Rapport Therapeutics (RAPP)
Develops RAP-targeted neuromedicines, with RAP-219 advancing across seizure and bipolar mania programs.
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Builds precision neuroscience medicines around receptor associated protein biology, with RAP-219 as the lead clinical small molecule for focal onset seizures and other CNS indications. The business remains pre-commercial and depends on clinical execution, regulatory review, trial partners, manufacturing, financing, intellectual property, and competition against established seizure treatments.
Develops precision neuroscience medicines using receptor associated protein biology, a platform aimed at receptor variants and brain regions tied to CNS disease. RAP-219 is the lead small molecule, with programs in focal onset seizures, primary generalized tonic-clonic seizures, bipolar mania, and a long-acting injectable formulation.
The pipeline is pre-commercial; through the latest annual filing, product revenue had not begun, and current operating focus is clinical progress rather than marketed products. Work also includes nicotinic acetylcholine receptor programs for chronic pain, migraine, and hearing disorders.
Commercial rights are mostly retained outside Greater China, where Tenacia holds RAP-219 rights. The business depends on trial execution, regulatory approval, third-party clinical conduct, manufacturing, financing, intellectual property, and competition from established seizure treatments.
Company facts
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 17, 2026 | Raymond James | Reiterate | Strong Buy | $66 | $75 |
| Aug 12, 2026 | H.C. Wainwright | Reiterate | Buy | $40 | $66 |
| Jul 28, 2026 | William Blair | Initiate | Outperform | ||
| Jun 24, 2026 | Leerink Partners | Target | $52 | ||
| May 21, 2026 | BTIG | Reiterate | Buy | $47 | $65 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $436.1M · Total debt $10.1M · Total assets $459.0M · Shareholders' equity $422.9M
- Revenue
- $0
- Operating income
- −$60.8M
- Net income
- −$56.6M
No dividends on record.
| Institutions166 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | ≈ 107.20% | 51.43M shares | |
| Insiders8 holders · as of Aug 26, 2026 | 3.72% | 1.79M shares | |
| Strategic holders1 holder · as of May 28, 2026 | 13.09% | 6.28M shares | |
| Adds to | 124.01% |
47.98M company shares as of Sep 3, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 124.01%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
FMR LLCInstitution | 14.95% | 7.17M | 13Fas of Jun 30, 2026 |
TRV GP V, LLCInstitution | 13.09% | 6.28M | 13Fas of Jun 30, 2026 |
Third Rock Ventures V, L.P.1,2Strategic10 percent owner | 13.09% | 7.14M | 13Gfiled May 28, 2026 ↗ |
Arch Venture Management, LLCInstitution | 7.77% | 3.73M | 13Fas of Jun 30, 2026 |
ARCH Venture Fund XII, L.P.Institution | 7.77% | 3.73M | 13Gfiled Nov 14, 2024 ↗ |
| See all 25 → | |||
- Third Rock Ventures V, L.P.'s transaction reports restate only vehicles that traded; the 2025 ownership statement (7.14M) less the 854.7K net shares sold since is used instead.
- Third Rock Ventures V, L.P. reports a block also reported by TRV GP V, LLC; it is counted once, under TRV GP V, LLC.
13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Abraham Ceesay | director, officer: Chief Executive Officer | −18,921 | $49.57 |
| Aug 25, 2026 | Krishnaswamy Yeleswaram | officer: Chief Development Officer | −37,000 | $50.64 |
| Aug 24, 2026 | Krishnaswamy Yeleswaram | officer: Chief Development Officer | −13,160 | $50.00 |
| Aug 19, 2026 | Krishnaswamy Yeleswaram | officer: Chief Development Officer | −404 | $49.90 |
| Aug 11, 2026 | Abraham Ceesay | director, officer: Chief Executive Officer | −28,958 | $48.01 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Rapport Therapeutics | $48.69 | +0.27% | $2.33B | — | — | 116.4 | — |
| Xenon Pharmaceuticals | $60.16 | −0.13% | $5.82B | — | — | — | — |
| Biohaven | $15.38 | −2.10% | $2.36B | — | — | — | — |
| Praxis Precision Medicines | $358.00 | +0.04% | $9.97B | — | — | — | — |
| NeuroPace | $15.89 | +4.53% | $517.9M | — | — | 5.2 | −3.0% |
| AbbVie | $261.73 | +0.01% | $462.37B | 73.7 | 17.2 | 7.2 | +10.2% |
| Median | 73.7 | 17.2 | 6.2 | +3.6% |