RAPP revenueQ3 2026$0
RAPP revenue was $0 in fiscal Q3 2026 (ended Sep 30, 2026), compared with $0 a year earlier.
Rapport Therapeutics Inc. (RAPP) financials
For the twelve months ended Sep 30, 2026, Rapport Therapeutics Inc. reported -$150.47M of net income.
- Net income, TTM
- -$150.47M
- Free cash flow, TTM
- -$121.18M
- EPS, diluted, TTM
- -$3.17
- Cash
- $74.75M
- Market cap
- $1.55B
FY2023FY2025
FY2023FY2025
RAPP revenue and earnings growth
RAPP net incomeQ3 2026-$40.23M
RAPP net income was -$40.23M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$26.93M a year earlier. For the full fiscal 2025 it was -$111.48M, compared with -$78.31M in fiscal 2024.
RAPP EPSQ3 2026-$0.84
RAPP diluted EPS was -$0.84 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.71 a year earlier. For the full fiscal 2025 it was -$2.86.
RAPP free cash flowQ3 2026-$41.63M
RAPP free cash flow was -$41.63M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$17.60M a year earlier. For the full fiscal 2025 it was -$88.09M, compared with -$67.23M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|
| Research and development | $94.79M | $60.94M | $28.00M |
| Selling, general and admin | $30.31M | $22.12M | $8.18M |
| Operating income | -$125.10M | -$83.06M | -$36.18M |
| Pre-tax income | - | -$78.31M | -$34.78M |
| Income tax | $0 | $0 | $10.0K |
| Net income | -$111.48M | -$78.31M | -$34.79M |
| EPS, basic | -$2.86 | -$3.78 | -$23.10 |
| EPS, diluted | -$2.86 | -$3.78 | -$23.10 |
| Diluted shares | 38.9M | 20.7M | 1.5M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|
| Cash and equivalents | $52.65M | $56.80M | $70.17M |
| Short-term investments | $437.89M | $248.47M | $77.31M |
| Receivables | $0 | - | - |
| Current assets | $498.56M | $309.80M | $150.87M |
| Total assets | $512.43M | $314.93M | $155.42M |
| Current liabilities | $19.05M | $8.77M | $8.80M |
| Total liabilities | $27.78M | $9.51M | $14.48M |
| Shareholders' equity | $484.65M | $305.43M | -$25.63M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|
| Operating cash flow | -$87.47M | -$64.83M | -$27.18M |
| Capital expenditures | $616.0K | $2.40M | $1.64M |
| Free cash flow | -$88.09M | -$67.23M | -$28.82M |
| Investing cash flow | -$187.47M | -$170.14M | -$78.86M |
| Financing cash flow | $270.79M | $221.63M | $145.14M |
| Stock-based compensation | $18.86M | $10.23M | $3.52M |
| Depreciation and amortization | $1.02M | $839.0K | $112.0K |
Key ratios
Income statement
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $20.00M | - | $0 | $0 | $0 | - | - | - | - | - |
| Research and development | $34.32M | $51.41M | $32.72M | $30.26M | $22.28M | $22.68M | $19.57M | $17.20M | $15.54M | $15.69M | $12.50M | $11.80M |
| Selling, general and admin | $9.77M | $9.39M | $11.50M | $8.25M | $7.71M | $6.82M | $7.54M | $6.32M | $6.10M | $5.11M | $4.59M | $3.00M |
| Operating income | -$44.09M | -$60.81M | -$24.21M | -$38.51M | -$29.99M | -$29.50M | -$27.11M | -$23.52M | -$21.64M | -$20.80M | -$17.09M | -$14.79M |
| Pre-tax income | - | - | - | - | - | - | - | -$19.98M | -$17.54M | -$18.12M | -$22.67M | -$13.51M |
| Income tax | - | - | - | - | - | - | - | - | - | - | - | $6.0K |
| Net income | -$40.23M | -$56.62M | -$19.86M | -$33.76M | -$26.93M | -$26.73M | -$24.06M | -$19.98M | -$17.54M | -$18.12M | -$22.67M | -$13.52M |
| EPS, basic | -$0.84 | -$1.19 | -$0.42 | -$0.72 | -$0.71 | -$0.75 | -$0.68 | - | -$0.50 | -$1.70 | -$11.07 | - |
| EPS, diluted | -$0.84 | -$1.19 | -$0.42 | -$0.72 | -$0.71 | -$0.75 | -$0.68 | - | -$0.50 | -$1.70 | -$11.07 | - |
| Diluted shares | 47.8M | 47.5M | 47.2M | - | 37.9M | 35.4M | 35.3M | - | 34.9M | 10.7M | 2.0M | - |
Balance sheet
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $74.75M | $63.61M | $78.06M | $52.65M | $251.36M | $55.07M | $57.60M | $56.80M | $39.31M | $110.16M | $74.27M | $70.17M |
| Short-term investments | $320.27M | $372.46M | $398.73M | $437.89M | $261.67M | $205.38M | $227.78M | $248.47M | $281.35M | $225.97M | - | $77.31M |
| Receivables | $171.0K | $293.0K | $58.0K | $0 | - | - | - | - | - | - | - | - |
| Current assets | $407.38M | $446.86M | $484.69M | $498.56M | $520.66M | $270.24M | $290.97M | $309.80M | $325.94M | $340.67M | - | $150.87M |
| Total assets | $418.56M | $458.98M | $497.60M | $512.43M | $535.32M | $285.50M | $302.05M | $314.93M | $331.14M | $346.10M | - | $155.42M |
| Current liabilities | $20.30M | $28.42M | $17.90M | $19.05M | $14.32M | $11.88M | $9.38M | $8.77M | $7.10M | $8.10M | - | $8.80M |
| Total liabilities | $27.37M | $36.06M | $26.09M | $27.78M | $23.71M | $21.98M | $16.22M | $9.51M | $8.03M | $9.21M | - | $14.48M |
| Shareholders' equity | $391.19M | $422.93M | $471.51M | $484.65M | $511.62M | $263.51M | $285.84M | $305.43M | $323.11M | $336.89M | -$39.63M | -$25.63M |
Cash flow
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$41.63M | -$41.45M | -$13.06M | -$24.70M | -$17.46M | -$25.07M | -$20.24M | -$14.45M | -$16.41M | -$16.35M | -$17.61M | -$10.36M |
| Capital expenditures | $0 | $78.0K | $86.0K | $169.0K | $134.0K | $22.0K | $291.0K | $226.0K | $140.0K | $967.0K | $1.07M | $1.44M |
| Free cash flow | -$41.63M | -$41.53M | -$13.15M | -$24.87M | -$17.60M | -$25.09M | -$20.53M | -$14.67M | -$16.55M | -$17.32M | -$18.69M | -$11.79M |
| Investing cash flow | $51.06M | $25.60M | $37.94M | -$174.32M | -$56.78M | $22.60M | $21.03M | $31.93M | -$53.04M | -$107.10M | -$41.93M | -$78.66M |
| Financing cash flow | $1.71M | $1.41M | $531.0K | $311.0K | $270.53M | -$63.0K | $5.0K | $7.0K | -$1.39M | $159.35M | $63.66M | -$140.0K |
| Stock-based compensation | $7.63M | $7.20M | $6.96M | $5.69M | $4.74M | $4.39M | $4.04M | $3.21M | $3.18M | $2.35M | $1.49M | $998.0K |
| Depreciation and amortization | $198.0K | $212.0K | $227.0K | $265.0K | $256.0K | $252.0K | $244.0K | $260.0K | $219.0K | $208.0K | $152.0K | $53.0K |
Key ratios
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | - | - | -121.1% | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | -99.3% | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | - | - | -65.7% | - | - | - | - | - | - | - | - | - |
| Current ratio | 20.07 | 15.72 | 27.08 | 26.17 | 36.37 | 22.75 | 31.01 | 35.34 | 45.91 | 42.08 | - | 17.14 |
Source: XBRL data Rapport Therapeutics Inc. files with the SEC, latest filing dated Nov 4, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
RAPP peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| RAPP | - | - | -$150.47M | - | $1.55B |
| LLY | $86.46B | +45.5% | $27.58B | 31.9% | $1.33T |
| JNJ | $99.33B | +7.8% | $16.09B | 16.2% | $679.13B |
| ABBV | $66.01B | +10.7% | $10.34B | 15.7% | $518.44B |
| MRK | $67.38B | +4.9% | $2.45B | 3.6% | $366.73B |
| NVS | $54.53B | +8.4% | $13.98B | 25.6% | $312.35B |
| AZN | $58.74B | +8.6% | $10.22B | 17.4% | $293.69B |
| ABT | $48.23B | +10.0% | $4.70B | 9.7% | $191.40B |
| NVO | DKK 309.06B | +6.4% | DKK 102.43B | 33.1% | $183.23B |
RAPP FAQ
6 questionsIs RAPP profitable?
No. Rapport Therapeutics Inc. reported a net loss of $150.47M for the twelve months ended Sep 30, 2026.How much cash and debt does RAPP have?
Rapport Therapeutics Inc. reported $74.75M in cash and cash equivalents on its most recent balance sheet in SEC filings.What is RAPP free cash flow?
Rapport Therapeutics Inc. generated -$121.18M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$120.85M less capital expenditures.What is RAPP earnings per share?
Diluted earnings per share were -$3.17 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.When did RAPP last report financial results?
The latest statements here come from Rapport Therapeutics Inc.'s 10-Q filed on Nov 4, 2026, covering the period ended Sep 30, 2026.Where does this RAPP financial data come from?
Quantisnow builds these statements from the structured XBRL data Rapport Therapeutics Inc. files with the SEC. It is provided for information only and is not investment advice.