Rani Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Contract revenue for the three months ended September 30, 2026, was $1.7 million, compared to $0 for the same period in 2025; revenue for the nine months ended September 30, 2026, was $5.1 million versus $0.2 million in 2025.
• Research and development expenses for the three months ended September 30, 2026, were $6.0 million, an increase from $3.2 million in the same period in 2025.
• General and administrative expenses for the three months ended September 30, 2026, were $4.9 million, up from $4.0 million in the same period in 2025.
• Net loss for the three months ended September 30, 2026, was $8.8 million, compared to $7.9 million in the same period in 2025.
• Net loss attributable to Rani Therapeutics Holdings, Inc. for the nine months ended September 30, 2026, was $22.2 million, compared to $19.4 million in 2025.
• Cash, cash equivalents, and marketable securities totaled $45.3 million as of September 30, 2026, down from $53.4 million as of June 30, 2026.
• Total current assets were $48.5 million as of September 30, 2026, compared to $53.3 million as of December 31, 2025.
• Total liabilities were $11.2 million as of September 30, 2026, compared to $17.1 million as of December 31, 2025.
• Accumulated deficit increased to $(154.7) million as of September 30, 2026, from $(132.6) million as of December 31, 2025.
• Weighted-average Class A common shares outstanding for the three months ended September 30, 2026, was 199.0 million, up from 46.4 million in the same period in 2025.

Guidance and Future Outlook:

• The company expects cash, cash equivalents, and marketable securities to be sufficient to fund operations at least through the end of 2027.
• Additional data from the RT-114 Phase 1a expansion cohort is expected by the end of 2026.
• Management plans to invest in manufacturing automation to support further clinical development.

Business Segments and Product Lines:

• The RaniPill® Capsule platform technology was accepted into the U.S. FDA's Emerging Technology Program (ETP) in October 2026.
• Enrollment continues in the Phase 1a study expansion cohort of RT-114, an orally administered RaniPill Capsule delivering PG-102, a GLP-1/GLP-2 dual agonist developed by ProGen Co., Ltd.
• The expanded RT-114 study is expected to enroll fifteen additional healthy volunteers to characterize the oral-to-subcutaneous pharmacokinetic relationship.
• The company maintains partnerships with Chugai, ProGen, and PegBio focused on rare disease, immunology, and obesity.
• The increase in contract revenue was primarily attributable to the collaboration and license agreement with Chugai.

Other Key Points:

• Participation in the FDA's Emerging Technology Program enables early engagement with the Agency on technical, manufacturing, and regulatory considerations, including pre-submission meetings and potential site visits, but does not constitute FDA approval.
• The company is automating its vertically integrated manufacturing process in anticipation of broader clinical use.
• Stock-based compensation expense was $2.2 million for the three months ended September 30, 2026, and $2.3 million for the same period in 2025.
• The increase in R&D expenses was driven by $2.3 million in higher compensation costs, a $0.3 million increase in third-party services, and a $0.2 million increase in facilities, materials, and supplies.
• The increase in G&A expenses was driven by a $0.7 million increase in third-party services and $0.2 million in higher other expenses.