Rapport Raises $350M in Stock and Convertible Notes After Trial Win
RAPP sits 18% above its 52-week low of $23.75.
Summary
Rapport launched underwritten offerings of $200M in common stock and $150M in convertible notes due 2032, with 30-day options that could add roughly $30M of stock and $22.5M of notes. A concurrent private placement at the stock offer price is contingent on the equity deal closing. Proceeds fund RAP-219 trials, R&D and G&A. The raise lands a week after RAP-219 hit its primary and secondary endpoints in a Phase 2 bipolar mania trial, and after a cluster of insider open-market buys by the CFO and several directors. The company already held $436.1M in cash at Q2 with runway into H2 2029, so this is opportunistic capital raised into post-data strength rather than a distress move — but the equity tranche is meaningful dilution against a roughly $1.3B market cap, and the convert adds a future dilution path. Pricing terms — discount, coupon and conversion premium — are the next hard data point.
At the time of this announcement, RAPP was trading at $27.94 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $23.75 to $52.93. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Wiseek News.