Rapport Therapeutics is a clinical-stage biotech developing small molecule drugs for neurological and psychiatric disorders. Rapport's core thesis centers on "receptor-associated proteins" (RAPs) — proteins that regulate how neuronal receptors assemble and function in specific brain regions. Most existing neuro drugs bind to receptors expressed throughout the entire brain, causing off-target side effects. Rapport argues that by targeting RAPs, which tend to be expressed only in specific brain regions, it can build drugs that act precisely where needed. Rapport's lead drug, RAP-219, applies this approach to epilepsy by targeting TARP8, a RAP that modulates AMPA receptors — key drivers of excitatory brain activity. TARP8 is concentrated in brain regions where most focal seizures originate, but is largely absent from areas where existing AMPAR-targeting drugs cause sedation and motor impairment. RAP-219 is an oral, once-daily drug in late-stage development for drug-resistant focal onset seizures, with two Phase 3 trials planned to start in mid-2026. Rapport also plans to expand RAP-219 into generalized seizures and bipolar mania, and is developing a monthly injectable formulation to improve patient adherence. Beyond RAP-219, Rapport has two earlier-stage programs: RAP-641, targeting chronic pain and migraine, and an α9α10 program targeting hearing loss and vestibular disorders. Rapport has no approved products or revenue, funds operations through equity, and outsources all manufacturing. Rapport licensed RAP-219 and its nAChR programs from Janssen in 2022, and Janssen is eligible for development and sales milestones plus royalties on net sales.