Rani Therapeutics (NASDAQ:RANI) stockholders elected the company’s full slate of director nominees and ratified its auditor at the company’s 2026 annual meeting, while management highlighted recent financing, partnership and pipeline developments.
Mir Imran, chairperson of the board, presided over the virtual meeting. Svai Sanford, Rani’s chief financial officer, served as secretary and inspector of election. Sanford reported that holders of 123,872,874 shares of common stock were entitled to vote and that a majority of the voting power was represented in person, online or by proxy, establishing a quorum.
Board nominees elected and auditor ratified
The second proposal was the ratification of CBIZ CPAs, P.C. as Rani Therapeutics’ independent registered public accounting firm for the fiscal year ending Dec. 31, 2026. Mir Imran said the auditor selection was ratified.
The company said it expects to report preliminary voting results, or final results if available, in a Form 8-K filing with the Securities and Exchange Commission within four business days after the meeting. If final results are not available at that time, Rani said it expects to report them in an amended Form 8-K within four business days after they are known.
CEO highlights Chugai collaboration and financing
Following the formal meeting, Chief Executive Officer Talat Imran reviewed what he called a “transformational year” for the company during 2025 and into 2026. He said Rani achieved milestones across its clinical and preclinical pipeline, strategic partnerships and financial position, while also strengthening its leadership team and board.
Imran highlighted Rani’s October 2025 collaboration and licensing agreement with Chugai Pharmaceutical, which he said has a potential total value of up to approximately $1.085 billion. The agreement focuses on development of RT-117, an oral therapy combining Rani’s RaniPill platform with Chugai’s rare disease antibody.
The agreement also gives Chugai an option to expand the collaboration to as many as five additional drug targets under similar terms. Imran said Rani believes the structure demonstrates the scalability of the RaniPill platform and its potential application across a broad range of biologic molecules.
Rani also completed an oversubscribed $60.3 million private placement concurrent with the Chugai agreement, including $6 million in debt conversion, Imran said. He added that the financing extended the company’s projected cash runway into the fourth quarter of 2027, including an expected milestone payment from Chugai. The company also repaid all outstanding debt obligations to Avenue Capital and ended 2025 with no outstanding debt, according to Imran.
Imran also announced the completion of a $20 million financing round led by a sovereign wealth fund, alongside new and existing healthcare-focused funds. He said the capital could extend Rani’s runway into mid-2028 and support milestones tied to the Chugai partnership and continued development of RT-114.
RT-114 advances into clinical testing
Imran focused much of his pipeline update on RT-114, Rani’s orally delivered bispecific GLP-1/GLP-2 receptor agonist, PG-102, developed in collaboration with ProGen. He said PG-102 is an Fc-fusion GLP-1/GLP-2 dual agonist being developed by ProGen, while RT-114 represents oral delivery of PG-102 through the RaniPill capsule as a potential obesity treatment.
In March 2025, Rani reported preclinical data showing RT-114 achieved 111% relative bioavailability compared with subcutaneously administered PG-102, with comparable pharmacokinetic profiles, Imran said. He also said the company observed comparable weight loss between oral RT-114 and injected PG-102, with less variability in the RT-114 group.
Imran said canine data presented in a late-breaking oral presentation at ENDO 2025 further confirmed bioequivalence and strengthened the company’s confidence in the program’s translational potential.
Rani initiated a Phase 1 clinical trial of RT-114 in December 2025. The study is designed to evaluate safety, tolerability, bioavailability, pharmacokinetics and pharmacodynamics across single and multiple doses. Imran said the company expects to provide an update upon completion of the trial in 2027.
Additional obesity program and platform outlook
Imran also discussed RT-116, Rani’s oral semaglutide program delivered via the RaniPill capsule. In February 2025, the company reported preclinical data showing comparable bioavailability, pharmacokinetics and weight loss relative to subcutaneous semaglutide, according to Imran. He said RT-116 was well tolerated, with no serious adverse events observed.
Imran said data from RT-114 and RT-116 reinforce the company’s confidence in the RaniPill platform as an oral delivery approach for incretin-based therapies in obesity. He said Rani believes the platform could provide an oral alternative for patients currently receiving injections for chronic diseases.
The CEO also noted recent leadership and governance changes, including the appointments of Abraham Basan and Vasudev Bailey, Ph.D., to the board, the promotion of Alireza Javadi, Ph.D., to chief technical officer, and advisory appointments of Dr. Sara Kenkare-Mitra and Jesper Høiland.
About Rani Therapeutics (NASDAQ:RANI)
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.
