Third Rock Ventures V, a 10% owner of Rapport Therapeutics (NASDAQ:RAPP), sold 426,005 shares on 17 April 2026 in an open-market transaction valued at approximately $17.18 million. The sale represented 5.3% of its total position in the Boston-based biotechnology company. The transaction was executed under a Rule 10b5-1 trading plan, indicating pre-scheduled selling rather than discretionary action. Following the sale, Third Rock Ventures V retains 6,709,228 shares directly and 969,218 shares indirectly, maintaining significant ownership. The sale occurred after Rapport Therapeutics' stock surged 230% over one year. The clinical-stage biopharmaceutical company develops small-molecule medicines for central nervous system disorders, with lead candidate RAP-219 in clinical trials for focal epilepsy, neuropathic pain and bipolar disorder. Rapport's market capitalisation stands at $1.33 billion.

Rapport Therapeutics has granted Tenacia Biotechnology exclusive rights to develop and commercialise its epilepsy and bipolar candidate RAP-219 in Greater China. The deal includes a $20 million upfront payment and up to approximately $308 million in potential milestones plus tiered royalties. The agreement establishes Greater China as a major development hub for RAP-219, adding Phase 3 trial sites in China whilst Rapport retains rights elsewhere. The upfront cash provides modest relief against rising losses, which reached $111.48 million in the past year, though further capital will likely be needed. The partnership offers external validation for RAP-219 as Phase 3 epilepsy trials approach, though clinical setbacks and potential dilution remain key risks. Community fair value estimates cluster around $52 per share.

Rapport hands Tenacia China rights to epilepsy drug in USD 328m deal. March 10, 2026 Boston-based Rapport Therapeutics, Inc. (Nasdaq: RAPP) and Shanghai-headquartered Tenacia Biotechnology (Hong Kong) Co., Ltd. entered a strategic collaboration granting Tenacia exclusive rights to develop and commercialize Rapport Therapeutics' RAP-219 in Greater China, covering mainland China, Hong Kong, Macau, and Taiwan. RAP-219 is a TARPγ8-specific AMPA receptor negative allosteric modulator (NAM) - a small molecule being developed for focal onset seizures (FOS), primary generalized tonic-clonic seizures, and bipolar mania. Rapport retains all rights outside the licensed territory. Deal financial terms were publicly disclosed. Under the terms of the partnership, Tenacia will pay Rapport an upfront cash payment of USD 20 million. Rapport is eligible to receive up to approximately USD 308 million in development and commercialization milestones and other payments, along with mid-single-digit to mid-teens tiered royalties on net sales in the licensed territory. Tenacia will be responsible for all RAP-219 development and commercialization activities in Greater China, including leading local clinical trial operations. No equity investment or profit-sharing arrangement was disclosed. Deal context. RAP-219 is described as a first-in-class compound that selectively modulates AMPA receptors associated with the auxiliary subunit TARPγ8. AMPA receptors mediate fast excitatory neurotransmission throughout the central nervous system, but TARPγ8 expression is concentrated in discrete brain regions - including the hippocampus and neocortex - where focal seizures commonly originate. TARPγ8 has minimal expression in the hindbrain, where AMPA receptor modulation is often associated with adverse events such as sedation and motor impairment. By selectively targeting TARPγ8-containing AMPA receptors, RAP-219 aims to suppress pathological excitatory signaling while sparing AMPA receptor activity in brain regions not implicated in seizure generation. In September 2025, Rapport reported results from a Phase IIa trial of RAP-219 in patients with drug-resistant focal onset seizures. The compound demonstrated a statistically significant reduction in long episodes - an objective electrographic biomarker correlated with clinical seizure reduction - as well as a statistically significant reduction in clinical seizures compared with baseline. Rapport has stated that two global registrational trials in focal onset seizures are planned, and in January 2026 the company announced an accelerated initiation of its Phase III program, with trials expected to begin in Q1 2026. A Phase 1 trial assessing TARPγ8 receptor occupancy in healthy adults has also been completed. Under the Tenacia collaboration, Tenacia will add Phase III clinical trial sites in China to the global registrational program with the aim of accelerating enrollment. Company background and strategic context. Rapport was founded in February 2022 and completed its IPO in 2024. The company's pipeline is built around its proprietary receptor-associated protein (RAP) technology platform, which focuses on targeting receptor-associated proteins to achieve highly selective modulation of neuronal signaling pathways. RAP-219 is the company's lead clinical-stage asset. Tenacia was founded in 2022 with backing from Bain Capital, and has developed a business model centered on in-licensing CNS therapeutics for development in Greater China. Previous Tenacia transactions include a November 2022 collaboration and supply agreement with Marinus Pharmaceuticals covering ganaxolone for Greater China, and a licensing and collaboration agreement with Praxis Precision Medicine for ulixacaltamide in Greater China. Your email address will not be published. Required fields are marked *