# EDGAR Filing Document

**Accession Number:** 0001873082
**File Stem:** 0001873082-25-000003
**Filing Date:** 2025-10
**Character Count:** 17813
**Document Hash:** d19a565527603491ec5c3eed6bd97cf6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001873082-25-000003.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001873082-25-000003

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rani Therapeutics Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001856725
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92761
- **FILM NUMBER:** 251421160

**BUSINESS ADDRESS:**
- **STREET 1:** 2051 RINGWOOD AVENUE
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95131
- **BUSINESS PHONE:** (408) 457-3700

**MAIL ADDRESS:**
- **STREET 1:** 2051 RINGWOOD AVENUE
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95131
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** InCube Labs, L.L.C.
- **CENTRAL INDEX KEY:** 0001873082

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 2051 RINGWOOD AVENUE
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95131
- **BUSINESS PHONE:** (408) 457-3700

**MAIL ADDRESS:**
- **STREET 1:** 2051 RINGWOOD AVENUE
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95131

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**RANI THERAPEUTICS HOLDINGS, INC.**

*(Name of Issuer)*

**Class A Common Stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**753018100**

*(CUSIP Number)*

**Mir Imran**<br>c/o Rani Therapeutics Holdings, Inc.<br>2051 Ringwood Avenue<br>San Jose CA 95131<br>408-457-3700

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/23/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **753018100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**InCube Labs, L.L.C.** | Name of reporting person<br>**InCube Labs, L.L.C.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**22424788.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**22424788.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**22424788.00** | Aggregate amount beneficially owned by each reporting person<br>**22424788.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**18.7%** | Percent of class represented by amount in Row (11)<br>**18.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **753018100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MIR A IMRAN** | Name of reporting person<br>**MIR A IMRAN** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**27093552.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**27093552.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**27093552.00** | Aggregate amount beneficially owned by each reporting person<br>**27093552.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**22.1%** | Percent of class represented by amount in Row (11)<br>**22.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **753018100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**InCube Ventures II, LP** | Name of reporting person<br>**InCube Ventures II, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**301710.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**301710.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**301710.00** | Aggregate amount beneficially owned by each reporting person<br>**301710.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.3%** | Percent of class represented by amount in Row (11)<br>**0.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **753018100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Rani Investment Corp.** | Name of reporting person<br>**Rani Investment Corp.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**7694.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**7694.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7694.00** | Aggregate amount beneficially owned by each reporting person<br>**7694.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.0%** | Percent of class represented by amount in Row (11)<br>**0.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Common Stock, par value $0.0001 per share

**(b) Name of Issuer:**
RANI THERAPEUTICS HOLDINGS, INC.

**(c) Address of Issuer's Principal Executive Offices:**
2051 RINGWOOD AVENUE, SAN JOSE, CA, 95131

This Amendment No. 1 ("Amendment No. 1") to Schedule 13D relates to the shares of Class A common stock, $0.0001 par value per share (the "Class A Common Stock"), of Rani Therapeutics Holdings, Inc., a Delaware corporation (the "Issuer"), and amends and supplements the initial statement on Schedule 13D filed jointly by Mir Imran and InCube Labs, L.L.C. with the Securities and Exchange Commission on August 23, 2021, Unless otherwise defined herein, capitalized terms used in this Amendment No. 1 shall have the meanings ascribed to them in the Schedule 13D. Unless amended or supplemented below, the information in the Schedule 13D remains unchanged.

**Item 4. Purpose of Transaction**

The information set forth in Item 1 and Item 3 of this Amendment No. 1 is incorporate herein by reference.

Item 4 of the Statement is hereby amended and supplemented as follows:

In connection with a private placement, as promptly as possible following the closing, but in no event later than ninety (90) days following the closing date, the Issuer has agreed to use reasonable best efforts to: (a) amend the Issuer's Amended and Restated Certificate of Incorporation to, among other things, effect the following: (i) reduce the number of votes to which each share of Class B Common Stock is entitled from ten (10) votes to one (1) vote, (ii) eliminate the ability of the Issuer's stockholders to act by written consent, and (iii) include additional stockholder protective provisions (not including a classified board) (which provisions shall be reasonably acceptable to Samsara BioCapital, an unrelated investor in the private placement, (b) make necessary conforming changes to the Issuer's Amended and Restated Bylaws as a result of the amendments contemplated by (a) above, (c) make necessary conforming changes to that certain Fifth Amended and Restated Limited Liability Company Agreement of Rani Therapeutics, LLC, dated August 3, 2021, as a result of the amendments contemplated by (a) above, and (d) terminate that certain Tax Receivable Agreement, dated August 3, 2021.

The form of Securities Purchase Agreement is filed as Exhibit 99.1 hereto.  The foregoing description is qualified in its entirety by reference to such exhibit, which is incorporated by reference herein.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Rows 11 and 13 of each Reporting Person's cover page to this Schedule 13D/A set forth the aggregate number of shares of Class A Common Stock and percentages of shares of Class A Common Stock beneficially owned by each Reporting Person and are incorporated herein by reference.  The percentage set forth in row 13 is based upon 97,541,221 shares of the Issuer's Class A Common Stock outstanding as of October 23, 2025, as reported in the Issuer's Form 8-K filed with the SEC on October 27, 2025.

The shares beneficially owned by Mr. Imran include (i) 2,083,334 shares of Class A Common Stock held directly by Mr. Imran; (ii) 52,781 shares of Class A Common Stock held by ICV; (iii) 13,664 shares of Class A Common Stock held by ICV; (iv) 7,694 shares held by RIC; (v) warrants exercisable for up to 2,083,334 shares of Class A Common Stock held directly by Mr. Imran; and (vi) 192,692 shares of Class A Common Stock issuable within 60 days of the date of this report, upon the exercise of stock options held by Mr. Imran.  The shares beneficially owned by Mr. Imran also include 22,411,124 shares of Class B Common Stock held by ICL and 248,929 shares of Class A Common Stock issuable upon exchange of Class A common units of Rani Therapeutics, LLC held by ICV.  Mr. Imran is a general partner of ICV and RIC.  Mr. Imran is the sole managing member of ICL, which is wholly owned by Mr. Irman and his family.

**(b)**
Rows 7 through 10 of each Reporting Person's cover page to this Amendment No. 1 set forth the number of shares of Class A Common Stock as to which such Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition and are incorporated by reference.

**(c)**
This information is set forth in Item 3 and Item 4 of this Amendment No. 1 and is incorporated herein by reference.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information set forth in Item 3 and Item 4 of this Amendment No. 1 is incorporated herein by reference.

Warrants

The Warrants will become exercisable following the effective date of stockholder approval and have a term of five years following the initial exercise date. The Warrants have an exercise price of $0.48 per share.  In connection with the private placement, the Issuer has agreed to seek approval from its stockholders for the issuance of the shares issuable upon exercise of the Warrants within 75 days following the closing of the private placement, and the Reporting Persons, who collectively own shares of the Issuer's capital stock representing a majority of the outstanding voting power, intend to vote their shares in favor of this proposal when submitted to stockholders.

The form of Warrant is filed as Exhibit 99.3 hereto. The foregoing description of the terms of the Registration Rights Agreement is qualified in its entirety by reference to such exhibit, which is incorporated by reference herein.

Registration Rights Agreement

In connection with the private placement, the Issuer and the investors in the private placement, including Mr. Imran, entered into a registration rights agreement (the "Registration Rights Agreement"), pursuant to which the Issuer has agreed to file registration statements under the Securities Act of 1933, as amended (the "Securities Act"), with the Securities and Exchange Commission (the "SEC"), covering the resale of the shares issued in the private placement, including the shares underlying the Warrants, no later than 15 days following the closing of the private placement, and to use reasonable best efforts to have the registration statement declared effective 45 days after the closing date, and in any event no later than 90 days following the closing date in the event of a "full review" by the SEC.

The form of Registration Rights Agreement is filed as Exhibit 99.2 hereto. The foregoing description of the terms of the Registration Rights Agreement is qualified in its entirety by reference to such exhibit, which is incorporated by reference herein.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** InCube Labs, L.L.C.

**Signature:** /s/ Mir Imran

**Name/Title:** Mir Imran, Managing Member

**Date:** 10/27/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** MIR A IMRAN

**Signature:** /s/ Mir Imran

**Name/Title:** Mir Imran

**Date:** 10/27/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** InCube Ventures II, LP

**Signature:** /s/ Mir Imran

**Name/Title:** Mir Imran, General Partner

**Date:** 10/27/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Rani Investment Corp.

**Signature:** /s/ Mir Imran

**Name/Title:** Mir Imran, General Partner

**Date:** 10/27/2025