Rapport Therapeutics, Inc.(RAPP) - 2024 Q4 - Annual Results

Financial Performance - Net loss for Q4 2024 was $20.0 million, compared to$13.5 million in Q4 2023; full year net loss was $78.3 million, up from$34.8 million in 2023[12] - Net loss for the year ended December 31, 2024, was $78,307,000, up from a net loss of$34,786,000 in 2023, reflecting a 125% increase in losses[25] - Total operating expenses for the year ended December 31, 2024, were $83,055,000, compared to$36,179,000 in 2023, marking an increase of 130%[25] - Net cash used in operating activities for the year ended December 31, 2024, was $64,828,000, compared to$27,181,000 in 2023, an increase of 139%[27] Research and Development - Research and Development (R&D) expenses for Q4 2024 were $17.2 million, an increase from$11.8 million in Q4 2023; full year R&D expenses totaled $60.9 million, compared to$28.0 million in 2023[12] - Research and development expenses rose to $60,935,000 for the year ended December 31, 2024, compared to$27,999,000 in 2023, an increase of 118%[25] - The company expects to initiate a Phase 2a trial in bipolar mania in Q3 2025, with topline results anticipated in the first half of 2027[4] - Topline results for the Phase 2a trial in refractory focal epilepsy are expected in Q3 2025, narrowing the timeline from prior guidance[7] - The company plans to finalize its trial plans for diabetic peripheral neuropathic pain after receiving a clinical hold from the FDA[9] - The recently released PET and MAD-2 trial results support RAP-219's potential for CNS disorders, demonstrating neuroanatomical specificity and favorable tolerability[4] Cash and Investments - The company ended Q4 2024 with $305.3 million in cash, cash equivalents, and short-term investments, down from$320.7 million as of September 30, 2024[13] - Cash and cash equivalents decreased to $56,805,000 in 2024 from$70,169,000 in 2023, a decline of 19%[22] - Cash runway is expected to fund operations through the end of 2026[13] - Net cash provided by financing activities for the year ended December 31, 2024, was $221,625,000, compared to$145,136,000 in 2023, an increase of 53%[27] Administrative Expenses - General and Administrative (G&A) expenses for Q4 2024 were $6.3 million, up from$3.0 million in Q4 2023; full year G&A expenses were $22.1 million, compared to$8.2 million in 2023[12] Assets and Liabilities - Total assets increased to $314,933,000 in 2024 from$155,423,000 in 2023, representing a growth of 102%[22] - Total liabilities decreased to $9,506,000 in 2024 from$14,479,000 in 2023, a reduction of 34%[22] Personnel Changes - The company appointed Dr. Jeffrey Sevigny as Chief Medical Officer, bringing over 15 years of experience in translational and clinical drug development[10] Shareholder Information - The weighted-average common shares outstanding increased to 20,738,338 in 2024 from 1,505,774 in 2023, a growth of 1,276%[25] - Interest income for the year ended December 31, 2024, was $12,138,000, up from$2,527,000 in 2023, an increase of 381%[25]