SCHEDULE: Invus Group Discloses 9.99% Stake in Rani Therapeutics

A group of investment entities led by Raymond Debbane has disclosed a 9.99% passive ownership stake in Rani Therapeutics Holdings, Inc. Class A Common Stock.

Summary

• A group of investment entities, including Invus Public Equities, L.P., Avicenna Life Sci Master Fund LP, and their respective controlling entities, all ultimately led by Raymond Debbane, has reported beneficial ownership in Rani Therapeutics Holdings, Inc.
• Raymond Debbane, as the managing member of Siren and Ulys (which control the other reporting entities), beneficially owns an aggregate of 9,825,911 shares of Class A Common Stock.
• This aggregate beneficial ownership represents 9.99% of the issued and outstanding Class A Common Stock of Rani Therapeutics Holdings, Inc. as of October 16, 2025.
• The reported ownership consists of 2,000,000 direct shares and 7,825,911 shares issuable upon the exercise of warrants (Pre-Funded Warrants and Common Warrants), subject to a 9.99% Beneficial Ownership Limitation.
• The calculation of the percentage of shares beneficially owned is based on 47,898,228 shares outstanding as of August 4, 2025, an additional 42,633,337 shares issued in a private placement that closed on October 21, 2025, and the 7,825,911 shares issuable from warrants under the limitation.

Sentiment

Score: 7

Explanation: The filing indicates a significant passive investment by a reputable group of entities led by Raymond Debbane, suggesting institutional confidence in Rani Therapeutics. The disclosure of a recent private placement also indicates capital infusion.

Positives

• A significant passive ownership stake of 9.99% by a group of investment entities led by Raymond Debbane signals institutional confidence in Rani Therapeutics Holdings, Inc.
• The investment includes a substantial number of warrants, indicating a long-term bullish outlook on the company's potential from these institutional investors.

Negatives

• No explicit negative information is contained within this beneficial ownership disclosure.

Risks

• The Beneficial Ownership Limitation restricts the reporting persons from exercising warrants if it would result in beneficial ownership exceeding 9.99% of the total outstanding shares, potentially limiting their ability to fully convert their investment.
• The percentage of beneficial ownership can be changed by a holder only upon 61 days' notice to the Issuer, which could delay full conversion if desired.

Future Outlook

The filing is a passive ownership disclosure and does not contain forward-looking statements or guidance from Rani Therapeutics Holdings, Inc. The reporting persons have certified that the securities were not acquired for the purpose of changing or influencing control of the issuer.

Industry Context

This filing indicates a significant institutional investment in Rani Therapeutics Holdings, Inc., a company operating in the biotechnology or pharmaceutical sector (implied by 'Therapeutics'). Large passive stakes by investment groups are common in the industry, often signaling confidence in a company's long-term prospects or technology.

Stakeholder Impact

• Shareholders may view the disclosure of a significant institutional stake as a positive signal, potentially increasing investor confidence and market interest in Rani Therapeutics Holdings, Inc.

Key Dates

Recommendation

The disclosure of a significant passive stake by a reputable investment group, including a substantial number of warrants, indicates institutional confidence in Rani Therapeutics. While this is a positive signal, the filing itself does not provide operational or financial performance data to warrant a 'buy' or 'sell' recommendation. Investors should 'hold' and monitor future company performance and any changes in this significant ownership position.

Keywords

Rani Therapeutics, RTBX, SEC filing, Schedule 13G, beneficial ownership, institutional investment, Invus, Raymond Debbane, Class A Common Stock, warrants, private placement