Rapport Therapeutics, Inc. reported a net loss of $111.5 million for the year ended December 31, 2025, compared to a net loss of $78.3 million for the previous year. The increased loss was primarily driven by higher research and development expenses as the company advanced its clinical programs. As of December 31, 2025, Rapport Therapeutics had cash, cash equivalents, and short-term investments totaling $490.5 million.
The company's research and development expenses for 2025 totaled $94.8 million, a significant increase from $60.9 million in 2024. This rise was mainly attributed to the advancement of RAP-219, with clinical trial costs increasing by $17.0 million, contract manufacturing costs rising by $2.0 million, and consulting costs increasing by $0.8 million. Personnel-related costs within research and development also increased by $10.9 million due to increased headcount and stock-based compensation. General and administrative expenses also saw an increase, reaching $30.3 million in 2025 compared to $22.1 million in 2024, primarily due to increased workforce expenses and administrative costs associated with operating as a public company.
Strategic developments for Rapport Therapeutics in 2025 included positive topline results from the Phase 2a proof-of-concept trial of RAP-219 in focal onset seizures, and the initiation of an open-label long term safety trial. The company also received FDA feedback supporting advancement into Phase 3 trials for RAP-219 in drug-resistant focal onset seizures, which are expected to begin in the second quarter of 2026. Furthermore, Rapport is expanding its epilepsy portfolio into primary generalized tonic-clonic seizures, with plans to initiate a Phase 3 trial in the first half of 2027.
Key operational developments included the advancement of RAP-219 into later-stage clinical trials for focal onset seizures and bipolar mania, as well as the continued development of a long-acting injectable formulation of RAP-219. The company also continued to develop its nicotinic acetylcholine receptor programs, including RAP-641 for chronic pain and migraine, and modulators of the α9α10 nAChR for hearing and vestibular disorders. As of December 31, 2025, Rapport Therapeutics employed 84 full-time employees, with 62 engaged in research and development and 22 in business development, finance, legal, and general management and administration.
Looking ahead, Rapport Therapeutics anticipates that its existing cash, cash equivalents, and short-term investments will be sufficient to fund its operating expenses and capital expenditure requirements into the second half of 2029. The company plans to continue advancing RAP-219 through clinical development, expanding its research and development programs, and pursuing strategic partnerships to maximize the market potential of its product candidates. However, the company acknowledges the inherent risks and uncertainties associated with drug development, including the potential for clinical trial delays, regulatory setbacks, and competition from other pharmaceutical companies.
About Rapport Therapeutics, Inc.
Rapport Therapeutics is a biotech company focused on developing small molecule precision medicines for neurological and psychiatric disorders. Its platform targets neuronal receptor complexes, such as TARP-8 and nAChRs, to create highly selective therapies with improved safety profiles. The company’s lead candidate, RAP-219, aims to treat focal epilepsy, bipolar disorder, and neuropathic pain by precisely modulating brain region-specific receptors, reducing side effects and drug interactions.
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