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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (63,344) $ (53,088)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity-based compensation expense 15,782 22,595
Non-cash operating lease expense 764 0
Depreciation and amortization 548 497
Net accretion and amortization of investments in marketable securities (851) 0
Amortization of debt discount and issuance costs 77 0
Change in fair value of preferred unit warrant liability 0 371
Loss on extinguishment of debt 0 (700)
Other 0 109
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 505 (1,975)
Accounts payable 163 543
Accrued expenses 678 739
Operating lease liabilities (764) 0
Related party payable (73) (19)
Deferred revenue 0 (2,717)
Net cash used in operating activities (46,515) (32,245)
Cash flows from investing activities    
Purchases of marketable securities (73,817) 0
Proceeds from maturities of marketable securities 3,000 0
Purchases of property and equipment (1,619) (506)
Net cash used in investing activities (72,436) (506)
Cash flows from financing activities    
Proceeds from the issuance of long-term debt and warrants, net of issuance costs 29,574 0
Issuance of common stock under employee stock purchase plan 271 0
Proceeds from employee stock purchase plan 46 0
Tax withholdings paid on behalf of employees for net share settlement (626) 0
Payment of deferred financing costs (260) 0
Proceeds from issuance of Class A common stock sold in the IPO, net of issuance costs 0 73,648
Proceeds from issuance of preferred units, net of issuance costs 0 6,320
Proceeds from exercise of warrants for common units 0 26
Repayment of the Paycheck Protection Program Loan 0 (1,254)
Repayment of convertible note 0 (3,314)
Principal and interest repayments from related party for note receivable 0 1,720
Net cash provided by financing activities 29,005 77,146
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents (89,946) 44,395
Cash and cash equivalents, beginning of period 117,453 73,058
Cash, cash equivalents and restricted cash equivalents, end of period 27,507 117,453
Supplemental disclosures of cash flow information    
Cash paid for income taxes 730 73
Cash paid for interest 48 285
Supplemental disclosures of non-cash investing and financing activities    
Property and equipment purchases included in accounts payable and accrued expenses 355 145
Exchanges of Paired Interests and non-corresponding Class A Units of Rani LLC 78,487 0
Issuance costs deducted from long-term debt proceeds 851 0
Right-of-use assets obtained in exchange for new operating lease liabilities 514 0
Deferred financing costs included in prepaid expenses 260 0
Interest income receivable included in prepaid expenses 44 0
Exchange of Class A Units of Rani LLC from the Former LLC Owners 0 132,527
Settlement of preferred unit warrant liability $ 0 $ 691