Rani Therapeutics Holdings Inc

NASDAQ:RANIUnited States

Ratings actions from Benzinga: https://www.benzinga.com/quote/RANI/analyst-ratings

(END) Dow Jones Newswires

November 19, 2024 06:26 ET (11:26 GMT)

1159 ET - Rani Therapeutics continues to take steps toward what could be a diverse pipeline of oral drugs in obesity, says Maxim Group's Michael Okunewitch in a research note. The analyst notes that two programs from the clinical stage bio-therapeutics company could be just the start of Rani's obesity strategy with potential to expand to other partnerships or even internal development programs as obesity drugs come off-patent. Okunewitch notes that given the roughly 70 million obese American adults, it's unlikely there will be a "one-drug-fits-all" approach. He adds that Rani's RT-114 is unlikely to reach the 20%+ weight reductions seen from the most potent drugs in the class but that not all users will require that magnitude of weight loss. Shares tick down 3% to $2.28. (denny.jacob@wsj.com; @pennedbyden)

Preferred stock, $0.0001 par value - 20,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023 -- -- 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 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 Nine Months Ended September 30, 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 ======= ======= ======= =======