Rani Therapeutics (RANI) Canaccord Genuity's 46th Annual Growth Conference summary

Platform technology and clinical progress

• Developed a platform for oral delivery of biologics with bioavailability comparable to subcutaneous injections, enabling 80%-85% of on-market biologics to be delivered as pills.

• RaniPill technology allows for flexible dosing schedules and has demonstrated success with large molecules, including monoclonal antibodies and Fc fusion proteins.

• Recent phase I-A data for RT-114 (GLP-1/GLP-2) showed over 150% relative bioavailability compared to subcutaneous administration, with no new adverse events and potential for weekly dosing.

• Additional cohort in phase I-A will confirm bioavailability findings, with phase I-B in obese patients planned and data expected before end of year and in the first half of 2027.

• Manufacturing scale-up underway, targeting 1,500 to 50,000 pills per day to support commercial needs across rare disease, immunology, and obesity markets.

Strategic partnerships and business model

• Secured a $1 billion agreement with Chugai, covering 11 targets and including prenegotiated terms for five additional high-value immunology programs.

• Partnerships are key for expanding reach, providing validation, and supporting financial runway; more deals are anticipated in coming years.

• Recent collaborations with ProGen and PegBio aim to build a diverse obesity drug portfolio, leveraging partners' drug libraries and next-generation multi-agonists.

• Flexible partnership structures allow for both technology and product licenses, maximizing economic potential.

• China is a significant source of business development activity, with PegBio providing access to a broad range of drug candidates.

Market positioning and future outlook

• Platform uniquely positioned to address the growing demand for oral biologics, especially in obesity and immunology, offering convenience and improved patient experience.

• Competitive landscape in obesity is seen as an advantage, with the technology enabling rapid adaptation to new drug candidates and dosing regimens.

• Immunology is expected to play a larger role, with ongoing programs for adalimumab and STELARA biosimilars and plans for further clinical studies.

• Financial runway extends into Q4 2027, supported by $43 million in cash and marketable securities, sufficient to reach key clinical milestones.

• Focus remains on platform development, selective asset acquisition, and scaling manufacturing to meet anticipated demand.