$RANI
Rani Therapeutics Holdings, Inc.

2023 Q4 Form 10-K Financial Statement

#000095017024034163 Filed on March 20, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.828M $26.48M $7.096M
YoY Change -17.87% -1.37% 19.36%
% of Gross Profit
Research & Development $7.606M $39.62M $10.39M
YoY Change -26.77% 8.24% 40.03%
% of Gross Profit
Depreciation & Amortization $227.0K $822.0K $174.0K
YoY Change 30.46% 64.4% 53.98%
% of Gross Profit
Operating Expenses $13.43M $66.10M $17.48M
YoY Change -23.16% 4.17% 30.83%
Operating Profit -$66.10M
YoY Change 4.17%
Interest Expense -$621.0K -$1.784M $99.00K
YoY Change -727.27% -266.57% 482.35%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$14.06M -$67.88M -$17.38M
YoY Change -19.15% 7.28% 30.26%
Income Tax $0.00 $0.00 -$41.00K
% Of Pretax Income
Net Earnings -$7.098M -$33.97M -$8.786M
YoY Change -19.21% 11.06% 69.32%
Net Earnings / Revenue
Basic Earnings Per Share -$1.33
Diluted Earnings Per Share -$0.27 -$1.33 -$0.18
COMMON SHARES
Basic Shares Outstanding 25.51K
Diluted Shares Outstanding 25.51K

Balance Sheet

Concept 2023 Q4 2023 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.54M $48.54M $98.48M
YoY Change -50.71% -50.71% -16.15%
Cash & Equivalents $5.864M $5.864M $27.01M
Short-Term Investments $42.68M $42.68M $71.48M
Other Short-Term Assets $2.308M $2.308M $2.442M
YoY Change -5.49% -5.49% 14.01%
Inventory
Prepaid Expenses $2.308M $1.942M
Receivables
Other Receivables
Total Short-Term Assets $50.85M $50.85M $100.9M
YoY Change -49.62% -49.62% -15.61%
LONG-TERM ASSETS
Property, Plant & Equipment $6.823M $6.823M $6.038M
YoY Change 13.0% -3.94% 30.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $246.0K $246.0K $0.00
YoY Change
Total Long-Term Assets $7.069M $7.069M $7.103M
YoY Change -0.48% -0.48% 54.01%
TOTAL ASSETS
Total Short-Term Assets $50.85M $50.85M $100.9M
Total Long-Term Assets $7.069M $7.069M $7.103M
Total Assets $57.92M $57.92M $108.0M
YoY Change -46.39% -46.39% -13.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $648.0K $648.0K $1.460M
YoY Change -55.62% -55.62% 35.19%
Accrued Expenses $2.392M $2.392M $2.296M
YoY Change 4.18% -27.56% 60.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.897M $4.897M $0.00
YoY Change
Total Short-Term Liabilities $7.989M $7.989M $4.815M
YoY Change 65.92% 65.92% 82.39%
LONG-TERM LIABILITIES
Long-Term Debt $24.48M $24.48M $29.15M
YoY Change -16.0% -16.0%
Other Long-Term Liabilities $0.00 $0.00 $59.00K
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $24.48M $24.48M $29.15M
YoY Change -16.0% -16.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.989M $7.989M $4.815M
Total Long-Term Liabilities $24.48M $24.48M $29.15M
Total Liabilities $45.05M $45.05M $34.02M
YoY Change 32.41% -36.7% 1188.75%
SHAREHOLDERS EQUITY
Retained Earnings -$72.90M -$38.90M
YoY Change 87.4% 366.93%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.87M $12.87M $36.86M
YoY Change
Total Liabilities & Shareholders Equity $57.92M $57.92M $108.0M
YoY Change -46.39% -46.39% -13.03%

Cashflow Statement

Concept 2023 Q4 2023 2022 Q4
OPERATING ACTIVITIES
Net Income -$7.098M -$33.97M -$8.786M
YoY Change -19.21% 11.06% 69.32%
Depreciation, Depletion And Amortization $227.0K $822.0K $174.0K
YoY Change 30.46% 64.4% 53.98%
Cash From Operating Activities -$12.48M -$51.24M -$14.63M
YoY Change -14.7% 10.18% 27.78%
INVESTING ACTIVITIES
Capital Expenditures $167.0K $1.229M $530.0K
YoY Change -68.49% -24.09% -295.57%
Acquisitions
YoY Change
Other Investing Activities $13.44M $31.09M $73.00K
YoY Change 18312.33% -143.9%
Cash From Investing Activities $13.27M $29.86M -$457.0K
YoY Change -3004.6% -141.22% 68.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $96.00K $395.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 96.00K 233.0K 14.87M
YoY Change -99.35% -99.2% -2709.47%
NET CHANGE
Cash From Operating Activities -12.48M -51.24M -14.63M
Cash From Investing Activities 13.27M 29.86M -457.0K
Cash From Financing Activities 96.00K 233.0K 14.87M
Net Change In Cash 892.0K -21.14M -212.0K
YoY Change -520.75% -76.49% -98.28%
FREE CASH FLOW
Cash From Operating Activities -$12.48M -$51.24M -$14.63M
Capital Expenditures $167.0K $1.229M $530.0K
Free Cash Flow -$12.64M -$52.47M -$15.16M
YoY Change -16.58% 9.03% 35.61%

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:9.067%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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. The Company evaluates its estimates on an ongoing basis. The Company bases its estimates on its historical experience and also on assumptions that we believe are reasonable; however, actual results may differ materially and adversely from these estimates.</span></p>
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CY2023 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Rani LLC-ICL Service Agreement has a twelve-month term and will automatically renew for 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, and the Occupancy Services in San Antonio, Texas continue until either party gives six months’ notice of termination.
CY2023 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.
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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30167000

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