Financial Performance - The company reported a net loss of $17.5 million for Q3 2024, compared to a net loss of $8.7 million in the same period last year, reflecting a 100% increase in losses [15]. - Net loss for the three months ended September 30, 2024, was $17,537,000, compared to a net loss of $8,709,000 in the prior year, representing a 101% increase in losses [25]. - The company reported a net cash increase of $(70,850,000) for the three months ended September 30, 2024, compared to an increase of $79,884,000 in the same period of 2023 [26]. Expenses - Research and development expenses rose to $15.5 million in Q3 2024, up from $7.6 million in the prior year, indicating a 104% increase driven by clinical development costs [15]. - General and administrative expenses increased to $6.1 million in Q3 2024, compared to $2.0 million in the prior year, representing a 205% increase due to business growth and public company requirements [15]. - Operating expenses for the three months ended September 30, 2024, were $21,640,000, up from $9,564,000 in the same period of 2023, indicating a 126% increase [25]. - Research and development expenses rose to $15,543,000 for the three months ended September 30, 2024, compared to $7,580,000 in the same period of 2023, marking a 105% increase [25]. Cash and Assets - The company ended Q3 2024 with $320.7 million in cash, cash equivalents, and short-term investments, down from $336.1 million as of June 30, 2024, primarily due to cash outflows from operating activities [15]. - Cash and cash equivalents decreased to $39,314,000 as of September 30, 2024, down from $70,169,000 on December 31, 2023 [24]. - Total current assets increased to $325,939,000 as of September 30, 2024, compared to $150,872,000 on December 31, 2023, reflecting a significant growth [24]. - The company expects its current cash reserves to fund operations through the end of 2026 [15]. Clinical Trials and Development - Ongoing clinical trials for RAP-219 include a Phase 2a trial in focal epilepsy, with topline data expected in mid-2025 [9]. - The FDA placed the IND for a Phase 2a trial of RAP-219 in diabetic peripheral neuropathic pain on clinical hold, requiring additional protocol information [10]. - The company is conducting a second multiple ascending dose trial (MAD-2) of RAP-219, with topline results expected in Q1 2025 [8]. - The company plans to initiate a Phase 2a trial in bipolar disorder patients with acute mania in 2025 [13]. Corporate Governance - The company has appointed new board members with extensive biotech experience to support its growth and innovation strategy [3]. Shareholder Equity and Liabilities - Total stockholders' equity improved to $323,114,000 as of September 30, 2024, compared to a deficit of $(25,634,000) on December 31, 2023 [24]. - Total liabilities decreased to $8,030,000 as of September 30, 2024, from $14,479,000 on December 31, 2023 [24]. - Weighted-average common shares outstanding increased to 34,855,907 for the three months ended September 30, 2024, from 1,529,216 in the prior year [25].
Rapport Therapeutics, Inc.(RAPP) - 2024 Q3 - Quarterly Results