Rain Oncology Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023018562 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.30M
YoY Change -14.78%
Cash & Equivalents $37.31M
Short-Term Investments $40.00M
Other Short-Term Assets $281.0K
YoY Change 242.68%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $80.82M
YoY Change -13.79%
LONG-TERM ASSETS
Property, Plant & Equipment $628.0K
YoY Change 509.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $180.0K
YoY Change -63.71%
Total Long-Term Assets $1.244M
YoY Change 39.78%
TOTAL ASSETS
Total Short-Term Assets $80.82M
Total Long-Term Assets $1.244M
Total Assets $82.06M
YoY Change -13.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.973M
YoY Change 119.71%
Accrued Expenses $5.500M
YoY Change -38.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.48M
YoY Change 11.25%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $64.00K
YoY Change 0.0%
Total Long-Term Liabilities $64.00K
YoY Change 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.48M
Total Long-Term Liabilities $64.00K
Total Liabilities $14.54M
YoY Change 9.94%
SHAREHOLDERS EQUITY
Retained Earnings -$215.3M
YoY Change 50.53%
Common Stock $282.9M
YoY Change 25.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $67.52M
YoY Change
Total Liabilities & Shareholders Equity $82.06M
YoY Change -13.29%

Cashflow Statement

Concept 2023 Q4 2023 Q3

Facts In Submission

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Rain Oncology Inc.
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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1 – Organization and Nature of Operations</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:italic;font-weight:bold;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Description of Business</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Rain Oncology Inc. (“Rain” or the “Company”), formerly known as Rain Therapeutics Inc., was incorporated in the state of Delaware in April 2017. Rain is a precision oncology company developing therapies that target oncogenic drivers for which the Company is able to genetically select patients the Company believes will most likely benefit. Rain’s product candidate, milademetan, is a small molecule, oral inhibitor of the MDM2-p53 complex that reactivates p53. 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These condensed consolidated financial statements include the accounts of the Company and Rain Oncology Australia. All significant inter-company transactions, balances and expenses have been eliminated upon consolidation. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). The year-end balance sheet data was derived from the Company’s audited financial statements but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K, filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operation for the periods presented, with such adjustments consisting only of normal recurring adjustments.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:italic;font-weight:bold;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Liquidity and Capital Resources</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company has devoted substantially all of its efforts to drug discovery and development, raising capital and building operations. The Company has a limited operating history and has not generated any revenue since its inception, and the sales and income potential of the Company’s business is unproven. The Company has incurred net losses and negative cash flows from operating activities since its inception and expects to continue to incur net losses into the foreseeable future as it continues the development of its product candidates. From inception through September 30, 2023, the Company has funded its operations through net proceeds from its initial public offering in April 2021, the offering, issuance and sale of its common stock in November 2022, as well as the issuance of convertible promissory notes and convertible preferred stock.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. Management believes that the Company’s current cash, cash equivalents and short-term investments will provide sufficient funds to enable the Company to meet its obligations for at least twelve months from the filing date of this report.</p>
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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:italic;font-weight:bold;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent liabilities in the Company’s condensed consolidated financial statements and accompanying notes. The most significant estimate in the Company’s condensed consolidated financial statements relates to the clinical trial expense accruals. Management evaluates its estimates on an ongoing basis. Although these estimates are based on the Company’s historical experience, knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.</p>
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RestructuringAndRelatedCostStockBasedCompensationExpense
37000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-7034000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-18041000
us-gaap Net Income Loss
NetIncomeLoss
-49582000
us-gaap Net Income Loss
NetIncomeLoss
-53046000
CY2023Q3 rain Weighted Average Number Of Shares Outstanding Basic Before Adjustment
WeightedAverageNumberOfSharesOutstandingBasicBeforeAdjustment
36375671
CY2023Q3 rain Weighted Average Number Of Shares Outstanding Diluted Before Adjustment
WeightedAverageNumberOfSharesOutstandingDilutedBeforeAdjustment
36375671
CY2022Q3 rain Weighted Average Number Of Shares Outstanding Basic Before Adjustment
WeightedAverageNumberOfSharesOutstandingBasicBeforeAdjustment
26564615
CY2022Q3 rain Weighted Average Number Of Shares Outstanding Diluted Before Adjustment
WeightedAverageNumberOfSharesOutstandingDilutedBeforeAdjustment
26564615
rain Weighted Average Number Of Shares Outstanding Basic Before Adjustment
WeightedAverageNumberOfSharesOutstandingBasicBeforeAdjustment
36359744
rain Weighted Average Number Of Shares Outstanding Diluted Before Adjustment
WeightedAverageNumberOfSharesOutstandingDilutedBeforeAdjustment
36359744
rain Weighted Average Number Of Shares Outstanding Basic Before Adjustment
WeightedAverageNumberOfSharesOutstandingBasicBeforeAdjustment
26535474
rain Weighted Average Number Of Shares Outstanding Diluted Before Adjustment
WeightedAverageNumberOfSharesOutstandingDilutedBeforeAdjustment
26535474
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36375671
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36375671
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26564615
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26564615
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36359744
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36359744
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26535474
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26535474
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.68
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.68
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.36
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.36
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.00
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4042612
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2666926

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0001558370-23-018562.txt Edgar Link pending
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rain-20230930.xsd Edgar Link pending
rain-20230930x10q.htm Edgar Link pending
rain-20230930xex10d1.htm Edgar Link pending
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rain-20230930_lab.xml Edgar Link unprocessable
rain-20230930_pre.xml Edgar Link unprocessable
rain-20230930x10q_htm.xml Edgar Link completed