Financial Performance - The net loss for the second quarter of 2024 was 6.4 million for the same period last year[11]. - Total operating expenses for Q2 2024 were 6,630,000 in Q2 2023, representing a 213% rise[22]. - Net loss for Q2 2024 was 6,411,000 in Q2 2023, indicating a 182% increase in losses[22]. - Net loss per share attributable to common stockholders improved to (4.45) in Q2 2023[22]. - Net cash used in operating activities was (6,599,000) in Q2 2023, reflecting a 148% increase in cash outflow[23]. - Net cash used in investing activities rose sharply to (86,000) in Q2 2023[23]. - Net cash provided by financing activities was (90,000) in Q2 2023[23]. - The net increase in cash, cash equivalents, and restricted cash for Q2 2024 was (6,775,000) in Q2 2023[23]. Research and Development - Research and development expenses increased to 4.7 million in the prior year period[11]. - Research and development expenses surged to 4,721,000 in Q2 2023, marking a 232% increase[22]. - The company is on track to initiate a Phase 2a trial for RAP-219 in focal epilepsy in Q3 2024, with topline data expected in mid-2025[6]. - A Phase 2a trial for peripheral neuropathic pain is expected to begin in the second half of 2024[7]. - The company plans to initiate a Phase 2a trial in bipolar disorder patients in 2025[9]. - The company reported that RAP-219 was generally well tolerated in clinical trials, with no serious adverse events[5]. - The company expects results from a second multiple ascending dose trial (MAD-2) in the second half of 2024[5]. Capital and Assets - The company completed its initial public offering, raising 336.1 million in cash, cash equivalents, and short-term investments, expected to fund operations through the end of 2026[1]. - The total assets increased to 155.4 million at the end of 2023[21].
Rapport Therapeutics, Inc.(RAPP) - 2024 Q2 - Quarterly Results