Bull case
Rapport Therapeutics is attractive fundamentally because RAP-219 has already shown compelling proof-of-concept in focal onset seizures, with 77.8% median clinical-seizure reduction, 24% seizure freedom, 71% median long-episode reduction, and 10% discontinuation, while the ongoing Phase 3 FOCUS program in 2Q26 could translate that signal into a much larger epilepsy franchise. The company also has meaningful optionality in bipolar mania, where the October 2026 Phase 2 topline could validate a non-dopaminergic, TARPγ8-selective mechanism that may avoid the sedation, weight gain, and EPS burdens of current standards while targeting an addressable U.S. market estimated around $15B. Financially, the balance sheet appears supportive with $436M in cash into 2H29, and the platform’s broader nAChR discovery programs in chronic pain and hearing disorders add additional pipeline value beyond RAP-219.