Rapport Therapeutics reported a net loss of $26.73 million for the second quarter ended June 30, 2025, an increase from $18.12 million for the same period in 2024. For the first half of 2025, the net loss was $50.80 million, up from $40.79 million in the prior year period, reflecting increased research and development expenditures.
Total operating expenses rose by 41.8% year-over-year to $29.50 million in Q2 2025 and by 49.4% to $56.60 million in H1 2025. This surge was primarily driven by a 99.8% increase in RAP-219 program external expenses to $9.685 million in Q2 2025 and a 101.8% increase to $17.648 million in H1 2025, attributed to accelerated clinical trial costs.
The company announced the initiation of its Phase 2 trial for RAP-219 in bipolar mania, with topline results expected in the first half of 2027. This expands the potential therapeutic applications for RAP-219 beyond focal onset seizures. Rapport also reaffirmed its cash, cash equivalents, and short-term investments of $260.4 million as of June 30, 2025, which are expected to fund operations through the end of 2026.
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