Rani Therapeutics gets Nasdaq minimum bid price notice, CFO Svai Sanford to resign

Rani Therapeutics Holdings, Inc. (Nasdaq: RANI) received a Nasdaq minimum bid price deficiency notice dated May 11, 2026 for The Nasdaq Global Market, and has until November 9, 2026, to regain compliance. The company disclosed the letter in a Form 8-K filed May 15, 2026. The same filing says Chief Financial Officer Svai Sanford will resign once a successor is appointed. The notice arrives while cash is falling and the runway depends on a payment the company has not yet received.

The deadline and the CFO exit

The letter came from the Nasdaq Stock Exchange LLC. It says the closing bid price of Rani's Class A common stock stayed below the $1.00 minimum for the prior 30 consecutive business days. Listing Rule 5450(a)(1) sets the minimum at $1.00 per share. Under Nasdaq Listing Rule 5810(c)(3)(A), the company has a 180-day period, ending November 9, 2026, to reach and hold a closing bid price of at least $1.00 for 10 consecutive business days.

If it misses that date, Rani may get a second 180-calendar-day period, but only by moving to The Nasdaq Capital Market and promising to cure the deficiency with a reverse stock split if necessary. The filing says there can be no assurance that the company will regain compliance or that Nasdaq will grant more time. Otherwise the shares will be subject to delisting.

Sanford told the company on May 12, 2026, that he will resign once a successor is appointed. The filing says the departure is not the result of any disagreement with the company on financial operations, policies or practices. Under a transition and separation agreement dated May 15, 2026, he will receive base salary of $491,400 for nine months after he leaves, plus COBRA premiums for nine months, in exchange for a general release of claims. His unvested options and restricted stock units vest in full on his departure date.

Cash, losses and the milestone

At March 31, 2026, cash, cash equivalents and marketable securities totaled $43.4 million, compared with $49.7 million at December 31, 2025. The release says that balance, including an expected technology transfer milestone payment from Chugai, will fund operations into the fourth quarter of 2027. The milestone was still expected when the release was issued, so the runway figure depends partly on money Rani has not yet received.

The first-quarter net loss was $8.0 million, compared with $12.7 million a year earlier. Contract revenue rose to $1.7 million from $0.2 million, which the company attributes mainly to the Chugai agreement. The smaller loss follows a heavier year. In its 10-K filed March 26, 2026, Rani reported a net loss of $29.7 million for 2025 and used $18.7 million in operations, against a net loss of $30.0 million in 2024 and cash used of $35.5 million.

An early obesity program

Rani describes itself as a clinical-stage biotherapeutics company focused on the oral delivery of biologics and drugs. Its RaniPill capsule is meant to replace injection or infusion of biologics with oral dosing.

Its lead metabolic program, RT-114, is an oral GLP-1/GLP-2 dual agonist in a Phase 1 trial for obesity, run through a partnership with ProGen. Chief Executive Officer Talat Imran calls it the company's first obesity program in the clinic. The trial is assessing safety, tolerability, bioavailability, and pharmacokinetics and pharmacodynamics across single and multiple doses. The company reports no data from the study, and a Phase 1 trial is the earliest test of a drug in people.

Leadership changes

Alireza Javadi was promoted to Chief Technical Officer in January 2026. Jesper Høiland joined as Head of Strategy in March 2026, to advance corporate and pipeline prioritization, and Dr. Sara Kenkare-Mitra became a Strategic Advisor in April 2026. Imran said their experience would help as Rani evaluates new opportunities for the RaniPill platform and focuses its pipeline on programs with the greatest clinical and commercial potential.

Sanford, who led the company through its initial public offering, said the move to "pursue another opportunity" came when the company was on "strong financial footing." The company has started a search for his successor, and he continues as CFO during the handover.

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