Rani Therapeutics sees Q3 net loss $17M-$19M vs $16.2M last year

Rani’s preliminary consolidated financial results for the third quarter ended September 30, 2023 are presented below, and the results are subject to finalization of Rani‘s customary quarterly financial close processes, and could be subject to change. Rani estimates that cash, cash equivalents and marketable securities will be approximately $60.5 million as of September 30, 2023. Rani estimates that net loss will be between $17.0 million and $19.0 million for the third quarter of 2023, compared to $16.2 million for the third quarter of 2022, and between $53.0 million and $55.0 million for the nine months ended September 30, 2023, compared to $46.0 million for the nine months ended September 30, 2022. The net loss includes estimated stock-based compensation expense of approximately $5.0 million for the third quarter of 2023, compared to $4.4 million for the third quarter of 2022, and approximately $14.5 million for the nine months ended September 30, 2023, compared to $11.3 million for the for the nine months ended September 30, 2022.