Rani Therapeutics Reports Preliminary Q3 2023 Financial Results; Rani Estimates That Cash, Cash Equivalents And Marketable Securities Will Be ~$60.5M As Of September 30, 2023
Portfolio Pulse from Benzinga Newsdesk
Rani Therapeutics has released its preliminary Q3 2023 financial results. The company estimates that its cash, cash equivalents, and marketable securities will be around $60.5 million as of September 30, 2023. Rani also estimates a net loss between $17.0 million and $19.0 million for Q3 2023, compared to $16.2 million for Q3 2022. The net loss includes an estimated stock-based compensation expense of approximately $5.0 million for Q3 2023.
November 01, 2023 | 9:16 pm
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NEGATIVE IMPACT
Rani Therapeutics' preliminary Q3 2023 results show an estimated net loss between $17.0 million and $19.0 million, higher than the $16.2 million loss in Q3 2022. This could potentially impact the company's stock negatively in the short term.
The company's estimated net loss for Q3 2023 is higher than the same period in the previous year. This indicates that the company's financial performance may be deteriorating, which could lead to a negative reaction from the market and a potential decrease in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100