Rani is a clinical-stage biotherapeutics company developing the ingestible robotic RaniPill (RP) that enables oral delivery of biologics & other large molecules. Its pipeline features clinical assets RT-102 (teriparatide for osteoporosis) & RT-111 (ustekinumab for psoriasis). Both programs have completed Ph1 trials characterizing safety tolerability & pharmacokinetics. Adalimumab for psoriasis (RT-105) & teriparatide for hypo-parathyroidism (RT-110) are in preclinical development. Partnership deals were recently signed with ProGen & Chugai for development of selected assets. Other Rani initiatives include development of larger capacity pills & collaborations with biopharmaceutical companies. It plans to start a Phase II for RT-102 and a combined dose finding/Phase II for RT-111. RP expands delivery options for biologics that now require parenteral administration. An oral option would provide product life cycle management, improved comfort of administration, greater compliance and im-proved dosing regimens which would improve efficacy and reduce side effects. We expect clinical trials will be completed and approval granted for the various assets in Rani's portfolio over the succeeding years. If RP proves successful in delivering biologics for these initial indications, we see material penetration opportunity into the biologics market.