Rapport Therapeutics, Inc.

RAPPdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Rapport Therapeutics, Inc. earns about -24% on equity, but has diluted owners by 2486% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2023	FY 2024	FY 2025
Revenue	—	—	—
Net income	−$34.8M¹	−$78.3M²	−$111.5M²
Operating cash flow	−$27.2M³	−$64.8M⁴	−$87.5M⁴
Capital expenditure	$1.64M⁵	$2.41M⁶	$616,000⁶
Free cash flow (derived)	−$28.8M³	−$67.2M⁴	−$88.1M⁴
Total debt	—	—	—
Cash & equivalents	$70.2M⁷	$56.8M⁸	$52.6M⁸
Diluted shares	1.5M	20.7M	38.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$124.48

your share of equity

Profit it earned you last year

−$28.63

Free cash flow it threw off

−$22.62

Debt you’d be carrying

—

10 shares is a claim on $124.48 of net worth that earned you −$28.63 and generated −$22.62 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-24% avg · 3y

FY23 —FY24 -26%FY25 -23%

It earned an average -24% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+2486% shares · 3y

Share count is up 2486% over 3 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2023-12-31 · accession 0000950170-25-036828 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001193125-26-099360 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0000950170-25-036828 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001193125-26-099360 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0000950170-25-036828 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001193125-26-099360 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0000950170-25-036828 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001193125-26-099360 (CashAndCashEquivalentsAtCarryingValue)