RANI · Rani Therapeutics Holdings, Inc.

Rani Therapeutics reported first quarter 2026 financial results that showed a narrower net loss of $8.0 million compared to $12.7 million in the same period last year, driven by a $1.5 million increase in contract revenue to $1.7 million (primarily from the Chugai collaboration) and a $1.4 million decrease in R&D expenses to $5.2 million. General and administrative expenses also fell $0.7 million to $4.9 million. The company ended the quarter with $43.4 million in cash, equivalents and marketable securities, which management expects to fund operations into the fourth quarter of 2027, including an anticipated technology transfer milestone payment from Chugai. Operationally, Rani continues to advance its Phase 1 study of RT-114, an oral GLP-1/GLP-2 dual agonist for obesity, in collaboration with ProGen. The company also strengthened its leadership with the appointments of Jesper Høiland as Head of Strategy and Dr. Sara Kenkare-Mitra as Strategic Advisor. On the corporate front, CFO Svai Sanford will resign after a successor is appointed, with a separation agreement providing nine months of salary and accelerated equity vesting. Additionally, Rani received a Nasdaq deficiency notice on May 11, 2026, for failing to maintain a minimum bid price of $1.00 per share. The company has 180 days, until November 9, 2026, to regain compliance, and may seek a transfer to the Nasdaq Capital Market for an additional compliance period if needed. These developments highlight both operational progress and financial challenges, with the stock facing potential delisting risk.