Rapport Therapeutics Reports $24.1 Million Net Loss in Q1 2025, Increases R&D Spending

Rapport Therapeutics, Inc. reported a net loss of $24.1 million for the first quarter of 2025, compared to a net loss of $22.7 million for the same period in 2024. The company's total operating expenses increased to $27.1 million from $17.1 million year-over-year, driven primarily by a rise in research and development costs, which reached $19.6 million, up from $12.5 million. This increase was largely attributed to higher clinical trial expenses related to the ongoing Phase 2a trial of RAP-219, as well as costs associated with preclinical studies and personnel-related expenses.

In terms of financial position, as of March 31, 2025, Rapport Therapeutics had cash and cash equivalents totaling $57.6 million, alongside short-term investments of $227.8 million, bringing total current assets to $290.9 million. This represents a decrease from total current assets of $309.8 million at the end of 2024. The company’s accumulated deficit increased to $147.8 million, reflecting its ongoing investment in research and development without generating revenue from product sales.

Strategically, Rapport Therapeutics is advancing its lead product candidate, RAP-219, which is currently undergoing a Phase 2a proof-of-concept trial for refractory focal epilepsy. The company has also announced plans to initiate a Phase 2a trial for bipolar mania in the third quarter of 2025. However, the U.S. Food and Drug Administration placed a clinical hold on the IND for RAP-219 for diabetic peripheral neuropathic pain, requiring additional information before the trial can proceed. The company continues to focus on its RAP technology platform, which aims to develop precision medicines for neurological and psychiatric disorders.

Operationally, the company has expanded its workforce to support its research and development efforts, with personnel-related costs increasing significantly. As of March 31, 2025, Rapport Therapeutics had a total of 35.3 million shares outstanding, reflecting a significant increase in share count due to its IPO and other financing activities. The company expects to continue incurring substantial operating losses as it advances its clinical programs and seeks regulatory approvals for its product candidates.

Looking ahead, Rapport Therapeutics anticipates that its existing cash and investments will be sufficient to fund operations through at least the end of 2026. However, the company acknowledges the need for additional financing to support its ongoing development activities and to achieve its strategic goals. The management remains focused on advancing its clinical trials and expanding its product pipeline while navigating the challenges inherent in the biotechnology sector.