Rani Therapeutics sees Q3 net loss $17M -$19M

Rani estimates that net loss will be between $17M and $19M for the third quarter of 2023, compared to $16.2 M for the third quarter of 2022, and between $53M and $55M for the nine months ended September 30 compared to $46M for the nine months ended September 30, 2022. The net loss includes estimated stock-based compensation expense of approximately $M for the third quarter of 2023, compared to $4.4 M for the third quarter of 2022, and approximately $14.5 million for the nine months ended September 30 compared to $11.3 million for the for the nine months ended September 30, 2022.We are laser-focused on driving forward our key programs to create near-term value and fuel long-term growth. We are also expanding our manufacturing footprint to support scale for late-stage development and partnering. Further, the initiatives we are announcing today are expected to extend our cash runway, providing us with the resources for important readouts from our RT-102 and RT-111 programs, as well as development of the RaniPill HC to be Phase 1 ready,” said Talat Imran, Chief Executive Officer of Rani Therapeutics.