The firm maintains a lean capital structure with minimal PPE of $11.8M and a low debt-to-equity ratio of 0.02, though accumulated deficits have reached -$255.1M as of 2026Q1.
| Total Current Assets | 484.69M | 498.56M | 309.8M | 150.87M | 31.27M |
| Cash & Short-Term Investments | 476.78M | 490.54M | 305.28M | 147.48M | 31.16M |
| Cash Only | 78.06M | 52.65M | 56.8M | 70.17M | 31.16M |
| Short-Term Investments | 398.73M | 437.89M | 248.47M | 77.31M | 0 |
| Accounts Receivable | 58K | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 0.26 | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 7.86M | 8.02M | 4.52M | 3.39M | 0 |
| Total Non-Current Assets | 12.9M | 13.87M | 5.13M | 4.55M | 335K |
| Property, Plant & Equipment | 11.85M | 12.88M | 4.97M | 4M | 335K |
| Fixed Asset Turnover | 1.52x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.06M | 985K | 160K | 551K | 0 |
| Total Assets | 497.6M | 512.43M | 314.93M | 155.42M | 31.6M |
| Asset Turnover | 0.04x | - | - | - | - |
| Asset Growth % | 171.6% | 62.71% | 102.63% | 391.8% | - |
| Total Current Liabilities | 17.9M | 19.05M | 8.77M | 8.8M | 1.66M |
| Accounts Payable | 6.56M | 4.19M | 1.95M | 2.5M | 1.45M |
| Days Payables Outstanding | 3.18K | - | 850.07 | 8.15K | 35.28K |
| Short-Term Debt | 2.62M | 2.75M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 8.72M | 12.1M | 3.71M | 2.41M | 0 |
| Current Ratio | 27.08x | 26.17x | 35.34x | 17.14x | 18.80x |
| Quick Ratio | 27.08x | 26.17x | 35.34x | 17.14x | 18.80x |
| Cash Conversion Cycle | -3.18K | - | - | - | - |
| Total Non-Current Liabilities | 8.19M | 8.73M | 739K | 172.25M | 10.44M |
| Long-Term Debt | 8.19M | 8.73M | 0 | 0 | 10.44M |
| Capital Lease Obligations | 10.1M | 0 | 739K | 1.48M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 170.78M | 0 |
| Total Liabilities | 26.09M | 27.78M | 9.51M | 181.06M | 12.1M |
| Total Debt | 10.8M | 11.48M | 1.48M | 2.15M | 10.44M |
| Net Debt | -67.25M | -41.16M | -55.33M | -68.02M | -20.72M |
| Debt / Equity | 0.02x | 0.02x | 0.00x | - | 0.53x |
| Debt / EBITDA | -0.09x | - | - | - | - |
| Net Debt / EBITDA | 0.55x | - | - | - | - |
| Interest Coverage | - | - | - | - | -36.38x |
| Total Equity | 471.51M | 484.65M | 305.43M | -25.63M | 19.5M |
| Equity Growth % | 160.2% | 58.68% | 1291.49% | -231.42% | - |
| Book Value per Share | 9.98 | 10.32 | 14.73 | -1.42 | 0.97 |
| Total Shareholders' Equity | 471.51M | 484.65M | 305.43M | -25.63M | 19.5M |
| Common Stock | 48K | 48K | 37K | 4K | 31K |
| Retained Earnings | -255.09M | -235.23M | -123.75M | -45.44M | -10.65M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -505K | 546K | -522K | 4K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution dependency
According to recent quarterly filings, Rapport Therapeutics has seen its total assets contract from a peak of $535.3M in 2025Q3 to $497.6M by 2026Q1, reflecting the ongoing consumption of capital to fund the advancement of its proprietary RAP-219 clinical program through intensive human trial phases.
The downward trend in total assets suggests that the company is actively deploying its cash reserves to meet R&D obligations rather than accumulating long-term value. Investors should monitor whether this trajectory stabilizes as the company approaches critical data readouts or if further capital raises will be required to sustain operations.
As reported in financial statements, the company's cash position fluctuated significantly, dropping from $251.4M in 2025Q3 to $78.1M in 2026Q1, which indicates a rapid burn rate as the firm accelerates its clinical trial enrollment and specialized neuro-monitoring activities for its lead CNS candidates.
While the current ratio of 27.08 remains exceptionally high, this metric is somewhat misleading due to the lack of significant current liabilities rather than an abundance of liquid assets. The rapid depletion of cash reserves suggests that the company's runway is tightening, necessitating a potential return to capital markets.
Based on reported figures, Rapport's equity base has been consistently eroded by accumulated deficits, which reached -$255.1M in 2026Q1, highlighting the structural challenge of funding high-cost biotechnology research without a commercial product to generate offsetting revenue streams or positive retained earnings.
The negative retained earnings trajectory underscores the company's status as a capital-intensive, pre-revenue entity. Shareholders should be aware that the current equity structure is highly sensitive to further dilution, as management may need to issue additional shares to bridge the gap between current clinical progress and potential commercialization.
As disclosed in recent SEC filings, the company maintains a lean asset profile with minimal PPE of $11.8M, which suggests that the firm's value is almost entirely tied to intangible intellectual property that remains unvalued on the balance sheet until clinical success is definitively proven.
The absence of goodwill or significant physical assets implies that the balance sheet does not capture the true 'value' of the RAP platform, making traditional book value metrics less relevant for valuation. This reliance on intangible potential creates a binary risk profile where the balance sheet could be significantly impaired if clinical trials fail to meet primary endpoints.
Quick answers to the most common questions about buying RAPP stock.
As of 2025, Rapport Therapeutics, Inc. Common Stock (RAPP) had total assets of $512.4M including $498.6M in current assets.
Rapport Therapeutics, Inc. Common Stock (RAPP) carries total debt of $11.5M, offset by $490.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Rapport Therapeutics, Inc. Common Stock (RAPP) has total shareholders' equity (book value) of $484.7M ($10.32 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Rapport Therapeutics, Inc. Common Stock (RAPP) reported a current ratio of 26.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.