Rani Therapeutics (RANI) 7th Annual Evercore ISI HealthCONx Conference summary

Technology overview and platform development

• Developed an oral biologic drug delivery platform, the RaniPill, which acts as a robotic autoinjector for biologics and is drug-agnostic in delivery.

• RaniPill comes in two versions: generation one (solid, up to 3 mg) and high capacity (liquid, up to 20–50 mg depending on concentration).

• The device uses a dissolvable microneedle to inject drugs into the small intestine, with the rest of the device safely passing through the body.

• Safety has been demonstrated in preclinical and phase 1 studies, with no significant adverse events or injuries observed.

• Manufacturing costs are kept low by using inexpensive materials and avoiding electronics, with COGS expected to be similar to current autoinjectors at scale.

Clinical pipeline and trial plans

• RT-111 (biosimilar to ustekinumab) and RT-102 are both phase 2 ready, with RT-111 phase 2 planned for late next year after a repeat phase 1 with the liquid RaniPill.

• Obesity program (GLP-1/GLP-2, PG-102) in collaboration with ProGen is set for phase 1 initiation in early next year, with a 50-50 cost and economics split.

• Preclinical studies for the obesity program are ongoing, and learnings from ProGen’s sub-Q program are being leveraged.

• Early PK studies show low intrapatient variability, with PK profiles similar to sub-Q injections, allowing for flexible dosing regimens.

• More frequent, lower dosing may maintain a better therapeutic window compared to current injectables.

Financial position and partnership strategy

• Cash position is $40 million, providing runway into Q3 2025.

• Focus is shifting from platform validation to expanding the pipeline and forming partnerships with pharma companies.

• Multiple partnership discussions are underway, with potential for partners to cover most development costs.

• New partnerships could delay the need for additional financing.