Rani Therapeutics (Nasdaq:RANI) shares dipped on fourth-quarter results that just managed to beat the consensus EPS forecast.
Shares of RANI fell 4.2% at $5.70 apiece in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — dipped 0.6%.
The San Jose, California-based robotic pill maker posted losses of $8.8 million. That amounts to losses per share of 35¢ for the three months ended Dec. 31, 2022. Losses slid by about $3.6 million compared to the same period in 2021.
Rani Therapeutics’ losses per share landed 2¢ ahead of estimates on Wall Street. Fourth-quarter highlights included the launch of a development program for RT-111. The RT-11 features a RaniPill GO capsule containing a biosimilar of Johnson & Johnson’s Stelara (ustekinumab).
It also develops the RaniPill HC device. This can hold five times more drug payload than its first oral biologics capsule, the RaniPill GO. The company raised $73 million from its IPO in 2021.
“The past year has proven transformative for Rani, highlighted by the positive topline Phase 1 results for RT-102 in osteoporosis and the unveiling of our high-capacity capsule, the RaniPill HC,” said Talat Imran, CEO of Rani. “We also announced the preclinical development of our oral ustekinumab program, RT-111, and earlier this year partnered with Celltrion to support the advancement of that program. These achievements mark significant milestones for the company and are a testament to the hard work and dedication of the entire Rani team.”
Imran added that the company expects to initiate its first Phase 2 study in RT-102. It also aims to begin Phase 1 studies for three additional assets.
Rani declined to provide its financial outlook for 2023.