Rapport Therapeutics Burn Accelerates as Phase 3 Timeline Pulls Forward
Rapport Therapeutics posted a net loss of $56.6 million for the second quarter, more than double the year-earlier loss, as cash reserves fell to $436.1 million.
Rapport Therapeutics (RAPP) reported a net loss of $56.6 million for the second quarter of 2026, more than double the $26.7 million loss it posted a year earlier, as the clinical-stage neurology company ramped spending behind an accelerated late-stage trial program.
The widening loss traces directly to research and development costs, which rose to $51.4 million from $22.7 million a year ago, a 126% increase attributed to clinical development and pipeline progression. Selling, general and administrative expense climbed a comparatively modest 38%, to $9.4 million from $6.8 million, tied to costs of business growth.
Cash, cash equivalents and short-term investments fell to $436.1 million as of June 30, 2026, down $40.7 million from $476.8 million at the end of the first quarter. That marked a third consecutive quarterly decline, following a drop from $490.5 million at the end of 2025 to $476.8 million in the first quarter, a pattern that reflects clinical spend ramping alongside the broader pipeline push. Despite the accelerating burn, Rapport has held its cash runway guidance into the second half of 2029 across each of the last four quarterly reports, implying updated internal assumptions about the pace of future spending.
The spending increase corresponds with a Phase 3 program in focal onset seizures that began enrolling in the second quarter under the FOCUS 1 and FOCUS 2 trials. The start date has moved up twice: originally guided to the third quarter of 2026 in the January 2026 release, then to the second quarter in the March and May releases, and now confirmed as underway.
Rapport also tightened the timeline on its bipolar mania program, where a Phase 2 topline readout was guided to the first half of 2027 as of January, moved up to the fourth quarter of 2026 in May, and is now further narrowed to October 2026.
China's National Medical Products Administration approved an investigational new drug application for RAP-219 Phase 3 trials in focal onset seizures, with partner Tenacia expecting to begin patient recruitment in China in the fourth quarter of 2026. Separately, a majority of Phase 2 focal-onset-seizure patients have now enrolled in an open-label long-term safety trial, with initial data narrowed to the fourth quarter of 2026, tighter than the prior guidance of the second half of the year.
The company also reiterated an upward revision to its half-life estimate for RAP-219, its lead compound, to roughly 22 days from a prior 14-day estimate, a figure first disclosed at an April 2026 medical conference and repeated in both the first- and second-quarter earnings releases.
With three straight quarters of cash decline and a compressed trial calendar across both focal onset seizures and bipolar mania, Rapport's spending trajectory is now running ahead of the disclosure pace it set at the start of the year, even as management maintains its multiyear runway target.