South Cone Investments Limited Partnership

10% owner sold 5.92M shares for $15.7M across two days (Oct 20-21) at $2.41-$2.77; exits 71.3% of position

South Cone Investments Limited Partnership executed 2 separate sales totaling 5,923,000 shares for $15,711,314.50 at a blended average price of $2.65, reducing its position from 8,302,194 shares to 2,379,194 shares. The timing merits attention: the insider's prior two sales at RANI (October 2024) both posted negative 90-day returns (-7.9% and -27.8% respectively), consistent with a 100% well-timed sell rate across his cross-ticker history (avg 90d return post-sale: -54.6%). The company is unprofitable with net income of $-6,692,000 for the latest period and zero revenue recognition in the most recent quarter, presenting fundamental headwinds. Against this, RANI stock has surged +387.5% over the past 30 days and +382.6% over 90 days, now trading at $2.42—only 15.1% below its 52-week high of $2.85—which may explain the material reduction in an already-concentrated stake.

10% owner South Cone Investments sells 3,829,360 shares (31.6% of holdings) for $10.1M at blended avg $2.65

South Cone Investments Limited Partnership, a 10% shareholder, executed 2 separate sales totaling 3,829,360 shares for $10,141,673.59 on 2024-10-15, reducing its stake from 12,131,554 to 8,302,194 shares. The blended average sale price of $2.65 sits near current price of $2.63, and the stock is -66.5% from its 52-week high of $7.85. Against this backdrop, the company reported Revenue $0.00 in the latest quarter and Net income $-6,805,000.00, with Annual revenue growth of -100.0%, signaling severe operational distress. While the insider's prior buy at this ticker on 2023-11-24 achieved a 90-day return of +62.2%, the current substantial reduction in stake—eliminating nearly one-third of holdings—during a period of zero revenue and significant losses represents a material shift in the insider's commitment to the security.