Rapport Therapeutics, Inc. (RAPP)

NASDAQHealth CareBiotechnologySnapshot 2026-10-23

$25.93-2.26%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Rapport Therapeutics, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	71,429
EPS	—	-1.18
Annual ending 2026-12-31
Revenue	—	20.06M
EPS	—	-4.004
Annual ending 2027-12-31
Revenue	—	0
EPS	—	-4.937

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Reduce losses and improve EPS trajectory	A supporting condition in Rapport Therapeutics, Inc.'s published investment case. The stated target is EPS loss narrows from -3.46 in FY26 to less negative in FY27.	Under Pressure	EPS loss worsens beyond -4.4 in FY27	Diluted EPS: $-1.19 per share FY2026-Q2; GAAP. Published target: EPS loss narrows from -3.46 in FY26 to less negative in FY27. Target period is not explicitly aligned with this observation. Source published Aug 5, 2026-1.19 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 852ed841-ca08-4848-b163-a2d6f0aebcb6. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Initiate Phase 3 trials for RAP-219 in focal onset seizures	Rapport is advancing RAP-219 to Phase 3 trials by Q2 2026.	Improving	Phase 3 trials not initiated by end of Q2 2026	Qualitative condition This condition has no defined numerical measure. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Topline results from ongoing trials expected in Q4 2026	Topline trial results are expected in Q4 2026.	Intact	No topline results by end of Q4 2026	Topline results achieved vs Q4 2026 target Oct 2026 news reports RAP-219 Phase 2 bipolar mania trial met goals, confirming the Q4 2026 topline objective was achieved. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$-4.94

$-4.40 → $-4.94 · observed estimates

FY2027 revenueUnavailable

$0.00B → Unavailable · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$-4.40	$0	8 / 12
2026-07-25	$-4.42	Unavailable	7 / 0
2026-07-26	$-4.40	$0	8 / 12
2026-07-27	$-4.40	$0	8 / 12
2026-07-28	$-4.40	$0	8 / 12
2026-07-29	$-4.27	$0	9 / 13
2026-07-30	$-4.27	$0	9 / 13
2026-07-31	$-4.32	Unavailable	8 / 0
2026-08-01	$-4.32	Unavailable	8 / 0
2026-08-02	$-4.27	$0	9 / 13
2026-08-03	$-4.32	Unavailable	8 / 0
2026-08-04	$-4.32	Unavailable	8 / 0
2026-08-05	$-4.27	$0	9 / 13
2026-08-06	$-4.27	$0	9 / 13
2026-08-07	$-4.94	Unavailable	8 / 0
2026-08-08	$-4.85	$0	9 / 12
2026-08-09	$-4.94	Unavailable	8 / 0
2026-08-10	$-4.85	$0	9 / 12
2026-08-12	$-4.94	Unavailable	8 / 0
2026-08-13	$-4.94	Unavailable	8 / 0
2026-08-14	$-4.94	Unavailable	8 / 0
2026-08-15	$-4.94	Unavailable	8 / 0
2026-08-16	$-4.94	Unavailable	8 / 0
2026-08-17	$-4.94	Unavailable	8 / 0
2026-08-18	$-4.94	Unavailable	8 / 0
2026-08-19	$-4.94	Unavailable	8 / 0
2026-08-20	$-4.94	Unavailable	9 / 0
2026-08-21	$-4.94	Unavailable	9 / 0
2026-08-22	$-4.94	Unavailable	9 / 0
2026-08-23	$-4.94	Unavailable	9 / 0
2026-08-24	$-4.94	Unavailable	9 / 0
2026-08-25	$-4.94	Unavailable	9 / 0
2026-08-26	$-4.94	Unavailable	9 / 0
2026-08-27	$-4.94	Unavailable	9 / 0
2026-08-28	$-4.94	Unavailable	9 / 0
2026-08-29	$-4.94	Unavailable	9 / 0
2026-08-30	$-4.94	Unavailable	9 / 0
2026-08-31	$-4.94	Unavailable	9 / 0
2026-09-01	$-4.94	Unavailable	9 / 0
2026-09-02	$-4.94	Unavailable	9 / 0
2026-09-03	$-4.94	Unavailable	9 / 0
2026-09-04	$-4.94	Unavailable	9 / 0
2026-09-05	$-4.94	Unavailable	9 / 0
2026-09-06	$-4.94	Unavailable	9 / 0
2026-09-07	$-4.94	Unavailable	9 / 0
2026-09-08	$-4.94	Unavailable	9 / 0
2026-09-09	$-4.94	Unavailable	9 / 0
2026-09-10	$-4.94	Unavailable	9 / 0
2026-09-11	$-4.97	Unavailable	9 / 0
2026-09-12	$-4.97	Unavailable	9 / 0
2026-09-13	$-4.97	Unavailable	9 / 0
2026-09-14	$-4.97	Unavailable	9 / 0
2026-09-15	$-4.97	Unavailable	9 / 0
2026-09-16	$-4.97	Unavailable	9 / 0
2026-09-17	$-4.97	Unavailable	9 / 0
2026-09-18	$-4.97	Unavailable	9 / 0
2026-09-19	$-4.97	Unavailable	9 / 0
2026-09-20	$-4.94	Unavailable	9 / 0
2026-09-21	$-4.94	Unavailable	9 / 0
2026-09-22	$-4.94	Unavailable	9 / 0
2026-09-23	$-4.94	Unavailable	9 / 0
2026-09-24	$-4.94	Unavailable	9 / 0
2026-09-25	$-4.94	Unavailable	9 / 0
2026-09-26	$-4.94	Unavailable	9 / 0
2026-09-27	$-4.94	Unavailable	9 / 0
2026-09-28	$-4.94	Unavailable	9 / 0
2026-09-29	$-4.94	Unavailable	9 / 0
2026-09-30	$-4.94	Unavailable	9 / 0
2026-10-01	$-4.94	Unavailable	9 / 0
2026-10-02	$-4.94	Unavailable	9 / 0
2026-10-03	$-4.94	Unavailable	9 / 0
2026-10-04	$-4.94	Unavailable	9 / 0
2026-10-05	$-4.94	Unavailable	9 / 0
2026-10-06	$-4.86	Unavailable	9 / 0
2026-10-07	$-4.86	Unavailable	9 / 0
2026-10-08	$-4.86	Unavailable	9 / 0
2026-10-09	$-4.86	Unavailable	9 / 0
2026-10-10	$-4.86	Unavailable	9 / 0
2026-10-11	$-4.86	Unavailable	9 / 0
2026-10-12	$-4.86	Unavailable	9 / 0
2026-10-13	$-4.86	Unavailable	9 / 0
2026-10-14	$-4.86	Unavailable	9 / 0
2026-10-15	$-4.86	Unavailable	9 / 0
2026-10-16	$-4.90	Unavailable	10 / 0
2026-10-17	$-4.90	Unavailable	10 / 0
2026-10-18	$-4.90	Unavailable	11 / 0
2026-10-19	$-4.90	Unavailable	11 / 0
2026-10-20	$-4.90	Unavailable	11 / 0
2026-10-21	$-4.95	Unavailable	11 / 0
2026-10-22	$-4.95	Unavailable	11 / 0
2026-10-23	$-4.94	Unavailable	11 / 0
2026-10-24	$-4.94	Unavailable	11 / 0

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	11	0	0
2026-06-01	12	0	0
2026-07-01	13	0	0
2026-08-01	13	0	0
2026-09-01	13	0	0
2026-10-01	16	0	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 16 Buy / Strong Buy · 0 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades5 maintains

Recent actions · Sep 25–Oct 24 · 5 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Wells FargoOct 21

$50.00New observation · no comparable prior

Raymond JamesOct 20 · prior Aug 17

$75.00 → $86.00+14.7%

GuggenheimOct 20 · prior Oct 5

$65.00 → $70.00+7.7%

BTIGOct 20 · prior Sep 16

$75.00 → $89.00+18.7%

Wolfe ResearchOct 15

$50.00New observation · no comparable prior

UBSOct 15 · prior Sep 23

$80.00 → $71.00-11.3%

$0$48.95$97.90

3 raises · 1 cuts · 0 unchanged · 2 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Reduce losses and improve EPS trajectoryPublished status: Under Pressure
Initiate Phase 3 trials for RAP-219 in focal onset seizuresQualitative condition

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

2 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.3%Typical daily move · historical

Downside history

-52.3%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Rapport Therapeutics, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

RAPP is a speculative clinical-development company, not an established earnings compounder. Its long-term thesis is in a watch state: management has reported development milestones, but recent financial performance is weak and the evidence snapshot has low overall confidence.

What's priced into Rapport Therapeutics, Inc.

The supplied evidence does not provide a valuation multiple or a clear account of market expectations, so whether RAPP is cheap or expensive versus peers is unclear. No fragility gates fired, but that does not establish that expectations are low or that the valuation has much room for setbacks.

What the fundamentals likely do

Near term, results may remain uneven: RAPP had an earnings miss in August after a May beat, and the next report carries a stated risk of a guidance cut. Over the multi-year thesis, RAP-219 progress is the main operating evidence, including positive Phase 2 bipolar mania results and Phase 3 enrollment in focal-onset seizures; cash declined in Q2 while management continued to state a runway into the second half of 2029.

What Rapport Therapeutics, Inc. hinges on

The thesis depends on clinical progress across epilepsy and bipolar mania, further development of the long-acting injectable, and whether cash management supports the stated runway. A guidance cut or continued weakness in jobs data could add pressure near term, while strong results and guidance from healthcare peers could improve sector conditions.