Rani Therapeutics (RANI) investor relations material

Company overview and business model

• Clinical-stage biotherapeutics company developing oral delivery technologies for biologics and drugs, aiming to replace injections with the proprietary RaniPill capsule platform.

• RaniPill GO delivers up to 3 mg of drug in microtablet form; RaniPill HC, a high-capacity version, is in preclinical testing and expected to enter clinical trials by end of 2025.

• No approved products or commercial revenue; future revenue depends on successful development and commercialization of the RaniPill platform.

• Plans to commercialize through internal infrastructure or partnerships in the US, Europe, Asia, and other key markets.

Financial performance and metrics

• Raised approximately $60.3 million in gross proceeds from a private placement in October 2025, including $6.0 million in debt conversion.

• Financial statements audited by Marcum LLP and Ernst & Young LLP, both noting substantial doubt about the company's ability to continue as a going concern.

Use of proceeds and capital allocation

• Will not receive proceeds from resale of shares by selling stockholders, except for cash received upon exercise of warrants.

• Net proceeds from the private placement will be used to purchase LLC interests from Rani LLC, which will use funds for working capital and general corporate purposes.

• Broad discretion over use of proceeds, with investments in short-term, investment-grade instruments for unused funds.