Rani Therapeutics is a clinical-stage biotech developing a platform technology to deliver biologic drugs orally rather than by injection. The core product is the RaniPill, an ingestible capsule that uses a pH-sensitive coating to survive the stomach, then deploys a self-inflating balloon in the small intestine that drives a microneedle into the intestinal wall to deliver the drug into the bloodstream. Rani argues this achieves bioavailability comparable to subcutaneous injection — a key claim supported by preclinical studies and three completed Phase 1 trials. Rani has no approved products and no product revenue; it funds operations through equity raises, research collaboration fees, and a licensing deal with Chugai Pharmaceutical. The business model has two long-term revenue tracks: developing and commercializing proprietary oral biologic products, and licensing the RaniPill platform to pharma partners who want oral versions of their own biologics. The Chugai deal — covering an undisclosed hemophilia compound — includes a $10M upfront payment and up to $175M in milestones plus royalties, with Chugai handling clinical and commercial activities. The lead internal program is RT-114, a GLP-1/GLP-2 dual agonist for obesity co-developed with ProGen, which entered Phase 1 in Australia in late 2025. RT-111, an oral ustekinumab biosimilar for inflammatory conditions, completed a Phase 1 with positive results and is advancing to the next stage. Rani is also investing in vertically integrated, automated manufacturing to support both its proprietary pipeline and platform licensing business.