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Rani Therapeutics (RANI) Financials

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$0.65 -0.03 (-4.85%)
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Annual Income Statements for Rani Therapeutics

Annual Income Statements for Rani Therapeutics

This table shows Rani Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 0.00 -9.65 -31 -34 -30 -30
Consolidated Net Income / (Loss)		 -17 -53 -63 -68 -57 -41
Net Income / (Loss) Continuing Operations		 -17 -54 -63 -68 -57 -41
Total Pre-Tax Income 		-17 -54 -63 -68 -57 -41
Total Operating Income		 -17 -54 -63 -66 -53 -38
Total Gross Profit		 0.46 0.00 0.00 0.00 1.03 1.63
Total Revenue		 0.46 0.00 0.00 0.00 1.03 1.63
Operating Revenue		 0.46 - 0.00 0.00 1.03 1.63
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 17 54 63 66 54 40
Selling, General & Admin Expense		 4.96 28 27 26 24 20
Research & Development Expense		 12 26 37 40 27 20
Impairment Charge		 - - - 0.00 3.71 0.00
Total Other Income / (Expense), net		 -0.12 -0.05 0.18 -1.78 -3.27 -2.64
Interest Expense		 0.12 -0.23 1.07 5.09 5.03 3.47
Interest & Investment Income		 0.06 0.09 1.25 3.30 1.76 0.83
Net Income / (Loss) Attributable to Noncontrolling Interest		 -17 -45 -33 -34 -27 -11
Basic Earnings per Share		 $0.00 ($0.86) ($1.28) ($1.33) ($1.05) ($0.45)
Weighted Average Basic Shares Outstanding		 0.00 39.07K 23.82M 25.51M 28.48M 66.14M
Diluted Earnings per Share		 $0.00 ($0.86) ($1.28) ($1.33) ($1.05) ($0.45)
Weighted Average Diluted Shares Outstanding		 0.00 39.07K 23.82M 25.51M 28.48M 66.14M
Weighted Average Basic & Diluted Shares Outstanding		 0.00 19.53M 49.41M 50.16M 57.48M 123.69M

Quarterly Income Statements for Rani Therapeutics

This table shows Rani Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -9.20 -7.10 -7.48 -6.81 -6.78 -8.95 -7.26 -6.69 -5.41 -10 -7.03
Consolidated Net Income / (Loss)		 -18 -14 -15 -13 -13 -16 -13 -11 -7.91 -9.07 -8.02
Net Income / (Loss) Continuing Operations		 -18 -14 -15 -13 -13 -16 -13 -11 -7.91 -9.07 -8.02
Total Pre-Tax Income 		-18 -31 -15 -13 -13 -16 -13 -11 -7.91 -9.07 -8.02
Total Operating Income		 -18 -13 -14 -13 -12 -15 -12 -11 -7.26 -8.54 -8.34
Total Gross Profit		 0.00 - 0.00 0.00 0.00 1.03 0.17 0.00 0.00 1.46 1.71
Total Revenue		 0.00 - 0.00 0.00 0.00 1.03 0.17 0.00 0.00 1.46 1.71
Operating Revenue		 - - 0.00 0.00 0.00 1.03 0.17 0.00 0.00 1.46 1.71
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 18 13 14 13 12 16 12 11 7.26 10.00 10
Selling, General & Admin Expense		 6.64 5.83 6.45 6.41 5.63 5.46 5.62 5.00 4.04 5.09 4.89
Research & Development Expense		 11 7.61 7.59 6.12 6.17 6.81 6.57 5.51 3.22 4.91 5.16
Total Other Income / (Expense), net		 -0.48 -0.62 -0.75 -0.84 -0.92 -0.77 -0.73 -0.72 -0.66 -0.54 0.32
Interest Expense		 1.32 1.30 1.29 1.28 1.34 1.13 0.94 0.88 0.73 0.92 0.09
Interest & Investment Income		 0.84 0.68 0.55 0.44 0.41 0.36 0.22 0.16 0.07 0.38 0.41
Net Income / (Loss) Attributable to Noncontrolling Interest		 -9.14 -6.96 -7.30 -6.56 -5.94 -6.78 -5.47 -4.53 -2.50 1.23 -0.98
Basic Earnings per Share		 ($0.36) ($0.27) ($0.29) ($0.26) ($0.24) ($0.26) ($0.22) ($0.18) ($0.12) $0.07 ($0.04)
Weighted Average Basic Shares Outstanding		 25.55M 25.51M 26.03M 26.32M 28.84M 28.48M 33.44M 36.54M 46.44M 66.14M 180.00M
Diluted Earnings per Share		 ($0.36) ($0.27) ($0.29) ($0.26) ($0.24) ($0.26) ($0.22) ($0.18) ($0.12) $0.07 ($0.04)
Weighted Average Diluted Shares Outstanding		 25.55M 25.51M 26.03M 26.32M 28.84M 28.48M 33.44M 36.54M 46.44M 66.14M 180.00M
Weighted Average Basic & Diluted Shares Outstanding		 50.00M 50.16M 50.42M 53.41M 57.29M 57.48M 57.54M 71.87M 121.51M 123.69M 123.88M

Annual Cash Flow Statements for Rani Therapeutics

This table details how cash moves in and out of Rani Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 57 44 -90 -21 -2.10 15
Net Cash From Operating Activities		 -15 -32 -47 -51 -35 -19
Net Cash From Continuing Operating Activities		 -15 -34 -47 -51 -35 -19
Net Income / (Loss) Continuing Operations		 -17 -53 -63 -68 -57 -41
Consolidated Net Income / (Loss)		 -17 -53 -63 -68 -57 -41
Depreciation Expense		 0.59 0.50 0.55 0.82 1.03 0.90
Amortization Expense		 - 0.00 -0.77 -2.08 -1.02 -0.07
Non-Cash Adjustments To Reconcile Net Income		 0.06 22 16 19 21 13
Changes in Operating Assets and Liabilities, net		 1.09 -3.30 1.27 -1.10 -0.12 8.44
Net Cash From Investing Activities		 -1.20 -0.51 -72 30 20 -7.03
Net Cash From Continuing Investing Activities		 -1.20 -0.51 -72 30 20 -7.03
Purchase of Property, Plant & Equipment		 -1.20 -0.51 -1.62 -1.23 -0.27 -0.09
Purchase of Investments		 - 0.00 -74 -73 -57 -34
Sale and/or Maturity of Investments		 - 0.00 3.00 104 78 27
Net Cash From Financing Activities		 73 77 29 0.23 14 40
Net Cash From Continuing Financing Activities		 73 78 29 0.23 14 40
Repayment of Debt		 0.16 -3.31 - 0.00 -5.00 -21
Issuance of Common Equity		 0.00 74 0.32 0.40 19 53
Other Financing Activities, net		 1.25 0.03 -0.89 -0.16 0.00 8.35
Cash Interest Paid		 0.06 0.29 0.73 4.18 4.11 2.12
Cash Income Taxes Paid		 0.00 0.07 0.05 0.04 0.00 0.00

Quarterly Cash Flow Statements for Rani Therapeutics

This table details how cash moves in and out of Rani Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -2.58 0.89 1.01 -2.36 -0.24 -0.52 6.35 0.11 -6.07 14 -8.97
Net Cash From Operating Activities		 -14 -12 -9.40 -9.03 -8.41 -8.66 -8.15 -5.80 -5.06 0.29 -6.50
Net Cash From Continuing Operating Activities		 -14 -12 -9.40 -9.03 -8.41 -8.66 -8.15 -5.80 -5.06 0.29 -6.50
Net Income / (Loss) Continuing Operations		 -18 -14 -15 -13 -13 -16 -13 -11 -7.91 -9.07 -8.02
Consolidated Net Income / (Loss)		 -18 -14 -15 -13 -13 -16 -13 -11 -7.91 -9.07 -8.02
Depreciation Expense		 0.22 0.23 0.25 0.26 0.26 0.27 0.25 0.24 0.22 0.19 0.16
Amortization Expense		 -0.55 -0.41 0.10 -0.61 -0.25 -0.25 -0.09 0.05 0.06 -0.09 -0.24
Non-Cash Adjustments To Reconcile Net Income		 5.23 3.71 3.87 4.61 4.96 7.75 4.83 3.49 2.83 1.81 2.56
Changes in Operating Assets and Liabilities, net		 -0.86 -1.95 1.16 0.08 -0.66 -0.70 -0.40 1.64 -0.26 7.46 -0.96
Net Cash From Investing Activities		 12 13 10 6.53 0.47 2.52 18 5.71 - -31 -2.45
Net Cash From Continuing Investing Activities		 12 13 10 6.53 0.47 2.52 18 5.71 - -31 -2.45
Purchase of Property, Plant & Equipment		 -0.48 -0.17 -0.02 -0.09 -0.13 -0.03 -0.05 -0.04 - - -0.02
Purchase of Investments		 -11 -9.41 -10 -12 -18 -18 -2.72 - - -31 -23
Sale and/or Maturity of Investments		 24 23 20 18 19 20 21 5.75 - - 21
Net Cash From Financing Activities		 0.05 0.10 0.12 0.14 7.70 5.62 -3.73 0.19 -1.01 45 -0.03
Net Cash From Continuing Financing Activities		 0.05 0.10 0.12 0.14 7.70 5.62 -3.73 0.19 -1.01 45 -0.03
Repayment of Debt		 - - 0.00 - -1.25 -3.75 -3.75 -3.75 -3.75 -9.47 0.00
Issuance of Common Equity		 0.08 0.10 0.12 0.13 8.96 9.38 0.04 0.01 2.82 50 0.00
Other Financing Activities, net		 -0.03 - 0.00 0.01 -0.00 -0.01 -0.02 3.93 -0.08 4.52 -0.03
Cash Interest Paid		 - 4.18 0.00 - - 4.11 0.00 - - 2.12 0.00
Cash Income Taxes Paid		 - 0.04 0.00 - - - 0.00 - - - 0.00

Annual Balance Sheets for Rani Therapeutics

This table presents Rani Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 79 124 108 58 37 59
Total Current Assets		 75 120 101 51 30 53
Cash & Equivalents		 73 117 27 5.86 3.76 19
Short-Term Investments		 - 0.00 71 43 24 31
Accounts Receivable		 1.72 - - - 0.00 2.04
Prepaid Expenses		 0.17 2.14 2.44 2.31 1.68 1.57
Other Current Assets		 - - - 0.00 0.43 0.00
Plant, Property, & Equipment, net		 4.47 4.61 6.04 6.11 1.55 0.74
Total Noncurrent Assets		 0.00 0.00 1.07 0.96 5.34 4.56
Other Noncurrent Operating Assets		 - 0.00 1.07 0.96 5.34 4.56
Total Liabilities & Shareholders' Equity		 79 124 108 58 37 59
Total Liabilities		 8.04 2.64 34 32 33 17
Total Current Liabilities		 5.31 2.64 4.82 7.99 20 13
Accounts Payable		 0.68 1.21 1.46 0.65 1.36 0.31
Accrued Expenses		 0.55 1.43 2.35 1.73 2.07 3.94
Current Deferred Revenue		 2.72 0.00 - - 0.00 6.83
Other Current Liabilities		 - 0.00 1.01 0.72 1.46 1.59
Total Noncurrent Liabilities		 2.73 0.00 29 24 13 4.44
Noncurrent Deferred Revenue		 - - - - 0.00 1.71
Other Noncurrent Operating Liabilities		 0.32 0.00 0.06 0.00 3.64 2.73
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -113 122 74 25 3.49 42
Total Preferred & Common Equity		 -113 47 37 13 1.99 33
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -113 47 37 13 1.99 33
Common Stock		 0.66 56 76 86 105 166
Retained Earnings		 -114 -8.33 -39 -73 -103 -133
Accumulated Other Comprehensive Income / (Loss)		 - 0.00 -0.07 -0.01 0.01 0.00
Noncontrolling Interest		 0.00 74 37 13 1.50 8.50

Quarterly Balance Sheets for Rani Therapeutics

This table presents Rani Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 70 54 44 44 24 17 10 52
Total Current Assets		 63 41 32 32 18 11 4.96 47
Cash & Equivalents		 4.97 6.88 4.51 4.28 10 10 4.14 9.64
Short-Term Investments		 56 33 26 26 5.74 0.00 0.00 34
Accounts Receivable		 - - - - 0.60 - - 2.04
Prepaid Expenses		 2.70 1.81 1.13 1.97 1.33 0.86 0.81 1.65
Other Current Assets		 - - - - 0.00 0.00 0.00 0.00
Plant, Property, & Equipment, net		 6.26 5.91 5.70 5.50 1.35 1.14 0.92 0.60
Total Noncurrent Assets		 0.96 6.22 6.00 5.67 4.99 4.68 4.26 4.19
Other Noncurrent Operating Assets		 0.96 6.22 6.00 5.67 4.99 4.68 4.26 4.19
Total Liabilities & Shareholders' Equity		 70 54 44 44 24 17 10 52
Total Liabilities		 36 39 38 38 29 26 22 16
Total Current Liabilities		 7.35 13 17 20 20 21 19 14
Accounts Payable		 1.41 0.81 0.51 1.57 1.52 1.80 2.47 0.86
Accrued Expenses		 3.93 2.76 2.42 1.87 2.29 2.64 2.09 4.71
Current Deferred Revenue		 - - - 0.60 - - - 6.83
Other Current Liabilities		 0.79 1.22 1.36 1.41 1.33 1.19 1.05 1.46
Total Noncurrent Liabilities		 28 26 22 18 9.34 5.43 2.97 2.48
Noncurrent Deferred Revenue		 - - - - - - - 0.00
Other Noncurrent Operating Liabilities		 0.17 4.75 4.39 4.02 3.42 3.20 2.97 2.48
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 35 15 5.55 5.78 -5.35 -9.15 -12 36
Total Preferred & Common Equity		 18 7.40 2.84 3.12 -3.06 -5.58 -7.86 28
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 18 7.40 2.84 3.12 -3.06 -5.58 -7.86 28
Common Stock		 83 88 90 97 107 111 114 168
Retained Earnings		 -66 -80 -87 -94 -110 -117 -122 -140
Accumulated Other Comprehensive Income / (Loss)		 -0.04 -0.01 -0.01 0.01 0.00 0.00 0.00 -0.01
Noncontrolling Interest		 17 7.14 2.72 2.66 -2.29 -3.58 -4.11 7.14

Annual Metrics And Ratios for Rani Therapeutics

This table displays calculated financial ratios and metrics derived from Rani Therapeutics' official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 49,002,265.00 49,360,168.00 49,996,508.00 57,288,682.00 121,511,580.00
DEI Adjusted Shares Outstanding		 0.00 49,002,265.00 49,360,168.00 49,996,508.00 57,288,682.00 121,511,580.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -0.20 -0.62 -0.68 -0.52 -0.24
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% -100.00% 0.00% 0.00% 0.00% 58.85%
EBITDA Growth		 0.00% -238.31% -17.51% -5.79% 20.87% 29.68%
EBIT Growth		 0.00% -229.30% -16.03% -4.17% 19.34% 28.14%
NOPAT Growth		 0.00% -228.31% -16.82% -4.17% 19.34% 28.14%
Net Income Growth		 0.00% -217.84% -19.32% -7.17% 16.64% 27.63%
EPS Growth		 0.00% 0.00% -48.84% -3.91% 21.05% 57.14%
Operating Cash Flow Growth		 0.00% -115.54% -44.25% -10.15% 30.72% 47.28%
Free Cash Flow Firm Growth		 0.00% 0.00% -12.30% -6.47% 34.21% 42.37%
Invested Capital Growth		 0.00% 97.03% 13.54% 34.55% -92.57% -1,855.25%
Revenue Q/Q Growth		 0.00% 0.00% 100.00% 0.00% 0.00% 36.08%
EBITDA Q/Q Growth		 0.00% 0.00% -3.12% 5.97% -2.55% 14.79%
EBIT Q/Q Growth		 0.00% 0.00% -2.26% 5.77% -2.94% 14.36%
NOPAT Q/Q Growth		 0.00% 0.00% -2.26% 5.77% -2.94% 14.36%
Net Income Q/Q Growth		 0.00% 0.00% -6.81% 4.62% -3.04% 13.97%
EPS Q/Q Growth		 0.00% 0.00% -656.52% 59.33% 0.94% 42.31%
Operating Cash Flow Q/Q Growth		 0.00% -17.27% -7.34% 4.03% 9.72% 32.35%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 4.60% 13.25% 27.55%
Invested Capital Q/Q Growth		 0.00% 0.00% 84.84% 73.81% -87.30% -217.71%
Profitability Metrics		 - - - - - -
Gross Margin		 100.00% 0.00% 0.00% 0.00% 100.00% 100.00%
EBITDA Margin		 -3,467.10% 0.00% 0.00% 0.00% -5,184.92% -2,295.22%
Operating Margin		 -3,580.95% 0.00% 0.00% 0.00% -5,186.19% -2,345.99%
EBIT Margin		 -3,594.59% 0.00% 0.00% 0.00% -5,186.19% -2,345.99%
Profit (Net Income) Margin		 -3,615.37% 0.00% 0.00% 0.00% -5,504.28% -2,507.65%
Tax Burden Percent		 100.21% 97.65% 100.11% 100.00% 100.00% 100.00%
Interest Burden Percent		 100.37% 99.41% 99.72% 102.70% 106.13% 106.89%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -554.64% 0.00% 0.00% 0.00% -1,105.44% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -547.24% 0.00% 0.00% 0.00% -931.77% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 531.23% 0.00% 0.00% 0.00% 714.35% 0.00%
Return on Equity (ROE)		 -23.40% -55.03% -64.78% -136.52% -391.10% -181.98%
Cash Return on Invested Capital (CROIC)		 0.00% -1,291.43% -1,023.85% -874.10% -933.11% 0.00%
Operating Return on Assets (OROA)		 -20.91% 0.00% 0.00% 0.00% -112.77% -80.44%
Return on Assets (ROA)		 -21.03% 0.00% 0.00% 0.00% -119.69% -85.98%
Return on Common Equity (ROCE)		 37.16% 18.80% -27.91% -68.26% -200.82% -141.53%
Return on Equity Simple (ROE_SIMPLE)		 14.74% -111.97% -171.87% -527.62% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -12 -38 -44 -46 -37 -27
NOPAT Margin		 -2,506.67% 0.00% 0.00% 0.00% -3,630.33% -1,642.19%
Net Nonoperating Expense Percent (NNEP)		 -7.39% -16.14% -20.27% -48.85% -173.68% -53.60%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -84.40% -132.78% -64.60%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 1,074.03% 0.00% 0.00% 0.00% 2,329.38% 1,208.70%
R&D to Revenue		 2,606.93% 0.00% 0.00% 0.00% 2,595.53% 1,237.29%
Operating Expenses to Revenue		 3,680.95% 0.00% 0.00% 0.00% 5,286.19% 2,445.99%
Earnings before Interest and Taxes (EBIT)		 -17 -55 -63 -66 -53 -38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -16 -54 -64 -67 -53 -37
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 16.90 7.90 12.90 39.40 4.97
Price to Tangible Book Value (P/TBV)		 0.00 16.90 7.90 12.90 39.40 4.97
Price to Revenue (P/Rev)		 158.73 0.00 0.00 0.00 76.35 100.45
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 90.40 184.22 55.46 25.36 164.80 0.00
Enterprise Value to Revenue (EV/Rev)		 408.57 0.00 0.00 0.00 74.86 75.22
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.05 0.00 0.39 1.15 7.05 0.00
Long-Term Debt to Equity		 0.03 0.00 0.39 0.96 2.75 0.00
Financial Leverage		 -0.97 -0.97 -0.96 -0.89 -0.77 -1.17
Leverage Ratio		 1.11 1.06 1.19 1.67 3.27 2.12
Compound Leverage Factor		 1.12 1.05 1.18 1.71 3.47 2.26
Debt to Total Capital		 5.02% 0.00% 28.26% 53.59% 87.57% 0.00%
Short-Term Debt to Total Capital		 1.81% 0.00% 0.00% 8.93% 53.37% 0.00%
Long-Term Debt to Total Capital		 3.21% 0.00% 28.26% 44.66% 34.20% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 245.81% 61.00% 36.01% 22.94% 5.34% 20.48%
Common Equity to Total Capital		 -150.83% 39.00% 35.73% 23.47% 7.09% 79.52%
Debt to EBITDA		 -0.24 0.00 -0.46 -0.44 -0.46 0.00
Net Debt to EBITDA		 4.33 0.00 1.09 0.28 0.06 0.00
Long-Term Debt to EBITDA		 -0.15 0.00 -0.46 -0.36 -0.18 0.00
Debt to NOPAT		 -0.33 0.00 -0.66 -0.64 -0.66 0.00
Net Debt to NOPAT		 5.98 0.00 1.56 0.41 0.08 0.00
Long-Term Debt to NOPAT		 -0.21 0.00 -0.66 -0.53 -0.26 0.00
Altman Z-Score		 3.83 181.67 3.76 -1.57 -6.96 1.29
Noncontrolling Interest Sharing Ratio		 258.79% 134.17% 56.91% 50.00% 48.65% 22.23%
Liquidity Ratios		 - - - - - -
Current Ratio		 14.12 45.30 20.96 6.36 1.50 4.21
Quick Ratio		 14.09 44.49 20.45 6.08 1.39 4.08
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -40 -45 -48 -32 -18
Operating Cash Flow to CapEx		 -1,246.67% -6,372.53% -2,873.07% -4,168.92% -13,244.78% -21,265.91%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -41.99 -9.42 -6.26 -5.24
Operating Cash Flow to Interest Expense		 -120.65 0.00 -43.43 -10.08 -7.05 -5.40
Operating Cash Flow Less CapEx to Interest Expense		 -130.32 0.00 -44.94 -10.32 -7.11 -5.42
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.01 0.00 0.00 0.00 0.02 0.03
Accounts Receivable Turnover		 0.27 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.10 0.00 0.00 0.00 0.27 1.43
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 1,358.87 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 1,358.87 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - -
Invested Capital		 2.09 4.11 4.67 6.29 0.47 -8.20
Invested Capital Turnover		 0.22 0.00 0.00 0.00 0.30 -0.42
Increase / (Decrease) in Invested Capital		 0.00 2.03 0.56 1.61 -5.82 -8.66
Enterprise Value (EV)		 189 758 259 159 77 123
Market Capitalization		 73 801 291 166 78 164
Book Value per Share		 ($17.00) $0.97 $0.75 $0.26 $0.03 $0.27
Tangible Book Value per Share		 ($17.00) $0.97 $0.75 $0.26 $0.03 $0.27
Total Capital		 75 122 103 55 28 42
Total Debt		 3.77 0.00 29 29 25 0.00
Total Long-Term Debt		 2.41 0.00 29 24 9.61 0.00
Net Debt		 -69 -117 -69 -19 -3.03 -50
Capital Expenditures (CapEx)		 1.20 0.51 1.62 1.23 0.27 0.09
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2.06 -0.50 -2.37 -0.78 -2.79 -9.06
Debt-free Net Working Capital (DFNWC)		 71 117 96 48 25 41
Net Working Capital (NWC)		 70 117 96 43 9.85 41
Net Nonoperating Expense (NNE)		 5.12 15 19 22 19 14
Net Nonoperating Obligations (NNO)		 -69 -117 -69 -19 -3.03 -50
Total Depreciation and Amortization (D&A)		 0.59 0.50 -0.23 -1.26 0.01 0.83
Debt-free, Cash-free Net Working Capital to Revenue		 -446.32% 0.00% 0.00% 0.00% -271.01% -554.62%
Debt-free Net Working Capital to Revenue		 15,367.10% 0.00% 0.00% 0.00% 2,417.61% 2,489.41%
Net Working Capital to Revenue		 15,072.94% 0.00% 0.00% 0.00% 958.46% 2,489.41%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.43) ($1.28) ($1.33) ($1.05) ($0.45)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 49.16M 23.82M 25.51M 28.48M 66.14M
Adjusted Diluted Earnings per Share		 $0.00 ($0.43) ($1.28) ($1.33) ($1.05) ($0.45)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 49.16M 23.82M 25.51M 28.48M 66.14M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($0.43) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 19.53M 49.41M 50.16M 57.48M 123.69M
Normalized Net Operating Profit after Tax (NOPAT)		 -12 -38 -44 -46 -35 -27
Normalized NOPAT Margin		 -2,506.67% 0.00% 0.00% 0.00% -3,377.43% -1,642.19%
Pre Tax Income Margin		 -3,607.79% 0.00% 0.00% 0.00% -5,504.28% -2,507.65%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 -133.93 0.00 -59.24 -13.00 -10.59 -11.05
NOPAT to Interest Expense		 -93.39 0.00 -41.47 -9.10 -7.42 -7.73
EBIT Less CapEx to Interest Expense		 -143.60 0.00 -60.76 -13.24 -10.65 -11.08
NOPAT Less CapEx to Interest Expense		 -103.07 0.00 -42.98 -9.34 -7.47 -7.76
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Rani Therapeutics

This table displays calculated financial ratios and metrics derived from Rani Therapeutics' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 49,648,216.00 49,996,508.00 50,157,292.00 50,420,315.00 53,406,508.00 57,288,682.00 57,481,679.00 57,542,105.00 71,868,587.00 121,511,580.00 123,692,286.00
DEI Adjusted Shares Outstanding		 49,648,216.00 49,996,508.00 50,157,292.00 50,420,315.00 53,406,508.00 57,288,682.00 57,481,679.00 57,542,105.00 71,868,587.00 121,511,580.00 123,692,286.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.19 -0.14 -0.15 -0.14 -0.13 -0.16 -0.13 -0.12 -0.08 -0.08 -0.06
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 42.12% 893.02%
EBITDA Growth		 -8.85% 23.91% 19.32% 30.72% 35.17% -9.74% 13.41% 20.68% 40.84% 43.53% 28.95%
EBIT Growth		 -9.26% 23.16% 15.03% 31.54% 33.92% -11.34% 14.40% 16.12% 38.49% 42.94% 30.58%
NOPAT Growth		 -9.26% 23.16% 15.03% 31.54% 33.92% -11.34% 14.40% 16.12% 38.49% 42.94% 30.58%
Net Income Growth		 -13.10% 18.95% 12.20% 28.41% 30.60% -11.86% 13.81% 15.99% 37.79% 42.28% 37.08%
EPS Growth		 -209.09% 87.78% 12.12% 29.73% 33.33% 3.70% 24.14% 30.77% 50.00% 126.92% 81.82%
Operating Cash Flow Growth		 -17.26% 14.70% 22.64% 26.60% 41.20% 30.64% 13.33% 35.81% 39.80% 103.40% 20.27%
Free Cash Flow Firm Growth		 -13.22% 13.89% 12.70% 28.78% 38.77% 57.78% 65.12% 89.41% 114.14% 157.82% 146.63%
Invested Capital Growth		 43.09% 34.55% 25.19% 46.61% 1.66% -92.57% -106.40% -151.62% -170.19% -1,855.25% -2,697.15%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -83.27% -100.00% 0.00% 0.00% 16.91%
EBITDA Q/Q Growth		 2.16% 25.15% -0.56% 5.92% 8.44% -26.70% 20.66% 13.83% 31.71% -20.93% 0.17%
EBIT Q/Q Growth		 2.40% 24.76% -4.47% 10.76% 5.79% -26.77% 19.68% 12.55% 30.92% -17.61% 2.30%
NOPAT Q/Q Growth		 2.40% 24.76% -4.47% 10.76% 5.79% -26.77% 19.68% 12.55% 30.92% -17.61% 2.30%
Net Income Q/Q Growth		 1.78% 23.33% -5.15% 9.59% 4.78% -23.58% 18.98% 11.89% 29.49% -14.66% 11.67%
EPS Q/Q Growth		 2.70% 25.00% -7.41% 10.34% 7.69% -8.33% 15.38% 18.18% 33.33% 158.33% -157.14%
Operating Cash Flow Q/Q Growth		 -16.28% 12.76% 24.65% 3.97% 6.86% -2.91% 5.85% 28.87% 12.65% 105.81% -2,309.86%
Free Cash Flow Firm Q/Q Growth		 4.05% 18.91% 2.81% 5.82% 17.51% 44.08% 19.71% 71.42% 210.17% 128.68% -35.24%
Invested Capital Q/Q Growth		 27.86% 73.81% -30.10% -5.62% -11.34% -87.30% -160.17% -661.57% -20.56% -217.71% 4.11%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 100.00% 100.00% 0.00% 0.00% 100.00% 100.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% -1,453.31% -6,891.86% 0.00% 0.00% -577.41% -493.09%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% -1,454.96% -6,984.30% 0.00% 0.00% -584.19% -488.23%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% -1,454.96% -6,984.30% 0.00% 0.00% -584.19% -488.23%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% -1,529.38% -7,405.81% 0.00% 0.00% -621.08% -469.26%
Tax Burden Percent		 100.00% 45.50% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 102.67% 229.92% 105.31% 106.68% 107.82% 105.11% 106.04% 106.84% 109.05% 106.32% 96.11%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% -310.13% -2,853.51% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% -262.78% -2,682.88% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 201.46% 1,481.92% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -117.22% -136.52% -172.95% -225.35% -270.57% -108.67% -1,371.59% 0.00% 0.00% -181.98% -239.96%
Cash Return on Invested Capital (CROIC)		 -1,634.12% -874.10% -1,149.48% -1,199.05% -995.99% -933.11% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% -31.64% -215.91% 0.00% 0.00% -20.03% -40.71%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% -33.26% -228.94% 0.00% 0.00% -21.30% -39.13%
Return on Common Equity (ROCE)		 -57.68% -68.26% -86.61% -112.96% -137.79% -55.80% -648.32% 0.00% 0.00% -141.53% -201.46%
Return on Equity Simple (ROE_SIMPLE)		 -405.46% 0.00% -889.84% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -12 -9.40 -9.82 -8.77 -8.26 -10 -8.41 -7.35 -5.08 -5.97 -5.84
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% -1,018.47% -4,889.01% 0.00% 0.00% -408.93% -341.76%
Net Nonoperating Expense Percent (NNEP)		 -10.12% -10.51% -14.53% -19.66% -26.80% -47.35% -170.63% 138.01% 77.71% -11.76% -11.36%
Return On Investment Capital (ROIC_SIMPLE)		 - -17.15% -22.34% -25.01% -24.24% -37.25% -54.00% -91.05% -324.80% -14.39% -16.42%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 531.32% 3,264.53% 0.00% 0.00% 348.19% 286.07%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 662.35% 3,819.77% 0.00% 0.00% 336.00% 302.17%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 1,554.96% 7,084.30% 0.00% 0.00% 684.19% 588.23%
Earnings before Interest and Taxes (EBIT)		 -18 -13 -14 -13 -12 -15 -12 -11 -7.26 -8.54 -8.34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -18 -14 -14 -13 -12 -15 -12 -10 -6.98 -8.44 -8.42
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.15 12.90 21.09 67.58 36.97 39.40 0.00 0.00 0.00 4.97 3.20
Price to Tangible Book Value (P/TBV)		 6.15 12.90 21.09 67.58 36.97 39.40 0.00 0.00 0.00 4.97 3.20
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 76.35 60.36 24.64 29.93 100.45 28.68
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 26.01 25.36 34.82 46.53 31.53 164.80 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 74.86 62.67 27.50 34.33 75.22 17.24
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.84 1.15 2.03 5.31 4.90 7.05 -3.91 -1.88 -1.13 0.00 0.00
Long-Term Debt to Equity		 0.81 0.96 1.43 3.10 2.34 2.75 -1.11 -0.24 0.00 0.00 0.00
Financial Leverage		 -0.95 -0.89 -0.90 -0.87 -0.82 -0.77 -0.55 -1.56 -1.18 -1.17 -1.27
Leverage Ratio		 1.47 1.67 1.97 2.37 2.81 3.27 8.45 -16.83 -8.66 2.12 2.52
Compound Leverage Factor		 1.51 3.84 2.07 2.53 3.03 3.43 8.96 -17.98 -9.44 2.25 2.42
Debt to Total Capital		 45.72% 53.59% 66.95% 84.16% 83.05% 87.57% 134.35% 213.34% 865.54% 0.00% 0.00%
Short-Term Debt to Total Capital		 1.91% 8.93% 19.53% 35.07% 43.33% 53.37% 96.33% 185.74% 865.54% 0.00% 0.00%
Long-Term Debt to Total Capital		 43.81% 44.66% 47.42% 49.10% 39.72% 34.20% 38.02% 27.60% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 26.92% 22.94% 16.23% 7.75% 7.79% 5.34% -14.73% -44.30% -262.98% 20.48% 20.08%
Common Equity to Total Capital		 27.37% 23.47% 16.82% 8.09% 9.15% 7.09% -19.63% -69.03% -502.56% 79.52% 79.92%
Debt to EBITDA		 -0.41 -0.44 -0.46 -0.51 -0.54 -0.46 -0.41 -0.35 -0.31 0.00 0.00
Net Debt to EBITDA		 0.44 0.28 0.16 0.02 0.04 0.06 -0.10 -0.14 -0.21 0.00 0.00
Long-Term Debt to EBITDA		 -0.39 -0.36 -0.33 -0.29 -0.26 -0.18 -0.12 -0.05 0.00 0.00 0.00
Debt to NOPAT		 -0.60 -0.64 -0.66 -0.73 -0.78 -0.66 -0.58 -0.50 -0.43 0.00 0.00
Net Debt to NOPAT		 0.64 0.41 0.23 0.03 0.06 0.08 -0.14 -0.20 -0.30 0.00 0.00
Long-Term Debt to NOPAT		 -0.57 -0.53 -0.47 -0.42 -0.37 -0.26 -0.16 -0.06 0.00 0.00 0.00
Altman Z-Score		 0.63 1.43 0.06 -0.30 -1.75 -3.51 -6.63 -11.66 -19.83 2.97 -0.13
Noncontrolling Interest Sharing Ratio		 50.80% 50.00% 49.92% 49.87% 49.07% 48.65% 52.73% 0.00% 0.00% 22.23% 16.05%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 8.61 6.36 3.09 1.93 1.60 1.50 0.88 0.54 0.26 4.21 3.40
Quick Ratio		 8.24 6.08 2.96 1.86 1.50 1.39 0.82 0.50 0.22 4.08 3.28
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -14 -11 -11 -10 -8.32 -4.65 -3.74 -1.07 1.18 2.69 1.74
Operating Cash Flow to CapEx		 -2,986.01% -7,471.86% -52,233.33% -9,605.32% -6,728.00% -27,919.35% -15,978.43% -15,664.86% 0.00% 0.00% -43,313.33%
Free Cash Flow to Firm to Interest Expense		 -10.32 -8.50 -8.28 -7.90 -6.22 -4.13 -3.96 -1.22 1.62 2.92 19.79
Operating Cash Flow to Interest Expense		 -10.87 -9.63 -7.27 -7.08 -6.29 -7.69 -8.64 -6.61 -6.98 0.32 -73.83
Operating Cash Flow Less CapEx to Interest Expense		 -11.23 -9.76 -7.28 -7.15 -6.38 -7.71 -8.70 -6.65 -6.98 0.32 -74.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.02 0.03 0.04 0.04 0.03 0.08
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.40
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.27 0.33 0.35 0.37 1.43 3.25
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 152.15
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 152.15
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3.62 6.29 4.39 4.15 3.68 0.47 -0.28 -2.14 -2.58 -8.20 -7.86
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.30 0.58 1.20 2.19 -0.42 -0.78
Increase / (Decrease) in Invested Capital		 1.09 1.61 0.88 1.32 0.06 -5.82 -4.67 -6.29 -6.26 -8.66 -7.58
Enterprise Value (EV)		 94 159 153 193 116 77 75 33 41 123 55
Market Capitalization		 108 166 156 192 115 78 72 30 36 164 91
Book Value per Share		 $0.35 $0.26 $0.15 $0.06 $0.06 $0.03 ($0.05) ($0.10) ($0.11) $0.27 $0.23
Tangible Book Value per Share		 $0.35 $0.26 $0.15 $0.06 $0.06 $0.03 ($0.05) ($0.10) ($0.11) $0.27 $0.23
Total Capital		 64 55 44 35 34 28 16 8.08 1.56 42 36
Total Debt		 29 29 29 29 28 25 21 17 14 0.00 0.00
Total Long-Term Debt		 28 24 21 17 14 9.61 5.92 2.23 0.00 0.00 0.00
Net Debt		 -31 -19 -10 -1.40 -2.10 -3.03 5.07 7.01 9.39 -50 -43
Capital Expenditures (CapEx)		 0.48 0.17 0.02 0.09 0.13 0.03 0.05 0.04 0.00 0.00 0.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -3.43 -0.78 -2.98 -3.16 -3.48 -2.79 -3.20 -4.77 -4.80 -9.06 -10
Debt-free Net Working Capital (DFNWC)		 57 48 37 28 27 25 13 5.45 -0.65 41 33
Net Working Capital (NWC)		 56 43 28 15 12 9.85 -2.35 -9.55 -14 41 33
Net Nonoperating Expense (NNE)		 5.83 4.65 4.96 4.59 4.46 5.25 4.33 3.87 2.83 3.10 2.18
Net Nonoperating Obligations (NNO)		 -31 -19 -10 -1.40 -2.10 -3.03 5.07 7.01 9.39 -50 -43
Total Depreciation and Amortization (D&A)		 -0.33 -0.18 0.34 -0.36 0.01 0.02 0.16 0.29 0.28 0.10 -0.08
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% -271.01% -266.67% -397.17% -399.67% -554.62% -320.83%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 2,417.61% 1,054.42% 454.17% -54.33% 2,489.41% 1,048.79%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 958.46% -195.58% -795.83% -1,182.42% 2,489.41% 1,048.79%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.36 ($0.27) ($0.29) ($0.26) ($0.24) ($0.26) ($0.22) ($0.18) ($0.12) $0.07 ($0.04)
Adjusted Weighted Average Basic Shares Outstanding		 25.55M 25.51M 26.03M 26.32M 28.84M 28.48M 33.44M 36.54M 46.44M 66.14M 180.00M
Adjusted Diluted Earnings per Share		 $0.36 ($0.27) ($0.29) ($0.26) ($0.24) ($0.26) ($0.22) ($0.18) ($0.12) $0.07 ($0.04)
Adjusted Weighted Average Diluted Shares Outstanding		 25.55M 25.51M 26.03M 26.32M 28.84M 28.48M 33.44M 36.54M 46.44M 66.14M 180.00M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 50.00M 50.16M 50.42M 53.41M 57.29M 57.48M 57.54M 71.87M 121.51M 123.69M 123.88M
Normalized Net Operating Profit after Tax (NOPAT)		 -12 -9.40 -9.82 -8.77 -8.26 -10 -8.41 -7.35 -5.08 -5.97 -5.84
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% -1,018.47% -4,889.01% 0.00% 0.00% -408.93% -341.76%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% -1,529.38% -7,405.81% 0.00% 0.00% -621.08% -469.26%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -13.57 -10.37 -10.85 -9.82 -8.83 -13.28 -12.74 -11.98 -10.01 -9.26 -94.76
NOPAT to Interest Expense		 -9.50 -7.26 -7.59 -6.87 -6.18 -9.30 -8.92 -8.38 -7.01 -6.48 -66.33
EBIT Less CapEx to Interest Expense		 -13.93 -10.49 -10.86 -9.89 -8.92 -13.31 -12.79 -12.02 -10.01 -9.26 -94.93
NOPAT Less CapEx to Interest Expense		 -9.86 -7.38 -7.61 -6.94 -6.27 -9.33 -8.97 -8.43 -7.01 -6.48 -66.50
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Rani Therapeutics (NASDAQ: RANI) continues to operate like a clinical-stage biotech with meaningful revenue but persistent losses and heavy cash usage. The latest quarter showed some top-line growth and a much stronger cash position than a year ago, but the company is still burning cash and remains dependent on financing and investment activity to support operations.

  • Revenue improved year over year in Q1 2026. Operating revenue rose to $1.7 million from $1.5 million in Q4 2025 and $0.2 million in Q1 2025, showing some progress on commercialization or collaboration-related income.
  • Liquidity improved sharply versus last year. Rani ended Q1 2026 with $9.6 million in cash and $33.8 million in short-term investments, compared with just $4.1 million in cash and no short-term investments in Q3 2025.
  • The balance sheet is much stronger than it was in early 2025. Total equity and noncontrolling interests were $35.5 million in Q1 2026, up from a negative $5.3 million in Q1 2025 and negative $11.9 million in Q3 2025.
  • Q1 2026 operating cash burn improved versus the prior quarter and prior year. Net cash used in operating activities was $6.5 million, better than $8.7 million in Q4 2025 and slightly better than $8.1 million in Q1 2025.
  • Non-cash adjustments continue to help offset losses. In Q1 2026, non-cash adjustments of $2.6 million reduced the cash impact of the net loss, which is common for an R&D-heavy biotech.
  • Short-term debt was eliminated. The company reported no short-term debt in Q1 2026, versus $13.5 million in Q3 2025 and $15.0 million in Q2 2025.
  • Q1 2026 cash flow from investing activities was negative due to portfolio management. Rani bought $23.4 million of investments and sold $21.0 million, resulting in a modest net investing outflow of $2.5 million.
  • Research and development spending remains high relative to revenue. Q1 2026 R&D expense was $5.2 million, nearly three times revenue, which underscores the company’s dependence on pipeline progress.
  • The company is still losing money. Q1 2026 net loss was $8.0 million, after a $9.1 million loss in Q4 2025 and a $12.7 million loss in Q1 2025.
  • Operating margins remain deeply negative. Q1 2026 operating loss was $8.3 million on just $1.7 million of revenue, showing that revenue is still far from covering overhead.
  • Historical dilution has been significant. Weighted average shares changed dramatically over the last year, reflecting large equity issuance and a much higher share count, which can pressure per-share value for investors.
  • The company’s cash generation from operations remains negative. Despite improvements in the latest quarter, Rani has consistently posted negative operating cash flow across the last several years.

Bottom line: Rani Therapeutics shows some encouraging signs on revenue growth and liquidity, but the business is still in an early, cash-consuming phase. Investors should focus on whether upcoming quarters can produce sustained revenue growth, lower burn, and less reliance on external financing.

07/21/26 07:39 AM ETAI Generated. May Contain Errors.

Rani Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Rani Therapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Rani Therapeutics' net income appears to be on an upward trend, with a most recent value of -$40.95 million in 2025, rising from -$16.70 million in 2020. The previous period was -$56.58 million in 2024. View Rani Therapeutics' forecast to see where analysts expect Rani Therapeutics to go next.

Rani Therapeutics' total operating income in 2025 was -$38.31 million, based on the following breakdown:
  • Total Gross Profit: $1.63 million
  • Total Operating Expenses: $39.94 million

Over the last 5 years, Rani Therapeutics' total revenue changed from $462 thousand in 2020 to $1.63 million in 2025, a change of 253.5%.

Rani Therapeutics' total liabilities were at $17.11 million at the end of 2025, a 48.4% decrease from 2024, and a 112.8% increase since 2020.

In the past 5 years, Rani Therapeutics' cash and equivalents has ranged from $3.76 million in 2024 to $117.45 million in 2021, and is currently $18.62 million as of their latest financial filing in 2025.

Over the last 5 years, Rani Therapeutics' book value per share changed from -17.00 in 2020 to 0.27 in 2025, a change of -101.6%.


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Financial statements for NASDAQ:RANI last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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