Rani Therapeutics (RANI) - 2025 Q2 - Quarterly Results

Second Quarter 2025 Financial Results and Corporate Update This section summarizes Rani Therapeutics' Q2 2025 financial results, operational highlights, and strategic milestones Overview and CEO Commentary Rani Therapeutics reported Q2 2025 results, detailing a Chugai collaboration, RT-114 preclinical data, and planned Phase 1 trial initiation in H2 2025 - Announced strategic research collaboration with Chugai for two undisclosed molecules[1][3] - Presented preclinical data demonstrating bioequivalence of novel, bispecific GLP-1/GLP-2 receptor agonist delivered orally via RaniPill (RT-114) compared to subcutaneous delivery at ENDO 2025[1][3] - Phase 1 study for RT-114 for the treatment of obesity expected to initiate in the second half of 2025[1][3] - Announced a warrant inducement transaction with an existing investor with gross proceeds of $4.3 million[1] - Announced pricing of $3.0 million registered direct offering[1] Second Quarter 2025 Operational and Financing Highlights Rani Therapeutics detailed Q2 2025 achievements: Chugai collaboration, RT-114 preclinical data for obesity, and successful capital raises - Strategic Research Collaboration with Chugai: RaniPill® delivery demonstrated comparable bioavailability to the subcutaneous route for two molecules[4] - Preclinical Data Presentation for RT-114: Oral delivery of a bispecific GLP-1/GLP-2 receptor agonist (PG-102) via RT-114 achieved bioequivalence to subcutaneous injection in canines, providing rationale for clinical development as a first-in-class oral anti-obesity therapy[4] Warrant Inducement Transaction | Detail | Amount | | :----- | :----- | | Gross Proceeds | $4.3 million | | Exercise Price | $0.65 per share | | New Series D Warrants | 13,160,172 shares | Registered Direct Offering | Detail | Amount | | :----- | :----- | | Total Offering | $3.0 million | | Class A Common Stock | 4,354,000 shares @ $0.40/share | | Pre-funded Warrants | 3,146,000 shares @ $0.3999/share | Near-Term Milestone Expectations Rani Therapeutics expects to initiate a Phase 1 clinical trial for RT-114 for obesity in H2 2025 - Initiation of Phase 1 clinical trial of RT-114 for the treatment of obesity expected in the second half of 2025[5] Company Information This section outlines Rani Therapeutics' core business, proprietary technology, and development focus About Rani Therapeutics Rani Therapeutics is a clinical-stage biotherapeutics company developing orally administered biologics with its proprietary RaniPill® capsule - Clinical-stage biotherapeutics company focused on advancing technologies for orally administered biologics and drugs[7] - Developed the RaniPill® capsule, a novel, proprietary, and patented platform technology intended to replace subcutaneous injection or intravenous infusion with oral dosing[7] - Successfully conducted several preclinical and clinical studies to evaluate safety, tolerability, and bioavailability using RaniPill® capsule technology[7] Second Quarter 2025 Financial Results This section outlines Rani Therapeutics' Q2 2025 financial results, including key metrics, balance sheet, and statements of operations Key Financial Highlights (Narrative) Rani Therapeutics reported a Q2 2025 net loss of $11.2 million and reduced operating expenses, reflecting an improved net loss year-over-year Key Financial Highlights | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (YoY) (in millions) | Primary Reason for Change | | :----- | :----- | :----- | :----- | :----- | | Cash, cash equivalents & marketable securities (as of period end) | $10.2 (June 30, 2025) | $27.6 (Dec 31, 2024) | -$17.4 | N/A | | Research and development expenses | $5.5 | $6.1 | -$0.6 | Lower compensation costs | | General and administrative expenses | $5.0 | $6.4 | -$1.4 | Lower compensation costs ($0.5M), reduction in third-party services ($0.6M), other services ($0.3M) | | Net loss | $(11.2) | $(13.4) | +$2.2 (improvement) | N/A | | Stock-based compensation expense (included in Net Loss) | $3.3 | $4.1 | -$0.8 | N/A | Condensed Consolidated Balance Sheets Total assets decreased to $16.9 million as of June 30, 2025, from $36.6 million at year-end 2024, primarily due to reduced marketable securities Condensed Consolidated Balance Sheets | Item | June 30, 2025 (Unaudited) (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | | :------------------ | :------------------------ | :---------------- | :----- | | Cash and cash equivalents | $10,216 | $3,762 | +$6,454 | | Marketable securities | $— | $23,877 | -$23,877 | | Total current assets | $11,073 | $29,744 | -$18,671 | | Total assets | $16,898 | $36,634 | -$19,736 | | Total current liabilities | $20,623 | $19,891 | +$732 | | Total liabilities | $26,051 | $33,141 | -$7,090 | | Total stockholders' (deficit)/equity | $(9,153) | $3,493 | -$12,646 | Condensed Consolidated Statements of Operations For Q2 2025, Rani Therapeutics reported a net loss of $11.2 million and reduced operating expenses, reflecting an improved net loss year-over-year Condensed Consolidated Statements of Operations (Three Months Ended June 30) | Item | 2025 (Unaudited) (in thousands) | 2024 (Unaudited) (in thousands) | Change (YoY) (in thousands) | | :---------------------------------- | :--------------- | :--------------- | :----------- | | Contract revenue | $— | $— | $0 | | Research and development | $5,505 | $6,115 | -$610 | | General and administrative | $5,000 | $6,409 | -$1,409 | | Total operating expenses | $10,505 | $12,524 | -$2,019 | | Loss from operations | $(10,505) | $(12,524) | +$2,019 | | Net loss | $(11,224) | $(13,361) | +$2,137 | | Net loss attributable to Rani Therapeutics Holdings, Inc. | $(6,692) | $(6,805) | +$113 | | Net loss per Class A common share, basic and diluted | $(0.18) | $(0.26) | +$0.08 | | Weighted-average Class A common shares outstanding | 36,542 | 26,324 | +10,218 | Condensed Consolidated Statements of Operations (Six Months Ended June 30) | Item | 2025 (Unaudited) (in thousands) | 2024 (Unaudited) (in thousands) | Change (YoY) (in thousands) | | :---------------------------------- | :--------------- | :--------------- | :----------- | | Contract revenue | $172 | $— | +$172 | | Research and development | $12,075 | $13,700 | -$1,625 | | General and administrative | $10,615 | $12,857 | -$2,242 | | Total operating expenses | $22,690 | $26,557 | -$3,867 | | Loss from operations | $(22,518) | $(26,557) | +$4,039 | | Net loss | $(23,962) | $(28,140) | +$4,178 | | Net loss attributable to Rani Therapeutics Holdings, Inc. | $(13,956) | $(14,288) | +$332 | | Net loss per Class A common share, basic and diluted | $(0.40) | $(0.55) | +$0.15 | | Weighted-average Class A common shares outstanding | 34,999 | 26,179 | +8,820 | Legal and Contact Information This section outlines cautionary statements regarding future performance and provides essential investor and media contact information Forward-Looking Statements This section outlines cautionary statements regarding future events, emphasizing that actual results may differ materially due to risks - Statements contained in this press release regarding matters that are not historical facts are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995[8] - Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties[8] - Rani undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law[8][10] Investor and Media Contacts Provides contact details for investor relations and media inquiries for Rani Therapeutics - Investor Contact: investors@ranitherapeutics.com[11] - Media Contact: media@ranitherapeutics.com[11]