“Rain continues to evaluate a number of strategic opportunities to add value for its stockholders,” said
Third Quarter 2023 Financial Highlights
For the three and nine months ended
Research and development (R&D) expenses were
General and administrative (G&A) expenses were
Total non-cash stock-based compensation expenses were approximately
As of
As of
About
Forward Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, potential strategic opportunities for Rain and the timing for public updates. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “plans,” “will”, “anticipates,” “goal,” “potential,” “expects” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Rain’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Rain’s business in general and limited operating history, Rain’s ability to execute on its strategy; the results of preclinical and clinical studies; the FDA regulatory process; the sufficiency of Rain’s capital resources and its ability to successfully manage its cash resources; and the other risks described in Rain’s Quarterly Report on Form 10-Q for the quarter ended
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(in thousands, except share and per share amounts) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2023 | 2022 | 2022 | 2021 | |||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | $ | 3,965 | $ | 14,510 | $ | 35,622 | $ | 42,322 | ||||||||
General and administrative | 4,113 | 3,901 | 14,593 | 11,257 | ||||||||||||
Restructuring charges | — | — | 2,837 | — | ||||||||||||
Total operating expenses | 8,078 | 18,411 | 53,052 | 53,579 | ||||||||||||
Loss from operations | (8,078 | ) | (18,411 | ) | (53,052 | ) | (53,579 | ) | ||||||||
Other income: | ||||||||||||||||
Interest income | 1,044 | 370 | 3,470 | 533 | ||||||||||||
Total other income | 1,044 | 370 | 3,470 | 533 | ||||||||||||
Net loss | $ | (7,034 | ) | $ | (18,041 | ) | $ | (49,582 | ) | $ | (53,046 | ) | ||||
Net loss per share, basic and diluted | $ | (0.19 | ) | $ | (0.68 | ) | $ | (1.36 | ) | $ | (2.00 | ) | ||||
Weighted-average shares used to compute net loss per share, basic and diluted | 36,375,671 | 26,564,615 | 36,359,744 | 26,535,474 | ||||||||||||
SUMMARY CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||||||||||||||||
(in thousands) | ||||||||||||||||
2023 | 2022(1) | |||||||||||||||
(unaudited) | ||||||||||||||||
Cash, cash equivalents and short-term investments | $ | 77,320 | $ | 130,454 | ||||||||||||
Total assets | 82,060 | 135,180 | ||||||||||||||
Stockholders’ equity | 67,519 | 113,036 | ||||||||||||||
(1) Derived from audited financial statements |
Source:
2023 GlobeNewswire, Inc., source