The company's operating margin remains deeply negative at -121.1% for 2026Q1, reflecting the heavy R&D intensity required to support its neuroanatomical research pipeline.
| Sales/Revenue | 20M | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 492K | 0 | 839K | 112K | 15K |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | 19.51M | 0 | -839K | -112K | -15K |
| Gross Margin % | 97.54% | - | - | - | - |
| Gross Profit Growth % | - | 100% | -649.11% | -646.67% | - |
| Operating Expenses | 141.71M | 125.1M | 82.22M | 36.07M | 10.35M |
| OpEx % of Revenue | - | - | - | - | - |
| Selling, General & Admin | 34.27M | 30.31M | 22.12M | 8.07M | 1.37M |
| SG&A % of Revenue | - | - | - | - | - |
| Research & Development | 107.93M | 94.79M | 60.94M | 28M | 9.12M |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | -492K | 0 | -839K | 0 | -128.82K |
| Operating Income | -122.21M | -125.1M | -83.06M | -36.18M | -10.37M |
| Operating Margin % | -611.03% | - | - | - | - |
| Operating Income Growth % | - | -50.62% | -129.57% | -248.98% | - |
| EBITDA | -121.21M | -124.08M | -82.22M | -36.07M | -10.35M |
| EBITDA Margin % | -606.03% | - | - | - | - |
| EBITDA Growth % | -31.55% | -50.92% | -127.95% | -248.41% | - |
| D&A (Non-Cash Add-back) | 1000K | 1.02M | 839K | 112K | 15K |
| EBIT | -119.14M | -125.1M | -78.31M | -34.78M | -10.37M |
| Net Interest Income | 14.93M | 13.62M | 12.14M | 2.53M | -285K |
| Interest Income | 14.93M | 13.62M | 12.14M | 2.53M | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 285K |
| Other Income/Expense | 14.93M | 13.62M | 4.75M | 1.4M | -285K |
| Pretax Income | -107.28M | -111.48M | -78.31M | -34.78M | -10.65M |
| Pretax Margin % | -536.38% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 10K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | -0.03% | 0% |
| Net Income | -107.28M | -111.48M | -78.31M | -34.79M | -10.65M |
| Net Margin % | -536.38% | - | - | - | - |
| Net Income Growth % | -34.6% | -42.37% | -125.11% | -226.57% | - |
| Net Income (Continuing) | -107.28M | -111.48M | -78.31M | -34.79M | -10.65M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.27 | -2.86 | -3.78 | -0.95 | -0.29 |
| EPS Growth % | -15.56% | 24.34% | -297.89% | -227.59% | - |
| EPS (Basic) | - | -2.86 | -3.78 | -0.95 | -0.29 |
| Diluted Shares Outstanding | 47.24M | 46.98M | 20.74M | 18.08M | 20.12M |
| Basic Shares Outstanding | 47.24M | 46.98M | 20.74M | 18.08M | 20.12M |
| Dividend Payout Ratio | - | - | - | - | - |
Clinical trial execution dependency
As indicated by the 2026Q1 financial results, Rapport Therapeutics recorded $20.0M in revenue, marking a departure from its previous pre-revenue status, though this appears to be a non-recurring transactional event rather than a sustainable trend in the company's core clinical-stage business model.
The sudden appearance of revenue in the most recent quarter suggests a potential milestone payment or collaboration-related inflow rather than commercial product traction. Investors should monitor whether this indicates a shift toward a partnership-heavy revenue model or if the company will remain primarily dependent on equity-based capital raises to fund its pipeline.
According to the company's historical income statements, R&D expenditures have consistently trended upward, reaching $32.7M in 2026Q1, which reflects the intensifying capital requirements necessary to advance the RAP-219 clinical program through critical human trial phases.
The steady escalation in R&D spending highlights the company's commitment to its proprietary platform, yet it simultaneously deepens the quarterly operating deficit. This cost structure is typical for a clinical-stage biotech, but it necessitates a disciplined approach to trial enrollment to ensure that capital is not exhausted before reaching meaningful data readouts.
Based on reported financial figures, Rapport's operating losses have widened in tandem with rising R&D costs, with the 2026Q1 operating margin of -121.1% demonstrating that the firm currently lacks the scale to offset its heavy investment in neuroanatomical research.
The lack of operating leverage is expected given the company's current stage, as expenses are tied to fixed clinical trial milestones rather than variable production costs. Future improvements in operating efficiency will likely depend on the successful transition from early-stage discovery to more streamlined, late-stage clinical execution.
As reported in recent filings, the company has utilized stock-based compensation as a significant component of its expense structure, with quarterly figures reaching as high as $4.7M in 2025Q3, which warrants careful scrutiny regarding the dilution of existing shareholders.
While non-cash compensation is a standard tool for talent retention in the biotechnology sector, the consistent issuance of equity-linked incentives may mask the true cash-burn rate of the underlying operations. Analysts should adjust for these non-cash items to better understand the actual liquidity runway available to management.
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.