Rani Therapeutics Holdings, Inc. RANI
We are a clinical stage biotherapeutics company focusing on advancing technologies to enable the administration of biologics and drugs orally, to provide patients, physicians, and healthcare systems with a convenient alternative to painful injections. We are advancing a portfolio of oral therapeutics using our proprietary delivery technology and we are actively pursuing partnering the technology with third party biopharmaceutical companies for the oral delivery of their biologics and drugs.
Our technology comprises a drug-agnostic oral delivery platform, the RaniPill capsule, which is designed to deliver a wide variety of drug substances, including antibodies, proteins, peptides, and oligonucleotides. We have two configurations of the platform – the RaniPill GO and the RaniPill HC. The RaniPill GO is designed to deliver up to a 3 mg dose of drug in microtablet form with high bioavailability. We have completed three Phase 1 clinical trials using the RaniPill GO. We are also developing a high-capacity version of the RaniPill capsule known as the RaniPill HC, which is intended to enable delivery of drug payloads up to 200µL in liquid form with high bioavailability. We have tested preclinically the RaniPill HC with multiple therapeutics, including multiple different antibodies and peptides. In December 2025, we initiated a Phase 1 clinical trial with RT-114, a RaniPill HC capsule containing a GLP-1/GLP-2 dual agonist (PG-102), for the treatment of obesity.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.6M | $1.0M | $0 | $0 | $2.7M | $462.0K |
| R&D | $20.2M | $26.7M | $39.6M | $36.6M | $26.5M | $12.0M |
| SG&A | $19.7M | $23.9M | $26.5M | $26.8M | $27.8M | $5.0M |
| Total operating expenses | $39.9M | $54.3M | $66.1M | $63.5M | $54.3M | -$17.0M |
| Operating income | -$38.3M | -$53.3M | -$66.1M | -$63.5M | -$51.6M | -$16.5M |
| Interest expense | $2.9M | $5.0M | $5.1M | $1.1M | $466.0K | $124.0K |
| Pre-tax income | -$29.7M | -$30.0M | -$67.9M | -$63.3M | -$53.0M | -$16.7M |
| Income tax | $0 | $0 | $0 | $70.0K | $41.0K | $35.0K |
| Net income | -$29.7M | -$30.0M | -$34.0M | -$30.6M | -$8.3M | -$16.7M |
| EPS, basic | -0.45 | -1.05 | -1.33 | -1.28 | -0.43 | — |
| EPS, diluted | -0.45 | -1.05 | -1.33 | -1.28 | -0.43 | — |
| Shares, diluted (wtd. avg.) | 66,138 | 28,476 | 25,505 | 23,817 | 19,534 | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $18.6M | $3.8M | $6.4M | $27.5M | $117.5M | $73.1M |
| Short-term investments | — | — | — | $98.5M | — | — |
| Receivables | $2.0M | $0 | $0 | — | — | — |
| Total current assets | $53.3M | $29.7M | $50.8M | $100.9M | $119.6M | $74.9M |
| Property, plant and equipment | $736.0K | $1.5M | $6.1M | $6.0M | $4.6M | $4.5M |
| Total assets | $58.6M | $36.6M | $57.9M | $108.0M | $124.2M | $79.4M |
| Accounts payable | $309.0K | $1.4M | $648.0K | $1.5M | $1.1M | $537.0K |
| Short-term debt | $0 | $15.0M | $4.9M | $0 | — | $1.4M |
| Total current liabilities | $12.7M | $19.9M | $8.0M | $4.8M | $2.6M | $5.3M |
| Long-term debt | $0 | $9.6M | $24.5M | $29.1M | $0 | $2.4M |
| Total liabilities | $17.1M | $33.1M | $32.5M | $34.0M | $2.6M | $8.0M |
| Retained earnings | -$132.6M | -$102.9M | -$72.9M | -$38.9M | -$8.3M | -$114.0M |
| Total equity | $33.0M | $2.0M | $25.4M | $74.0M | $121.6M | -$113.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$18.7M | -$35.5M | -$51.2M | -$46.5M | -$32.2M | -$15.0M |
| Depreciation and amortisation | $900.0K | $1.0M | $800.0K | $500.0K | $500.0K | $589.0K |
| Stock-based compensation | $11.8M | $16.0M | $19.0M | $15.8M | $22.6M | — |
| Capital expenditure | $88.0K | $268.0K | $1.2M | $1.6M | $506.0K | $1.2M |
| Investing cash flow | -$7.0M | $19.8M | $29.9M | -$72.4M | -$506.0K | -$1.2M |
| Financing cash flow | $40.3M | $13.6M | $233.0K | $29.0M | $77.1M | $72.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-126417.
Plot the figures US dollars
- Stock-based compensation
- Goodwill
- R&D
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Stock-based compensation | — | $22.6M | $15.8M | $19.0M | $16.0M | $11.8M |
| Goodwill | — | — | — | — | — | — |
| R&D | $12.0M | $26.5M | $36.6M | $39.6M | $26.7M | $20.2M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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