RANI Rani Therapeutics Holdings Inc.

17.97
-1.33  -7%
Previous Close 19.3
Open 19.39
52 Week Low 9.24
52 Week High 29.4
Market Cap $908,317,330
Shares 50,551,944
Float 12,749,914
Enterprise Value $134,124,830
Volume 91,877
Av. Daily Volume 327,562
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Drug Pipeline

Drug Stage Notes
RT-101
Neuroendocrine tumors (NETs) and acromegaly
Phase 1
Phase 1
Phase 1 trial has been completed. Further trials planned.

Latest News

  1. - IPO in July 2021 raised $84.3 million in gross proceeds -
    - Talat Imran Appointed Chief Executive Officer -
    - Enhanced leadership team with key management and board of directors' appointments -

    SAN JOSE, Calif., Sept. 13, 2021 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. ("Rani Therapeutics" or "Rani") (NASDAQ:RANI), a clinical stage biotherapeutics company focused on the oral delivery of biologics, today reported financial results for the second quarter ended June 30, 2021 and provided a corporate update.

    "This is an exciting phase for Rani following a successful IPO, which puts us in position to achieve our goals, including scaling and optimizing our manufacturing process, establishing the regulatory pathway for our capsule technology…

    - IPO in July 2021 raised $84.3 million in gross proceeds -

    - Talat Imran Appointed Chief Executive Officer -

    - Enhanced leadership team with key management and board of directors' appointments -

    SAN JOSE, Calif., Sept. 13, 2021 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. ("Rani Therapeutics" or "Rani") (NASDAQ:RANI), a clinical stage biotherapeutics company focused on the oral delivery of biologics, today reported financial results for the second quarter ended June 30, 2021 and provided a corporate update.

    "This is an exciting phase for Rani following a successful IPO, which puts us in position to achieve our goals, including scaling and optimizing our manufacturing process, establishing the regulatory pathway for our capsule technology, and advancing our pipeline with clinical and development milestones," said Talat Imran, Chief Executive Officer of Rani Therapeutics. "We are committed to making oral biologics a reality, and we are looking forward to creating value along the way for both patients and shareholders."

    Second Quarter 2021 and Subsequent Highlights

    • Rani Therapeutics completes IPO. In July 2021, Rani Therapeutics commenced an initial public offering (IPO) of its Class A common stock and began trading on the Nasdaq Global Market under the ticker symbol "RANI." Rani issued 7,666,667 shares of its Class A common stock in the IPO, at a price to the public of $11.00 per share, for aggregate gross proceeds of $84.3 million, before deducting underwriting discounts and commissions and estimated offering expenses.



    • Talat Imran named Chief Executive Officer. In June 2021, Rani announced the appointment of Talat Imran as Chief Executive Officer. Mir Imran, Rani's founder and former Chief Executive Officer, is now serving as Executive Chairman. Talat has been an integral member of Rani's executive team since 2014, most recently serving as Rani's Vice President of Strategy. Talat is a seasoned venture capitalist who has managed several healthcare-focused Silicon Valley funds, including InCube Ventures, LP, and VentureHealth. Previously, he also served as Chief Executive Officer of Venture Web Partners, a web application development firm.



    • Eric Groen appointed as General Counsel. In September 2021, Rani announced the appointment of Eric Groen as General Counsel. Eric is a legal executive with more than 25 years of experience. Prior to Rani, Mr. Groen spent nearly 20 years at Amgen where he served in various domestic and international roles of increasing responsibility, including leading the legal teams responsible for business development transactions, operations and manufacturing, and clinical trials. Most recently, he served as regional general counsel to Amgen's commercial business in Canada, Latin America, Middle East, and Africa.



    • Rani Expands Board of Directors. In June 2021, Rani announced the appointments of Jean-Luc Butel and Laureen DeBuono to its Board of Directors. Mr. Butel is a recognized global healthcare advisor who has spent more than 30 years as a healthcare executive. Currently, Mr. Butel serves as a director on various boards, including for Takeda, Novo Holdings and SG Innovate, in addition to several healthcare startups around the world. Ms. DeBuono has spent a majority of her career in long-term, complex Chief Operating Officer and Chief Financial Officer roles at various healthcare and consumer-facing companies. Ms. DeBuono is currently a managing partner at FLG Partners providing advisory services including interim CEO, CFO, and board roles. Additionally, Ms. DeBuono has served on several boards of public companies, including Cadence Pharmaceuticals, VISX, and InVivo.

    Second Quarter 2021 Financial Results

    • Cash, cash equivalents and short-term investments as of June 30, 2021 were $69.3 million, compared to $73.1 million as of December 31, 2020. Rani Therapeutics expects its cash and cash equivalents balance, including the net proceeds from its initial public offering in July 2021, to be sufficient to fund its operating expenses and capital expenditure requirements at least until the end of 2023.



    • Research and development (R&D) expenses for the three months ended June 30, 2021 were $3.8 million, compared to $2.6 million for the same period in 2020. The increase was primarily attributed to salaries and related compensation costs due to the increase in headcount.



    • General and administrative expenses for the three months ended June 30, 2021 were $3.5 million, compared to $0.9 million for the same period in 2020. The increase was primarily attributed to the costs incurred with preparing to operate as a public company, and salaries and related compensation costs due to the increase in headcount.



    • Net loss for the three months ended June 30, 2021 was $5.5 million, compared to $2.7 million for the same period in 2020.

    About Rani Therapeutics



    Rani Therapeutics is a clinical stage biotherapeutics company focused on advancing technologies to enable the development of orally administered biologics. Rani has developed the RaniPill™ capsule, which is a novel, proprietary and patented platform technology, intended to replace subcutaneous injection of biologics with oral dosing. Rani has successfully conducted several preclinical and clinical studies to evaluate safety, tolerability and bioavailability using the RaniPill™ capsule.

    Forward-Looking Statements

    Certain statements set forth in this press release constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements include, but are not limited to, statements related to: the progress of Rani's clinical and development programs and any clinical trials; Rani's ability to successfully scale and optimize its manufacturing process; the effectiveness of Rani's capsule technology; Rani's continued growth; and the strength of Rani's balance sheet and the adequacy of cash on hand. Because such forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements can be identified by terms such as "believes," "expects," "plans," "potential," "would" or similar expressions, and the negative of those terms. These forward-looking statements are based on Rani's current beliefs, expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events 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 related to Rani's ability to successfully develop its product candidates through current and future milestones or regulatory filings on the anticipated timeline, if at all, the therapeutic potential of Rani's product candidates, the risk that results from preclinical studies or early clinical trials may not be representative of larger clinical trials, the risk that Rani's product candidates will not be successfully developed or commercialized, risks related to Rani's dependence on third-parties in connection with its manufacturing, clinical trials and preclinical studies, and the potential impact of COVID-19 on Rani's clinical and preclinical development timelines and results of operations. For a further list and description of the risks and uncertainties Rani faces, please refer to Rani's periodic and other filings with the Securities and Exchange Commission, which are available at www.sec.gov. Such forward-looking statements are current only as of the date they are made, and Rani assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    Investor Contact

    investors@ranitherapeutics.com

    Media Relations Contact

    media@ranitherapeutics.com

    RANI THERAPEUTICS, LLC

    Condensed Consolidated Balance Sheets 

    (In thousands, except share and per share amounts) 

      June 30,  December 31, 
      2021  2020 
      (Unaudited)    
    Assets      
    Current assets:      
    Cash and cash equivalents $69,314  $73,058 
    Related party note receivable   1,720 
    Prepaid expenses 165  167 
    Total current assets 69,479  74,945 
    Deferred financing costs 3,412   
    Property and equipment, net 4,430  4,470 
    Total assets $77,321  $79,415 
    Liabilities, Convertible Preferred Units and Members' Deficit      
    Current liabilities:      
    Accounts payable $1,667  $537 
    Related party payable 883  145 
    Accrued expenses 2,921  550 
    Deferred revenue   2,717 
    Current portion of long-term debt 3,884  1,359 
    Total current liabilities 9,355  5,308 
    Preferred unit warrant liability 606  320 
    Long-term debt, less current portion   2,412 
    Total liabilities 9,961  8,040 
    Commitments and contingencies (Note 10)      
    Convertible preferred units, 32,620,000 units authorized, and 27,629,804 and

       26,745,528 units issued and outstanding at June 30, 2021 and December 31,

       2020, respectively
     191,034  184,714 
    Members' deficit:      
    Common units, 101,000,000 units authorized, and 46,896,280 and 46,890,280 units

       issued and outstanding at June 30, 2021 and December 31, 2020, respectively
     1,412  664 
    Accumulated deficit (125,086) (114,003)
    Total members' deficit (123,674) (113,339)
    Total liabilities, convertible preferred units and members' deficit $77,321  $79,415 

     

    RANI THERAPEUTICS, LLC 

    Condensed Consolidated Statements of Operations and Comprehensive Loss 

    (In thousands, except share and per share amounts) 

    (Unaudited) 

      Three Months Ended June 30,   Six Months Ended June 30,  
      2021  2020  2021  2020 
    Contract revenue $1,961  $60  $2,717  $143 
    Operating expenses            
    Research and development 3,759  2,558  7,106  6,618 
    General and administrative 3,460  892  6,067  2,299 
    Total operating expenses $7,219  $3,450  $13,173  $8,917 
    Loss from operations (5,258) (3,390) (10,456) (8,774)
    Other income (expense), net            
    Interest income 13  12  60  74 
    Interest expense and other, net (169) (2) (357) (2)
    Change in estimated fair value of preferred unit warrant (70) 672  (286) 655 
    Loss before income taxes (5,484) (2,708) (11,039) (8,047)
    Income tax expense (1) (6) (44) (17)
    Net loss and comprehensive net loss $(5,485) $(2,714) $(11,083) $(8,064)
    Net loss per unit, basic and diluted $(0.12) $(0.06) $(0.24) $(0.17)
    Weighted-average common units outstanding—basic and diluted 46,896,280  46,890,280  46,896,081  46,890,280 


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  2. SAN JOSE, Calif., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. ("Rani Therapeutics" or "Rani") (NASDAQ:RANI), a clinical stage biotherapeutics company focused on advancing technologies to enable the development of orally administered biologics, today announced the appointment of Eric Groen as General Counsel. Mr. Groen has more than 25 years of experience managing legal matters in corporate and private practice.

    "Eric is an accomplished executive whose legal expertise and business acumen have enabled him to handle complex legal matters across the breadth of biopharmaceutical operations, from R&D to manufacturing to commercial, with particular expertise in leading biopharmaceutical transactions. We look forward to his…

    SAN JOSE, Calif., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. ("Rani Therapeutics" or "Rani") (NASDAQ:RANI), a clinical stage biotherapeutics company focused on advancing technologies to enable the development of orally administered biologics, today announced the appointment of Eric Groen as General Counsel. Mr. Groen has more than 25 years of experience managing legal matters in corporate and private practice.

    "Eric is an accomplished executive whose legal expertise and business acumen have enabled him to handle complex legal matters across the breadth of biopharmaceutical operations, from R&D to manufacturing to commercial, with particular expertise in leading biopharmaceutical transactions. We look forward to his contributions as we continue to progress the RaniPill™ capsule technology and advance our clinical pipeline," said Talat Imran, Rani's Chief Executive Officer. "I am thrilled to welcome Eric to our team as we pursue our goal of making oral biologics a reality so that we may be able to help millions of people suffering from chronic diseases."

    Mr. Groen has extensive legal experience in the biopharmaceutical industry. Prior to joining Rani, Mr. Groen served in various domestic and international roles of increasing responsibility over nearly 20 years at Amgen, including leading the legal teams responsible for business development transactions, operations and manufacturing, and clinical trials. Most recently, he served as regional general counsel to Amgen's commercial business in Canada, Latin America, Middle East and Africa. Mr. Groen began his career in private practice at the law firm of TroyGould, where he practiced in the areas of corporate finance, securities compliance, corporate governance, and mergers and acquisitions. Mr. Groen holds a J.D. from Harvard Law School and a B.A. in Political Science from UC Santa Barbara.

    About Rani Therapeutics

    Rani Therapeutics is a clinical stage biotherapeutics company focused on advancing technologies to enable the development of orally administered biologics. Rani has developed the RaniPill™ capsule, which is a novel, proprietary and patented platform technology, intended to replace subcutaneous injection of biologics with oral dosing. Rani has conducted several preclinical and clinical studies to evaluate safety, tolerability and bioavailability using the RaniPill™ capsule.

    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, Rani's advancement of its RaniPill™ capsule technology. 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," "look forward," "progress," "advance" 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, the impact of the COVID-19 pandemic, and the other risks described in Rani's filings with the Securities and Exchange Commission. 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.

    Media Relations

    media@ranitherapeutic.com

    Investor Relations

    investors@ranitherapeutics.com



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  3. SAN JOSE, Calif., Aug. 13, 2021 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) ("Rani Therapeutics" or "Rani"), a clinical stage biotherapeutics company focused on advancing technologies to enable the development of orally administered biologics today announced the final closing of its initial public offering of 7,666,667 shares of its Class A common stock, which includes 1,000,000 shares sold pursuant to the full exercise by the underwriters of their option to purchase additional shares, at a public offering price of $11.00 per share. The offering of 6,666,667 shares closed on August 3, 2021. The closing of the underwriters' partial exercise of 500,000 shares occurred on August 11, 2021, and the closing of the underwriters…

    SAN JOSE, Calif., Aug. 13, 2021 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) ("Rani Therapeutics" or "Rani"), a clinical stage biotherapeutics company focused on advancing technologies to enable the development of orally administered biologics today announced the final closing of its initial public offering of 7,666,667 shares of its Class A common stock, which includes 1,000,000 shares sold pursuant to the full exercise by the underwriters of their option to purchase additional shares, at a public offering price of $11.00 per share. The offering of 6,666,667 shares closed on August 3, 2021. The closing of the underwriters' partial exercise of 500,000 shares occurred on August 11, 2021, and the closing of the underwriters' exercise of their remaining option of 500,000 shares occurred on August 13, 2021. The gross proceeds to Rani from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, were approximately $84.3 million. All of the shares in the offering were sold by Rani.

    Rani's Class A common stock began trading on the Nasdaq Global Market on July 30, 2021 under the ticker symbol "RANI."

    BofA Securities, Stifel, Cantor and Canaccord Genuity acted as book-running managers and BTIG acted as lead manager for the offering.

    The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: BofA Securities, Inc., Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, or by telephone at (800) 294-1322, or by email at dg.prospectus_requests@bofa.com; Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by telephone at (415) 364-2720, or by email at syndprospectus@stifel.com; Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 6th Floor, New York, NY 10022, or by email at prospectus@cantor.com; and Canaccord Genuity LLC, Attention: Syndicate Department, 99 High Street, 12th Floor, Boston MA 02110, or by email at prospectus@cgf.com.

    A registration statement relating to these securities has been filed with the Securities and Exchange Commission and became effective on July 29, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Rani Therapeutics

    Rani Therapeutics is a clinical stage biotherapeutics company focused on advancing technologies to enable the development of orally administered biologics. Rani has developed the RaniPill™ capsule, which is a novel, proprietary and patented platform technology, intended to replace subcutaneous injection of biologics with oral dosing. Rani has successfully conducted several preclinical and clinical studies to evaluate safety, tolerability and bioavailability using the RaniPill™ capsule.

    Media Relations

    Kathy Johnson

    415-482-6602

    kathy@consortpartners.com

    Investor Relations

    Laurence Watts

    laurence@gilmartinir.com

    619-916-7620



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