RANI on Nasdaq

Rani Therapeutics Holdings, Inc.

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.1

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Last updated Oct 19, 2026.

Overview

$1.6MRevenue, fiscal 20252
-$29.7MNet income, fiscal 20252

Compare with Pliant (United States), CYPHERPUNK TECHNOLOGIES INC. or Cleveland BioLabs, or pick any stock.

  • TickerRANI on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersSan Jose, California1
  • Incorporated inCA3
  • Business address2051 Ringwood Avenue, San Jose, Ca 951313
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company3
  • Legal formCorporation

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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.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-2346.0%Operating margin2
-1817.1%Net margin2
58.9%Revenue growth, 20252
-89.9%Return on equity2
0.00×Debt to equity2
-$18.8MFree cash flow2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development87¢$20.2M
  • Interest13¢$2.9M

Out of $1.6M in revenue.2 The company lost money this year.

Financial statements

Revenue5672$1.6M in 2025+253% since 2020
0$1.0M$2.0M$3.0M2020: $462.0K$462.0K20202021: $2.7M$2.7M2021+488%2022: $0$020222023: $0$020232024: $1.0M$1.0M20242025: $1.6M$1.6M2025+59%
Operating income56872-$38.3M in 2025+132% since 2020
-$80.0M-$60.0M-$40.0M-$20.0M02020: -$16.5M-$16.5M20202021: -$51.6M-$51.6M2021+212%2022: -$63.5M-$63.5M2022+23%2023: -$66.1M-$66.1M2023+4%2024: -$53.3M-$53.3M2024−19%2025: -$38.3M-$38.3M2025−28%
Net income56872-$29.7M in 2025+78% since 2020
-$40.0M-$30.0M-$20.0M-$10.0M02020: -$16.7M-$16.7M20202021: -$8.3M-$8.3M2021−50%2022: -$30.6M-$30.6M2022+267%2023: -$34.0M-$34.0M2023+11%2024: -$30.0M-$30.0M2024−12%2025: -$29.7M-$29.7M2025−1%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2025-12-312024-12-31
Contract revenue$1.6M$1.0M
Research and development$20.2M$26.7M
General and administrative$19.7M$23.9M
Impairment loss$0$3.7M
Total operating expenses$39.9M$54.3M
Loss from operations-$38.3M-$53.3M
Interest income and other, net$827.0K$1.8M
Interest expense and other, net-$2.9M-$5.0M
Loss on extinguishment of debt-$576.0K$0
Net loss-$41.0M-$56.6M
Net loss attributable to non-controlling interest-$11.3M-$26.6M
Net loss attributable to Rani Therapeutics Holdings, Inc.-$29.7M-$30.0M
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.-basic-$0.45-$1.05
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.-diluted-$0.45-$1.05
Weighted average Class A common share outstanding-basic66.1K shares28.5K shares
Weighted average Class A common share outstanding-diluted66.1K shares28.5K shares

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Leadership

Who has led Rani Therapeutics Holdings, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Talat Imran2021–now

Chief financial officer

  1. Svai S. Sanford2021–2026
  2. Nicholas Maestas2026–now
2025
Board members and other officers (15)

Timeline

  1. Jul 29, 2021New chief executive Talat Imran becomes CEO13

Filings

332 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 61 major events, 168 insider forms, 26 large holders, 1 private raises, 56 other. The latest 20:

  1. Sep 29, 20264 EDGAR
  2. Sep 29, 20264 EDGAR
  3. Aug 14, 2026SCHEDULE 13G/A EDGAR
  4. Aug 13, 202610-Q EDGAR
  5. Aug 13, 20268-K EDGAR
  6. Aug 4, 20264 EDGAR
  7. Aug 4, 20263 EDGAR
  8. Aug 4, 20268-K EDGAR
  9. Jul 31, 2026SCHEDULE 13G/A EDGAR
  10. Jul 23, 20264 EDGAR
  11. Jul 21, 20264 EDGAR
  12. Jul 21, 20264 EDGAR
  13. Jul 21, 20264 EDGAR
  14. Jul 21, 20264 EDGAR
  15. Jul 15, 2026S-8 EDGAR
  16. Jul 8, 20263 EDGAR
  17. Jun 30, 20268-K EDGAR
  18. Jun 5, 20264 EDGAR
  19. Jun 5, 20264 EDGAR
  20. Jun 5, 20264 EDGAR

The 332 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

91 open-market trades by officers, directors and large owners since October 2021: 83 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 21, 2026IMRAN MIR ADirectorBuy36,000$0.69$24.8KForm 4
Jul 17, 2026Imran TalatChief Executive OfficerBuy35,000$0.72$25.2KForm 4
Mar 27, 2026Javadi AlirezaChief Technical OfficerSale386$0.78$301Form 4
Oct 23, 2025IMRAN MIR ADirectorBuy2,083,334$0.61$1.3MForm 4
Oct 21, 2025South Cone Investments Limited Partnership10% ownerSale4,000,000$2.77$11.1MForm 4
Oct 20, 2025South Cone Investments Limited Partnership10% ownerSale1,923,000$2.41$4.6MForm 4
Dec 27, 2024Imran TalatChief Executive OfficerSale8,014$1.41$11.3KForm 4
Dec 13, 2024McKinley KateChief Business OfficerBuy17,960$1.67$30.0KForm 4
Dec 9, 2024Imran TalatChief Executive OfficerBuy10,296$1.94$20.0KForm 4
Oct 15, 2024South Cone Investments Limited Partnership10% ownerSale3,829,360$2.65$10.1MForm 4
Dec 6, 2023Imran TalatChief Executive OfficerBuy10,000$2.27$22.7KForm 4
Dec 4, 2023Imran TalatChief Executive OfficerBuy5,000$2.57$12.8KForm 4
Nov 29, 2023Imran TalatChief Executive OfficerBuy20,000$2.05$41.0KForm 4
Nov 24, 2023Aequanimitas Limited Partnership10% ownerSale5,265,165$2.01$10.6MForm 4
Nov 24, 2023South Cone Investments Limited Partnership10% ownerBuy5,265,165$2.01$10.6MForm 4
Nov 17, 2023BUTEL JEAN LUCDirectorBuy50,500$2.03$102.5KForm 4
Nov 16, 2023Nanavaty MaulikDirectorBuy500$1.98$990Form 4
Nov 7, 2023Imran TalatChief Executive OfficerBuy5,000$2.00$10.0KForm 4
May 12, 2023South Lake One LLC10% ownerBuy2,645$3.98$10.5KForm 4
May 11, 2023South Lake One LLC10% ownerBuy2,610$3.87$10.1KForm 4

All 91 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 23, 2025Raised $60.3 million in a private offering of equity Form D: 15 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 67. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Samsara Biocapital, LLC10,369,159$7.9M0.6%+1,869,159
Ra Capital Management, L.P.8,500,000$6.5M0.1%No change
AWM Investment Company, Inc.7,500,000$5.7M0.5%+1,000,000
Vanguard Capital Management LLC4,562,985$3.5M0.0%−59,582
Longaeva Partners L.P.2,329,459$1.8M0.1%No change
Polar Asset Management Partners Inc.2,318,542$1.8M0.0%New
Siren, L.L.C.2,000,000$1.5M0.0%No change
Heights Capital Management, Inc934,580$710.7K0.2%New
Geode Capital Management, LLC890,618$677.6K0.0%−12,680
Citadel Advisors LLC641,995$488.2K0.0%New
Marshall Wace, Llp586,265$445.6K0.0%New
Nan Fung Group Holdings Ltd493,584$375.3K0.3%No change
Jane Street Group, LLC485,899$369.5K0.0%+320,300
Vanguard Fiduciary Trust Co458,126$348.2K0.0%+3,076
Renaissance Technologies LLC430,737$327.5K0.0%New
State Street Corp373,142$283.7K0.0%No change
BlackRock, Inc.342,113$260.1K0.0%−214,776
United Services Automobile Association302,743$230.2K0.0%No change
UBS Group AG297,270$225.9K0.0%+70,047
Kestra Private Wealth Services, LLC282,340$214.7K0.0%+17,181
Northern Trust Corp170,471$129.6K0.0%No change
CWA Asset Management Group, LLC150,000$114.1K0.0%No change
Bridgeway Capital Management, LLC114,500$87.1K0.0%No change
King Luther Capital Management Corp58,000$44.1K0.0%No change
Susquehanna International Group, Llp57,790$43.9K0.0%−130,432

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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