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Rapport Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in research and development expenses to $15.5 million from $7.6 million in the same quarter the previous year. This increase is attributed to higher costs associated with clinical trials and preclinical programs.
General and administrative expenses rose to $6.1 million from $2.0 million, driven by increased workforce expenses and professional fees related to operating as a public company.
Rapport reported a net loss of $17.5 million for the quarter, compared to a net loss of $8.7 million in the previous year.
Interest income for the quarter was $4.1 million, up from $0.9 million, due to increased cash balances from recent financing activities.
The company highlighted its ongoing clinical trials, including a Phase 2a trial for RAP-219 in focal epilepsy, and noted a clinical hold by the FDA on a trial for diabetic peripheral neuropathic pain.
Rapport's cash, cash equivalents, and short-term investments totaled $320.7 million as of September 30, 2024, and the company expects these funds to support operations through the end of 2026.
The filing also discusses the company's reliance on third-party manufacturers and the potential risks associated with supply chain disruptions.
Rapport continues to focus on expanding its pipeline of product candidates for central nervous system disorders, leveraging its RAP technology platform.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Rapport Therapeutics Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.