RAPP — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-05

• The following table summarizes our results of operations for the three months ended June 30, 2026 and 2025:

• Research and development expenses were $51.4 million for the three months ended June 30, 2026, as compared to $22.7 million for the three months ended June 30, 2025. The increase of $28.7 million consisted of the following:

• a $24.4 million increase in RAP-219 program costs, which consisted primarily of an increase of $22.3 million in clinical trial costs primarily driven by start-up costs for our Phase 3 trials in drug-resistant FOS, costs for our open-label long term safety trial for RAP-219 in FOS, costs for our Phas…

• a $4.0 million increase in personnel-related costs due to an increase in headcount, which consisted primarily of salaries, bonuses, and other compensation-related costs of $2.7 million and stock-based compensation of $1.3 million;

• a $0.2 million increase in other costs, consisting of research and development facility costs and information technology costs related to increased headcount and continued expansion of our Boston and San Diego sites; and

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• Comparison of the three months ended March 31, 2026 and 2025

• The following table summarizes our results of operations for the three months ended March 31, 2026 and 2025:

• Collaboration revenue was $20.0 million for the three months ended March 31, 2026 as a result of revenue recognized related to the non-refundable upfront fee received pursuant to the Tenacia License Agreement. Through March 31, 2026, no milestones have been achieved and no royalties have been earned…

• Research and development expenses were $32.7 million for the three months ended March 31, 2026, as compared to $19.6 million for the three months ended March 31, 2025. The increase of $13.1 million consisted of the following:

• a $7.9 million increase in RAP-219 program costs, which consisted primarily of an increase of $6.8 million in clinical trial costs primarily driven by start-up costs for our Phase 3 trials in drug-resistant FOS, costs for our Phase 2 proof-of-concept trial in bipolar mania, costs for IND-enabling ac…

Text added vs the prior filing · source: 10-Q · 2026-08-05

• Outside the United States, an increasing number of laws, regulations, and industry standards govern privacy and data security. For example, the European Union’s General Data Protection Regulation (“EU GDPR”) and the United Kingdom’s GDPR (“UK GDPR”) impose strict requirements for processing personal…

• Similarly, China’s Personal Information Protection Law (“PIPL”), imposes comprehensive requirements on the processing of personal information, including restrictions on the export of sensitive personal information outside of China. PIPL requires data handlers to satisfy specified conditions, such as…

• “hackers,” threat actors, “hacktivists,” organized criminal threat actors, personnel (such as through theft or misuse), sophisticated nation states, and nation-state-supported actors.

• The risk of a cyber-attack, cybersecurity incident, breach, compromise, or other interruption has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Such risks come from a variety of evolving threats, including bu…

• Further, bad actors around the world use increasingly sophisticated methods, including the use of AI/ML, to engage in cyber-attacks, cyber espionage campaigns, exploitation of expanded attack surfaces, and other illegal activities involving the theft and misuse of sensitive data. Technological devel…

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• Outside the United States, an increasing number of laws, regulations, and industry standards govern privacy and data security. For example, the European Union’s General Data Protection Regulation (“EU GDPR”) and the United Kingdom’s GDPR (“UK GDPR”) impose strict requirements for processing personal…

• Similarly, China’s Personal Information Protection Law (“PIPL”), which is enforced by the Cyberspace Administration of China (“CAC”), imposes comprehensive requirements on the processing of personal information, including restrictions on the export of sensitive personal information outside of China.…

• The risk of a cyber-attack, cybersecurity incident, breach, compromise, or other interruption has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Such risks come from a variety of evolving threats, including bu…

• Some of our manufacturers are located outside of the United States, including in China. There is currently significant uncertainty about the future relationship between the United States and various other countries, including China, with respect to trade policies, treaties, government regulations an…

• Our failure, or the failure of our third-party manufacturers, to comply with applicable regulations could result in sanctions being imposed on us, including clinical holds, fines, injunctions, civil penalties, delays, suspension or withdrawal of approvals, seizures or voluntary recalls of product ca…

Text added vs the prior filing · source: 10-Q · 2026-08-05

• (c) During the quarter ended June 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified and/or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, as each term is defined in Item 408 of Regulation S-K.

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• (c) During the quarter ended March 31, 2026, the following directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted certain trading plans intended to satisfy the requirements of Rule 10b5-1(c):

• Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c)

• Sale of the Company’s common stock pursuant to the terms of the plan

• No other directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the quarter ended March 31, 2026.