Rani Therapeutics Holdings, Inc. reported its financial results for the third quarter of 2025, revealing a net loss of $7.9 million, a decrease from the $12.7 million loss recorded in the same period of 2024. For the nine months ending September 30, 2025, the company reported a net loss of $31.9 million, down from $40.9 million in the prior year. The reduction in losses is attributed to a significant decrease in operating expenses, which fell by 38.5% to $7.3 million for the quarter, and by 21.9% to $29.9 million for the nine-month period. The company did not generate any contract revenue during the third quarter but reported $172,000 for the nine months, stemming from evaluation services performed for Chugai Pharmaceutical Co., Ltd.
Rani Therapeutics has made strategic moves to enhance its operational capabilities, including entering into a Collaboration and License Agreement with Chugai in October 2025. This agreement allows Rani to develop and commercialize a product combining Chugai’s antibody for hemophilia with its RaniPill HC oral delivery device. The agreement includes a $10 million upfront payment and potential milestone payments totaling up to $175 million, contingent on the product's success. Additionally, the company has engaged in a private placement, raising approximately $60.3 million, which includes the conversion of $6 million in loans into equity.
Operationally, Rani Therapeutics has focused on reducing costs, resulting in a 47.8% decrease in research and development expenses for the third quarter compared to the previous year. The company has also reduced its workforce, contributing to lower compensation costs. As of September 30, 2025, Rani reported cash and cash equivalents of $4.1 million, a significant decrease from $27.6 million at the end of 2024. The company anticipates continued operating losses as it progresses with its clinical trials and product development.
Looking ahead, Rani Therapeutics plans to initiate clinical testing of the RaniPill HC by the end of 2025, with expectations of increasing research and development expenses as it resumes paused programs. The company acknowledges the need for substantial additional funding to support its ongoing operations and product development, which may include equity offerings, debt financing, or strategic partnerships. The management believes that the recent financing agreements and collaborations will provide sufficient capital resources to meet operational obligations for at least the next twelve months.
About Rani Therapeutics Holdings, Inc.
Rani Therapeutics develops oral biotherapeutic delivery platforms, primarily the RaniPill capsule, to administer biologics such as antibodies, peptides, and proteins. Its technology aims to replace injections with convenient oral dosing, targeting markets like obesity, inflammatory diseases, and osteoporosis. The company collaborates with biopharma partners, advancing a pipeline of clinical and preclinical biologic candidates with high bioavailability and precision delivery.
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