Rani Therapeutics announces development of RT-101 cancelled, 25% workforce cut

As a result of the initiatives announced 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 $300K 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. A material portion of the expense is anticipated to be incurred in the fourth quarter of 2023. The company sees the Initiation of Phase 2 study of RT-102, a RaniPill GO containing teriparatide for osteoporosis, expected in the fourth quarter of 2023.