2025-06-05-Jefferies-瑞波特治疗公司（RAPP）_炉边谈话_管理层对2025年9月关键的II期癫痫数据充满信心_8页_1mb

报告摘要

Equity Rating: BUY
Current Price: $13.06
Price Target: $35.00 (168% upside)
Key Event: Phase IIa data on RAP-219 in focal epilepsy expected September 2025.

RAP-219: A novel oral AMPA receptor antagonist targeting refractory focal epilepsy, neuropathic pain, and bipolar disorder. Phase II trial focuses on efficacy and safety with potential to de-risk future registrational studies.
Clinical Trial: 8-week open-label Phase IIa study (N=30) in focal epilepsy assessing long episodes (LE) reduction, clinical seizure reduction, and other metrics. Baseline data shows patients with median monthly seizures of 10, potentially supporting go/no-go decision.
Management's Confidence: Prepared to initiate Phase IIIs likely in 2026, with potential for long-acting formulations. A positive Phase IIa data outcome could drive significant stock appreciation (+50-100%).
Valuation: Analysts maintain a "BUY" rating based on DCF analysis, with a price target of $35.
Future Plans: Expanding into bipolar mania and neuropathic pain indications later in 2025.

Rapport Therapeutics: Clinical-stage biopharmaceutical company developing small molecules targeting neuronal receptors. Lead asset, RAP-219, focuses on negative modulation of AMPAR, with plans for multiple Phase II trials and future preclinical programs.