Rapport Therapeutics Closes $172.5M Convertible Note Offering and $215.7M Equity Offering

Rapport Therapeutics, Inc. announced the closing of two concurrent underwritten offerings on October 30, 2026. The company entered into underwriting agreements with Morgan Stanley & Co. LLC, Leerink Partners LLC, and Evercore Group L.L.C. to sell equity and convertible debt securities.

The equity offering included the sale of 8,333,334 shares of common stock at a public offering price of $21.00 per share. Additionally, the company sold pre-funded warrants to purchase an aggregate of up to 1,190,476 shares of common stock at a price of $20.999 per warrant. The underwriters exercised their option in full to purchase an additional 1,428,571 shares of common stock. The company estimates that the net proceeds from the equity offering, including the option shares, will be approximately $215.7 million.

Separately, Rapport Therapeutics issued $172,500,000 in aggregate principal amount of 2.25% convertible senior notes due 2032. The notes were issued pursuant to an indenture with U.S. Bank Trust Company, National Association, as trustee. The net proceeds to the company from the notes offering were approximately $166.8 million after deducting underwriting discounts and commissions.

The notes bear interest at a rate of 2.25% per year, payable semiannually on June 1 and December 1, beginning June 1, 2027. The notes mature on December 1, 2032, unless earlier converted, redeemed, or repurchased. Holders may convert all or any portion of the notes at any time prior to the maturity date. The initial conversion rate is 37.3483 shares of common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $26.7750 per share.

The company stated that it intends to use the net proceeds primarily to fund ongoing and planned clinical trials advancing RAP-219, for research and development, and for working capital and general corporate purposes. The company also noted that it may use a portion of the remaining net proceeds to in-license, acquire, or invest in complementary businesses, technologies, or assets.