Rapport Therapeutics Prices $380 Million Stock and Convertible Notes Offerings; Shares Fall 15%

Rapport Therapeutics, Inc. (RAPP) priced separate public offerings of common stock and convertible senior notes plus a concurrent private placement expected to raise about $380 million in gross proceeds before fees and expenses. The stock fell 15.32% to $23.32 and touched a new 52-week low of $22.35. The common stock offering was priced at $21 per share for approximately $175 million, alongside pre-funded warrants for up to roughly $25 million at $20.999 per warrant with an exercise price of $0.001 per share. Rapport also priced $150 million in aggregate principal of convertible senior notes due 2032 carrying a 2.25% annual interest rate, with an initial conversion price of about $26.78 per share, a 27.5% premium to the stock offering price. A private placement adds about $30 million of common stock at $21 per share. Proceeds will primarily fund ongoing and planned clinical trials of RAP-219, a candidate in Phase 3 development for drug-resistant focal onset seizures and Phase 2 for acute bipolar mania. Rapport expects the offerings to close on or around October 30, 2026, and said proceeds plus existing cash should fund operations through the end of 2029.