Rani Therapeutics Holdings, Inc.
RANIHealthcare|Biotechnology|US
$0.55
+0.03 (+5.93%)
DCF Value
$0.33
Tangible Book / Share
$0.26
Cash / Share
$0.29
Financials
Financial Snapshot
Market Cap
$35.7M
Enterprise Value
$34.4M
Revenue (TTM)
$4.9M
Net Income (TTM)
-$30.1M
Cash & Investments
$53.4M
Net Cash
$49.8M
Free Cash Flow (TTM)
-$20.3M
Operating CF (TTM)
-$20.3M
Debt/Equity
0.09
Cash Runway & Burn Rate
Cash on Hand
$53.4M
Quarterly Burn
$5.1M
Monthly Burn
$1.7M
Est. Runway
~10.5 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $16.5M | $73.1M | $117.5M | $98.5M | $48.5M | $27.6M | $49.7M | $53.4M | |
| Operating Cash Flow | -$26.3M | -$15.0M | -$32.2M | -$46.5M | -$51.2M | -$35.5M | -$18.7M | -$20.3M | |
| Free Cash Flow | -$27.8M | -$16.2M | -$32.8M | -$48.1M | -$52.5M | -$35.8M | -$18.8M | -$20.3M | |
| Capital Expenditure | -$1.6M | -$1.2M | -$506.0K | -$1.6M | -$1.2M | -$268.0K | -$88.0K | -$47.0K | |
| Financing Cash Flow | $852.0K | $72.7M | $77.1M | $29.0M | $233.0K | $13.6M | $40.3M | $62.6M |
R&D Spending
R&D (TTM)
$18.3M
R&D Intensity
375.4%
R&D Growth vs Prior
-9.4%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $979.0K | $462.0K | $2.7M | $0.00 | $0.00 | $1.0M | $1.6M | $4.9M | |
| R&D Expense | $24.6M | $12.0M | $26.5M | $36.6M | $39.6M | $26.7M | $20.2M | $18.3M | |
| R&D % of Revenue | 2510.6% | 2606.9% | 974.7% | — | — | 2595.5% | 1237.3% | 375.4% | |
| SG&A | $3.5M | $5.0M | $27.8M | $26.8M | $26.5M | $23.9M | $19.7M | $19.5M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $979.0K | $462.0K | $2.7M | $0.00 | $0.00 | $1.0M | $1.6M | $4.9M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $822.0K | $0.00 | $900.0K | $161.0K | |
| Gross Profit | $979.0K | $462.0K | $2.7M | $0.00 | -$822.0K | $1.0M | $733.0K | $4.7M | |
| R&D | $24.6M | $12.0M | $26.5M | $36.6M | $39.6M | $26.7M | $20.2M | $18.3M | |
| SG&A | $3.5M | $5.0M | $27.8M | $26.8M | $26.5M | $23.9M | $19.7M | $19.5M | |
| Operating Income | -$27.1M | -$16.5M | -$51.6M | -$63.5M | -$66.1M | -$53.3M | -$38.3M | -$33.0M | |
| Interest Expense | $10.0K | $124.0K | $466.0K | $1.1M | $5.1M | $5.0M | $2.9M | $1.2M | |
| Pretax Income | -$26.6M | -$16.7M | -$53.0M | -$63.3M | -$67.9M | -$30.0M | -$41.0M | -$33.4M | |
| Net Income | -$26.6M | -$16.7M | -$8.3M | -$30.6M | -$34.0M | -$30.0M | -$29.7M | -$30.1M | |
| EPS (Diluted) | -1.35 | -0.85 | -0.42 | -1.28 | -1.33 | -1.05 | -0.45 | -0.27 | |
| EBITDA | -$26.0M | -$16.0M | -$52.1M | -$61.7M | -$62.0M | -$50.5M | -$37.2M | -$31.9M | |
| Shares Out. (M) | 18.74 | 18.74 | 19.53 | 23.82 | 25.50 | 28.48 | 66.14 | 187.17 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $16.5M | $73.1M | $117.5M | $27.0M | $5.9M | $3.8M | $18.6M | $4.9M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $71.5M | $42.7M | $23.9M | $31.1M | $48.5M | |
| Total Current Assets | $16.9M | $74.9M | $119.6M | $100.9M | $50.8M | $29.7M | $53.3M | $56.5M | |
| Total Assets | $23.0M | $79.4M | $124.2M | $108.0M | $57.9M | $36.6M | $58.6M | $60.8M | |
| Total Current Liabilities | $3.5M | $5.3M | $2.6M | $4.8M | $8.0M | $19.9M | $12.7M | $10.6M | |
| Long-Term Debt | $115.5M | $2.4M | $0.00 | $29.1M | $24.5M | $9.6M | $2.7M | $2.2M | |
| Total Liabilities | $119.7M | $192.8M | $2.6M | $34.0M | $32.5M | $33.1M | $17.1M | $12.9M | |
| Stockholders' Equity | -$96.6M | -$113.3M | $47.4M | $36.9M | $12.9M | $2.0M | $33.0M | $39.2M | |
| Retained Earnings | -$97.3M | -$114.0M | -$8.3M | -$38.9M | -$72.9M | -$102.9M | -$132.6M | -$147.0M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$26.3M | -$15.0M | -$32.2M | -$46.5M | -$51.2M | -$35.5M | -$18.7M | -$20.3M | |
| Capital Expenditure | -$1.6M | -$1.2M | -$506.0K | -$1.6M | -$1.2M | -$268.0K | -$88.0K | -$47.0K | |
| Free Cash Flow | -$27.8M | -$16.2M | -$32.8M | -$48.1M | -$52.5M | -$35.8M | -$18.8M | -$20.3M | |
| Investing Cash Flow | -$1.5M | -$1.2M | -$506.0K | -$72.4M | $29.9M | $19.8M | -$7.0M | -$48.0M | |
| Financing Cash Flow | $852.0K | $72.7M | $77.1M | $29.0M | $233.0K | $13.6M | $40.3M | $62.6M | |
| Issuance of Stock | $0.00 | $71.3M | $73.6M | $317.0K | $395.0K | $18.6M | $61.1M | $73.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $4.2M | -$2.8M | $29.6M | $0.00 | -$5.0M | -$20.7M | -$13.2M | |
| Stock Based Comp. | $0.00 | $0.00 | $22.6M | $15.8M | $19.0M | $16.0M | $11.8M | $9.1M | |
| Net Change in Cash | -$26.9M | $56.5M | $44.4M | -$89.9M | -$21.1M | -$2.1M | $14.6M | -$5.6M |
Dilution Tracker
Shares outstanding grew 252.9% over 5 years — significant dilution
Shares Outstanding
65M
5-Year Share Growth
+252.9%
Stock Issuance (TTM)
$73.1M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 18.74 | 18.74 | 19.53 | 23.82 | 25.50 | 28.48 | 66.14 | 187.17 | |
| Change vs Prior % | — | 0.0% | 4.2% | 21.9% | 7.1% | 11.6% | 132.3% | 183.0% | |
| Stock Issuance | $0.00 | $71.3M | $73.6M | $317.0K | $395.0K | $18.6M | $61.1M | $73.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $22.6M | $15.8M | $19.0M | $16.0M | $11.8M | $9.1M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | — | — | 100.0% | 44.9% | 96.7% | |
| Operating Margin % | -2764.6% | -3581.0% | -1899.1% | — | — | -5186.2% | -2346.0% | -675.8% | |
| Net Margin % | -2716.8% | -3615.4% | -306.6% | — | — | -2920.0% | -1817.1% | -618.0% | |
| EBITDA Margin % | -2657.1% | -3453.5% | -1917.0% | — | — | -4914.7% | -2275.5% | -655.1% | |
| FCF Margin % | -2844.5% | -3497.8% | -1205.4% | — | — | -3479.0% | -1151.4% | -417.0% | |
| ROE % | 27.5% | 14.7% | -17.6% | -83.0% | -264.0% | -1506.9% | -89.9% | -129.9% | |
| ROA % | -115.5% | -21.0% | -6.7% | -28.3% | -58.7% | -81.9% | -50.6% | -49.5% | |
| ROIC % | -138.6% | -21.9% | -42.4% | -60.9% | -119.0% | -160.6% | -80.6% | -64.0% | |
| R&D / Revenue % | 2510.6% | 2606.9% | 974.7% | — | — | 2595.5% | 1237.3% | 375.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -52.8% | 488.1% | -100.0% | 0.0% | 0.0% | 58.9% | |
| Gross Profit | 0.0% | -52.8% | 488.1% | -100.0% | 0.0% | 225.1% | -28.7% | |
| Operating Income | 0.0% | 38.9% | -211.9% | -23.0% | -4.2% | 19.3% | 28.1% | |
| Net Income | 0.0% | 37.2% | 50.1% | -267.2% | -11.1% | 11.6% | 1.1% | |
| EPS (Diluted) | 0.0% | 37.0% | 50.6% | -204.8% | -3.9% | 21.1% | 57.1% | |
| Operating Cash Flow | 0.0% | 43.0% | -115.5% | -44.3% | -10.1% | 30.7% | 47.3% | |
| Free Cash Flow | 0.0% | 42.0% | -102.7% | -47.0% | -9.0% | 31.8% | 47.4% | |
| R&D Expense | 0.0% | -51.0% | 119.9% | 38.2% | 8.2% | -32.7% | -24.3% | |
| SG&A Expense | 0.0% | 43.2% | 460.9% | -3.6% | -1.4% | -9.6% | -17.6% | |
| Total Assets | 0.0% | 245.0% | 56.4% | -13.0% | -46.4% | -36.7% | 60.0% | |
| Book Value / Share | 0.0% | -17.3% | 202.9% | -50.1% | -67.9% | -87.7% | 411.7% | |
| Debt | 0.0% | -96.7% | -100.0% | 0.0% | -0.4% | -1.3% | -85.5% | |
| Diluted Shares | 0.0% | 0.0% | 4.2% | 21.9% | 7.1% | 11.6% | 132.3% |
Valuation
P/E (TTM)At Loss
P/S7.32
10Y Low / Med / High37.95 / 117.55 / 446.16
P/B2.61
10Y Low / Med / High2.70 / 6.58 / 19.58
EV/EBITDAAt Loss
EV/Revenue7.05
10Y Low / Med / High45.92 / 74.32 / 311.64
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.33
Tangible Book / Share
$0.26
Net Current Assets / Share
$0.67
Graham Net-Net
$0.23
Cash / Share
$0.29
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -8.15 | -12.94 | -38.93 | -4.61 | -2.50 | -1.30 | -3.00 | -2.03 | |
| P/S Ratio | 210.55 | 446.16 | 117.55 | 0.00 | 0.00 | 37.95 | 54.68 | 7.32 | |
| P/B Ratio | -2.13 | -1.82 | 6.74 | 3.81 | 6.58 | 19.58 | 2.70 | 2.61 | |
| EV/EBITDA | -11.73 | -8.58 | -3.88 | -2.33 | -1.76 | -1.29 | -2.02 | -1.08 | |
| EV/Revenue | 311.64 | 296.19 | 74.32 | 0.00 | 0.00 | 63.19 | 45.92 | 7.05 |
Analyst Estimates & Quality
Altman Z-Score
-2.50
Distress
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $6.3M | $6.6M | $13.9M |
| Net Income | -$10.8M | -$11.7M | -$11.1M |
| EPS | $-0.17 | $-0.19 | $-0.17 |
| # Analysts (EPS) | 2 | 2 | 3 |