Rani Therapeutics Holdings Inc (RANI) 2025 Q4 法說會逐字稿

Welcome to the Rani fourth-quarter and full year 2025 financial results and corporate update conference call. (Operator Instructions) As a reminder, this call is being recorded today, March 26, 2026.

歡迎參加 Rani 2025 年第四季暨全年財務業績與公司最新進展電話會議。（接線員指示）提醒各位，本次電話會議將於今日（2026 年 3 月 26 日）錄音。

I would now like to turn the conference over to your speaker for today, Stephen Jasper of Gilmartin Group. Please go ahead.

現在我想把會議交給今天的講者——Gilmartin Group 的 Stephen Jasper。請開始。

Thank you, operator. Joining us on the call today from Rani Therapeutics are Chief Executive Officer, Talat Imran; and Chief Financial Officer, Svai Sanford.

謝謝，接線員。今天與我們一同參與電話會議的 Rani Therapeutics 代表包括：執行長 Talat Imran，以及財務長 Svai Sanford。

Earlier today, Rani released financial results for the quarter and year ended December 31, 2025. A copy of the press release is available on the company's website.

今天稍早，Rani 公布了截至 2025 年 12 月 31 日止季度與年度的財務結果。新聞稿副本可於公司網站取得。

During this conference call, management will make forward-looking statements that are subject to risks, uncertainties, and assumptions, such as but not limited to those discussed in the Risk Factors section of the company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K filed today, which identified the specific factors that may cause actual results or events to differ materially from those described in these forward-looking statements.

在本次電話會議中，管理層將作出前瞻性陳述，該等陳述受風險、不確定性與假設影響，包括但不限於公司向美國證券交易委員會（SEC）提交文件中的「風險因素」章節所討論者，其中包含今日提交的 Form 10-K 年度報告；該報告指出可能導致實際結果或事件與這些前瞻性陳述所描述內容出現重大差異的特定因素。

These statements may include, without limitation, statements regarding product development and clinical trials, product potential, market sizes, platform progress, platform potential, certain business strategies, strategic partnership with Chugai, including potential milestone payments under the Chugai License and Collaboration Agreement, capital resources, projected cash runway, financing plans, or operating performance.

這些陳述可能包括但不限於：產品開發與臨床試驗、產品潛力、市場規模、平台進展、平台潛力、特定商業策略、與中外製藥（Chugai）的策略合作（包括依《中外授權與合作協議》可能取得的里程碑款項）、資本資源、預估現金可支撐期間、融資計畫或營運表現等。

Actual results and the timing of events could differ materially from those projected in such forward-looking statements.

實際結果與事件發生時點可能與此等前瞻性陳述中的預測存在重大差異。

With that, I will now turn the call over and introduce you to Talat Imran, Chief Executive Officer of Rani Therapeutics. Talat?

接下來，我將把電話會議交給並介紹 Rani Therapeutics 執行長 Talat Imran。Talat？

Thank you, Stephen. Good afternoon, everyone, and thank you for joining our earnings call for the fourth quarter and full year of 2025. I'm pleased to share the highlights of what we believe was a transformational year for Rani Therapeutics.

謝謝你，Stephen。各位下午好，感謝各位參加我們 2025 年第四季暨全年財報電話會議。我很高興與各位分享我們認為對 Rani Therapeutics 具有轉型意義的一年之重點。

During 2025, we made significant progress advancing and validating the RaniPill platform across multiple therapeutic modalities, while also strengthening our financial position and expanding our strategic partnerships.

在 2025 年，我們在多種治療模式上推進並驗證 RaniPill 平台方面取得重大進展，同時也強化了財務狀況並擴大策略合作夥伴關係。

For those newer to our story, Rani Therapeutics is a clinical stage biotherapeutics company developing a platform designed to enable the oral delivery of biologics and other therapies. Our proprietary RaniPill capsule is intended to replace subcutaneous injections or intravenous infusions with an oral capsule while achieving comparable bioavailability. To date, we have conducted several preclinical and clinical studies evaluating the safety, tolerability, and bioavailability of therapies delivered using the RaniPill technology.

對於較不熟悉我們故事的朋友，Rani Therapeutics 是一家臨床階段的生物治療公司，正在開發一個旨在實現生物製劑及其他療法口服給藥的平台。我們專有的 RaniPill 膠囊旨在以口服膠囊取代皮下注射或靜脈輸注，同時達到相當的生體可用率。迄今為止，我們已進行多項臨床前與臨床研究，以評估透過 RaniPill 技術遞送之療法的安全性、耐受性與生體可用率。

On today's call, I will begin by reviewing key milestones achieved over the past year across our strategic partnerships and financial activities, followed by progress across our pipeline. Following my remarks, Svai Sanford, our Chief Financial Officer, will review our financial results for the fourth quarter and full year 2025.

在今天的電話會議中，我將先回顧過去一年在策略合作與財務活動方面達成的關鍵里程碑，接著說明我們產品線（pipeline）的進展。在我發言後，我們的財務長 Svai Sanford 將回顧 2025 年第四季暨全年財務結果。

Also joining us on the call today is Kate McKinley, our Chief Business Officer.

今天也一同參與電話會議的還有我們的商務長 Kate McKinley。

Let me start with our strategic partnerships and financing progress, which we believe further validate both the RaniPill platform and our broader business model.

我先從策略合作夥伴關係與融資進展談起；我們相信這些進一步驗證了 RaniPill 平台以及我們更廣泛的商業模式。

In October 2025. We entered into a collaboration and licensing agreement with Chugai Pharmaceuticals for a potential total value of up to approximately $1.1 billion. The agreement focused on the development of an oral therapy combining our RaniPill platform with Chugai's rare disease antibody.

在 2025 年 10 月，我們與中外製藥（Chugai Pharmaceuticals）簽訂合作與授權協議，潛在總價值最高約可達 11 億美元。該協議聚焦於開發一項口服療法，將我們的 RaniPill 平台與中外的罕見疾病抗體結合。

Importantly, the agreement also included an option for Chugai to expand the collaboration to up to five additional drug targets under similar terms. We believe this highlights the scalability of the RaniPill platform and the potential to apply it across a broad range of biologic molecules over time.

重要的是，該協議亦包含一項選擇權，允許中外在類似條款下將合作擴大至最多另外五個藥物標的。我們認為這凸顯了 RaniPill 平台的可擴展性，以及隨時間推進將其應用於廣泛生物分子之潛力。

More broadly, this partnership highlights the broad applicability of the RaniPill platform across multiple high-value therapeutic areas, including rare disease and immunology, where biologics remain the standard of care but are constrained by injectable delivery.

更廣泛而言，這項合作凸顯了 RaniPill 平台在多個高價值治療領域的廣泛適用性，包括罕見疾病與免疫學；在這些領域中，生物製劑仍是標準治療，但受限於注射式給藥方式。

Concurrently with the Chugai agreement. We strengthened our balance sheet through an oversubscribed $60.3 million private placement, including $6 million of debt conversion, led by leading life science investors. This financing significantly enhanced our capital position and extended our projected cash runway into the fourth quarter of 2027, enabling us to continue advancing both our pipeline and platform development.

在與中外協議同步進行之際，我們也透過一項超額認購的 6,030 萬美元私募增資（其中包含 600 萬美元債務轉換），並由領先的生命科學投資人主導，以強化資產負債表。此項融資大幅提升了我們的資本實力，並將預估現金可支撐期間延長至 2027 年第四季，使我們得以持續推進產品線與平台開發。

Turning now to our pipeline progress, which was driven by strong preclinical and early clinical momentum across our key programs.

接著談我們的產品線進展；在關鍵專案上，強勁的臨床前與早期臨床動能推動了相關成果。

We continue to be encouraged by the data for RT-114, our bispecific GLP-1/GLP-2 receptor agonist, PG-102, delivered orally via the RaniPiill capsule. As a reminder, PG-102 is an FC fusion GLP-1/GLP-2 molecule in development by ProGen.

我們持續對 RT-114 的數據感到鼓舞。RT-114 是我們的雙特異性 GLP-1/GLP-2 受體致效劑，透過 RaniPiill 膠囊以口服方式遞送 PG-102。提醒各位，PG-102 是由 ProGen 開發中的 Fc 融合 GLP-1/GLP-2 分子。

In March 2025, we reported preclinical data demonstrating that RT-114 achieved 111% relative bioavailability compared to subcutaneous PG-102 with comparable pharmacokinetic profiles. Importantly, we also observed comparable weight loss between oral RT-114 and injected PG102 with less variability in the RT-114 group.

在 2025 年 3 月，我們公布臨床前數據，顯示 RT-114 相較於皮下注射 PG-102 的相對生體可用率達 111%，且藥物動力學曲線相當。重要的是，我們也觀察到口服 RT-114 與注射 PG102 的減重效果相當，且 RT-114 組的變異性更低。

These findings are particularly meaningful in the context of the rapidly evolving obesity treatment landscape. While current therapies demonstrate strong efficacy, they are often associated with tolerability challenges that can contribute to high discontinuation rates. We believe the RaniPill platform may offer a differentiated approach by enabling oral delivery of these same biologics while maintaining comparable exposure and absorption.

在快速演變的肥胖症治療版圖中，這些發現尤其具有意義。雖然現有療法展現強勁療效，但往往伴隨耐受性挑戰，可能導致較高的停藥率。我們相信 RaniPill 平台可透過讓相同生物製劑以口服方式給藥、同時維持相當的暴露量與吸收，提供差異化的解決方案。

Across our studies to date, therapies delivered by the Ranipil capsule have demonstrated high tolerability, supporting our belief that oral biologics could meaningfully improve the patient experience without compromising efficacy.

在迄今為止的各項研究中，透過 Ranipil 膠囊遞送的療法展現出高度耐受性，支持我們的看法：口服生物製劑可在不犧牲療效的前提下，實質改善病患體驗。

These results also build on encouraging clinical data generated by ProGen in its Phase 1 program with subcutaneous PG-102. Where obese patients experienced average weight loss of 4.8%, with reductions of up to 8.7% after five weeks of dosing.

這些結果也建立在 ProGen 以皮下注射 PG-102 進行第一期（Phase 1）計畫所產生的令人鼓舞的臨床數據之上；在該研究中，肥胖患者平均減重 4.8%，在給藥五週後最高降幅可達 8.7%。

We were also pleased to present additional RT-114 data at ENDO 2025 in a late-breaking oral presentation, where canine data further confirmed bioequivalence and strengthened our confidence in the translational potential of the program.

我們也很高興在 ENDO 2025 的最新口頭報告（late-breaking oral presentation）中發表更多 RT-114 數據；其中犬隻數據進一步確認生物等效性，並強化我們對該專案轉譯潛力的信心。

Building on this momentum, in December 2025, we initiated a phase one clinical trial of RT-114. The study is designed to evaluate safety, tolerability, bioavailability, pharmacokinetics, and pharmacodynamics across single and multiple doses. With RT-114 now in the clinic, we are entering an important new phase for the RaniPill platform and advancing what we believe could be a meaningful opportunity in oral obesity therapies.

在此動能基礎上，我們於 2025 年 12 月啟動 RT-114 的第一期臨床試驗。該研究旨在評估單次與多次劑量下的安全性、耐受性、生體可用率、藥物動力學與藥效學。隨著 RT-114 現已進入臨床階段，我們正邁入 RaniPill 平台的重要新階段，並推進我們認為在口服肥胖症療法方面可能具有重大意義的機會。

Moving to our additional programs, in February 2025, we reported preclinical data for RT-116, our oral semaglutide delivered via RaniPill, demonstrating comparable bioavailability, pharmacokinetics, and weight loss relative to subcutaneous semaglutide.

接著談我們的其他計畫，於 2025 年 2 月，我們公布了 RT-116 的臨床前數據；RT-116 為透過 RaniPill 遞送的口服司美格魯肽（semaglutide），其生體可用率、藥物動力學以及減重效果與皮下注射司美格魯肽相當。

RT-116 was well tolerated with no serious adverse events observed. Taken together. The data from RT-114 and RT-116 continue to reinforce our confidence in the RaniPill platform as a versatile oral delivery solution for incretin-based therapies.

RT-116 耐受性良好，未觀察到任何嚴重不良事件。綜合而言，RT-114 與 RT-116 的數據持續強化我們對 RaniPill 平台的信心，認為其可作為以腸泌素（incretin）為基礎療法的多用途口服遞送解決方案。

Overall, we believe the progress we made this past year reflects our continued commitment to advancing the RaniPill platform and realizing our vision of making oral biologics a reality across a broad range of therapeutic areas. With RT-114 now in the clinic and a strengthened balance sheet supporting our development plans, we believe we are entering an exciting new phase for the company.

整體而言，我們相信過去一年所取得的進展，反映了我們持續致力於推進 RaniPill 平台，並實現我們的願景：在廣泛的治療領域中，讓口服生物製劑成為現實。隨著 RT-114 現已進入臨床階段，且更強健的資產負債表支持我們的開發計畫，我們相信公司正進入一個令人振奮的新階段。

We look forward to building on this momentum in 2026 as we continue advancing our pipeline and expanding our strategic partnerships.

我們期待在 2026 年延續這股動能，持續推進我們的產品線並擴大策略合作夥伴關係。

With that, I will now turn the call over to Svai Sanford, our Chief Financial Officer, to review our financial results.

接下來，我將把電話會議交給我們的財務長（Chief Financial Officer）Svai Sanford，請他回顧我們的財務結果。

Thank you, Talat, and good afternoon, everyone. Thank you for joining us today.

謝謝你，Talat，各位下午好。感謝大家今天加入我們。

As Talat has mentioned, earlier today, we issue a press release and file our Form 10-K with the SEC containing our financial results for the fourth quarter and full year 2025. I will briefly highlight a few key financial items on today's call. Additional detail can be found in our press release and in the Form 10-K.

如 Talat 所提到的，我們今天稍早已發布新聞稿，並向美國證券交易委員會（SEC）提交 Form 10-K，其中包含我們 2025 年第四季與全年財務結果。我將在今天的電話會議中簡要重點說明幾項關鍵財務事項。更多細節可參閱我們的新聞稿與 Form 10-K。

Turning to the balance sheet. Cash equivalents, and marketable securities total forty-nine.7 million, as of these. December 31, 2025, compared to $27.6 million at year-end 2024. The increase reflects the oversubscribed $60.3 million private placement that we closed in October 2025, as well as the upfront license payment from the collaboration agreement with Chuguy, which closed concurrently with the private placement.

接著看資產負債表。截至 2025 年 12 月 31 日，現金及約當現金與有價證券合計為 4,970 萬美元，相較於 2024 年底的 2,760 萬美元有所增加。增加主要反映我們於 2025 年 10 月完成、超額認購的 6,030 萬美元私募案，以及與 Chugai 的合作協議所取得的前期授權款；該合作協議與私募案同時完成交割。

During the fourth quarter of 2025, we also repay all of the outstanding debt due to Avenue Capital and no longer have any outstanding debt obligations as of December 31, 2025.

在 2025 年第四季期間，我們亦已償還所有應付 Avenue Capital 的未償債務，因此截至 2025 年 12 月 31 日，我們已不再有任何未償債務義務。

Based on our current operating plan, we believe our existing cash equivalents, and marketable securities, including expected technology transfer milestone payment under the TUGAI agreement, will fund our operations into the fourth quarter. Of 2027 without the need for additional financing.

根據我們目前的營運計畫，我們相信現有的現金及約當現金與有價證券（包含依 TUGAI 協議預期可取得的技術移轉里程碑款）將可支應我們的營運至 2027 年第四季，而無需額外融資。

Turning to our operating results, contract revenue for the fourth quarter and year-end 2025 was $1.5 million and $1.6 million, respectively. Of this amount, $1.5 million related to the Chugai license and collaboration agreement, and $0.1 million related to the evaluation services for our customer, although the Chugai agreement included a $10 million upfront payment. Revenue recognition guidance requires us to recognize that amount over time as we satisfy our performance obligation under the contract.

接著看營運結果，2025 年第四季與全年合約收入分別為 150 萬美元與 160 萬美元。其中 150 萬美元與 Chugai 授權與合作協議相關，另有 10 萬美元與我們為客戶提供的評估服務相關；儘管 Chugai 協議包含 1,000 萬美元的前期付款，但依收入認列指引，我們必須在履行合約中的履約義務期間分期認列該金額。

As a result, only $1.5 million of that amount was recognized as revenue in the fourth quarter. For comparison, contract revenue for the same period in 2024 totaled $1.0 million. All of which related to evaluation services.

因此，其中僅有 150 萬美元於第四季被認列為收入。作為比較，2024 年同期的合約收入合計為 100 萬美元，全部皆與評估服務相關。

Research and development expenses for the fourth quarter and full year 2025 were $4.9 million and $20.2 million, respectively, compared to $6.8 million and $26.7 million for the same period in 2024. The $6.5 million year-over-year decrease reflects the cost containment measure that we implemented, including temporary pause and termination of certain R&D programs and reduction in compensation.

2025 年第四季與全年研發費用分別為 490 萬美元與 2,020 萬美元，相較於 2024 年同期的 680 萬美元與 2,670 萬美元。年減 650 萬美元主要反映我們所實施的成本控管措施，包括暫停與終止部分研發計畫，以及降低薪酬。

We do expect R&D expenses to increase going forward as we resume select programs and continue advancing our technology platform.

我們預期隨著未來恢復部分計畫並持續推進技術平台，研發費用將會上升。

General and administrative expenses for the fourth quarter and full year 2025 were $5.1 million and $19.7 million, respectively compared to $5.5 million and $23.9 million for the same period in 2024. The year-over-year decrease of $4.2 million primarily reflects the cost containment measures, including reduction in employee compensation.

2025 年第四季與全年一般及行政費用分別為 510 萬美元與 1,970 萬美元，相較於 2024 年同期的 550 萬美元與 2,390 萬美元。年減 420 萬美元主要反映成本控管措施，包括降低員工薪酬。

Net losses for the fourth quarter and full year 2025 were $9.1 million and $41 million, respectively compared to $15.7 million and $56.6 million in the same period of 2024.

2025 年第四季與全年淨損分別為 910 萬美元與 4,100 萬美元，相較於 2024 年同期的 1,570 萬美元與 5,660 萬美元。

This amount includes non-cash stock-based compensation expense of $2.2 million in the fourth quarter and $11.8 million for the full year 2025, compared to $4 million and $16 million for the same period in 2024.

上述金額包含非現金的股份基礎給付（stock-based compensation）費用：2025 年第四季為 220 萬美元、全年為 1,180 萬美元；相較之下，2024 年同期分別為 400 萬美元與 1,600 萬美元。

That concludes my comments on the financial section. I will now return the call back over to Talad for closing comments.

以上為我在財務部分的說明。接下來我將把電話會議交回給 Talad 作結語。

Talat?

Talat？

Thank you, Svai. In closing, we believe the progress we made this past year further validates the potential of the RaniPill platform to transform how biologic medicines are delivered.

謝謝你，Svai。最後總結，我們相信過去一年所取得的進展，進一步驗證 RaniPill 平台具備改變生物藥物遞送方式的潛力。

Our collaboration with Chugai represents an important strategic milestone and highlights the broad applicability of our platform across multiple therapeutic areas. Importantly, the agreement also creates the opportunity to expand the partnership to additional molecules over time, which we believe could further unlock the value of the RaniPill platform at scale.

我們與 Chugai 的合作代表一項重要的策略里程碑，並凸顯我們平台在多個治療領域的廣泛適用性。更重要的是，該協議也創造了隨時間將合作擴展至更多分子的機會；我們相信這將有助於在規模化下進一步釋放 RaniPill 平台的價值。

We are particularly excited about the near-term opportunity in obesity. The preclinical data we have generated with RT-114 and RT-116 reinforce our belief that the RaniPill platform can deliver meaningful differentiation in this rapidly evolving market. While current therapies demonstrate strong efficacy, they are often associated with tolerability challenges and high discontinuation rates.

我們對肥胖症的近期機會尤其感到振奮。我們以 RT-114 與 RT-116 產生的臨床前數據，強化了我們的信念：RaniPill 平台能在這個快速演變的市場中帶來具意義的差異化。雖然現有療法展現強勁療效，但往往伴隨耐受性挑戰與較高的停藥率。

We believe an oral therapy capable of achieving drug exposures comparable to subcutaneous administration could represent a significant advancement for patients.

我們相信，若能有一種口服療法可達到與皮下注射相當的藥物暴露量，將可能為病患帶來重大進展。

Finally, following the successful private placement completed in October, we are well-capitalized to execute on our development plans and advance our clinical pipeline.

最後，隨著我們於 10 月成功完成私募，我們資本充足，得以執行開發計畫並推進臨床產品線。

Overall, we are excited about the momentum we are carrying into 2026 with RT-114 now in the clinic, continued progress across our obesity programs, and expanding strategic partnerships. We believe we are well-positioned to continue advancing our vision of making oral biologics a reality across a broad range of therapeutic areas.

整體而言，我們對帶入 2026 年的動能感到振奮：RT-114 現已進入臨床、肥胖症相關計畫持續取得進展，且策略合作夥伴關係不斷擴大。我們相信，我們已具備良好定位，可持續推進我們的願景：在廣泛的治療領域中，讓口服生物製劑成為現實。

With that, I will now open the call up for questions. Operator?

接下來，我將開放提問。接線員？

(Operator Instructions) Brandon Folkes, H.C. Wainwright.

（接線員指示）Brandon Folkes，H.C. Wainwright。

Hi, thanks for your questions and congrats on all the progress. Maybe just two from me. Firstly, on 114, when we do see the data, are you going to present any weight loss data or should we just look at the bivability data and draw a parallel to EG102?

嗨，謝謝你的提問，也恭喜你們取得所有進展。我這邊可能只有兩個問題。第一個，關於 114，當我們看到數據時，你們會提供任何減重數據嗎？還是我們應該只看生物可用性數據，並與 EG102 做類比？

And then secondly, given the potential tolerability of 114. How should we think about additional doses that you could explore? Are you going to explore an equivalent dose to PG-102, or could you explore additional doses as well?

第二個，考量到 114 可能具有的耐受性，我們應該如何看待你們可能探索的額外劑量？你們會探索與 PG-102 等效的劑量，還是也可能探索其他額外劑量？

Thank you.

謝謝。

Hi, Brandon. Thank you for the questions.

嗨，Brandon。謝謝你的提問。

For the first one, your question around our RT-114, GLP-1, GLP-2 program, and what data to expect once we've completed the Phase 1, we are doing a Phase 1b. As a reminder, this is an eight-week study in obese patients. So weight loss is one of the endpoints. And we will look at that against the historical data for this molecule, as it's called by ProGen PG-102. To see if we're running around the same type of weight loss or the same trajectory.

針對第一個問題，你問到我們的 RT-114（GLP-1、GLP-2）計畫，以及在完成第一期後你可以期待看到哪些數據；我們正在進行一項 1b 期研究。提醒一下，這是一項在肥胖患者中進行的為期八週研究，因此減重是其中一個終點。我們也會把結果與該分子過往的歷史數據做比較，該分子在 ProGen 那邊稱為 PG-102，看看我們是否呈現相近的減重幅度或相似的減重軌跡。

In terms of tolerability, it is something that we have debated that if we're showing similar tolerability and the convenience of an oral, could you pursue higher doses? I think even Progen is looking at that with their subcu.

就耐受性而言，我們確實討論過：如果我們顯示出相近的耐受性，再加上口服的便利性，是否可以追求更高劑量？我想即便是 ProGen 也在他們的皮下（subcu.）給藥上評估這點。

I think it remains to be seen what we get in terms of data from this Phase 1b study as it pertains to weight loss.

我認為，關於這項 1b 期研究在減重方面會得到什麼樣的數據，仍有待觀察。

The reality, I think, in this space is that. There are many options to lose weight with these incretin-based therapies. There are very few, vanishingly few, that do so with tolerability profiles that'll keep most patients on the therapy for the long-term. So our focus is more on the latter than on just maximizing weight loss and driving up any kind of nausea or vomiting or other tolerability issues that might present.

我認為這個領域的現實是：以這些以腸泌素（incretin）為基礎的療法來減重，有很多選項；但真正能在耐受性特徵上讓大多數患者長期持續治療的，卻非常少、少到幾乎沒有。因此，我們的重點更偏向後者，而不只是把減重最大化，並引發任何噁心、嘔吐或其他可能出現的耐受性問題。

So I would say on first blush, we would. Air towards tolerability, because I think that's the primary differentiation factor of this drug. But we will, just as anyone else would, look at the data once it's generated and draw our conclusions from that.

所以我會說，初步來看，我們會更偏向耐受性，因為我認為那是這個藥物最主要的差異化因素。不過，我們也會像其他人一樣，在數據產出後檢視它，並據此得出結論。

Great. Thank you very much, and congrats on all the progress.

很好。非常感謝，也恭喜你們取得所有進展。

Thank you, Brandon.

謝謝你，Brandon。

Michael Okunewitch, Maximum Group.

Michael Okunewitch，Maximum Group。

Thank you so much for taking my questions today. Congrats on all the great progress.

非常感謝今天讓我提問。恭喜你們取得這麼多很棒的進展。

I guess I'd like to follow up and talk a little bit more about the Phase 1 study for RT-114 and particularly the importance of that study and what new questions we should be looking for answers to, particularly in the context of PG-102 already having demonstrated some efficacy and safety for the active ingredient. I guess, where do you see the additional value to be unlocked in the clinical data for RT-114 specifically?

我想我想追問一下，再多談一點 RT-114 的第一期研究，特別是這項研究的重要性，以及我們應該期待回答哪些新的問題——尤其是在 PG-102 的活性成分已經展示出一定療效與安全性的背景下。也就是說，你認為 RT-114 的臨床數據還能解鎖哪些額外價值？

Hi, Michael. Thank you for your question.

嗨，Michael。謝謝你的問題。

If you look back at the historical clinical data generated by Rani, we've shown -- consistently shown high bioavailability across multiple programs, octreotide, teriparatide, and ustekinumab monoclonal antibody. This is the first FC fusion protein to go into the clinic, so there will be some interesting learnings from that in terms of PK.

如果你回顧 Rani 過往產出的歷史臨床數據，我們在多個專案中都——而且是一貫地——顯示出高生物可用性，包括 octreotide、teriparatide，以及 ustekinumab 單株抗體。這是第一個進入臨床的 Fc 融合蛋白，因此在藥物動力學（PK）方面會有一些有趣的學習。

But primarily, what we are excited about and what we hope the market sees as well is this is the first PD study, going back to Brandon's question, this is the first PD study with the RaniPill in humans. We've generated PD data, weight loss data, in particular, with several incretins.

但主要讓我們感到興奮、也希望市場能看到的是：回到 Brandon 的問題，這是 RaniPill 在人體中的第一個藥效動力學（PD）研究。我們已經在多種腸泌素上產出 PD 數據，尤其是減重數據。

RT-114 or PG-102 included in canines and showed comparable weight loss to subcu. If we can recreate that in humans, if we're able to show that in the Phase 1B, we believe that that has the potential to read on to other incretin programs and really other programs in general, whether they're in immunology or rare disease or some other therapeutic area, because ultimately the Ronnie pill is a delivery mechanism.

RT-114（或 PG-102）也包含在內；我們在犬隻中顯示出與皮下（subcu.）相當的減重效果。如果我們能在人類中重現這點、如果我們能在 1b 期中展示出來，我們相信這有潛力可外推到其他腸泌素專案，甚至更廣泛地外推到其他專案——不論是在免疫學、罕見疾病或其他治療領域——因為歸根究柢，RaniPill 是一種遞送機制。

It's a swallowable auto-injector. So if we can show similar -- correlates to similar weight loss with RT-114. We think this has, first, it's a milestone for the company and for that program, but then more broadly, it speaks to the broad applicability and potential of the RaniPill platform in multiple therapeutic areas.

它是一個可吞服的自動注射器。因此，如果我們能用 RT-114 顯示出相似——也就是與減重相似的相關性——我們認為這首先是公司與該專案的一個里程碑；更廣泛而言，它也說明了 RaniPill 平台在多個治療領域的廣泛適用性與潛力。

All right. So would it be fair to say that this is a key item for any additional conversations you're having on partnering efforts, either with Chugai for their other compounds, that they have the five additional options for or for additional pharma partners?

了解。所以是否可以說，這會是你們在進行任何額外合作洽談時的一個關鍵項目——不論是與 Chugai 就他們其他化合物（他們有另外五個選擇權）進行的洽談，或是與其他藥廠夥伴的洽談？

It depends on the pharma partner. It goes back to the comment I made about the broad applicability. Some partners may be looking for that. I think it's going to be a de-risking event, assuming the data is good.

這取決於藥廠夥伴。這又回到我提到的廣泛適用性。有些夥伴可能會在意這點。我認為，若數據良好，這將是一個去風險（de-risking）事件。

For any conversations that we have, specifically with Chugai, I don't want to comment on what their thinking is for their option programs. They're our partner and it's, within their decision-making on when to exercise, if and when to exercise.

至於我們與 Chugai 的任何對話，我不想評論他們對其選擇權專案的想法。他們是我們的合作夥伴，而是否、以及何時行使選擇權，屬於他們的決策範圍。

I'm sure that having PD data, positive PD data, would not hurt for anybody, though.

不過我確信，擁有 PD 數據、而且是正面的 PD 數據，對任何人都不會是壞事。

All right. Well, thank you for the additional clarity and look forward to seeing that data as it starts to emerge.

好的。謝謝你補充說明並提供更清楚的資訊，也期待隨著數據開始出爐能看到結果。

We do, too. Thank you, Michael.

我們也是。謝謝你，Michael。

Thank you. This does conclude today's Q&A session. I would like to go ahead and turn the call over to Talat for closing remarks. Please go ahead.

謝謝。今天的問答環節到此結束。接下來我想把電話交給 Talat 做結語。請開始。

Thank you, Lisa. This concludes our fourth-quarter and full-year 2025 financial results and corporate update conference call. Thank you again, everyone, for joining us this afternoon.

謝謝你，Lisa。這也結束了我們 2025 年第四季及全年財務結果與公司最新進展的電話會議。再次感謝各位今天下午加入我們。

Thank you, everyone, for dialing in. You may now disconnect.

謝謝各位撥入參與。您現在可以掛線。