Rani Therapeutics reports Q4 net loss of $9.1M; announces up to $1.085B Chugai collaboration and $60.3M placement

Rani Therapeutics Holdings, Inc.

Collaboration with Chugai for up to $1.085B to develop oral therapy using RaniPill; Chugai may expand to 5 additional targets.
Raised $60.3M via oversubscribed private placement led by Samsara BioCapital, including $6.0M debt conversion.
Initiated Phase 1 study of RT-114 (oral GLP-1/GLP-2 dual agonist) via RaniPill for obesity in December 2025.
Cash and equivalents $49.7M as of Dec 31, 2025; expected to fund operations into Q4 2027, including Chugai milestone.
Net loss for FY2025 was $41.0M, narrowed from $56.6M in FY2024; R&D expenses decreased 24% to $20.2M.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Rani Therapeutics Holdings, Inc. reported fourth quarter and year ended December 31, 2025 results: revenue $1.5 million.

Period: fourth quarter and year ended December 31, 2025
Revenue: $1.5 million
Result: reported results

Exact text from the filing

to the Chugai agreement, to be sufficient to fund its operations into the fourth quarter of 2027. • Contract revenue for the three and twelve months ended December 31, 2025 were $1.5 million and $1.6 million, respectively. Of this, $1.5 million was attributed to a License and Collaboration Agreement and $0.1 million was attributed to evaluation services performed for

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Source: SEC EDGAR

accession 0001193125-26-126240

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