Rani Therapeutics (RANI) narrows Q2 2026 loss, boosts cash with $20M offering

Q: How did Rani Therapeutics (RANI) perform financially in Q2 2026?

Rani reported a net loss of $8.4 million for Q2 2026, improving from $11.2 million a year earlier. Contract revenue reached $1.7 million , and total operating expenses were $10.5 million , roughly flat year over year.

Q: What is Rani Therapeutics' (RANI) cash position and runway after Q2 2026?

As of June 30, 2026, Rani held $53.4 million in cash, cash equivalents and marketable securities. The company states this balance is expected to fund its operations at least through 2027 , supported by a recent $20 million registered direct offering.

Q: What progress did Rani Therapeutics (RANI) report for RT-114 in Q2 2026?

Rani reported positive initial Phase 1a data for RT-114, showing oral bioavailability greater than 150% versus matched subcutaneous PG-102 dosing. No serious adverse events occurred, and none were attributed to the RaniPill Capsule, supporting continued clinical advancement.

Q: What new collaborations did Rani Therapeutics (RANI) announce in 2026?

Rani entered a research and development collaboration with PegBio in July 2026 to explore oral delivery of multiple obesity and metabolic disease candidates using the RaniPill platform, complementing its existing obesity programs across different mechanisms of action.

Q: How did Rani Therapeutics' (RANI) revenue and expenses change in Q2 2026?

Contract revenue was $1.7 million in Q2 2026 versus none in 2025, mainly from a Chugai collaboration. Research and development expenses decreased to $5.0 million , while general and administrative expenses increased to $5.5 million compared with the prior-year quarter.

Q: What leadership changes did Rani Therapeutics (RANI) make in 2026?

Rani appointed Nicholas Maestas as Chief Financial Officer in June 2026 and Michelle Gilson to its Board in August 2026, where she will serve as Chair of the Audit Committee, adding experienced financial and governance leadership.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Rani Therapeutics Holdings, Inc. reported second quarter 2026 results and a corporate update. The company highlighted positive initial Phase 1a data for RT-114, an orally administered RaniPill Capsule delivering PG-102, showing oral bioavailability greater than 150% relative to matched subcutaneous dosing, with no serious adverse events and no events attributed to the RaniPill Capsule.

Rani completed a $20 million registered direct offering led by a sovereign wealth fund, entered a new obesity and metabolic disease collaboration with PegBio, and appointed Nicholas Maestas as Chief Financial Officer and Michelle Gilson to the Board. Cash, cash equivalents and marketable securities totaled $53.4 million as of June 30, 2026, and the company expects this to fund operations at least through 2027. For the quarter, contract revenue was $1.7 million versus none a year earlier, research and development expenses were $5.0 million, general and administrative expenses were $5.5 million, and net loss was $8.4 million compared with $11.2 million in 2025.

Positive

Net loss narrowed to $8.4 million from $11.2 million, reflecting lower research and development expenses and new contract revenue.
Cash, cash equivalents and marketable securities reached $53.4 million at June 30, 2026, and management expects this to fund operations at least through 2027.
Contract revenue rose to $1.7 million from zero in the prior-year quarter, primarily from a collaboration and license agreement with Chugai.
Completed a $20 million registered direct offering, further strengthening the balance sheet and attracting healthcare-focused and sovereign wealth investors.
RT-114 Phase 1a data showed oral bioavailability above 150% versus subcutaneous dosing, supporting the potential of the RaniPill platform in obesity.

Negative

None.

Filing Explained

June 30 Class A shares outstanding were 112,499 thousand versus 97,622 thousand at December 31; existing holders’ percentage ownership can fall absent offsets.

The filing places RT-114 in its Phase 1a expansion cohort: first participants have been dosed, while a Phase 1b study remains a planned next step by the end of 2026.

As of June 30, 2026, the company reported 112,499 thousand Class A shares issued and outstanding, compared with 97,622 thousand at December 31, 2025.

Issuing additional shares increases the total share count and can reduce an existing holder’s percentage ownership absent offsetting changes; the filing does not separately identify how many shares belonged to the registered direct offering.

The specified checkpoints are additional expansion-cohort data expected by the end of 2026, potential Phase 1b initiation by the end of 2026, and Phase 1b data anticipated in 2027.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Cash, cash equivalents and marketable securities: $53.4 million Contract revenue Q2 2026: $1.7 million Net loss Q2 2026: $8.4 million +5 more

8 metrics

Cash, cash equivalents and marketable securities $53.4 million Balance as of June 30, 2026

Contract revenue Q2 2026 $1.7 million Three months ended June 30, 2026

Net loss Q2 2026 $8.4 million Three months ended June 30, 2026 versus $11.2 million in 2025

Research and development expenses Q2 2026 $5.0 million Three months ended June 30, 2026

General and administrative expenses Q2 2026 $5.5 million Three months ended June 30, 2026

RT-114 oral bioavailability greater than 150% Relative to matched subcutaneous PG-102 dose in Phase 1a

Registered direct offering size $20.0 million Registered direct offering priced in May 2026

Total assets $60.843 million Total assets as of June 30, 2026

Key Terms

registered direct offering, bioavailability, Phase 1a, GLP-1/GLP-2 dual agonist, +1 more

5 terms

registered direct offering financial

"Completed a $20.0 million registered direct offering."

A registered direct offering is a way for a company to sell new shares of its stock directly to select investors with regulatory approval. This method allows the company to raise funds quickly and efficiently without needing a public auction, similar to offering exclusive access to a limited number of buyers. For investors, it often provides an opportunity to purchase shares at a favorable price, while giving the company immediate access to capital.

bioavailability medical

"RT-114 achieved bioavailability greater than 150% relative to a matched subcutaneous dose"

Bioavailability is the measure of how much and how quickly a substance, such as a medication or nutrient, enters the bloodstream and becomes available for use by the body. For investors, it matters because it influences how effectively a product works and how quickly results are seen, which can impact a company's success and the potential value of related investments. Think of it like how much of a medicine actually reaches your bloodstream after taking it—that determines how well it can do its job.

Phase 1a medical

"Announced positive initial Phase 1a data for RT-114 in healthy participants."

Phase 1a is the initial part of a human clinical trial where a new drug or therapy is given to a small group of people for the first time to check safety, how the body handles it, and to identify appropriate dosing. Investors watch phase 1a like a vehicle's first test drive: clear safety and predictable behavior reduce risk and unlock value by allowing larger, more expensive trials to proceed and by increasing the chance of regulatory progress.

GLP-1/GLP-2 dual agonist medical

"RT-114, an orally administered RaniPill Capsule delivering PG-102, a GLP-1/GLP-2 dual agonist"

A GLP-1/GLP-2 dual agonist is a drug designed to activate two hormone receptors—one that helps control blood sugar and appetite (GLP-1) and another that supports gut health and nutrient absorption (GLP-2). Think of it as a single key that fits two locks to address both metabolic and digestive functions; for investors, that dual action can mean broader clinical benefits, larger potential markets, but also more complex safety and approval considerations.

operating lease right-of-use asset financial

"Operating lease right-of-use asset totaled 3,549 as of June 30, 2026."

An operating lease right-of-use asset is the accounting entry that shows a company’s recorded value of its legal right to use leased property or equipment for a set period, similar to listing the worth of a long-term rental agreement on the balance sheet. It matters to investors because it makes leased obligations and the economic benefit of rented assets visible, affecting reported assets, leverage and how future lease costs are reflected in financial statements — like seeing both a rented shop’s utility and the remaining rent commitment.

Earnings Snapshot

Contract revenue Q2 2026: $1.708 million · Guidance included

Three and six months ended June 30, 2026

Contract revenue Q2 2026 $1.708 million Increased from $0 in Q2 2025

Net loss Q2 2026 $8.421 million Improved from $11.224 million in Q2 2025

Total operating expenses Q2 2026 $10.536 million Roughly flat versus $10.505 million in Q2 2025

Guidance

The company expects its cash, cash equivalents and marketable securities to be sufficient to fund operations at least through 2027.

FAQ

How did Rani Therapeutics (RANI) perform financially in Q2 2026?

Rani reported a net loss of $8.4 million for Q2 2026, improving from $11.2 million a year earlier. Contract revenue reached $1.7 million, and total operating expenses were $10.5 million, roughly flat year over year.

What is Rani Therapeutics' (RANI) cash position and runway after Q2 2026?

As of June 30, 2026, Rani held $53.4 million in cash, cash equivalents and marketable securities. The company states this balance is expected to fund its operations at least through 2027, supported by a recent $20 million registered direct offering.

What progress did Rani Therapeutics (RANI) report for RT-114 in Q2 2026?

Rani reported positive initial Phase 1a data for RT-114, showing oral bioavailability greater than 150% versus matched subcutaneous PG-102 dosing. No serious adverse events occurred, and none were attributed to the RaniPill Capsule, supporting continued clinical advancement.

What new collaborations did Rani Therapeutics (RANI) announce in 2026?

Rani entered a research and development collaboration with PegBio in July 2026 to explore oral delivery of multiple obesity and metabolic disease candidates using the RaniPill platform, complementing its existing obesity programs across different mechanisms of action.

How did Rani Therapeutics' (RANI) revenue and expenses change in Q2 2026?

Contract revenue was $1.7 million in Q2 2026 versus none in 2025, mainly from a Chugai collaboration. Research and development expenses decreased to $5.0 million, while general and administrative expenses increased to $5.5 million compared with the prior-year quarter.

What leadership changes did Rani Therapeutics (RANI) make in 2026?

Rani appointed Nicholas Maestas as Chief Financial Officer in June 2026 and Michelle Gilson to its Board in August 2026, where she will serve as Chair of the Audit Committee, adding experienced financial and governance leadership.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Understanding 8-K Material Events →

Available on EDGAR 08/13/2026 - 04:13 PM Accepted by SEC EDGAR 08/13/2026 - 04:11 PM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

     Date of Report (Date of earliest event reported): August 13, 2026

    

Rani Therapeutics Holdings, Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-40672	86-3114789
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2051 Ringwood Avenue
San Jose, California		95131
(Address of principal executive offices)		(Zip Code)

     Registrant’s Telephone Number, Including Area Code: (408) 457-3700

    

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.0001 per share	RANI	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 13, 2026, Rani Therapeutics Holdings, Inc. (the “Company”) issued a press release providing a corporate update and announcing its financial results for the three and six months ended June 30, 2026. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Item 2.02, including the press release attached as Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit Number		Exhibit Description
99.1		Press Release of Rani Therapeutics Holdings, Inc. dated August 13, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			Rani Therapeutics Holdings, Inc.

Date:	August 13, 2026	By:	/s/ Nicholas M. Maestas
			Nicholas M. Maestas Chief Financial Officer

Rani Therapeutics Reports Second Quarter 2026 Financial Results; Provides Corporate Update

~ Continues to advance RT-114 in the clinic with first participants dosed in the Phase 1a expansion cohort; additional data expected by end of 2026~

~ Announced positive initial Phase 1a data for RT-114, with oral bioavailability achieving systemic exposure greater than 150% relative to matched subcutaneous dosing ~

~Completed a $20 million registered direct offering~

~ Expanded obesity pipeline through new research and development collaboration with PegBio to explore oral delivery of novel obesity and metabolic disease molecules using the RaniPill® platform ~

~ Appointed Nicholas Maestas as Chief Financial Officer and Michelle Gilson to Board of Directors ~

SAN JOSE, Calif., August 13, 2026 -- Rani Therapeutics Holdings, Inc. (Nasdaq: RANI), a clinical-stage biotherapeutics company focused on oral delivery of biologics, today reported financial results for the second quarter ended June 30, 2026, and provided a corporate update.

“We made significant progress in the second quarter, as we continue to expand the RaniPill® oral delivery platform,” said Talat Imran, Chief Executive Officer of Rani Therapeutics. “We reported positive initial Phase 1a data for RT-114 showing oral bioavailability that exceeded matched subcutaneous dosing. These data are consistent with the bioavailability that we have seen in previous preclinical and clinical studies with the RaniPill. We have continued to advance the program in the clinic, with additional data from the dose expansion cohort expected by the end of 2026.”

“We also continued to expand our obesity franchise through a new collaboration with PegBio leveraging the RaniPill platform to explore the oral delivery of novel obesity and metabolic disease molecules across multiple mechanisms of action,” continued Imran. “I am also pleased to have welcomed Nicholas Maestas as our Chief Financial Officer and Michelle Gilson to our Board of Directors. Together, these clinical and corporate milestones, along with the completion of a $20 million registered direct offering, position Rani to make further progress in the development of the RaniPill as an oral delivery for biologic candidates.”

Rani also announced today that the first participants have been dosed 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 being developed by ProGen Co., Ltd. The study was expanded to enroll fifteen additional healthy volunteers to provide a comprehensive pharmacokinetic dataset for the RaniPill® HC as Rani moves toward initiating a Phase 1b repeat-dose study in patients with obesity by the end of 2026, with data anticipated in 2027.

Recent Highlights:

•

Announced positive initial Phase 1a data for RT-114. In July 2026, Rani reported positive initial data from the ongoing Phase 1a study of RT-114 in healthy participants. The study is designed to evaluate the safety, tolerability, bioavailability, pharmacokinetics and pharmacodynamics of RT-114 relative to subcutaneous PG-102. In the single-dose, open-label Phase 1a portion of the study, 30 healthy volunteers were randomized to receive an identical 12 mg dose of PG-102, delivered either orally via RT-114 or by subcutaneous injection.

As reported in July, RT-114 achieved bioavailability greater than 150% relative to a matched subcutaneous dose of PG-102 and the elimination half-life was similar between the two arms of the study. The safety and tolerability profile of RT-114 is consistent with the GLP-1/GLP-2 agonist class. No serious adverse events were reported in either arm, and no adverse events were attributed to the RaniPill Capsule™ itself.

•

Announced a new research and development collaboration with PegBio. In July 2026, Rani entered into a collaboration with PegBio Co., Ltd. to explore oral delivery, via the RaniPill® platform, of multiple candidates from PegBio's obesity and metabolic disease pipeline, adding to Rani's obesity programs across differentiated mechanisms of action. Under the terms of the agreement, Rani and PegBio will collaborate on the preclinical development of RaniPill formulations for multiple molecules, with the goal of advancing the most promising candidates into clinical development.

•

Completed a $20.0 million registered direct offering. In May 2026, Rani priced a registered direct offering of stock, further strengthening the Company's cash position. The offering was led by a sovereign wealth fund, along with other new and existing healthcare-focused funds.

•

Appointed Nicholas Maestas as Chief Financial Officer. In June 2026, Rani announced the appointment of Nicholas Maestas as Chief Financial Officer. Mr. Maestas brings more than a decade of financial leadership experience at clinical-stage biotechnology companies, including prior CFO and corporate strategy roles.

•

Appointed Michelle Gilson to Board of Directors. In August 2026, Rani announced the appointment of Michelle Gilson to Rani’s Board of Directors, where she will serve as Chair of the Audit Committee.

Second Quarter 2026 Financial Results:

•

Cash, cash equivalents and marketable securities as of June 30, 2026 totaled $53.4 million, compared to $43.4 million as of March 31, 2026. Rani expects its cash, cash equivalents and marketable securities to be sufficient to fund its operations at least through 2027.

•

Contract revenue for the three months ended June 30, 2026 was $1.7 million, compared to no contract revenue for the same period in 2025. The increase of $1.7 million was primarily attributable to the collaboration and license agreement with Chugai.

•

Research and development expenses for the three months ended June 30, 2026 were $5.0 million, compared to $5.5 million for the same period in 2025. The decrease of $0.5 million was primarily attributable to lower compensation costs of $0.4 million and lower facilities, materials and supplies cost of $0.1 million.

•

General and administrative expenses for the three months ended June 30, 2026 were $5.5 million, compared to $5.0 million for the same period in 2025. The increase of $0.5 million was primarily attributed to higher compensation costs of $0.3 million, and an increase in third-party services of $0.2 million.

•

Net loss for the three months ended June 30, 2026 was $8.4 million, compared to $11.2 million for the same period in 2025, including stock-based compensation expense of $2.4 million and $3.3 million for the three months ended June 30, 2026 and June 30, 2025, respectively.

About Rani Therapeutics

Rani Therapeutics is a clinical-stage biotherapeutics company focused on advancing technologies to enable the development of orally administered biologics and drugs. Rani has developed the RaniPill® Capsule™, a novel, proprietary and patented platform technology, intended to replace subcutaneous injection or intravenous infusion of biologics and drugs with oral dosing. Rani has successfully conducted several preclinical and clinical studies to evaluate safety, tolerability and bioavailability using RaniPill® Capsule technology.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding: the anticipated timing and results of additional data from the Phase 1a expansion cohort of RT-114; timing of the expected initiation and completion of Phase 1b study; potential success of the collaboration between Rani and ProGen; potential of Rani’s RaniPill® platform to convert injectable biologics into oral therapies; the potential of the collaboration with PegBio to advance oral delivery candidates for obesity and metabolic disease into clinical development; and Rani’s expectation that its cash, cash equivalents and marketable securities will be sufficient to fund its operations at least through 2027. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipate,” “intend,” “potential,” “expect,” “toward,” “will,” and similar expressions are

intended to identify forward-looking statements. These forward-looking statements are based upon Rani’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Rani’s business in general and the other risks described in Rani’s filings with the Securities and Exchange Commission, including Rani’s annual report on Form 10-K for the year ended December 31, 2025, and subsequent filings and reports by Rani. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Rani undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Investor Contact:

investors@ranitherapeutics.com

Media Contact:

media@ranitherapeutics.com

RANI THERAPEUTICS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)


	June 30,			December 31,
	2026			2025
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	4,868		$	18,618
Accounts receivable		2,042			2,042
Marketable securities		48,523			31,091
Prepaid expenses and other current assets		1,090			1,570
Total current assets		56,523			53,321
Property and equipment, net		525			736
Operating lease right-of-use asset		3,549			4,318
Other assets		246			246
Total assets	$	60,843		$	58,621
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	1,049		$	309
Accrued expenses and other current liabilities		3,137			3,943
Current portion of deferred revenue		5,123			6,831
Current portion of operating lease liability		1,329			1,586
Total current liabilities		10,638			12,669
Long-term deferred revenue		—			1,708
Operating lease liability, less current portion		2,220			2,732
Total liabilities		12,858			17,109
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.0001 par value - 20,000 shares authorized; none issued and outstanding as of June 30, 2026 and December 31, 2025		—			—
Class A common stock, $0.0001 par value - 800,000 shares authorized; 112,499 and 97,622 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively		11			9
Class B common stock, $0.0001 par value - 40,000 shares authorized; 23,970 and 23,970 issued and outstanding as of June 30, 2026 and December 31, 2025		2			2
Class C common stock, $0.0001 par value - 20,000 shares authorized; none issued and outstanding as of June 30, 2026 and December 31, 2025		—			—
Additional paid-in capital		186,255			165,578
Accumulated other comprehensive (loss)/gain		(30	)		1
Accumulated deficit		(147,004	)		(132,580	)
Total stockholders' equity attributable to Rani Therapeutics Holdings, Inc.		39,234			33,010
Non-controlling interest		8,751			8,502
Total stockholders' equity		47,985			41,512
Total liabilities and stockholders' equity	$	60,843		$	58,621