$RANI
Rani Therapeutics Holdings, Inc.

2022 Q4 Form 10-K Financial Statement

#000095017023009178 Filed on March 22, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021
Revenue $0.00 $0.00 $2.717M
YoY Change -100.0% 488.1%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.096M $26.84M $27.83M
YoY Change 19.36% -3.56% 460.94%
% of Gross Profit
Research & Development $10.39M $36.61M $26.48M
YoY Change 40.03% 38.23% 119.88%
% of Gross Profit
Depreciation & Amortization $174.0K $500.0K $500.0K
YoY Change 53.98% 0.0% -16.67%
% of Gross Profit
Operating Expenses $17.48M $63.45M -$54.32M
YoY Change 30.83% -216.82% 219.39%
Operating Profit -$63.45M -$51.60M
YoY Change 22.97% 211.89%
Interest Expense $99.00K $1.071M $466.0K
YoY Change 482.35% 129.83% 275.81%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 -$371.0K
YoY Change -100.0% 488.89%
Pretax Income -$17.38M -$63.27M -$53.05M
YoY Change 30.26% 19.28% 218.26%
Income Tax -$41.00K $70.00K $41.00K
% Of Pretax Income
Net Earnings -$8.786M -$30.59M -$8.331M
YoY Change 69.32% 267.16%
Net Earnings / Revenue -306.62%
Basic Earnings Per Share -$1.28 -$0.43
Diluted Earnings Per Share -$0.18 -$1.28 -$170.0K
COMMON SHARES
Basic Shares Outstanding 23.82K 19.53K
Diluted Shares Outstanding 23.82K 19.53K

Balance Sheet

Concept 2022 Q4 2022 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.48M $98.48M $117.5M
YoY Change -16.15% -16.15% 60.77%
Cash & Equivalents $27.01M $27.01M $117.5M
Short-Term Investments $71.48M $71.48M
Other Short-Term Assets $2.442M $2.442M $2.142M
YoY Change 14.01% 14.01% 1182.63%
Inventory
Prepaid Expenses $1.942M
Receivables
Other Receivables
Total Short-Term Assets $100.9M $100.9M $119.6M
YoY Change -15.61% -15.61% 59.58%
LONG-TERM ASSETS
Property, Plant & Equipment $6.038M $7.103M $4.612M
YoY Change 30.92% 54.01% 3.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $7.103M $7.103M $4.612M
YoY Change 54.01% 54.01% 3.18%
TOTAL ASSETS
Total Short-Term Assets $100.9M $100.9M $119.6M
Total Long-Term Assets $7.103M $7.103M $4.612M
Total Assets $108.0M $108.0M $124.2M
YoY Change -13.03% -13.03% 56.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.460M $1.460M $1.080M
YoY Change 35.19% 35.19% 101.12%
Accrued Expenses $2.296M $3.302M $1.434M
YoY Change 60.11% 130.26% 160.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $4.815M $4.815M $2.640M
YoY Change 82.39% 82.39% -50.26%
LONG-TERM LIABILITIES
Long-Term Debt $29.15M $29.15M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $59.00K $59.00K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $29.15M $29.21M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.815M $4.815M $2.640M
Total Long-Term Liabilities $29.15M $29.21M $0.00
Total Liabilities $34.02M $71.17M $76.80M
YoY Change 1188.75% -7.32% 855.17%
SHAREHOLDERS EQUITY
Retained Earnings -$38.90M
YoY Change 366.93%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $36.86M $36.86M $47.41M
YoY Change
Total Liabilities & Shareholders Equity $108.0M $108.0M $124.2M
YoY Change -13.03% -13.03% 56.4%

Cashflow Statement

Concept 2022 Q4 2022 2021
OPERATING ACTIVITIES
Net Income -$8.786M -$30.59M -$8.331M
YoY Change 69.32% 267.16%
Depreciation, Depletion And Amortization $174.0K $500.0K $500.0K
YoY Change 53.98% 0.0% -16.67%
Cash From Operating Activities -$14.63M -$46.50M -$32.20M
YoY Change 27.78% 44.41% 115.24%
INVESTING ACTIVITIES
Capital Expenditures $530.0K $1.619M $506.0K
YoY Change -295.57% 219.96% -57.83%
Acquisitions
YoY Change
Other Investing Activities $73.00K -$70.82M
YoY Change
Cash From Investing Activities -$457.0K -$72.44M -$506.0K
YoY Change 68.63% 14215.42% -57.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $71.10M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.87M 29.01M 77.15M
YoY Change -2709.47% -62.4% 6.14%
NET CHANGE
Cash From Operating Activities -14.63M -46.50M -32.20M
Cash From Investing Activities -457.0K -72.44M -506.0K
Cash From Financing Activities 14.87M 29.01M 77.15M
Net Change In Cash -212.0K -89.95M 44.40M
YoY Change -98.28% -302.6% -21.46%
FREE CASH FLOW
Cash From Operating Activities -$14.63M -$46.50M -$32.20M
Capital Expenditures $530.0K $1.619M $506.0K
Free Cash Flow -$15.16M -$48.12M -$32.71M
YoY Change 35.61% 47.13% 102.39%

Facts In Submission

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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1619000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
506000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-72436000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-506000
CY2022 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
29574000
CY2021 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0
CY2022 rani Proceeds From Issuance Of Common Stock Under The Employee Stock Purchase Plan
ProceedsFromIssuanceOfCommonStockUnderTheEmployeeStockPurchasePlan
271000
CY2021 rani Proceeds From Issuance Of Common Stock Under The Employee Stock Purchase Plan
ProceedsFromIssuanceOfCommonStockUnderTheEmployeeStockPurchasePlan
0
CY2022 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
46000
CY2021 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
0
CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
626000
CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0
CY2022 rani Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
260000
CY2021 rani Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
0
CY2022 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0
CY2021 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
73648000
CY2022 us-gaap Proceeds From Issuance Of Preferred Limited Partners Units
ProceedsFromIssuanceOfPreferredLimitedPartnersUnits
0
CY2021 us-gaap Proceeds From Issuance Of Preferred Limited Partners Units
ProceedsFromIssuanceOfPreferredLimitedPartnersUnits
6320000
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0
CY2021 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
26000
CY2022 rani Repayment Of Paycheck Protection Program Loan
RepaymentOfPaycheckProtectionProgramLoan
0
CY2021 rani Repayment Of Paycheck Protection Program Loan
RepaymentOfPaycheckProtectionProgramLoan
1254000
CY2022 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
0
CY2021 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
3314000
CY2022 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0
CY2021 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1720000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
29005000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
77146000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-89946000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
44395000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
117453000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
73058000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27507000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
117453000
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
730000
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
73000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
48000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
285000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
355000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
145000
CY2022 rani Exchanges Of Paired Interests And Non Corresponding Class A Units
ExchangesOfPairedInterestsAndNonCorrespondingClassAUnits
78487000
CY2021 rani Exchanges Of Paired Interests And Non Corresponding Class A Units
ExchangesOfPairedInterestsAndNonCorrespondingClassAUnits
0
CY2022 rani Issuance Costs Deducted From Long Term Debt Proceeds
IssuanceCostsDeductedFromLongTermDebtProceeds
851000
CY2021 rani Issuance Costs Deducted From Long Term Debt Proceeds
IssuanceCostsDeductedFromLongTermDebtProceeds
0
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
514000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2022 rani Deferred Financing Costs Included In Prepaid Expenses
DeferredFinancingCostsIncludedInPrepaidExpenses
260000
CY2021 rani Deferred Financing Costs Included In Prepaid Expenses
DeferredFinancingCostsIncludedInPrepaidExpenses
0
CY2022Q4 us-gaap Prepaid Interest
PrepaidInterest
44000
CY2021Q4 us-gaap Prepaid Interest
PrepaidInterest
0
CY2022 rani Exchange Of Class A Units Of Rani Llc From The Former Llc Owners
ExchangeOfClassAUnitsOfRaniLlcFromTheFormerLlcOwners
0
CY2021 rani Exchange Of Class A Units Of Rani Llc From The Former Llc Owners
ExchangeOfClassAUnitsOfRaniLlcFromTheFormerLlcOwners
132527000
CY2022 rani Settlement Of Preferred Unit Warrant Liability
SettlementOfPreferredUnitWarrantLiability
0
CY2021 rani Settlement Of Preferred Unit Warrant Liability
SettlementOfPreferredUnitWarrantLiability
691000
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
73600000
CY2022 us-gaap Profit Loss
ProfitLoss
-63300000
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-38900000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-46500000
CY2022Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
98500000
CY2022 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1065000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
832000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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;">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;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 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 consolidated financial statements and accompanying notes. We evaluate our estimates on an ongoing basis. We base our estimates on our historical experience and also on assumptions that we believe are reasonable; however, actual results may differ materially and adversely from these estimates.</span></p>
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
0
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
0
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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;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 </span><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;">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</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:0.0%;font-size:10.0pt;margin-top:12.0pt;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;">Company </span><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;">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>
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
27007000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
117453000
CY2022Q4 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
500000
CY2021Q4 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
0
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
27507000
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
117453000
CY2021Q3 rani Percentage Of Tax Benefit To Be Transferred
PercentageOfTaxBenefitToBeTransferred
0.85
CY2021Q1 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
1700000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
97437000
CY2022 us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
0
CY2022 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
149000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
97288000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4471000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3069000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2849000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2331000
CY2022Q4 rani Property Plant And Equipment Net Excluding Construction Projects In Progress
PropertyPlantAndEquipmentNetExcludingConstructionProjectsInProgress
1622000
CY2021Q4 rani Property Plant And Equipment Net Excluding Construction Projects In Progress
PropertyPlantAndEquipmentNetExcludingConstructionProjectsInProgress
738000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6038000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4612000
CY2022 us-gaap Depreciation
Depreciation
500000
CY2021 us-gaap Depreciation
Depreciation
500000
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
3500000
CY2022Q4 rani Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
1130000
CY2021Q4 rani Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
621000
CY2022Q4 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
348000
CY2021Q4 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
202000
CY2022Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
165000
CY2021Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
213000
CY2022Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
653000
CY2021Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
398000
CY2022Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
2296000
CY2021Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
1434000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1065000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1006000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
59000
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
0
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
0
CY2022 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 2024, following an extension granted in July 2022, with the potential for one additional annual renewal, 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.
CY2022 rani Service Agreement Term
ServiceAgreementTerm
pursuant to which ICL agreed to rent a specified portion of its facility in San Jose, California to RMS. Additionally, RMS and ICL agreed to provide personnel services to the other upon requests based on rates specified in the RMS-ICL Service Agreement. In April 2022, RMS assigned the RMS-ICL Service Agreement to Rani LLC. The RMS-ICL Service Agreement has a twelve-month term and will automatically renew for successive twelve-month periods unless terminated. Rani LLC or ICL may terminate services under the RMS-ICL Service Agreement upon 60 days' notice to the other party, except for occupancy which requires six months’ notice. The RMS-ICL Service Agreement specifies the scope of services to be provided as well as the methods for determining the costs of services. Costs are billed or charged on a monthly basis by ICL or Rani LLC, respectively, as well as allocations of expenses based upon Rani LLC’s utilization of ICL’s facilities and equipment.
CY2021Q1 us-gaap Notes Receivable Related Parties
NotesReceivableRelatedParties
1700000
CY2022 rani Aggregate Desired Patent Acquisition
AggregateDesiredPatentAcquisition
1000000.0
CY2021 rani Legacy Cost
LegacyCost
200000
CY2022 rani Legacy Cost
LegacyCost
0
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y1M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1044000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
59000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1103000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
38000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1065000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1006000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
59000
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.79
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Holders of Class A common stock are entitled to one vote per share; holders of Class B common stock are entitled to ten votes per share; and holders of Class C common stock have no voting rights. Except as otherwise expressly provided in the Amended and Restated Certificate of Incorporation or as required by law, the holders of Class A common stock and Class B common stock (and, on any matter on which the Class C common stock or the holders of preferred stock are entitled to vote with the Class A common stock and the Class B common stock, the Class C common stock and the preferred stock) will vote together as a single class and not as separate series or classes.
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.772
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.817
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0244
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0107
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M24D
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y2M12D
CY2022 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y6M
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15782000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22595000
CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
15000000.0
CY2022 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.1101
CY2022Q4 us-gaap Capitalization Longterm Debt And Equity
CapitalizationLongtermDebtAndEquity
650000000.0
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
5000000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
15000000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
10000000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
30000000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-851000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
29149000
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
68000
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
38000
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
2000
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
3000
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
70000
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
41000
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
70000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
41000
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.034
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.010
CY2022 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
-0.104
CY2021 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
-0.053
CY2022 rani Effective Income Tax Rate Reconciliation Pass Through Loss Not Subject To Tax
EffectiveIncomeTaxRateReconciliationPassThroughLossNotSubjectToTax
0
CY2021 rani Effective Income Tax Rate Reconciliation Pass Through Loss Not Subject To Tax
EffectiveIncomeTaxRateReconciliationPassThroughLossNotSubjectToTax
-0.126
CY2022 rani Effective Income Tax Rate Reconciliation Permanent Item
EffectiveIncomeTaxRateReconciliationPermanentItem
0
CY2021 rani Effective Income Tax Rate Reconciliation Permanent Item
EffectiveIncomeTaxRateReconciliationPermanentItem
-0.001
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.021
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.029
CY2022 rani Uncertain Tax Position Percentage
UncertainTaxPositionPercentage
-0.003
CY2021 rani Uncertain Tax Position Percentage
UncertainTaxPositionPercentage
-0.004
CY2022 rani Effective Income Tax Rate Reconciliation Liquidating Distribution
EffectiveIncomeTaxRateReconciliationLiquidatingDistribution
-0.021
CY2021 rani Effective Income Tax Rate Reconciliation Liquidating Distribution
EffectiveIncomeTaxRateReconciliationLiquidatingDistribution
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.138
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.066
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.001
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.001
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44923000
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25226000
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DeferredTaxAssetsOperatingLossCarryforwards
6807000
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DeferredTaxAssetsOperatingLossCarryforwards
1952000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
1085000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
1458000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
0
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
55000
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52815000
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DeferredTaxAssetsGross
28691000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
52815000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
28671000
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DeferredTaxAssetsNet
0
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DeferredTaxAssetsNet
20000
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DeferredTaxLiabilitiesPrepaidExpenses
0
CY2021Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
20000
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DeferredTaxAssetsLiabilitiesNet
0
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
358000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
104000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
222000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
254000
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UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
4000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
373000
CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
211000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
358000
CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
200000
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30167312
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33846405

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