淨虧損：歸屬於Rani Therapeutics Holdings, Inc.的淨虧損為703.3萬美元，較去年同期的726.4萬美元略為收窄。

10-Q
 
 
 
 false--12-31Q1000185672506-04-2021000001856725us-gaap:USTreasurySecuritiesMemberus-gaap:AvailableforsaleSecuritiesMember2026-01-012026-03-310001856725rani:InCubeLabsLLCMemberus-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-03-310001856725us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725us-gaap:NoncontrollingInterestMember2024-12-310001856725rani:AccumulatedOtherComprehensiveLossMember2026-03-310001856725us-gaap:NoncontrollingInterestMember2025-03-310001856725us-gaap:StockOptionMember2026-01-012026-03-310001856725us-gaap:USTreasurySecuritiesMemberus-gaap:AvailableforsaleSecuritiesMember2026-03-310001856725us-gaap:AdditionalPaidInCapitalMember2026-03-310001856725us-gaap:StockOptionMember2026-03-310001856725rani:InCubeLabsLLCMemberus-gaap:GeneralAndAdministrativeExpenseMember2026-01-012026-03-310001856725us-gaap:NoncontrollingInterestMember2026-01-012026-03-310001856725us-gaap:CommonClassAMemberrani:RaniLLCMember2026-03-310001856725us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:RetainedEarningsMember2026-01-012026-03-310001856725us-gaap:ResearchAndDevelopmentArrangementMemberrani:ChugaiPharmaceuticalCompanyLimitedMember2025-01-012025-03-310001856725rani:PreFundedWarrantMemberus-gaap:PrivatePlacementMember2026-01-012026-01-310001856725rani:RaniLLCMember2023-11-012023-11-300001856725rani:AffiliatedInvestorMemberus-gaap:PrivatePlacementMember2025-10-310001856725us-gaap:ConstructionInProgressMember2026-03-310001856725rani:TechnologyTransferMilestonesMemberrani:ChugaiCollaborationAndLicenseAgreementMemberrani:ChugaiPharmaceuticalCompanyLimitedMember2025-10-012025-10-310001856725us-gaap:CommonClassAMember2026-01-012026-03-310001856725us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-12-310001856725rani:CashCashEquivalentsAndRestrictedCashEquivalentsMember2026-03-310001856725us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-03-310001856725rani:PreFundedWarrantMemberus-gaap:PrivatePlacementMember2025-10-310001856725us-gaap:RetainedEarningsMember2026-03-310001856725us-gaap:WarrantMember2025-01-012025-12-310001856725us-gaap:ResearchAndDevelopmentArrangementMember2024-08-012024-08-310001856725us-gaap:CommonClassAMember2025-01-012025-03-310001856725rani:SharesIssuablePursuantToTheEsppMember2025-01-012025-03-310001856725rani:NonCorrespondingClassAUnitsMember2025-01-012025-03-310001856725us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001856725rani:ChugaiCollaborationAndLicenseAgreementMemberrani:ChugaiPharmaceuticalCompanyLimitedMember2025-10-012025-10-310001856725rani:RaniLLCMember2023-11-300001856725us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725srt:MinimumMemberrani:RaniManagementServiceAndInCubeLabsLlcMember2024-03-310001856725us-gaap:SoftwareDevelopmentMember2025-12-310001856725rani:CollaborationAgreementMemberrani:ProGenCompanyLimitedMember2025-01-012025-12-310001856725us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725rani:CustomersOptionMemberrani:ChugaiCollaborationAndLicenseAgreementMemberrani:ChugaiPharmaceuticalCompanyLimitedMember2025-10-012025-10-310001856725us-gaap:AvailableforsaleSecuritiesMember2026-01-012026-03-310001856725rani:RestrictedCashEquivalentsMemberus-gaap:MoneyMarketFundsMember2026-03-310001856725us-gaap:AdditionalPaidInCapitalMember2024-12-310001856725rani:AccumulatedOtherComprehensiveLossMember2025-12-310001856725us-gaap:CommonStockMemberus-gaap:CommonClassBMember2025-03-310001856725us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-3100018567252022-08-310001856725rani:LoanAndSecurityAgreementMember2026-01-012026-03-310001856725us-gaap:LeaseholdImprovementsMember2025-12-310001856725us-gaap:CashAndCashEquivalentsMemberus-gaap:USTreasurySecuritiesMember2025-01-012025-12-310001856725us-gaap:EquipmentMember2025-12-310001856725us-gaap:FairValueInputsLevel3Memberus-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:RetainedEarningsMember2024-12-310001856725us-gaap:StockOptionMember2026-01-012026-03-310001856725rani:AccumulatedOtherComprehensiveLossMember2025-03-3100018567252026-01-012026-03-310001856725srt:MaximumMemberrani:RaniManagementServiceAndInCubeLabsLlcMember2024-03-310001856725us-gaap:CommonStockMemberus-gaap:CommonClassAMember2026-01-012026-03-310001856725rani:PreFundedWarrantMember2025-10-310001856725us-gaap:ResearchAndDevelopmentArrangementMemberrani:ChugaiPharmaceuticalCompanyLimitedMember2026-03-310001856725rani:ChugaiCollaborationAndLicenseAgreementMemberrani:ChugaiPharmaceuticalCompanyLimitedMember2026-03-310001856725rani:ContinuingLlcOwnersMember2026-01-012026-03-310001856725rani:AccumulatedOtherComprehensiveLossMember2026-01-012026-03-310001856725rani:PairedInterestsMember2026-01-012026-03-310001856725us-gaap:NoncontrollingInterestMember2025-01-012025-03-310001856725us-gaap:NoncontrollingInterestMember2026-03-310001856725us-gaap:WarrantsAndRightsSubjectToMandatoryRedemptionMember2025-01-012025-03-310001856725us-gaap:CashAndCashEquivalentsMember2025-01-012025-12-310001856725rani:RestrictedCashEquivalentsMemberus-gaap:MoneyMarketFundsMember2026-01-012026-03-310001856725us-gaap:GeneralAndAdministrativeExpenseMember2026-01-012026-03-310001856725us-gaap:FairValueInputsLevel3Memberus-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-01-012025-03-310001856725us-gaap:CashAndCashEquivalentsMemberus-gaap:USTreasurySecuritiesMember2025-12-310001856725us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-3100018567252025-01-012025-03-310001856725us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725rani:LoanAndSecurityAgreementMember2022-08-310001856725srt:ScenarioPreviouslyReportedMemberrani:OrganizationalTransactionsMember2026-03-310001856725us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:WarrantMemberrani:LetterAgreementMemberus-gaap:CommonClassAMemberrani:SeriesDMember2025-05-310001856725rani:InCubeLabsLLCMember2026-01-012026-03-310001856725us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:StockOptionMember2025-01-012025-12-310001856725us-gaap:StockOptionMember2025-01-012025-03-310001856725us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725rani:ChugaiCollaborationAndLicenseAgreementMember2026-03-310001856725us-gaap:CashAndCashEquivalentsMemberus-gaap:MoneyMarketFundsMember2025-01-012025-12-310001856725us-gaap:USTreasurySecuritiesMemberus-gaap:AvailableforsaleSecuritiesMember2025-12-310001856725rani:RestrictedCashEquivalentsMemberus-gaap:MoneyMarketFundsMember2025-01-012025-12-310001856725rani:ChugaiCollaborationAndLicenseAgreementMemberrani:ChugaiPharmaceuticalCompanyLimitedMember2026-01-012026-03-310001856725us-gaap:CorporateDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMember2026-03-310001856725rani:PreFundedWarrantMemberus-gaap:CommonClassAMember2025-10-310001856725us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725us-gaap:CashAndCashEquivalentsMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310001856725us-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:WarrantMemberrani:ServiceAgreementMemberus-gaap:CommonClassAMember2025-05-310001856725us-gaap:RestrictedStockUnitsRSUMember2025-12-310001856725rani:InCubeLabsLLCMember2025-01-012025-03-310001856725us-gaap:CommonStockMemberus-gaap:CommonClassAMember2026-03-310001856725us-gaap:WarrantMember2026-03-310001856725us-gaap:RetainedEarningsMember2025-03-310001856725us-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-03-310001856725us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725rani:ChugaiCollaborationAndLicenseAgreementMember2026-01-012026-03-310001856725us-gaap:WarrantMember2026-01-012026-03-310001856725us-gaap:NoncontrollingInterestMember2025-12-3100018567252024-12-310001856725us-gaap:PrivatePlacementMember2025-10-012025-10-310001856725rani:CollaborationAgreementMemberrani:ProGenCompanyLimitedMember2026-01-012026-03-310001856725us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725rani:LetterAgreementMember2026-01-012026-03-310001856725us-gaap:CommercialPaperMemberus-gaap:AvailableforsaleSecuritiesMember2025-12-310001856725us-gaap:WarrantMemberrani:LetterAgreementMemberus-gaap:SeriesBMember2026-03-310001856725us-gaap:CommonClassCMember2025-12-310001856725rani:RaniLLCMembersrt:MaximumMember2026-03-310001856725rani:LoanAndSecurityAgreementMember2025-03-310001856725us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725us-gaap:CommonClassAMemberus-gaap:PrivatePlacementMember2025-10-012025-10-310001856725us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:CashAndCashEquivalentsMemberus-gaap:MoneyMarketFundsMember2026-03-310001856725rani:ChugaiCollaborationAndLicenseAgreementMemberrani:ChugaiPharmaceuticalCompanyLimitedMember2025-01-012025-12-310001856725us-gaap:CommonClassAMember2025-12-310001856725us-gaap:CommonClassAMemberrani:LoanAndSecurityAgreementMember2022-08-310001856725us-gaap:CommonClassCMember2026-03-310001856725us-gaap:WarrantMember2025-12-310001856725us-gaap:WarrantMemberrani:LetterAgreementMember2025-05-310001856725us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725rani:CashCashEquivalentsAndRestrictedCashEquivalentsMember2025-01-012025-12-310001856725us-gaap:CommonClassAMemberus-gaap:PrivatePlacementMember2025-10-3100018567252025-01-012025-12-310001856725us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001856725us-gaap:AvailableforsaleSecuritiesMember2025-01-012025-12-310001856725us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-12-310001856725rani:RaniLLCMember2024-02-010001856725us-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725us-gaap:AvailableforsaleSecuritiesMember2025-12-310001856725rani:ChugaiCollaborationAndLicenseAgreementMemberrani:ChugaiPharmaceuticalCompanyLimitedMemberrani:Sales-BasedMilestonesMember2025-10-012025-10-310001856725us-gaap:CommonClassBMember2026-03-3100018567252026-03-310001856725rani:SharesIssuablePursuantToTheEsppMember2026-01-012026-03-310001856725us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725rani:RaniLLCMember2026-03-310001856725us-gaap:WarrantMemberrani:ServiceAgreementMember2025-05-310001856725us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-12-310001856725us-gaap:CommonClassBMember2026-04-300001856725us-gaap:CommonStockMemberus-gaap:CommonClassBMember2025-12-310001856725rani:CashCashEquivalentsAndRestrictedCashEquivalentsMember2026-01-012026-03-310001856725us-gaap:OfficeEquipmentMember2025-12-310001856725us-gaap:CommercialPaperMemberus-gaap:AvailableforsaleSecuritiesMember2026-03-310001856725us-gaap:WarrantMemberrani:LetterAgreementMemberrani:SeriesDMember2025-05-012025-05-310001856725us-gaap:CorporateDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMember2025-01-012025-12-310001856725us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725us-gaap:USTreasurySecuritiesMemberus-gaap:AvailableforsaleSecuritiesMember2025-01-012025-12-310001856725rani:ChugaiCollaborationAndLicenseAgreementMemberrani:DevelopmentMilestonesMemberrani:ChugaiPharmaceuticalCompanyLimitedMember2025-10-012025-10-310001856725us-gaap:CorporateDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMember2025-12-310001856725us-gaap:AvailableforsaleSecuritiesMember2026-03-310001856725us-gaap:CashAndCashEquivalentsMemberus-gaap:CommercialPaperMember2025-12-310001856725us-gaap:FairValueInputsLevel2Memberus-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725us-gaap:CommonClassBMember2025-12-310001856725us-gaap:CashAndCashEquivalentsMemberus-gaap:MoneyMarketFundsMember2026-01-012026-03-310001856725us-gaap:SoftwareDevelopmentMember2026-03-310001856725us-gaap:CommonClassCMember2026-04-300001856725us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-3100018567252025-12-310001856725us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:CommercialPaperMemberus-gaap:AvailableforsaleSecuritiesMember2026-01-012026-03-310001856725rani:PairedInterestsMember2025-01-012025-03-310001856725us-gaap:AdditionalPaidInCapitalMember2025-03-310001856725rani:InCubeLabsLLCMemberus-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-03-310001856725us-gaap:CommonStockMemberus-gaap:CommonClassBMember2026-03-310001856725us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001856725us-gaap:RetainedEarningsMember2025-01-012025-03-310001856725rani:PreFundedWarrantMemberus-gaap:PrivatePlacementMember2026-03-310001856725rani:NonCorrespondingClassAUnitsMember2026-01-012026-03-310001856725us-gaap:LeaseholdImprovementsMember2026-03-310001856725us-gaap:CorporateDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMember2026-01-012026-03-310001856725us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725us-gaap:CashAndCashEquivalentsMember2025-12-310001856725us-gaap:PrivatePlacementMember2026-01-012026-03-310001856725us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001856725srt:MinimumMemberrani:RaniLLCMember2026-03-310001856725us-gaap:EquipmentMember2026-03-310001856725us-gaap:RetainedEarningsMember2025-12-310001856725rani:InCubeLabsLLCMemberus-gaap:ResearchAndDevelopmentExpenseMember2026-01-012026-03-310001856725rani:RaniLLCMemberrani:OutstandingCapitalClassAUnitMember2026-01-012026-03-310001856725us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725us-gaap:ConstructionInProgressMember2025-12-310001856725us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:ResearchAndDevelopmentArrangementMemberrani:ChugaiPharmaceuticalCompanyLimitedMember2026-01-012026-03-310001856725us-gaap:CashAndCashEquivalentsMemberus-gaap:CommercialPaperMember2025-01-012025-12-310001856725us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-03-310001856725rani:RaniLLCMember2024-02-012024-02-010001856725us-gaap:AdditionalPaidInCapitalMember2025-12-310001856725us-gaap:CommercialPaperMemberus-gaap:AvailableforsaleSecuritiesMember2025-01-012025-12-310001856725us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725us-gaap:WarrantMemberrani:LetterAgreementMemberrani:SeriesDMember2025-05-310001856725us-gaap:CashAndCashEquivalentsMemberus-gaap:MoneyMarketFundsMember2025-12-310001856725rani:CashCashEquivalentsAndRestrictedCashEquivalentsMember2025-12-310001856725us-gaap:OfficeEquipmentMember2026-03-310001856725us-gaap:PrivatePlacementMember2026-03-310001856725us-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-03-310001856725rani:LetterAgreementMemberus-gaap:CommonClassAMemberrani:SeriesDMember2026-01-012026-03-310001856725us-gaap:CashAndCashEquivalentsMemberus-gaap:CorporateDebtSecuritiesMember2025-01-012025-12-310001856725us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001856725rani:CommonWarrantMemberus-gaap:PrivatePlacementMember2025-10-310001856725us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:ResearchAndDevelopmentExpenseMember2026-01-012026-03-310001856725us-gaap:WarrantMemberrani:LoanAndSecurityAgreementMember2025-09-3000018567252025-03-310001856725us-gaap:CommonClassAMember2026-04-300001856725us-gaap:RestrictedStockUnitsRSUMember2026-03-310001856725us-gaap:WarrantsAndRightsSubjectToMandatoryRedemptionMember2026-01-012026-03-310001856725us-gaap:StockOptionMember2025-12-310001856725rani:LetterAgreementMemberus-gaap:CommonClassAMemberrani:SeriesDMember2025-10-310001856725rani:RaniLLCMemberus-gaap:CommonClassAMemberrani:OrganizationalTransactionsMember2026-03-310001856725rani:LetterAgreementMemberrani:SeriesDMember2026-03-310001856725rani:AccumulatedOtherComprehensiveLossMember2025-01-012025-03-310001856725rani:InstitutionalInvestorsMemberus-gaap:PrivatePlacementMember2025-10-310001856725rani:AccumulatedOtherComprehensiveLossMember2024-12-310001856725us-gaap:FairValueInputsLevel2Memberus-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001856725us-gaap:CommonClassAMember2026-03-310001856725rani:RestrictedCashEquivalentsMemberus-gaap:MoneyMarketFundsMember2025-12-310001856725rani:ChugaiCollaborationAndLicenseAgreementMember2025-10-012025-10-31xbrli:pureutr:sqftxbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

  

 f
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
 
(Mark One)

 
 
 
 
 

 
 ☒

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the quarterly period ended March 31, 2026
OR

 
 
 
 
 

 
 ☐

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the transition period from ________________ to ________________
Commission File Number: 001-40672
 
RANI THERAPEUTICS HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
 
 

 
 
 
 
 

 
 Delaware

 86-3114789

 

 
 (State or other jurisdiction of
incorporation or organization)

 (I.R.S. Employer
Identification No.)

 

 
 2051 Ringwood Avenue
San Jose, California

 95131

 

 
 (Address of principal executive offices)

 (Zip Code)

 

 Registrant’s telephone number, including area code: (408) 457-3700
 
Securities registered pursuant to Section 12(b) of the Act: 
 

 
 
 
 
 
 
 
 

 
 Title of each class

  

 Trading
Symbol(s)

  

 Name of each exchange on which registered

 

 
 Class A common stock, par value $0.0001 per share

  

 RANI

  

 The Nasdaq Stock Market LLC

 

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 
 
 
 

 
 Large accelerated filer

 

 ☐

 

 Accelerated filer

 

 ☐

 

 
 Non-accelerated filer

 

 ☒

 

 Smaller reporting company

 

 ☒

 

 
 Emerging growth company

  

 ☒

  

  

  

  

 

  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ 
As of April 30, 2026, the registrant had 99,912,515 shares of Class A common stock, $0.0001 par value per share, outstanding, 23,970,359 shares of Class B common stock, $0.0001 par value per share, outstanding and no shares of Class C common stock, $0.0001 par value per share, outstanding. Certain holders of units of the registrant’s consolidated subsidiary, Rani Therapeutics, LLC, who do not hold shares of the registrant’s Class B common stock, can exchange their units of Rani Therapeutics, LLC for 1,124,194 shares of the registrant’s Class A common stock.
 
 

  

 
  

 Table of Contents
 

 
 
 
 
 
 

 
  

  

 Page

 

 
 Special Note Regarding Forward-Looking Statements

 3

 

 
  

  

  

 

 
 PART I.

 FINANCIAL INFORMATION

  

 

 
  

  

  

 

 
  

 RANI THERAPEUTICS HOLDINGS, INC.

  

 

 
 Item 1.

 Financial Statements (Unaudited)

 5

 

 
  

 Condensed Consolidated Balance Sheets

 5

 

 
  

 Condensed Consolidated Statements of Operations

 6

 

 
  

 Condensed Consolidated Statements of Comprehensive Loss

 7

 

 
  

 Condensed Consolidated Statements of Changes in Stockholders’ Equity

 8

 

 
  

 Condensed Consolidated Statements of Cash Flows

 9

 

 
  

 Notes to Unaudited Condensed Consolidated Financial Statements

 10

 

 
 Item 2.

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

 25

 

 
 Item 3.

 Quantitative and Qualitative Disclosures About Market Risk

 32

 

 
 Item 4.

 Controls and Procedures

 32

 

 
  

  

  

 

 
 PART II.

 OTHER INFORMATION

 34

 

 
  

  

  

 

 
 Item 1.

 Legal Proceedings

 34

 

 
 Item 1A.

 Risk Factors

 34

 

 
 Item 2.

 Unregistered Sales of Equity Securities and Use of Proceeds

 35

 

 
 Item 3.

 Defaults Upon Senior Securities

 35

 

 
 Item 4.

 Mine Safety Disclosures

 35

 

 
 Item 5.

 Other Information

 35

 

 
 Item 6.

 Exhibits

 36

 

 
 Signatures

 37

 

  

 2

 
  

 Unless otherwise stated or the context otherwise requires, the terms “we,” “us,” and “our,” and similar references refer to Rani Therapeutics Holdings, Inc. (“Rani Holdings”) and its consolidated subsidiary, Rani Therapeutics, LLC (“Rani LLC”).
 
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and consolidated financial position, business strategy, product candidates, planned preclinical studies and clinical trials, results of clinical trials, research and development costs, manufacturing costs, regulatory approvals, development and advancement of our oral delivery technology, timing and likelihood of success, potential partnering activities as well as plans and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that are in some cases beyond our control and may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.
In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “would,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “believe,” “estimate,” “predict,” “potential,” “seek,” “aim,” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:
•our ability to selectively enter into strategic partnerships and the expected potential benefits thereof, including our collaborations with Chugai Pharmaceutical Co. Ltd. and ProGen Co. Ltd.;

•the progress and focus of our current and future clinical trials in the United States and abroad, and the reporting of data from those trials;

•our ability to advance product candidates into and successfully complete clinical trials;

•the beneficial characteristics, safety, efficacy, and therapeutic effects of our product candidates;

•our potential and ability to successfully manufacture and supply our product candidates for clinical trials and for commercial use, if approved;

•our ability to complete development of the RaniPill HC or any redesign and conduct additional preclinical and clinical studies of the RaniPill HC or any future design of the RaniPill capsule to accommodate target payloads that are larger than the payload capacity of the RaniPill GO capsule;

•our ability to further develop and expand our platform technology;

•our ability to utilize our technology platform to generate and advance additional product candidates;

•the accuracy of our estimates regarding expenses, future revenue, capital requirements, and needs for additional financing;

•our financial performance;

•our plans relating to commercializing our product candidates, if approved;

•the implementation of our strategic plans for our business and product candidates;

•our ability to continue to scale and optimize our manufacturing processes, including by expanding our use of automation;

•our estimates of the number of patients in the United States who suffer from the indications we target and the number of patients that will enroll in our clinical trials;

•the size of the market opportunity for our product candidates in each of the indications we target;

•our ability to continue to innovate and expand our intellectual property by developing new applications of the RaniPill capsule;

•our plans and ability to obtain or protect intellectual property rights, including extensions of existing patent terms where available;

•the scope of protection we are able to establish and maintain for intellectual property rights, including our technology platform and product candidates;

 3

 
  

 •the sufficiency of our existing cash and cash equivalents to fund our future operating expenses and capital expenditure requirements;

•our ability to realize savings from any restructuring plans or cost-containment measures;

•developments relating to our competitors and our industry, including competing product candidates and therapies;

•our ability to maintain the listing of our Class A common stock on the Nasdaq Global Market;

•our ability to remediate the material weaknesses in our internal controls over financial reporting;

•our realization of any benefit from our organizational structure; and

•our expectations regarding the period during which we will qualify as an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”).

These forward-looking statements are subject to a number of risks, uncertainties, and assumptions described in the section titled “Risk Factors” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2026. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, or otherwise.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.
 

 4

 
  

 PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
 
RANI THERAPEUTICS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS 
(in thousands, except par value) 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 March 31,

  

  

 December 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
  

  

 (Unaudited)

  

  

  

  

 

 
 Assets

  

  

  

  

  

  

 

 
 Current assets:

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 9,644

  

  

 $

 18,618

  

 

 
 Accounts receivable

  

  

 2,042

  

  

  

 2,042

  

 

 
 Marketable securities

  

  

 33,759

  

  

  

 31,091

  

 

 
 Prepaid expenses and other current assets

  

  

 1,646

  

  

  

 1,570

  

 

 
 Total current assets

  

  

 47,091

  

  

  

 53,321

  

 

 
 Property and equipment, net

  

  

 601

  

  

  

 736

  

 

 
 Operating lease right-of-use asset

  

  

 3,941

  

  

  

 4,318

  

 

 
 Other assets

  

  

 246

  

  

  

 246

  

 

 
 Total assets

  

 $

 51,879

  

  

 $

 58,621

  

 

 
 Liabilities and Stockholders' Equity

  

  

  

  

  

  

 

 
 Current liabilities:

  

  

  

  

  

  

 

 
 Accounts payable

  

 $

 858

  

  

 $

 309

  

 

 
 Accrued expenses and other current liabilities

  

  

 4,706

  

  

  

 3,943

  

 

 
 Current portion of deferred revenue

  

  

 6,831

  

  

  

 6,831

  

 

 
 Current portion of operating lease liability

  

  

 1,460

  

  

  

 1,586

  

 

 
 Total current liabilities

  

  

 13,855

  

  

  

 12,669

  

 

 
 Long-term deferred revenue

  

  

 —

  

  

  

 1,708

  

 

 
 Operating lease liability, less current portion

  

  

 2,481

  

  

  

 2,732

  

 

 
 Total liabilities

  

  

 16,336

  

  

  

 17,109

  

 

 
 Commitments and contingencies (Note 12)

  

  

  

  

  

  

 

 
 Stockholders' equity:

  

  

  

  

  

  

 

 
 Preferred stock, $0.0001 par value - 20,000 shares authorized; none issued and outstanding as of March 31, 2026 and December 31, 2025

  

  

 —

  

  

  

 —

  

 

 
 Class A common stock, $0.0001 par value - 800,000 shares authorized; 99,813 and 97,622 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

  

  

 9

  

  

  

 9

  

 

 
 Class B common stock, $0.0001 par value - 40,000 shares authorized; 23,970 and 23,970 issued and outstanding as of March 31, 2026 and December 31, 2025

  

  

 2

  

  

  

 2

  

 

 
 Class C common stock, $0.0001 par value - 20,000 shares authorized; none issued and outstanding as of March 31, 2026 and December 31, 2025

  

  

 —

  

  

  

 —

  

 

 
 Additional paid-in capital

  

  

 168,015

  

  

  

 165,578

  

 

 
 Accumulated other comprehensive (loss)/gain

  

  

 (8

 )

  

  

 1

  

 

 
 Accumulated deficit

  

  

 (139,613

 )

  

  

 (132,580

 )

 

 
 Total stockholders' equity attributable to Rani Therapeutics Holdings, Inc.

  

  

 28,405

  

  

  

 33,010

  

 

 
 Non-controlling interest

  

  

 7,138

  

  

  

 8,502

  

 

 
 Total stockholders' equity

  

  

 35,543

  

  

  

 41,512

  

 

 
 Total liabilities and stockholders' equity

  

 $

 51,879

  

  

 $

 58,621

  

 

 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 5

 
  

 RANI THERAPEUTICS HOLDINGS, INC.
CONDENSED Consolidated Statements of Operations
(in thousands, except per share amounts) 
(Unaudited) 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended March 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 Contract revenue

  

 $

 1,708

  

  

 $

 172

  

 

 
 Operating expenses

  

  

  

  

  

  

 

 
 Research and development

  

  

 5,161

  

  

  

 6,570

  

 

 
 General and administrative

  

  

 4,886

  

  

  

 5,615

  

 

 
 Total operating expenses

  

 $

 10,047

  

  

 $

 12,185

  

 

 
 Loss from operations

  

  

 (8,339

 )

  

  

 (12,013

 )

 

 
 Other income (expense), net

  

  

  

  

  

  

 

 
 Interest income and other, net

  

  

 412

  

  

  

 218

  

 

 
 Interest expense and other, net

  

  

 (88

 )

  

  

 (943

 )

 

 
 Net loss

  

 $

 (8,015

 )

  

 $

 (12,738

 )

 

 
 Net loss attributable to non-controlling interest

  

  

 (982

 )

  

  

 (5,474

 )

 

 
 Net loss attributable to Rani Therapeutics Holdings, Inc.

  

 $

 (7,033

 )

  

 $

 (7,264

 )

 

 
 Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc., basic and diluted

  

 $

 (0.04

 )

  

 $

 (0.22

 )

 

 
 Weighted-average Class A common shares outstanding—basic and diluted

  

  

 179,996

  

  

  

 33,440

  

 

  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 6

 
  

 RANI THERAPEUTICS HOLDINGS, INC.
CONDENSED Consolidated Statements of Comprehensive Loss 
(in thousands) 
(Unaudited) 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended March 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 Net loss

  

 $

 (8,015

 )

  

 $

 (12,738

 )

 

 
 Other comprehensive loss

  

  

  

  

  

  

 

 
 Net unrealized loss on marketable securities

  

  

 (11

 )

  

  

 (6

 )

 

 
 Comprehensive loss

  

 $

 (8,026

 )

  

 $

 (12,744

 )

 

 
 Comprehensive loss attributable to non-controlling interest

  

  

 (984

 )

  

  

 (5,477

 )

 

 
 Comprehensive loss attributable to Rani Therapeutics Holdings, Inc.

  

 $

 (7,042

 )

  

 $

 (7,267

 )

 

 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 7

 
  

 RANI THERAPEUTICS HOLDINGS, INC.
CONDENSED Consolidated Statements of Changes in STOCKHOLDERS’ (DEFICIT)/Equity
(in thousands) 
(Unaudited) 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Class A Common Stock

  

  

 Class B Common Stock

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

 Shares

  

  

 Amount

  

  

 Shares

  

  

 Amount

  

  

 Additional
Paid In
Capital

  

  

 Accumulated
Other
Comprehensive
Gain

  

  

 Accumulated
Deficit

  

  

 Non-Controlling
Interest

  

  

 Total
Stockholders'
Equity

  

 

 
 Balance at December 31, 2025

  

  

 97,622

  

  

 $

 9

  

  

  

 23,970

  

  

 $

 2

  

  

 $

 165,578

  

  

 $

 1

  

  

 $

 (132,580

 )

  

 $

 8,502

  

  

 $

 41,512

  

 

 
 Issuance of common stock under employee equity plans, net of shares withheld for tax settlement

  

  

 91

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (32

 )

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (32

 )

 

 
 Exercise of Pre-funded Warrants in connection with the Private Placement, net of issuance cost of ($5)

  

  

 2,100

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 5

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 5

  

 

 
 Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 799

  

  

  

 —

  

  

  

 —

  

  

  

 (799

 )

  

  

 —

  

 

 
 Stock-based compensation

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 1,665

  

  

  

 —

  

  

  

 —

  

  

  

 419

  

  

  

 2,084

  

 

 
 Net loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (7,033

 )

  

  

 (982

 )

  

  

 (8,015

 )

 

 
 Other comprehensive loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (9

 )

  

  

 —

  

  

  

 (2

 )

  

  

 (11

 )

 

 
 Balance at March 31, 2026

  

  

 99,813

  

  

 $

 9

  

  

  

 23,970

  

  

 $

 2

  

  

 $

 168,015

  

  

 $

 (8

 )

  

 $

 (139,613

 )

  

 $

 7,138

  

  

 $

 35,543

  

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Class A Common Stock

  

  

 Class B Common Stock

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

 Shares

  

  

 Amount

  

  

 Shares

  

  

 Amount

  

  

 Additional
Paid In
Capital

  

  

 Accumulated
Other
Comprehensive
Loss

  

  

 Accumulated
Deficit

  

  

 Non-Controlling
Interest

  

  

 Total
Stockholders'
(Deficit)/Equity

  

 

 
 Balance at December 31, 2024

  

  

 33,430

  

  

 $

 3

  

  

  

 23,972

  

  

 $

 2

  

  

 $

 104,889

  

  

 $

 5

  

  

 $

 (102,907

 )

  

 $

 1,501

  

  

 $

 3,493

  

 

 
 Issuance of common stock under employee equity plans, net of shares withheld for tax settlement

  

  

 140

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (23

 )

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (23

 )

 

 
 Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 1

  

  

  

 —

  

  

  

 —

  

  

  

 (1

 )

  

  

 —

  

 

 
 Stock-based compensation

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 2,241

  

  

  

 —

  

  

  

 —

  

  

  

 1,684

  

  

  

 3,925

  

 

 
 Net loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (7,264

 )

  

  

 (5,474

 )

  

  

 (12,738

 )

 

 
 Other comprehensive loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (3

 )

  

  

 —

  

  

  

 (3

 )

  

  

 (6

 )

 

 
 Balance at March 31, 2025

  

  

 33,570

  

  

 $

 3

  

  

  

 23,972

  

  

 $

 2

  

  

 $

 107,108

  

  

 $

 2

  

  

 $

 (110,171

 )

  

 $

 (2,293

 )

  

 $

 (5,349

 )

 

 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 8

 
  

 RANI THERAPEUTICS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(in thousands) 
(Unaudited) 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended March 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 Cash flows from operating activities

  

  

  

  

  

  

 

 
 Net loss

  

 $

 (8,015

 )

  

 $

 (12,738

 )

 

 
 Adjustments to reconcile net loss to net cash used in operating activities:

  

  

  

  

  

  

 

 
 Stock-based compensation expense

  

  

 2,084

  

  

  

 3,925

  

 

 
 Depreciation and amortization

  

  

 161

  

  

  

 251

  

 

 
 Non-cash operating lease expense

  

  

 477

  

  

  

 477

  

 

 
 Amortization of debt discount and issuance costs

  

  

 —

  

  

  

 58

  

 

 
 Net accretion and amortization of investments in marketable securities

  

  

 (244

 )

  

  

 (150

 )

 

 
 Changes in operating assets and liabilities:

  

  

  

  

  

  

 

 
 Accounts receivable

  

  

 —

  

  

  

 (600

 )

 

 
 Contract asset

  

  

 —

  

  

  

 428

  

 

 
 Prepaid expenses and other current assets

  

  

 (87

 )

  

  

 347

  

 

 
 Accounts payable

  

  

 549

  

  

  

 161

  

 

 
 Accrued expenses and other current liabilities

  

  

 763

  

  

  

 170

  

 

 
 Deferred revenue

  

  

 (1,708

 )

  

  

 —

  

 

 
 Operating lease liabilities

  

  

 (477

 )

  

  

 (478

 )

 

 
 Net cash used in operating activities

  

  

 (6,497

 )

  

  

 (8,149

 )

 

 
 Cash flows from investing activities

  

  

  

  

  

  

 

 
 Proceeds from maturities of marketable securities

  

  

 21,000

  

  

  

 21,000

  

 

 
 Purchases of marketable securities

  

  

 (23,435

 )

  

  

 (2,720

 )

 

 
 Purchases of property and equipment

  

  

 (15

 )

  

  

 (51

 )

 

 
 Net cash (used in)/provided by investing activities

  

  

 (2,450

 )

  

  

 18,229

  

 

 
 Cash flows from financing activities

  

  

  

  

  

  

 

 
 Proceeds from employee stock purchase plan

  

  

 —

  

  

  

 42

  

 

 
 Tax withholdings paid on behalf of employees for net share settlement

  

  

 (32

 )

  

  

 (23

 )

 

 
 Repayment of debt

  

  

 —

  

  

  

 (3,750

 )

 

 
 Exercise of Pre-funded Warrants in connection with the Private Placement, net of issuance costs of ($5)

  

  

 5

  

  

  

 —

  

 

 
 Net cash used in financing activities

  

  

 (27

 )

  

  

 (3,731

 )

 

 
 Net (decrease)/increase in cash, cash equivalents and restricted cash equivalents

  

  

 (8,974

 )

  

  

 6,349

  

 

 
 Cash, cash equivalents and restricted cash equivalents, beginning of period

  

  

 18,818

  

  

  

 4,262

  

 

 
 Cash, cash equivalents and restricted cash equivalents, end of period

  

 $

 9,844

  

  

 $

 10,611

  

 

 
 Supplemental disclosures of non-cash investing and financing activities

  

  

  

  

  

  

 

 
 Interest income receivable included in prepaid expenses and other current assets

  

 $

 71

  

  

 $

 17

  

 

 
 Unrealized loss on short-term investments

  

 $

 (11

 )

  

 $

 —

  

 

 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 9

 
  

 RANI THERAPEUTICS HOLDINGS, INC.
Notes to THE UNAUDITED CONDENSED Consolidated Financial Statements 
1. Nature of Business, Organization and Liquidity 
Description of Business 
Rani Therapeutics Holdings, Inc. (“Rani Holdings”, and together with its consolidated subsidiary, the “Company”) is 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. The Company’s 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. The Company is advancing a portfolio of oral therapeutics using the RaniPill capsule, and the Company is actively pursuing partnering the technology with third party biopharmaceutical companies for the oral delivery of their biologics and drugs. The Company is headquartered in San Jose, California and operates in one segment.
Organizational Transactions
Rani Holdings was formed as a Delaware corporation in April 2021 for the purpose of facilitating an initial public offering (“IPO”) of its Class A common stock. In connection with the IPO, the Company effected a series of organizational transactions (the “Organizational Transactions”), which, together with the IPO, were completed in August 2021, that resulted in the Company becoming the ultimate parent company of Rani Therapeutics, LLC (“Rani LLC”). The Company operates its business through Rani LLC.
As part of the Organizational Transactions, the Company entered into a Registration Rights Agreement with certain individuals and entities that continued to hold economic nonvoting Class A units of Rani LLC (“Class A Units”), collectively referred to herein as the “Continuing LLC Owners”. The Continuing LLC Owners are entitled to exchange, subject to the terms of the Sixth Amended and Restated Limited Liability Company Agreement of Rani LLC (the “Amended Rani LLC Agreement”), the Class A Units they hold in Rani LLC, together with the shares they hold of the Company Class B common stock (together referred to as a "Paired Interest"), in return for shares of the Company’s Class A common stock on a one-for-one basis provided that, at the Company’s election, the Company has the ability to effect a direct exchange of such Class A common stock or make a cash payment equal to a volume weighted average market price of one share of Class A common stock for each Paired Interest redeemed. Any shares of Class B common stock will be canceled on a one-for-one basis if, at the election of the Continuing LLC Owners, the Company redeems or exchanges such Paired Interest pursuant to the terms of the Amended Rani LLC Agreement. As of March 31, 2026, certain individuals who continue to own interests in Rani LLC but do not hold shares of the Company’s Class B common stock (“non-corresponding Class A Units”) have the ability to exchange their non-corresponding Class A Units of Rani LLC for 1,124,194 shares of the Company’s Class A common stock.
Liquidity
The Company has incurred recurring losses and negative cash flows from operations since its inception, including net loss of $8.0 million for the three months ended March 31, 2026. As of March 31, 2026, the Company had an accumulated deficit of $139.6 million and for the three months ended March 31, 2026, had negative cash flows from operations of $6.5 million. The Company expects that its cash, cash equivalents and marketable securities of $43.4 million as of March 31, 2026, will be sufficient to fund its operations through at least twelve months from the date that its condensed consolidated financial statements for the three months ended March 31, 2026 are issued. 
The Company expects to continue to generate operating losses and negative operating cash flows for the foreseeable future as it continues to develop the RaniPill capsule. The Company expects to finance its future operations with its existing cash and through strategic financing opportunities that could include, but are not limited to, future offerings of its equity, collaboration or licensing agreements, or the incurrence of debt. However, there is no guarantee that any of these strategic or financing opportunities will be executed or realized on favorable terms, if at all. The Company will not generate any revenue from product sales unless, and until, it successfully completes clinical development and obtains regulatory approval of its product candidates. While the Company may generate collaboration or license revenue prior to product approval, the timing and amount of such revenue are inherently uncertain. If the Company obtains regulatory approval for the RaniPill capsule, it expects to incur significant expenses related to developing its internal commercialization capability to support manufacturing, product sales, marketing, and distribution.
The Company’s ability to raise additional capital through either the issuance of equity or debt is dependent on a number of factors including, but not limited to, the market interest of the Company, which itself is subject to a number of development and 

 10

 
  

 business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company.

 
2. Summary of Significant Accounting Policies 
Basis of Presentation 
These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
The Company operates and controls all of the business and affairs of Rani LLC and, through Rani LLC, conducts its business. Because the Company manages and operates the business and controls the strategic decisions and day-to-day operations of Rani LLC and also has a substantial financial interest in Rani LLC, the Company consolidates the financial results of Rani LLC, and a portion of its net loss is allocated to the non-controlling interests in Rani LLC held by the Continuing LLC Owners. All intercompany accounts and transactions have been eliminated in consolidation.

 
Unaudited Interim Condensed Consolidated Financial Statements
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to Form 10-Q of Regu