Rani Therapeutics Reports Second Quarter 2023 Financial Results; Provides Corporate Update
12 8월 2023 - 5:05AM
Rani Therapeutics Holdings, Inc. (“Rani Therapeutics” or “Rani”)
(Nasdaq: RANI), a clinical-stage biotherapeutics company focused on
the oral delivery of biologics and drugs, today reported financial
results for the quarter ended June 30, 2023, and provided a
corporate update.
“We are thrilled to have the opportunity to build
upon our existing partnership with Celltrion,” said Talat Imran,
Chief Executive Officer of Rani. “The partnership to develop RT-105
is our first involving the RaniPill®HC, a high-capacity device that
is designed to deliver up to a 500%-plus higher drug payload than
Rani’s existing oral biologics capsule. Looking ahead, we
anticipate a productive second half of the year including
initiation of a Phase 2 study for RT-102 and a Phase 1 study for
RT-111, our first clinical study with a monoclonal antibody.”
Second Quarter or Subsequent
Highlights:
- Announced expansion of partnership with Celltrion to
include adalimumab biosimilar for RT-105. This is the
second deal announced between Rani and Celltrion, building upon a
previously announced partnership for ustekinumab biosimilar for
RT-111. Under the terms of the new license and supply agreement
announced in June 2023, Celltrion will exclusively supply to Rani
the adalimumab biosimilar drug substance (CT-P17) required for
RT-105. Rani is granted an exclusive license to use CT-P17 in the
development and commercialization of RT-105, and Celltrion is
granted a right of first negotiation to acquire worldwide rights to
RT-105 following a Phase 1 study.
- Appointed Kate McKinley as Chief Business
Officer. In May 2023, Ms. McKinley joined Rani’s executive
leadership team bringing with her 20 years of biopharmaceutical
industry experience. She has proven success in securing global
partnerships and executing regulatory and commercial strategies
with respect to biologics, cell therapies and small molecules
across multiple therapeutic areas.
- Presented three abstracts at Endocrine Society Annual
Conference (ENDO). Rani presented two abstracts on RT-102,
an orally administered version of human parathyroid hormone analog
teriparatide, which is being developed as an osteoanabolic therapy
for osteoporosis. Both abstracts were nominated for ENDO’s
Presidential Poster Competition and one of which was named the
winner of the competition in the area of Bone and Mineral
Metabolism. The Endocrine Society committee recognized Rani for its
exceptional scientific work on RT-102. Rani presented a third
abstract on an orally administered, follicle-stimulating hormone
biosimilar and patient preference which reported that a vast
majority (91%) of patients surveyed preferred an oral pill over
parenteral injection.
- Presented late-breaking abstract on the oral delivery
of GLP-1 agonist at the American Diabetes Association Annual
Conference (ADA). The abstract focused on the oral
delivery of a GLP-1 agonist with high bioavailability in dogs and
humans.
Near-Term Milestone
Expectations:
- Initiation of Phase 2 study of RT-102 for osteoporosis expected
in the second half of 2023
- Initiation of Phase 1 study of RT-111 containing an ustekinumab
biosimilar in the second half of 2023
Second Quarter Financial
Results:
- Cash, cash equivalents and marketable
securities as of June 30, 2023, totaled $74.6 million,
compared to cash, cash equivalents and marketable securities of
$98.5 million for the year ended December 31, 2022. Rani expects
its cash, cash equivalents and marketable securities to be
sufficient to fund its operations through at least the next twelve
months.
- Research and development expenses for the
three months ended June 30, 2023, were $11.1 million, compared to
$9.5 million for the same period in 2022. The increase was
primarily attributed to higher compensation costs of $1.4 million,
which includes an increase of $0.2 million in stock-based
compensation, due to headcount growth.
- General and administrative expenses for the
three months ended June 30, 2023, were $7.2 million, compared to
$6.3 million for the same period in 2022. The increase was
primarily attributed to higher compensation costs of $1.2 million,
which includes an increase of $0.9 million in stock-based
compensation, due to headcount growth, partially offset by a
decrease in third-party services of $0.3 million due to
non-recurring public company-related costs.
- Net loss for the three months ended June 30,
2023, was $18.7 million, compared to $16.0 million for the same
period in 2022, including non-cash charges primarily attributed to
stock-based compensation expense of $4.8 million for the three
months ended June 30, 2023, compared to $4.1 million for the same
period in 2022.
About Rani Therapeutics
Rani Therapeutics is a clinical-stage
biotherapeutics company focused on advancing technologies to enable
the development of orally administered biologics and drugs. Rani
has developed the RaniPill® capsule, which is a novel, proprietary
and patented platform technology, intended to replace subcutaneous
injection or intravenous infusion of biologics and drugs with oral
dosing. Rani is progressing two RaniPill® capsules, the RaniPill®GO
and the RaniPill®HC. Rani has successfully conducted several
preclinical and clinical studies to evaluate safety, tolerability
and bioavailability using RaniPill capsule technology. For more
information, visit ranitherapeutics.com.
Forward-Looking Statements
Statements contained in this press release
regarding matters that are not historical facts are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements include statements regarding, among other things, the
potential for the partnerships with Celltrion to deliver value, the
advancement of Rani’s pipeline and RaniPill® platform technology
including the RaniPill®HC, the potential of the RaniPill®HC to
deliver 500%-plus higher drug payload than Rani’s existing oral
biologics capsule or drug, the expected initiation of a Phase 2
trial of RT-102 and a Phase 1 trial of RT-111 in 2023, the ability
to confirm preliminary reliability and optimize performance of the
RaniPill®HC, the market opportunity for Rani utilizing the
RaniPill®HC, customer acceptance of the RaniPill® capsule
technology, the potential benefits of the RaniPill® capsule
technology, cash sufficiency forecast, and Rani’s growth as a
company. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. Words such
as “continue,” “potential,” “designed,” “confirm,” “anticipate,”
“plan” and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
based upon Rani’s current expectations and involve assumptions that
may never materialize or may prove to be incorrect. Actual results
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties, which include, without limitation, risks and
uncertainties associated with Rani’s business in general and the
other risks described in Rani’s filings with the Securities and
Exchange Commission, including Rani’s annual report on Form 10-K
for the year ended December 31, 2022, and subsequent filings and
reports by Rani. All forward-looking statements contained in this
press release speak only as of the date on which they were made and
are based on management’s assumptions and estimates as of such
date. Rani undertakes no obligation to update such statements to
reflect events that occur or circumstances that exist after the
date on which they were made, except as required by law.
Investor Contact:
investors@ranitherapeutics.com
Media Contact:
media@ranitherapeutics.com
|
RANI
THERAPEUTICS HOLDINGS, INC Condensed Consolidated
Balance Sheets (In thousands, except par
value) |
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,552 |
|
|
$ |
27,007 |
|
Marketable securities |
|
|
67,054 |
|
|
|
71,475 |
|
Prepaid expenses and other current assets |
|
|
1,768 |
|
|
|
2,442 |
|
Total current assets |
|
|
76,374 |
|
|
|
100,924 |
|
Property and equipment, net |
|
|
5,939 |
|
|
|
6,038 |
|
Operating lease right-of-use asset |
|
|
1,194 |
|
|
|
1,065 |
|
Total assets |
|
$ |
83,507 |
|
|
$ |
108,027 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
1,037 |
|
|
$ |
1,460 |
|
Accrued expenses and other current liabilities |
|
|
3,842 |
|
|
|
2,349 |
|
Operating lease liability, current portion |
|
|
856 |
|
|
|
1,006 |
|
Total current liabilities |
|
|
5,735 |
|
|
|
4,815 |
|
Operating lease liability, less current portion |
|
|
338 |
|
|
|
59 |
|
Long-term debt |
|
|
29,265 |
|
|
|
29,149 |
|
Total liabilities |
|
|
35,338 |
|
|
|
34,023 |
|
Stockholders' equity: |
|
|
|
|
|
|
Preferred stock, $0.0001 par value - 20,000 shares authorized; none
issued and outstanding as of June 30, 2023 and December 31,
2022 |
|
|
— |
|
|
|
— |
|
Class A common stock, $0.0001 par value - 800,000 shares
authorized; 25,517 and 25,295 issued and outstanding as of June 30,
2023 and December 31, 2022, respectively |
|
|
3 |
|
|
|
3 |
|
Class B common stock, $0.0001 par value - 40,000 shares authorized;
24,116 issued and outstanding as of June 30, 2023 and December 31,
2022 |
|
|
2 |
|
|
|
2 |
|
Class C common stock, $0.0001 par value - 20,000 shares authorized;
none issued and outstanding as of June 30, 2023 and December 31,
2022 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
80,746 |
|
|
|
75,842 |
|
Accumulated other comprehensive loss |
|
|
(63 |
) |
|
|
(73 |
) |
Accumulated deficit |
|
|
(56,594 |
) |
|
|
(38,919 |
) |
Total stockholders' equity attributable to Rani Therapeutics
Holdings, Inc. |
|
|
24,094 |
|
|
|
36,855 |
|
Non-controlling interest |
|
|
24,075 |
|
|
|
37,149 |
|
Total stockholders' equity |
|
|
48,169 |
|
|
|
74,004 |
|
Total liabilities and stockholders' equity |
|
$ |
83,507 |
|
|
$ |
108,027 |
|
|
RANI
THERAPEUTICS HOLDINGS, INC Condensed Consolidated
Statements of Operations (In thousands, except per
share amounts) (Unaudited) |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
11,086 |
|
|
|
9,528 |
|
|
$ |
20,798 |
|
|
$ |
17,118 |
|
General and administrative |
|
|
7,208 |
|
|
|
6,319 |
|
|
|
14,012 |
|
|
|
12,509 |
|
Total operating expenses |
|
$ |
18,294 |
|
|
$ |
15,847 |
|
|
$ |
34,810 |
|
|
$ |
29,627 |
|
Loss from operations |
|
|
(18,294 |
) |
|
|
(15,847 |
) |
|
|
(34,810 |
) |
|
|
(29,627 |
) |
Other income (expense), net |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income and other, net |
|
|
896 |
|
|
|
35 |
|
|
|
1,787 |
|
|
|
50 |
|
Interest expense and other, net |
|
|
(1,266 |
) |
|
|
— |
|
|
|
(2,473 |
) |
|
|
— |
|
Loss before income taxes |
|
|
(18,664 |
) |
|
|
(15,812 |
) |
|
|
(35,496 |
) |
|
|
(29,577 |
) |
Income tax expense |
|
|
— |
|
|
|
(154 |
) |
|
|
— |
|
|
|
(217 |
) |
Net loss |
|
$ |
(18,664 |
) |
|
$ |
(15,966 |
) |
|
$ |
(35,496 |
) |
|
$ |
(29,794 |
) |
Net loss attributable to non-controlling interest |
|
|
(9,361 |
) |
|
|
(8,342 |
) |
|
|
(17,821 |
) |
|
|
(15,947 |
) |
Net loss attributable to Rani Therapeutics Holdings, Inc. |
|
$ |
(9,303 |
) |
|
$ |
(7,624 |
) |
|
$ |
(17,675 |
) |
|
$ |
(13,847 |
) |
Net loss per Class A common share attributable to Rani Therapeutics
Holdings, Inc., basic and diluted |
|
$ |
(0.37 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.70 |
) |
|
$ |
(0.60 |
) |
Weighted-average Class A common shares outstanding—basic and
diluted |
|
|
25,345 |
|
|
|
24,371 |
|
|
|
25,293 |
|
|
|
22,930 |
|
Rani Therapeutics (NASDAQ:RANI)
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Rani Therapeutics (NASDAQ:RANI)
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