Rani Therapeutics Holdings, Inc. reported fourth‑quarter and full‑year 2025 financial results that showed a net loss of $9.1 million for the quarter and $41.0 million for the year, a 42 % improvement in quarterly loss compared with the same period in 2024. Contract revenue rose to $1.46 million in Q4 and $1.60 million for the year, up 50 % and 60 % respectively from 2024, driven by increased demand for its RaniPill platform. Cash, cash equivalents and marketable securities stood at $49.7 million on December 31 2025, more than double the $27.6 million reported a year earlier, reflecting the company’s strengthened liquidity position.
The company closed a $60.3 million private placement in October 2025 that was oversubscribed and led by Samsara BioCapital, with participation from RA Capital Management, Special Situations Funds and Invus. The financing provides additional liquidity that the company expects to extend its runway into 2028, giving it the financial flexibility to pursue its pipeline.
In October 2025, Rani announced a collaboration with Chugai Pharmaceutical Co. that could reach a total value of $1.085 billion. The partnership focuses on advancing the RaniPill platform for oral delivery of biologics, and the deal is seen as a major validation of the company’s technology.
The company also began a Phase 1 study of its GLP‑1/GLP‑2 dual agonist RT‑114 in partnership with ProGen in December 2025. Pre‑clinical data presented at ObesityWeek 2025 and ENDO 2025 demonstrated successful oral delivery of semaglutide and a 111 % relative bioavailability of RT‑114 compared with subcutaneous administration, underscoring the platform’s potential to transform obesity treatment.
CEO Talat Imran said, "We entered 2026 at an important inflection point, highlighted by the initiation of our Phase 1 study of RT‑114, our first orally administered GLP‑1/GLP‑2 (PG‑102) dual agonist delivered via the RaniPill® capsule." He added, "Throughout 2025, we generated a robust body of preclinical evidence for RT‑114 and our oral semaglutide, demonstrating the potential of the RaniPill® platform to enable oral delivery of complex incretin‑based therapies." Imran also noted, "Our collaboration with Chugai, which could reach a total value of over $1 billion, together with the oversubscribed $60.3 million private placement, provides validation of the transformative potential of our RaniPill platform."
Rani also repaid all outstanding debt to Avenue Venture Opportunities Fund in December 2025, leaving the company debt‑free as of year‑end. With the new financing and the Chugai partnership, management expects the cash balance to support operations through Q4 2027 or 2028.
The combination of a stronger balance sheet, a high‑value collaboration, and early‑stage clinical progress positions Rani to accelerate development of its oral biologic platform. While the quarterly revenue miss reflects the early stage of the pipeline, the company’s cost‑control measures and the strategic partnership signal confidence in long‑term growth prospects.
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