Rapport Prices $200M Common Stock Offering Alongside $150M Convertible Notes
RAPP is trading near its 52-week low of $23.75 (5.3% below the low).
Summary
Rapport filed a preliminary prospectus for a $200 million common stock offering alongside a $150 million convertible notes offering, with a concurrent private placement indicated at the public offering price. Terms are not yet priced.
Key Events · Financing and Capital Events · RAPP
-
Dual Offering Launched
Rapport is offering $200 million of common stock and, concurrently, $150 million of convertible senior notes due 2032, each offering independent of the other's closing.
-
Reference Price Above Market
The filing cites a $25.33 last reported sale price on October 26, 2026, versus $22.50 today; final pricing is not yet set and the offering price is blank in this preliminary supplement.
-
Private Placement Indicated
A certain investor has indicated intent to buy shares at the public offering price in a concurrent private placement, with a 6% placement agent fee to Morgan Stanley, Leerink and Evercore; no binding agreement exists.
-
Cash Position and Use of Proceeds
Preliminary cash was about $395.0 million at September 30, 2026, down from $436.1 million at June 30, 2026; proceeds fund RAP-219 Phase 3 trials, other R&D and working capital.
Analysis · RAPP · Life Sciences
Rapport is raising roughly $200 million of common stock and $150 million of convertible notes at the same time—a large capital raise for a company that already held about $395 million in cash at September 30, 2026. The stock offering is priced off a $25.33 last sale on October 26, 2026, while the shares trade near $22.50 today, so the deal is being marketed into a weaker tape than the reference price implies. Proceeds are earmarked for the RAP-219 Phase 3 program in focal onset seizures and bipolar mania, plus general corporate purposes. The dilution is real, but the balance sheet gets much deeper, extending funding well past the Phase 3 readouts. Terms are still blank in this preliminary supplement, so final size, price and coupon are not yet set.
How filings like this one have moved
In the 30 days to Oct 27, 2026, 36.2% of the 898 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.75%. 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 $22.50 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 filing was assessed with negative market sentiment and an importance score of 8 out of 10.