Rani Therapeutics Holdings, Inc. Class A Common Stock Canaccord Genuity's 46th Annual Growth Conference

Sure. First off, Ed, thank you to you and to Canaccord for allowing us the opportunity here to have this conversation. As you said, this is Nick's not only first interaction with you, but his first conference altogether, so make sure to ask him some tough questions.

All right. Rani Therapeutics is a clinical stage biotech, and we've developed a platform technology for the oral delivery of virtually any biologic with bioavailability that's comparable to a subcutaneous injection.

This has been called the holy grail of drug delivery. There have been dozens and dozens of attempts that preceded us. We call those mostly chemistry based approaches, where you add an excipient to typically small peptides to enhance absorption. The bioavailability of those tends to be sub 1%, and you get commensurately high variability. We're getting equivalent bioavailability in most cases, and equivalent variability to a subcu injection with monoclonal antibodies with 300 kilodalton proteins. It doesn't matter what you put into the RaniPill. This opens up the world of biologics more broadly to be turned into pills. With our current RaniPill, that's what we call our technology, which is essentially a swallowable auto-injector.

Looks like a pill. It goes into the small intestines, and then capsule shell dissolves, and there is a reaction that expands a balloon and pokes a needle through the gut wall pain free. The needle dissolves, and the remnants are excreted out. Because of that, we can deliver, as I said, 80%-85% of all on market biologics in a pill, and we can do it with dosing schedules that you cannot really recreate with most other technologies. Like STELARA as an example, if we have brought that into the clinic and shown great bioavailability, if we turn that into a pill regimen on an annualized basis, you would take 12 pills to recreate the same dose as STELARA.

I think right off the bat, it is validation.

Chugai is part of Roche. They are an incredible innovator. If you do not know, they developed HEMLIBRA, which our lead program with them is in rare disease. They are the market leader in hemophilia. Orforglipron, Lilly's small molecule GLP-1 agonist is theirs. Even Galderma's IL-31 came from them. There is ACTEMRA. They have had a long string of innovation, particularly in antibody engineering. They are looking at making more potent antibodies, making them less frequent in terms of the injection regimen, and it is almost a perfect fit for what we are doing. They spent two years doing diligence on Rani. We tested a couple of their molecules, and from there, it turned into a license agreement around the rare disease candidate. After coming on site and doing additional diligence, they expanded the deal.

Looking at validation, they have included 11 targets, of which we have prenegotiated economic terms for five additional programs, primarily in high value immunology categories.

Yeah. I think if you take a step back, as I said, we can deliver 80%-85% of on market biologics in some dosing regimen with the RaniPill. We cannot, as a company, a small biotech, go after all of those opportunities. We need partners. There is the validation, there is the cash, that helps with our own runway. We will absolutely do more of these deals, I believe, in the months and years to come. Having said that, we also think there is value in not just doing technology licenses but doing product licenses. So on a very selective basis, we will bring assets in, and we have done that, and I think we are going to talk about that a little bit here today.

But we will continue to do that very selectively. Ultimately, we are not going to be running late stage studies or building out commercial operations. We are a platform technology that delivers biologics orally, and that is what we will continue to invest in. But you get a lot more economics out of product licenses than you do out of technology licenses.

Yep. I think we'll have a mix of these over time.