Rapport Therapeutics reports US$815.4M liquidity and runway through 2029
The neuroscience developer expects epilepsy safety data this quarter and FDA talks on its bipolar mania program in early 2027.
Adrian Kessler
Funding is expected to last through the end of 2029 as Rapport Therapeutics, Inc. NASDAQRAPP reported estimated cash and investments of US$815.4 million in its Wednesday update. Initial long-term epilepsy safety data remain due in the fourth quarter of 2026.
The Nov. 4 release calculates that unaudited liquidity estimate as of Nov. 3 by adding financing proceeds to the September balance. Its positive bipolar mania results were first announced on Oct. 20, while discussions with the FDA about pivotal trial design are planned for early 2027.
Rapport is a clinical-stage biotechnology company based in Boston and San Diego, developing small-molecule medicines for neurological and psychiatric disorders.
Rapport shares NASDAQRAPP rose 1.23 per cent to US$25.44 on Nasdaq on Nov. 3 at 4 p.m. EST, before the results. That close provides a pre-announcement reference rather than a reaction to Wednesday's update.
September cash, equivalents and short-term investments were US$395.0 million, compared with US$436.1 million at June 30. Rapport added approximately US$420.7 million in financing proceeds to calculate its November estimate, rather than reporting a new quarter-end balance.
The release describes approximately US$410.7 million in net proceeds from the October equity offerings, convertible notes and concurrent private placement. The notes carry a 2.25 per cent coupon and mature in 2032. November at-the-market share sales added approximately US$10 million.
Third-quarter net loss widened to US$40.2 million from US$26.9 million a year earlier. Research and development expenses rose to US$34.3 million from US$22.3 million, reflecting RAP-219 clinical work and broader pipeline development.
Mania Study Met Its Main Endpoint
The Oct. 20 trial announcement describes a randomized, double-blind study enrolling 253 adults experiencing acute bipolar mania. Patients received RAP-219 at 0.75 milligrams daily after titration, or placebo, during a three-week inpatient treatment period.
The primary endpoint was change in Young Mania Rating Scale total score. Least-squares mean reductions were 15.4 points with RAP-219 and 12.3 with placebo at week three. The placebo-adjusted difference was 3.1 points, with p=0.045.
The prespecified secondary mania-severity measure improved by 0.4 points over placebo at week three, with p=0.024. The trial compared RAP-219 with placebo, so it does not establish superiority over an approved mania medicine.
During treatment, adverse events were mild or moderate with no serious events; discontinuations because of adverse events occurred in 3.2 per cent of RAP-219 patients versus 0.8 per cent on placebo.
"We look forward to engaging with the FDA on Phase 3 in bipolar mania, alongside our ongoing Phase 3 epilepsy programs," Rapport chief executive Abraham N. Ceesay said in the Oct. 20 release.
Rapport expects its end-of-Phase 2 FDA meeting in the first quarter of 2027 and two pivotal mania trials to begin in the second half. Those are company plans for discussing registrational design, rather than reported FDA agreement on that design.
Neuroscience Peers Face Different Milestones
Bright Minds Biosciences Inc. CNSXDRUG NASDAQDRUG reported on Nov. 2 an FDA partial clinical hold involving its planned BMB-101 epilepsy study. It identified mouse toxicity and inadequate pharmacokinetic and juvenile toxicity data for proposed pediatric enrollment as the agency's concerns.
Read more: Bright Minds Biosciences reports FDA partial hold on BMB-101 seizure trial
In psychiatry, Compass Pathways plc NASDAQCMPS reported on Nov. 3 US$444 million in September cash and funding into 2028. Its COMP360 psilocybin program targets treatment-resistant depression, a different population from Rapport's mania study.
Read more: Compass Pathways reports US$444M cash and runway into 2028
For sector context, the iShares Biotechnology ETF NASDAQIBB closed at US$213.79 on Nov. 2 at 4 p.m. EST.
Rapport's next clinical checkpoint is the fourth-quarter 2026 release of initial data from its focal-seizure safety extension. That open-label study will add longer-term safety observations before the planned FDA mania-design discussion in early 2027.
