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• Rani Therapeutics is like **Intel for injectable biologics**, providing the technology to make them orally deliverable.
• Rani Therapeutics is like **Netflix for drug administration**, transforming painful injections into convenient oral pills.

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• RaniPill™ GO: An ingestible capsule designed to enable oral delivery of biologic drugs, replacing traditional injections.
• Oral Biologic Drug Candidates: A pipeline of various biologic drugs (e.g., biosimilars for inflammatory bowel disease, psoriasis, and osteoporosis) being developed for oral administration using the RaniPill™ GO platform.

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Major Customers of Rani Therapeutics (RANI)

Rani Therapeutics (symbol: RANI) is a clinical-stage biotherapeutics company focused on the oral delivery of biologics using its proprietary RaniPill capsule technology. Its business model primarily involves partnering with pharmaceutical companies to develop and commercialize orally administered versions of various drugs.

The company sells primarily to other companies.

Based on Rani Therapeutics' financial disclosures, including its annual reports (10-K filings) with the U.S. Securities and Exchange Commission, the company's revenue for the years ended December 31, 2023, and 2022, was derived entirely from a single collaboration and license agreement with an undisclosed global pharmaceutical company. Therefore, their major customer, referred to in their filings as their "Partner," is not publicly identified.

As the specific name of this customer company has not been disclosed by Rani Therapeutics, we cannot provide its name or stock symbol.

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The key risks to Rani Therapeutics (RANI) business are:

1. Significant Financial Challenges and Need for Additional Capital: Rani Therapeutics faces a precarious financial situation, characterized by substantial losses, negative profitability, and a high rate of cash burn. The company has dwindling cash reserves and weak liquidity, evidenced by a low current ratio and negative book value per share. It requires substantial additional funds to sustain operations, continue its extensive research and development efforts, and advance its pipeline. Without further capital infusion or strategic financial restructuring, there are concerns about its ability to maintain solvency.
2. Clinical Development and Regulatory Risk: As a clinical-stage biotherapeutics company, Rani Therapeutics' success is heavily reliant on the successful development, clinical trial outcomes, and regulatory approval of its RaniPill technology and drug candidates. Biologics development is inherently unpredictable, and the failure of a single trial could significantly impact the company's prospects. The company also faces regulatory hurdles typical of the biotechnology industry in bringing new therapies to market.
3. Intense Competition and Intellectual Property Challenges: Rani Therapeutics operates in a highly competitive landscape for oral drug delivery and injectable biologics. It faces competition from established pharmaceutical companies and other biotech firms developing alternative delivery methods or competing therapies. Furthermore, the company may encounter risks related to its intellectual property, including potential challenges to its patents.

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Rani Therapeutics faces a clear emerging threat to its financial viability. As of its Q3 2023 earnings report, the company's existing cash and cash equivalents are projected to fund operations only into Q4 2024. This limited cash runway, combined with its recent 1-for-25 reverse stock split in December 2023 (an action taken to regain compliance with Nasdaq's minimum bid price requirement), indicates significant challenges in securing future financing. The consistently low market capitalization and investor sentiment, as evidenced by the reverse split, suggest that raising additional equity capital will be highly dilutive and difficult, potentially jeopardizing the company's ability to fund its ongoing clinical trials and research and development pipeline beyond its current cash reserves.

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Rani Therapeutics (RANI) is a clinical-stage biotherapeutics company focused on developing orally administered biologics through its proprietary RaniPill capsule, aiming to replace painful and inconvenient injections. The company's main product is its RaniPill platform, which can deliver various drug substances, including antibodies, proteins, peptides, and oligonucleotides.

The addressable market for Rani Therapeutics' core technology, the oral biologics market, is experiencing significant growth globally. The global oral biologics market was valued at approximately USD 3.66 billion in 2024 and is projected to reach USD 56.36 billion by 2033, growing at a compound annual growth rate (CAGR) of 35.5% from 2025 to 2033. Another estimate places the global oral biologics and biosimilars market at USD 7.04 billion in 2024, expected to grow to USD 8.69 billion in 2025, and further expand to USD 19.13 billion by 2029. North America is identified as a leading region in the oral biologics market, driven by advanced healthcare infrastructure and high chronic disease prevalence.

Rani Therapeutics' pipeline candidates also target specific multi-billion dollar markets currently dominated by injectables.

• Obesity (RT-114): The global obesity market is projected to reach USD 60.5 billion by 2030.
• Osteoporosis (RT-102): This is a multi-billion dollar market.
• Inflammatory Conditions (RT-111, for psoriatic arthritis, ulcerative colitis, Crohn's disease, and psoriasis): Drugs in this category, such as adalimumab (Humira), had global sales of USD 21.2 billion in 2022, and ustekinumab (Stelara) had worldwide sales of approximately USD 9.7 billion in 2022, with USD 6.4 billion in the United States.

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Here are 3-5 expected drivers of future revenue growth for Rani Therapeutics (RANI) over the next 2-3 years:

1. Advancement and Commercialization of Pipeline Candidates, particularly RT-114 for Obesity: Rani Therapeutics anticipates initiating a Phase 1 clinical trial for RT-114, its novel oral GLP-1/GLP-2 dual agonist for obesity treatment, in 2025. Positive preclinical data supporting the transenteric delivery of this incretin triagonist suggests the RaniPill platform's potential to enable oral delivery of multiple obesity treatments. The successful progression and eventual commercialization of RT-114 could tap into the significant and growing obesity market, with some analysts forecasting the company's revenue to grow significantly.
2. Strategic Partnerships and Licensing Agreements, such as the Chugai Pharmaceutical Collaboration: Rani Therapeutics recently entered into a collaboration and license agreement with Chugai Pharmaceutical, potentially valued up to $1.085 billion. This partnership aims to develop an oral therapy combining the RaniPill platform with Chugai's rare disease antibody. Such agreements can generate upfront payments, milestone payments upon achievement of development and regulatory goals, and future royalties from commercialized products, significantly contributing to revenue growth. The agreement also includes an option for Chugai to expand its rights to up to five additional drug targets, further increasing potential deal value.
3. Expansion of the RaniPill Platform to Deliver a Broader Range of Oral Biologics: The core RaniPill technology is designed to replace injectable biologics with oral dosing, offering a potentially transformative treatment paradigm. Beyond RT-114, Rani Therapeutics is exploring the application of its platform for other biologic therapies, including RT-111 for psoriasis (using an ustekinumab biosimilar) and RT-102 for osteoporosis (using PTH-OP). Additionally, preclinical data for oral semaglutide (RT-116) delivered via the RaniPill demonstrated comparable bioavailability, pharmacokinetics, and weight loss to subcutaneous administration, highlighting the platform's versatility and potential for numerous oral biologic developments. Broadening the application of the RaniPill platform across various indications and drug targets through internal development and partnerships is expected to drive long-term revenue.

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Share Issuance

• Rani Therapeutics completed its Initial Public Offering (IPO) in July 2021, generating gross proceeds of $73.3 million by pricing 6,666,667 shares of Class A common stock at $11.00 per share.
• In July 2025, the company secured approximately $3.0 million in gross proceeds through a registered direct offering of Class A common stock and pre-funded warrants.
• An oversubscribed private placement in October 2025 resulted in approximately $60.3 million in gross proceeds, which included the issuance of Class A common stock and pre-funded warrants, as well as the conversion of $6.0 million of outstanding debt into equity.

Inbound Investments

• Rani Therapeutics received $73.3 million in gross proceeds from its Initial Public Offering (IPO) in July 2021.
• In October 2025, the company raised approximately $60.3 million in gross proceeds through an oversubscribed private placement with institutional investors.
• Rani Therapeutics entered a collaboration and license agreement with Chugai Pharmaceutical Co., Ltd. in October 2025, providing a $10 million upfront payment and potential for up to $75 million in technology transfer and development milestones, plus up to $100 million in sales milestones.

Capital Expenditures

• Rani Therapeutics reported capital expenditures of $37,000 for the quarter ending June 2025.
• Cash used in operations and for capital expenditures for the first nine months of 2025 was ($19.1) million.
• The primary focus of capital expenditures is to support the advancement of the RaniPill platform, including product iteration, quality control, and manufacturing scalability.