Form 10-Q - Quarterly report [Sections 13 or 15(d)]
14 November 2024 - 2:20PM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ________________ to ________________
Commission File Number: 001-40672
RANI THERAPEUTICS HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
86-3114789 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer
Identification No.) |
2051 Ringwood Avenue San Jose, California |
95131 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (408) 457-3700
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Class A common stock, par value $0.0001 per share |
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RANI |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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☐ |
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Accelerated filer |
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☐ |
Non-accelerated filer |
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☒ |
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Smaller reporting company |
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☒ |
Emerging growth company |
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☒ |
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|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 11, 2024, the registrant had 33,311,543 shares of Class A common stock, $0.0001 par value per share, outstanding, 23,977,139 shares of Class B common stock, $0.0001 par value per share, outstanding and no shares of Class C common stock, $0.0001 par value per share, outstanding. Certain holders of units of the registrant’s consolidated subsidiary, Rani Therapeutics, LLC, who do not hold shares of the registrant’s Class B common stock can exchange their units of Rani Therapeutics, LLC for 1,229,630 shares of the registrant’s Class A common stock.
Unless otherwise stated or the context otherwise requires, the terms “we,” “us,” and “our,” and similar references refer to Rani Therapeutics Holdings, Inc. (“Rani Holdings”) and its consolidated subsidiary, Rani Therapeutics, LLC (“Rani LLC”).
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and consolidated financial position, business strategy, product candidates, planned preclinical studies and clinical trials, results of clinical trials, research and development costs, manufacturing costs, regulatory approvals, development and advancement of our oral delivery technology, timing and likelihood of success, potential partnering activities as well as plans and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that are in some cases beyond our control and may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.
In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “would,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “believe,” “estimate,” “predict,” “potential,” “seek,” “aim,” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:
•the progress and focus of our current and future clinical trials in the United States and abroad, and the reporting of data from those trials;
•our ability to advance product candidates into and successfully complete clinical trials;
•the beneficial characteristics, safety, efficacy, and therapeutic effects of our product candidates;
•our potential and ability to successfully manufacture and supply our product candidates for clinical trials and for commercial use, if approved;
•our ability to complete development of the RaniPill HC or any redesign and conduct additional preclinical and clinical studies of the RaniPill HC or any future design of the RaniPill capsule to accommodate target payloads that are larger than the payload capacity of the RaniPill GO capsule used to date for clinical studies of our product candidates;
•our ability to further develop and expand our platform technology;
•our ability to utilize our technology platform to generate and advance additional product candidates;
•the accuracy of our estimates regarding expenses, future revenue, capital requirements, and needs for additional financing;
•our financial performance;
•our ability to continue as a going concern;
•our plans relating to commercializing our product candidates, if approved;
•our ability to selectively enter into strategic partnership and the expected potential benefits thereof;
•the implementation of our strategic plans for our business and product candidates;
•our ability to continue to scale and optimize our manufacturing processes by expanding our use of automation;
•our estimates of the number of patients in the United States who suffer from the indications we target and the number of patients that will enroll in our clinical trials;
•the size of the market opportunity for our product candidates in each of the indications we target;
•our ability to continue to innovate and expand our intellectual property by developing novel formulations and new applications of the RaniPill capsule;
•our plans and ability to obtain or protect intellectual property rights, including extensions of existing patent terms where available;
•the scope of protection we are able to establish and maintain for intellectual property rights, including our technology platform and product candidates;
•the sufficiency of our existing cash and cash equivalents to fund our future operating expenses and capital expenditure requirements;
•our ability to realize savings from any restructuring plans or cost-containment measures we propose to implement;
•developments relating to our competitors and our industry, including competing product candidates and therapies;
•our realization of any benefit from our organizational structure, taking into account our obligations under the Tax Receivable Agreement (defined herein) and the impact of any payments required to be made thereunder on our liquidity and financial condition; and
•our expectations regarding the period during which we will qualify as an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”).
These forward-looking statements are subject to a number of risks, uncertainties, and assumptions described in the section titled “Risk Factors” and elsewhere in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 20, 2024. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, or otherwise.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.
RANI THERAPEUTICS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
|
|
|
|
|
|
|
|
|
|
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September 30, |
|
|
December 31, |
|
|
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2024 |
|
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2023 |
|
|
|
(Unaudited) |
|
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|
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Assets |
|
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|
|
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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 |
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$ |
43,540 |
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$ |
57,916 |
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Liabilities and Stockholders' Equity |
|
|
|
|
|
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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 |
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|
|
— |
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Total liabilities |
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37,765 |
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|
32,473 |
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Commitments and contingencies (Note 12) |
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Stockholders' equity: |
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Preferred stock, $0.0001 par value - 20,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023 |
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— |
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— |
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Class A common stock, $0.0001 par value - 800,000 shares authorized; 29,807 and 26,036 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively |
|
|
3 |
|
|
|
3 |
|
Class B common stock, $0.0001 par value - 40,000 shares authorized; 24,116 issued and outstanding as of September 30, 2024 and December 31, 2023 |
|
|
2 |
|
|
|
2 |
|
Class C common stock, $0.0001 par value - 20,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
97,067 |
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|
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 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
RANI THERAPEUTICS HOLDINGS, INC.
CONDENSED Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
RANI THERAPEUTICS HOLDINGS, INC.
CONDENSED Consolidated Statements of Comprehensive Loss
(in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net loss |
|
$ |
(12,722 |
) |
|
$ |
(18,332 |
) |
|
$ |
(40,862 |
) |
|
$ |
(53,828 |
) |
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain on marketable securities |
|
|
24 |
|
|
|
45 |
|
|
|
37 |
|
|
|
64 |
|
Comprehensive loss |
|
$ |
(12,698 |
) |
|
$ |
(18,287 |
) |
|
$ |
(40,825 |
) |
|
$ |
(53,764 |
) |
Comprehensive loss attributable to non-controlling interest |
|
|
(5,928 |
) |
|
|
(9,113 |
) |
|
|
(19,774 |
) |
|
|
(26,924 |
) |
Comprehensive loss attributable to Rani Therapeutics Holdings, Inc. |
|
$ |
(6,770 |
) |
|
$ |
(9,174 |
) |
|
$ |
(21,051 |
) |
|
$ |
(26,840 |
) |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
RANI THERAPEUTICS HOLDINGS, INC.
CONDENSED Consolidated Statements of Changes in STOCKHOLDERS’ Equity
(in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Common Stock |
|
|
Class B Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Additional Paid In Capital |
|
|
Accumulated Other Comprehensive Loss |
|
|
Accumulated Deficit |
|
|
Non-Controlling Interest |
|
|
Total Stockholders' Equity |
|
Balance at December 31, 2023 |
|
|
26,036 |
|
|
$ |
3 |
|
|
|
24,116 |
|
|
$ |
2 |
|
|
$ |
85,762 |
|
|
$ |
(12 |
) |
|
$ |
(72,889 |
) |
|
$ |
12,577 |
|
|
$ |
25,443 |
|
Issuance of common stock under employee equity plans |
|
|
175 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Effect of exchanges of non-corresponding Class A Units of Rani LLC |
|
|
83 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
45 |
|
|
|
— |
|
|
|
— |
|
|
|
(45 |
) |
|
|
— |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,969 |
|
|
|
— |
|
|
|
— |
|
|
|
1,901 |
|
|
|
3,870 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,483 |
) |
|
|
(7,296 |
) |
|
|
(14,779 |
) |
Other comprehensive gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Balance at March 31, 2024 |
|
|
26,294 |
|
|
$ |
3 |
|
|
|
24,116 |
|
|
$ |
2 |
|
|
$ |
87,776 |
|
|
$ |
(11 |
) |
|
$ |
(80,372 |
) |
|
$ |
7,137 |
|
|
$ |
14,535 |
|
Issuance of common stock under employee stock purchase plan, net of shares withheld for tax settlement |
|
|
110 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
221 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
221 |
|
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement |
|
|
85 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14 |
|
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(108 |
) |
|
|
— |
|
|
|
— |
|
|
|
108 |
|
|
|
— |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,109 |
|
|
|
— |
|
|
|
— |
|
|
|
2,020 |
|
|
|
4,129 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,805 |
) |
|
|
(6,556 |
) |
|
|
(13,361 |
) |
Other comprehensive gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
6 |
|
|
|
12 |
|
Balance at June 30, 2024 |
|
|
26,489 |
|
|
$ |
3 |
|
|
|
24,116 |
|
|
$ |
2 |
|
|
$ |
90,012 |
|
|
$ |
(5 |
) |
|
$ |
(87,177 |
) |
|
$ |
2,715 |
|
|
$ |
5,550 |
|
Issuance of common stock in connection with the July Securities Purchase Agreement, net of issuance costs of $1,117 |
|
|
2,800 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,883 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,883 |
|
Exercise of pre-funded warrants |
|
|
447 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement |
|
|
71 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,010 |
) |
|
|
— |
|
|
|
— |
|
|
|
4,010 |
|
|
|
— |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,183 |
|
|
|
— |
|
|
|
— |
|
|
|
1,858 |
|
|
|
4,041 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,783 |
) |
|
|
(5,939 |
) |
|
|
(12,722 |
) |
Other comprehensive gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13 |
|
|
|
— |
|
|
|
11 |
|
|
|
24 |
|
Balance at September 30, 2024 |
|
|
29,807 |
|
|
$ |
3 |
|
|
|
24,116 |
|
|
$ |
2 |
|
|
$ |
97,067 |
|
|
$ |
8 |
|
|
$ |
(93,960 |
) |
|
$ |
2,655 |
|
|
$ |
5,775 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
RANI THERAPEUTICS HOLDINGS, INC.
CONDENSED Consolidated Statements of Changes in STOCKHOLDERS’ Equity (continued)
(in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Common Stock |
|
|
Class B Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Additional Paid In Capital |
|
|
Accumulated Other Comprehensive Loss |
|
|
Accumulated Deficit |
|
|
Non-Controlling Interest |
|
|
Total Stockholders' Equity |
|
Balance at December 31, 2022 |
|
|
25,295 |
|
|
$ |
3 |
|
|
|
24,116 |
|
|
$ |
2 |
|
|
$ |
75,842 |
|
|
$ |
(73 |
) |
|
$ |
(38,919 |
) |
|
$ |
37,149 |
|
|
$ |
74,004 |
|
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement |
|
|
81 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(124 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(124 |
) |
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
98 |
|
|
|
— |
|
|
|
— |
|
|
|
(98 |
) |
|
|
— |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,202 |
|
|
|
— |
|
|
|
— |
|
|
|
2,213 |
|
|
|
4,415 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,372 |
) |
|
|
(8,460 |
) |
|
|
(16,832 |
) |
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
63 |
|
|
|
— |
|
|
|
63 |
|
|
|
126 |
|
Balance at March 31, 2023 |
|
|
25,376 |
|
|
$ |
3 |
|
|
|
24,116 |
|
|
$ |
2 |
|
|
$ |
78,018 |
|
|
$ |
(10 |
) |
|
$ |
(47,291 |
) |
|
$ |
30,867 |
|
|
$ |
61,589 |
|
Issuance of common stock under employee stock purchase plan |
|
|
63 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
219 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
219 |
|
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement |
|
|
78 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9 |
) |
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(54 |
) |
|
|
— |
|
|
|
— |
|
|
|
54 |
|
|
|
— |
|
Equity-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,572 |
|
|
|
— |
|
|
|
— |
|
|
|
2,569 |
|
|
|
5,141 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,303 |
) |
|
|
(9,361 |
) |
|
|
(18,664 |
) |
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(53 |
) |
|
|
— |
|
|
|
(54 |
) |
|
|
(107 |
) |
Balance at June 30, 2023 |
|
|
25,517 |
|
|
$ |
3 |
|
|
|
24,116 |
|
|
$ |
2 |
|
|
$ |
80,746 |
|
|
$ |
(63 |
) |
|
$ |
(56,594 |
) |
|
$ |
24,075 |
|
|
$ |
48,169 |
|
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement |
|
|
319 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(29 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(29 |
) |
Effect of exchanges of Paired Interests and non-corresponding Class A Units of Rani LLC |
|
|
42 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
159 |
|
|
|
— |
|
|
|
— |
|
|
|
(159 |
) |
|
|
— |
|
Forfeiture of restricted stock awards |
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6 |
) |
|
|
(12 |
) |
Equity-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,510 |
|
|
|
— |
|
|
|
— |
|
|
|
2,468 |
|
|
|
4,978 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,197 |
) |
|
|
(9,135 |
) |
|
|
(18,332 |
) |
Other comprehensive gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22 |
|
|
|
— |
|
|
|
23 |
|
|
|
45 |
|
Balance at September 30, 2023 |
|
|
25,876 |
|
|
$ |
3 |
|
|
|
24,116 |
|
|
$ |
2 |
|
|
$ |
83,380 |
|
|
$ |
(41 |
) |
|
$ |
(65,791 |
) |
|
$ |
17,266 |
|
|
$ |
34,819 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
RANI THERAPEUTICS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
|
|
|
Net loss |
|
$ |
(40,862 |
) |
|
$ |
(53,828 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
Stock-based compensation expense |
|
|
12,040 |
|
|
|
14,522 |
|
Depreciation and amortization |
|
|
762 |
|
|
|
595 |
|
Non-cash operating lease expense |
|