Rani Therapeutics Holdings, Inc.

Listed Company

RANICIK 0001856725NasdaqEmerging GrowthPharmaceutical PreparationsCaliforniaFY ends Dec 31

Period

FY 2025

Revenue

$1.63M

Net Income

$-29.67M

Total Assets

$58.62M

Equity

$33.01M

Shares Out

—

Op. Cash Flow

$-18.70M

RANI$0.70+67.15% · past yearDBEQ Basic

Daily closing prices

Business

Rani Therapeutics is a clinical-stage biotherapeutics company developing proprietary oral delivery technology for biologics. The company's RaniPill capsule platform is designed to deliver antibodies, proteins, peptides, and oligonucleotides orally with high bioavailability. Pipeline programs include RT-114 (GLP-1/GLP-2 dual agonist for obesity), RT-116 (semaglutide for obesity), RT-111 (ustekinumab biosimilar for inflammatory conditions), RT-105 (adalimumab biosimilar for rheumatoid arthritis), and partnered programs with Chugai and ProGen. The company pursues development partnerships with third-party biopharmaceutical companies and intends to commercialize in the United States, Europe, and Asia.

Summary from 10-K filed 2026-03-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Contract revenue	2	1	0	0	3
Research and development	20	27	40	37	26
General and administrative	20	24	26	27	28
Impairment loss	0	4	0	—	—
Total operating expenses	40	54	66	63	54
Loss from operations	−38	−53	−66	−63	−52
Interest income and other, net	827,000	2	3	1	89,000
Interest expense and other, net	−3	−5	−5	−1	−466,000
Loss on extinguishment of debt	−576,000	0	—	0	−700,000
Net loss	−41	−57	−68	−63	−53
Net loss attributable to non-controlling interest	−11	−27	−34	−33	−45
Net loss attributable to Rani Therapeutics Holdings, Inc.	−30	−30	−34	−31	−8
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.-basic	−0.45	−1.05	−1.33	−1.28	−0.43
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.-diluted	−0.45	−1.05	−1.33	−1.28	−0.43
Weighted average Class A common share outstanding-basic	66,138	28,476	25,505	23,817	19,534
Weighted average Class A common share outstanding-diluted	66,138	28,476	25,505	23,817	19,534

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	19	4	6	27	117
Accounts receivable	2	0	0	—	—
Contract asset	0	428,000	0	—	—
Marketable securities	31	24	43	71	0
Prepaid expenses and other current assets	2	2	2	2	2
Total current assets	53	30	51	101	120
Property and equipment, net	736,000	2	6	6	5
Operating lease right-of-use asset	4	5	718,000	1	0
Other assets	246,000	246,000	246,000	0	—
Total assets	59	37	58	108	124
Accounts payable	309,000	1	648,000	1	1
Accrued expenses and other current liabilities	4	2	2	2	—
Current portion of deferred revenue	7	0	—	—	—
Current portion of long-term debt	0	15	5	0	—
Current portion of operating lease liability	2	1	718,000	1	0
Total current liabilities	13	20	8	5	3
Long-term deferred revenue	2	0	—	—	—
Long-term debt, less current portion	0	10	24	29	0
Operating lease liability, less current portion	3	4	0	59,000	0
Total liabilities	17	33	32	34	3
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred stock, $0.0001 par value - 20,000 shares authorized; none issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	0	0
Additional paid-in capital	166	105	86	76	56
Accumulated other comprehensive gain	1,000	5,000	−12,000	−73,000	0
Accumulated deficit	−133	−103	−73	−39	−8
Total stockholders' equity attributable to Rani Therapeutics Holdings, Inc.	33	2	13	37	47
Non-controlling interest	9	2	13	37	74
Total stockholders' equity	42	3	25	74	122
Total liabilities and stockholders' equity	59	37	58	108	124

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	12	16	19	16	23
Depreciation and amortization	900,000	1	822,000	548,000	497,000
Net accretion and amortization of investments in marketable securities	−278,000	−1	−2	−851,000	0
Loss on disposal of property and equipment	0	65,000	0	—	—
Non-cash operating lease expense	2	2	1	764,000	0
Amortization of debt discount and issuance costs	207,000	232,000	232,000	77,000	0
Warrant issued for services provided	152,000	0	—	—	—
Modification expense related to warrants	15,000	0	—	—	—
Accounts receivable	−2	0	—	—	—
Contract asset	428,000	−428,000	0	—	—
Prepaid expenses and other current assets	−192,000	631,000	282,000	505,000	−2
Accounts payable	−1	711,000	−595,000	163,000	543,000
Accrued expenses and other current liabilities	3	350,000	−540,000	605,000	739,000
Deferred revenue	9	0	—	0	−3
Operating lease liabilities	−2	−2	−1	−764,000	0
Net cash used in operating activities	−19	−35	−51	−47	−32
Proceeds from maturities of marketable securities	27	78	104	3	0
Purchases of marketable securities	−34	−57	−73	−74	0
Purchases of property and equipment	−88,000	−268,000	−1	−2	−506,000
Net cash (used in) provided by investing activities	−7	20	30	−72	−506,000
Issuance of common stock under employee stock purchase plan	61,000	304,000	355,000	271,000	0
Proceeds from employee stock purchase plan	12,000	15,000	40,000	46,000	0
Proceeds from exercise of Series D Warrants	5	0	—	—	—
Proceeds from exercise of stock options	10,000	51,000	0	—	—
Tax withholdings paid on behalf of employees for net share settlement	−59,000	−47,000	−162,000	−626,000	0
Repayment of debt	−21	−5	0	—	—
Net cash provided by financing activities	40	14	233,000	29	77
Net increase (decrease) in cash, cash equivalents and restricted cash equivalents	15	−2	−21	−90	44
Cash paid for interest	2	4	4	730,000	285,000
Cash paid for corporate taxes, net	0	0	35,000	48,000	73,000
Right-of-use assets obtained in exchange for new operating lease liabilities	0	5	0	514,000	0
Exchanges of Paired Interests and non-corresponding Class A Units of Rani LLC	298,000	721,000	169,000	78	0
Remeasurement of operating lease right-of-use assets	666,000	589,000	578,000	—	—
Unrealized loss on short-term investments	−6,000	0	—	—	—
Conversion of debt principal into common stock (Note 13)	−6	0	—	—	—

Filings

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Frequently asked questions

What is Rani Therapeutics Holdings, Inc.'s CIK number?

Rani Therapeutics Holdings, Inc.'s SEC CIK number is 0001856725 (1856725). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Rani Therapeutics Holdings, Inc.'s SEC filings?

All of Rani Therapeutics Holdings, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Rani Therapeutics Holdings, Inc. last report earnings?

Rani Therapeutics Holdings, Inc. (RANI) most recently filed an earnings 8-K with the SEC on May 15, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-226691). This is Rani Therapeutics Holdings, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Rani Therapeutics Holdings, Inc.'s most recent earnings 8-K?

Rani Therapeutics Holdings, Inc.'s latest earnings 8-K (Item 2.02) was filed May 15, 2026 under accession 0001193125-26-226691. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Rani Therapeutics Holdings, Inc.'s latest earnings 8-K →
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