RANI

~ 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., Aug. 13, 2026 (GLOBE NEWSWIRE) -- 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 TherapeuticsRani 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 StatementsStatements 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:[email protected] Media Contact:[email protected]

- Continued advancement of the ongoing Phase 1 study of RT-114 via RaniPill® for the treatment of obesity in collaboration with ProGen – - Appointed Alireza Javadi, Ph.D. as Chief Technical Officer - - Appointed Jesper Høiland as Head of Strategy and Dr. Sara Kenkare-Mitra as a Strategic Advisor – SAN JOSE, Calif., May 15, 2026 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. (“Rani Therapeutics”; “Rani” or “Company”) (Nasdaq: RANI), a clinical-stage biotherapeutics company focused on the oral delivery of biologics and drugs, today reported financial results for the first quarter ended March 31, 2026, provided a corporate update, and announced a Chief Financial Officer transition. “In the first quarter of 2026, we strengthened the strategic and scientific foundation of Rani by welcoming two exceptional industry leaders while continuing to advance our lead metabolic program,” said Talat Imran, Chief Executive Officer of Rani Therapeutics. “The appointments of Jesper Høiland as Head of Strategy and Dr. Sara Kenkare-Mitra as Strategic Advisor bring decades of global experience in drug development, commercialization, and portfolio prioritization, expertise that will be instrumental as we evaluate new opportunities for the RaniPill® platform and focus our pipeline on programs with the greatest clinical and commercial potential. Their insights come at an important time, as we continue progressing our ongoing Phase 1 trial of RT-114, our first obesity program in the clinic, an oral GLP-1/GLP-2 dual agonist through our partnership with ProGen. With this strengthened leadership and the continued advancement of RT-114, we believe Rani is well-positioned to execute on our 2026 priorities and continue unlocking the potential of oral biologics for patients.” Rani also today announced that Svai Sanford, Chief Financial Officer, has decided to pursue another professional opportunity and will transition from his role following the appointment of a successor. Mr. Sanford will continue to serve as Chief Financial Officer during a transition period to ensure continuity and support an orderly handover of responsibilities. During his tenure, Mr. Sanford played a central role in the Company’s financial evolution, including leading the Company through its initial public offering and helping establish a strong financial foundation. He also supported multiple financing initiatives and the expansion of the Company’s investor base, positioning the Company with a solid balance sheet and a diversified group of long-term shareholders. “Svai has been a key leader during a period of significant transformation for the Company,” said Talat Imran, CEO. “His leadership through the IPO and subsequent financing efforts strengthened our financial position and set the Company up well for its next phase of growth. We are grateful for his contributions and appreciate his commitment to supporting a smooth transition.” Mr. Sanford’s departure is not the result of any disagreement with the Company on any matter relating to the Company's financial operations, policies or practices. “I’m proud of what we’ve accomplished together,” said Mr. Sanford. “Leading the Company through the IPO and helping to bring in high-quality investors was a meaningful experience. With the Company on strong financial footing, this felt like the right time for me to pursue another opportunity. I look forward to supporting the team during the transition and seeing the Company continue to succeed.” The Company has commenced a search for a successor Chief Financial Officer. Mr. Sanford is expected to remain involved during the transition period to help ensure stability, continuity, and momentum across financial and operational priorities. First Quarter 2026 Highlights: Continued advancement of the ongoing Phase 1 study of RT-114 via RaniPill® for the treatment of obesity in collaboration with ProGen. Rani continued advancement of the ongoing Phase 1 clinical trial evaluating the safety, tolerability, bioavailability and pharmacokinetics and pharmacodynamics of single and multiple doses of RT-114. Promoted Alireza Javadi, Ph.D. to Chief Technical Officer. In January 2026, Rani announced the promotion of Alireza Javadi, Ph.D., to Chief Technical Officer. Appointed Jesper Høiland as Head of Strategy. In March 2026, Rani announced the appointment of Jesper Høiland as Head of Strategy to advance corporate and pipeline prioritization. Appointed Dr. Sara Kenkare-Mitra as a Strategic Advisor. In April 2026, Rani announced the appointment of Dr. Sara Kenkare-Mitra as a Strategic Advisor to advance platform and clinical strategy. First Quarter 2026 Financial Results: Cash, cash equivalents and marketable securities as of March 31, 2026 totaled $43.4 million, compared to $49.7 million as of December 31, 2025. Rani expects its cash, cash equivalents and marketable securities, including an expected technology transfer milestone payment pursuant to the collaboration and license agreement with Chugai, to be sufficient to fund its operations into the fourth quarter of 2027. Contract revenue for the three months ended March 31, 2026 were $1.7 million, compared to $0.2 million for the same period in 2025. The increase of $1.5 million was primarily attributable to the collaboration and license agreement with Chugai. Research and development expenses for the three months ended March 31, 2026 were $5.2 million, compared to $6.6 million for the same period in 2025. The decrease of $1.4 million was primarily attributable to lower compensation costs of $1.1 million and lower facilities, materials and supplies cost of $0.2 million. General and administrative expenses for the three months ended March 31, 2026 were $4.9 million, compared to $5.6 million for the same period in 2025. The decrease of $0.7 million was primarily attributed to lower compensation costs of $1.2 million, offset by an increase in third-party services of $0.6 million. Net loss for the three months ended March 31, 2026 was $8.0 million, compared to $12.7 million for the same period in 2025, including stock-based compensation expense of $2.1 million and $3.9 million for the three months ended March 31, 2026 and March 31, 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. Such forward-looking statements include statements regarding, among other things, the planned transition of the Chief Financial Officer role and the search for a successor, the expected timing and continuity of the transition period, our belief that Rani is well-positioned to execute on 2026 priorities and continue unlocking the potential of oral biologics for patients, Rani’s potential to achieve and receive milestone payments under the Chugai agreement, the potential of the RaniPill® platform to convert injectable biologics into oral therapies, the sufficiency of Rani’s cash reserves, the timing and extent of its expenses, and future financial performance. 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 “believe,” “intend,” “potential,” “expect,” 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: [email protected] Media Contact: [email protected]

Chugai collaboration and financing: Rani signed an October 2025 licensing deal with Chugai worth up to ~$1.1 billion (with options for up to five additional targets) and completed an oversubscribed $60.3 million private placement, raising cash to $49.7 million, eliminating outstanding debt, and extending runway into Q4 2027. RT‑114 enters Phase I: Rani initiated a Phase I trial for RT‑114 (oral PG‑102) in December 2025 after preclinical data showed ~111% relative bioavailability and comparable weight loss versus injected PG‑102, with an 8‑week Phase I‑B in obese patients planned to evaluate weight loss, tolerability, and dosing decisions. Interested in Rani Therapeutics Holdings, Inc.? Here are five stocks we like better. Rani Therapeutics (NASDAQ:RANI) executives highlighted what they described as a “transformational” 2025 during the company’s fourth-quarter and full-year earnings call, pointing to progress advancing its oral biologics delivery platform, the launch of a new clinical study, and a new strategic collaboration that helped bolster the balance sheet. Chief Executive Officer Talat Imran said the clinical-stage company continues to develop its proprietary Rani Pill capsule, which is designed to enable oral delivery of biologics and other therapies as an alternative to subcutaneous injections or intravenous infusions while targeting comparable bioavailability. Imran said Rani has conducted multiple preclinical and clinical studies to evaluate safety, tolerability, and bioavailability of therapies delivered using the platform. → Quiet BNY and Northern Trust Reward Patient Investors Imran emphasized a collaboration and licensing agreement signed in October 2025 with Chugai Pharmaceutical, which he said carries a potential total value of up to approximately $1.1 billion. The agreement focuses on developing an oral therapy that combines Rani’s Rani Pill platform with Chugai’s rare disease antibody. He added that the deal includes an option for Chugai to expand the collaboration to as many as five additional drug targets under similar terms, which management framed as evidence of the platform’s scalability and potential applicability across a range of biologic molecules and therapeutic areas, including rare disease and immunology. → The Silicon Squeeze: AI Pricing Power Lifts Chip Stocks Alongside the Chugai agreement, Rani completed an “oversubscribed” $60.3 million private placement in October 2025 that included $6 million of debt conversion, which management said strengthened the company’s capital position and extended its projected cash runway into the fourth quarter of 2027. A key operational milestone for 2025 was the initiation of a phase I clinical trial for RT-114 in December 2025. RT-114 is Rani’s oral version of PG-102, a bispecific GLP-1/GLP-2 receptor agonist delivered via the Rani Pill capsule. Imran noted that PG-102 is an Fc fusion GLP-1/GLP-2 molecule being developed by ProGen. → Is Oracle the First of the AI Bubbles to Pop? Management previously reported preclinical data in March 2025 showing RT-114 achieved 111% relative bioavailability compared to subcutaneous PG-102, with comparable pharmacokinetic profiles. Imran also said the company observed comparable weight loss between oral RT-114 and injected PG-102 in those studies, with less variability in the RT-114 group. The company also presented additional RT-114 data at ENDO 2025, which Imran said included canine data supporting bioequivalence and strengthening confidence in the program’s translational potential. According to Imran, the newly initiated phase I study is designed to evaluate safety, tolerability, bioavailability, pharmacokinetics, and pharmacodynamics across single and multiple doses. In the Q&A session, Imran clarified that the company is running a phase I-B component: an eight-week study in obese patients where weight loss is one of the endpoints. He said the company plans to compare weight loss results to historical data for PG-102. Imran also discussed the role of tolerability in dose selection. While the company has debated whether better tolerability and oral convenience could support testing higher doses, he said Rani’s focus is on finding a profile that keeps patients on therapy long term, rather than “just maximizing weight loss” at the expense of nausea, vomiting, or other tolerability issues. He said the company would evaluate options after reviewing the phase I-B data. Rani also highlighted preclinical work on RT-116, an oral semaglutide program delivered via the Rani Pill capsule. Imran said Rani reported preclinical data in February 2025 showing comparable bioavailability, pharmacokinetics, and weight loss versus subcutaneous semaglutide, and that RT-116 was well-tolerated with no serious adverse events observed. In response to an analyst question about why RT-114’s clinical data could be important given prior results for PG-102’s active ingredient, Imran pointed to Rani’s historical clinical experience demonstrating high bioavailability across multiple programs including octreotide, teriparatide, and a secukinumab monoclonal antibody. He described RT-114 as the first Fc fusion protein the company has brought into the clinic and said the study could provide new learnings around pharmacokinetics. Imran also characterized RT-114 as the company’s first pharmacodynamic (PD) study with the Rani Pill in humans. He said Rani has generated PD data in canines for several incretins, including RT-114/PG-102, showing comparable weight loss to subcutaneous delivery, and suggested that reproducing similar relationships between PK and weight loss in humans could support broader confidence in the platform as a delivery mechanism across other therapeutic areas. When asked whether positive RT-114 PD data could influence future partnering discussions, including Chugai’s option decision-making, Imran said it could be a de-risking event depending on the partner but declined to comment on Chugai’s plans regarding its options, noting those decisions rest with the partner. Chief Financial Officer Svai Sanford reviewed results for the quarter and year ended December 31, 2025, and pointed investors to the company’s press release and Form 10-K filed the same day. Cash position: Cash, cash equivalents, and marketable securities were $49.7 million as of December 31, 2025, compared with $27.6 million at the end of 2024. Sanford attributed the increase primarily to the October 2025 private placement and the upfront license payment from the Chugai agreement, which closed concurrently. Debt: Sanford said Rani repaid all outstanding debt due to Avenue Capital during the fourth quarter and had no outstanding debt obligations as of December 31, 2025. Runway: Based on the current operating plan, Sanford said the company believes existing cash, equivalents, and marketable securities—“including expected technology transfer milestone payment under the Chugai agreement”—will fund operations into the fourth quarter of 2027 without additional financing. Contract revenue: Contract revenue was $1.5 million for the fourth quarter and $1.6 million for full-year 2025. Sanford said $1.5 million related to the Chugai agreement and $0.1 million to evaluation services for a customer. He noted that while the Chugai agreement included a $10 million upfront payment, accounting guidance requires the amount to be recognized over time; as a result, $1.5 million was recognized in the fourth quarter. R&D expenses: Research and development expenses were $4.9 million for the fourth quarter and $20.2 million for 2025, down from $6.8 million and $26.7 million, respectively, in 2024. Sanford said the year-over-year decrease reflected cost containment measures including a temporary pause and termination of certain R&D programs and reduced compensation, while noting R&D expenses are expected to increase as select programs resume and the platform advances. G&A expenses: General and administrative expenses were $5.1 million for the fourth quarter and $19.7 million for the year, compared with $5.5 million and $23.9 million in 2024, with the decline driven primarily by cost containment and reduced employee compensation. Net loss: Net loss was $9.1 million for the fourth quarter and $41.0 million for the full year, compared with $15.7 million and $56.6 million, respectively, in 2024. Sanford said the 2025 results included non-cash stock-based compensation expense of $2.2 million in the quarter and $11.8 million for the year. In closing remarks, Imran reiterated that management believes the Chugai collaboration supports the “broad applicability” of the Rani Pill platform and that obesity represents a near-term opportunity, while emphasizing the company’s focus on tolerability in a market where discontinuation rates can be high. He said Rani is “well capitalized” following the October private placement and views RT-114’s entry into the clinic as a key step as it carries momentum into 2026. Rani Therapeutics is a clinical-stage biopharmaceutical company developing oral delivery technologies for large-molecule drugs. The company's proprietary RaniPill platform is designed to enable the gastrointestinal delivery of biologic therapies traditionally administered via injection. Through a swallowable capsule that autonomously deploys a microscopic injector in the small intestine, Rani aims to improve patient convenience and adherence for peptide and protein therapies, including insulin and other hormones. Since its founding in 2012, Rani Therapeutics has advanced its lead programs through early-phase clinical trials, demonstrating proof-of-concept for oral insulin delivery. The article "Rani Therapeutics Q4 Earnings Call Highlights" was originally published by MarketBeat.

- Announced up to $1.085 billion collaboration with Chugai Pharmaceutical Co. for multiple high-value therapeutics and completed $60.3 million oversubscribed private placement led by Samsara BioCapital with participation from RA Capital Management, Special Situations Funds, and Invus – - Announced preclinical data demonstrating successful oral delivery of semaglutide via RaniPill® – - Announced preclinical data demonstrating the bioequivalence of RT-114, a bispecific GLP-1/GLP-2 dual agonist (PG-102) delivered orally via the RaniPill® capsule, to subcutaneous administration of PG-102 – - Initiated Phase 1 Study of RT-114 RaniPill® for the treatment of obesity in collaboration with ProGen – - Conference call today at 4:30 p.m. ET / 1:30 p.m. PT - SAN JOSE, Calif., March 26, 2026 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. (“Rani Therapeutics” or “Rani”) (Nasdaq: RANI), a clinical-stage biotherapeutics company focused on the oral delivery of biologics and drugs, today reported financial results for the quarter and full year ended December 31, 2025 and provided a corporate update. “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,” said Talat Imran, Chief Executive Officer of Rani Therapeutics. “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. We also strengthened our balance sheet through an oversubscribed private placement led by a premier syndicate of investors and entered into a collaboration and license agreement with Chugai. With the initiation of our Phase 1 trial of RT-114 in December 2025, we are well positioned to advance our first oral GLP-1/GLP-2 dual agonist into clinical development and continue unlocking the potential of the RaniPill® platform across high-value therapeutic areas. We look forward to building on the momentum of 2025 as we execute on our clinical, strategic, and partnership objectives in the year ahead.” Fourth Quarter and Full Year 2025 Highlights: Collaboration and license agreement up to $1.085 billion with Chugai. In October 2025, Rani entered into a Collaboration and License Agreement with Chugai for up to $1.085 billion to develop an oral therapy combining the RaniPill® platform with Chugai’s rare disease antibody. Chugai has an option to expand rights to five additional drug targets. The partnership demonstrates RaniPill®’s potential to convert injectable biologics into oral therapies, improving patient adherence and accessibility. $60.3 million oversubscribed private placement. In October 2025, concurrently with the Chugai Collaboration and License Agreement, Rani raised approximately $60.3 million inclusive of $6.0 million debt conversion of outstanding debt due to Avenue Venture Opportunities Fund (“Avenue”), reducing the Company’s total debt obligations. Preclinical data demonstrating successful oral delivery of semaglutide via RaniPill® capsule. In February 2025, Rani released preclinical data that demonstrated semaglutide administered orally via the RaniPill® capsule (RT-116) resulted in comparable bioavailability, pharmacokinetics and weight loss to subcutaneous administration of semaglutide. RT-116 was well tolerated with no serious adverse events. Preclinical data demonstrating bioequivalence of RT-114, a bispecific GLP-1/GLP-2 receptor agonist (PG-102) delivered orally via the RaniPill® capsule, to subcutaneously administered PG-102. In March 2025, Rani released new preclinical data, where RT-114 yielded a relative bioavailability of 111% compared to PG-102 delivered subcutaneously with comparable pharmacokinetic profiles demonstrating bioequivalence. Initiated Phase 1 study of RT-114 via RaniPill® for the treatment of obesity in collaboration with ProGen. In December 2025, Rani initiated a Phase 1 clinical trial to evaluate the safety, tolerability, bioavailability and pharmacokinetics and pharmacodynamics of single and multiple doses of RT-114. Presented preclinical data on semaglutide delivered orally via RaniPill® at ObesityWeek® 2025. In November 2025, Rani presented preclinical data demonstrating that oral semaglutide administered via the RaniPill® (RT-116) demonstrated comparable bioavailability, pharmacokinetics and weight loss to subcutaneous administration. Late breaking presentation oral, novel, bispecific GLP-1/GLP-2 receptor agonist at ENDO 2025. In July 2025, Rani announced the presentation of preclinical data on oral delivery of RT-114 achieving bioequivalence to subcutaneous injection in canines. Satisfied outstanding debt obligations. In December 2025, Rani repaid all outstanding debt due to Avenue, including the remaining principal balance of $6.2 million, accrued interest, a final payment of $1.7 million, and a prepayment fee of $0.1 million. Upon repayment of these amounts, all obligations due to Avenue were fully satisfied. Rani no longer has any outstanding debt obligations as of December 31, 2025. Appointed Abraham Bassan and Vasudev Bailey, Ph.D. to Board of Directors. In October 2025, concurrently with the closing of the private placement, Rani announced the appointment of Abraham (“Abe”) Bassan, Partner at Samsara BioCapital, and Vasudev Bailey, Ph.D., General Partner at Anomaly Ventures to its Board of Directors. Promoted Alireza Javadi, Ph.D. to Chief Technical Officer. In January 2026, Rani announced the promotion of Alireza Javadi, Ph.D., to Chief Technical Officer. Fourth Quarter and Full Year 2025 Financial Results: Cash, cash equivalents and marketable securities as of December 31, 2025 totaled $49.7 million, compared to $27.6 million for the year ended December 31, 2024. Rani expects its cash, cash equivalents and marketable securities, including an expected technology transfer milestone payment pursuant 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 a customer. Although the Chugai agreement included a $10 million upfront payment, revenue-recognition guidance requires us to recognize that amount over time as we satisfy our performance obligations. For comparison, there was $1.0 million of contract revenue for the same periods in 2024, all related to evaluation services for a customer. Research and development expenses for the three and twelve months ended December 31, 2025 were $4.9 million and $20.2 million, respectively, compared to $6.8 million and $26.7 million for the same periods in 2024, respectively. The decrease of $6.5 million in R&D expenses in 2025 was primarily attributed to lower compensation costs of $5.3 million, $0.6 million reduction in facilities, materials and supplies, $0.5 million reduction in third-party services, and $0.1 million decrease in other expenses. These reductions reflect cost containment efforts, including the temporary pause or termination of certain R&D programs. We expect the R&D expenses to increase in future periods as we resume some of these programs and continue to invest in platform development. General and administrative expenses for the three and twelve months ended December 31, 2025 were $5.1 million and $19.7 million, respectively, compared to $5.5 million and $23.9 million for the same periods in 2024, respectively. The decrease of $4.2 million in G&A expenses in 2025 was primarily attributed to the cost-containment initiative reducing compensation costs of $2.6 million, $0.5 million reduction in third-party services, $0.7 million reduction in other costs, and $0.4 million reduction in facilities, materials and supplies. Impairment loss for the three and twelve months ended December 31, 2024 were $3.7 million and was attributable to construction-in-progress property and equipment. No impairment loss was recognized for the same periods in 2025. Net loss for the three and twelve months ended December 31, 2025 were $9.1 million and $41.0 million, respectively, compared to $15.7 million and $56.6 million for the same periods in 2024, respectively, including non-cash stock-based compensation expense of $2.2 million for the fourth quarter and $11.8 million for the full year 2025, compared to $4.0 million and $16.0 million for the same periods in 2024, respectively. Conference Call Rani will host a corresponding conference call today at 4:30 p.m. ET / 1:30 p.m. PT to discuss the results and provide a business update. Individuals interested in listening to the live webcast of the conference call may do so by using the link in the “Investors” section of the company’s website at www.ranitherapeutics.com. A webcast replay will be available in the investor relations section on the company’s website following the completion of the call. 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, which is 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. For more information, visit ranitherapeutics.com. 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. Such forward-looking statements include statements regarding, among other things, the potential of the RaniPill® platform to enable oral delivery of complex incretin-based therapies and validation of such potential through clinical trials and collaborations, including its collaboration with Chugai, Rani’s potential to achieve and receive milestone payments under the Chugai agreement, the potential of the RaniPill® platform to convert injectable biologics into oral therapies across high-value therapeutic areas, the sufficiency of Rani’s cash reserves, the timing and extent of its expenses, and future financial performance. 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 “look forward,” “intend,” “potential,” “expect,” 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: [email protected] Media Contact: [email protected]

By John Vandermosten, CFA NASDAQ:RANI READ THE FULL RANI RESEARCH REPORT On November 6th, Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) reported third quarter 2025 results. Since our last update following the announcement of the Chugai deal and the $60 million private placement, Rani has closed the capital raise, added new board members and announced participation in ObesityWeek 2025. The recent collaboration with Chugai, the associated upfront payment and the follow-on capital raise provide a substantial boost and vote of confidence for the RaniPill, which have in part been reflected in the share price move. In this report, we update our model to reflect third quarter earnings and update investors on news since the start of the third quarter. 3Q:25 Operational and Financial Results Rani reported third quarter results in a press release and Form 10-Q filing with the SEC on November 6th. For the quarter ending September 30th, 2025, revenues were zero and operating expense was $7.9 million. Net loss per share for Class A shareholders was ($0.12). Research and development expenses totaled $3.2 million, down 48% from $6.2 million due to lower compensation costs, a smaller team and reduced spending on facilities; General & administrative expenses were $4.0 million, falling 28% from $5.6 million on lower compensation costs and a fall in third party services; Net interest expense was ($657,000) vs. ($923,000) due to lower cash balances; Non-controlling interest was ($2.5) million vs. ($5.9) million; Net loss for Class A shareholders was ($5.4) million vs. ($6.8) million or ($0.12) and ($0.24) per share. As of September 30th, 2025, cash and marketable securities totaled $4.1 million. This amount compares to the $27.6 million balance held at the end of 2024. Long-term debt was held on the balance sheet at $13.5 million. Cash used in operations and for capital expenditures for the first nine months of 2025 was ($19.1) million versus ($27.1) million in the same prior year period. During the third quarter, Rani repaid $3.8 million in debt bringing the carrying value of this debt to $13.5 million. Offsetting this outflow was a $2.8 million inflow from the July securities purchase agreement. Following the end of the third quarter, Rani announced a deal with Chugai that provided a $10 million upfront payment and spurred a $60.3 million capital raise. After accounting for another $3.8 million repayment of the debt in early October, Rani believes that it has a cash runway extending to 2028. Collaboration with Chugai Pharmaceuticals Rani announced a collaboration agreement with Chugai Pharmaceuticals in an October 17th press release[1] and Form 8-K filing. The deal provides Rani with a $10 million upfront payment and the potential for $57 million in development, $18 million in technology transfer and $100 million in sales milestones along with a single digit royalty on sales. The arrangement was preceded by a research agreement signed between the two in August 2024. The primary biologic to be combined with RaniPill (RP) High Capacity (HC) will treat hemophilia A and will be the successor to Hemlibra.[2] While similar in structure to Hemlibra, the molecule in question will be a new biologic entity and have all of the associated costs and benefits related to that status with respect to clinical trial requirements and patent protection. The new product is expected to allow for longer dosing intervals and, of course, oral administration, improving patient convenience. The two parties will share development responsibilities for the product, allocating preclinical, CMC, manufacturing and supply responsibilities between each other. Chugai will be solely responsible for clinical, regulatory and commercial efforts and its drug. Rani will focus on the device. The collaboration and license agreement includes a $10 million upfront payment, the potential for $75 million in technology transfer and development milestones, $100 million in sales milestones and single digit royalties on product sales. The agreement grants Chugai an exclusive, worldwide right and license to RP HC intellectual property to research, develop, manufacture, commercialize and market the drug-device combination. Rani has the right to manufacture and supply the device and will receive payment from Chugai to do so. Chugai retains the right to replace the identified compound with another, a time-limited right of first refusal for a select group of additional targets and an option to extend its rights to five additional drug targets. Concurrent Financings Concurrent with the Chugai collaboration announcement, Rani priced a $60.3 million private placement of 42,633,337 Class A common shares and 82,366,667 pre-funded warrants to close on October 21st, 2025. Each Class A share or pre-funded warrant has a warrant attached with an exercise price of $0.48 and a five-year life. H.C. Wainwright and Maxim Group acted as placement agents. Gross proceeds were $60.3 million, prior to deducting related fees and expenses. Based on information provided, we estimate that net proceeds will be approximately $57.3 million after expenses are recognized. The private placement closed on October 23rd. Private placement investors include Samsara BioCapital, RA Capital Management, Anomaly, Special Situation Funds, Invus and founder Mir Imran. Each of the investors has a specialty in life sciences investing with longer term investment horizons compared to the average generalist capital provider. After the financing closed, Samsara and Anomaly each designated a member to Rani’s board. The appointees include Abe Bassan from Samsara and Dr. Vasudev Bailey of Anomaly Ventures. Each has a deep investment background. Mr. Bassan as an operator supporting therapeutic programs and Dr. Vasudev with biomedical engineering and emerging healthcare technology. The number of board members will not change. Samsara and Anomaly will maintain their right to a board seat as long as they continue to own 25% of the securities issued to them as part of the capital raise. In 2022, Rani entered into a loan agreement with Avenue Venture Opportunities Fund and as of June 30th, 2025 carried long term debt of $17.2 million on its balance sheet. Along with the equity capital raise, Rani converted $6 million of this obligation for 12.5 million shares of Class A Rani stock. This is equivalent to $0.48 per share. Each share includes an attached warrant with an exercise price of $0.48. Milestones Research agreement with Chugai Pharmaceutical – August 2024 Launch of Phase I trial for RT-114 – 4Q:25 End of NASDAQ minimum market value requirement resolution period – October 2025 Collaboration with Chugai Pharmaceutical – October 2025 $60 million capital raise and debt conversion – October 2025 Addition of new board members Mr. Bassan and Dr. Bailey – October 2025 Preclinical data presentation at ObesityWeek (RT-116) – November 2025 PG-102 Phase II readout from ProGen – 1H:26 SUBSCRIBE TO ZACKS SMALL CAP RESEARCH to receive our articles and reports emailed directly to you each morning. Please visit our website for additional information on Zacks SCR. DISCLOSURE: Zacks SCR has received compensation from the issuer directly, from an investment manager, or from an investor relations consulting firm, engaged by the issuer, for providing research coverage for a period of no less than one year. Research articles, as seen here, are part of the service Zacks SCR provides and Zacks SCR receives payments totaling a maximum fee of up to $50,000 annually for these services provided to or regarding the issuer. Full Disclaimer HERE. ________________________ [1] See link here for Chugai press release. [2] Hemlibra is expected to generate $5.7 billion in revenues in 2025 with sales by Roche and Chugai based on analyst data compiled by Evaluate Inc. It is a subcutaneous injection dosed at varying intervals from once per week to once per month. It is a prescription medicine used to prevent or reduce bleeding episodes in adults and children with hemophilia A. It is an antibody that mimics the function of coagulation factor VIII, allowing blood to clot properly. The drug is administered via subcutaneous injection, typically once a week, every other week, or once a month.

– Announced up to $1.085 billion collaboration with Chugai Pharmaceutical Co. for multiple high-value therapeutics – – Completed $60.3 million oversubscribed private placement led by Samsara BioCapital with participation from RA Capital Management, Anomaly, Special Situations Funds, and Invus – – Appointed Abraham Bassan and Vasudev Bailey, Ph.D. to the Board of Directors – – Cash runway expected to extend into 2028 – SAN JOSE, Calif., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. (“Rani Therapeutics” or “Rani”) (Nasdaq: RANI), a clinical-stage biotherapeutics company focused on the oral delivery of biologics and drugs, today reported financial results for the third quarter ended September 30, 2025 and provided a corporate update. “We are proud to begin a new chapter for Rani, with world-class pharma partners and top-tier biotech investors demonstrating confidence in our platform and vision to transform injectable biologics into oral therapies,” said Talat Imran, Chief Executive Officer of Rani Therapeutics. “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. With our cash runway expected to extend into 2028 and Abraham Bassan and Vasudev Bailey, Ph.D. joining our Board of Directors, we are well-positioned to execute on our strategy as we enter a new era of growth. Looking ahead, we remain focused on initiating a Phase 1 trial for RT-114, our novel oral therapy targeting obesity, by the end of 2025.” Third Quarter 2025 Highlights: Collaboration and License Agreement up to $1.085 Billion with Chugai. In October 2025, Rani Therapeutics entered into a Collaboration and License Agreement with Chugai to develop an oral therapy combining the RaniPill® platform with Chugai’s rare disease antibody. The agreement includes an option for Chugai to expand its rights to up to five additional drug targets under similar terms, potentially bringing the total deal value to $1.085 billion. This partnership highlights the transformative potential of the RaniPill® to enable oral delivery of complex biologics, traditionally administered via injection, offering a pathway to improved patient adherence and broader therapeutic accessibility. $60.3 Million Oversubscribed Private Placement. In October 2025, concurrently with the Chugai Collaboration and License Agreement, Rani announced that it had entered into a securities purchase agreement with institutional investors led by Samsara BioCapital, RA Capital Management, Anomaly, Special Situations Funds, Invus, and Founder and Chairman, Mir Imran, for the purchase and sale of shares of Rani Therapeutics’ Class A common stock, pre-funded warrants and common stock purchase warrants for the aggregate purchase price of approximately $60.3 million, inclusive of conversion of $6.0 million of outstanding debt by Avenue Venture Opportunities Fund, on the same terms as the other investors in the private placement, reducing the Company’s total debt obligations. Appointed Abraham Bassan and Vasudev Bailey, Ph.D. to Board of Directors. In October 2025, concurrently with the closing of the private placement, Rani announced the appointment of Abraham (“Abe”) Bassan, Partner at Samsara BioCapital, and Vasudev Bailey, Ph.D., General Partner at Anomaly Ventures to its Board of Directors. Presented Preclinical Data on Semaglutide Delivered Orally via RaniPill® at ObesityWeek® 2025. In November 2025, Rani presented preclinical data demonstrating that oral semaglutide administered via the RaniPill® (RT-116) demonstrated comparable bioavailability, pharmacokinetics and weight loss to subcutaneous administration. Near-Term Milestone Expectations: Initiation of Phase 1 clinical trial of RT-114, our novel oral therapy targeting obesity, by the end of 2025. The upcoming trial will evaluate safety, tolerability, and pharmacokinetics, laying the groundwork for future development phases. Third Quarter 2025 Financial Results: Cash, cash equivalents and marketable securities as of September 30, 2025 totaled $4.1 million, compared to $27.6 million for the year ended December 31, 2024. Rani expects its cash, and cash equivalents, including the additional funds from the private placement closed in October and the initial upfront payment and expected technology transfer milestone from the agreement with Chugai, to be sufficient to fund its operations into 2028. Research and development expenses for the three months ended September 30, 2025 were $3.2 million, compared to $6.2 million for the same period in 2024. The decrease of $3.0 million was primarily attributed to a $2.4 million reduction in compensation costs resulting from lower headcount, a $0.4 million decrease in expenses related to facilities, materials and supplies, and a $0.2 million decrease in third-party services. General and administrative expenses for the three months ended September 30, 2025 were $4.0 million, compared to $5.6 million for the same period in 2024. The decrease of $1.6 million was primarily attributed to lower compensation costs of $1.3 million and a reduction of $0.3 million in third-party services. Net loss for the three months ended September 30, 2025 was $7.9 million, compared to $12.7 million for the same period in 2024, including stock-based compensation expense of $2.3 million for the three months ended September 30, 2025, compared to $4.1 million for the same period in 2024. 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, which is 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. Such forward-looking statements include statements regarding, among other things, our belief that the collaboration with Chugai and capital raised from top-tier biotech investors demonstrates confidence and validation in our technology, the potential value and success of our collaboration with Chugai, the transformative potential of the RaniPill® platform, our expectation to be able to fund the Company’s operations into 2028, the potential of the RaniPill® platform to enable oral delivery of complex biologics and to provide a pathway to improved patient adherence and broader therapeutic accessibility, our ability to repay the remaining principle of the debt obligation with Avenue, our belief that we are well-positioned to execute on our strategy, expected initiation of a Phase 1 trial of RT-114 by the end of 2025, the potential for RT-114 to be a novel oral therapy for the treatment of obesity, our belief that the upcoming Phase 1 trial of RT-114 will lay the groundwork for future development phases, the sufficiency of Rani’s cash reserves, the timing and extent of its expenses, and future financial performance. 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 “confident,” “intend,” “potential,” “expect,” 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, 2024, 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: [email protected] Media Contact: [email protected]

By John Vandermosten, CFA NASDAQ:RANI READ THE FULL RANI RESEARCH REPORT On August 7th, Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) reported second quarter 2025 results. Since our last update, Rani has signed a research agreement with Chugai Pharmaceutical, presented ProGen’s PG102 preclinical data at ENDO and raised additional capital in preparation for a 2H:25 launch of the Phase I RT-114 trial. Rani continues to interact with prospects to sign a deal with an established biopharmaceutical company, which may include upfronts, milestones and royalties. 2Q:25 Operational and Financial Results Rani reported second quarter results in a press release and Form 10-Q filing with the SEC on August 7th. For the quarter ending June 30th, 2025, no revenues were recognized and operating expense was ($10.5) million and net loss per share for Class A shareholders was ($0.18). Research and development expenses totaled $5.5 million, down 10% from $6.1 million mostly due to lower compensation costs, a smaller team partially offset by slightly higher third-party service costs; General & administrative expenses were $5.0 million, falling 22% from $6.4 million on lower compensation costs, reduction in workforce and a fall in third party services; Net interest expense was ($719,000) vs. ($837,000) due to lower cash balances; Non-controlling interest was ($4.5) million vs. ($6.6) million; Net loss for Class A shareholders was ($6.7) million vs. ($6.8) million or ($0.18) and ($0.26) per share. As of June 30th, 2025, cash and marketable securities totaled $10.2 million. This amount compares to the $27.6 million balance held at the end of 2024. Long-term debt was held on the balance sheet at $17.2 million. Cash used in operations and for capital expenditures for the first half of 2025 was ($14.0) million versus ($18.5) million in the same prior year period. During the second quarter, Rani repaid $3.8 million in debt bringing the total to $7.5 million for 2025. Offsetting this outflow was $3.9 million from the exercise of warrants. Following the end of the second quarter, Rani raised an additional $3.0 million from the issuance of 7.5 million shares at $0.40 per share. Research Agreement with Chugai A May 19th press release informed investors that Rani had signed a research agreement with Chugai Pharmaceutical Co. on August 13th, 2024. The agreement granted Chugai rights to develop two molecules with undisclosed targets. Since the signing, the partner has demonstrated bioavailability comparable with delivery via the subcutaneous route for both molecules. The partners are now evaluating feasibility of applying Rani’s technology to these antibodies. Chugai Pharmaceutical is a research and development-oriented pharmaceutical company based in Tokyo, Japan established in 1925. It operates as a subsidiary of Hoffmann-La Roche which owns a 62% stake and trades on multiple exchanges including the OTC under the ticker CHGCY. Chugai has developed and marketed several globally recognized pharmaceuticals, often in partnership with Roche. This includes Hemlibra, Actemra, and Alecensa among other products. Chugai also discovered orforglipron and licensed it to Eli Lilly in 2018. Endocrine Society’s Annual Meeting (ENDO 2025) Poster Rani participated in the 2025 Endocrine Society Annual Meeting, which was held in San Francisco July 12th to 15th. As described in a July 14th press release, company scientist Anvesh Dasari, Ph.D. presented a poster entitled Oral Delivery of a Bispecific GLP-1/GLP-2 Receptor Agonist (PG-102) via a Robotic Pill (RT-114) Achieves Bioequivalence to Subcutaneous Injection in Canines. The work presented preclinical data including delivery success rate, oral bioavailability for RP vs. subcutaneous (SC) delivery and weight loss in the canine models. 12.0 milligrams of PG-102, a GLP-1/GLP-2 receptor agonist was delivered into a population of 16 healthy canines. Six were administered PG-102 by SC injection and oral administration of the RP was given to 10 canines. Pharmacokinetic and pharmacodynamic data was measured such as serum drug concentrations, food intake and body weight, safety, tolerability and delivery reliability. The Rani Pill was successfully delivered in nine of ten subjects and generated oral bioavailability of 111% relative to subcutaneous delivery. Food consumption was inversely correlated to serum drug concentrations for RT-114 and weight loss was comparable between the two arms of the study. Graphic details of the findings are included below. RT-114 AND PG-102 Results ProGen Collaboration Details In June 2024, Rani announced a collaboration with ProGen Co., Ltd. to develop an oral obesity treatment combining ProGen’s FC Fusion protein conjugated GLP-1/GLP-2 dual agonist, PG-102, with Rani’s Rani Pill HC. Rani entered into a definitive agreement with ProGen to develop a new product designated RT-114, an oral dose of ProGen’s PG-102. The companies will equally share the costs of development of RT-114 and divide geographies between them. Details of the arrangement between the two companies can be found in the second quarter 2024 Form 10-Q.[1] Following the deal between Rani and ProGen, the partners have begun a development plan for the GLP-1/GLP-2 dual agonist. As of August 2025, ProGen has completed its Phase I trial for PG-102 with the primary endpoints of safety and tolerability and has started a Phase II study with further details on timing and readout expected later this year. Rani is advancing a head-to-head preclinical comparison of orally administered PG-102 using the RaniPill capsule (RT-114) to 16 healthy canines. Data from this study was presented at the ENDO meeting with details included above. ProGen Clinical Trials ProGen’s Phase I trial underway for PG-102 announced preliminary results for the repeat-dose portion (Phase Ic) of its Phase I study. The candidate produced an average weight loss in subjects (N=73) of 4.8% after five weeks of dosing. Subcutaneous PG-102 was well tolerated with subjects able to titrate to the target dose in one month. There were no treatment discontinuations. Additional data was presented at the Asian Association for the Study of Diabetes (AASD) which was held March 28th to 30th. Rani’s Senior Strategic Advisor, Jesper Høiland hypothesizes that the rapid titration may facilitate faster onset, shortening the time between initial administration and target weight loss. It is notable that the 4.8% average weight loss was achieved after five weeks compared to the four to five months required by approved GLP-1 agonists.[2] ProGen is planning a Phase II study of PG-102 that will compare the candidate with placebo in obesity and Type 2 diabetes. Six sites in Korea have been identified and sites outside Korea are also being added. Rani Preclinical Trials Rani is running its preclinical study, delivering either a 12 mg dose of PG-102 using RaniPill (N=10) or subcutaneously (N=6). This is estimated to be equivalent to a 60 mg dose in humans. The study is evaluating endpoints including safety, tolerability and reliability of the RaniPill capsule as well as pharmacokinetics, which is serum concentration measured by enzyme-linked immunosorbent assay (ELISA). Body weight and food intake are also being measured. Milestones Preclinical data readout for RT-116 – February 2025 Research agreement with Chugai Pharmaceutical – May 2025 Launch of Phase I trial for RT-114 – 2H:25 End of NASDAQ minimum market value requirement resolution period – October 2025 End of NASDAQ $1.00 minimum bid price resolution period – December 2025 SUBSCRIBE TO ZACKS SMALL CAP RESEARCH to receive our articles and reports emailed directly to you each morning. Please visit our website for additional information on Zacks SCR. DISCLOSURE: Zacks SCR has received compensation from the issuer directly, from an investment manager, or from an investor relations consulting firm, engaged by the issuer, for providing research coverage for a period of no less than one year. Research articles, as seen here, are part of the service Zacks SCR provides and Zacks SCR receives payments totaling a maximum fee of up to $50,000 annually for these services provided to or regarding the issuer. Full Disclaimer HERE. ________________________ [1] See .pdf page 38 which is the beginning of the Collaboration Agreement listed as Exhibit 10.1 [2] Ryan, D.H., et al. Long-term weight loss effects of semaglutide in obesity without diabetes in the SELECT trial. Nature Medicine. May 2024. See Figure 1.

– Announced strategic research collaboration with Chugai for two undisclosed molecules – – Presented preclinical data demonstrating bioequivalence of novel, bispecific GLP-1/GLP-2 receptor agonist delivered orally via RaniPill (RT-114) compared to subcutaneous delivery at ENDO 2025 – – Phase 1 study for RT-114 for the treatment of obesity expected to initiate in the second half of 2025 – – Announced a warrant inducement transaction with an existing investor with gross proceeds of $4.3 million – – Announced pricing of $3.0 million registered direct offering – SAN JOSE, Calif., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. (“Rani Therapeutics” or “Rani”) (Nasdaq: RANI), a clinical-stage biotherapeutics company focused on the oral delivery of biologics and drugs, today reported financial results for the second quarter ended June 30, 2025 and provided a corporate update. “In the second quarter of 2025, we have announced a research collaboration with Chugai for two molecules with undisclosed targets,” said Talat Imran, Chief Executive Officer of Rani Therapeutics. “We believe this collaboration has the potential to transform into a long-term strategic partnership as we advance our pipeline of oral biologic therapies aimed at addressing the needs of patients with chronic diseases. Additionally, at ENDO 2025, we presented compelling preclinical data on our oral bispecific GLP-1/GLP-2 receptor agonist, RT-114. This data, demonstrating bioequivalence to subcutaneous injections in canines, highlights RT-114’s potential to revolutionize the obesity treatment landscape. Looking ahead to the second half of 2025, we remain focused on initiating a Phase 1 trial for RT-114 as a novel oral therapy for obesity.” Second Quarter 2025 Highlights: Strategic Research Collaboration with Chugai. In May 2025, Rani announced that the company has entered into a Research Collaboration in August 2024 for two molecules with undisclosed targets provided by Chugai. The full analysis confirms the RaniPill® delivery demonstrated comparable bioavailability to the subcutaneous route of delivery for both molecules studied. Late Breaking Presentation oral, novel, bispecific GLP-1/GLP-2 receptor agonist at ENDO 2025. In July 2025, Rani announced the presentation of preclinical data on oral delivery of a bispecific GLP-1/GLP-2 receptor agonist (PG-102) via a robotic pill (RT-114) achieving bioequivalence to subcutaneous injection in canines. Collectively, these compelling nonclinical results provide a robust rationale for initiating clinical development of RT-114 as a first-in-class oral anti-obesity therapy. $4.3 Million Warrant Inducement Transaction. In May 2025, Rani entered into a letter agreement with an existing institutional investor pursuant to which the investor exercised for cash all outstanding Series B and Series C warrants at a reduced exercise price of $0.65 per share, for gross proceeds of $4.3 million in consideration for the Company’s issuance of a new Series D common stock warrant to purchase an aggregate of 13,160,172 shares of Class A common stock. $3.0 Million Registered Direct Offering. In July 2025, Rani announced that it has entered into a securities purchase agreement with a single institutional investor for the purchase and sale of 4,354,000 shares of Rani Therapeutics’ Class A common stock at a purchase price of $0.40 per share and pre-funded warrants to purchase 3,146,000 shares of Class A common stock at a purchase price of $0.3999 in a registered direct offering. Near-Term Milestone Expectations: Initiation of Phase 1 clinical trial of RT-114 for the treatment of obesity expected in the second half of 2025. Second Quarter 2025 Financial Results: Cash, cash equivalents and marketable securities as of June 30, 2025 totaled $10.2 million, compared to $27.6 million for the year ended December 31, 2024. Research and development expenses for the three months ended June 30, 2025 were $5.5 million, compared to $6.1 million for the same period in 2024. The decrease of $0.6 million was primarily attributed to lower compensation costs. General and administrative expenses for the three months ended June 30, 2025 were $5.0 million, compared to $6.4 million for the same period in 2024. The decrease of $1.4 million was primarily attributed to lower compensation costs of $0.5 million, a reduction of $0.6 million of third-party services and $0.3 million in other services. Net loss for the three months ended June 30, 2025 was $11.2 million, compared to $13.4 million for the same period in 2024, including stock-based compensation expense of $3.3 million for the three months ended June 30, 2025, compared to $4.1 million for the same period in 2024. 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, which is 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. Such forward-looking statements include statements regarding, among other things, potential of Rani’s collaborations and its ability to transform such collaborations into a long-term strategic partnerships, including its collaboration with Chugai; ability to advance its pipeline of oral biologic therapies; the expected initiation of a Phase 1 trial of RT-114 in the second half of 2025, the potential of Rani’s collaboration with Chugai to transform into a long-term strategic partnership, our ability to advance our pipeline of oral biologic therapies, the potential of the RaniPill® platform to enable oral delivery of multiple obesity treatments and validation of such potential through preclinical data, the potential of the RaniPill® platform to offer more convenient and accessible therapeutic options, the potential for RT-114 to become a first-in-class, orally administered GLP-1/GLP-2 dual agonist for the treatment of obesity, the potential for RT-114 to revolutionize the obesity treatment landscape and the potential to become a novel oral therapy for the treatment of obesity, the sufficiency of Rani’s cash reserves, the timing and extent of its expenses, and future financial performance. 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 “confident,” “intend,” “potential,” “expect,” 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, 2024, 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: [email protected] Media Contact: [email protected]

By John Vandermosten, CFA NASDAQ:RANI READ THE FULL RANI RESEARCH REPORT On May 13th Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) reported first quarter 2025 results. Year to date, Rani has updated investors on ProGen’s PG102 asset and reported preclinical data for RT-114 and RT-116, or RaniPill semaglutide. In the financial sphere, the company paid down $3.8 million of debt and consumed ($12.0) million in operational expenses during 1Q:25. Rani’s lead program, RT-114, produced favorable preclinical data demonstrating superior bioavailability compared to the underlying molecule’s subcutaneous results. Most critically, Rani continues to interact with prospects to sign a deal with an established biopharmaceutical company which may include upfronts, milestones and royalties. 1Q:25 Operational and Financial Results Rani reported first quarter results in a press release and Form 10-Q filing with the SEC on May 13th. For the quarter ending March 31st, 2025, revenues were $172,000, operating expense was ($12.0) million and net loss per share for Class A shareholders was ($0.22). Revenues of $172,000 were recognized representing an evaluation arrangement with a customer vs. $0; Research and development expenses totaled $6.6 million, down 13% from $7.6 million mostly due to lower compensation costs, a smaller team and reduced third party service costs; General & administrative expenses were $5.6 million, falling 13% from $6.4 million on lower compensation costs, reduction in workforce and lower other costs; Net interest expense was ($725,000) vs. ($745,000) due to lower cash balances; Non-controlling interest was ($5.5) million vs. ($7.3) million; Net loss for Class A shareholders was ($7.3) million vs. ($7.5) million or ($0.22) and ($0.29) per share. As of March 31st, 2025, cash and marketable securities totaled $15.9 million. This amount compares to the $27.6 million balance held at the end of 2024. Long-term debt was held on the balance sheet at $24.6 million. 1Q:25 cash used in operations and for capital expenditures was ($8.2) million versus ($9.4) million in the same prior year period. During the first quarter, Rani repaid $3.8 million in debt, reducing the carrying value of debt outstanding to $20.9 million. Management expects cash to be sufficient to support operations until 3Q:25. Research Agreement with Chugai A May 19th press release informed investors that Rani had signed a research agreement with Chugai Pharmaceutical Co. on August 13th, 2024. The agreement granted Chugai rights to develop two molecules with undisclosed targets. Since the signing, the partner has demonstrated bioavailability comparable with delivery via the subcutaneous route for both molecules. The partners are now evaluating feasibility of applying Rani’s technology to these antibodies. SUBSCRIBE TO ZACKS SMALL CAP RESEARCH to receive our articles and reports emailed directly to you each morning. Please visit our website for additional information on Zacks SCR. DISCLOSURE: Zacks SCR has received compensation from the issuer directly, from an investment manager, or from an investor relations consulting firm, engaged by the issuer, for providing research coverage for a period of no less than one year. Research articles, as seen here, are part of the service Zacks SCR provides and Zacks SCR receives quarterly payments totaling a maximum fee of up to $40,000 annually for these services provided to or regarding the issuer. Full Disclaimer HERE.