Rani Therapeutics posts Q2 net loss of $13.4M; announces ProGen partnership for oral obesity drug RT-114

Rani Therapeutics Holdings, Inc.

2024-Q2 EPS reported -$0.55

Cash, equivalents and marketable securities totaled $30.9M as of June 30, 2024, down from $48.5M at Dec. 31, 2023.
Net loss of $13.4M for Q2 2024, compared to $18.7M in same period 2023; includes $4.1M stock-based compensation.
R&D expenses fell to $6.1M from $11.1M YoY, driven by workforce reduction and timing of preclinical/clinical studies.
Announced co-development partnership with ProGen for RT-114, an oral GLP-1/GLP-2 dual agonist, with 50/50 cost and revenue share.
Phase 1 study for RT-114 expected to start in 2025; completed $10.0M equity offering in July 2024.

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