UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
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.
Item 2.02 Results of Operations and Financial Condition.
On March 22, 2023, Rani Therapeutics Holdings, Inc. (the “Company”) issued a press release providing a corporate update and announcing its financial results for the fourth quarter and year ended December 31, 2022. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number |
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Exhibit Description |
99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Rani Therapeutics Holdings, Inc. |
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Date: |
March 22, 2023 |
By: |
/s/ Svai Sanford |
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Svai Sanford |
Exhibit 99.1
Rani Therapeutics Reports Fourth Quarter and Full Year 2022 Financial Results; Provides Corporate Update
- Anticipates initiating first Phase 2 clinical study in RT-102 in 2H of 2023 -
- Announced topline results from the Phase 1 repeat-dose study of RT-102 for the treatment of osteoporosis -
- Received preliminary feedback from FDA on RT-102 development plans; 505(b)(2) pathway for RT-102 could be suitable -
- Announced partnership with Celltrion on development of RT-111, a RaniPill GO capsule containing an ustekinumab biosimilar -
- Conference call and webcast today at 4:30 p.m. ET -
SAN JOSE, Calif., March 22, 2023 -- 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 and full year ended December 31, 2022 and provided a corporate update.
“The past year has proven transformative for Rani, highlighted by the positive topline Phase 1 results for RT-102 in osteoporosis and the unveiling of our high-capacity capsule, the RaniPill HC. We also announced the preclinical development of our oral ustekinumab program, RT-111, and earlier this year partnered with Celltrion to support the advancement of that program. These achievements mark significant milestones for the Company and are a testament to the hard work and dedication of the entire Rani team,” said Talat Imran, Chief Executive Officer of Rani. “In 2023, we anticipate continuing this momentum with the initiation of the Company’s first Phase 2 study in RT-102 as well as the initiation of Phase 1 studies with three additional pipeline assets. I look forward to providing updates throughout the year as we work to further solidify our commitment to developing orally delivered biologics and drugs.”
Fourth Quarter 2022 and Subsequent Highlights:
Near-Term Milestone Expectations:
Full Year 2022 Financial Results:
Conference Call
Rani will host a corresponding conference call and live webcast at 1:30 p.m. PT / 4:30 p.m. ET on March 22, 2023 to discuss the results and provide a business update. Individuals interested in listening to the live conference call may do so by using the webcast link in the “Investors” section of the company’s website at www.ranitherapeutics.com. A webcast replay will be available in the investor relations section on the company’s website for 90 days following the completion of the call.
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 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 expected initiation of a Phase 2 trial of RT-102 in the second half of 2023, the expected initiation of three Phase 1 trials of other product candidates in 2023, the impact achievement of upcoming clinical milestones could have on the business of the Company, the potential suitability of the 505(b)(2) pathway for RT-102 or other Rani programs, the ability of the data from the Phase 1 study of RT-102 to support progressing to a Phase 2 trial of RT-102, Rani’s development and advancement of its RaniPill capsule technology, including RaniPill HC, Rani’s advancement of its preclinical and clinical programs and timing of results, the sufficiency of Rani’s cash reserves for future operations, the timing and extent of its expenses, future financial performance, 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 “may,” “expect,” “could,” “anticipate,” “look forward,” “progress,” “advance,” “intend” 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.
Trademarks
Trade names, trademarks and service marks of other companies appearing in this press release are the property of their respective owners. Solely for convenience, the trademarks and trade names referred to in this press release appear without the ® and ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable licensor, to these trademarks and tradenames.
Investor Contact:
Media Contact:
RANI THERAPEUTICS HOLDINGS, INC
Consolidated Balance Sheets
(In thousands, except par value)
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December 31, |
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2022 |
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2021 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
27,007 |
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$ |
117,453 |
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Restricted cash equivalents |
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500 |
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— |
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Marketable securities |
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71,475 |
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— |
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Prepaid expenses and other current assets |
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1,942 |
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2,142 |
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Total current assets |
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100,924 |
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119,595 |
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Property and equipment, net |
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6,038 |
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4,612 |
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Operating lease right-of-use asset |
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1,065 |
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— |
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Total assets |
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$ |
108,027 |
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$ |
124,207 |
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Liabilities and Stockholders' Equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,460 |
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$ |
1,080 |
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Related party payable |
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53 |
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126 |
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Accrued expenses |
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2,296 |
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1,434 |
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Operating lease liability, current portion |
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1,006 |
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— |
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Total current liabilities |
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4,815 |
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2,640 |
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Operating lease liability, less current portion |
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59 |
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— |
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Long-term debt |
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29,149 |
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— |
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Total liabilities |
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34,023 |
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2,640 |
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Commitments and contingencies |
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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 December 31, 2022 and December 31, 2021 |
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— |
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— |
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Class A common stock, $0.0001 par value - 800,000 shares authorized; 25,295 and 19,712 issued and outstanding as of December 31, 2022 and December 31, 2021, respectively |
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3 |
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2 |
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Class B common stock, $0.0001 par value - 40,000 shares authorized; 24,116 and 29,290 issued and outstanding as of December 31, 2022 and December 31, 2021, respectively |
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2 |
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3 |
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Class C common stock, $0.0001 par value - 20,000 shares authorized; none issued and outstanding as of December 31, 2022 and December 31, 2021 |
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— |
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— |
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Additional paid-in capital |
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75,842 |
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55,737 |
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Accumulated other comprehensive loss |
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(73 |
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— |
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Accumulated deficit |
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(38,919 |
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(8,331 |
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Total stockholders' equity attributable to Rani Therapeutics Holdings, Inc. |
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36,855 |
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47,411 |
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Non-controlling interest |
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37,149 |
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74,156 |
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Total stockholders' equity |
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74,004 |
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121,567 |
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Total liabilities and stockholders' equity |
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$ |
108,027 |
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$ |
124,207 |
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RANI THERAPEUTICS HOLDINGS, INC
Consolidated Statements of Operations
(In thousands, except per share amounts)
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For the Three Months Ended December 31, |
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Year Ended December 31, |
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2022 |
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2021 |
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2022 |
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2021 |
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Contract revenue |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
2,717 |
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Operating expenses |
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Research and development |
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10,386 |
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7,417 |
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36,607 |
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26,482 |
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General and administrative |
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7,097 |
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5,945 |
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26,844 |
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27,834 |
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Total operating expenses |
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$ |
17,483 |
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$ |
13,362 |
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$ |
63,451 |
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$ |
54,316 |
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Loss from operations |
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(17,483 |
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(13,362 |
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(63,451 |
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(51,599 |
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Other income (expense), net |
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Interest income and other, net |
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818 |
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16 |
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1,248 |
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89 |
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Loss on extinguishment of debt |
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— |
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— |
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— |
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(700 |
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Interest expense and other, net |
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(719 |
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1 |
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(1,071 |
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(466 |
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Change in estimated fair value of preferred unit warrant |
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— |
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— |
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— |
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(371 |
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Loss before income taxes |
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(17,384 |
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(13,345 |
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(63,274 |
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(53,047 |
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Income tax expense |
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41 |
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40 |
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(70 |
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(41 |
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Net loss |
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$ |
(17,343 |
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$ |
(13,305 |
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$ |
(63,344 |
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$ |
(53,088 |
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Net loss attributable to non-controlling interest |
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(8,556 |
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(8,116 |
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(32,756 |
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(44,757 |
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Net loss attributable to Rani Therapeutics Holdings, Inc. |
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$ |
(8,787 |
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$ |
(5,189 |
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$ |
(30,588 |
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$ |
(8,331 |
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Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc., basic and diluted |
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$ |
(0.35 |
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$ |
(0.27 |
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$ |
(1.28 |
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$ |
(0.43 |
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Weighted-average Class A common shares outstanding—basic and diluted |
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24,910 |
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19,439 |
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23,817 |
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19,534 |
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