Financial Performance - Net loss for Q1 2025 was $24.1 million, compared to $22.7 million for the same period last year, reflecting an increase in operational costs [12]. - Net loss for the three months ended March 31, 2025, was $24,063,000 compared to a net loss of $22,669,000 for the same period in 2024, reflecting an increase in loss of about 6.1% [27]. - Total operating expenses rose from $17,094,000 to $27,108,000, an increase of approximately 58.8% [27]. - Net cash used in operating activities increased from $17,615,000 to $20,237,000, a rise of approximately 14.8% [29]. - Total liabilities increased from $9,506,000 to $16,217,000, an increase of approximately 70.5% [24]. - Total stockholders' equity decreased from $305,427,000 to $285,836,000, a decline of about 6.4% [24]. Research and Development - Research and Development (R&D) expenses rose to $19.6 million in Q1 2025, up from $12.5 million in the prior year, driven by clinical development costs [17]. - Research and development expenses increased significantly from $12,504,000 to $19,572,000, representing a rise of about 56.5% [27]. - Enrollment in the Phase 2a trial for RAP-219 in refractory focal epilepsy is progressing as planned, with topline results expected in Q3 2025 [4]. - The Phase 2a trial for RAP-219 in bipolar mania is set to commence in Q3 2025, with topline results anticipated in the first half of 2027 [4]. - Favorable tolerability was reported across four Phase 1 trials, with no serious adverse events and only 3% of participants discontinuing due to treatment emergent adverse events [7]. - The optimal cut point for a clinically meaningful reduction in seizure frequency was identified as a 30% reduction in long episode frequency [8]. Cash and Investments - The company ended Q1 2025 with $285.4 million in cash, cash equivalents, and short-term investments, down from $305.3 million at the end of 2024 [17]. - The company expects its cash position to fund operations through the end of 2026 [17]. - Net cash provided by investing activities was $21,031,000, contrasting with a net cash used of $41,926,000 in the previous year [29]. Corporate Events - The company plans to host its inaugural Investor and Analyst Day on June 2, 2025, featuring presentations from management and key opinion leaders [4]. Shareholder Information - The weighted-average common shares outstanding increased from 2,046,889 to 35,266,577, indicating a significant dilution of shares [27]. - General and Administrative (G&A) expenses increased to $7.5 million in Q1 2025, compared to $4.6 million in the same period last year, due to business growth and public company operational costs [17].
Rapport Therapeutics, Inc.(RAPP) - 2025 Q1 - Quarterly Results