Rapport Closes ~$355M Raise: $175M Stock, $172.5M Convertible Notes, $30M PIPE
RAPP sits 16% above its 52-week low of $22.061.
Summary
Rapport closed its previously priced capital raise — 8,333,334 shares plus 1,428,571 option shares at $21.00, $172.5M of 2.25% convertible notes due 2032, and a $30.0M PIPE — netting roughly $382.5M gross to fund RAP-219 through 2029.
Key Events · Financing and Capital Events · RAPP
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Combined Raise Closes at ~$382.5M Gross
All three tranches closed October 30, 2026: 8,333,334 shares plus 1,428,571 option shares at $21.00, $172,500,000 of 2.25% convertible notes due 2032, and a $30.0M PIPE of 1,428,571 shares at $21.00.
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Net Proceeds and Runway to End-2029
Net proceeds of ~$215.7M from the equity offering and ~$166.8M from the notes, combined with existing cash, fund operations through the end of 2029.
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Equity Priced Below Last Sale
The $21.00 offering price compares with a $27.54 last reported sale price on October 27, 2026 — a discount that dilutes existing holders.
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Convertible Notes Terms
The notes carry a 2.25% coupon, mature December 1, 2032, and have an initial conversion price of ~$26.7750 (27.50% premium to the $21.00 offering price), with physical settlement fixed.
Analysis · RAPP · Life Sciences
Rapport has closed the capital raise it priced on October 28, pulling in roughly $382.5 million of gross proceeds across three tranches: 8,333,334 shares plus 1,428,571 option shares at $21.00, $172,500,000 of 2.25% convertible notes due 2032, and a $30.0 million private placement of 1,428,571 shares at $21.00. Net proceeds of about $215.7 million from the equity and $166.8 million from the notes will fund RAP-219 trials and extend the cash runway through the end of 2029. The equity priced at $21.00 against a $27.54 last reported sale on October 27 — a meaningful discount that reflects dilution to existing holders, though the raise removes near-term financing risk after the positive Phase 2 bipolar mania data. The notes carry a $26.7750 conversion price, 27.50% above the equity offering price.
How filings like this one have moved
In the 30 days to Oct 30, 2026, 38.3% of the 891 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.41%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, RAPP was trading at $25.56 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $22.06 to $52.93. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.