Rani Therapeutics Holdings (NASDAQ: RANI) reported first quarter 2026 financial results and announced that Chief Financial Officer Svai Sanford will leave the company to pursue another opportunity. Sanford will remain in his role during a transition period until a successor is appointed.

The clinical-stage biotherapeutics company reported a net loss of $8.0 million for the three months ended March 31, 2026, compared to $12.7 million in the same period of 2025. Contract revenue increased to $1.7 million from $0.2 million year-over-year, primarily due to its collaboration agreement with Chugai.

Research and development expenses decreased to $5.2 million from $6.6 million in the prior year period, while general and administrative expenses fell to $4.9 million from $5.6 million. The company's cash, cash equivalents and marketable securities totaled $43.4 million as of March 31, 2026, down from $49.7 million at the end of 2025.

Rani expects its current cash position, including an anticipated technology transfer milestone payment from Chugai, to fund operations into the fourth quarter of 2027. The company continues advancing its Phase 1 study of RT-114, an oral GLP-1/GLP-2 dual agonist for obesity treatment, developed through its partnership with ProGen.

During the quarter, Rani promoted Alireza Javadi to Chief Technical Officer and appointed Jesper Høiland as Head of Strategy and Dr. Sara Kenkare-Mitra as Strategic Advisor. The company stated that Sanford's departure was not due to any disagreement regarding financial operations, policies or practices.