Rapport Therapeutics (NASDAQ: RAPP) is a clinical-stage biopharmaceutical company developing small molecule therapies targeting synaptic receptor complexes. The company generates no product revenue as of its 10-K filed March 10, 2026, and has financed operations entirely through equity offerings, including a Series B convertible preferred stock closing in March 2024 that raised $64.0 million in gross proceeds. As of December 31, 2025, Rapport carried federal net operating loss carryforwards of approximately $46.1 million and state NOL carryforwards of approximately $15.1 million, with a full valuation allowance recorded against all net deferred tax assets. The company held federal and state R&D tax credit carryforwards of approximately $8.0 million and $3.2 million, respectively, as of December 31, 2025. Abraham N. Ceesay, M.B.A. serves as Chief Executive Officer. Rapport has not identified any product revenue pathway it currently supports, and the company expects to rely on equity offerings, debt financings, collaborations, or licensing arrangements to fund operations until product revenue is generated.

Revenue model

No product revenue as of December 31, 2025. Operations funded through equity issuances, including Series B preferred stock financing. Future revenue expected to come from potential product sales, collaborations, or licensing arrangements, none of which had been realized as of the filing date.

Products and services

Clinical-stage small molecule drug candidates targeting synaptic receptor complexes. No approved or commercialized products as of the 10-K filed March 10, 2026.

Customers and end markets

No commercial customers as of the filing date. End market is biopharmaceutical drug development, with potential future patients and pharmaceutical partners as end beneficiaries.

Value-chain role

Drug discovery and development company operating in early-to-clinical stage. Relies on third-party vendors and partners for research, data processing, and potentially manufacturing. Subject to EU NIS 2 cybersecurity requirements as a healthcare R&D organization.

Geographic exposure

Headquartered in the United States. Subject to EU and UK data transfer and cybersecurity regulations, indicating some operational or research activity with European relevance.

Source: SEC 10-K, filed 2026-03-10

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