Financial Performance - The net loss for the second quarter of 2024 was $18.1 million, compared to $6.4 million for the same period last year[11]. - Total operating expenses for Q2 2024 were $20,800,000, a significant increase from $6,630,000 in Q2 2023, representing a 213% rise[22]. - Net loss for Q2 2024 was $18,121,000, up from a net loss of $6,411,000 in Q2 2023, indicating a 182% increase in losses[22]. - Net loss per share attributable to common stockholders improved to $(1.70) in Q2 2024 from $(4.45) in Q2 2023[22]. - Net cash used in operating activities was $(16,352,000) for Q2 2024, compared to $(6,599,000) in Q2 2023, reflecting a 148% increase in cash outflow[23]. - Net cash used in investing activities rose sharply to $(107,104,000) in Q2 2024, compared to $(86,000) in Q2 2023[23]. - Net cash provided by financing activities was $159,353,000 in Q2 2024, a significant turnaround from $(90,000) in Q2 2023[23]. - The net increase in cash, cash equivalents, and restricted cash for Q2 2024 was $35,897,000, compared to a decrease of $(6,775,000) in Q2 2023[23]. Research and Development - Research and development expenses increased to $15.7 million for the second quarter of 2024, up from $4.7 million in the prior year period[11]. - Research and development expenses surged to $15,689,000 in Q2 2024, compared 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 $174.4 million in gross proceeds, which will fund the clinical development of its precision neuroscience pipeline[1]. - The company ended the quarter with $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 $346.1 million as of June 30, 2024, compared to $155.4 million at the end of 2023[21].