Rapport proposes $200 million stock offering and $150 million convertible notes
Key Facts
Rapport Therapeutics announced on October 27, 2026, a proposed public offering of $200 million in common stock, alongside a separate public offering of $150 million in aggregate principal amount of convertible senior notes due 2032. The announcement begins the offering process; it does not mean the offerings have been completed. The company said the process is subject to market conditions and other terms. The proposed structure combines an equity issuance with financing through convertible notes, with final terms to be determined later. The announcement did not specify a particular use for the proceeds. It also did not guarantee completion of the offerings, their timing, size or final terms.
The company intends to grant the underwriters of the stock offering a 30-day option to purchase additional shares worth up to $30 million. The option would allow the size of the stock tranche to increase if the underwriters choose to exercise it, but it remains separate from the proposed base size. For the notes tranche, the company intends to grant the underwriters a 30-day option to purchase additional notes with an aggregate principal amount of up to $22.5 million. This option is limited to covering any increase in the allocation. Each option therefore provides flexibility in the size of its respective tranche, while the announcement leaves both proposed offerings subject to closing conditions.
Alongside the two offerings, Rapport intends to sell shares to a specified investor in a privately negotiated transaction. The company said the per-share price in the private placement will match the price per share in the public stock offering. It said the private sale is not registered as part of the public stock offering. This adds a separate channel for selling shares alongside the proposed public transaction. The announcement did not specify the value of the private transaction in the information provided, nor did it identify the investor. Along with the two offerings, the transaction remains among the proposed steps announced on October 27.
For trading context, RAPP shares closed at $25.33 on October 26, 2026, according to EL7 data. That close preceded the company's announcement of the proposed offerings the following day. The price data cited here do not include the opening price or the session high and low. The stock context is therefore limited to the closing price recorded on that date. The announcement does not provide a public offering price or final note conversion terms. Pricing and conversion terms remain subject to subsequent disclosures and whether the offerings are completed.