Rani Therapeutics Holdings, Inc. Class A ( (RANI) ) has released its Q3 earnings. Here is a breakdown of the information Rani Therapeutics Holdings, Inc. Class A presented to its investors.
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Rani Therapeutics Holdings, Inc., a clinical-stage biotherapeutics company, is dedicated to the development of orally administered biologics and drugs using its proprietary RaniPill® platform. The company recently reported its third-quarter financial results for 2024, highlighting significant advancements and strategic financial moves.
In the third quarter of 2024, Rani Therapeutics successfully completed two equity offerings, which raised approximately $20 million, extending their cash runway into the third quarter of 2025. Additionally, they announced promising preclinical pharmacokinetic data for their GLP-1 incretin triagonist, reinforcing the potential of their RaniPill® technology in the obesity therapeutics market. The company also plans to commence a Phase 1 study for RT-114, an oral GLP-1/GLP-2 dual agonist aimed at treating obesity, in 2025.
Financially, Rani Therapeutics reported a net loss of $12.7 million for the third quarter of 2024, down from $18.3 million in the same period of 2023. The reduction in research and development expenses, by $5 million, and a decrease in general and administrative expenses contributed to this improvement. The company’s cash, cash equivalents, and marketable securities totaled $30.4 million as of September 30, 2024.
Looking ahead, Rani Therapeutics is poised to make significant strides with its upcoming clinical trials and continued development of its RaniPill® platform. The company remains focused on leveraging its innovative technology to transform the delivery of biologics and drugs, potentially expanding its impact in the obesity treatment landscape.
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