Rani Therapeutics (RANI) Investor Update summary

Strategic partnership and collaboration overview

• Rani Therapeutics and ProGen have formed a 50/50 co-development and co-commercialization partnership to develop and commercialize RT-114, an oral version of ProGen's PG-102 dual GLP-1/GLP-2 agonist, using RaniPill technology for obesity treatment.

• Rani leads development through phase I and commercialization in the US, Canada, Europe, UK, and Australia, while ProGen covers other territories; both can sublicense within their regions.

• Both companies share development costs, revenues, and losses equally, with no upfront payment or financial exchange.

• ProGen manufactures the drug substance, and Rani manufactures the drug product.

Market opportunity and product differentiation

• The global obesity market is projected to exceed $100 billion by 2030, with strong patient preference for oral therapies over injectables.

• Oral therapies are preferred by 64%-88% of patients, but current options face high discontinuation rates and require higher API doses, raising cost and supply chain concerns.

• RT-114/RPG-102 is positioned as the only convenient, oral, low-dose multi-agonist option among current and pipeline obesity treatments.

RaniPill technology and clinical progress

• RaniPill enables oral delivery of biologics with high bioavailability, comparable to subcutaneous injections, and has completed three phase I studies with over 200 pills administered and no serious adverse events.

• Preclinical studies show high bioavailability across peptides, antibodies, and proteins, including 80% for GLP-1 exenatide.

• RaniPill uses a proprietary enteric-coated capsule and a self-inflating balloon to deliver drugs painlessly via the intestinal wall.