RANI

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Rani Therapeutics Holdings, Inc.

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Key Metrics

Previous Close: $0.92
52-Week Range: $0.44 – $3.87
Market Cap: $119.58M
P/E (TTM): —
EPS (TTM): -0.13
Dividend Yield: —

Advanced Metrics

Price/Book: 2.99
PEG Ratio: —
Return on Equity: -172.15%
Return on Assets: -52.99%
Gross Margin: 100.00%
Operating Margin: -516.86%
Profit Margin: 0.00%
Current Ratio: 5.31
Debt/Equity: 0.07
Total Debt: $3.55M
Free Cash Flow: $-8.87M
Revenue Growth: —
Earnings Growth: —
Enterprise Value: $64.71M

RANI Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$0.00	$0.00	$1.03M	$1.63M
Research & Development	$36.61M	$39.62M	$26.68M	$20.20M
Selling, General & Admin	$26.84M	$26.48M	$23.95M	$19.74M
Operating Expenses	$63.45M	$66.10M	$50.63M	$39.94M
Operating Income	-$63.45M	-$66.10M	-$49.60M	-$38.31M
EBITDA	-$61.66M	-$61.98M	-$50.52M	-$37.16M
Pretax Income	-$63.27M	-$67.88M	-$56.58M	-$40.95M
Income Tax	$70.00K	$0.00	—	—
Net Income	-$30.59M	-$33.97M	-$30.02M	-$29.67M
Diluted EPS	-1.28	-1.33	-1.05	-0.45
Diluted Shares	23.82M	25.50M	28.48M	66.14M

RANI Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$27.01M	$5.86M	$3.76M	$18.62M
Receivables	—	$0.00	$428.00K	$2.04M
Current Assets	$100.92M	$50.85M	$29.74M	$53.32M
Total Assets	$108.03M	$57.92M	$36.63M	$58.62M
Current Liabilities	$4.82M	$7.99M	$19.89M	$12.67M
Long-Term Debt	$29.15M	$24.48M	$9.61M	—
Total Debt	$30.21M	$30.10M	$29.71M	$4.32M
Total Liabilities	$34.02M	$32.47M	$33.14M	$17.11M
Retained Earnings	-$38.92M	-$72.89M	-$102.91M	-$132.58M
Shareholders' Equity	$36.85M	$12.87M	$1.99M	$33.01M
Working Capital	$96.11M	$42.86M	$9.85M	$40.65M
Net Debt	$2.14M	$23.52M	$20.85M	—

RANI Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$46.52M	-$51.24M	-$35.50M	-$18.71M
Capital Expenditure	-$1.62M	-$1.23M	-$268.00K	-$88.00K
Free Cash Flow	-$48.13M	-$52.47M	-$35.76M	-$18.80M
Depreciation & Amortisation	$548.00K	$822.00K	$1.03M	$900.00K
Stock-Based Compensation	$15.78M	$19.01M	$16.03M	$11.80M
Investing Cash Flow	-$72.44M	$29.86M	$19.81M	-$7.03M
Financing Cash Flow	$29.00M	$233.00K	$13.59M	$40.30M
Net Change in Cash	-$89.95M	-$21.14M	-$2.10M	$14.56M

RANI Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$172.00K	$0.00	$0.00	$1.46M	$1.71M
Research & Development	$6.57M	$5.50M	$3.22M	$4.91M	$5.16M
Selling, General & Admin	$5.62M	$5.00M	$4.04M	$5.09M	$4.89M
Operating Expenses	$12.19M	$10.51M	$7.26M	$10.00M	$10.05M
Operating Income	-$12.01M	-$10.51M	-$7.26M	-$8.54M	-$8.34M
EBITDA	-$11.54M	-$10.11M	-$6.97M	-$8.54M	-$7.77M
Pretax Income	-$12.74M	-$11.22M	-$7.91M	-$9.07M	-$8.02M
Net Income	-$7.26M	-$6.69M	-$5.41M	-$10.30M	-$7.03M
Diluted EPS	-0.22	-0.18	-0.12	-0.07	-0.04
Diluted Shares	33.44M	36.54M	46.44M	147.09M	180.00M

RANI Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$10.11M	$10.22M	$4.14M	$18.62M	$9.64M
Receivables	$600.00K	$0.00	$0.00	$2.04M	$2.04M
Current Assets	$17.78M	$11.07M	$4.96M	$53.32M	$47.09M
Total Assets	$24.13M	$16.90M	$10.14M	$58.62M	$51.88M
Current Liabilities	$20.13M	$20.62M	$19.14M	$12.67M	$13.86M
Long-Term Debt	$5.92M	$2.23M	—	—	—
Total Debt	$25.67M	$21.62M	$17.55M	$4.32M	$3.94M
Total Liabilities	$29.47M	$26.05M	$22.11M	$17.11M	$16.34M
Retained Earnings	-$110.17M	-$116.86M	-$122.28M	-$132.58M	-$139.61M
Shareholders' Equity	-$3.06M	-$5.58M	-$7.86M	$33.01M	$28.41M
Working Capital	-$2.35M	-$9.55M	-$14.19M	$40.65M	$33.24M
Net Debt	$10.81M	$7.01M	$9.39M	—	—

RANI Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$8.15M	-$5.80M	-$5.06M	$294.00K	-$6.50M
Capital Expenditure	-$51.00K	-$37.00K	—	—	-$15.00K
Free Cash Flow	-$8.20M	-$5.83M	-$5.06M	$294.00K	-$6.51M
Depreciation & Amortisation	$251.00K	$240.00K	$223.00K	$186.00K	$161.00K
Stock-Based Compensation	$3.92M	$3.29M	$2.34M	$2.24M	$2.08M
Investing Cash Flow	$18.23M	$5.71M	$0.00	-$30.97M	-$2.45M
Financing Cash Flow	-$3.73M	$188.00K	-$1.01M	$44.85M	-$27.00K
Net Change in Cash	$6.35M	$105.00K	-$6.07M	$14.17M	-$8.97M

Market Snapshot

About

Rani Therapeutics Holdings, Inc. develops an oral delivery platform using a robotic pill technology that enables biologics to be taken orally instead of through injections, targeting chronic conditions like osteoporosis and inflammatory diseases.