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Segments

By product

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RAP219Program External Expenses$34.09M+252%
Preclinical Programs External Expenses$4.87M+3.1%
Other Costs$1.82M+13.2%

Other financials

Income statement

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Revenue-
Operating income-$60.8M-106%
Net income-$56.6M-112%
EPS (diluted)-$1.19-58.7%

Balance sheet

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Cash & equivalents$63.6M+15.5%
Total debt$10.1M-14.8%
Total equity$422.9M+60.5%
Total assets$459.0M+60.8%

Cash flow

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Operating cash flow-$41.5M-65.4%
CapEx$78.0K+255%
Free cash flow-$41.5M-65.5%

Valuation

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Market cap$2.18B+319%
Enterprise value$2.13B+345%
P/S109.1×

Profitability

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Operating margin-767.6%
Net margin-685.8%
FCF margin-485.7%

Returns & leverage

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Return on equity-40%+22.3pp
Debt / equity0.0×
Current ratio15.7×-7.0×

Where this comes from

Reported directly by Rapport Therapeutics, Inc. in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The source filing: Rapport Therapeutics, Inc.’s 10-Q, filed August 5, 2026.

Filed
Aug 5, 2026, 7:30 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001193125-26-333862
Line itemFor the Three Months Ended June 30, 2026For the Three Months Ended June 30, 2025For The Six Months Ended June 30, 2026For The Six Months Ended June 30, 2025
Collaboration revenue$20,000
Operating expenses
Research and development51,41422,68084,13042,252
Selling, general and administrative9,3926,81620,89114,352
Total operating expenses60,80629,496105,02156,604
Loss from operations(60,806)(29,496)(85,021)(56,604)
Other income:
Interest income4,1912,7648,5495,809

Item 1. Financial Statements.

FAQ

What is Rapport Therapeutics, Inc.'s R&D?
Rapport Therapeutics, Inc. (RAPP) reported R&D of $51.41M in Q2 2026.
How has Rapport Therapeutics, Inc.'s R&D changed year-over-year?
Rapport Therapeutics, Inc.'s R&D increased by 126.7% year-over-year, from $22.68M to $51.41M.
What is the long-term trend for Rapport Therapeutics, Inc.'s R&D?
Over 2 years (2023 to 2025), Rapport Therapeutics, Inc.'s R&D has grown at a 84.0% compound annual growth rate (CAGR), from $28M to $94.79M.
What does R&D mean?
Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

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