Rapport Therapeutics, Inc.

Previous wording

In late 2025, we initiated an open-label long term safety trial to allow patients enrolled in our Phase 2a proof-of-concept FOS trial to resume taking RAP-219. Data from the open-label trial is expected in the second half of 2026. In December 2025, we received U.S. Food and Drug Administration (“FDA”) feedback from an end-of-Phase 2 meeting supporting advancement into two Phase 3 trials of RAP-219 in patients with drug-resistant FOS and we are on track to initiate the Phase 3 program in FOS in the second quarter of 2026.

Current wording

In late 2025, we initiated an open-label long term safety trial to allow patients enrolled in our Phase 2a proof-of-concept trial in drug-resistant FOS to resume taking RAP-219. Data from the open-label trial is expected in the fourth quarter of 2026. In December 2025, we received U.S. Food and Drug Administration (“FDA”) feedback from an end-of-Phase 2 meeting supporting advancement into two Phase 3 trials of RAP-219 in patients with drug-resistant FOS. We initiated the Phase 3 program in the second quarter of 2026.

Previous wording

We believe RAP-219 also has therapeutic potential in bipolar disorder. Our Phase 2 proof-of-concept trial in bipolar mania is progressing well and topline results are now expected in the fourth quarter of 2026, ahead of the previous guidance of first half of 2027. Additionally, we have modified the trial's statistical analysis plan and increased target enrollment, enabling the trial to potentially be considered as confirmatory evidence of effectiveness. Following completion of the Phase 2 trial, and subject to the results, we plan to engage with the FDA in an end-of-Phase 2 meeting to align on the design of a potential Phase 3 program to support a New Drug Application for the treatment of bipolar mania.

Current wording

We believe RAP-219 also has therapeutic potential in bipolar disorder. Our Phase 2 proof-of-concept trial in bipolar mania is progressing well and topline results are expected in October 2026. Additionally, we have modified the trial's statistical analysis plan and increased target enrollment, enabling the trial to potentially be considered as confirmatory evidence of effectiveness. Following completion of the Phase 2 trial, and subject to the results, we plan to engage with the FDA in an end-of-Phase 2 meeting to align on the design of a potential Phase 3 program to support a New Drug Application for the treatment of bipolar mania.

Previous wording

We also have two advanced discovery-stage nicotinic acetylcholine receptor (“nAChR”) programs stemming from our RAP technology platform. nAChRs have been clinically validated in patient-reported neuropathic pain and our first advanced discovery-stage nAChR program comprises agonists of the α6ß4 nAChR. α6ß4 nAChRs are selectively expressed in sensory neurons, and the α6 subunit has human genetic validation in chronic pain. We have initiated IND-enabling activities for our α6β4 nAChR agonist development candidate, RAP-641, directed at a genetically validated precision target that we are pursuing as a potential novel non-opiate, non-CNS approach for chronic pain and migraine. The second advanced discovery-stage nAChR program comprises modulators of the α9α10 nAChR. Third-party preclinical genetic data suggest that this nAChR could be an attractive target in treating hearing and vestibular disorders. We continue to leverage our RAP technology platform to discover additional product candidates that we believe have the potential to provide transformative benefits for large patient populations with neurological or psychiatric diseases.

Current wording

We also have two advanced discovery-stage nicotinic acetylcholine receptor (“nAChR”) programs stemming from our RAP technology platform. nAChRs have been clinically validated in patient-reported neuropathic pain and our first advanced discovery-stage nAChR program comprises agonists of the α6ß4 nAChR. α6ß4 nAChRs are selectively expressed in sensory neurons, and the α6 subunit has human genetic validation in chronic pain. We have initiated IND-enabling activities for our α6ß4 nAChR agonist development candidate, RAP-641, directed at a genetically validated precision target that we are pursuing as a potential novel non-opiate, non-CNS approach for chronic pain and migraine. The second advanced discovery-stage nAChR program comprises modulators of the α9α10 nAChR. Third-party preclinical genetic data suggest that this nAChR could be an attractive target in treating hearing and vestibular disorders. We continue to leverage our RAP technology platform to discover additional product candidates that we believe have the potential to provide transformative benefits for large patient populations with neurological or psychiatric diseases.

Previous wording

We have incurred significant operating losses in each year since our inception. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of any product candidates we may develop. Our net losses were $19.9 million and $24.1 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had an accumulated deficit of $255.1 million. We expect our expenses and operating losses will increase substantially as we:

Current wording

We have incurred significant operating losses in each year since our inception. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of any product candidates we may develop. Our net losses were $56.6 million and $26.7 million for the three months ended June 30, 2026 and 2025, respectively, and $76.5 million and $50.8 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $311.7 million. We expect our expenses and operating losses will increase substantially as we:

Previous wording

incur additional costs associated with being a public company, including audit, legal, regulatory, and tax-related services associated with maintaining compliance with an exchange listing and Securities Exchange Commission (“SEC”) requirements, director and officer insurance premiums and investor relations costs.

Current wording

continue to incur costs associated with being a public company, including audit, legal, regulatory, and tax-related services associated with maintaining compliance with an exchange listing and Securities Exchange Commission (“SEC”) requirements, director and officer insurance premiums and investor relations costs.

Previous wording

We believe that our existing cash and cash equivalents, and short-term investments will enable us to fund our operating expenses and capital expenditure requirements into the second half of 2029. See the sections titled “—Liquidity and Capital Resources” and “Risk Factors—Risks Related to Our Limited Operating History, Financial Condition and Need for Additional Capital” included elsewhere in this Quarterly Report.

Current wording

We believe that our existing cash, cash equivalents, and short-term investments will enable us to fund our operating expenses and capital expenditure requirements into the second half of 2029. See the sections titled “—Liquidity and Capital Resources” and “Risk Factors—Risks Related to Our Limited Operating History, Financial Condition and Need for Additional Capital” included elsewhere in this Quarterly Report.

Previous wording

Concurrently with the execution of the NeuroPace Agreement, the parties also entered into an initial statement of work, as amended in March 2024, and a second statement of work, as amended in February 2026 (collectively, the “NeuroPace SOWs”), under the NeuroPace Agreement, pursuant to which NeuroPace agreed to provide services related to our RAP-219 Phase 2a clinical trial and planned open-label long term safety trial in RAP-219 for FOS, including, among other things, clinical trial readiness support, identification of potential patients satisfying the enrollment criteria and RNS system data reporting and data analysis. Pursuant to the payment schedule set out in the NeuroPace SOWs, we will pay NeuroPace an aggregate of up to $5.8 million over a period of approximately four years in connection with NeuroPace’s provision of services and achievement of certain patient enrollment and deliverable milestones. As of March 31, 2026, we have incurred cumulative expenses of $4.5 million on both NeuroPace SOWs.

Current wording

Concurrently with the execution of the NeuroPace Agreement, the parties also entered into an initial statement of work, as amended in March 2024, and a second statement of work, as amended in February 2026 (collectively, the “NeuroPace SOWs”), under the NeuroPace Agreement, pursuant to which NeuroPace agreed to provide services related to our RAP-219 Phase 2a clinical trial and open-label long term safety trial in RAP-219 for FOS, including, among other things, clinical trial readiness support, identification of potential patients satisfying the enrollment criteria and RNS system data reporting and data analysis. Pursuant to the payment schedule set out in the NeuroPace SOWs, we will pay NeuroPace an aggregate of up to $5.8 million over a period of approximately four years in connection with NeuroPace’s provision of services and achievement of certain patient enrollment and deliverable milestones. As of June 30, 2026, we have incurred cumulative expenses of $4.7 million on both NeuroPace SOWs.

Previous wording

We have not generated any revenue from the sale of products since inception and do not expect to generate any revenue from the sale of products for several years, if ever. As discussed above and in Note 11 -License and Collaboration Agreement to our condensed consolidated financial statements, we entered into the Tenacia License Agreement in March 2026. We recognized $20.0 million of collaboration revenue from the Tenacia License Agreement during the three months ended March 31, 2026.

Current wording

We have not generated any revenue from the sale of products since inception and do not expect to generate any revenue from the sale of products for several years, if ever. As discussed above and in Note 11 -License and Collaboration Agreement to our condensed consolidated financial statements, we entered into the Tenacia License Agreement in March 2026. We recognized $20.0 million of collaboration revenue from the Tenacia License Agreement during the six months ended June 30, 2026.

Previous wording

General and administrative expenses consist primarily of personnel-related costs, including salaries, bonuses, benefits, and stock-based compensation charges for those individuals in executive, finance, human resources, facility operations, and other administrative functions. Other costs include legal fees relating to intellectual property and corporate matters, professional fees for auditing, accounting, tax and consulting services, office and information technology costs, insurance costs, and facilities, depreciation and other general and administrative expenses, which include direct or allocated expenses for rent and maintenance of facilities and utilities.

Current wording

Selling, general and administrative expenses consist primarily of personnel-related costs, including salaries, bonuses, benefits, and stock-based compensation charges for those individuals in executive, finance, human resources, facility operations, and other administrative functions. Other costs include legal fees relating to intellectual property and corporate matters, professional fees for auditing, accounting, tax and consulting services, office and information technology costs, insurance costs, and facilities, depreciation and other selling, general and administrative expenses, which include direct or allocated expenses for rent and maintenance of facilities and utilities.

Previous wording

We anticipate that our general and administrative expenses will increase for the foreseeable future to support development of product candidates and our continued research activities. These increases will likely include additional costs related to the hiring of additional personnel and fees paid to outside consultants, among other expenses. We also anticipate increased expenses related to audit, accounting, legal, regulatory, and tax-related services associated with maintaining compliance with The Nasdaq Global Market (“Nasdaq”) and SEC requirements, director and officer insurance premiums, and investor relations costs associated with operating as a public company.

Current wording

We anticipate that our selling, general and administrative expenses will increase for the foreseeable future to support development of product candidates and our continued research activities. These increases will likely include additional costs related to the hiring of additional personnel and fees paid to outside consultants, among other expenses. We also anticipate increased expenses related to audit, accounting, legal, regulatory, and tax-related services associated with maintaining compliance with The Nasdaq Global Market (“Nasdaq”) and SEC requirements, director and officer insurance premiums, and investor relations costs associated with operating as a public company.

Previous wording

For the three months ended March 31, 2026 and 2025, we recorded no income tax provision. As of March 31, 2026 and December 31, 2025, we recorded a full valuation allowance of our net deferred tax assets, as we believed it was more likely than not we would not be able to utilize our deferred tax assets prior to their expiration.

Current wording

For the three and six months ended June 30, 2026 and 2025, we recorded no income tax provision. As of June 30, 2026 and December 31, 2025, we recorded a full valuation allowance of our net deferred tax assets, as we believed it was more likely than not we would not be able to utilize our deferred tax assets prior to their expiration.

Previous wording

a $3.9 million increase in personnel-related costs due to an increase in headcount, which consisted primarily of salaries, bonuses, and other compensation-related costs of $2.4 million, and stock-based compensation of $1.5 million;

Current wording

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;

Previous wording

a $2.0 million increase in workforce expense due to an increase in headcount, consisting primarily of salaries, bonuses, and other compensation-related costs of $0.7 million and stock-based compensation of $1.4 million.

Current wording

a $2.0 million increase in workforce expense due to an increase in headcount, consisting primarily of salaries, bonuses, and other compensation-related costs of $0.5 million and stock-based compensation of $1.5 million; and

Previous wording

Other income was $4.4 million for the three months ended March 31, 2026, as compared to $3.0 million for the three months ended March 31, 2025. The increase in interest income was due to the increased cash, cash equivalent and short-term investments balances for most of the three months ended March 31, 2026 due to proceeds from the September 2025 Offering.

Current wording

Other income was $4.2 million for the three months ended June 30, 2026, as compared to $2.8 million for the three months ended June 30, 2025. The $1.4 million increase was driven by increased interest income due to the increased cash, cash equivalent and short-term investments balances for most of the three months ended June 30, 2026 due to proceeds from the September 2025 Offering.

Previous wording

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.

Current wording

Collaboration revenue was $20.0 million for the six months ended June 30, 2026 as a result of revenue recognized related to the non-refundable upfront fee received pursuant to the Tenacia License Agreement. Through June 30, 2026, no milestones have been achieved and no royalties have been earned.

Previous wording

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 activities for our Phase 1 trial for our LAI program, and a $1.0 million increase in contract manufacturing costs related to the production of clinical supply.

Current wording

a $32.3 million increase in RAP-219 program costs, which consisted primarily of an increase of $29.1 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 Phase 2 proof-of-concept trial in bipolar mania, costs for IND-enabling activities for our LAI program, a $2.8 million increase in contract manufacturing costs related to the production of clinical supply, and a $0.3 million increase in consulting costs;

Previous wording

a $1.0 million increase in preclinical program costs, which consisted primarily of a $1.2 million increase in toxicology and animal studies related to our discovery programs, offset by a $0.2 million decrease in external chemistry efforts; and

Current wording

a $1.2 million increase in preclinical program costs, which consisted primarily of a $1.5 million increase in toxicology and animal studies related to our discovery programs, offset by a $0.2 million decrease in external chemistry efforts; and

Previous wording

a $0.4 million increase in other costs, consisting of research and development facilities, information technology, and depreciation expense related to increased headcount and continued expansion of our Boston and San Diego sites.

Current wording

a $0.6 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.

Previous wording

a $2.0 million increase in professional and consulting costs primarily associated with increases of $2.2 million in consulting costs and $0.3 million in legal costs primarily due to the execution of the Tenacia License Agreement. These increases were offset by a $0.4 million decrease in accounting consulting costs.

Current wording

a $2.6 million increase in professional and consulting costs primarily associated with increases of $2.4 million in consulting costs and $0.5 million in legal costs primarily due to the execution of the Tenacia License Agreement, offset by a $0.4 million decrease in accounting consulting costs.

Previous wording

Since our inception in February 2022, we have not generated any revenue from any sources and have incurred significant operating losses and negative cash flows from operations. We expect to incur significant expenses and operating losses for the foreseeable future as we advance the clinical development of our product candidates and pipeline. Further, we expect to continue to incur additional costs associated with operating as a public company. Historically, we have funded our operations with proceeds from the sale of convertible notes, convertible preferred stock, and the issuance of common stock in our IPO, concurrent private placement, September 2025 Offering, and collaboration agreements. To date, we have received aggregate gross proceeds of $731.9 million from these sources. As of March 31, 2026, we had cash and cash equivalents and short-term investments of $476.8 million, excluding our restricted cash.

Current wording

Since our inception in February 2022, our revenue has been generated from payments received pursuant to collaboration agreements and we have incurred significant operating losses and negative cash flows from operations. We expect to incur significant expenses and operating losses for the foreseeable future as we advance the clinical development of our product candidates and pipeline. Further, we expect to continue to incur additional costs associated with operating as a public company. Historically, we have funded our operations with proceeds from the sale of convertible notes, convertible preferred stock, and the issuance of common stock in our IPO, concurrent private placement, September 2025 Offering, and collaboration agreements. As of June 30, 2026, we had cash, cash equivalents and short-term investments of $436.1 million, excluding our restricted cash.

Previous wording

During the three months ended March 31, 2026, operating activities used $13.1 million of cash, resulting primarily from our net loss of $19.9 million, non-cash accretion of investments in marketable securities of $0.4 million, and changes in operating assets and liabilities of $0.8 million, partially offset by $7.0 million of non-cash stock-based compensation expense, $0.2 million of non-cash depreciation expense, and $0.6 million of non-cash lease expense. The $0.8 million change in operating assets and liabilities is primarily driven by a decrease in prepaid expenses and other current assets of $0.8 million, primarily due to recognition of advanced payments on contracts related to our clinical trials, a $0.7 million decrease in operating lease liabilities, and a decease in other assets of $0.3 million due to the movement of an upfront long-term prepaid clinical trial payment from long-term to short term, and a decrease in accrued expenses of $3.5 million due to timing of payments to vendors, partially offset by increases in accounts payable of $2.3 million due to financial advisory fees due in connection with the Tenacia License Agreement.

Current wording

During the six months ended June 30, 2026, operating activities used $54.5 million of cash, resulting primarily from our net loss of $76.5 million, partially offset by $14.2 million of non-cash stock-based compensation expense, changes in operating assets and liabilities of $6.0 million, $0.4 million of non-cash depreciation expense, and $1.2 million of non-cash lease expense. The $6.0 million change in operating assets and liabilities is primarily driven by a $1.4 million decrease in operating lease liabilities, a decrease in other assets of $0.3 million due to the movement of an upfront long-term prepaid clinical trial payment from long-term to short term, and a decrease in accounts payable of $1.4 million due to timing of payments to vendors, partially offset by increases in accrued expenses of $11.1 million due to increased clinical trial costs, an increase in prepaid expenses and other current assets of $2.3 million, primarily due to recognition of advanced payments on contracts related to our clinical trials, and an increase to accounts receivable of $0.3 million for reimbursable costs related to the Tenacia License Agreement.

Previous wording

During the three months ended March 31, 2025, operating activities used $20.2 million of cash, resulting primarily from our net loss of $24.1 million, non-cash accretion of investments in marketable securities of $0.4 million, and changes in operating assets and liabilities of $0.4 million, partially offset by $4.0 million of non-cash stock-based compensation expense, $0.2 million of non-cash depreciation expense, and $0.4 million of non-cash lease expense. The $0.4 million change in operating assets and liabilities is primarily driven by an increase in prepaid expenses and other current assets of $0.8 million, primarily due to advanced payments on new contracts related to our clinical trials, a $0.1 million decrease in operating lease liabilities, partially offset by an increase in accounts payable of $0.2 million and accrued expenses of $0.3 million due to timing of payments to vendors.

Current wording

During the six months ended June 30, 2025, operating activities used $45.3 million of cash, resulting primarily from our net loss of $50.8 million, non-cash accretion of investments in marketable securities of $0.5 million, and changes in operating assets and liabilities of $3.8 million, partially offset by $8.4 million of non-cash stock-based compensation expense, $0.5 million of non-cash depreciation expense, and $0.9 million of non-cash lease expense. The $3.8 million change in operating assets and liabilities is primarily driven by an increase in prepaid expenses and other current assets of $5.1 million, primarily due to advanced payments on new contracts related to our clinical trials, a $0.1 million decrease in operating lease liabilities, partially offset by increases in accounts payable of $1.2 million and accrued expenses of $0.8 million due to timing of payments to vendors, and an increase in other assets of $0.5 million primarily due to the payment of the security deposit for our new corporate headquarters lease.

Previous wording

During the three months ended March 31, 2026, net cash provided by investing activities was $37.9 million, primarily consisting of maturities of short-term investments of $58.3 million and sales of short-term investments of $10.1 million, partially offset by purchases of short-term investments of $30.4 million and purchases of property and equipment of $0.1 million.

Current wording

During the six months ended June 30, 2026, net cash provided by investing activities was $63.5 million, primarily consisting of maturities of short-term investments of $123.5 million and sales of short-term investments of $10.1 million, partially offset by purchases of short-term investments of $70.0 million.

Previous wording

During the three months ended March 31, 2025, net cash provided by investing activities was $21.0 million, primarily consisting of maturities of short-term investments of $64.6 million, partially offset by purchases of short-term investments of $43.2 million and purchases of property and equipment of $0.3 million.

Current wording

During the six months ended June 30, 2025, net cash provided by investing activities was $43.6 million, primarily consisting of maturities of short-term investments of $100.0 million, partially offset by purchases of short-term investments of $56.1 million and purchases of property and equipment of $0.3 million.

Previous wording

During the three months ended March 31, 2026, net cash provided by financing activities was $0.5 million, primarily consisting of proceeds from exercise of stock options of $0.8 million, partially offset by payment of deferred offering costs of $0.3 million in connection with the preparation and filing of the 2026 Registration Statement.

Current wording

During the six months ended June 30, 2026, net cash provided by financing activities was $1.9 million, primarily consisting of proceeds from exercise of stock options of $2.4 million, offset by payment of deferred offering costs of $0.5 million in connection with the preparation and filing of the 2026 Registration Statement.

Previous wording

As of March 31, 2026, we had cash, cash equivalents and short-term investments of $476.8 million, excluding our restricted cash. As of the issuance date of the condensed consolidated financial statements for the three months ended March 31, 2026, we expect that our cash, cash equivalents and short-term investments will be sufficient to fund our operating expenses and capital expenditure requirements through at least 12 months from the issuance of the condensed consolidated financial statements. We believe that our existing cash, cash equivalents and short-term investments will enable us to fund our operating expenses and capital expenditure requirements into the second half of 2029. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. However, our forecast for the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and actual results could vary materially. Additionally, the process of conducting preclinical studies and testing potential future product candidates in clinical trials is costly, and the timing of progress and expenses in these studies and trials is uncertain. We will need to raise substantial additional capital in the future.

Current wording

As of June 30, 2026, we had cash, cash equivalents and short-term investments of $436.1 million, excluding our restricted cash. As of the issuance date of the condensed consolidated financial statements for the six months ended June 30, 2026, we expect that our cash, cash equivalents and short-term investments will be sufficient to fund our operating expenses and capital expenditure requirements through at least 12 months from the issuance of the condensed consolidated financial statements. We believe that our existing cash, cash equivalents and short-term investments will enable us to fund our operating expenses and capital expenditure requirements into the second half of 2029. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. However, our forecast for the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and actual results could vary materially. Additionally, the process of conducting preclinical studies and testing potential future product candidates in clinical trials is costly, and the timing of progress and expenses in these studies and trials is uncertain. We will need to raise substantial additional capital in the future.

Previous wording

As of the March 31, 2026, we had future minimum operating lease payments under non-cancelable leases of $12.5 million related to leases we have recognized on our condensed consolidated balance sheet, which included existing laboratory and office leases and the new corporate headquarters lease that commenced June 1, 2025 in Boston, Massachusetts. The future minimum operating lease payments under these non-cancelable leases are due over a weighted average remaining lease term of 4.4 years.

Current wording

As of the June 30, 2026, we had future minimum operating lease payments under non-cancelable leases of $11.6 million related to leases we have recognized on our condensed consolidated balance sheet, which included existing laboratory and office leases and the new corporate headquarters lease that commenced June 1, 2025 in Boston, Massachusetts. The future minimum operating lease payments under these non-cancelable leases are due over a weighted average remaining lease term of 4.2 years.

Previous wording

In connection with the execution of the NeuroPace Agreement, the parties also entered into an initial statement of work, as amended in March 2024, and a second statement of work, as amended in February 2026, (collectively, the “NeuroPace SOWs”) under the NeuroPace Agreement, pursuant to which NeuroPace agreed to provide services related to the RAP-219 Phase 2a proof-of-concept clinical trial and planned open-label long term safety trial in RAP-219 for FOS, including, among other things, clinical trial readiness support, identification of potential patients satisfying the enrollment criteria and RNS system data reporting and data analysis. Pursuant to the payment schedule set out in the NeuroPace SOWs, the Company will pay NeuroPace an aggregate of up to $5.8 million over a period of approximately four years in connection with NeuroPace’s provision of services and achievement of certain patient enrollment and deliverable milestones. The Company has incurred cumulative expenses of $4.5 million on the NeuroPace SOWs through March 31, 2026.

Current wording

In connection with the execution of the NeuroPace Agreement, the parties also entered into an initial statement of work, as amended in March 2024, and a second statement of work, as amended in February 2026, (collectively, the “NeuroPace SOWs”) under the NeuroPace Agreement, pursuant to which NeuroPace agreed to provide services related to the RAP-219 Phase 2a proof-of-concept clinical trial and planned open-label long term safety trial in RAP-219 for FOS, including, among other things, clinical trial readiness support, identification of potential patients satisfying the enrollment criteria and RNS system data reporting and data analysis. Pursuant to the payment schedule set out in the NeuroPace SOWs, the Company will pay NeuroPace an aggregate of up to $5.8 million over a period of approximately four years in connection with NeuroPace’s provision of services and achievement of certain patient enrollment and deliverable milestones. The Company has incurred cumulative expenses of $4.7 million on the NeuroPace SOWs through June 30, 2026.

Previous wording

For information regarding our critical accounting policies and estimates, please refer to Note 2, “Summary of Significant Accounting Policies” contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The critical accounting policy below supplements the critical accounting policies discussed in our Annual Report on Form 10-K filed with the SEC on March 10, 2026.

Current wording

For information regarding our critical accounting policies and estimates, please refer to Note 2 — “Summary of Significant Accounting Policies” contained in our Annual Report. The critical accounting policy below supplements the critical accounting policies discussed in our Annual Report.