Rani Therapeutics Holdings, Inc.
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 13, 2026
RANI$0.55+5.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001193125-26-226703
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001193125-26-349245
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 85 previous paragraphs and 101 current paragraphs.
68 unchanged; 14 reworded; 15 added; 2 removed; 1 previous and 4 current paragraphs rearranged.
Tables are not compared: 5 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
Financial Update
Current report
In May 2026, we entered into a securities purchase agreement (the "May 2026 Securities Purchase Agreement") with several institutional investors, relating to the issuance and sale of 12,476,637 shares of Class A common stock, par value $0.0001 per share, and pre-funded warrants to purchase 6,214,953 shares of Class A common stock (the "May 2026 Pre-Funded Warrants"). The May 2026 Pre-Funded Warrants are exercisable immediately, have no expiration date and remain exercisable until exercised in full, and have an exercise price of $0.0001 per share. The offering price was $1.07 per share of Class A common stock, and $1.0699 per May 2026 Pre-Funded Warrant for total gross proceeds of $20.0 million. We incurred issuance costs of approximately $1.6 million. As of June 30, 2026, all May 2026 Pre-Funded Warrants were outstanding.
Current report
Recent Developments
Current report
Phase 1a Data for RT-114. On July 15, 2026, we announced positive initial data from the single-dose, open-label Phase 1a portion of our ongoing Phase 1 clinical trial of RT-114. Thirty healthy volunteers were randomized to receive an identical 12 mg dose of PG-102, delivered either orally via RT-114 or by subcutaneous injection. Oral RT-114 achieved bioavailability exceeding 150% relative to the matched subcutaneous dose, with an elimination half-life of 5.6 days for oral RT-114 versus 5.3 days for the subcutaneous arm. No serious adverse events were reported in either arm, and no adverse events were attributed to the RaniPill capsule itself; treatment-related adverse events (nausea, vomiting, and diarrhea) were mild, transient and consistent with the known profile of GLP-1/GLP-2 dual agonists.
Current report
Based on these results, we expanded the Phase 1a study to include an additional cohort of 15 healthy volunteers, each receiving two separate 12 mg doses of PG-102 via the RaniPill (24 mg total administered dose), to further characterize the oral-to-subcutaneous pharmacokinetic relationship ahead of dose selection for the planned Phase 1b portion of the study. The first participants in the Phase 1a study expansion cohort have been dosed. The Phase 1b study will assess the safety, tolerability, and pharmacodynamic effect of eight weeks of repeat dosing with RT-114 in patients with obesity, and is expected to begin in 2026, with data anticipated in 2027.
Current report
PegBio Collaboration. On July 9, 2026, we entered into a research and development collaboration agreement with PegBio Co., Ltd. to explore oral delivery of multiple novel candidates from PegBio’s obesity and metabolic disease pipeline using the RaniPill platform. Under the agreement, we and PegBio will collaborate on preclinical development of RaniPill formulations for molecules selected from PegBio’s portfolio, with the goal of advancing the most promising candidates into clinical development. No consideration was exchanged between the parties in connection with entering into the agreement. This collaboration builds on our growing obesity franchise alongside RT-114 and our completed preclinical work evaluating other obesity candidates including semaglutide.
Current report
The decrease of $0.5 million in research and development expenses in the three months ended June 30, 2026, as compared to the same period in 2025, was primarily attributed to lower compensation costs of $0.4 million and $0.1 million reduction in facilities, materials and supplies.
Current report
The increase of $0.5 million in general and administrative expenses in the three months ended June 30, 2026, as compared to the same period in 2025, was primarily attributed to higher compensation costs of $0.3 million and increase of $0.2 million in third-party services.
Current report
Comparison of the six months ended June 30, 2026 and 2025
Current report
Contract Revenue
Current report
Research and Development Expenses
Current report
General and Administrative Expenses
Current report
Other Income (Expense), Net
Current report
In May 2026, we entered into the May 2026 Securities Purchase Agreement with several institutional investors, relating to the issuance and sale of 12,476,637 shares of Class A common stock, par value $0.0001 per share, and pre-funded warrants to purchase 6,214,953 shares of Class A common stock (the "May 2026 Pre-Funded Warrants"). The May 2026 Pre-Funded Warrants are exercisable immediately, have no expiration date and remain exercisable until exercised in full, and have an exercise price of $0.0001 per share. The offering price was $1.07 per share of Class A common stock, and $1.0699 per May 2026 Pre-Funded Warrant for total gross proceeds of $20.0 million. We incurred issuance costs of approximately $1.6 million. As of June 30, 2026, all May 2026 Pre-Funded Warrants were outstanding.
Current report
For the six months ended June 30, 2026, net cash provided by financing activities was $18.8 million, which primarily consisted of net proceeds from issuance of common stock and pre-funded warrants in connection with the May 2026 Securities Purchase Agreement of $18.7 million and the exercise of stock options of $0.1 million.
Removed paragraphs (2)
Previous report
The single-center Phase 1 study of RT-114 is being conducted in Australia. The single dose portion of the study is underway and will evaluate the safety, tolerability and bioavailability of RT-114 administered in up to 30 healthy human participants. This part of the trial consists of two cohorts, with one cohort evaluating RT-114 containing 12 mg of PG-102, administered orally as a RaniPill capsule. The second cohort, as the control group, will receive 12 mg of PG-102 via subcutaneous injection.
Previous report
The Phase 1 trial of RT-114 is ongoing as of the date of this filing, and we expect to provide an update following completion of the study in 2027.
Reworded paragraphs (14)
Previous wording
The following discussion contains references to the three months ended March 31, 2026 and 2025, respectively, which represents the condensed consolidated financial results of Rani Therapeutics Holdings, Inc. (the "Company") and its subsidiary, Rani Therapeutics, LLC (“Rani LLC”) for the three months ended March 31, 2026 and 2025, respectively. Unless we state otherwise or the context otherwise requires, the terms “we,” “us,” “our,” and “Rani” and similar references refer to the Company and its consolidated subsidiary.
Current wording
The following discussion contains references to the three and six months ended June 30, 2026 and 2025, respectively, which represents the condensed consolidated financial results of Rani Therapeutics Holdings, Inc. (the "Company") and its subsidiary, Rani Therapeutics, LLC (“Rani LLC”) for the three and six months ended June 30, 2026 and 2025, respectively. Unless we state otherwise or the context otherwise requires, the terms “we,” “us,” “our,” and “Rani” and similar references refer to the Company and its consolidated subsidiary.
Previous wording
In December 2025, we initiated a Phase 1 clinical trial with RT-114, a RaniPill HC capsule containing a bispecific GLP-1/GLP-2 receptor agonist (PG-102) in collaboration with ProGen. The Phase 1 trial will evaluate the safety, tolerability, bioavailability, and pharmacokinetics / pharmacodynamics of single and multiple doses of RT-114 for the treatment of obesity.
Current wording
In December 2025, we initiated a Phase 1 clinical trial with RT-114, a RaniPill HC capsule containing a bispecific GLP-1/GLP-2 receptor agonist (PG-102) in collaboration with ProGen, to evaluate the safety, tolerability, bioavailability, and pharmacokinetics / pharmacodynamics of single and multiple doses of RT-114 for the treatment of obesity. The single-center Phase 1 study of RT-114 is being conducted in Australia.
Previous wording
Contract revenue of $1.7 million for the three months ended March 31, 2026, was attributable to Chugai Collaboration and License Agreement entered into in October 2025. There was $0.2 million of contract revenue from evaluation services performed for Chugai for the same period in 2025.
Current wording
Contract revenue of $1.7 million for the three months ended June 30, 2026, was attributable to the Chugai Collaboration and License Agreement entered into in October 2025. There was no contract revenue for the same period in 2025.
Previous wording
The increase of $1.1 million in other income (expense), net, in the three months ended March 31, 2026, as compared to the same period in 2025, was primarily attributed to an increase in interest income of $0.2 million from our investment in marketable securities and a decrease in interest expense of $0.9 million.
Current wording
The increase of $1.2 million in other income (expense), net, in the three months ended June 30, 2026, as compared to the same period in 2025, was primarily attributed to an increase in interest income of $0.3 million from our investment in marketable securities and a decrease in interest expense of $0.9 million.
Previous wording
The decrease of $1.4 million in research and development expenses in the three months ended March 31, 2026, as compared to the same period in 2025, was primarily attributed to lower compensation costs of $1.1 million, $0.2 million reduction in facilities, materials and supplies and $0.1 million decrease in third-party services.
Current wording
The decrease of $1.9 million in research and development expenses in the six months ended June 30, 2026, as compared to the same period in 2025, was primarily attributed to lower compensation costs of $1.5 million, $0.3 million reduction in facilities, materials and supplies and $0.1 million reduction in third-party services.
Previous wording
The decrease of $0.7 million in general and administrative expenses in the three months ended March 31, 2026, as compared to the same period in 2025, was primarily attributed to lower compensation costs of $1.2 million and $0.1 million reduction in facilities, materials and supplies, offset by an increase in third-party services of $0.6 million.
Current wording
The decrease of $0.2 million in general and administrative expenses in the six months ended June 30, 2026, as compared to the same period in 2025, was primarily attributed to lower compensation costs of $0.9 million and $0.1 million reduction in facilities, materials and supplies offset by an increase of $0.8 million in third-party services.
Previous wording
We have incurred recurring losses and negative cash flows from operations since inception, including net loss of $8.0 million for the three months ended March 31, 2026. As of March 31, 2026, we had an accumulated deficit of $139.6 million and for three months ended March 31, 2026, had negative cash flows from operations of $6.5 million. As of March 31, 2026, our cash, cash equivalents and marketable securities totaled $43.4 million. We expect to continue to incur losses for the foreseeable future, and our net losses may fluctuate significantly from period to period, depending on the timing of and expenditures on our planned research and development activities.
Current wording
We have incurred recurring losses and negative cash flows from operations since inception, including net loss of $16.4 million for the six months ended June 30, 2026. As of June 30, 2026, we had an accumulated deficit of $147.0 million and for the six months ended June 30, 2026, had negative cash flows from operations of $15.5 million. As of June 30, 2026, our cash, cash equivalents and marketable securities totaled $53.4 million. We expect to continue to incur losses for the foreseeable future, and our net losses may fluctuate significantly from period to period, depending on the timing of and expenditures on our planned research and development activities.
Previous wording
Based on our current operating plans and assumptions, we believe that our cash, cash equivalents, and marketable securities will be sufficient to fund our operations through at least twelve months from the date that our condensed consolidated financial statements for the three months ended March 31, 2026 are issued.
Current wording
Based on our current operating plans and assumptions, we believe that our cash, cash equivalents, and marketable securities will be sufficient to fund our operations through at least twelve months from the date that our condensed consolidated financial statements for the six months ended June 30, 2026 are issued.
Previous wording
To date, we have not generated any commercial product revenue. We do not expect to generate any commercial product revenue unless and until we obtain regulatory approval and commercialize any of our commercial product candidates, and we do not know when, or if at all, that will occur. We will continue to require additional capital to develop our product candidates and fund operations for the foreseeable future. Our primary uses of cash are to fund our operations, which consist primarily of research and development expenses related to our programs, manufacturing automation and scaleup, and general and administrative expenses. We expect our expenses to continue to increase in connection with our ongoing activities as we continue to advance the RaniPill technology and our product candidates.
Current wording
To date, we have not generated any commercial product revenue. We do not expect to generate any commercial product revenue unless and until we obtain regulatory approval and commercialize any of our product candidates, and we do not know when, or if at all, that will occur. We will continue to require additional capital to develop our product candidates and fund operations for the foreseeable future. Our primary uses of cash are to fund our operations, which consist primarily of research and development expenses related to our programs, manufacturing automation and scaleup, and general and administrative expenses. We expect our expenses to continue to increase in connection with our ongoing activities as we continue to advance the RaniPill technology and our product candidates.
Previous wording
Net cash used in operating activities for the three months ended March 31, 2026 was $6.5 million, which was primarily attributable to a net loss of $8.0 million and net accretion and amortization of investments in marketable securities of $0.2 million, partially offset by stock-based compensation expense of $2.1 million, depreciation and amortization expense of $0.2 million and, non-cash lease expense of $0.5 million. Additionally, there was an increase in accounts payable of $0.5 million, an increase in accrued expenses and other current liabilities of $0.7 million, a decrease in deferred revenue of $1.7 million, an increase in prepaid expenses and other current assets of $0.1 million, and a decrease in operating lease liabilities of $0.5 million for the three months ended March 31, 2026.
Current wording
Net cash used in operating activities for the six months ended June 30, 2026 was $15.5 million, which was primarily attributable to a net loss of $16.4 million and net accretion and amortization of investments in marketable securities of $0.5 million, partially offset by stock-based compensation expense of $4.5 million, non-cash operating lease expense of $1.0 million and depreciation and amortization expense of $0.3 million. Additionally, there was an increase in accounts payable of $0.3 million, prepaid expenses and other current assets of $0.5 million and a decrease in deferred revenue of $3.4 million, operating lease liabilities of $1.0 million and accrued expenses and other current liabilities of $0.8 million for the six months ended June 30, 2026.
Previous wording
Net cash used in operating activities for the three months ended March 31, 2025 was $8.1 million, which was primarily attributable to a net loss of $12.7 million and net accretion and amortization of investments in marketable securities of $0.2 million, partially offset by the stock-based compensation expense of $3.9 million and depreciation and amortization expense of $0.3 million. Additionally, there was an increase in accounts receivable of $0.6 million, accounts payable of $0.2 million, accrued expenses and other current liabilities of $0.2 million, and a decrease in contract assets of $0.4 million and prepaid expenses and other current assets of $0.3 million for the three months ended March 31, 2025.
Current wording
Net cash used in operating activities for the six months ended June 30, 2025 was $13.9 million, which was primarily attributable to a net loss of $24.0 million and net accretion and amortization of investments in marketable securities of $0.2 million, partially offset by stock-based compensation expense of $7.2 million and depreciation and amortization expense of $0.5 million. Additionally, there was an increase in accounts payable of $0.4 million, accrued expenses and other current liabilities of $0.6 million and a decrease in contract asset of $0.4 million and prepaid expenses and other current assets of $0.8 million for the six months ended June 30, 2025.
Previous wording
For the three months ended March 31, 2026, net cash used in investing activities was $2.5 million, which primarily consisted of $21.0 million in proceeds from maturities of marketable securities, partially offset by $23.5 million in purchases of marketable securities.
Current wording
For the six months ended June 30, 2026, net cash used in investing activities was $17.0 million, which primarily consisted of $41.0 million in proceeds from maturities of marketable securities partially offset by $58.0 million in purchases of marketable securities.
Previous wording
For the three months ended March 31, 2025, net cash provided by investing activities was $18.2 million, which primarily consisted of $21.0 million in proceeds from maturities of marketable securities, partially offset by $2.7 million in purchases of marketable securities and $0.1 million in purchases of property and equipment.
Current wording
For the six months ended June 30, 2025, net cash provided by investing activities was $23.9 million, which primarily consisted of $26.8 million in proceeds from maturities of marketable securities partially offset by $2.7 million in purchases of marketable securities and $0.1 million in purchases of property and equipment.
Previous wording
For the three months ended March 31, 2025, net cash used in financing activities was $3.7 million, which primarily consisted of repayment of debt of $3.8 million.
Current wording
For the six months ended June 30, 2025, net cash used in financing activities was $3.5 million, which primarily consisted of repayment of debt of $7.5 million offset by the exercise of warrants of $3.9 million.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
The following table summarizes our results of operations (in thousands):
Current report — wording carried from elsewhere
Contract revenue of $3.4 million for the six months ended June 30, 2026, was attributable to the Chugai Collaboration and License Agreement entered into in October 2025. There was $0.2 million in contract revenue for the same period in 2025 attributable to evaluation services performed for the evaluation agreement with Chugai.
Current report — wording carried from elsewhere
The following table reflects our research and development costs by nature of expense (in thousands):
Current report — wording carried from elsewhere
The increase of $2.2 million in other income (expense), net, in the six months ended June 30, 2026, as compared to the same period in 2025, was primarily attributed to an increase in interest income of $0.5 million from our investment in marketable securities and decrease in interest expense of $1.7 million.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
For the three months ended March 31, 2026, net cash used in financing activities was de minimis.