Rani Therapeutics Holdings, Inc., a clinical-stage biotherapeutics company focused on oral delivery technologies, reported significant financial developments in its recent 10-Q filing for the quarter ending September 30, 2024. The company’s total operating expenses for the three months ended September 30, 2024, were $11.8 million, a decrease of 33.9% from $17.9 million in the same period of 2023. For the nine months ended September 30, 2024, total operating expenses were $38.4 million, down 27.2% from $52.7 million in the prior year.

The net loss for the third quarter of 2024 was $12.7 million, a reduction of 30.6% compared to a net loss of $18.3 million for the same quarter in 2023. For the nine-month period, the net loss was $40.9 million, down from $53.8 million in the previous year, reflecting a 24.1% improvement. The net loss attributable to Rani Therapeutics Holdings, Inc. for the three months ended September 30, 2024, was $6.8 million, compared to $9.2 million in 2023.

Research and development expenses for the third quarter of 2024 totaled $6.2 million, significantly lower than the $11.2 million reported in the same quarter of 2023. This decrease was primarily due to reductions in payroll and related benefits, third-party services, and materials and supplies. General and administrative expenses also saw a decline, attributed to lower compensation costs and reduced third-party services.

As of September 30, 2024, the company reported cash and cash equivalents of $4.3 million, alongside marketable securities totaling $26.1 million, bringing total cash resources to $30.4 million. This represents a decrease from $48.5 million at the end of 2023. The company experienced negative cash flows from operations of $26.8 million for the nine months ended September 30, 2024, compared to $38.8 million in the same period of 2023.

Rani Therapeutics has not yet generated revenue from commercial products, as it awaits regulatory approval for its RaniPill platform. The company anticipates ongoing operating losses and plans to finance future operations through existing cash and strategic financing opportunities, including potential equity offerings. In July 2024, Rani completed a securities offering that raised net proceeds of $8.9 million, followed by an additional offering in October 2024 that generated approximately $10.0 million in gross proceeds.

Strategically, Rani Therapeutics entered into a collaboration agreement with ProGen Co., Ltd. in June 2024 for the development of a weight management product, sharing development costs and profits equally. The company has also reduced CEO Talat Imran's annual salary from $520,000 to $100,000, effective November 1, 2023, as part of cost-cutting measures.