The table below details the amounts billed by ICL for services and rent, net of the amount RMS billed ICL of $0.6 million and $0.4 million for the years ended December 31, 2021 and 2020, respectively:

Research and development



general and administrative






As of December 31, 2021, all of the Company’s facilities are owned or leased by an entity affiliated with the Chairman of the Company. The Company pays for the use of these facilities through the RMS-ICL service agreement. Rental expense incurred with ICL was $0.8 million for each of the years ended December 31, 2021 and 2020.

Fundraising activity

From its inception until the first half of 2017, the Company advanced funds to ICL, and ICL made payments directly to certain vendors on behalf of Rani, Rani reimbursed ICL for all such payments at cost on a monthly basis.

In June 2017, the Company converted the outstanding net advances of $6.6 million to ICL into three notes receivable. The Notes provide interest of 1.97% compounded annually, a loan fee of 2.75% and are payable on demand to the Company at any time after January 1, 2024. In 2020, the Company received $0.2 million dollars in interest payments and principal note repayment outstanding.

As of December 31, 2020, $1.7 million of the note receivable was outstanding. In March 2021, the outstanding balance, including all accrued interest, was fully repaid by ICL.

In December 2020, we amended the terms of certain expired warrants to purchase Series B Units (the “Series B Warrants”), issued to InCube Ventures II, LP (“ICV II”), a party related and affiliated entity of ICL, by extending its exercise period for two additional years. In December 2020, ICV II elected to exercise all of its Series B Warrants cashless and Rani LLC issued 51,341 Series B Units.

In 2020 and 2021, South Lake One LLC, a related party of the Company, and its affiliates purchased 2,100,800 common units of Rani LLC at a price of $7.1471 per unit for an aggregate purchase price of 15, $0 million and 7,880,120 Series E Preferred Units of Rani LLC at a price of $7.1471 per unit for an aggregate purchase price of $56.3 million. In connection with organizational transactions at the time of the Company’s IPO, the Series E Common Units and Preferred Units were exchanged for 5,277,729 Class A common shares of the Company.

Exclusive License, Intellectual Property and Common Unit Purchase Agreement

The Company, through Rani LLC, and ICL entered into an exclusive license, intellectual property agreement and joint unit purchase agreement in 2012. Pursuant to the joint unit purchase agreement, the Company issued 46.0 million common units to ICL in exchange for exclusive rights to market, develop, use and sell certain products and services related to the RaniPill™ capsule technology. ICL has also granted the Company an exclusive, fully paid, royalty-free, sublicensable intellectual property license made by ICL in connection with the provision of services to the Company related to RaniPill capsule technology.

In June 2021, ICL and the Company, through Rani LLC, entered into an Amended and Restated Exclusive License Agreement which replaced a prior Exclusive License Agreement from 2012, as amended in 2013, and terminated a 2012 intellectual property agreement, as amended in June. 2013. Under the Amended and Restated Exclusive License Agreement, the Company is granted a fully paid exclusive license under certain Scheduled Patents relating to optional features of the Device and certain other Scheduled Patents to operate the products covered by these patents in the field of oral delivery of sensors, small molecule drugs or biological drugs, including any peptide, antibody, protein, cell therapy, gene therapy or vaccine. The Company covers patent expenses and after a certain period the Company will have the right to acquire four specific US patent families from ICL by making a one-time payment of $0.3 million to ICL for each family. of US patents that the Company wishes to acquire, up to $1.0 million in total. This payment will not become an obligation until the fifth anniversary of the Amended and Restated Exclusive License Agreement. The Amended and Restated Exclusive License Agreement will terminate upon


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