SCHEDULE 13G 0002005369 XXXXXXXX LIVE Class A Common Stock, $0.0001 par value 10/16/2025 0001856725 Rani Therapeutics Holdings, Inc. 753018100 2051 Ringwood Avenue San Jose CA 95131 Rule 13d-1(c) Invus Public Equities, L.P. D0 8617378.00 0.00 8617378.00 0.00 8617378.00 Y 8.8 PN See Item 4 for a description of the information reported in rows (5), (7), (9) and (11). Invus Public Equities Advisors, LLC DE 8617378.00 0.00 8617378.00 0.00 8617378.00 Y 8.8 OO See Item 4 for a description of the information reported in rows (5), (7), (9) and (11). Invus Global Management, LLC DE 8617378.00 0.00 8617378.00 0.00 8617378.00 Y 8.8 OO See Item 4 for a description of the information reported in rows (5), (7), (9) and (11). Siren, L.L.C. DE 8617378.00 0.00 8617378.00 0.00 8617378.00 Y 8.8 OO See Item 4 for a description of the information reported in rows (5), (7), (9) and (11). Avicenna Life Sci Master Fund LP E9 1208533.00 0.00 1208533.00 0.00 1208533.00 Y 1.3 PN See Item 4 for a description of the information reported in rows (5), (7), (9) and (11). Avicenna Life Sci Master GP LLC DE 1208533.00 0.00 1208533.00 0.00 1208533.00 Y 1.3 OO See Item 4 for a description of the information reported in rows (5), (7), (9) and (11). Ulys, L.L.C. DE 1208533.00 0.00 1208533.00 0.00 1208533.00 Y 1.3 OO See Item 4 for a description of the information reported in rows (5), (7), (9) and (11). Raymond Debbane R1 9825911.00 0.00 9825911.00 0.00 9825911.00 Y 9.99 IN See Item 4 for a description of the information reported in rows (5), (7), (9) and (11). Rani Therapeutics Holdings, Inc. 2051 Ringwood Avenue, San Jose, CA, 95131 See Item 2(c) below. See Item 2(c) below. (i) Invus Public Equities, L.P. ("Invus Public Equities") 750 Lexington Avenue, 30th Floor, New York, NY 10022 Citizenship: Bermuda limited partnership (ii) Invus Public Equities Advisors, LLC ("Invus PE Advisors") 750 Lexington Avenue, 30th Floor, New York, NY 10022 Citizenship: Delaware limited liability company (iii) Invus Global Management, LLC ("Global Management") 750 Lexington Avenue, 30th Floor, New York, NY 10022 Citizenship: Delaware limited liability company (iv) Siren, L.L.C. ("Siren") c/o The Invus Group, LLC, 750 Lexington Avenue, 30th Floor, New York, NY 10022 Citizenship: Delaware limited liability company (v) Avicenna Life Sci Master Fund LP ("Avicenna Fund") 750 Lexington Avenue, 30th Floor, New York, NY 10022 Citizenship: Cayman Islands limited partnership (vi) Avicenna Life Sci Master GP LLC ("Avicenna GP") 750 Lexington Avenue, 30th Floor, New York, NY 10022 Citizenship: Delaware limited liability company (vii) Ulys, L.L.C. ("Ulys") 750 Lexington Avenue, 30th Floor, New York, NY 10022 Citizenship: Delaware limited liability company (viii) Mr. Raymond Debbane 750 Lexington Avenue, 30th Floor, New York, NY 10022 Citizenship: Panama The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." Y Each of the Reporting Persons may be deemed to be the beneficial owner of the shares of Class A Common Stock (the "Shares") listed on such Reporting Person's cover page. As of October 16, 2025, (i) Invus Public Equities directly held (x) 1,754,011 Shares, (y) 7,381,462 Issuer Pre-Funded Warrants exercisable for Shares on a one-for-one basis ("Pre-Funded Warrants") and (z) 9,135,473 Issuer warrants to purchase one Share or a Pre-Funded Warrant in lieu of Shares ("Common Warrants", and together with the Pre-Funded Warrants, the "Warrants"), and (ii) Avicenna Fund directly held (x) 245,989 Shares, (y) 1,035,205 Pre-Funded Warrants and (z) 1,281,194 Common Warrants, subject to the Beneficial Ownership Limitation (described below). As of October 16, 2025, due to the Beneficial Ownership Limitation, the Reporting Persons collectively beneficially owned 9,825,911 Shares, consisting of an aggregate of 2,000,000 Shares and 7,825,911 Warrants, representing 9.99% of the issued and outstanding Shares. Invus PE Advisors, as the general partner of Invus Public Equities, controls Invus Public Equities and, accordingly, may be deemed to beneficially own the Shares beneficially owned by Invus Public Equities. Global Management, as the managing member of Invus PE Advisors, controls Invus PE Advisors and, accordingly, may be deemed to beneficially own the Shares that Invus PE Advisors may be deemed to beneficially own. Siren, as the managing member of Global Management, controls Global Management and, accordingly, may be deemed to beneficially own the Shares that Global Management may be deemed to beneficially own. Avicenna GP, as the general partner of Avicenna Fund, controls Avicenna Fund and, accordingly, may be deemed to beneficially own the Shares beneficially owned by Avicenna Fund. Ulys, as the managing member of Avicenna GP, controls Avicenna GP and, accordingly, may be deemed to beneficially own the Shares that Avicenna GP may be deemed to beneficially own. Mr. Raymond Debbane, as the managing member of Siren and Ulys, controls Siren and Ulys and, accordingly, may be deemed to beneficially own the Shares that Siren and Ulys may be deemed to beneficially own. Each of Invus Public Equities and Avicenna Fund is prohibited from exercising the Warrants if, as a result of such exercise, it, together with its affiliates and certain other persons for whom beneficial ownership would be aggregated, would beneficially own more than 9.99% of the total number of Shares then issued and outstanding immediately after giving effect to the exercise (the "Beneficial Ownership Limitation"), which percentage may be changed at a holder's election upon 61 days' notice to the Issuer. Reporting Persons disclaim beneficial ownership of any Shares the issuance of which would violate such Beneficial Ownership Limitation. As of October 16, 2025, each of the Reporting Persons may be deemed to be the beneficial owner of the percentage of Shares listed on such Reporting Person's cover page. Calculations of the percentage of Shares beneficially owned are based on (i) 47,898,228 Shares outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 7, 2025, (ii) an aggregate of 42,633,337 Shares issued by the Issuer in a private placement that closed on October 21, 2025, as disclosed in the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 17, 2025, plus (iii) 7,825,911 Shares issuable upon exercise of certain of the Warrants, which due to the Beneficial Ownership Limitation is the maximum number of Shares that could be issued upon exercise of the Warrants as of the date hereof. See each cover page hereof. See each cover page hereof. See each cover page hereof. See each cover page hereof. Y Y Y Y Y N Each of the Reporting Persons hereby makes the following certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Invus Public Equities, L.P. /s/ Raymond Debbane 10/23/2025 Invus Public Equities Advisors, LLC /s/ Raymond Debbane 10/23/2025 Invus Global Management, LLC /s/ Raymond Debbane 10/23/2025 Siren, L.L.C. /s/ Raymond Debbane 10/23/2025 Avicenna Life Sci Master Fund LP /s/ Raymond Debbane 10/23/2025 Avicenna Life Sci Master GP LLC /s/ Raymond Debbane 10/23/2025 Ulys, L.L.C. /s/ Raymond Debbane 10/23/2025 Raymond Debbane /s/ Raymond Debbane 10/23/2025