Rani Therapeutics Holdings, Inc. Fair Value Disclosure
4. Fair Value Measurements
The following tables detail information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of inputs used in such measurements (in thousands):
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As of December 31, 2025 |
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Level 1 |
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Level 2 |
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|
Level 3 |
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|
Total |
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Assets: |
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|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents: |
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|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds |
|
$ |
6,757 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,757 |
|
U.S. Treasuries and agencies |
|
|
6,891 |
|
|
|
— |
|
|
|
— |
|
|
|
6,891 |
|
Commercial paper |
|
|
— |
|
|
|
2,099 |
|
|
|
— |
|
|
|
2,099 |
|
Corporate debt securities |
|
|
— |
|
|
|
1,491 |
|
|
|
— |
|
|
|
1,491 |
|
Restricted cash equivalents: |
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|
|
|
|
|
|
|
|
|
|
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Money market funds |
|
|
200 |
|
|
|
— |
|
|
|
— |
|
|
|
200 |
|
Marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasuries and agencies |
|
|
25,867 |
|
|
|
— |
|
|
|
— |
|
|
|
25,867 |
|
Corporate debt securities |
|
|
— |
|
|
|
3,233 |
|
|
|
— |
|
|
|
3,233 |
|
Commercial paper |
|
|
— |
|
|
|
1,991 |
|
|
|
— |
|
|
|
1,991 |
|
Total assets |
|
$ |
39,715 |
|
|
$ |
8,814 |
|
|
$ |
— |
|
|
$ |
48,529 |
|
|
|
As of December 31, 2024 |
|
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|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds |
|
$ |
404 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
404 |
|
Restricted cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds |
|
|
500 |
|
|
|
— |
|
|
|
— |
|
|
|
500 |
|
Marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasuries and agencies |
|
|
24,876 |
|
|
|
— |
|
|
|
— |
|
|
|
24,876 |
|
Total assets |
|
$ |
25,780 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25,780 |
|
Level 1 financial instruments are comprised of investments in money market funds and U.S. treasuries and agencies. Level 2 financial instruments are comprised of corporate debt securities and commercial paper. There were no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy for any of the periods presented.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 26, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
| 2023 | Mar 20, 2024 | |
| 2022 | Mar 22, 2023 | |
| 2021 | Mar 31, 2022 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.