Rapport, J&J-backed neuromedicine firm, joins IPO queue

Less than a year after securing substantial funding, CNS disorder-focused Rapport Therapeutics is set to enter the IPO market. The company previously raised a significant $100 million in Series A and followed it up with a $150 million Series B within just a few months in 2023. This strong investor interest may position Rapport favorably in today’s challenging public markets.

On Friday, Rapport Therapeutics filed for a public debut on NASDAQ, alongside Australian radiopharmaceutical developer Telix. Rapport emerged from stealth mode last year with significant backing from Johnson & Johnson’s venture arm and secured a license to a receptor associated protein (RAP) technology platform from Janssen, a pharmaceutical branch of J&J. David Bredt, Rapport's scientific co-founder and chief scientific officer, previously served as the global head of neuroscience discovery at J&J, where he played a pivotal role in developing the CNS program portfolio now under Rapport’s ownership.

Rapport’s lead candidate, RAP-219, is an AMPA receptor negative allosteric modulator aimed at selectively targeting TARPγ8 in the hippocampus. The company has completed Phase I safety trials of RAP-219 and plans to initiate two Phase II trials later this year. These trials will focus on drug-resistant focal epilepsy and peripheral neuropathic pain. Additionally, a third mid-stage study on bipolar disorder is slated for 2025.

In addition to RAP-219, Rapport is developing a second TARPγ8-targeted molecule, RAP-199, with plans to begin Phase I testing in the first half of 2025. The company is also advancing two preclinical programs aimed at targeting nicotinic acetylcholine receptor (nAChR) for the treatment of chronic pain and hearing disorders.

Rapport’s entry into the public markets marks a significant milestone in its journey. The company’s promising pipeline, substantial financial backing, and strategic collaborations position it as a notable player in the biopharmaceutical sector.