Rani Therapeutics Reports Third Quarter 2024 Financial Results; Provides Corporate Update
Rani Therapeutics (NASDAQ: RANI) reported Q3 2024 financial results and corporate updates. The company completed two equity offerings raising $20.0 million in gross proceeds, extending cash runway into Q3 2025. Cash position was $30.4 million as of September 30, 2024. Q3 net loss decreased to $12.7 million from $18.3 million year-over-year. R&D expenses decreased to $6.2 million from $11.2 million, while G&A expenses reduced to $5.6 million from $6.6 million. The company announced new preclinical data supporting transenteric delivery of GLP-1 incretin triagonist and plans to initiate Phase 1 trial of RT-114 for obesity treatment in 2025.
Rani Therapeutics (NASDAQ: RANI) ha riportato i risultati finanziari e le novità aziendali per il terzo trimestre del 2024. L'azienda ha completato due offerte di capitale raccogliendo 20,0 milioni di dollari in proventi lordi, estendendo così il proprio margine di liquidità fino al terzo trimestre del 2025. La posizione di liquidità era di 30,4 milioni di dollari al 30 settembre 2024. La perdita netta nel terzo trimestre è diminuita a 12,7 milioni di dollari rispetto ai 18,3 milioni di dollari dell'anno precedente. Le spese per la ricerca e sviluppo sono scese a 6,2 milioni di dollari dai 11,2 milioni di dollari, mentre le spese generali e amministrative si sono ridotte a 5,6 milioni di dollari dai 6,6 milioni di dollari. L'azienda ha annunciato nuovi dati preclinici a sostegno della somministrazione transenterica del triagonista GLP-1 e prevede di avviare una sperimentazione di Fase 1 del RT-114 per il trattamento dell'obesità nel 2025.
Rani Therapeutics (NASDAQ: RANI) informó los resultados financieros del tercer trimestre de 2024 y actualizaciones corporativas. La compañía completó dos ofertas de acciones, recaudando 20,0 millones de dólares en ingresos brutos, extendiendo así su tiempo de liquidez hasta el tercer trimestre de 2025. La posición de efectivo era de 30,4 millones de dólares al 30 de septiembre de 2024. La pérdida neta del tercer trimestre se redujo a 12,7 millones de dólares desde 18,3 millones de dólares en comparación con el año anterior. Los gastos de I+D disminuyeron a 6,2 millones de dólares desde 11,2 millones de dólares, mientras que los gastos generales y administrativos se redujeron a 5,6 millones de dólares desde 6,6 millones de dólares. La compañía anunció nuevos datos preclínicos que apoyan la entrega transentérica del triagonista de GLP-1 y planea iniciar un ensayo de Fase 1 del RT-114 para el tratamiento de la obesidad en 2025.
라니 테라퓨틱스 (NASDAQ: RANI)는 2024년 3분기 재무 결과 및 기업 업데이트를 발표했습니다. 이 회사는 2회의 주식 공모를 완료하여 2천만 달러의 순수익을 올리며 2025년 3분기까지 자금 여유를 확보했습니다. 2024년 9월 30일 기준으로 현금 보유액은 3천만 4백만 달러였습니다. 3분기 순손실은 전년 동기 대비 1천2백70만 달러로 1천8백30만 달러에서 감소했습니다. R&D 비용은 1천2백만 달러에서 620만 달러로 줄어들었고, 일반 관리비는 660만 달러에서 560만 달러로 감소했습니다. 이 회사는 GLP-1 인크레틴 트리아곤스트를 통한 장 중 투여를 지원하는 새로운 비임상 데이터와 2025년에 비만 치료를 위한 RT-114의 1상 시험을 시작할 계획을 발표했습니다.
Rani Therapeutics (NASDAQ: RANI) a annoncé les résultats financiers et les mises à jour de l'entreprise pour le troisième trimestre 2024. La société a complété deux offres d'actions, levant 20,0 millions de dollars de produits bruts, prolongeant ainsi sa trésorerie jusqu'au troisième trimestre 2025. La position de trésorerie s'élevait à 30,4 millions de dollars au 30 septembre 2024. La perte nette du troisième trimestre a diminué à 12,7 millions de dollars contre 18,3 millions de dollars l'année précédente. Les dépenses de R&D ont diminué à 6,2 millions de dollars contre 11,2 millions de dollars, tandis que les dépenses générales et administratives ont été réduites à 5,6 millions de dollars contre 6,6 millions de dollars. L'entreprise a annoncé de nouvelles données précliniques soutenant l'administration transentérique du triagoniste GLP-1 et prévoit de lancer un essai de Phase 1 de RT-114 pour le traitement de l'obésité en 2025.
Rani Therapeutics (NASDAQ: RANI) hat die finanziellen Ergebnisse und Unternehmensupdates für das dritte Quartal 2024 veröffentlicht. Das Unternehmen hat zwei Aktienangebote abgeschlossen und dabei 20,0 Millionen Dollar an Bruttoeinnahmen erzielt, wodurch die Liquidität bis zum dritten Quartal 2025 verlängert wurde. Die liquide Mittel lagen am 30. September 2024 bei 30,4 Millionen Dollar. Der Verlust im dritten Quartal verringerte sich auf 12,7 Millionen Dollar gegenüber 18,3 Millionen Dollar im Vorjahr. Die F&E-Ausgaben sanken auf 6,2 Millionen Dollar von 11,2 Millionen Dollar, während die allgemeinen und administrativen Kosten auf 5,6 Millionen Dollar von 6,6 Millionen Dollar reduziert wurden. Das Unternehmen gab neue präklinische Daten zur Unterstützung der transenterischen Abgabe des GLP-1-Incretin-Triagonisten bekannt und plant, 2025 eine Phase-1-Studie von RT-114 zur Behandlung von Fettleibigkeit zu starten.
- Raised $20.0 million through equity offerings extending cash runway into Q3 2025
- Net loss decreased by $5.6 million year-over-year to $12.7 million
- R&D expenses reduced by $5.0 million to $6.2 million
- G&A expenses decreased by $1.0 million to $5.6 million
- Cash position declined from $48.5 million (Dec 2023) to $30.4 million (Sep 2024)
- Potential shareholder dilution from equity offerings and warrants
- Continued operating losses with $12.7 million net loss in Q3
Insights
The Q3 results reveal both challenges and strategic moves. The
The preclinical pharmacokinetic data for the GLP-1 incretin triagonist delivery system represents a potentially significant advancement in oral biologics delivery. The RaniPill® platform's demonstration of transenteric delivery capability for multiple obesity treatments could be transformative in a market dominated by injectable GLP-1 drugs. The planned Phase 1 trial of RT-114, a GLP-1/GLP-2 dual agonist for obesity treatment, marks a important step toward clinical validation. However, the timeline push to 2025 for trial initiation suggests some development delays. The company's strategic focus on the booming obesity therapeutics market is well-timed, but success will depend on translating preclinical results into human clinical outcomes.
- Completed two equity offerings with total gross proceeds of approximately
- Announced new preclinical pharmacokinetic data supporting transenteric delivery of GLP-1 incretin triagonist -
- Phase 1 study for RT-114, an oral GLP-1/GLP-2 dual agonist for the treatment of obesity, expected to initiate in 2025 -
SAN JOSE, Calif., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. (“Rani Therapeutics” or “Rani”) (Nasdaq: RANI), a clinical-stage biotherapeutics company focused on the oral delivery of biologics and drugs, today reported financial results for the quarter ended September 30, 2024 and provided a corporate update.
“We are pleased with the progress we have made this quarter headlined by new preclinical pharmacokinetic data supporting the transenteric delivery of a GLP-1 incretin triagonist. This data, combined with the previously announced pharmacodynamic data from the study, underscores the potential of the RaniPill® to contribute to the GLP-1 receptor agonist space and the broader obesity therapeutics market,” said Talat Imran, Chief Executive Officer of Rani. “Additionally, we raised
Third Quarter 2024 and Subsequent Highlights:
- Announced new preclinical pharmacokinetic data supporting transenteric delivery of GLP-1 incretin triagonist. In October 2024, Rani announced new pharmacokinetic data from a preclinical study evaluating a GLP-1, GIP and glucagon receptors incretin triagonist with a delivery method mimicking the RaniPill® route of administration. The pharmacokinetic data provides further evidence of the RaniPill® platform’s potential to enable oral delivery of multiple obesity treatments.
- Completed two equity offerings for total gross proceeds of approximately
$20.0 million . In equity offerings in July and October 2024, Rani completed the sale and issuance of Class A common stock, pre-funded warrants to purchase Class A common stock, and warrants to purchase Class A common stock, to an institutional investor for total gross proceeds of approximately$20.0 million , excluding any potential proceeds from the exercise of warrants, if any.
Near-Term Milestone Expectations:
- Initiation of Phase 1 clinical trial of RT-114 containing a GLP-1/GLP-2 dual agonist for the treatment of obesity expected in 2025.
Third Quarter 2024 Financial Results:
- Cash, cash equivalents and marketable securities as of September 30, 2024 totaled
$30.4 million , compared to$48.5 million for the year ended December 31, 2023. Rani expects its cash, cash equivalents and marketable securities to be sufficient to fund its operations into the third quarter of 2025. - Research and development expenses for the three months ended September 30, 2024 were
$6.2 million , compared to$11.2 million for the same period in 2023. The decrease of$5.0 million in research and development expenses in the three months ended September 30, 2024, as compared to the same period in 2023, was primarily attributed to lower compensation costs of$1.9 million due to reduction in workforce,$2.7 million reduction in third-party services and$0.4 million reduction in materials and supplies due to the timing of certain preclinical and clinical studies. - General and administrative expenses for the three months ended September 30, 2024 were
$5.6 million , compared to$6.6 million for the same period in 2023. The decrease of$1.0 million in general and administrative expenses in the three months ended September 30, 2024, as compared to the same period in 2023, was primarily attributed to lower compensation costs of$0.5 million due to reduction in workforce,$0.4 million reduction in third-party services due to lower directors and officers insurance premiums and$0.3 million reduction in other costs, offset by an increase in facility costs of$0.2 million due to the lease in Fremont, California. - Net loss for the three months ended September 30, 2024 was
$12.7 million , compared to$18.3 million for the same period in 2023, including stock-based compensation expense of$4.1 million for the three months ended September 30, 2024, compared to$5.0 million for the same period in 2023.
About Rani Therapeutics
Rani Therapeutics is a clinical-stage biotherapeutics company focused on advancing technologies to enable the development of orally administered biologics and drugs. Rani has developed the RaniPill® capsule, which is a novel, proprietary and patented platform technology, intended to replace subcutaneous injection or intravenous infusion of biologics and drugs with oral dosing. Rani has successfully conducted several preclinical and clinical studies to evaluate safety, tolerability and bioavailability using RaniPill® capsule technology. For more information, visit ranitherapeutics.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the expected initiation of a Phase 1 trial of RT-114 in 2025, the potential of the RaniPill® platform to contribute to the GLP-1 receptor agonist space and broader obesity therapeutics market, the potential of the RaniPill® platform to enable oral delivery of multiple obesity treatments. the sufficiency of Rani’s cash reserves, the timing and extent of its expenses, and future financial performance. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “intend,” “looking ahead,” “potential,” “expect” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Rani’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Rani’s business in general and the other risks described in Rani’s filings with the Securities and Exchange Commission, including Rani’s annual report on Form 10-K for the year ended December 31, 2023, and subsequent filings and reports by Rani. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Rani undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Investor Contact:
investors@ranitherapeutics.com
Media Contact:
media@ranitherapeutics.com
| RANI THERAPEUTICS HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value) | ||||||||
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 4,277 | $ | 5,864 | ||||
| Marketable securities | 26,127 | 42,675 | ||||||
| Prepaid expenses and other current assets | 1,967 | 2,308 | ||||||
| Total current assets | 32,371 | 50,847 | ||||||
| Property and equipment, net | 5,496 | 6,105 | ||||||
| Operating lease right-of-use asset | 5,427 | 718 | ||||||
| Other assets | 246 | 246 | ||||||
| Total assets | $ | 43,540 | $ | 57,916 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,566 | $ | 648 | ||||
| Accrued expenses and other current liabilities | 1,867 | 1,726 | ||||||
| Deferred revenue | 600 | — | ||||||
| Current portion of long-term debt | 14,768 | 4,897 | ||||||
| Current portion of operating lease liability | 1,410 | 718 | ||||||
| Total current liabilities | 20,211 | 7,989 | ||||||
| Long-term debt, less current portion | 13,537 | 24,484 | ||||||
| Operating lease liability, less current portion | 4,017 | — | ||||||
| Total liabilities | 37,765 | 32,473 | ||||||
| Stockholders' equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Class A common stock, | 3 | 3 | ||||||
| Class B common stock, | 2 | 2 | ||||||
| Class C common stock, | — | — | ||||||
| Additional paid-in capital | 97,067 | 85,762 | ||||||
| Accumulated other comprehensive gain (loss) | 8 | (12 | ) | |||||
| Accumulated deficit | (93,960 | ) | (72,889 | ) | ||||
| Total stockholders' equity attributable to Rani Therapeutics Holdings, Inc. | 3,120 | 12,866 | ||||||
| Non-controlling interest | 2,655 | 12,577 | ||||||
| Total stockholders' equity | 5,775 | 25,443 | ||||||
| Total liabilities and stockholders' equity | $ | 43,540 | $ | 57,916 | ||||
| RANI THERAPEUTICS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | $ | 6,172 | $ | 11,220 | $ | 19,872 | $ | 32,018 | ||||||||
| General and administrative | 5,627 | 6,635 | 18,484 | 20,647 | ||||||||||||
| Total operating expenses | $ | 11,799 | $ | 17,855 | $ | 38,356 | $ | 52,665 | ||||||||
| Loss from operations | (11,799 | ) | (17,855 | ) | (38,356 | ) | (52,665 | ) | ||||||||
| Other income (expense), net | ||||||||||||||||
| Interest income and other, net | 414 | 839 | 1,403 | 2,626 | ||||||||||||
| Interest expense and other, net | (1,337 | ) | (1,316 | ) | (3,909 | ) | (3,789 | ) | ||||||||
| Net loss | $ | (12,722 | ) | $ | (18,332 | ) | $ | (40,862 | ) | $ | (53,828 | ) | ||||
| Net loss attributable to non-controlling interest | (5,939 | ) | (9,135 | ) | (19,791 | ) | (26,956 | ) | ||||||||
| Net loss attributable to Rani Therapeutics Holdings, Inc. | $ | (6,783 | ) | $ | (9,197 | ) | $ | (21,071 | ) | $ | (26,872 | ) | ||||
| Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc., basic and diluted | $ | (0.24 | ) | $ | (0.36 | ) | $ | (0.78 | ) | $ | (1.06 | ) | ||||
| Weighted-average Class A common shares outstanding—basic and diluted | 28,836 | 25,552 | 27,071 | 25,380 | ||||||||||||
FAQ
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