Highlights

  • Collaboration and license deal with Chugai valued up to USD 1.085 billion.
  • Oversubscribed USD 60.3 million private placement completed in October 2025.
  • Cash runway expected to extend into 2028 following new funding and partnerships.

Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) released its financial results for the third quarter ended September 30, 2025, along with updates on recent strategic developments. The company, which focuses on oral delivery of biologics through its RaniPill® technology, highlighted new collaborations and capital inflows aimed at supporting long-term growth.

Chief Executive Officer Talat Imran said, “We are proud to begin a new chapter for Rani, with world-class pharma partners and top-tier biotech investors demonstrating confidence in our platform and vision to transform injectable biologics into oral therapies.”

He added, “Our collaboration with Chugai, which could reach a total value of over USD 1 billion, together with the oversubscribed USD 60.3 million private placement, provides validation of the transformative potential of our RaniPill® platform. With our cash runway expected to extend into 2028 and Abraham Bassan and Vasudev Bailey, Ph.D. joining our Board of Directors, we are well-positioned to execute on our strategy as we enter a new era of growth. Looking ahead, we remain focused on initiating a Phase 1 trial for RT-114, our novel oral therapy targeting obesity, by the end of 2025.”

Key developments during the quarter included the following:

Collaboration with Chugai:
In October 2025, Rani entered into a Collaboration and License Agreement with Chugai to develop an oral therapy combining the RaniPill® platform with Chugai’s rare disease antibody. The deal, including expansion options, could reach a total value of USD 1.085 billion.

Private Placement:
Concurrent with the Chugai agreement, Rani completed an oversubscribed private placement of USD 60.3 million. The financing was led by Samsara BioCapital, RA Capital Management, Anomaly, Special Situations Funds, Invus, and Founder and Chairman Mir Imran. Avenue Venture Opportunities Fund converted USD 6 million of outstanding debt as part of the transaction, reducing total liabilities.

Board Appointments:
Rani appointed Abraham Bassan of Samsara BioCapital and Vasudev Bailey, Ph.D., of Anomaly Ventures to its Board of Directors.

Scientific Presentation:
In November 2025, Rani presented preclinical data at ObesityWeek® 2025 showing that oral semaglutide delivered via RaniPill® (RT-116) demonstrated comparable results to subcutaneous administration.

Financial Performance

As of September 30, 2025, cash, cash equivalents, and marketable securities totaled USD 4.1 million, compared to USD 27.6 million at year-end 2024. The company expects its funding from the Chugai agreement and private placement to support operations into 2028.

Research and development expenses for Q3 2025 were USD 3.2 million, down from USD 6.2 million a year earlier, primarily due to lower headcount and reduced material costs. General and administrative expenses fell to USD 4.0 million from USD 5.6 million.

Net loss narrowed to USD 7.9 million from USD 12.7 million in the prior year period, including USD 2.3 million in stock-based compensation expenses.

Rani Therapeutics continues to advance its RaniPill® platform and plans to begin a Phase 1 trial of RT-114, an oral obesity therapy, by the end of 2025.