Rani Therapeutics Holdings, Inc. (RANI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RANI SEC filings page.
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 remains a development-stage business: spending dominates, while FY2025 funding reduced debt pressure.
Operating cash flow improved from-$35.5M in FY2024 to-$18.7M in FY2025, while free cash flow stayed nearly identical to it in each year. That cash-flow alignment indicates the improvement came primarily from lower operating outlays, not a large capital-spending swing.
R&D and SG&A totaled
Assets 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.
Rani Therapeutics Holdings, Inc. held $18.6M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $18.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Rani Therapeutics Holdings, Inc. scores 33/100 among other emerging companies.
Not available for Rani Therapeutics Holdings, Inc., and counted as zero in the overall score.
Rani Therapeutics Holdings, Inc. spent $20.2M on research and development in fiscal year 2025, which was 50.6% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Rani Therapeutics Holdings, Inc. scores 78/100 among other emerging companies.
Rani Therapeutics Holdings, Inc. reported revenue of $1.6M in fiscal year 2025, against $1.0M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Rani Therapeutics Holdings, Inc. scores 81/100 among other emerging companies.
Rani Therapeutics Holdings, Inc.'s operations used $18.7M of cash in fiscal year 2025, against $35.5M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Rani Therapeutics Holdings, Inc. scores 77/100 among other emerging companies.
Rani Therapeutics Holdings, Inc.'s cash, cash equivalents and investments came to $18.6M at the end of fiscal year 2025, against $17.1M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Rani Therapeutics Holdings, Inc. scores 61/100 among other emerging companies.
Rani Therapeutics Holdings, Inc. scores -0.85, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($103.0M) 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 $1.7M in revenue in Q2 2026. It is unchanged from the prior quarter.
Rani Therapeutics Holdings, Inc.'s EBITDA was -$8.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.3% from the same quarter a year earlier. Against the prior quarter it is down 5.5%.
Rani Therapeutics Holdings, Inc. reported -$7.4M in net income in Q2 2026. This represents a decrease of 10.4% from the same quarter a year earlier. Against the prior quarter it is down 5.1%.
Rani Therapeutics Holdings, Inc. earned -$0.04 per diluted share (EPS) in Q2 2026. It is unchanged from the prior quarter.
Cash & Balance Sheet
Rani Therapeutics Holdings, Inc. recorded an outflow of $9.1M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 55.3% from the same quarter a year earlier. Against the prior quarter it is down 39.1%.
Rani Therapeutics Holdings, Inc. held $4.9M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Rani Therapeutics Holdings, Inc.'s ROE was -18.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is up 5.9 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: 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 $5.0M in research and development in Q2 2026. This represents a decrease of 8.9% from the same quarter a year earlier. Against the prior quarter it is down 2.8%.
Rani Therapeutics Holdings, Inc. invested $32K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 13.5% from the same quarter a year earlier. Against the prior quarter it is up 113.3%.
Not reported for Q2 2026.
RANI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7M | $1.7M+893.0% | N/A | $0 | $0 | $172K | N/A | $0 |
| R&D Expenses | $5.0M-8.9% | $5.2M-21.4% | N/A | $3.2M-47.8% | $5.5M-10.0% | $6.6M-13.4% | N/A | $6.2M-45.0% |
| SG&A Expenses | $5.5M+10.4% | $4.9M-13.0% | N/A | $4.0M-28.3% | $5.0M-22.0% | $5.6M-12.9% | N/A | $5.6M-15.2% |
| Operating Income | -$8.8M+16.0% | -$8.3M+30.6% | N/A | -$7.3M+38.5% | -$10.5M+16.1% | -$12.0M+14.4% | N/A | -$11.8M+33.9% |
| EBITDA | -$8.6M+16.3% | -$8.2M+30.5% | N/A | -$7.0M+39.0% | -$10.3M+16.0% | -$11.8M+14.7% | N/A | -$11.5M+34.6% |
| Interest Expense | $8K-99.1% | $88K-90.7% | N/A | $725K-45.8% | $877K-31.3% | $943K-27.1% | N/A | $1.3M+1.6% |
| Net Income | -$7.4M-10.4% | -$7.0M+3.2% | N/A | -$5.4M+20.2% | -$6.7M+1.7% | -$7.3M+2.9% | N/A | -$6.8M+26.2% |
| EPS (Basic) | -$0.04+77.8% | -$0.04+81.8% | $0.05+118.5% | -$0.12+50.0% | -$0.18+30.8% | -$0.22+24.1% | -$0.27+88.7% | -$0.24+33.3% |
| EPS (Diluted) | -$0.04 | -$0.04 | $0.05+118.5% | -$0.12 | -$0.18+30.8% | -$0.22+24.1% | -$0.27+88.7% | -$0.24+33.3% |
| Diluted Shares (Avg) | 187M | 180M | N/A | 46M | 37M+38.8% | 33M+28.4% | N/A | 29M+12.9% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $60.8M+260.1% | $51.9M+115.0% | $58.6M+60.0% | $10.1M-76.7% | $16.9M-61.4% | $24.1M-54.9% | $36.6M-36.7% | $43.5M-38.2% |
| Current Assets | $56.5M+410.5% | $47.1M+164.8% | $53.3M+79.3% | $5.0M-84.7% | $11.1M-65.4% | $17.8M-57.0% | $29.7M-41.5% | $32.4M-48.8% |
| Cash & Equivalents | $4.9M-52.3% | $9.6M-4.6% | $18.6M+394.9% | $4.1M-3.1% | $10.2M+126.3% | $10.1M+47.0% | $3.8M-35.8% | $4.3M-14.0% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $2.0M | $2.0M+240.3% | $2.0M | N/A | N/A | $600K | $0 | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $12.9M-50.6% | $16.3M-44.6% | $17.1M-48.4% | $18.0M-52.3% | $26.1M-31.8% | $29.5M-24.4% | $33.1M-26.4% | $37.8M-28.6% |
| Current Liabilities | $10.6M-48.4% | $13.9M-31.2% | $12.7M-36.3% | N/A | $20.6M+24.4% | $20.1M+50.5% | $19.9M+149.0% | $20.2M+175.2% |
| Non-Current Liabilities | $2.2M-59.1% | $2.5M-73.4% | $4.4M-66.5% | -$1.1M-106.5% | $5.4M-74.9% | $9.3M-63.5% | $13.3M-64.2% | $17.6M-61.5% |
| Long-Term Debt | N/A | N/A | $0-100.0% | $0-100.0% | $2.2M-87.0% | $5.9M-71.6% | $9.6M-60.7% | $13.5M-51.8% |
| Total Equity | $39.2M+803.7% | $28.4M+1029.5% | $33.0M+1557.1% | -$7.9M-351.9% | -$5.6M-296.6% | -$3.1M-141.3% | $2.0M-84.5% | $3.1M-82.2% |
| Retained Earnings | -$147.0M-25.8% | -$139.6M-26.7% | -$132.6M-28.8% | -$122.3M-30.1% | -$116.9M-34.1% | -$110.2M-37.1% | -$102.9M-41.2% | -$94.0M-42.8% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.0M-55.7% | -$6.5M+20.3% | $294K+103.4% | -$5.1M+39.8% | -$5.8M+35.8% | -$8.1M+13.3% | -$8.7M+30.6% | -$8.4M+41.2% |
| Depreciation & Amortization | $200K0.0% | $161K-35.9% | $186K-30.1% | $223K-13.9% | $200K-21.6% | $251K+1.2% | $266K+17.2% | $259K+18.8% |
| Stock-Based Compensation | N/A | $2.1M-46.9% | N/A | N/A | N/A | $3.9M+1.4% | N/A | N/A |
| Capital Expenditures | $32K-13.5% | $15K-70.6% | $0-100.0% | $0-100.0% | $37K-60.6% | $51K+183.3% | $31K-81.4% | $125K-73.9% |
| Free Cash Flow | -$9.1M-55.3% | -$6.5M+20.6% | $294K+103.4% | -$5.1M+40.7% | -$5.8M+36.1% | -$8.2M+13.0% | -$8.7M+31.3% | -$8.5M+42.3% |
| Investing Cash Flow | -$14.6M-354.8% | -$2.5M-113.4% | -$31.0M-1328.6% | $0-100.0% | $5.7M-12.4% | $18.2M+77.1% | $2.5M-81.0% | $469K-96.0% |
| Financing Cash Flow | $18.8M+9903.2% | -$27K+99.3% | $44.9M+698.2% | -$1.0M-113.1% | $188K+33.3% | -$3.7M-3183.5% | $5.6M+5753.1% | $7.7M+15622.4% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| 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% | -24.8% | N/A | N/A | N/A | N/A | N/A | -217.4%-165.0pp |
| Return on Assets | -12.2%+27.5pp | -13.6%+16.5pp | N/A | -53.4%-37.8pp | -39.6%-24.0pp | -30.1%-16.1pp | N/A | -15.6%-2.5pp |
| Current Ratio | 5.31+4.8x | 3.40+2.5x | 4.21+2.7x | N/A | 0.54-1.4x | 0.88-2.2x | 1.50-4.9x | 1.60-7.0x |
| Debt-to-Equity | 0.33 | 0.58 | 0.00-4.8x | N/A | N/A | N/A | 4.83+2.9x | 4.34+2.7x |
| Asset Turnover | 0.030.0x | 0.030.0x | N/A | 0.000.0x | 0.000.0x | 0.010.0x | N/A | 0.00 |
| 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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Rani Therapeutics Holdings, Inc. RANI | FY2025 | $1.6M | -$29.7M | N/A | $103.0M | 55/100 |
| Estrella Immunopharma, Inc. ESLA | FY2025 | N/A | -$13.1M | N/A | $14.3M | — |
| Mersana Therapeutics, Inc. MRSN | FY2024 | $40.5M | -$69.2M | N/A | $145.4M | 54/100 |
| Senti Biosciences Holdings, Inc. SNTI | FY2025 | $22K | -$61.4M | N/A | $9.8M | — |
| AN2 Therapeutics, Inc. ANTX | FY2025 | N/A | -$35.2M | N/A | $162.3M | — |
| Jasper Therapeutics, Inc. JSPR | FY2025 | N/A | -$76 | N/A | $18.5M | — |
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.
What is Rani Therapeutics Holdings, Inc.'s P/E ratio?
Rani Therapeutics Holdings, Inc. (RANI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $103.0M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Rani Therapeutics Holdings, Inc.'s price-to-sales ratio?
Rani Therapeutics Holdings, Inc. (RANI) trades at 63.1x sales, its market capitalization divided by revenue of $1.6M revenue, FY2025. The market capitalization is $103.0M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
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 -0.85, 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 55 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.