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Rani Therapeutics Holdings (RANI) investor relations material

Rani Therapeutics Holdings Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Entered a collaboration and license agreement with Chugai, including $10M upfront, up to $175M in milestones, and royalties, with potential expansion to five additional drug targets and a total value up to $1.085B.

  • Closed a $60.3M private placement, including $6M in debt conversion, significantly strengthening liquidity and reducing debt.

  • Net loss for Q3 2025 was $7.9M, a 37.8% improvement year-over-year; nine-month net loss was $31.9M, down 22%.

  • R&D and G&A expenses declined sharply due to cost containment and program pauses.

  • Appointed Abraham Bassan and Vasudev Bailey, Ph.D. to the Board of Directors.

Financial highlights

  • Q3 2025 contract revenue: $0.2M, from Chugai evaluation services.

  • Q3 2025 R&D expenses: $3.2M, down 47.8% year-over-year; G&A: $4.0M, down 28.3%.

  • Net loss attributable to shareholders: $5.4M for Q3 2025 ($0.12/share), $19.4M for nine months ($0.50/share).

  • Cash, cash equivalents, and restricted cash at September 30, 2025: $4.6M; pro forma liquidity improved post-October financing.

  • Total assets as of September 30, 2025 were $10.1M; total liabilities $22.1M.

Outlook and guidance

  • Cash runway, including proceeds from the Chugai deal and private placement, is expected to fund operations for at least 12 months and potentially into 2028.

  • Management expects continued operating losses as R&D and clinical programs resume and expand.

  • Plans to initiate clinical testing of the RaniPill HC and RT-114 by end of 2025.

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Frequently asked questions

Rani Therapeutics Holdings, Inc. is a clinical-stage biotherapeutics company primarily focused on the development of innovative technologies for the oral delivery of biologics. The company's flagship technology, the RaniPill capsule, represents a novel, proprietary platform designed to administer biologic drugs orally that would typically be delivered via injection. This technology aims to improve patient outcomes by making treatment more accessible and less invasive. Rani Therapeutics is exploring the potential of its platform across a range of drug substances, including peptides, proteins, and antibodies, with applications in various therapeutic areas. The company is headquartered in San Jose, California, and its shares are listed on the Nasdaq.

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