What Rapport Therapeutics does

Rapport Therapeutics is a clinical-stage biopharmaceutical company founded in 2022 and headquartered in Boston, Massachusetts, with a research and discovery office in San Diego. The company develops precision small molecule medicines for central nervous system (CNS) disorders using its proprietary RAP (Receptor-Associated Protein) Technology Platform, which is grounded in foundational discoveries regarding neuronal receptor complexes — principal subunits and their associated regulatory proteins (RAPs) that govern receptor expression and function. By targeting specific receptor variants such as TARPγ8 (expressed selectively in the hippocampus, amygdala, and cortex), the company aims to deliver CNS-active medicines with neuroanatomical specificity and improved tolerability relative to broadly distributed receptor modulators.

The company's lead asset is RAP-219, a TARPγ8-selective AMPA receptor negative allosteric modulator in Phase 3 development for drug-resistant focal onset seizures, with expansion into bipolar mania, primary generalized tonic-clonic seizures, and diabetic peripheral neuropathic pain following FDA clearance and lifting of a prior clinical hold. Phase 2a data demonstrated 77.8-90% median seizure reduction and 24% seizure freedom over 8 weeks, supporting acceleration of pivotal Phase 3 trials (FOCUS 1 and FOCUS 2) into Q2 2026. Adjacent discovery programs target α6 nAChR for chronic pain and α9α10 nAChR for hearing disorders. Lead customers (in the absence of commercial products) are limited to clinical trial participants across global Phase 3 sites and a single licensing counterparty, Tenacia Biotechnology, for Greater China rights.

The business model is presently pre-revenue. Reported FY2025 revenue of approximately $20 million reflects a discrete partnership-related payment rather than recurring product sales. Revenue going forward is expected to derive from pharmaceutical product sales of approved assets (commercial build-out is not yet established), supplemented by licensing and milestone economics such as the Tenacia deal ($20M upfront, up to $308M in milestones, tiered royalties). Distribution of investigational drug currently occurs through clinical trial sites. The company is publicly traded on NASDAQ (RAPP) following a June 2024 IPO and a December 2025 public offering, with approximately $490.5M in cash providing runway into the second half of 2029.

Name

Rapport Therapeutics

Legal name

RAPPORT THERAPEUTICS, Inc.

Website

https://rapportrx.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

51–100 employees

Short description

Rapport Therapeutics is a clinical-stage biopharmaceutical company developing precision small molecule medicines for central nervous system disorders. Its lead candidate, RAP-219, is a TARPγ8-selective AMPA receptor modulator in Phase 3 trials for drug-resistant focal onset seizures, with pipeline expansion into bipolar mania and neuropathic pain.

Ownership category

akta.pro rank

Product category

Neurology Pharmaceuticals

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF)

akta.pro secondary industry

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)

Keywords

• Precision neuroscience therapeutics
• Small molecule CNS drugs
• Neurology pipeline development
• Epilepsy clinical research
• Clinical-stage biopharmaceutical

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Pharmaceutical Product Sales: Revenue will be generated through sales of approved pharmaceutical products, primarily RAP-219 and other pipeline candidates, upon successful regulatory approval and commercialization.
2. Licensing and Milestone Payments: Partnership with Tenacia Biotechnology for Greater China development and commercialization of RAP-219 provides $20M upfront payment plus up to $308M in potential development and commercialization milestones, plus mid-single to mid-teens tiered royalties on net sales.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Rapport Therapeutics develops a portfolio of precision small molecule drug candidates for central nervous system (CNS) disorders, anchored by lead candidate RAP-219, a TARPγ8-selective AMPA receptor negative allosteric modulator in Phase 3 development for focal onset seizures and expanding into bipolar mania and diabetic peripheral neuropathic pain. The portfolio is generated through the company's proprietary RAP Technology Platform, which enables neuroanatomically specific targeting of receptor variants. Additional discovery programs address α6 nAChR (chronic pain) and α9α10 nAChR (hearing disorders).

Product overview

Rapport Therapeutics is a clinical-stage biopharmaceutical company developing a portfolio of precision small molecule medicines for central nervous system (CNS) disorders. The company's lead product is RAP-219, a TARPγ8-selective AMPA receptor negative allosteric modulator in Phase 3 development for focal onset seizures (with expansion into bipolar mania and diabetic peripheral neuropathic pain). This is supported by the RAP Technology Platform, which enables precision targeting of receptor-associated proteins for neuroanatomical specificity. Additional pipeline programs include TARPγ8 AMPAR programs for epilepsy and nAChR programs (α6 for chronic pain, α9α10 for hearing disorders).

Differentiator

Problem solved

Functional benefit

Products and services

• RAP-219 Clinical-stage oral small molecule designed as a TARPγ8-selective AMPA receptor negative allosteric modulator for the treatment of focal onset seizures, with planned or expanded development into bipolar mania and diabetic peripheral neuropathic pain; demonstrated 77.8% median reduction in seizure frequency in Phase 2a trials with 24% seizure freedom over 8 weeks.

Quantifiable outcome

• 77.8% median reduction in seizure frequency (Phase 2a focal onset seizures)
• +4 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Tenacia BiotechnologycoreOEM/ Whitelabel/ Licensing Partner · 9 March 2026Strategic collaboration granting Tenacia exclusive rights to develop and commercialize RAP-219 in Greater China (mainland China, Hong Kong, Macau, and Taiwan) for neurological indications including focal onset seizures and bipolar mania. Rapport receives $20M upfront, up to $308M in potential milestones, and mid-single to mid-teens tiered royalties. Tenacia leads Phase 3 trial expansion in China while Rapport retains global rights elsewhere.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Xenon Pharmaceuticals: Xenon is a clinical-stage neuroscience company developing XEN1101, a selective Kv7.2/7.3 potassium channel opener for focal onset seizures, with additional neurology pipeline assets. It is one of the closest direct competitors to RAP-219 in drug-resistant focal epilepsy with a similarly precision-oriented CNS strategy.
• Praxis Precision Medicines: Praxis is a clinical-stage CNS company developing precision therapies for genetic epilepsies and other neurological disorders, including ulixertinib and other small molecule programs. It competes directly with Rapport in the precision epilepsy space targeting underserved seizure populations.
• Marinus Pharmaceuticals: Marinus developed ganaxolone (ZTALMY), an FDA-approved neurosteroid for seizures associated with CDKL5 deficiency disorder, and continues CNS epilepsy development. It is a direct comparable as a small-cap clinical/commercial-stage neurology company focused on seizure disorders.
• Longboard Pharmaceuticals: Longboard was a clinical-stage CNS company developing bexicaserin (LP352), a 5-HT2C superagonist for refractory epilepsies and other CNS indications, before being acquired by Lundbeck in 2024. It is a direct peer in clinical-stage precision epilepsy drug development.
• Cerevel Therapeutics: Cerevel was a clinical-stage neuroscience company developing precision therapies for CNS disorders including schizophrenia, epilepsy, and Parkinson's, led by Rapport's current CEO Abe Ceesay as President, before being acquired by AbbVie in 2024. It is a near-direct peer in CNS precision medicine strategy and pipeline approach.
• Karuna Therapeutics: Karuna developed xanomeline-trospium (Cobenfy) for schizophrenia before being acquired by Bristol Myers Squibb in 2024. Its clinical-stage CNS focus, IPO trajectory, and CFO background (Rapport's CFO Troy Ignelzi led Karuna's financings) make it a closely comparable peer in CNS drug development and exit dynamics.
• Sage Therapeutics: Sage developed zuranolone (ZURZUVAE) for postpartum depression and continues CNS pipeline work. It is a clinical-stage neuroscience peer with comparable patient population focus (CNS disorders), precision mechanism approach, and small-cap public biotech trajectory.
• SK Biopharmaceuticals: SK Biopharmaceuticals developed cenobamate (XCOPRI), approved for focal onset seizures, and is a direct competitor in the drug-resistant focal epilepsy market that RAP-219 is targeting. Comparable in therapeutic focus and indication alignment.
• Biohaven Pharmaceuticals: Biohaven developed CGRP inhibitors for migraine (Nurtec ODT) and pursued neuroscience pipeline expansion before parts were acquired by Pfizer. It is a peer in clinical-stage CNS/neurology drug development with comparable public-biotech commercialization trajectory.

Broad incumbents

• UCB: UCB is a global biopharmaceutical company with a substantial neurology franchise including brivaracetam (Briviact) and other anti-epileptic drugs. It is a broad incumbent competitor in the focal epilepsy space and a likely benchmark for commercial execution in the indication.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/rapport-therapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds3 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rapport Therapeutics