On November 9, 2023 Rain Oncology Inc. (NasdaqGS: RAIN), (Rain), reported financial results for the third quarter ended September 30, 2023, along with an update on the Company’s key developments and business operations (Press release, Rain Therapeutics, NOV 9, 2023, View Source [SID1234637417]).
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"Rain continues to evaluate a number of strategic opportunities to add value for its stockholders," said Avanish Vellanki, co-founder and chief executive officer of Rain. "We anticipate being able to provide a public update on our efforts before the end of the year."
Third Quarter 2023 Financial Highlights
For the three and nine months ended September 30, 2023, Rain reported a net loss of $7.0 million and $49.6 million, respectively, as compared to a net loss of $18.0 million and $53.0 million for the same periods in 2022, respectively.
Research and development (R&D) expenses were $4.0 million and $35.6 million for the three and nine months ended September 30, 2023, respectively, as compared to $14.5 million and $42.3 million for the same periods in 2022, respectively. The decrease in R&D expenses was primarily related to the winding down of the MANTRA and MANTRA-2 clinical trials for milademetan and lower payroll-related costs for the Company’s R&D personnel due to the reduction-in-force implemented in the second quarter of 2023.
General and administrative (G&A) expenses were $4.1 million and $14.6 million for the three and nine months ended September 30, 2023, respectively, as compared to $3.9 million and $11.3 million for the same periods in 2022, respectively. The increase in G&A expenses was primarily due to higher professional services, legal and payroll-related costs.
Total non-cash stock-based compensation expenses were approximately $1.2 million and $3.6 million for the three and nine months ended September 30, 2023, respectively, as compared to $0.9 million and $3.6 million for the same periods in 2022, respectively.
As of September 30, 2023, Rain had $77.3 million in cash, cash equivalents and short-term investments.
As of November 3, 2023, Rain had approximately 36.4 million shares of common stock outstanding.