Pre-revenue with a one-time $20.0M collaboration payment in 2026Q1, R&D expenses escalated to $51.4M in 2026Q2 (84% of operating costs), driving operating losses to -$60.8M and a net margin of -99.3%.
Rapport Therapeutics, Inc. Common Stock (RAPP) annual income statement — 4-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Sales/Revenue | 20M | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 15K |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | 20M | 0 | 0 | 0 | -15K |
| Gross Margin % | 100% | - | - | - | - |
| Gross Profit Growth % | - | - | - | 100% | - |
| Operating Expenses | 173.52M | 125.1M | 83.06M | 36.18M | 10.35M |
| OpEx % of Revenue | - | - | - | - | - |
| Selling, General & Admin | 36.85M | 30.31M | 22.12M | 8.18M | 1.37M |
| SG&A % of Revenue | - | - | - | - | - |
| Research & Development | 136.67M | 94.79M | 60.94M | 28M | 9.12M |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -128.82K |
| Operating Income | -153.52M | -125.1M | -83.06M | -36.18M | -10.37M |
| Operating Margin % | -767.58% | - | - | - | - |
| Operating Income Growth % | - | -50.62% | -129.57% | -248.98% | - |
| EBITDA | -152.33M | -124.08M | -82.22M | -36.07M | -10.35M |
| EBITDA Margin % | -761.64% | - | - | - | - |
| EBITDA Growth % | -51.13% | -50.92% | -127.95% | -248.41% | - |
| D&A (Non-Cash Add-back) | 1.19M | 1.02M | 839K | 112K | 15K |
| EBIT | -149.32M | -125.1M | -83.06M | -36.18M | -10.37M |
| Net Interest Income | 16.36M | 13.62M | 12.14M | 2.53M | -285K |
| Interest Income | 16.36M | 13.62M | 12.14M | 2.53M | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 285K |
| Other Income/Expense | 16.36M | 13.62M | 4.75M | 1.4M | -285K |
| Pretax Income | -137.16M | -111.48M | -78.31M | -34.78M | -10.65M |
| Pretax Margin % | -685.8% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 10K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | -0.03% | 0% |
| Net Income | -137.16M | -111.48M | -78.31M | -34.79M | -10.65M |
| Net Margin % | -685.8% | - | - | - | - |
| Net Income Growth % | -55.31% | -42.37% | -125.11% | -226.57% | - |
| Net Income (Continuing) | -137.16M | -111.48M | -78.31M | -34.79M | -10.65M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.89 | -2.86 | -3.78 | -0.95 | -0.29 |
| EPS Growth % | -21.6% | 24.34% | -297.89% | -227.59% | - |
| EPS (Basic) | - | -2.86 | -3.78 | -0.95 | -0.29 |
| Diluted Shares Outstanding | 47.47M | 46.98M | 20.74M | 18.08M | 20.12M |
| Basic Shares Outstanding | 47.47M | 46.98M | 20.74M | 18.08M | 20.12M |
| Dividend Payout Ratio | - | - | - | - | - |
Quick answers to the most common questions about buying RAPP stock.
For fiscal year 2025, Rapport Therapeutics, Inc. Common Stock (RAPP) reported total revenue of $0.0M.
Rapport Therapeutics, Inc. Common Stock (RAPP) reported a net loss of $111.5M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Dilution from equity funding
Metrics are mathematically derived from official filings.
Pre-Revenue Burn Accelerates
RAPP remains pre-revenue with no product sales; the $20.0M revenue in 2026Q1 appears to be a one-time collaboration payment, as all other quarters show zero revenue, indicating a non-recurring top-line event.
The reported $20.0M in 2026Q1 is anomalous against a backdrop of zero revenue in every other quarter, suggesting a milestone or upfront payment rather than sustainable operations. This non-recurring inflow does not alter the fundamental trajectory of a clinical-stage company consuming cash to advance RAP-219. Investors should treat revenue growth as immaterial until commercial sales commence, likely post-approval.
R&D Burn Scales with Pivotal Trials
R&D expenses rose from $12.5M in 2024Q1 to $51.4M in 2026Q2, a 311% increase over ten quarters, reflecting the ramp into pivotal FOCUS trials, as reported in financial statements.
The sequential jump from $32.7M in 2026Q1 to $51.4M in 2026Q2 indicates a significant acceleration in clinical spending, likely tied to the initiation of FOCUS 1 and FOCUS 2. This burn rate is consistent with late-stage CNS trials, but it also shortens the cash runway, making future equity raises probable. SG&A has grown more modestly, from $4.6M to $9.4M, suggesting management is prioritizing trial execution over overhead expansion.
Operating Leverage Absent in Burn Phase
Operating losses widened from -$17.1M in 2024Q1 to -$60.8M in 2026Q2, with R&D consuming 84% of total operating expenses in the latest quarter, indicating no operating leverage in the pre-revenue stage.
The absence of revenue means operating leverage is inherently negative; each dollar of R&D investment directly increases losses. The 2026Q2 operating margin of -121.1% (on the $20M revenue quarter) underscores that even with a one-time revenue boost, costs far outpace income. As pivotal trials expand, operating losses are likely to grow, and investors should monitor whether management can control SG&A growth relative to R&D.
Losses Partly Non-Cash, But Cash Burn Real
Stock-based compensation rose from $1.5M in 2024Q1 to $7.2M in 2026Q2, representing 12.7% of the latest net loss, but cash burn remains substantial, as reported in quarterly filings.
SBC is a non-cash expense that inflates reported losses, but the magnitude is modest relative to total net losses. The 2026Q2 net loss of -$56.6M includes $7.2M SBC, implying a cash operating burn of roughly $49.4M. This distinction is important for valuation, but the underlying cash consumption is still significant and will require external funding. The negative ROE of -28.2% further highlights the capital-intensive nature of the business.
Pivotal Trial Initiation Marks Inflection
The 2026Q2 R&D expense surge to $51.4M, up from $22.7M a year earlier, marks the inflection point as RAP-219 enters pivotal FOCUS trials, a clear escalation in the company's development phase.
The doubling of R&D spending year-over-year signals a strategic shift from early-stage discovery to registration-directed trials. This inflection is both a positive (de-risking the asset) and a negative (accelerating cash burn). The lasting impact will be a higher cost base for the next several quarters, with potential for additional capital raises. Investors should view this as the point where the company's financial trajectory becomes more predictable but also more demanding.
Dilution Risk Looms as Cash Burns
With $52.6M cash pre-IPO and quarterly operating losses now exceeding $60M, the company may face a funding gap within two quarters, likely necessitating dilutive equity issuance, based on reported figures.
The cash position is insufficient to sustain the current burn rate; even if the IPO added capital, the 2026Q2 loss alone consumed a significant portion. The low debt-to-equity ratio (0.02%) suggests management avoids leverage, but this also means future funding will likely come from equity, diluting existing shareholders. Short-sellers could argue that the platform's promise is overshadowed by the relentless need for capital, especially if clinical data disappoints. The lack of revenue and negative ROE reinforce the vulnerability to funding conditions.