Rani Therapeutics Holdings, Inc. reported a net loss of $12.7 million for the three months ended March 31, 2025, a decrease from a net loss of $14.8 million during the same period in 2024. The company generated $172,000 in contract revenue, marking its first revenue recognition, attributed to evaluation services performed for a customer. Total operating expenses decreased by 13.2% to $12.2 million, driven by reductions in both research and development expenses, which fell to $6.6 million from $7.6 million, and general and administrative expenses, which decreased to $5.6 million from $6.4 million.
In terms of financial position, Rani Therapeutics reported cash, cash equivalents, and marketable securities totaling $15.9 million as of March 31, 2025, down from $27.6 million at the end of 2024. The company experienced negative cash flows from operations of $8.1 million during the first quarter of 2025. The accumulated deficit increased to $110.2 million, raising concerns about the company's ability to continue as a going concern for the next year without additional funding. The company has indicated that it will need to raise substantial additional funds to support ongoing operations and product development.
Strategically, Rani Therapeutics is advancing its RaniPill capsule technology, which aims to provide oral delivery of biologics. The company is preparing to initiate clinical testing of the RaniPill HC, a high-capacity version of its delivery system, in mid-2025. Additionally, Rani Therapeutics has entered into a collaboration agreement with ProGen Co., Ltd. to develop a product combining ProGen’s GLP-1/GLP-2 dual agonist compound with the RaniPill HC device for weight management.
Operationally, the company has not yet established a commercial organization or distribution capabilities, as it does not have any products approved for sale. As of March 31, 2025, Rani Therapeutics had 33,570,253 shares of Class A common stock and 23,971,852 shares of Class B common stock outstanding. The company is also facing challenges related to compliance with Nasdaq listing requirements, having received a notice regarding its market value of listed securities, which could impact its ability to raise capital in the future. The outlook remains uncertain, with management emphasizing the need for additional financing to continue operations and advance its product candidates.
About Rani Therapeutics Holdings, Inc.
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