RANI · Rani Therapeutics Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.71M | - | $0 | $0 | $0 | - | - | - | - | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $5.16M | - | $3.22M | $5.50M | $6.57M | - | $6.17M | $6.12M | $7.59M | - |
| SG&A | $4.89M | - | $4.04M | $5.00M | $5.62M | - | $5.63M | $6.41M | $6.45M | - |
| Total Operating Expenses | $10.05M | - | $7.26M | $10.51M | $12.19M | - | $11.80M | $12.52M | $14.03M | - |
| D&A | $161.0K | - | - | - | $251.0K | - | - | - | $248.0K | - |
| Operating Income | ($8.34M) | - | ($7.26M) | ($10.51M) | ($12.01M) | - | ($11.80M) | ($12.52M) | ($14.03M) | - |
| Interest Expense | $88.0K | - | $725.0K | $877.0K | $943.0K | - | $1.34M | $1.28M | $1.29M | - |
| Income Tax | - | - | - | - | - | - | - | - | - | - |
| Net Income | ($7.03M) | - | ($5.41M) | ($6.69M) | ($7.26M) | - | ($6.78M) | ($6.80M) | ($7.48M) | - |
| EPS - Basic | ($0.04) | - | ($0.12) | ($0.18) | ($0.22) | - | ($0.24) | ($0.26) | ($0.29) | - |
| EPS - Diluted | ($0.04) | - | ($0.12) | ($0.18) | ($0.22) | - | ($0.24) | ($0.26) | ($0.29) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.64M | $18.62M | $4.14M | $10.22M | $10.11M | $3.76M | $4.28M | $4.51M | $6.88M | $5.86M |
| Accounts Receivable | $2.04M | $2.04M | - | - | $0 | - | - | - | $0 | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $858.0K | $309.0K | $2.47M | $1.80M | $1.52M | $1.36M | $1.57M | $506.0K | $806.0K | $648.0K |
| Current Assets | $47.09M | $53.32M | $4.96M | $11.07M | $17.78M | $29.74M | $32.37M | $32.03M | $41.39M | $50.85M |
| Total Assets | $51.88M | $58.62M | $10.14M | $16.90M | $24.13M | $36.63M | $43.54M | $43.73M | $53.51M | $57.92M |
| Current Liabilities | $13.86M | $12.67M | $19.14M | $20.62M | $20.13M | $19.89M | $20.21M | $16.58M | $13.38M | $7.99M |
| Long-term Debt | - | $0 | $0 | $2.23M | $5.92M | $9.61M | $13.54M | $17.21M | $20.85M | $24.48M |
| Total Liabilities | $16.34M | $17.11M | $22.11M | $26.05M | $29.47M | $33.14M | $37.77M | $38.18M | $38.98M | $32.47M |
| Stockholders' Equity | $28.41M | $33.01M | ($7.86M) | ($5.58M) | ($3.06M) | $1.99M | $3.12M | $2.83M | $7.40M | $12.87M |
| Retained Earnings | ($139.61M) | ($132.58M) | ($122.28M) | ($116.86M) | ($110.17M) | ($102.91M) | ($93.96M) | ($87.18M) | ($80.37M) | ($72.89M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($6.50M) | - | - | - | ($8.15M) | - | - | - | ($9.40M) | - |
| Investing Cash Flow | ($2.45M) | - | - | - | $18.23M | - | - | - | $10.29M | - |
| Financing Cash Flow | ($27.0K) | - | - | - | ($3.73M) | - | - | - | $121.0K | - |
| CapEx | $15.0K | - | - | - | $51.0K | - | - | - | $18.0K | - |
| Free Cash Flow | ($6.51M) | - | - | - | ($8.20M) | - | - | - | ($9.42M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -488.2% | - | - | - | - | - | - | - | - | - |
| EBITDA margin | -478.8% | - | - | - | - | - | - | - | - | - |
| Net margin | -411.8% | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | -381.3% | - | - | - | - | - | - | - | - | - |
| FCF / Net income | 0.93 | - | - | - | 1.13 | - | - | - | 1.26 | - |
| R&D / Revenue | 302.2% | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 286.1% | - | - | - | - | - | - | - | - | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -13.6% | - | -53.4% | -39.6% | -30.1% | - | -15.6% | -15.6% | -14.0% | - |
| Return on equity | -24.8% | - | 68.9% | 120.0% | 237.7% | - | -217.4% | -240.0% | -101.1% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 3.40 | 4.21 | 0.26 | 0.54 | 0.88 | 1.50 | 1.60 | 1.93 | 3.09 | 6.36 |
| Quick ratio | 3.40 | 4.21 | 0.26 | 0.54 | 0.88 | 1.50 | 1.60 | 1.93 | 3.09 | 6.36 |
| Cash ratio | 0.70 | 1.47 | 0.22 | 0.50 | 0.50 | 0.19 | 0.21 | 0.27 | 0.51 | 0.73 |
| Leverage | ||||||||||
| Debt / Equity | - | 0.00 | 0.00 | -0.40 | -1.94 | 4.83 | 4.34 | 6.07 | 2.82 | 1.90 |
| Debt / Assets | - | 0.00 | 0.00 | 0.13 | 0.25 | 0.26 | 0.31 | 0.39 | 0.39 | 0.42 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -94.8x | - | -10.0x | -12.0x | -12.7x | - | -8.8x | -9.8x | -10.8x | - |
| Equity multiplier | 1.83 | 1.78 | -1.29 | -3.03 | -7.89 | 18.39 | 13.96 | 15.42 | 7.23 | 4.50 |
| Liabilities / Assets | 0.31 | 0.29 | 2.18 | 1.54 | 1.22 | 0.90 | 0.87 | 0.87 | 0.73 | 0.56 |
| Efficiency | ||||||||||
| Asset turnover | 0.03 | - | 0.00 | 0.00 | 0.00 | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 436d | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 4.7x | - | - | - | - | - | 20.0x | 35.3x | 10.9x | - |
| P / S | 77.5x | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 30.6% | - | 38.5% | 16.1% | 14.4% | - | 33.9% | 31.5% | 15.0% | - |
| Net income growth (YoY) | 3.2% | - | 20.2% | 1.7% | 2.9% | - | 26.2% | 26.9% | 10.6% | - |
| EPS growth (YoY) | 81.8% | - | 50.0% | 30.8% | 24.1% | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 20.6% | - | - | - | 13.0% | - | - | - | 24.0% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | - | 1557.1% | - | - | - | -84.5% | -82.2% | -88.2% | -75.9% | -65.1% |
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Rani Therapeutics Holdings against the 5 most active filers in the same SIC group.