Rapport Therapeutics, Inc. (RAPP)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 delivered steady operating execution: net loss widened to $20.0M on higher R&D as Phase 2a preparations progressed; year-end cash, cash equivalents and short-term investments of $305.3M support a runway through end-2026 .
• Pipeline milestones tightened: focal epilepsy (RAP-219) topline moved from “mid-2025” to “Q3 2025”; bipolar mania Phase 2a initiation targeted for Q3 2025; DPNP program remains on FDA clinical hold with trial plans being finalized .
• Post-quarter, Phase 1 PET and MAD-2 data confirmed rapid target engagement (≥50–70% RO in 5 days) and generally favorable tolerability, reinforcing Phase 2a dosing and “pipeline-in-a-product” potential for RAP-219 across CNS indications .
• No earnings call transcript or Street estimates available; stock catalysts for 2025 remain clinical: PET/MAD-2 full reports, epilepsy Phase 2a topline (Q3’25), and bipolar mania trial start (Q3’25), with risk tied to DPNP hold resolution .

What Went Well and What Went Wrong

• What Went Well

  • Strengthened clinical conviction: CEO highlighted “continued execution” and momentum in RAP-219 with PET and MAD-2 results demonstrating neuroanatomical specificity and favorable tolerability; Phase 2a enrollment/dosing on plan, topline in Q3’25 .
  • Balance sheet durability: Ended Q4 with $305.3M in cash and investments and reiterated runway through end-2026, supporting multiple readouts without near-term financing risk .
  • Foundational Phase 1 validation: PET showed hippocampus/cortex enrichment with minimal cerebellum/brainstem signal; target RO achieved within 5 days; MAD-2 showed no sedation/motoric impairment and Grade 1–2 TEAEs only—supporting dosing flexibility .

• What Went Wrong

  • Increased operating spend: R&D rose to $17.2M (Q4) as clinical development intensified; net loss widened to $20.0M vs. $13.5M LY; opex stepped up as the company scaled public-company and development activities .
  • DPNP program delay: FDA placed the DPNP Phase 2a IND on clinical hold in Q4; the team is finalizing protocol amendments—an execution and timeline risk despite no impact to epilepsy/bipolar plans .
  • Timeline specificity raises expectations: Narrowing epilepsy topline to Q3’25 and timing bipolar mania initiation to Q3’25 increases near-term delivery risk if enrollment or operational hurdles arise .

Financial Results

Notes: No revenue reported; margin metrics (e.g., Net Income Margin %) are not meaningful without revenue .

KPIs / Operating highlights (non-GAAP/operational)

• RAP-219 Phase 2a focal epilepsy topline: Q3 2025 (current); previously mid-2025 .
• Bipolar mania Phase 2a initiation: Q3 2025 (current); previously 2025 .
• DPNP Phase 2a: IND placed on clinical hold (Q4); trial plans being finalized .
• PET/MAD-2 Phase 1: target RO ≥50–70% in 5 days; generally well tolerated; clinical reports pending .

Guidance Changes

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript available. Themes below reference company press releases/filings.

Management Commentary

• “With continued execution in the fourth quarter, Rapport is well positioned to deliver on multiple meaningful development milestones… The recently released PET and MAD-2 trial results demonstrated neuroanatomical specificity and favorable tolerability, further reinforcing our belief in its differentiated precision profile.” — Abraham N. Ceesay, CEO .
• “The [Phase 1] data demonstrate that neuroanatomical specificity can be achieved… and RAP-219 was able to quickly achieve target engagement and therapeutic exposures in the brain while maintaining a generally favorable tolerability profile.” — Steve Paul, M.D., Co-founder and Chair (Jan 2025) .

Q&A Highlights

• No Q4 2024 earnings call transcript was available; therefore, no Q&A details or analyst clarifications to report [Search: earnings-call-transcript returned none].

Estimates Context

• Wall Street consensus (S&P Global) for Q4 2024 EPS/Revenue was unavailable due to data access limitations; as a pre-revenue clinical-stage company, revenue estimates are typically de minimis/NA. Values retrieved from S&P Global were unavailable.*

Key Takeaways for Investors

• Execution remains on track in focal epilepsy: trial operations and tightened topline window (Q3’25) reduce ambiguity and set a clear 2025 clinical catalyst path .
• Phase 1 PET/MAD-2 materially de-risk dosing and target engagement, supporting a potentially differentiated safety/tolerability profile—an important driver of adoption in polypharmacy epilepsy care .
• Cash runway through 2026 provides sufficient capital to reach epilepsy topline and initiate bipolar mania Phase 2a without near-term financing, lowering dilution risk in the medium term .
• DPNP hold is the primary program risk; resolution timing is uncertain and could affect the breadth of the “pipeline-in-a-product” narrative if prolonged .
• Leadership augmentation (new CMO) strengthens late-stage development capabilities ahead of pivotal program decisions in 2025–2026 .
• Trading setup: 2025 is catalyst-driven (PET/MAD-2 final reports; Q3’25 topline). Outcome skew will hinge on translatability of LE biomarker to seizure reductions, with upside if tolerability remains benign in patients .
• Monitoring list: enrollment pace, protocol adherence (RNS data quality), DPNP regulatory feedback, and any update to cash runway or opex cadence .

Citations:

• Q4 2024 8-K and press release: .
• Q3 2024 8-K/10-Q: -.
• Q2 2024 8-K/10-Q: - -.
• PET/MAD-2 Phase 1 data (Jan 2025): -.
• Corporate update & CMO appointment (Mar 2025): - .

Footnote:
*Estimates disclaimer: S&P Global consensus values were not retrievable at this time due to access limits.