$RANI
Rani Therapeutics Holdings, Inc.

2022 Q2 Form 10-Q Financial Statement

#000095017022016492 Filed on August 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q4 2021 Q2
Revenue $0.00 $0.00 $1.961M
YoY Change -100.0% -100.0% 3168.33%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.319M $5.945M $6.067M
YoY Change 4.15% 227.01% 580.16%
% of Gross Profit
Research & Development $9.528M $7.417M $3.759M
YoY Change 153.47% 122.07% 46.95%
% of Gross Profit
Depreciation & Amortization $122.0K $113.0K $128.0K
YoY Change -4.69% -20.42% -14.67%
% of Gross Profit
Operating Expenses $15.85M $13.36M $7.219M
YoY Change 119.52% 159.25% 109.25%
Operating Profit -$15.85M -$5.258M
YoY Change 201.39% 55.1%
Interest Expense $35.00K $17.00K $169.0K
YoY Change -79.29% -120.73% 8350.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 -$286.0K
YoY Change -100.0% -100.0% -142.56%
Pretax Income -$15.81M -$13.35M -$5.484M
YoY Change 188.33% 132.33% 102.51%
Income Tax $154.0K -$40.00K $1.000K
% Of Pretax Income
Net Earnings -$7.624M -$5.189M
YoY Change -9.85%
Net Earnings / Revenue
Basic Earnings Per Share $0.31
Diluted Earnings Per Share $0.31 -$105.9K $0.00
COMMON SHARES
Basic Shares Outstanding 24.37M
Diluted Shares Outstanding 24.37M

Balance Sheet

Concept 2022 Q2 2021 Q4 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.18M $117.5M $69.31M
YoY Change 40.2%
Cash & Equivalents $97.18M $117.5M $69.31M
Short-Term Investments $0.00
Other Short-Term Assets $812.0K $2.142M $165.0K
YoY Change 392.12%
Inventory
Prepaid Expenses $812.0K $2.142M $165.0K
Receivables
Other Receivables
Total Short-Term Assets $97.99M $119.6M $69.48M
YoY Change 41.04% 59.58%
LONG-TERM ASSETS
Property, Plant & Equipment $5.352M $4.612M $4.430M
YoY Change 20.81% 3.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.412M
YoY Change
Total Long-Term Assets $6.351M $4.612M $7.842M
YoY Change -19.01% 3.18%
TOTAL ASSETS
Total Short-Term Assets $97.99M $119.6M $69.48M
Total Long-Term Assets $6.351M $4.612M $7.842M
Total Assets $104.3M $124.2M $77.32M
YoY Change 34.95% 56.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.440M $1.080M $1.667M
YoY Change -13.62% 101.12%
Accrued Expenses $3.221M $1.434M $2.921M
YoY Change 10.27% 160.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.884M
YoY Change
Total Short-Term Liabilities $5.349M $2.640M $9.355M
YoY Change -42.82% -50.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $341.0K $0.00 $606.0K
YoY Change -43.73%
Total Long-Term Liabilities $341.0K $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.349M $2.640M $9.355M
Total Long-Term Liabilities $341.0K $0.00 $0.00
Total Liabilities $5.690M $2.640M $9.961M
YoY Change -42.88% -67.16%
SHAREHOLDERS EQUITY
Retained Earnings -$22.20M -$8.331M -$125.1M
YoY Change -82.25% -92.69%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $47.81M $47.41M $67.36M
YoY Change
Total Liabilities & Shareholders Equity $104.3M $124.2M $77.32M
YoY Change 34.95% 56.4%

Cashflow Statement

Concept 2022 Q2 2021 Q4 2021 Q2
OPERATING ACTIVITIES
Net Income -$7.624M -$5.189M
YoY Change -9.85%
Depreciation, Depletion And Amortization $122.0K $113.0K $128.0K
YoY Change -4.69% -20.42% -14.67%
Cash From Operating Activities -$10.33M -$11.45M -$5.628M
YoY Change 83.51% 70.88% 100.43%
INVESTING ACTIVITIES
Capital Expenditures -$379.0K -$271.0K -$136.0K
YoY Change 178.68% 5.86% 209.09%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$379.0K -$271.0K -$136.0K
YoY Change 178.68% 5.86% 209.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 49.00K -570.0K -1.584M
YoY Change -103.09% -100.83% -226.32%
NET CHANGE
Cash From Operating Activities -10.33M -11.45M -5.628M
Cash From Investing Activities -379.0K -271.0K -136.0K
Cash From Financing Activities 49.00K -570.0K -1.584M
Net Change In Cash -10.66M -12.29M -7.348M
YoY Change 45.05% -119.92% 359.82%
FREE CASH FLOW
Cash From Operating Activities -$10.33M -$11.45M -$5.628M
Capital Expenditures -$379.0K -$271.0K -$136.0K
Free Cash Flow -$9.949M -$11.18M -$5.492M
YoY Change 81.15% 73.46% 98.7%

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DeferredFinancingCostsIncludedInAccountsPayableAndAccruedExpenses
0
rani Deferred Financing Costs Included In Accounts Payable And Accrued Expenses
DeferredFinancingCostsIncludedInAccountsPayableAndAccruedExpenses
1527000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
73600000
us-gaap Profit Loss
ProfitLoss
-29800000
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-22200000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-19700000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
97200000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:9.067%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Estimates include, but are not limited to equity-based compensation expense, accrued research and development costs and, until the occurrence of the Company's IPO, the fair value of Profits Interests and preferred unit warrants. Actual results may differ materially and adversely from these estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk and Other Risks and Uncertainties</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:9.067%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains accounts in federally insured financial institutions in excess of federally insured limits. The Company also holds money market funds that are not federally insured. However, management believes the Company is not exposed to significant credit risk due to the financial strength of the depository institutions in which these deposits are held and of the money market funds and other entities in which these investments are made.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:9.067%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The extent to which the COVID-19 pandemic will further directly or indirectly impact the Company's results of operation and financial condition has been and will continue to be driven by many factors, most of which are beyond the Company's control and ability to forecast. Because of these uncertainties, the Company cannot estimate how long or to what extent COVID-19 will impact the Company's operations.</span></p>
CY2022Q2 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
1.00
CY2022Q2 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
2037000
CY2021Q4 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
202000
rani Accrued Preclinical And Clinical Trial Cost
AccruedPreclinicalAndClinicalTrialCost
464000
CY2021 rani Accrued Preclinical And Clinical Trial Cost
AccruedPreclinicalAndClinicalTrialCost
621000
CY2022Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
358000
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
3000
CY2022Q2 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
178000
CY2021Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
213000
CY2022Q2 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
184000
CY2021Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
395000
CY2022Q2 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
3221000
CY2021Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
1434000
CY2022Q2 us-gaap Deferred Revenue
DeferredRevenue
0
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
0
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Rani LLC-ICL Service Agreement has a twelve-month term and will automatically renew for a successive twelve-month periods unless terminated; except that the Occupancy Services in Milpitas, California have a term until February 2023, with the potential for two annual renewals, subject to approval by the landlord upon a nine months’ notice of renewal prior to the end of the lease term, and the Occupancy Services in San Antonio, Texas continue until either party gives six months’ notice of termination.
CY2021Q1 us-gaap Notes Receivable Related Parties
NotesReceivableRelatedParties
1700000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
71100000
rani Aggregate Desired Patent Acquisition
AggregateDesiredPatentAcquisition
1000000.0
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
999000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
658000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
341000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
999000
us-gaap Operating Lease Payments
OperatingLeasePayments
345000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
345000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
690000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1035000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
36000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
999000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
658000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
341000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3976000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
282000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6881000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
735000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0051
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0021
CY2022Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
18300000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30825324
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30825324

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