Rani Therapeutics Holdings, Inc. (RANI) Financial Statements
Industry: Pharmaceutical Preparations
In fiscal 2025, Rani Therapeutics reported revenue of $1.6M, up 58.9% from $1.0M the year before. Net income was -$29.7M (a -1817.1% net margin), or -$0.45 per diluted share. Operating margin was -2346.0%. Operating activities generated -$18.7M of cash, leaving -$18.8M of free cash flow. At fiscal year end, Rani Therapeutics held $58.6M in total assets against $17.1M in total liabilities, including $18.6M of cash and equivalents.
Open the full interactive Rani Therapeutics financials → Quarterly statements, key ratios, valuation history and price charts.
Rani Therapeutics Key Stats
| Share Price | $0.73 |
|---|---|
| Market Cap | $137.2M |
| Revenue YoY Growth | +58.9% |
| 52-Week Range | $0.47 – $2.85 |
| Shares Outstanding | 187.2 million (basic, 2026 Q2) |
Rani Therapeutics Income Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $2.7M | $0 | $0 | $1.0M | $1.6M |
| Operating Income | -$51.6M | -$63.5M | -$66.1M | -$53.3M | -$38.3M |
| Pre-Tax Income | -$53.0M | -$63.3M | -$67.9M | -$30.0M | -$29.7M |
| Income Tax | $41,000 | $70,000 | $0 | $0 | $0 |
| Net Income | -$8.3M | -$30.6M | -$34.0M | -$30.0M | -$29.7M |
| Diluted EPS | -$0.43 | -$1.28 | -$1.33 | -$1.05 | -$0.45 |
Rani Therapeutics Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $0 | $1.5M | $1.7M | $1.7M |
| Net Income | -$5.4M | -$10.3M | -$7.0M | -$7.4M |
| Diluted EPS | -$0.12 | -$0.16 | -$0.04 | -$0.04 |
Rani Therapeutics Balance Sheet
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash & Equivalents | $117.5M | $27.0M | $5.9M | $3.8M | $18.6M |
| Current Assets | $119.6M | $100.9M | $50.8M | $29.7M | $53.3M |
| Total Assets | $124.2M | $108.0M | $57.9M | $36.6M | $58.6M |
| Current Liabilities | $2.6M | $4.8M | $8.0M | $19.9M | $12.7M |
| Total Long-Term Debt | — | $30.0M | $29.4M | $24.6M | — |
| Total Liabilities | $2.6M | $34.0M | $32.5M | $33.1M | $17.1M |
| Shareholders' Equity | $47.4M | $36.9M | $12.9M | $2.0M | $33.0M |
Rani Therapeutics Cash Flow Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash From Operations | -$32.2M | -$46.5M | -$51.2M | -$35.5M | -$18.7M |
| Cash From Investing | -$506,000 | -$72.4M | $29.9M | $19.8M | -$7.0M |
| Cash From Financing | $77.1M | $29.0M | $233,000 | $13.6M | $40.3M |
| Free Cash Flow | -$32.7M | -$48.1M | -$52.4M | -$35.8M | -$18.8M |
Figures from Rani Therapeutics' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Rani Therapeutics financials page for every line item.
Rani Therapeutics Company Profile
| Ticker | RANI |
|---|---|
| Exchange | Nasdaq |
| Industry | Pharmaceutical Preparations |
| Headquarters | San Jose, California |
| Incorporated in | California |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company, emerging growth company |
| SEC CIK | 0001856725 |
Frequently Asked Questions
What was Rani Therapeutics' revenue in fiscal 2025?
Rani Therapeutics (RANI) reported revenue of $1.6M for fiscal 2025.
What is Rani Therapeutics' annual revenue history?
Rani Therapeutics' annual revenue by fiscal year: 2021: $2.7M; 2022: $0; 2023: $0; 2024: $1.0M; 2025: $1.6M.
What was Rani Therapeutics' net income in fiscal 2025?
Rani Therapeutics reported net income of -$29.7M for fiscal 2025.
What was Rani Therapeutics' earnings per share (EPS) in fiscal 2025?
Rani Therapeutics' diluted EPS was -$0.45 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Rani Therapeutics generate in fiscal 2025?
Rani Therapeutics generated -$18.8M of free cash flow in fiscal 2025.
What was Rani Therapeutics' revenue last quarter?
In its most recent reported quarter (2026 Q2), Rani Therapeutics reported revenue of $1.7M.
How many shares of Rani Therapeutics are outstanding?
Rani Therapeutics reported a weighted average of 187.2 million basic shares outstanding in 2026 Q2.
What is Rani Therapeutics' market cap?
Based on its latest closing price, Rani Therapeutics (RANI) has a market capitalization of about $137.2M.
When does Rani Therapeutics' fiscal year end?
Rani Therapeutics' fiscal year end, as registered with the SEC, is December 31.
Where is Rani Therapeutics headquartered?
Rani Therapeutics lists its business address in San Jose, California in its SEC filings.