# Rapport Therapeutics, Inc. (RAPP)

> Source: Nexqual · https://nexqual.com/RAPP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Rapport Therapeutics, Inc. (RAPP), nexqual.com/RAPP" · informational, not investment advice.

**Price:** USD 26.53 (+5.87% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 25.06 · day 25.81–27.89 · 52w 23.75–52.93 · market cap $1.27B · NGM

## Key facts
- Insider open-market sales, last ~7 months: 19 Form 4 filings, $43.9M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $1.6M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.94 on a 1–5 scale) (16 analysts), mean target USD 69.4 (range 50–91).
- Total return with dividends: 1Y +1.3% vs S&P 500 +14.9%; 5Y +27.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -1.22, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Operating income | -$36.2M | -$83.1M | -$125M | -$154M |
| Net income | -$34.8M | -$78.3M | -$111M | -$137M |
| EPS (diluted) | -$23.10 | -$3.78 | -$2.86 | — |
| Free cash flow | -$28.8M | -$67.2M | -$88.1M | -$97.1M |
| Cash + short-term investments | $147M | $305M | $491M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 3.0x · FCF yield -7.63% · Earnings yield -10.78%

## Insider sales (SEC Form 4, open-market, last ~7 months)
19 of 19 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-06…2026-10-07 | Ceesay Abraham | Chief Executive Officer | 4,522 | $143K | 0.8% | Yes (adopted March 27, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-30 | Gault Cheryl | Chief Operating Officer | 10,000 | $332K | 6.7% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-23 | Ceesay Abraham | Chief Executive Officer | 2,210 | $87K | 0.4% | Yes (adopted March 27, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-08 | Ceesay Abraham | Chief Executive Officer | 8,210 | $374K | 1.4% | Yes (adopted March 27, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-25 | Ceesay Abraham | Chief Executive Officer | 18,921 | $938K | 3.2% | Yes (adopted March 27, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-24…2026-08-25 | Yeleswaram Krishnaswamy | Chief Development Officer | 50,160 | $2.5M | 20.4% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-19 | Yeleswaram Krishnaswamy | Chief Development Officer | 404 | $20K | 0.2% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-10…2026-08-11 | Ceesay Abraham | Chief Executive Officer | 51,499 | $2.4M | 8% | Yes (adopted March 27, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-27 | Ceesay Abraham | Chief Executive Officer | 2,210 | $93K | 0.3% | Yes (adopted March 27, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-14 | Ceesay Abraham | Chief Executive Officer | 8,210 | $328K | 1.3% | Yes (adopted March 27, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-30 | Gault Cheryl | Chief Operating Officer | 10,000 | $416K | 6.3% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-29 | Ceesay Abraham | Chief Executive Officer | 8,220 | $327K | 1.2% | Yes (adopted March 27, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-26 | Third Rock Ventures V, L.P. |  | 18,572 | $744K | 0.3% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Third Rock Ventures V, L.P. |  | 133,618 | $5.4M | 1.8% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-07…2026-05-08 | Third Rock Ventures V, L.P. |  | 276,513 | $11.1M | 3.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-04-17 | Third Rock Ventures V, L.P. |  | 426,005 | $17.2M | 5.3% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-04-17 | Yeleswaram Krishnaswamy | Chief Development Officer | 20,225 | $809K | 7.6% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-10…2026-04-14 | Yeleswaram Krishnaswamy | Chief Development Officer | 19,865 | $696K | 6.9% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-08 | Yeleswaram Krishnaswamy | Chief Development Officer | 360 | $13K | 0.1% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
5 purchases, $1.6M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-10-22 | Silva Paul M | Director | 3,680 | $100K | 27.07 | Too little history (no open-market trades in 2023–2025) |
| 2026-10-22 | Young Wendy B. | Director | 3,789 | $100K | 26.39 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-22 | Paul Steven M | Director | 35,714 | $974K | 27.28 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-22 | Maraganore John | Director | 9,411 | $249K | 26.45 | Too little history (no open-market trades in 2023–2025) |
| 2026-10-21 | Ignelzi Troy A. | Chief Financial Officer | 5,500 | $144K | 26.1 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 1.94 on a 1–5 scale), 16 analysts; mean target USD 69.4 (low 50, high 91).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Jones Trading | Target raised | Buy | $50 → $82 |
| 2026-10-21 | Wells Fargo | Target lowered | Overweight | $51 → $50 |
| 2026-10-21 | Guggenheim | Target raised | Buy | $65 → $70 |
| 2026-10-20 | HC Wainwright & Co. | Reiterated | Buy | $66 |
| 2026-10-20 | BTIG | Target raised | Buy | $75 → $89 |
| 2026-10-15 | UBS | Initiated | Buy | $71 |
| 2026-10-15 | Wolfe Research | Initiated | Outperform | $50 |
| 2026-10-06 | Guggenheim | Initiated | Buy | $65 |
| 2026-09-16 | BTIG | Target raised | Buy | $65 → $75 |
| 2026-08-19 | BTIG | Reiterated | Buy | $65 |
| 2026-08-12 | HC Wainwright & Co. | Target raised | Buy | $40 → $66 |
| 2026-08-05 | BTIG | Reiterated | Buy | $65 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2024-06-03) |
|---|---|---|
| Total return | +1.3% | +27.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.3% | +10.7% |
| Volatility (annualized) | 59.7% | 82.6% |
| Max drawdown | -52.3% (Aug 2026→Oct 2026) | -69.0% (Nov 2024→May 2025) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/RAPP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RAPP's own 10-K filed 2026-03-10 (https://www.sec.gov/Archives/edgar/data/2012593/000119312526099360/rapp-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | NeuroPace Inc (NPCE) | "In November 2023, we established a collaboration with NeuroPace to leverage the RNS system's data to track responses of patients receiving RAP-219 in our Phase 2a proof-of-concept trial." |

Other companies that name RAPP in their own reports (relationship from RAPP's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | NeuroPace Inc (NPCE) | 10-K 2026-03-03 | "In November 2023, we entered into a collaboration agreement with Rapport Therapeutics, Inc., or Rapport, a clinical-stage biotechnology company, to leverage our RNS System's unique biomarker monitorin…" |

## Company outlook (8-K filed 2026-08-05)

- "Tenacia expects patient recruitment in China to begin in 4Q 2026. • Open-label Safety Trial Initiated."
- "The majority of patients from the RAP-219 Phase 2 trial in FOS have now enrolled in the open-label long term safety trial, with initial data expected in the fourth quarter of 2026. ·"
- "The Phase 2 trial continues to progress, with topline results expected in October 2026."
- "IND-enabling activities for RAP-219's long-acting injectable formulation continue, with initial Phase 1 pharmacokinetic data expected in 2027. ·"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.22 | $-1.01 | +21.5% | $0 | 12 |
| Next quarter (ends 2026-12-31) | $-1.20 | $-1.04 | +14.8% | $66,670 | 12 |
| Current fiscal year (ends 2026-12-31) | $-4.04 | $-3.46 | +16.6% | $20.1M | 12 |
| Next fiscal year (ends 2027-12-31) | $-5.09 | $-4.40 | +15.7% | $0 | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±17.7%; last 8 reports averaged ±4.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 78.9% | ±17.7% |
| 2026-12-18 | 56 | 73.7% | ±23.1% |
| 2027-01-15 | 84 | 78.7% | ±30.1% |
| 2027-02-19 | 119 | 73.0% | ±33.3% |
| 2027-05-21 | 210 | 71.9% | ±43.0% |