Cheryl Gault, Chief Operating Officer of Rapport Therapeutics (RAPP 0.71%), reported the sale of 10,000 shares of common stock for approximately ~$416,000 across multiple open-market transactions on June 30, 2026, as disclosed in a recent SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (direct) | 10,000 |
| Transaction value | ~$416,000 |
| Post-transaction shares (direct) | 149,914 |
| Post-transaction value (direct ownership) | ~$5.9 million |
Transaction value based on SEC Form 4 weighted average reported price ($41.58). Post-transaction value based on July 1 closing price.
Key questions
- How does the size of this transaction compare to Cheryl Gault’s historical selling activity?
The 10,000-share sale matches the largest trade size in her historical record, aligning with the upper end of her recent “sell only” transactions, which have ranged from 2,014 to 10,000 shares per event. - Is there evidence of accelerating or irregular selling cadence in 2026?
No irregular escalation is evident; since November 2025, Gault has executed four sell transactions, each representing between 1.17% and 6.25% of her then-direct holdings, reflecting a measured and consistent disposition pace governed by a 10b5-1 plan. - Did this transaction materially change her ownership position in Rapport Therapeutics?
The sale reduced Gault’s direct stake by 6.25%, leaving her with 149,914 shares, which, as of July 1, 2026, is valued at approximately ~$5.9 million and represents 0.41% of the company’s outstanding shares. - What is the context for the transaction’s timing relative to Rapport Therapeutics’ stock performance?
The sale was executed near the close of a period in which Rapport Therapeutics shares appreciated 223.67% year-over-year (as of July 1, 2026), indicating the transaction capitalized on a period of elevated valuations, consistent with prudent liquidity planning.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 7/1/26) | $39.39 |
| Market capitalization | $1.42 billion |
| Revenue (TTM) | $20.00 million |
| 1-year price change | 223.67% |
* 1-year price change calculated using July 1st, 2026 as the reference date.
Company snapshot
- Rapport Therapeutics develops small-molecule therapeutics targeting central nervous system disorders, with a lead candidate (RAP-219) focused on focal epilepsy and additional pipeline programs for pain and hearing impairment.
- It operates a clinical-stage biopharmaceutical model.
Rapport Therapeutics is a clinical-phase biotechnology company specializing in innovative therapies for central nervous system (CNS) conditions. The company’s pipeline is anchored by RAP-219, a highly selective AMPAR inhibitor with potential applications in epilepsy, pain, and psychiatric disorders.
By advancing differentiated small-molecule candidates and leveraging proprietary receptor-targeting platforms, Rapport aims to address significant unmet needs in neurology and establish a leadership position in CNS therapeutics.
What this transaction means for investors
COO Cheryl Gault’s June 30 sale of Rapport stock came on the day the share price hit a 52-week high of $43.76. Even so, her disposition was a non-discretionary transaction. The sale was part of a pre-arranged Rule 10b5-1 trading plan, adopted in December of 2025.
Such plans allow insiders to sell shares at predetermined times to avoid concerns of trading on non-public information. Gault’s sale was perfectly timed to coincide with the stock’s rise, but given its non-discretionary nature, it does not appear to signal a red flag for investors. She also held nearly 150,000 shares post-transaction, maintaining a sizable equity stake that aligns with shareholder interests.
Rapport Therapeutics shares soared because the company reported positive clinical trials news for its treatments. In addition, it exited the first quarter of 2026 with $476.8 million in cash, cash equivalents, and short-term investments. According to Rapport management, this provides a projected runway for operations into the second half of 2029 as it works towards achieving government approval for its therapies.
