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RANI

Rani Therapeutics Holdings, Inc.

RANI

Rani Therapeutics Holdings, Inc. • NASDAQ
$1.60 ▼ -1.23% (-0.02)
Market Cap $116.79 M
52w High $3.87
52w Low $0.39
Dividend Yield 0%
P/E -2.08
Volume 1.33M
Outstanding Shares 72.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $7.257M ▼ $-5.412M ▲ 0% $-0.12 ▲ $-6.966M ▲
Q2-2025 $0 ▼ $10.505M ▼ $-6.692M ▲ 0% ▲ $-0.18 ▲ $-10.107M ▲
Q1-2025 $172K ▼ $12.185M ▼ $-7.264M ▲ -4.223K% ▼ $-0.22 ▲ $-11.544M ▲
Q4-2024 $1.028M ▲ $15.986M ▲ $-8.947M ▼ -870.331% ▼ $-0.27 ▼ $-14.332M ▼
Q3-2024 $0 $11.799M $-6.783M 0% $-0.24 $-11.126M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.144M ▼ $10.139M ▼ $22.112M ▼ $-7.86M ▼
Q2-2025 $10.216M ▼ $16.898M ▼ $26.051M ▼ $-5.575M ▼
Q1-2025 $15.853M ▼ $24.125M ▼ $29.474M ▼ $-3.056M ▼
Q4-2024 $27.639M ▼ $36.634M ▼ $33.141M ▼ $1.992M ▼
Q3-2024 $30.404M $43.54M $37.765M $3.12M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.914M ▼ $-5.063M ▲ $0 ▼ $-1.009M ▼ $-6.072M ▼ $-5.063M ▲
Q2-2025 $-6.692M ▲ $-5.796M ▲ $5.713M ▼ $188K ▲ $105K ▼ $-5.833M ▲
Q1-2025 $-7.264M ▲ $-8.149M ▲ $18.229M ▲ $-3.731M ▼ $6.349M ▲ $-8.2M ▲
Q4-2024 $-15.722M ▼ $-8.655M ▼ $2.521M ▲ $5.619M ▼ $-515K ▼ $-8.686M ▼
Q3-2024 $-12.722M $-8.41M $469K $7.704M $-237K $-8.535M

Five-Year Company Overview

Income Statement

Income Statement Rani is still a pure research-stage company, with essentially no product revenue so far. Its costs are driven by R&D and operating expenses, which leads to steady operating and net losses every year. Losses have been fairly consistent, which suggests spending is planned and controlled rather than erratic, but the business is clearly in the investment phase, not in an earnings or growth phase yet. Until the RaniPill platform or partnered programs begin to generate commercial revenue, the income statement will remain loss‑making by design.

Balance Sheet

Balance Sheet The balance sheet is small and quite lean. Cash has declined sharply since the IPO, and the most recent figures suggest only a thin cash cushion is left. Some debt has been added, and equity has moved from negative to slightly positive, but the absolute levels are modest. Overall, the company looks capital‑light in terms of physical assets but financially fragile, meaning its ability to fund operations depends heavily on raising additional capital or securing upfront payments from partners.

Cash Flow

Cash Flow Rani consistently uses cash in its operations, reflecting ongoing R&D, clinical work, and overhead with no offsetting revenue. Free cash flow is negative each year, but there is little to no spending on long‑term assets, so nearly all cash burn is tied to running and advancing the platform. This pattern is typical for clinical‑stage biotech: the key question is how long current resources can support the pipeline before new funding is needed.

Competitive Edge

Competitive Edge Rani is pursuing a very specific niche: turning injectable biologic drugs into oral treatments using its RaniPill capsule. Its competitive position rests on a broad patent portfolio, specialized engineering know‑how, and an early lead in this kind of mechanical oral delivery. That said, it competes indirectly with very large pharmaceutical companies and other oral biologic technologies. Rani’s edge lies in its unique “mini‑injection in the intestine” approach, but it still must prove real‑world performance, safety, cost, and scalability versus more traditional injection and rival oral systems.

Innovation and R&D

Innovation and R&D Innovation is the core of Rani’s story. The RaniPill is a novel device that attempts to solve a long‑standing problem: how to deliver fragile biologic drugs through the gut without destroying them. The platform is flexible and, in theory, can be adapted to many drugs, which greatly expands its potential. The pipeline includes oral versions of well‑known biologics and high‑value areas like osteoporosis and autoimmune disease. However, all of this remains subject to clinical, manufacturing, and regulatory risk; real proof will come from late‑stage trial results, regulatory feedback, and the ability to scale production reliably.

Summary

Rani is an early‑stage biotech focused on a single, highly innovative drug‑delivery platform rather than on traditional drug discovery. Financially, it is pre‑revenue, loss‑making, and steadily consuming cash, with a relatively thin balance sheet that underscores its dependence on future funding or partnerships. Strategically, its technology and intellectual property could be quite powerful if clinical trials succeed and large partners adopt the platform, but execution risk is high and timelines are long. In essence, Rani currently represents a classic high‑risk, innovation‑driven biotech profile, where future outcomes hinge on trial data, regulatory progress, and access to capital.

NEWS

November 24, 2025 · 4:05 PM UTC

Rani Therapeutics to Participate in the Evercore Healthcare Conference

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November 6, 2025 · 4:30 PM UTC

Rani Therapeutics Reports Third Quarter 2025 Financial Results; Provides Corporate Update

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October 30, 2025 · 8:00 AM UTC

Rani Therapeutics to Present Preclinical Data on Oral Delivery of Semaglutide via the RaniPill® Capsule at ObesityWeek® 2025

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October 23, 2025 · 4:05 PM UTC

Rani Therapeutics Announces the Appointments of Abe Bassan and Vasudev Bailey, Ph.D. to Board of Directors

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October 23, 2025 · 4:01 PM UTC

Rani Therapeutics Announces Closing of Oversubscribed $60.3 Million Private Placement Priced At-the-Market under Nasdaq Rules

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