Rani Therapeutics Holdings, Inc. · NASDAQ:RANI
Rani Therapeutics — Investor Presentation (July 2026)
34 slides from Rani Therapeutics's investor presentation, July 2026
Slide 1: Corporate Overview
Corporate Overview JULY 2 0 26 RA NI T HERA PE UTICS 2 02 6
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements This presentation and the accompanying oral statements contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act.
Slide 3: Management Team and Advisors
3 Management Team and Advisors Talat Imran Kate McKinley Alireza Javadi, Nic Maestas Jesper Høiland Chief Executive Officer Chief Business Officer Ph.D. Chief Financial Officer Head of Strategy Chief Technology Officer Arvinder Dhalla, Kyle Horlen Anil Patel Bella Vazquez Sara Kenkare-Mitra Ph.D. Vi
Slide 4: Our mission at Rani is to end painful injections
4 Our mission at Rani is to end painful injections for the millions of patients suffering from chronic diseases Clinical-stage biotech focused on oral delivery of Rani Therapeutics biologic drugs with bioavailability comparable to NASDAQ: RANI parenteral products • 200 µL Capacity (20-40mg*) RaniPil
Slide 5: Strategic Validation: Partnership with Chugai (Roche Group)
5 Strategic Validation: Partnership with Chugai (Roche Group) Announced October 2025, Up to Over $1 Billion in Potential Deal Value The Technology License Financial Terms Additional Rights License RaniPill technology Total Deal: Up to $185 Million Chugai has rights to select for development and up t
Slide 6: RaniPill technology converts approved and new biologics into oral products
6 RaniPill technology is designed to convert approved and new biologics into oral products RaniPill As Little As 12 Pills Per Year ✓ Payload Agnostic ✓ Convenient ✓ Oral Systemic Drug Delivery ✓ Potential for Better Efficacy RA NI T HERA PE UTICS 2 02 6
Slide 7: Substantial Unmet Need for Oral Administration of Biologics
7 Substantial Unmet Need for Oral Administration of Biologics Patients prefer Inconvenience Therapies could daily pill over impacts start earlier current injection treatment with an oral regimen adherence alternative • 76% of patients with injection • 38% of patients who self • 81% of endocrinologis
Slide 8: Rani's Approach
Rani’s Approach * Designed to deliver any biologic ¢ Painless, transenteric injection * Highly efficient route of delivery * Bioavailability comparable to a subcutaneous injection prevents drug absorption Chemical Approach ~ —ie * Only applicable to small peptides HA 0! * Highly inefficient delivery
Slide 9: What makes Rani different from other attempts at Oral Delivery?
9 What makes Rani different from other attempts at Oral Delivery? Rani has pioneered the mechanical approach to orally delivering biologics through Absorption enhancers (e.g. SNAC) or other transenteric injection chemistry approaches have largely failed: Drug agnostic, pain-free delivery technology
Slide 10: Demonstrated and Repeated Success Across Multiple Therapeutics
10 Demonstrated and Repeated Success Across Multiple Therapeutics Preclinical Clinical 20 Molecules Assessed 3 Phase 1 Studies* antibodies, peptides, and large proteins with completed high bioavailability >7,000 Capsules 233 RaniPill Capsules tested in vitro & in vivo administered to 146 humans 60-D
Slide 11: RaniPill is Payload Agnostic & Delivers with High Bioavailability
11 RaniPill is Payload Agnostic & Delivers with High Bioavailability Mean Bioavailability Modality Biotherapeutic Compared to SC* mAb Ustekinumab 84% RaniPill Clinical Peptide PTH 1-34 400%1 Studies Bioavailability Peptide Octreotide 65% (relative to IV) Comparable mAb Ustekinumab biosimilar 159%
Slide 12: Business Strategy
Business Strategy RA NI T HERA PE UTICS 2 02 6
Slide 13: Rani Strives to be Capital Efficient
13 Rani Strives to be Capital Efficient • Lean operations expenses due to vertical integration of manufacturing process and automation • Rani has capability to support multiple partner programs without increasing headcount • No late-stage development or commercialization costs RA NI T HERA PE UTICS
Slide 14: Business Strategy: Partnering Model
14 Business Strategy: Partnering Model License Technology to External RaniPill Platform Partner for Technology Development & Commercialization Value of Rani’s Business Strategy • Therapeutic and drug agnostic • Leverages development and commercial expertise of established pharmaceutical partner • Ro
Slide 15: Opportunity for Weekly Oral Semaglutide
Opportunity for Weekly Oral Semaglutide RA NI T HERA PE UTICS 2 02 6
Slide 16: Safe, Effective treatments for Obesity with Semaglutide at the forefront
16 There are Safe, Effective treatments for Obesity with Semaglutide at the forefront Anti-Obesity Medications Market1 Novo Nordisk’s Wegovy Revenue (Semaglutide for Obesity)2 120 Forecasted to reach $100B by 2030 • Approved in US 2019, EU 2020 100 80 Year Total Net Sales US Net Sales 16x increase U
Slide 17: Novo's Oral Semaglutide Products Have Significant Shortcomings
17 Novo’s Oral Semaglutide Products Have Significant Shortcomings Novo Nordisk has developed an oral formulation of semaglutide for diabetes (Rybelsus®) and obesity (completed Phase 3) but with significant shortcomings: Low Bioavailability • Demonstrated bioavailability as low as <1%1 High API Cost
Slide 18: RaniPill Technology Overcomes The Challenges of Oral Delivery
18 RaniPill Technology Overcomes The Challenges of Oral Delivery ✓ Payload agnostic ✓ Bioavailability comparable to SC ✓ Equivalent or superior efficacy in preclinical studies at same dose as SC ✓ High capacity may enable weekly or monthly oral dosing ✓ No evidence of food effect RA NI T HERA PE UTI
Slide 19: Semaglutide Preclinical Study
19 Semaglutide Preclinical Study Comparable PK and PD at Same Dose, Delivered Orally Pharmacokinetic Profile of 0.5mg Semaglutide in Canines 1100 Body Weight (%) SC (N=7) 0% 900 RT-116 (N=7) Plasma Semaglutide (ng/mL) -2% 700 -4% -4.6% 500 -5.5% -6% 300 100 -8% RT-116 (N=7) SC (N=7) -100 -1 1 3 5
Slide 20: High-Value Pipeline: Targeting Multi-Billion Dollar Markets
20 High-Value Pipeline: Targeting Multi-Billion Dollar Markets Indication(s) Discovery Pre-Clinical Phase 1 Phase 2 Partner OBESITY PROGRAMS RT-114 Obesity GLP-1/GLP-2 RT-116 Obesity Semaglutide IMMUNOLOGY PROGRAMS RT-105 Rheumatoid Arthritis Adalimumab* RT-111 Psoriasis Ustekinumab* LICENSED PROGRA
Slide 21: RT-114: Oral GLP-1/GLP-2
RT-114: Oral GLP-1/GLP-2 RA NI T HERA PE UTICS 2 02 6
Slide 22: Rani-ProGen Deal Structure
22 Rani-ProGen Deal Structure Rani and ProGen have entered into a collaboration agreement for the development and commercialization of a RaniPill capsule containing PG-102 (GLP-1 / GLP-2 dual agonist) for weight management (including obesity). Deal Structure Commercial Rights Additional Rights • No
Slide 23: RT-114: Multiple Potential Competitive Differentiators
23 Rani’s GLP-1/GLP-2 Program (RT-114): Multiple Potential Competitive Differentiators PG-102 Potential Key Advantages • Weight loss compared to approved products • Improved tolerability • Better lean mass preservation & improved nutrient absorption • Shorter dose titration period • No painful injec
Slide 24: PG-102 Reduced Body Weight & Improved Body Composition
24 PG-102 Reduced Body Weight & Improved Body Composition (DIO mice w/o RaniPill) Improvement of body composition (fat vs. lean muscle loss) under similar weight loss condition (vs. Tirzepatide) **p<0.01. Data are shown in ±SEM. DIO=diet-induced obesity; HFD=high fat diet; SEM=standard error of the
Slide 25: PG-102 Phase 1 Injectable SAD and MAD Results
25 PG-102 Phase 1 Injectable SAD and MAD Results PG-102 Summary of treatment-emergent adverse TEAEs events (during 28-day period, Phase 1 SAD) Placebo 5 mg 15 mg 30 mg 60mg Decreased 0 0 1 (12.5%) 2 (25%) 2 (25%) appetite Target Population Healthy Subject Nausea 0 0 0 0 3 (37.5%) Administration Sing
Slide 26: RT-114 (Oral PG-102) Preclinical PK / PD
26 RT-114 (Oral PG-102) Preclinical PK / PD 6.7% 6.7% Data are weight normalized means ± SE Data are mean ± SE 111% Estimated Bioavailability Relative to SC RA NI T HERA PE UTICS 2 02 6
Slide 27: RT-114 Phase 1 Study Design
27 RT-114 Phase 1 Study Design Study Phase 1A 1B Objectives Safety, tolerability and Bioavailability Safety, tolerability and efficacy Study Population HV (BMI 19-30 kg/m2) OB (BMI >30 kg/m2) Sample Size 30 30 Design Open-label Randomized, Double-Blind ▪ Safety (TEAEs & SAEs) ▪ Safety (TEAEs & SAEs)
Slide 28: Clear Opportunity in Obesity Landscape for RT-114
28 Clear Opportunity in Obesity Landscape for RT-114 Legend • Injectable Max API Dose per Week • Oral • Semaglutide (approved) • Pemvidutide (Ph2) • Liraglutide <5mg • Survodutide (Ph2) (Approved) • Mazdutide (Ph2) • Dapiglutide (Ph2) 15mg • Tirzepatide (approved) • VK2735 (Ph2) Only Convenient, Ora
Slide 29: Obesity Strategy & Rationale
Obesity Strategy & Rationale RA NI T HERA PE UTICS 2 02 6
Slide 30: Most Patients Aren't Staying on Obesity Therapies for Long Enough
30 Most Patients Aren’t Staying on Obesity Therapies for Long Enough to Achieve Meaningful Weight Loss • 30% of patients stopped treatment before four weeks, before reaching the targeted dose. • Many people discontinued use of GLP-1 therapy before achieving clinically meaningful weight loss. RA NI T
Slide 31: RaniPill Technology Enables Delivery of a Variety of Obesity Products
31 RaniPill Technology Enables Delivery of a Variety of Obesity Products Modality Agnostic Technology • RT-114: Weekly Oral GLP-1/GLP-2 – Phase 1 initiated • RT-116: Weekly Oral Semaglutide – Demonstrated preclinical PK & efficacy • Potential to Deliver: – GLP-1/GIP – ActRII – GLP-1/GIP/Amylin – Oth
Slide 32: Significant Potential Opportunity to Capture Portion of Obesity Market
32 Significant Potential Opportunity to Capture Portion of Obesity Market Based on Competitive Landscape Rybelsus Potential RaniPill Wegovy Zepbound Retatrutide Orforglipron Danuglipron (for Obesity) Opportunity Administration SC SC SC Oral Oral Oral Oral Frequency Weekly Weekly Weekly Daily Daily T
Slide 33: Despite Early Launch Success, Problems with Orals Remain
33 Despite Early Launch Success, Problems with Orals Remain: Discontinuation, API, and Convenience Orforglipron1 VK27351 Oral Semaglutide • Small-molecule oral GLP-1 • Orally available GLP- • Orally available GLP-1 peptide 1/GIP peptide • Requires daily administration • Requires daily administration
Slide 34: Thank You
Thank You RA NI T HERA PE UTICS 2 02 6
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