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Rani Therapeutics (RANI) - 2024 Q4 - Annual Results
RANIRani Therapeutics (RANI)2025-03-31 20:07

Financial Performance - Rani Therapeutics reported a net loss of 15.7millionforQ42024,comparedtoanetlossof15.7 million for Q4 2024, compared to a net loss of 14.1 million in Q4 2023, and a full-year net loss of 56.6millionversus56.6 million versus 67.9 million in 2023[9]. - Net loss for the three months ended December 31, 2024, was 15,721million,comparedtoanetlossof15,721 million, compared to a net loss of 14,055 million in the same period of 2023, reflecting a 12% increase in losses[17]. - Net loss attributable to Rani Therapeutics Holdings, Inc. was 8,946millionforQ42024,comparedto8,946 million for Q4 2024, compared to 7,099 million in Q4 2023, indicating a 26% increase in losses[17]. - Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc. was 0.27forQ42024,unchangedfromQ42023[17].RevenueandExpenses−Thecompanyreportedcontractrevenueof0.27 for Q4 2024, unchanged from Q4 2023[17]. Revenue and Expenses - The company reported contract revenue of 1.0 million for both Q4 and full-year 2024, attributed to evaluation services, with no contract revenue in the same periods of 2023[8]. - Total operating expenses increased to 15,986millioninQ42024from15,986 million in Q4 2024 from 13,435 million in Q4 2023, representing a 19% increase[17]. - General and administrative expenses for Q4 2024 were 5.5million,downfrom5.5 million, down from 5.8 million in Q4 2023, with full-year expenses at 23.9millioncomparedto23.9 million compared to 26.5 million in 2023[8]. - Total operating expenses for the year ended December 31, 2024, were 54,342million,downfrom54,342 million, down from 66,099 million in 2023, a decrease of about 18%[17]. - Interest income decreased to 361millioninQ42024from361 million in Q4 2024 from 676 million in Q4 2023, a decline of approximately 47%[17]. - Impairment loss recorded in Q4 2024 was 3,714million,withnoimpairmentlossreportedinQ42023[17].CashandFunding−Cash,cashequivalents,andmarketablesecuritiesasofDecember31,2024,totaled3,714 million, with no impairment loss reported in Q4 2023[17]. Cash and Funding - Cash, cash equivalents, and marketable securities as of December 31, 2024, totaled 27.6 million, down from 48.5millionattheendof2023,withexpectationstofundoperationsintoQ32025withoutadditionalfunding[8].−Thecompanycompletedtwoequityofferingsin2024,generatingapproximately48.5 million at the end of 2023, with expectations to fund operations into Q3 2025 without additional funding[8]. - The company completed two equity offerings in 2024, generating approximately 20.0 million in gross proceeds[4]. Research and Development - Research and development expenses for Q4 2024 were 6.8million,adecreasefrom6.8 million, a decrease from 7.6 million in Q4 2023, while full-year R&D expenses were 26.7millioncomparedto26.7 million compared to 39.6 million in 2023[8]. - Research and development expenses decreased to 6,810millioninQ42024from6,810 million in Q4 2024 from 7,606 million in Q4 2023, a reduction of approximately 10%[17]. - The Phase 1 clinical trial for RT-114 is expected to initiate in mid-2025, focusing on obesity treatment[6]. - Rani Therapeutics announced preclinical data showing RT-114, a GLP-1/GLP-2 dual agonist, achieved a relative bioavailability of 111% compared to subcutaneous administration[8]. - Rani Therapeutics highlighted successful oral delivery of semaglutide via the RaniPill® capsule, demonstrating comparable bioavailability and weight loss to subcutaneous administration[3]. Partnerships and Market Position - The company has partnered with ProGen for the co-development and commercialization of RT-114, enhancing its market position in obesity treatments[4].