Rani Therapeutics raises $60.3 million in oversubscribed private placement

Rani Therapeutics Holdings Inc. (NASDAQ: RANI) announced it has entered into a securities purchase agreement for a private placement expected to generate gross proceeds of approximately $60.3 million before fees and expenses.

The financing was led by Samsara BioCapital, with participation from RA Capital Management, Anomaly, Special Situations Funds, Invus and executive chairman Mir Imran. The private placement is expected to close on or about October 21, 2025.

Under the agreement, Rani will issue 42,633,337 shares of Class A common stock at $0.48 per share and pre-funded warrants to purchase up to 82,366,667 shares at $0.4799 per warrant. Each share and pre-funded warrant includes an accompanying warrant to purchase Class A common stock at $0.48 per share, exercisable for five years following stockholder approval.

H.C. Wainwright & Co. serves as lead placement agent, with Maxim Group LLC as co-placement agent for the transaction.

The San Jose-based clinical-stage biotherapeutics company said the net proceeds, combined with $10 million upfront and an expected $18 million technology transfer milestone from its collaboration agreement with Chugai Pharmaceuticals, are expected to fund operations into 2028.

In connection with the placement, Avenue Venture Opportunities Fund will convert $6 million of outstanding debt into 12,500,000 shares and receive warrants on the same terms as other investors.

Upon closing, Samsara and Anomaly will each have the right to designate one member to Rani's board of directors.

The securities were priced at-the-market under Nasdaq rules and have not been registered under the Securities Act of 1933. Rani has agreed to file a registration statement with the SEC for the resale of the securities.

Rani Therapeutics focuses on oral delivery of biologics and drugs using its RaniPill platform technology, intended to replace subcutaneous injection or intravenous infusion with oral dosing.

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