Rani Therapeutics (RANI) Chardan's 10th Annual Healthcare Conference summary

Platform and delivery

• Swallowed device activates in the small intestine: an effervescent reaction inflates and aligns a balloon, then a dissolving microsyringe injects drug into the intestinal wall; device is excreted.

• Needle deploys in under one second and dissolves about 30 seconds later; injection is described as pain-free, with no sharp left in the body.

• Platform has completed four clinical studies, including repeat dosing, with over 250 pills administered; reported delivery spans peptides, antibodies, STELARA and factor VIII.

• Management said the platform aims to deliver biologics with bioavailability equivalent to or above subcutaneous injection; cited permeation enhancers as low-bioavailability approaches for small peptides.

RT-114 and obesity program

• Phase I data for RT-114 delivering ProGen's 70 kDa PG-102 showed >150% PK versus matched 12 mg subcutaneous dosing; no RaniPill-related AEs and no reported exposure variability between arms or patients.

• Expansion cohort adds 15 healthy volunteers taking two 12 mg oral doses; results are intended to further characterize oral-to-subcutaneous PK and inform Phase Ib dosing.

• Phase Ib repeat-dose obesity study was described as planned to start by end-2026, with data expected in 2027.

• Management positioned PG-102 as a potential weekly oral option with competitive weight loss and a more tolerable AE profile; lean-mass preservation remains a potential benefit requiring further data.

Partnerships and pipeline strategy

• ProGen collaboration shares costs and future revenue 50/50; IP is jointly owned, with ProGen generally holding Asia and the other partner holding the U.S., Europe, U.K., Australia and Canada.

• Chugai completed two years of diligence, testing two molecules and reviewing manufacturing and quality processes; platform and manufacturing milestones are progressing, with at least one expected to be reportable in 2027.

• Chugai covers 100% of its program costs; management said future options could generate additional upfront payments and milestones.

• PegBio collaboration supports a strategy of testing diverse obesity and metabolic drugs, then seeking partners or potentially advancing selected programs; potential modalities include GLP agonists, penta-agonists and siRNAs.