Rani Therapeutics Holdings, Inc. announced strategic prioritization of programs, expansion of its manufacturing and plans to streamline its business operations to support potential near-term value drivers and long-term growth. The plans include strategic prioritization of its key development programs, RT-102, RT-111 and the RaniPill HC, expansion of its manufacturing footprint to support increased scale and partnerships, and cost reduction initiatives that align with Ranis near-term goals. Anticipated cost savings are expected to support Ranis operating plans into 2025.

As a result of the initiatives announced today, Rani expects to extend its cash runway into 2025. Rani has chosen to prioritize its RT-102, RT-111 and RaniPill HC programs. Rani is also entering into a lease for approximately 33,000 square feet to expand its manufacturing footprint. Development of RT-101 will be discontinued, while the development of RT-105 and RT-110 will be paused.

In addition, Rani will reduce its workforce by approximately 25%. Rani Therapeutics expects to incur a one-time restructuring expense of approximately $0.3 million, of which nearly all are cash expenditures related to severance. This restructuring is expected to be substantially completed by the end of the first quarter of 2024 Initiation of Phase 2 study of RT-102, a RaniPill GO containing teriparatide for osteoporosis, expected in the fourth quarter of 2023.

Topline results of Phase 1 study of RT-111, a RaniPill GO containing ustekinumab biosimilar CT-P43, expected in the first quarter of 2024. Development of RaniPill HC to be ready for potential Phase 1 trials in the second half of 2024.