Slide 1: RAP-219 Phase 2a Trial in Drug-resistant Focal Onset Seizures Topline Results
Exhibit 99.2 RAP-219 Phase 2a Trial in Drug-resistant Focal Onset Seizures Topline Results Conference Call Presentation September 8, 2025
Slide 2: Disclaimer
Disclaimer This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “
Slide 3: Agenda
Agenda Overview 01 Abe Ceesay, Chief Executive Officer RAP-219 in Drug-resistant Focal Onset Seizures Topline Phase 2a Data 02 Jeff Sevigny, M.D., Chief Medical Officer Closing Remarks 03 Abe Ceesay Questions and Answers 04 Abe Ceesay | Jeff Sevigny | Troy Ignelzi, Chief Financial Officer 3
Slide 4: Agenda: Overview
Agenda Overview 01 Abe Ceesay, Chief Executive Officer RAP-219 in Drug-resistant Focal Onset Seizures Topline Phase 2a Data 02 Jeff Sevigny, M.D., Chief Medical Officer Closing Remarks 03 Abe Ceesay Questions and Answers 04 Abe Ceesay | Jeff Sevigny | Troy Ignelzi, Chief Financial Officer 4
Slide 5: Foundational science and supportive research established early confidence in RAP-219
Foundational science and supportive research established our early confidence in RAP-219 Corneal Kindling Responders and Rotarod Failures in Mice TARPγ8 Clinical PET High expression in the neocortex and mesial temporal lobe, where nearly all seizures originate Relatively low expression in hindbrain
Slide 6: Unmet need in epilepsy highlights limitations of current antiseizure medications
Unmet need in epilepsy highlights limitations of current antiseizure medications Limitations of antiseizure medications (ASMs) Limited Efficacy: Despite over 30 FDA approved ASMs, 30- a 40% of patients are still drug-resistant 60% Tolerability Issues: Burdensome side-effects, such as sedation, ataxi
Slide 7: Emerging best-in-class profile for RAP-219 in focal onset seizures
Emerging best-in-class profile for RAP-219 in focal onset seizures, with multi-billion dollar commercial opportunity, if approved Long-acting Efficacy Data Tolerability Data Ease of Use Injectable Phase 2a results RAP-219 was generally Once daily dosing, low risk Advancing first ever LAI demonstrate
Slide 8: Agenda: Topline Phase 2a Data
Agenda Overview 01 Abe Ceesay, Chief Executive Officer RAP-219 in Drug-resistant Focal Onset Seizures Topline Phase 2a Data 02 Jeff Sevigny, M.D., Chief Medical Officer Closing Remarks 03 Abe Ceesay Questions and Answers 04 Abe Ceesay | Jeff Sevigny | Troy Ignelzi, Chief Financial Officer 8
Slide 9: Phase 2a trial in drug-resistant focal onset seizure patients
Phase 2a trial in drug-resistant focal onset seizure patients 8-week open-label 8-week 12-week pre-treatment period treatment period follow-up period 4-week 8-week Retrospective Prospective 0.75 mg x 5 days then 1.25 mg QD RAP-219 Washout Baseline Baseline Clinical seizure End of Start of End of a b
Slide 10: Patient disposition and analysis populations
Patient disposition and analysis populations 38 Assessed for Eligibility 8 Excluded • Did not meet eligibility criteria (n=7) • Adverse event (n=1) 30 Dosed with RAP-219 4 Discontinued Treatment • Adverse event (n=3) • Other (n=1) 26 Completed Treatment Period Analysis Populations → Safety populatio
Slide 11: Patient demographic and baseline characteristics
Patient demographic and baseline characteristics Highly drug-resistant FOS patients are representative of those in registrational trials Safety Population N=30 Age, years; mean (SD) 40.1 (10.4) Age at first seizure, years; mean (SD) 16.6 (9.4) Sex, male; n (%) 18 (60%) Years since RNS implantation;
Slide 12: Efficacy analyses
Efficacy analyses → Efficacy analyses for 8-week treatment period: • mITT population (N=27) for long episodes • mITT-CS population (N=25) for clinical seizures → 8-week follow-up period currently ongoing; full data will be presented at future medical meetings 12
Slide 13: Primary endpoints achieved with high statistical significance
Primary endpoints achieved with high statistical significance 71% reduction in long episodes (LEs); 85.2% responder rate (≥30% LE reduction) Responder analysis Percent change Weeks 1-8, N=27 d 48 LEs at baseline (median, per 28 days); 92% electrographic seizure / LE concordance a b Median percent ch
Slide 14: Clinical seizure secondary endpoints achieved with statistical significance
Clinical seizure secondary endpoints achieved with statistical significance 77.8% clinical seizure reduction; 72% achieved clinically meaningful response (≥50% reduction) Percent change Responder analysis Seizure Freedom (weeks 1-8) Weeks 1-8, N=25 10 clinical seizures at baseline (median, per 28 da
Slide 15: RAP-219 was generally well tolerated
RAP-219 was generally well tolerated TEAEs: 79% were mild, 10% discontinuation rate Safety Population (N=30) TEAE SUMMARY Any TEAE, n (%) 25 (83.3%) TEAE leading to study drug 3 (10.0%) → 25 patients reported a total of 65 TEAEs discontinuation Grade 1 TEAE - Mild 15 (50.0%) • 78.5% were mild, 21.5%
Slide 16: Robust Phase 2a results support advancing program
Robust Phase 2a → Treatment with RAP-219 resulted in statistically significant results support reductions from baseline in long episodes and clinical seizures advancing program → RAP-219 was generally well-tolerated → Ease of use with once daily dosing, low risk of drug-drug interactions, and long h
Slide 17: Agenda: Closing Remarks
Agenda Overview 01 Abe Ceesay, Chief Executive Officer RAP-219 in Drug-resistant Focal Onset Seizures Topline Phase 2a Data 02 Jeff Sevigny, M.D., Chief Medical Officer Closing Remarks 03 Abe Ceesay Questions and Answers 04 Abe Ceesay | Jeff Sevigny | Troy Ignelzi, Chief Financial Officer 17
Slide 18: Precision neuroscience pipeline with opportunity to address large markets
Precision neuroscience pipeline with opportunity to address large market opportunities Category Program Discovery Preclinical Phase 1 Phase 2 Phase 3 Next Expected Milestones Focal Onset End-of-Phase 2 FDA Meeting 4Q 2025 Topline Results - September 8, 2025 Seizures Phase 3 Trials Begin 3Q 2026 Bipo
Slide 19: Multiple anticipated catalysts over next months
Multiple anticipated catalysts over next 24 months 2H 2025 1H 2027 3Q 2026 RAP-219 FOS RAP-219 bipolar RAP-219 FOS open label mania Phase 2 two Phase 3 extension trial topline results trials initiation initiation 2H 2026 3Q 2025 2026 2027 RAP-219 FOS Phase RAP-219 bipolar RAP-219 FOS open RAP-219 lo
Slide 20: Emerging best-in-class profile for RAP-219 in focal onset seizures
Emerging best-in-class profile for RAP-219 in focal onset seizures, with multi-billion dollar commercial opportunity, if approved Long-acting Efficacy Data Tolerability Data Ease of Use Injectable Phase 2a results RAP-219 was generally Once daily dosing, low risk Advancing first ever LAI demonstrate
Slide 21: Agenda: Questions and Answers
Agenda Overview 01 Abe Ceesay, Chief Executive Officer RAP-219 in Drug-resistant Focal Onset Seizures Topline Phase 2a Data 02 Jeff Sevigny, M.D., Chief Medical Officer Closing Remarks 03 Abe Ceesay Questions and Answers 04 Abe Ceesay | Jeff Sevigny | Troy Ignelzi, Chief Financial Officer 21
Slide 22: Thank you
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