Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * South Cone Investments Limited Partnership 2. Issuer Name and Ticker or Trading Symbol Rani Therapeutics Holdings, Inc. [RANI] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) AVENIDA PRESIDENTE RIESCO 5711,, OFICINA 1603, LAS CONDES 3. Date of Earliest Transaction (Month/Day/Year) 10/20/2025 (Street) SANTIAGO, F3 7550000 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class A Common Stock 10/20/2025 S 1,923,000 D $2.4115(1) 6,379,194 I Shares indirectly held through South Lake One LLC(2) Class A Common Stock 10/21/2025 S 4,000,000 D $2.7685(3) 2,379,194 I Shares indirectly held through South Lake One LLC(2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
South Cone Investments Limited Partnership AVENIDA PRESIDENTE RIESCO 5711, OFICINA 1603, LAS CONDES SANTIAGO, F3 7550000		X

Signatures

/s/ Martin Abraham Guiloff Salvador and /s/ Luis Felipe Correa Gonzalez, Managers of South Lake One LLC		10/22/2025
**Signature of Reporting Person		Date
/s/ Martin Abraham Guiloff Salvador and /s/ Luis Felipe Correa Gonzalez, Managers of South Lake Management LLC, as General Partner of South Cone Investments Limited Partnership		10/22/2025
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The price reported is a weighted average price. The shares were sold in multiple transactions at prices ranging from $2.25 to $2.61, inclusive. The reporting person undertakes to provide to Rani Therapeutics Holdings, Inc. ("Rani"), any security holder of Rani, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
(2)	South Cone Investments Limited Partnership directly owns 100% of the issued and outstanding membership interest of South Lake One LLC.
(3)	The price reported is a weighted average price. The shares were sold in multiple transactions at prices ranging from $2.50 to $3.09, inclusive. The reporting person undertakes to provide to Rani, any security holder of Rani, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

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