v3.25.4
Subsequent Event
12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event

14. Subsequent Event

On March 6 2026, the Company entered into a strategic collaboration and license agreement with Tenacia Biotechnology (Hong Kong) Co., Ltd. (“Tenacia”) to develop and commercialize RAP-219 in Greater China across indications, including focal onset seizures and bipolar mania.

Under the terms of the Tenacia Biotechnology collaboration and license agreement, the Company is eligible to receive an upfront payment of $20 million and will be eligible to receive up to an aggregate of approximately $308 million in potential development and commercialization milestones and other payments and mid-single digits to mid-teens tiered royalties on net sales of RAP-219 in China, Hong Kong, Macau, and Taiwan. Tenacia will be responsible for the development and commercialization of RAP-219 in Greater China, while Rapport retains rights in all other territories globally.