$RANI
Rani Therapeutics Holdings, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022024442 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2021 Q4 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.239M $5.945M $15.82M
YoY Change -54.25% 227.01% 1772.43%
% of Gross Profit
Research & Development $9.103M $7.417M $11.96M
YoY Change -23.88% 122.07% 472.2%
% of Gross Profit
Depreciation & Amortization $141.0K $113.0K $120.0K
YoY Change 17.5% -20.42% -16.67%
% of Gross Profit
Operating Expenses $16.34M $13.36M $27.78M
YoY Change -41.18% 159.25% 846.54%
Operating Profit -$16.34M -$27.78M
YoY Change -41.18% 882.7%
Interest Expense $352.0K $17.00K $110.0K
YoY Change 220.0% -120.73% 71.88%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 -$85.00K
YoY Change -100.0% -100.0%
Pretax Income -$16.32M -$13.35M -$28.66M
YoY Change -43.08% 132.33% 895.93%
Income Tax -$107.0K -$40.00K $37.00K
% Of Pretax Income
Net Earnings -$7.955M -$5.189M -$3.142M
YoY Change 153.18% -9.85% 8.98%
Net Earnings / Revenue
Basic Earnings Per Share -$0.33 -$0.16
Diluted Earnings Per Share -$0.33 -$105.9K -$64.12K
COMMON SHARES
Basic Shares Outstanding 24.47M 19.44M
Diluted Shares Outstanding 24.47M 19.44M

Balance Sheet

Concept 2022 Q3 2021 Q4 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.17M $117.5M $129.7M
YoY Change -24.33%
Cash & Equivalents $27.22M $117.5M $129.7M
Short-Term Investments $70.95M $0.00
Other Short-Term Assets $2.549M $2.142M $2.622M
YoY Change -2.78%
Inventory
Prepaid Expenses $2.142M $2.622M
Receivables
Other Receivables
Total Short-Term Assets $100.7M $119.6M $132.4M
YoY Change -23.91% 59.58%
LONG-TERM ASSETS
Property, Plant & Equipment $5.680M $4.612M $4.593M
YoY Change 23.67% 3.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $500.0K
YoY Change
Total Long-Term Assets $7.482M $4.612M $4.593M
YoY Change 62.9% 3.18%
TOTAL ASSETS
Total Short-Term Assets $100.7M $119.6M $132.4M
Total Long-Term Assets $7.482M $4.612M $4.593M
Total Assets $108.2M $124.2M $137.0M
YoY Change -21.0% 56.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.790M $1.080M $1.311M
YoY Change 36.54% 101.12%
Accrued Expenses $4.357M $1.434M $3.649M
YoY Change 19.4% 160.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $7.186M $2.640M $5.250M
YoY Change 36.88% -50.26%
LONG-TERM LIABILITIES
Long-Term Debt $14.09M $0.00
YoY Change
Other Long-Term Liabilities $318.0K $0.00 $0.00
YoY Change
Total Long-Term Liabilities $14.09M $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.186M $2.640M $5.250M
Total Long-Term Liabilities $14.09M $0.00 $0.00
Total Liabilities $21.60M $2.640M $5.250M
YoY Change 311.33% -67.16%
SHAREHOLDERS EQUITY
Retained Earnings -$30.10M -$8.331M -$3.142M
YoY Change 857.99% -92.69%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $42.19M $47.41M $51.37M
YoY Change
Total Liabilities & Shareholders Equity $108.2M $124.2M $137.0M
YoY Change -21.0% 56.4%

Cashflow Statement

Concept 2022 Q3 2021 Q4 2021 Q3
OPERATING ACTIVITIES
Net Income -$7.955M -$5.189M -$3.142M
YoY Change 153.18% -9.85% 8.98%
Depreciation, Depletion And Amortization $141.0K $113.0K $120.0K
YoY Change 17.5% -20.42% -16.67%
Cash From Operating Activities -$12.20M -$11.45M -$11.12M
YoY Change 9.69% 70.88% -1759.7%
INVESTING ACTIVITIES
Capital Expenditures -$456.0K -$271.0K $0.00
YoY Change 5.86%
Acquisitions
YoY Change
Other Investing Activities -$70.89M
YoY Change
Cash From Investing Activities -$71.35M -$271.0K $0.00
YoY Change 5.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.08M -570.0K 71.55M
YoY Change -80.32% -100.83% 2472.78%
NET CHANGE
Cash From Operating Activities -12.20M -11.45M -11.12M
Cash From Investing Activities -71.35M -271.0K 0.000
Cash From Financing Activities 14.08M -570.0K 71.55M
Net Change In Cash -69.46M -12.29M 60.43M
YoY Change -214.95% -119.92% 1651.06%
FREE CASH FLOW
Cash From Operating Activities -$12.20M -$11.45M -$11.12M
Capital Expenditures -$456.0K -$271.0K $0.00
Free Cash Flow -$11.74M -$11.18M -$11.12M
YoY Change 5.59% 73.46% -1759.7%

Facts In Submission

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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Use Of Estimates
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<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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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, the measurement of right-of-use assets and lease liabilities and related incremental borrowing rate, the fair value of warrants 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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
us-gaap Concentration Risk Credit Risk
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<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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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>
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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27219000
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129743000
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59000
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us-gaap Lessee Operating Lease Description
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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 an original 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.
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CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q3 us-gaap Operating Lease Liability Noncurrent
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CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
15000000.0
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
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CY2022Q3 us-gaap Capitalization Longterm Debt And Equity
CapitalizationLongtermDebtAndEquity
650000000.0
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
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CY2022Q3 us-gaap Long Term Debt
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CY2022Q3 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
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CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
14091000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0024
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0021
CY2022Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
18000000.0
us-gaap Unrecognized Tax Benefits Period Increase Decrease
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0
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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30665568
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33673141

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