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Rani Therapeutics Holdings (RANI) investor relations material

Rani Therapeutics Holdings Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Focused on developing oral delivery technology for biologics, with no approved products or commercial revenue to date.

  • RaniPill platform includes RaniPill GO (up to 3mg) and RaniPill HC (up to 200μL), with preclinical and Phase 1 trials completed for GO and clinical testing for HC planned in H2 2025.

  • Entered collaborations with Chugai and ProGen for evaluation and co-development of oral therapeutics, including a strategic research partnership with Chugai for two molecules.

  • Presented preclinical data showing oral RT-114 (GLP-1/GLP-2 agonist) bioequivalent to subcutaneous delivery, supporting the obesity treatment pipeline.

  • Substantial doubt exists regarding ability to continue as a going concern due to limited cash and ongoing losses.

Financial highlights

  • Net loss for Q2 2025 was $11.2M, a 16% improvement compared to Q2 2024; net loss for H1 2025 was $24.0M, down 14.8% year-over-year.

  • Operating expenses for Q2 2025 were $10.5M, down 16.1% from Q2 2024, driven by lower R&D and G&A costs.

  • Cash, cash equivalents, and marketable securities totaled $10.2M as of June 30, 2025, down from $27.6M at year-end 2024.

  • Contract revenue of $0.2M recognized in H1 2025 from Chugai evaluation agreement.

  • Net cash used in operating activities was $13.9M for H1 2025, compared to $18.4M in H1 2024.

Outlook and guidance

  • Existing capital resources, including recent $3M equity raise, are insufficient to initiate pivotal clinical trials.

  • Management anticipates current cash will not meet operating needs beyond late September 2025 without additional funding.

  • Board is reviewing strategic alternatives and financing options; failure to secure funding may result in liquidation or bankruptcy.

  • Phase 1 clinical trial of RT-114 for obesity expected to begin in the second half of 2025.

  • Management remains focused on advancing the oral biologics pipeline and leveraging strategic collaborations.

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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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