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Rani Therapeutics Holdings Inc. (RANI+0.35%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in research and development expenses to $6,172,000 from $11,220,000 in the same quarter the previous year. This decrease is attributed to lower compensation costs and a reduction in third-party services.
General and administrative expenses decreased to $5,627,000 from $6,635,000, primarily due to reduced compensation costs and lower directors and officers insurance premiums.
The company reported a net loss of $12,722,000 for the quarter, compared to $18,332,000 in the previous year, with the decline attributed to lower operating expenses.
Cash used in operating activities was $26,841,000, while cash provided by investing and financing activities was $17,288,000 and $7,966,000, respectively.
Rani had cash, cash equivalents, and marketable securities totaling $30,404,000 as of September 30, 2024. The company acknowledges substantial doubt regarding its ability to continue as a going concern for a year.
The filing also details a collaboration agreement with ProGen Co., Ltd. for the development and commercialization of a product combining ProGen’s compound and Rani's delivery device.
Rani does not anticipate generating commercial product revenue unless regulatory approval is obtained and commercialization is achieved.
The company continues to focus on advancing its technology to enable the oral delivery of biologics and drugs, with plans to initiate clinical testing of its RaniPill HC in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Rani Therapeutics Holdings Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.