Rani Therapeutics Holdings, Inc. reported a net loss of $41.0 million for the year ended December 31, 2025, compared to a net loss of $56.6 million for the previous year. The company's contract revenue increased to $1.6 million from $1.0 million in 2024, primarily driven by the Chugai License and Collaboration Agreement. Research and development expenses decreased by 24.3% to $20.2 million, while general and administrative expenses decreased by 17.6% to $19.7 million, reflecting cost containment efforts. The company had no impairment loss in 2025, compared to $3.7 million in 2024.
Significant changes in the company's financial position included an increase in cash, cash equivalents, and marketable securities to $49.7 million as of December 31, 2025, compared to $27.6 million in the prior year. This increase was primarily due to proceeds from a private placement and other financing activities. The company also repaid all outstanding amounts under its loan agreement, resulting in a loss on extinguishment of debt of $0.6 million. As of December 31, 2025, Rani Therapeutics had no outstanding debt obligations.
Strategic developments for Rani Therapeutics in 2025 included entering into a Collaboration and License Agreement with Chugai Pharmaceutical Co., Ltd. to develop and commercialize a product combining Chugai’s antibody for hemophilia with Rani’s RaniPill HC oral delivery device. The company received a $10.0 million upfront payment and is eligible for up to $175.0 million in milestone payments, plus royalties on net sales. The company also initiated a Phase 1 clinical trial with RT-114, a RaniPill HC capsule containing a GLP-1/GLP-2 dual agonist, for the treatment of obesity. As part of a strategic prioritization, the company discontinued development of its RT-102 and RT-110 endocrinology programs.
Key operational developments included the initiation of a Phase 1 clinical trial for RT-114 and continued preclinical development of RT-116, a RaniPill HC capsule containing semaglutide for obesity. The company also announced positive preclinical data for RT-116, demonstrating comparable bioavailability, pharmacokinetics, and weight loss to subcutaneous administration of semaglutide. As of December 31, 2025, Rani Therapeutics had 69 full-time employees and two part-time employees.
Looking ahead, Rani Therapeutics plans to continue advancing its pipeline of oral therapeutics, focusing on well-characterized molecules with attractive commercial characteristics. The company intends to explore strategic partnerships for the oral delivery of biologics and drugs and will continue to invest in its manufacturing processes and intellectual property portfolio. The company anticipates needing to raise substantial additional funds in the future to support its development programs and commercialization efforts.
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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