Rani Therapeutics Holdings, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $1.6M | $1.0M | $0 | $0 | $2.7M |
| Research and development | $20.2M | $26.7M | $39.6M | $36.6M | $26.5M |
| Operating expenses | $39.9M | $54.3M | $66.1M | $63.5M | $54.3M |
| Operating income | -$38.3M | -$53.3M | -$66.1M | -$63.5M | -$51.6M |
| Interest expense | $2.9M | $5.0M | $5.1M | $1.1M | $466,000 |
| Pretax income | — | — | -$67.9M | -$63.3M | -$53.0M |
| Income tax expense | $0 | $0 | $0 | $70,000 | $41,000 |
| Net income | -$29.7M | -$30.0M | -$34.0M | -$30.6M | -$8.3M |
| Balance Sheet | |||||
| Cash and equivalents | $18.6M | $3.8M | $5.9M | $27.0M | $117.5M |
| Current assets | $53.3M | $29.7M | $50.8M | $100.9M | $119.6M |
| Total assets | $58.6M | $36.6M | $57.9M | $108.0M | $124.2M |
| Current liabilities | $12.7M | $19.9M | $8.0M | $4.8M | $2.6M |
| Total liabilities | $17.1M | $33.1M | $32.5M | $34.0M | $2.6M |
| Total debt | — | $24.6M | $29.4M | $29.1M | $0 |
| Stockholders' equity | $33.0M | $2.0M | $12.9M | $36.9M | $47.4M |
| Cash Flow Statement | |||||
| Cash from operations | -$18.7M | -$35.5M | -$51.2M | -$46.5M | -$32.2M |
| Depreciation and amortization | $900,000 | $1.0M | $800,000 | $500,000 | $500,000 |
| Stock-based compensation | $11.8M | $16.0M | $19.0M | $15.8M | $22.6M |
| Capital expenditure | $88,000 | $268,000 | $1.2M | $1.6M | $506,000 |
| Free cash flow | -$18.8M | -$35.8M | -$52.5M | -$48.1M | -$32.8M |
| Impairments | $0 | $3.7M | $0 | — | — |
Shares outstanding 123.9M · Free float 30.0%
Annual filing data through FY ended December 31, 2025; float as of July 16, 2026.