Rapport Therapeutics reported a net loss of $26.9 million for the third quarter of 2025, translating to a net loss per share of $0.71. The loss narrowed from $17.5 million in the same quarter a year earlier, and the EPS beat the consensus estimate of $‑0.77 by $0.06, a 7.8% improvement that reflects disciplined cost management amid continued investment in research and development.
The company’s cash and cash‑equivalents stood at $513.0 million at quarter‑end, a figure that extends the firm’s runway into the second half of 2029. The cash position was bolstered by a $269.4 million public offering completed in September 2025, providing the liquidity needed to fund the upcoming Phase 3 trials for RAP‑219 in focal‑onset seizures and to advance the bipolar Phase 2 program toward topline data in the first half of 2027.
RAP‑219’s Phase 2a study in drug‑resistant focal‑onset seizures reported a 77.8% median reduction in clinical seizures over an eight‑week period, with 24% of patients achieving seizure freedom. The data, announced in September, support the company’s precision‑neuroscience platform and position RAP‑219 as a potential best‑in‑class therapy. The 10% discontinuation rate due to treatment‑emergent adverse events and the current clinical hold on the IND for diabetic peripheral neuropathic pain are noted headwinds that the company is monitoring closely.
Financially, R&D expenses rose to $22.3 million from $15.5 million a year earlier, reflecting intensified development activity. General and administrative costs increased to $7.7 million from $6.1 million, consistent with the company’s scaling operations. Despite these higher expenses, the company reported zero revenue for the quarter, as expected for a clinical‑stage biopharma company. The earnings beat, driven by cost discipline, signals that the company is managing its burn rate while investing in pipeline progress.
Management emphasized that the strengthened balance sheet and the earnings beat provide confidence to fund the next phase of development. CEO Abraham N. Ceesay highlighted the clinical data as evidence of the platform’s potential and reiterated the company’s commitment to disciplined execution. The guidance for the remainder of 2025 remains unchanged, with the company projecting that its cash position will support operations through the second half of 2029.
The market reaction to the earnings release was positive, with investors acknowledging the earnings beat and the robust clinical data. Analysts noted that the company’s ability to fund Phase 3 trials and the strong Phase 2a results are key tailwinds that support a favorable outlook for the company’s pipeline.
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