Core Insights - Rani Therapeutics announced a strategic research collaboration with Chugai for two undisclosed molecules, which may evolve into a long-term partnership focused on oral biologic therapies for chronic diseases [2][7] - The company presented preclinical data for its oral bispecific GLP-1/GLP-2 receptor agonist, RT-114, at ENDO 2025, showing bioequivalence to subcutaneous injections in canines, indicating its potential to transform obesity treatment [2][6] - Rani Therapeutics reported a net loss of $11.2 million for Q2 2025, a decrease from $13.4 million in Q2 2024, reflecting improved financial management [10][14] Financial Results - As of June 30, 2025, Rani Therapeutics had cash, cash equivalents, and marketable securities totaling $10.2 million, down from $27.6 million at the end of 2024 [5] - Research and development expenses for Q2 2025 were $5.5 million, a decrease from $6.1 million in Q2 2024, primarily due to lower compensation costs [10][14] - General and administrative expenses for Q2 2025 were $5.0 million, down from $6.4 million in Q2 2024, attributed to reduced compensation and third-party service costs [10][14] Upcoming Milestones - The initiation of a Phase 1 clinical trial for RT-114, targeting obesity treatment, is expected in the second half of 2025 [4][6] - The company has entered into a $3.0 million registered direct offering for the sale of Class A common stock, indicating ongoing efforts to secure funding [6][7]