruiting | ||
| Study Evaluating the Efficacy and Safety of RAP-219 in Adult Participants With Focal Seizures FOCUS-1NCT07563881 · Focal Seizure, EpilepsyPhase 3Jul 2029est. | Phase 3 | Recruiting | ||
| A Long-term Study of the Safety and Effectiveness of RAP-219 in Adults With Focal Onset SeizuresNCT07219407 · Focal Epilepsy, EpilepsyPhase 2Feb 2028est.· not a catalyst | Phase 2 | Recruiting | ||
| Study Evaluating the Safety and Efficacy of RAP-219 in Adult Participants With Refractory Focal EpilepsyNCT06377930 · Focal Onset SeizuresPhase 2Sep 2025 | Phase 2 | Completed | ||
| Study Evaluating the Efficacy and Safety of RAP-219 in Adult Participants With Bipolar I DisorderNCT07046494 · Bipolar 1 DisorderPhase 2Aug 2026 | Phase 2 | Completed |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 3 readout in Jul 2029, about 32 months out. That leaves roughly 7 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 3.3 years of runway
Cash and investments of $395M at Q3 '26 against an average operating cash burn of $30.2M per quarter over the last four reported quarters runs out around December 2029. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $89.7M since Q4 '24
Net financing inflows of $4.0M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 78% of operating expenses
$34.3M of R&D against $44.1M of total operating expenses in Q3 '26, with G&A at $9.8M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Accumulated deficit of $352M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $305M | −$14.4M | −$20.0M | $17.2M | $6.3M | — | $3.2M | $7K |
| Q1 '25 · Mar 31, 25 | $285M | −$20.2M | −$24.1M | $19.6M | $7.5M | $0 | $4.0M | $5K |
| Q2 '25 · Jun 30, 25 | $260M | −$25.1M | −$26.7M | $22.7M | $6.8M | $0 | $4.4M | −$63K |
| Q3 '25 · Sep 30, 25 | $513M | −$17.5M | −$26.9M | $22.3M | $7.7M | $0 | $4.7M | $271M |
| Q4 '25 · Dec 31, 25 | $491M | −$24.7M | −$33.8M | $30.3M | $8.3M | — | $5.7M | $311K |
| Q1 '26 · Mar 31, 26 | $477M | −$13.1M | −$19.9M | $32.7M | $11.5M | $20.0M | $7.0M | $531K |
| Q2 '26 · Jun 30, 26 | $436M | −$41.5M | −$56.6M | $51.4M | $9.4M | $0 | $7.2M | $1.4M |
| Q3 '26 · Sep 30, 26 | $395M | −$41.6M | −$40.2M | $34.3M | $9.8M | $0 | $7.6M | $1.7M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.