Rani Therapeutics Announces Q1 2024 Financial Results and Corporate Update

Rani Therapeutics Holdings, Inc., a clinical-stage biotherapeutics company specializing in the oral delivery of biologics and drugs, recently announced its financial results for the first quarter of 2024, ending March 31, along with a corporate update. The company is listed on Nasdaq under the ticker RANI.

CEO Talat Imran expressed satisfaction with the progress made in the first quarter, highlighting the positive topline results from their Phase 1 study on RT-111, an oral anti-interleukin 12/23 antibody. Imran emphasized that RT-111 could offer a competitive advantage in treating autoimmune disorders due to its favorable product profile and differentiated dosing regimen. He also lauded the potential of the RaniPill platform to combine the efficacy and long half-life of a monoclonal antibody with the convenience of a pill, which could benefit both patients and physicians across various therapeutic areas.

In February 2024, Rani announced that RT-111 demonstrated high bioavailability and was well-tolerated in human subjects during the Phase 1 study, with no serious adverse events reported. The ustekinumab biosimilar used in RT-111 is supplied and manufactured by Celltrion, Inc., which has the first right of negotiation to acquire worldwide rights to RT-111 after a successful Phase 1 trial.

Rani Therapeutics also outlined its near-term milestones. The company expects to initiate a Phase 2 clinical trial for RT-102, a RaniPill capsule containing teriparatide for osteoporosis, in 2024. Additionally, the development of the RaniPill HC is expected to be ready for potential Phase 1 clinical trials in the latter half of 2024.

Financially, Rani Therapeutics reported a decrease in cash, cash equivalents, and marketable securities, totaling $39.6 million as of March 31, 2024, down from $48.5 million as of December 31, 2023. Research and development expenses for the first quarter of 2024 were $7.6 million, compared to $9.7 million in the same period the previous year. This decrease was primarily attributed to lower compensation costs due to a reduced workforce and decreased third-party service costs. General and administrative expenses also saw a reduction, amounting to $6.4 million, down from $6.8 million in the first quarter of 2023, mainly due to lower compensation and other costs.

The net loss for the first quarter of 2024 was $14.8 million, compared to $16.8 million for the same period in 2023. This figure includes stock-based compensation expenses of $3.9 million for the first quarter of 2024, compared to $4.4 million for the same period in the previous year.

Rani Therapeutics is devoted to developing technologies that facilitate the oral administration of biologics and drugs. The company has developed the RaniPill capsule, a novel and patented platform technology designed to replace subcutaneous injections or intravenous infusions with oral dosing. Several preclinical and clinical studies have been conducted to assess the safety, tolerability, and bioavailability of the RaniPill capsule technology.

Overall, Rani Therapeutics remains focused on advancing its pipeline and achieving significant milestones in 2024, with the goal of transforming the administration of biologics and improving patient outcomes for those suffering from chronic diseases.