Start here if you're new
what it is
Rapport is a clinical-stage biotech trying to turn brain and nerve drug research into approved medicines.
how it gets paid
Last year Rapport Therapeutics made n/a in revenue.
what just happened
The clean takeaway is a -$0.71 last reported EPS with $0M in trailing revenue.
At a glance
n/a balance sheet
-$3.78 fy2024 eps est
~$1B market cap
small cap
NASDAQ
What they do
Rapport is a clinical-stage biotech trying to turn brain and nerve drug research into approved medicines.
This is a science bet, not a business moat. You are paying for 4 named program buckets and 69 employees to turn RAP-219 into real proof. If the data hits, your edge is being early in a focused CNS pipeline; if it misses, there is no revenue cushion.
How they make money
n/a
annual revenue
The products that matter
lead epilepsy drug candidate
RAP-219
Phase 2a focus · $0 revenue today
RAP-219 is the asset doing the valuation work. When a company has $0 revenue and still carries a $1.33B market cap, the lead program is the business for now.
main catalyst
earlier-stage neuroscience pipeline
nAChR programs
pre-clinical optionality · no revenue
These programs matter as backup and upside, but this page is thin on disclosed operating proof. In a company losing $111.5M a year, early optionality is not the same thing as a second engine.
early optionality
Key numbers
$0M
ttm revenue
No sales means you are not valuing a business yet. You are valuing future trial results.
-$3.78
fy2024 eps est
EPS means profit per share. Here it is negative, which means each share is still absorbing losses, not earnings.
$9M
long-term debt
Debt is low at 1% of capital, so the balance sheet is cleaner than many biotechs. The real issue is still cash burn.
69
employees
This is a small team trying to justify a roughly $1B market cap. That keeps the story concentrated and fragile.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $9M (1% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for RAPP right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The clean takeaway is a -$0.71 last reported EPS with $0M in trailing revenue.
EPS means profit per share → what the company earned or lost for each share → so what: Rapport is still a cash-burning clinical biotech, not a selling drug company. Data sources conflict on the latest quarter, with EDGAR showing -$2.15 EPS and Yahoo showing -$0.71, so the only safe read is that losses remain material.
$0M
revenue
-$0.71
eps
-$2.84
trailing eps
the number that mattered
$0M in trailing revenue matters most because it tells you this stock still trades on clinical hope, not commercial proof.
source: company earnings report, 2026
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What could go wrong
the top threat is RAP-219 failing to produce Phase 2 data strong enough to support a $1.33B valuation.
med
clinical failure
There are no approved products here. If RAP-219 disappoints, the market loses the main reason it is tolerating $0 revenue today.
Impact: the stock can reprice fast because there is no commercial fallback business to soften the hit.
med
cash burn and dilution
A $111.5M annual loss only works while capital is available. The March 2026 $150M ATM makes the financing path explicit — and so is the dilution attached to it.
Impact: more shares sold means you own less of the same pipeline.
med
no operating cushion
With $0 revenue and a 0.0% profit margin, there is no business segment paying for mistakes. Every setback hits the whole thesis, not one division.
Impact: bad news affects 100% of the current investment case because there is no second source of cash flow.
med
valuation before validation
At 2.8x book value, investors are already paying above accounting asset value before commercial proof exists. That works while confidence is rising. It breaks when the bar for evidence moves higher.
Impact: multiple compression can hit even without a failed trial if investors decide they want more proof first.
Between $0 revenue, a $111.5M annual loss, and a $150M ATM, this is still a financing-dependent clinical bet until trial data changes the math.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
RAP-219 Phase 2a data timing
This is the event the stock is built around. No specific date is listed here, which makes every management update carry more weight.
dilution
use of the $150M ATM facility
If management starts using the facility before a value-creating data readout, financing risk moves ahead of clinical upside.
street tone
whether other analysts follow BTIG higher
BTIG moved from $47 to $53. If that optimism stays isolated, treat it as one vote rather than broad conviction.
burn rate
whether losses keep running near $111.5M
Pre-revenue biotech investors do not get to ignore expenses. If losses stay high or rise, the equity-financing question gets more urgent.
Analyst rankings
chart momentum
top 20%
momentum rank 2 — analysts expect above-average price performance in the year ahead.
source: institutional data
Institutional activity
institutional ownership data for RAPP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$27
current price
n/a
target midpoint · n/a from current
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