Rani Therapeutics Holdings, Inc. reported a net loss of $56.584 million for the year ended December 31, 2024, compared to a net loss of $67.883 million in 2023. This improvement reflects a 16.6% decrease in net loss. The company generated $1.028 million in contract revenue in 2024, primarily from evaluation services, while reporting no contract revenue in 2023. Operating expenses decreased by 17.8% to $54.342 million, primarily due to lower research and development and general and administrative expenses. The decrease in research and development expenses was largely attributed to a reduction in workforce and lower third-party service costs.
Significant changes compared to the previous fiscal year include a substantial decrease in research and development expenses (32.7% decrease to $26.682 million), a smaller decrease in general and administrative expenses (9.6% decrease to $23.946 million), and the recognition of a $3.714 million impairment loss on construction-in-progress property and equipment. The company also experienced a 46.6% decrease in net interest income and other income, primarily due to lower interest income from marketable securities. The company's cash, cash equivalents, and marketable securities decreased from $48.5 million to $27.6 million during the year.
Strategic developments during the year included entering into a collaboration agreement with ProGen Co., Ltd. in June 2024 to develop RT-114, a GLP-1/GLP-2 dual agonist for obesity treatment. This collaboration involves equal sharing of development costs and commercial profits/losses. The company also completed two equity financings in July and October 2024, raising a net total of $18.3 million. A reduction in force was implemented in late 2023 and early 2024, resulting in lower compensation costs. The CEO's annual salary was also reduced to $100,000 in November 2023. A new lease for approximately 33,000 square feet of space in Fremont, California commenced in February 2024.
Key operational developments included the completion of three Phase 1 clinical trials using the RaniPill GO capsule and preclinical testing of the RaniPill HC capsule, with plans to initiate clinical testing in mid-2025. As of December 31, 2024, the RaniPill capsule had been administered 233 times to 146 human subjects in clinical trials. Preclinical testing involved 19 molecules and over 7,000 RaniPill capsules. The company also announced positive preclinical data for RT-114 and RT-116 (semaglutide delivered via RaniPill HC) in early 2025. The company employed 105 full-time and one part-time employee as of December 31, 2024.
The company's outlook indicates a continued need for substantial additional funding to advance its product candidates through clinical development, seek regulatory approvals, and commercialize its products. The company acknowledges substantial doubt regarding its ability to continue as a going concern for the next year. The company's financial statements were prepared assuming it will continue as a going concern, and no adjustments were made for potential outcomes of this uncertainty.
About Rani Therapeutics Holdings, Inc.
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