Rani Therapeutics Holdings, Inc. Financials
Rani Therapeutics Holdings, Inc. (RANI) reported $1.6M in revenue for fiscal year 2025, up 58.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Rani Therapeutics still runs on capital raises rather than product revenue, though FY2025 showed a meaningful burn-rate reset.
In FY2025, operating cash burn of-$18.7M was almost identical to free cash burn of-$18.8M , a sign that little cash is being diverted into long-lived assets. Capex was only$88K , so the cash drain is mainly the operating model itself, and the year-end liquidity of$18.6M depends more on financing than on business self-funding.
FY2025 improvement reads mainly as a cost-base reset, not a revenue-scale story: operating loss narrowed to
The balance sheet moved from stressed liquidity in FY2024 to reloaded liquidity in FY2025: cash rose to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Rani Therapeutics Holdings, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Rani Therapeutics Holdings, Inc., and counted as zero in the overall score.
Rani Therapeutics Holdings, Inc. scores -1.01, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($98.6M) relative to total liabilities ($17.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Rani Therapeutics Holdings, Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Rani Therapeutics Holdings, Inc. reported a net loss of $29.7M while operations used $18.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Rani Therapeutics Holdings, Inc. reported an operating loss of $38.3M against $2.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Rani Therapeutics Holdings, Inc. generated $1.6M in revenue in fiscal year 2025. This represents an increase of 58.9% from the prior year.
Rani Therapeutics Holdings, Inc.'s EBITDA was -$37.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 28.5% from the prior year.
Rani Therapeutics Holdings, Inc. reported -$29.7M in net income in fiscal year 2025. This represents an increase of 1.1% from the prior year.
Rani Therapeutics Holdings, Inc. earned -$0.45 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Rani Therapeutics Holdings, Inc. recorded an outflow of $18.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 47.4% from the prior year.
Rani Therapeutics Holdings, Inc. held $18.6M in cash against $0 in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Rani Therapeutics Holdings, Inc.'s ROE was -89.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1417.0 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Rani Therapeutics Holdings, Inc. invested $20.2M in research and development in fiscal year 2025. This represents a decrease of 24.3% from the prior year.
Rani Therapeutics Holdings, Inc. invested $88K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 67.2% from the prior year.
Not reported for fiscal year 2025.
RANI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7M0.0% | $1.7M | N/A | $0 | $0-100.0% | $172K | N/A | $0 |
| R&D Expenses | $5.0M-2.8% | $5.2M | N/A | $3.2M-41.5% | $5.5M-16.2% | $6.6M | N/A | $6.2M |
| SG&A Expenses | $5.5M+13.0% | $4.9M | N/A | $4.0M-19.3% | $5.0M-11.0% | $5.6M | N/A | $5.6M |
| Operating Income | -$8.8M-5.9% | -$8.3M | N/A | -$7.3M+30.9% | -$10.5M+12.6% | -$12.0M | N/A | -$11.8M |
| Interest Expense | $8K-90.9% | $88K | N/A | $725K-17.3% | $877K-7.0% | $943K | N/A | $1.3M |
| Net Income | -$7.4M-5.1% | -$7.0M | N/A | -$5.4M+19.1% | -$6.7M+7.9% | -$7.3M | N/A | -$6.8M |
| EPS (Diluted) | -$0.040.0% | -$0.04-180.0% | $0.05+141.7% | -$0.12+33.3% | -$0.18+18.2% | -$0.22+18.5% | -$0.27-12.5% | -$0.24 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Income Tax.
RANI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $60.8M+17.3% | $51.9M-11.5% | $58.6M+478.2% | $10.1M-40.0% | $16.9M-30.0% | $24.1M-34.1% | $36.6M-15.9% | $43.5M |
| Current Assets | $56.5M+20.0% | $47.1M-11.7% | $53.3M+976.1% | $5.0M-55.3% | $11.1M-37.7% | $17.8M-40.2% | $29.7M-8.1% | $32.4M |
| Cash & Equivalents | $4.9M-49.5% | $9.6M-48.2% | $18.6M+349.3% | $4.1M-59.4% | $10.2M+1.0% | $10.1M+168.8% | $3.8M-12.0% | $4.3M |
| Accounts Receivable | $2.0M0.0% | $2.0M0.0% | $2.0M | N/A | N/A | $600K | $0 | N/A |
| Total Liabilities | $12.9M-21.3% | $16.3M-4.5% | $17.1M-4.9% | $18.0M-30.9% | $26.1M-11.6% | $29.5M-11.1% | $33.1M-12.2% | $37.8M |
| Current Liabilities | $10.6M-23.2% | $13.9M+9.4% | $12.7M | N/A | $20.6M+2.4% | $20.1M+1.2% | $19.9M-1.6% | $20.2M |
| Long-Term Debt | N/A | N/A | $0 | $0-100.0% | $2.2M-62.4% | $5.9M-38.4% | $9.6M-29.0% | $13.5M |
| Total Equity | $39.2M+38.1% | $28.4M-14.0% | $33.0M+520.0% | -$7.9M-41.0% | -$5.6M-82.4% | -$3.1M-253.4% | $2.0M-36.2% | $3.1M |
| Retained Earnings | -$147.0M-5.3% | -$139.6M-5.3% | -$132.6M-8.4% | -$122.3M-4.6% | -$116.9M-6.1% | -$110.2M-7.1% | -$102.9M-9.5% | -$94.0M |
Not reported in any period shown, so not listed: Inventory, Goodwill.
RANI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.0M-38.9% | -$6.5M-2309.9% | $294K+105.8% | -$5.1M+12.6% | -$5.8M+28.9% | -$8.1M+5.8% | -$8.7M-2.9% | -$8.4M |
| Capital Expenditures | $32K+113.3% | $15K | $0 | $0-100.0% | $37K-27.5% | $51K+64.5% | $31K-75.2% | $125K |
| Free Cash Flow | -$9.1M-39.1% | -$6.5M-2315.0% | $294K+105.8% | -$5.1M+13.2% | -$5.8M+28.9% | -$8.2M+5.6% | -$8.7M-1.8% | -$8.5M |
| Investing Cash Flow | -$14.6M-494.1% | -$2.5M+92.1% | -$31.0M | $0-100.0% | $5.7M-68.7% | $18.2M+623.1% | $2.5M+437.5% | $469K |
| Financing Cash Flow | $18.8M+69751.9% | -$27K-100.1% | $44.9M+4545.2% | -$1.0M-636.7% | $188K+105.0% | -$3.7M-166.4% | $5.6M-27.1% | $7.7M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
RANI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -516.9% | -488.2% | N/A | N/A | N/A | -6984.3% | N/A | N/A |
| Net Margin | -432.7% | -411.8% | N/A | N/A | N/A | -4223.3% | N/A | N/A |
| Return on Equity | -18.8%+5.9pp | -24.8% | N/A | N/A | N/A | N/A | N/A | -217.4% |
| Return on Assets | -12.2%+1.4pp | -13.6% | N/A | -53.4%-13.8pp | -39.6%-9.5pp | -30.1% | N/A | -15.6% |
| Current Ratio | 5.31+1.9x | 3.40-0.8x | 4.21 | N/A | 0.54-0.3x | 0.88-0.6x | 1.50-0.1x | 1.60 |
| Debt-to-Equity | 0.33-0.2x | 0.58+0.6x | 0.00 | N/A | N/A | N/A | 4.83+0.5x | 4.34 |
| FCF Margin | -530.3% | -381.3% | N/A | N/A | N/A | -4767.4% | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Rani Therapeutics Holdings, Inc. Ranks
Frequently Asked Questions
What is Rani Therapeutics Holdings, Inc.'s annual revenue?
Rani Therapeutics Holdings, Inc. (RANI) reported $1.6M in total revenue for fiscal year 2025. This represents a 58.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Rani Therapeutics Holdings, Inc.'s revenue growing?
Rani Therapeutics Holdings, Inc. (RANI) revenue grew by 58.9% year-over-year, from $1.0M to $1.6M in fiscal year 2025.
Is Rani Therapeutics Holdings, Inc. profitable?
No, Rani Therapeutics Holdings, Inc. (RANI) reported a net income of -$29.7M in fiscal year 2025.
What is Rani Therapeutics Holdings, Inc.'s EBITDA?
Rani Therapeutics Holdings, Inc. (RANI) had EBITDA of -$37.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Rani Therapeutics Holdings, Inc. have?
As of fiscal year 2025, Rani Therapeutics Holdings, Inc. (RANI) had $18.6M in cash and equivalents against $0 in long-term debt.
What is Rani Therapeutics Holdings, Inc.'s return on equity (ROE)?
Rani Therapeutics Holdings, Inc. (RANI) has a return on equity of -89.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Rani Therapeutics Holdings, Inc.'s free cash flow?
Rani Therapeutics Holdings, Inc. (RANI) recorded an outflow of $18.8M in free cash flow during fiscal year 2025. This represents a 47.4% 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) recorded an outflow of $18.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Rani Therapeutics Holdings, Inc.'s total assets?
Rani Therapeutics Holdings, Inc. (RANI) had $58.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Rani Therapeutics Holdings, Inc.'s capital expenditures?
Rani Therapeutics Holdings, Inc. (RANI) invested $88K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Rani Therapeutics Holdings, Inc. spend on research and development?
Rani Therapeutics Holdings, Inc. (RANI) invested $20.2M in research and development during fiscal year 2025.
What is Rani Therapeutics Holdings, Inc.'s current ratio?
Rani Therapeutics Holdings, Inc. (RANI) had a current ratio of 4.21 as of fiscal year 2025, which is generally considered healthy.
What is Rani Therapeutics Holdings, Inc.'s debt-to-equity ratio?
Rani Therapeutics Holdings, Inc. (RANI) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, 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 -50.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Rani Therapeutics Holdings, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Rani Therapeutics Holdings, Inc. (RANI) held $18.6M in cash, cash equivalents and investments, and reported an operating cash outflow of $18.7M over that year. Dividing the one by the other, the reported balance equals about 12 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Rani Therapeutics Holdings, Inc.'s Altman Z-Score?
Rani Therapeutics Holdings, Inc. (RANI) has an Altman Z-Score of -1.01, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Rani Therapeutics Holdings, Inc.'s Piotroski F-Score?
Rani Therapeutics Holdings, Inc. (RANI) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $29.7M while operations used $18.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $38.3M against $2.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 43 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.