Financial Performance - Rani Therapeutics reported a net loss of $15.7 million for Q4 2024, compared to a net loss of $14.1 million in Q4 2023, and a full-year net loss of $56.6 million versus $67.9 million in 2023[9]. - Net loss for the three months ended December 31, 2024, was $15,721 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 $8,946 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 $0.27 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 $15,986 million in Q4 2024 from $13,435 million in Q4 2023, representing a 19% increase[17]. - General and administrative expenses for Q4 2024 were $5.5 million, down from $5.8 million in Q4 2023, with full-year expenses at $23.9 million compared to $26.5 million in 2023[8]. - Total operating expenses for the year ended December 31, 2024, were $54,342 million, down from $66,099 million in 2023, a decrease of about 18%[17]. - Interest income decreased to $361 million in Q4 2024 from $676 million in Q4 2023, a decline of approximately 47%[17]. - Impairment loss recorded in Q4 2024 was $3,714 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 $48.5 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 $6.8 million, a decrease from $7.6 million in Q4 2023, while full-year R&D expenses were $26.7 million compared to $39.6 million in 2023[8]. - Research and development expenses decreased to $6,810 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].
Rani Therapeutics (RANI) - 2024 Q4 - Annual Results