Rani Therapeutics Reports $11.2 Million Net Loss in Q2 2025, Sees Decrease in Operating Expenses

Rani Therapeutics Holdings, Inc. reported its financial results for the second quarter of 2025, revealing a net loss of $11.2 million, a decrease from the $13.4 million loss recorded in the same period of 2024. For the six months ending June 30, 2025, the company reported a net loss of $24.0 million, down from $28.1 million in the prior year. The reduction in losses is attributed to lower operating expenses, which totaled $10.5 million for the quarter, a 16.1% decrease compared to $12.5 million in the previous year. The company did not generate any contract revenue during the quarter, but reported $172,000 in contract revenue for the first half of 2025, stemming from evaluation services performed for Chugai Pharmaceutical Co., Ltd.

Rani Therapeutics' total operating expenses for the first half of 2025 were $22.7 million, down 14.6% from $26.6 million in the same period of 2024. The decrease in expenses was primarily driven by reductions in research and development costs, which fell to $12.1 million from $13.7 million, and general and administrative expenses, which decreased to $10.6 million from $12.9 million. The company attributed these reductions to lower compensation costs and decreased spending on third-party services.

As of June 30, 2025, Rani Therapeutics had cash, cash equivalents, and marketable securities totaling $10.2 million, a significant decline from $27.6 million at the end of 2024. The company reported negative cash flows from operations of $13.9 million for the first half of 2025, compared to $18.4 million in the same period of 2024. The company has expressed substantial doubt regarding its ability to continue as a going concern for the next year, indicating that its existing capital resources will not be sufficient to fund its projected operating requirements.

Strategically, Rani Therapeutics has been active in securing funding through various agreements. In May 2025, the company entered into a letter agreement with an institutional investor, resulting in net proceeds of $3.9 million from the exercise of warrants. Additionally, in July 2025, Rani entered into a securities purchase agreement for the issuance of 4.4 million shares of Class A common stock and pre-funded warrants, expected to generate $3.0 million in gross proceeds. The company is also pursuing partnerships to further develop its RaniPill technology, which aims to provide an oral delivery system for biologics.

Looking ahead, Rani Therapeutics plans to continue its focus on advancing the RaniPill platform and its product candidates, although it acknowledges the need for substantial additional funding to support these initiatives. The company is exploring various financing options, including equity offerings and collaboration agreements, to secure the necessary capital for its ongoing operations and development efforts.