your badges 52W Range $24–$53 29% of range Analyst Rating BUY 19 analysts Price Target $63 +95% upside P/E -11.3 ROE -29.8% Net Profit Margin ·

RAPP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $32.17
Market Cap (MRQ) $1.54B
P/E -11.3
EPS $-2.86
ROE -29.8%
52W Range $24–$53

RAPP Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

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10-Year Performance Revenue, net income, margins and EPS trends

06
EPS$-2.86
2023-12-31 → 2025-12-31
Free Cash Flow$-88M
2024-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend RAPP 5Y avg Peer Median Verdict
P/E -11.3 · · ·
P/B (MRQ) 3.6 · 3.5 Overvalued
Price / FCF (TTM) -15.9 · · ·
Price / Cash Flow (TTM) -16.0 · · ·
Price / Tangible Book 3.2 · · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

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Avg Surprise 7.7%
Next Report Nov 04, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 5, 2026 $-1.19 $-0.97 -22.3%
March 31, 2026 May 7, 2026 $-0.42 $-0.68 38.6%
Dec. 31, 2025 $-0.72 $-0.69 -4.1%
Sept. 30, 2025 $-0.71 $-0.79 10.2%
June 30, 2025 $-0.75 $-0.85 11.6%
March 31, 2025 $-0.68 $-0.78 12.3%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

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Income Statement 14
Metric Trend 202520242023
R&D Expense $95M$61M$28M
SG&A Expense $30M$22M$8M
Operating Expenses $125M$83M$36M
Operating Income $-125M$-83M$-36M
Interest Income $14M$12M$3M
Other Non-op $14M$5M$1M
Pretax Income ·$-78M$-35M
Income Tax $0$0$10.0K
Net Income $-111M$-78M$-35M
EPS (Basic) $-2.86$-3.78$-23.10
EPS (Diluted) $-2.86$-3.78$-23.10
Shares (Basic) 38,934,56920,738,3381,505,774
Shares (Diluted) 38,934,56920,738,3381,505,774
EBITDA $-124M$-82M·
Balance Sheet 21
Metric Trend 202520242023
Cash & Equivalents $53M$57M$70M
Short-term Investments $438M$248M$77M
Receivables $0··
Prepaid Expense $8M$4M$3M
Current Assets $499M$310M$151M
PP&E (Net) $3M$4M$2M
PP&E (Gross) $5M$4M$2M
Accum. Depreciation $2M$965.0K$127.0K
Other Non-current Assets $985.0K$160.0K$551.0K
Total Assets $512M$315M$155M
Accounts Payable $4M$2M$3M
Accrued Liabilities $12M$6M$6M
Current Liabilities $19M$9M$9M
Capital Leases $9M$739.0K$1M
Total Liabilities $28M$10M$14M
Common Stock $48.0K$37.0K$4.0K
Retained Earnings $-235M$-124M$-45M
AOCI $546.0K$-522.0K$4.0K
Stockholders' Equity $485M$305M$-26M
Liabilities + Equity $512M$315M$155M
Shares Outstanding 47,772,56736,580,2024,170,817
Cash Flow 10
Metric Trend 202520242023
D&A $1M$839.0K$112.0K
Stock-based Comp $19M$10M$4M
Other Non-cash $4M$2M·
Operating Cash Flow $-87M$-65M$-27M
CapEx $616.0K$2M$2M
Investing Cash Flow $-187M$-170M$-79M
Stock Issued ··$54.0K
Financing Cash Flow $271M$222M$145M
Net Change in Cash $-4M$-13M$39M
Free Cash Flow $-88M$-67M·
Profitability 3
Metric Trend 202520242023
ROA -27.0%-33.3%·
ROE -29.8%-24.9%·
ROIC ·-27.2%·
Liquidity & Solvency 2
Metric Trend 202520242023
Current Ratio 26.235.3·
Quick Ratio 25.834.8·
Per Share 4
Metric Trend 202520242023
Book Value / Share $10.14$8.35·
Cash Flow / Share $-2.25$-3.13·
Cash / Share $1.10$1.55·
EPS (TTM) $-2.86$-3.78·
Valuation (TTM) 8
Metric Trend 202520242023
Net Income TTM $-111M$-78M·
Market Cap $1.45B$649M·
P/E -10.6-4.7·
P/B 3.02.1·
P / Tangible Book 3.02.1·
P / Cash Flow -16.6-10.0·
P / FCF -16.5-9.7·
Earnings Yield -9.4%-21.3%·

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

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Metric 2025-12-312024-12-312023-12-31
Net Income $-111M $-78M $-35M
Diluted EPS $-2.86 $-3.78 $-23.10

Institutional owners (13F) 167 filers · $2.1B total · As of Sept. 30, 2026

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Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 167
Value held $2.1B
New positions 27
Exited positions 12
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
27 (-5 vs prior Q) 12 (-10 vs prior Q) 55 (+2 vs prior Q) 49 (+17 vs prior Q) -1.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
FMR LLC $298,894,493 7,172,894 13.99% Shares
TRV GP V, LLC $261,709,477 6,280,525 12.25% Shares
ARCH Venture Management, LLC $155,376,512 3,728,738 7.27% Shares
Capital International Investors $121,757,990 2,921,958 5.70% Shares
GOLDMAN SACHS GROUP INC $121,278,410 2,910,449 5.68% Shares
BlackRock, Inc. $112,500,083 2,699,786 5.27% Shares
Cormorant Asset Management, LP $110,738,900 2,657,521 5.18% Shares
Sofinnova Investments, Inc. $79,356,681 1,904,408 3.71% Shares
JOHNSON & JOHNSON $74,360,823 1,784,517 3.48% Shares
Polar Capital Holdings Plc $67,026,778 1,608,514 3.14% Shares
BAKER BROS. ADVISORS LP $64,467,240 1,547,090 3.02% Shares
VANGUARD CAPITAL MANAGEMENT LLC $56,109,155 1,346,512 2.63% Shares
VANGUARD GROUP INC $55,150,747 1,817,757 2.58% Shares
TRV GP VI, LLC $40,387,314 969,218 1.89% Shares
STATE STREET CORP $34,115,729 818,712 1.60% Shares
GEODE CAPITAL MANAGEMENT, LLC $33,068,458 793,453 1.55% Shares
PERCEPTIVE ADVISORS LLC $32,225,161 773,342 1.51% Shares
Vestal Point Capital, LP $30,419,100 730,000 1.42% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $28,751,317 918,866 1.35% Shares
Siren, L.L.C. $26,730,013 641,469 1.25% Shares
Capital World Investors $22,987,547 551,657 1.08% Shares
ALLIANCEBERNSTEIN L.P. $21,695,985 693,384 1.02% Shares
DIMENSIONAL FUND ADVISORS LP $15,087,064 362,114 0.71% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $14,998,866 359,944 0.70% Shares
Candriam S.C.A. $14,472,638 347,650 0.68% Shares
Sio Capital Management, LLC $12,820,067 307,657 0.60% Shares
MORGAN STANLEY $12,401,492 297,612 0.58% Shares
NORTHERN TRUST CORP $11,555,299 277,305 0.54% Shares
KENNEDY CAPITAL MANAGEMENT LLC $10,450,628 250,795 0.49% Shares
Burkehill Global Management, LP $10,417,500 250,000 0.49% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $10,284,781 246,815 0.48% Shares
ALGERT GLOBAL LLC $9,326,663 223,822 0.44% Shares
Invesco Ltd. $8,968,884 215,236 0.42% Shares
D. E. Shaw & Co., Inc. $8,952,008 214,831 0.42% Shares
VANGUARD FIDUCIARY TRUST CO $8,681,236 208,333 0.41% Shares
Ensign Peak Advisors, Inc $6,898,302 165,546 0.32% Shares
MILLENNIUM MANAGEMENT LLC $6,455,016 154,908 0.30% Shares
UBS Group AG $6,299,420 151,174 0.29% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $6,250,500 150,000 0.29% Shares
Artia Global Partners LP $5,771,628 138,508 0.27% Shares
Swedbank AB $4,892,058 117,400 0.23% Shares
Nuveen, LLC $4,307,053 103,361 0.20% Shares
Walleye Capital LLC $4,257,132 102,163 0.20% Shares
Woodline Partners LP $4,064,367 97,537 0.19% Shares
TD Asset Management Inc $3,828,556 91,878 0.18% Shares
WELLINGTON MANAGEMENT GROUP LLP $3,624,790 86,988 0.17% Shares
PRUDENTIAL FINANCIAL INC $3,620,498 86,885 0.17% Shares
CITADEL ADVISORS LLC $3,435,358 82,442 0.16% Shares
Bank of New York Mellon Corp $3,426,191 82,222 0.16% Shares
ORBIMED ADVISORS LLC $3,192,589 76,616 0.15% Shares

Show all 167 institutional owners →

Activists & 5%+ owners 2 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Sofinnova Venture Partners XI, L.P. ("SVP XI"), Sofinnova Management XI, L.P. ("SM XI LP"), Sofinnova Management XI, L.L.C. ("SM XI LLC"), Dr. James I. Healy ("Healy"), Dr. Maha Katabi ("Katabi") Sept. 18, 2025 4.20% Amendment Passive investment SEC
Sofinnova Venture Partners XI, L.P. (“SVP XI”), Sofinnova Management XI, L.P. (“SM XI LP”), Sofinnova Management XI, L.L.C. (“SM XI LLC”), Dr. James I. Healy (“Healy”), Dr. Maha Katabi (“Katabi”) June 14, 2024 · Initial filing Passive investment SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 15 insiders · 7 officers · 9 directors

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Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Abraham Ceesay Chief Executive Officer Sept. 23, 2026 S 456,767 0 37 $-6,066,700
Troy A. Ignelzi Chief Financial Officer Feb. 2, 2026 A 10,000 0 0 $0
Cheryl Gault Chief Operating Officer Sept. 30, 2026 S 139,914 0 10 $-1,238,276
Krishnaswamy Yeleswaram Chief Development Officer Aug. 25, 2026 S 195,862 0 11 $-4,457,640
David Bredt Chief Scientific Officer Feb. 19, 2026 M 393,075 0 12 $-1,360,558
Jeffrey Sevigny Chief Medical Officer Feb. 2, 2026 A · 0 0 $0
Bradley S. Galer Chief Medical Officer June 6, 2024 A · 0 0 $0
Wendy B. Young Director June 10, 2026 A 9,500 0 0 $0
Ramiro Sanchez Director June 10, 2026 A · 0 0 $0
Reid M Huber Director June 10, 2026 A 20,400 0 0 $0
Paul M Silva Director June 10, 2026 A · 0 0 $0
Robert J Perez Director June 10, 2026 A · 0 0 $0
Dr. James I. Healy Director June 10, 2026 A 40,851 0 0 $0
Steven M Paul Director June 10, 2026 A 41,666 0 0 $0
John Maraganore Director June 10, 2026 A · 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 33 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IBRN · iShares Trust 1.30% 2,230 SH Sept. 11, 2026 Daily
PILL · Direxion Shares ETF Trust 1.05% 5,313 NS July 31, 2026 N-PORT
BBC · ETFis Series Trust I 0.72% 8,094 NS July 31, 2026 N-PORT
DWAS · Invesco Exchange-Traded Fund Trust … 0.49% 60,410 SH Oct. 2, 2026 Daily
IWC · iShares Trust 0.31% 103,972 SH Sept. 11, 2026 Daily
IHE · iShares Trust 0.29% 106,349 SH Sept. 11, 2026 Daily
ESSC · Strategy Shares 0.17% 1,470 NS July 31, 2026 N-PORT
VFMO · VANGUARD WELLINGTON FUND 0.14% 65,899 SH Aug. 19, 2026 Daily
IBBQ · Invesco Exchange-Traded Fund Trust … 0.11% 3,382 SH Oct. 2, 2026 Daily
IBB · iShares Trust 0.09% 216,279 SH Sept. 11, 2026 Daily
NUSC · Nushares ETF Trust 0.09% 26,913 NS July 31, 2026 N-PORT
IWO · iShares Trust 0.08% 270,440 SH Sept. 11, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS 0.07% 30,687 SH Aug. 19, 2026 Daily
IWM · iShares Trust 0.04% 783,799 SH Sept. 11, 2026 Daily
RSSL · Global X Funds 0.04% 14,625 NS July 31, 2026 N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS 0.04% 176,323 SH Aug. 19, 2026 Daily
DFAS · Dimensional ETF Trust 0.03% 110,173 NS July 31, 2026 N-PORT
VHT · VANGUARD WORLD FUND 0.02% 82,726 SH Aug. 19, 2026 Daily
FHLC · FIDELITY COVINGTON TRUST 0.02% 13,063 NS July 31, 2026 N-PORT
WSML · iShares Trust 0.01% 1,698 SH Sept. 10, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.01% 328,506 SH Aug. 19, 2026 Daily
VTWV · VANGUARD SCOTTSDALE FUNDS 0.01% 1,796 SH Aug. 19, 2026 Daily
DCOR · Dimensional ETF Trust 0.00% 2,900 NS July 31, 2026 N-PORT
ITOT · iShares Trust 0.00% 42,599 SH Sept. 11, 2026 Daily
IWV · iShares Trust 0.00% 7,761 SH Sept. 10, 2026 Daily
DFAC · Dimensional ETF Trust 0.00% 8,275 NS July 31, 2026 N-PORT
DFUS · Dimensional ETF Trust 0.00% 2,353 NS July 31, 2026 N-PORT
DFAU · Dimensional ETF Trust 0.00% 1,084 NS July 31, 2026 N-PORT
VTI · VANGUARD INDEX FUNDS 0.00% 986,730 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 2,513 SH Aug. 19, 2026 Daily
IWN · iShares Trust · 17,595 SH Sept. 11, 2026 Daily
ISCB · iShares Trust · 1,475 SH Sept. 11, 2026 Daily
ISCV · iShares Trust · 7,093 SH Sept. 11, 2026 Daily

RAPP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 19 analysts BUY
Median target $59.00 +83.4%
8 42.1% Strong Buy
10 52.6% Buy
1 5.3% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

12 analysts · 2026-09-28

Mean target $62.88 +95.5%

← Below all targets Current price $32.17
Low$50.00 Mean$62.88 High$80.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
RAPP $1.45B -10.6 · · -29.8% ·
NUVB $3.03B -14.9 699.0% -325.3% -60.3% ·
SEPN $1.25B -25.3 4174.5% -106.4% -12.9% ·
ANIP $1.78B 23.8 43.8% 8.9% 16.6% ·
ETON $457M · 104.9% -5.8% -18.4% 53.5%
OCUL $2.62B -8.5 -18.5% -511.9% -55.4% ·
PAHC · 12.9 17.1% 6.6% 29.7% 33.8%
NKTR $862M -4.3 -43.9% -297.1% -500.1% ·
INVA · 6.1 14.7% · · ·
MAZE $2.04B -13.6 · · -598.9% ·
XERS $1.30B · 43.7% 0.19% -19.7% ·

Latest News Recent headlines mentioning this company

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BTIG Raises its Price Target on Rapport Therapeutics (RAPP) Yahoo Finance · 3 months, 3 weeks ago

My Metrics Your personal watchlist — selected rows from Full Fundamentals

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Source: SEC 10-Q filed Aug 5, 2026