RAPPRapport Therapeutics, Inc.
Pharmaceutical Preparations
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$124M
- 51% YoY
- Market cap
- $1.2B
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- 2.8
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo89% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo2.8 per 10K words · 67th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.2B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$25M netNet sales over $10M in 12 months
Financials
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Operating income | −$36M | −$83M | −$125M | 51% |
| Net income | −$35M | −$78M | −$111M | 42% |
| Operating cash flow | −$27M | −$65M | −$87M | 35% |
| Capex | $2M | $2M | $616K | 74% |
| Stock-based comp | $4M | $10M | $19M | 84% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 18, 2025 | Sofinnova Venture Partners XI, L.P. | SCHEDULE 13D/A | 4.0% | Passive |
| Jun 14, 2024 | Sofinnova Venture Partners XI, L.P. | SC 13D | 5.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $22M · 11
- Open-market sells, 12 mo
- $47M · 72
- Net
- −$25M
Pay vs performance
No pay-versus-performance disclosure yet.