Rapport Therapeutics (RAPP)
Develops RAP-targeted neuromedicines, with RAP-219 advancing across seizure and bipolar mania programs.
Something off on this page? Send us feedback.
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 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 23, 2026 | UBS | Target | Target: — | Target: $80 |
| Sep 16, 2026 | BTIG | Reiterate | Rating: —Target: $65 | Target: $75 |
| Aug 17, 2026 | Raymond James | Reiterate | Rating: —Target: $66 | Target: $75 |
| Aug 12, 2026 | H.C. Wainwright | Reiterate | Rating: —Target: $40 | Target: $66 |
| Jul 28, 2026 | William Blair | Initiate | Rating: — |
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.
| Institutions | ≈ 107.20% | 51.43M shares | |
|---|---|---|---|
| 166 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 3.71% | 1.78M shares | |
| 8 holders · as of Sep 9, 2026 | |||
| Strategic holders | 13.09% | 6.28M shares | |
| 1 holder · as of May 28, 2026 | |||
| Adds to | 124.00% | ||
47.98M company shares as of Sep 23, 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 124.00%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
FMR LLCInstitution | 14.95% | 7.17M | as of Jun 30, 2026 |
TRV GP V, LLCInstitution | 13.09% | 6.28M | as of Jun 30, 2026 |
Third Rock Ventures V, L.P.1,2Strategic10 percent owner | 13.09% | 7.14M | filed May 28, 2026 |
Arch Venture Management, LLCInstitution | 7.77% | 3.73M | as of Jun 30, 2026 |
ARCH Venture Fund XII, L.P.Institution | 7.77% | 3.73M | filed Nov 14, 2024 |
- 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.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 8, 2026 | Abraham Ceesay | director, officer: Chief Executive Officer | −8,210 | $45.61 |
| 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 |
- Xenon Pharmaceuticals
Late-stage Kv7 epilepsy rival with azetukalner
- Biohaven
Kv7 epilepsy developer with focal-epilepsy and pain optionality
- Praxis Precision Medicines
Precision CNS pipeline with vormatrigine in focal onset seizures
- NeuroPace
RNS System is a device alternative in drug-resistant focal epilepsy
- AbbVie
VRAYLAR anchors marketed competition in bipolar mania
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Rapport Therapeutics | $34.55 | −16.70% | $1.98B | — | — | 99.2 | — |
| Xenon Pharmaceuticals | $36.31 | −7.12% | $3.78B | — | — | — | — |
| Biohaven | $13.64 | −8.15% | $2.24B | — | — | — | — |
| Praxis Precision Medicines | $277.22 | −7.79% | $8.38B | — | — | — | — |
| NeuroPace | $14.24 | −3.16% | $501.5M | — | — | 5.1 | −3.0% |
| AbbVie | $263.77 | −0.54% | $468.77B | 74.8 | 17.4 | 7.3 | +10.2% |
| Median | 74.8 | 17.4 | 6.2 | +3.6% |