Rani Therapeutics (RANI) Q2 2026 earnings summary

Executive summary

• Advanced oral biologics delivery via RaniPill platform, with two configurations (GO and HC) targeting a broad range of drug substances.

• Initiated and expanded Phase 1 trial for RT-114 (GLP-1/GLP-2 agonist) in obesity, reporting positive initial data with oral bioavailability exceeding 150% of matched subcutaneous dosing and no serious adverse events.

• Entered new collaborations with PegBio and continued partnerships with Chugai and ProGen to expand the obesity/metabolic disease pipeline.

• Completed a $20 million registered direct offering in May 2026, strengthening cash position.

• Appointed Nicholas Maestas as CFO and Michelle Gilson to Board of Directors.

Financial highlights

• Contract revenue was $1.7M for Q2 2026 (vs. $0 in Q2 2025), and $3.4M for the first half of 2026 (vs. $0.2M in 2025), mainly from the Chugai agreement.

• Net loss for Q2 2026 was $8.4M (down from $11.2M in Q2 2025); net loss for the first half was $16.4M (down from $24.0M in 2025).

• Cash, cash equivalents, and marketable securities totaled $53.4M as of June 30, 2026, up from $43.4M as of March 31, 2026.

• Operating expenses decreased 9% year-over-year for the first half, driven by lower R&D and G&A costs.

• Research and development expenses were $5.0M, down from $5.5M year-over-year; G&A expenses rose to $5.5M from $5.0M.

Outlook and guidance

• Cash runway expected to fund operations for at least 12 months from the reporting date and through 2027.

• Plans to advance RT-114 into Phase 1b in 2026, with data expected in 2027.

• Additional data from the RT-114 Phase 1a expansion cohort expected by end of 2026.

• Anticipates continued operating losses and negative cash flows as development progresses.