RAPP
Rapport Therapeutics, Inc. Common StockHealthcare·Biotechnology
$39.50
$1.4B market cap
Revenue
$20.0M
Free Cash Flow
$-37.9M
Rev Growth
+0.0%
FCF Margin
-189.2%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Rapport Therapeutics, Inc., operates as a clinical-stage biopharmaceutical company that focuses on the discovery and development of transformational small molecule medicines for patients suffering from central nervous system (CNS) disorders. Its lead product candidate is receptor associated protein (RAP)-219, an investigational small molecule that is designed to inhibit TARPy8-containing AMPARs with picomolar affinity for the treatment of focal epilepsy and other CNS disorders, including periphe
2-Year Price History
$37.72+81.3%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 20.0 | -24.0 | -24.2 | -19.9 | -13.1 | -13.2 | -0.1 | 476.8 | 10.8 | 47.2 | -63.4% | -- | -- |
| Act | 2025-Q4 | 0.0 | -38.2 | -38.5 | -33.8 | -24.7 | -24.7 | -0.0 | 490.5 | 11.5 | 47.0 | -91.2% | -- | -- |
Valuation & Metrics
Market Stats
Price$39.50
Market Cap$1.4B
Enterprise Value$976M
P/S Ratio72.1x
P/FCF--
EV/FCF--
FCF Margin (TTM)-189.2%
FCF Yield-2.6%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$20.0M
Net Income$-53.6M
Free Cash Flow$-37.9M
Revenue Growth (YoY)+0.0%
EBITDA Margin-311.2%
Net Margin-268.1%
FCF Margin-189.2%
CapEx % of Revenue0.4%
SBC % of Revenue0.0%
ROIC-77.3%
WC Change % Rev11.6%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares3.1M
Days to Cover7.2
Change (vs Prior)-10.6%
Need at least 2 settlement dates for chart
Employees
Headcount69
Revenue / Employee$289,855
Gross Profit / Employee$282,725
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
108.3%(+81.8% YoY)
130 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
14.9%(+12.7% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.1%(+0.1% YoY)
5 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| FMR LLC | $224M | $24.61 | +$1.8M | +$52.6M | -0.0% | $1.89T |
| TRV GP V, LLC | $223M | $17.74 | +$0 | +$0 | -3.0% | $401M |
| ARCH Venture Management, LLC | $117M | $23.26 | +$0 | +$0 | -6.1% | $677M |
| Capital International Investors | $96.9M | $24.77 | −$9.5M | +$15.5M | +0.4% | $424.78B |
| Cormorant Asset Management, LLC | $92.5M | $23.77 | −$2.2M | +$519K | -2.4% | $1.95B |
| GOLDMAN SACHS GROUP INC | $92.1M | $25.99 | −$1.9M | +$53.1M | -0.2% | $760.93B |
| BlackRock, Inc.Passive | $78.4M | $23.38 | +$2.3M | +$41.9M | -0.2% | $5.69T |
| Sofinnova Investments, Inc. | $59.6M | $23.20 | +$0 | −$2.9M | +2.7% | $1.94B |
| JOHNSON & JOHNSON | $55.8M | $23.26 | +$0 | −$22.3M | -7.0% | $652M |
| Polar Capital Holdings Plc | $51.4M | $30.34 | +$20.0M | +$51.4M | +1.5% | $22.76B |
| BAKER BROS. ADVISORS LP | $48.4M | $23.18 | +$0 | +$48.4M | -0.5% | $16.13B |
| Vestal Point Capital, LP | $44.9M | $30.13 | +$10.2M | +$44.9M | -0.1% | $3.58B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $41.5M | $31.29 | +$41.5M | +$41.5M | — | $4.04T |
| TRV GP VI, LLC | $30.3M | $17.74 | +$0 | +$0 | -0.7% | $136M |
| UBS ASSET MANAGEMENT AMERICAS INC | $28.8M | $24.76 | −$1.0M | +$22.4M | -0.3% | $480.58B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $27.1M | $20.17 | −$474K | −$6.5M | -0.2% | $864.93B |
| STATE STREET CORPPassive | $23.8M | $24.45 | +$1.4M | +$17.8M | -0.2% | $2.89T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $22.6M | $23.87 | +$841K | +$12.7M | +2.3% | $1.61T |
| ALLIANCEBERNSTEIN L.P. | $22.1M | $22.62 | −$1.9M | −$11.6M | -0.3% | $307.70B |
| PERCEPTIVE ADVISORS LLC | $21.1M | $25.52 | +$0 | +$21.1M | -1.4% | $5.05B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.16%
avg per quarter
Holders (ex-self)
-1.21%
excl. this stock
Buyers (this Q)
+0.27%
77 buyers · $0.17B in
Sellers (this Q)
-0.46%
38 sellers · $0.03B out
alpha coverage: 96% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+25.0%
how holders react when this stock falls
On quiet Qs
+0.1%
−10% to +10% baseline
On rallies (+10%+)
-22.1%
how they react when this stock rises
Holders' portfolio flow this Q
-1.0%
outflows — trims may be forced
Sellers' portfolio flow this Q
-0.0%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.3%
Holder mid (any stock)
-2.9%
Holder rally (any stock)
-2.5%
Biggest decreases this quarter
Capital International Investors−$9.5Mα+0.4Informed Momentum Co LLCexited−$2.6MCormorant Asset Management, LLC−$2.2Mα-2.4Siren, L.L.C.−$2.1Mα+6.2ALLIANCEBERNSTEIN L.P.−$1.9Mα-0.3GOLDMAN SACHS GROUP INC−$1.9Mα-0.2Eversept Partners, LPexited−$1.8MExodusPoint Capital Management, LPexited−$1.1MUBS ASSET MANAGEMENT AMERICAS INC−$1.0Mα-0.3DARK FOREST CAPITAL MANAGEMENT LPexited−$639K
New buyers this quarter
Top-5 holders · 45.9%
FMR LLC--
TRV GP V, LLC--
ARCH Venture Management, LLC--
Capital International Investors--
Cormorant Asset Management, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
FMR LLC7.2MTRV GP V, LLC7.1MARCH Venture Management, LLC3.7MCapital International Investors3.1MCormorant Asset Management, LLC3.0MGOLDMAN SACHS GROUP INC2.9MSofinnova Investments, Inc.1.9MJOHNSON & JOHNSON1.8MPolar Capital Holdings Plc1.6MBAKER BROS. ADVISORS LP1.5M
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Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (4 analysts)$58.504810.0%
Last Year (8 analysts)$51.503040.0%
Current Price$39.50
Analyst Ratings
5
Buy: 5Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$1.61M
3 txns · 3 insiders · 65,566 sh
Sells ($, 12mo)
$7.99M
27 txns · 4 insiders · 289,486 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$33.65M
4 txns · 1 insider · 836,136 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-11 | SELL | Third Rock Ventures V, L.P. | 10 percent owner | 133,618 | $40.24 | $5.38M | $253.50M |
| 2026-05-08 | SELL | Third Rock Ventures V, L.P. | 10 percent owner | 5,018 | $40.31 | $202K | $259.28M |
| 2026-05-07 | SELL | Third Rock Ventures V, L.P. | 10 percent owner | 271,495 | $40.12 | $10.89M | $258.29M |
| 2026-04-17 | SELL | Third Rock Ventures V, L.P. | 10 percent owner | 426,005 | $40.32 | $17.18M | $270.50M |
| 2026-04-17 | SELL | Yeleswaram Krishnaswamy | officer: Chief Development Officer | 20,225 | $39.99 | $809K | $9.86M |
| 2026-04-14 | SELL | Yeleswaram Krishnaswamy | officer: Chief Development Officer | 10,200 | $35.08 | $358K | $9.35M |
| 2026-04-13 | SELL | Yeleswaram Krishnaswamy | officer: Chief Development Officer | 9,165 | $34.97 | $321K | $9.68M |
| 2026-04-10 | SELL | Yeleswaram Krishnaswamy | officer: Chief Development Officer | 500 | $34.98 | $17K | $10.00M |
| 2026-04-08 | SELL | Yeleswaram Krishnaswamy | officer: Chief Development Officer | 360 | $34.90 | $13K | $10.00M |
| 2026-03-30 | SELL | Gault Cheryl | officer: Chief Operating Officer | 10,000 | $28.19 | $282K | $4.51M |
| 2026-03-25 | SELL | Yeleswaram Krishnaswamy | officer: Chief Development Officer | 10,115 | $29.99 | $303K | $8.60M |
| 2026-03-05 | SELL | Gault Cheryl | officer: Chief Operating Officer | 2,014 | $28.93 | $58K | $4.92M |
| 2026-02-18 | SELL | Ceesay Abraham | director, officer: Chief Executive Officer | 10,916 | $29.35 | $320K | $608K |
| 2026-02-17 | SELL | Bredt David | officer: Chief Scientific Officer | 8,500 | $29.02 | $247K | $11.23M |
| 2026-01-20 | SELL | Ceesay Abraham | director, officer: Chief Executive Officer | 10,916 | $26.11 | $285K | $674K |
| 2026-01-15 | SELL | Bredt David | officer: Chief Scientific Officer | 8,500 | $26.84 | $228K | $10.62M |
| 2025-12-31 | SELL | Yeleswaram Krishnaswamy | officer: Chief Development Officer | 2,840 | $30.05 | $85K | $8.92M |
| 2025-12-31 | SELL | Bredt David | officer: Chief Scientific Officer | 6,567 | $30.05 | $197K | $12.14M |
| 2025-12-17 | SELL | Ceesay Abraham | director, officer: Chief Executive Officer | 10,916 | $29.64 | $324K | $916K |
| 2025-12-15 | SELL | Bredt David | officer: Chief Scientific Officer | 8,500 | $30.02 | $255K | $11.79M |
Order Flow (FINRA, ~3w lag)
12.7%retail+4.5pp
38.6%dark-0.7pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Rapport Therapeutics: High-Velocity Cash Burn Subsidized by Relentless Shareholder Dilution
Overall Risk
4/10
Fraud
2/10
Dilution
7/10
Insolvency
2/10
Earnings Overstated
2/10
Hidden Liabilities
3/10
Legal
2/10
Audit Warnings
1/10
Hidden Upside
7/10
Contextually Acceptable
9/10