Rani Therapeutics Holdings, Inc. Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Rani Therapeutics Holdings, Inc. has an operating margin of -5186.2%, meaning the company retains $-5186 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses.
Rani Therapeutics Holdings, Inc. has elevated debt relative to equity (D/E of 4.83), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Rani Therapeutics Holdings, Inc.'s current ratio of 1.50 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.
While Rani Therapeutics Holdings, Inc. generated -$35.5M in operating cash flow, capex of $268K consumed most of it, leaving -$35.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Rani Therapeutics Holdings, Inc. passes 2 of 9 financial strength tests. No profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Rani Therapeutics Holdings, Inc. generates $1.18 in operating cash flow (-$35.5M OCF vs -$30.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Rani Therapeutics Holdings, Inc. earns $-10.6 in operating income for every $1 of interest expense (-$53.3M vs $5.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Rani Therapeutics Holdings, Inc. (RANI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Rani Therapeutics Holdings, Inc. generated $1.0M in revenue in fiscal year 2024.
Rani Therapeutics Holdings, Inc.'s EBITDA was -$52.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.9% from the prior year.
Rani Therapeutics Holdings, Inc. generated -$35.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 31.8% from the prior year.
Rani Therapeutics Holdings, Inc. reported -$30.0M in net income in fiscal year 2024. This represents an increase of 11.6% from the prior year.
Rani Therapeutics Holdings, Inc. earned $-1.05 per diluted share (EPS) in fiscal year 2024. This represents an increase of 21.1% from the prior year.
Rani Therapeutics Holdings, Inc. held $3.8M in cash against $9.6M in long-term debt as of fiscal year 2024.
Rani Therapeutics Holdings, Inc.'s operating margin was -5186.2% in fiscal year 2024, reflecting core business profitability.
Rani Therapeutics Holdings, Inc.'s net profit margin was -2920.0% in fiscal year 2024, showing the share of revenue converted to profit.
Rani Therapeutics Holdings, Inc. invested $26.7M in research and development in fiscal year 2024. This represents a decrease of 32.7% from the prior year.
Rani Therapeutics Holdings, Inc. invested $268K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 78.2% from the prior year.
RANI Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0-100.0% | $172K-83.3% | $1.0M | $0 | $0 | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $3.2M-41.5% | $5.5M-16.2% | $6.6M-3.5% | $6.8M+11.3% | $6.1M-19.4% | $7.6M | N/A | $11.2M |
| SG&A Expenses | $4.0M-19.3% | $5.0M-11.0% | $5.6M+2.8% | $5.5M-14.8% | $6.4M-0.6% | $6.4M | N/A | $6.6M |
| Operating Income | -$7.3M+30.9% | -$10.5M+12.6% | -$12.0M+19.7% | -$15.0M-19.4% | -$12.5M+10.8% | -$14.0M | N/A | -$17.9M |
| Interest Expense | $725K-17.3% | $877K-7.0% | $943K-16.3% | $1.1M-11.8% | $1.3M-1.4% | $1.3M | N/A | $1.3M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
| Net Income | -$5.4M+19.1% | -$6.7M+7.9% | -$7.3M+18.8% | -$8.9M-31.5% | -$6.8M+9.1% | -$7.5M | N/A | -$9.2M |
| EPS (Diluted) | $-0.12+33.3% | $-0.18+18.2% | $-0.22+15.4% | $-0.260.0% | $-0.26+10.3% | $-0.29 | N/A | $-0.36 |
RANI Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.1M-40.0% | $16.9M-30.0% | $24.1M-34.1% | $36.6M-16.2% | $43.7M-18.3% | $53.5M-7.6% | $57.9M-17.8% | $70.4M |
| Current Assets | $5.0M-55.3% | $11.1M-37.7% | $17.8M-40.2% | $29.7M-7.1% | $32.0M-22.6% | $41.4M-18.6% | $50.8M-19.6% | $63.2M |
| Cash & Equivalents | $4.1M-59.4% | $10.2M+1.0% | $10.1M+168.8% | $3.8M-16.7% | $4.5M-34.4% | $6.9M+17.3% | $5.9M+17.9% | $5.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | $600K | $0 | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $18.0M-30.9% | $26.1M-11.6% | $29.5M-11.1% | $33.1M-13.2% | $38.2M-2.1% | $39.0M-13.5% | $45.0M-14.8% | $52.9M |
| Current Liabilities | $19.1M-7.2% | $20.6M+2.4% | $20.1M+1.2% | $19.9M+20.0% | $16.6M+24.0% | $13.4M+67.4% | $8.0M+8.8% | $7.3M |
| Long-Term Debt | $0-100.0% | $2.2M-62.4% | $5.9M-38.4% | $9.6M-44.1% | $17.2M-17.5% | $20.9M-14.8% | $24.5M-12.9% | $28.1M |
| Total Equity | -$7.9M-41.0% | -$5.6M-82.4% | -$3.1M-253.4% | $2.0M-29.7% | $2.8M-61.7% | $7.4M-42.5% | $12.9M-26.7% | $17.6M |
| Retained Earnings | -$122.3M-4.6% | -$116.9M-6.1% | -$110.2M-7.1% | -$102.9M-18.0% | -$87.2M-8.5% | -$80.4M-10.3% | -$72.9M-10.8% | -$65.8M |
RANI Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.1M+12.6% | -$5.8M+28.9% | -$8.1M+5.8% | -$8.7M+4.1% | -$9.0M+4.0% | -$9.4M+24.7% | -$12.5M+12.8% | -$14.3M |
| Capital Expenditures | $0-100.0% | $37K-27.5% | $51K+64.5% | $31K-67.0% | $94K+422.2% | $18K-89.2% | $167K-65.1% | $479K |
| Free Cash Flow | -$5.1M+13.2% | -$5.8M+28.9% | -$8.2M+5.6% | -$8.7M+4.8% | -$9.1M+3.2% | -$9.4M+25.5% | -$12.6M+14.5% | -$14.8M |
| Investing Cash Flow | $0-100.0% | $5.7M-68.7% | $18.2M+623.1% | $2.5M-61.4% | $6.5M-36.6% | $10.3M-22.4% | $13.3M+13.7% | $11.7M |
| Financing Cash Flow | -$1.0M-636.7% | $188K+105.0% | -$3.7M-166.4% | $5.6M+3885.1% | $141K+16.5% | $121K+26.0% | $96K+95.9% | $49K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
RANI Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | -6984.3%-5529.3pp | -1455.0% | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | -4223.3%-3352.9pp | -870.3% | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -53.4%-13.8pp | -39.6%-9.5pp | -30.1%-5.7pp | -24.4%-8.9pp | -15.6%-1.6pp | -14.0% | N/A | -13.1% |
| Current Ratio | 0.26-0.3 | 0.54-0.3 | 0.88-0.6 | 1.50-0.4 | 1.93-1.2 | 3.09-3.3 | 6.36-2.2 | 8.61 |
| Debt-to-Equity | 0.00+0.4 | -0.40+1.5 | -1.94-6.8 | 4.83-1.2 | 6.07+3.3 | 2.82+0.9 | 1.90+0.3 | 1.60 |
| FCF Margin | N/A | N/A | -4767.4%-3922.5pp | -844.9% | N/A | N/A | N/A | N/A |
Similar Companies
Frequently Asked Questions
What is Rani Therapeutics Holdings, Inc.'s annual revenue?
Rani Therapeutics Holdings, Inc. (RANI) reported $1.0M in total revenue for fiscal year 2024. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Rani Therapeutics Holdings, Inc. profitable?
No, Rani Therapeutics Holdings, Inc. (RANI) reported a net income of -$30.0M in fiscal year 2024, with a net profit margin of -2920.0%.
What is Rani Therapeutics Holdings, Inc.'s earnings per share (EPS)?
Rani Therapeutics Holdings, Inc. (RANI) reported diluted earnings per share of $-1.05 for fiscal year 2024. This represents a 21.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Rani Therapeutics Holdings, Inc.'s EBITDA?
Rani Therapeutics Holdings, Inc. (RANI) had EBITDA of -$52.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Rani Therapeutics Holdings, Inc. have?
As of fiscal year 2024, Rani Therapeutics Holdings, Inc. (RANI) had $3.8M in cash and equivalents against $9.6M in long-term debt.
What is Rani Therapeutics Holdings, Inc.'s operating margin?
Rani Therapeutics Holdings, Inc. (RANI) had an operating margin of -5186.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Rani Therapeutics Holdings, Inc.'s net profit margin?
Rani Therapeutics Holdings, Inc. (RANI) had a net profit margin of -2920.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Rani Therapeutics Holdings, Inc.'s free cash flow?
Rani Therapeutics Holdings, Inc. (RANI) generated -$35.8M in free cash flow during fiscal year 2024. This represents a 31.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Rani Therapeutics Holdings, Inc.'s operating cash flow?
Rani Therapeutics Holdings, Inc. (RANI) generated -$35.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Rani Therapeutics Holdings, Inc.'s total assets?
Rani Therapeutics Holdings, Inc. (RANI) had $36.6M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Rani Therapeutics Holdings, Inc.'s capital expenditures?
Rani Therapeutics Holdings, Inc. (RANI) invested $268K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Rani Therapeutics Holdings, Inc. spend on research and development?
Rani Therapeutics Holdings, Inc. (RANI) invested $26.7M in research and development during fiscal year 2024.
What is Rani Therapeutics Holdings, Inc.'s current ratio?
Rani Therapeutics Holdings, Inc. (RANI) had a current ratio of 1.50 as of fiscal year 2024, which is considered adequate.
What is Rani Therapeutics Holdings, Inc.'s debt-to-equity ratio?
Rani Therapeutics Holdings, Inc. (RANI) had a debt-to-equity ratio of 4.83 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Rani Therapeutics Holdings, Inc.'s return on assets (ROA)?
Rani Therapeutics Holdings, Inc. (RANI) had a return on assets of -81.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Rani Therapeutics Holdings, Inc.'s cash runway?
Based on fiscal year 2024 data, Rani Therapeutics Holdings, Inc. (RANI) had $3.8M in cash against an annual operating cash burn of $35.5M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Rani Therapeutics Holdings, Inc.'s Piotroski F-Score?
Rani Therapeutics Holdings, Inc. (RANI) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Rani Therapeutics Holdings, Inc.'s earnings high quality?
Rani Therapeutics Holdings, Inc. (RANI) has an earnings quality ratio of 1.18x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Rani Therapeutics Holdings, Inc. cover its interest payments?
Rani Therapeutics Holdings, Inc. (RANI) has an interest coverage ratio of -10.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Rani Therapeutics Holdings, Inc.?
Rani Therapeutics Holdings, Inc. (RANI) scores 10 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.