Rani Therapeutics Holdings, Inc.
- Open
- 0.84
- Day high
- 0.87
- Day low
- 0.84
- Prev close
- 0.84
- Volume
- 382K
- Mkt cap
- $99M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.5
- P/S
- 20.2
- Yield
- —
- Per share
- —
- ▲Insiders net buying $38K over the last 3 months (2 open-market buys, 2 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions reducing (13F)
Rani Therapeutics Holdings, Inc. (RANI) is a Healthcare company listed on NASDAQ. The stock is up 83% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 2 sales (SEC Form 4).
Rani Therapeutics Holdings, Inc. (RANI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RANI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $-0.05 | $-0.04 | +20.0% | $2M | +84.8% |
| May 15, 2026 | $-0.06 | $-0.04 | +33.3% | $2M | +51.8% |
| Mar 26, 2026 | $-0.03 | $-0.07 | -133.3% | $1M | -70.8% |
| Nov 6, 2025 | $-0.09 | $-0.12 | -33.3% | — | — |
| Aug 7, 2025 | $-0.19 | $-0.18 | +5.3% | — | — |
| Mar 31, 2025 | $-0.24 | $-0.27 | -12.5% | $1M | — |
| Nov 14, 2024 | $-0.22 | $-0.24 | -9.1% | — | — |
| Mar 20, 2024 | $-0.31 | $-0.27 | +12.9% | $3M | — |
| Aug 11, 2023 | $-0.40 | $-0.37 | +7.5% | — | — |
| Mar 22, 2023 | $-0.26 | $-0.35 | -34.6% | — | — |
| Nov 10, 2022 | $-0.33 | $-0.33 | +0.0% | — | — |
| Aug 10, 2022 | $-0.28 | $-0.31 | -10.7% | — | — |
RANI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 4, 2026 | Gilson Michelledirector | Grant | 247,200 | $0.80 |
| Jul 23, 2026 | IMRAN MIR Adirector, 10 percent owner: | Buy | 36,000 | $0.69 |
| Jul 21, 2026 | Imran Talatdirector, officer: Chief Executive Officer | Sell | 8,014 | $1.41 |
| Jul 21, 2026 | Imran Talatdirector, officer: Chief Executive Officer | Tax | 9,076 | $0.55 |
| Jul 21, 2026 | Imran Talatdirector, officer: Chief Executive Officer | Tax | 9,077 | $0.48 |
| Jul 21, 2026 | Imran Talatdirector, officer: Chief Executive Officer | Tax | 7,906 | $1.40 |
| Jul 21, 2026 | Imran Talatdirector, officer: Chief Executive Officer | Tax | 8,916 | $1.13 |
| Jul 21, 2026 | Imran Talatdirector, officer: Chief Executive Officer | Tax | 9,099 | $0.81 |
| Jul 21, 2026 | Imran Talatdirector, officer: Chief Executive Officer | Tax | 7,927 | $0.74 |
| Jul 21, 2026 | Maestas Nicholasofficer: Chief Financial Officer | Grant | 2,000,000 | $0.70 |
| Jul 21, 2026 | Javadi Alirezaofficer: Chief Technical Officer | Tax | 309 | $0.74 |
| Jul 21, 2026 | Imran Talatdirector, officer: Chief Executive Officer | Buy | 35,000 | $0.72 |
| Jul 21, 2026 | Javadi Alirezaofficer: Chief Technical Officer | Sell | 386 | $0.78 |
| Jun 5, 2026 | Javadi Alirezaofficer: Chief Technical Officer | Grant | 805,500 | $0.88 |
| Jun 5, 2026 | Imran Talatdirector, officer: Chief Executive Officer | Grant | 3,800,000 | $0.88 |
Source: RANI SEC Form 4 filings, latest Aug 4, 2026. For informational purposes only — not investment advice.
See the full RANI insider & 13F page →Rani Therapeutics Holdings, Inc. company profile
Overview
Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) is a clinical-stage biotherapeutics company founded in 2012 and headquartered in San Jose, California. The company went public in July 2021 and has developed a revolutionary oral drug delivery platform called the RaniPill capsule, which aims to transform how patients receive biologic medications by replacing injections with oral pills. Rani focuses on converting injectable biologics into orally administered treatments across multiple therapeutic areas including immunology, endocrinology, and obesity management.
Business
Rani Therapeutics operates in the biotechnology sector, specifically focusing on drug delivery technology for biologic medications. Biologics are complex therapeutic proteins derived from living organisms, including antibodies, hormones, and other large molecules that typically cannot survive the harsh environment of the digestive system when taken orally. Traditionally, these medications must be administered through subcutaneous injections or intravenous infusions, creating significant patient burden and compliance challenges. The company's core innovation is the RaniPill capsule, a proprietary oral delivery platform that protects biologic drugs as they travel through the stomach and delivers them directly into the small intestine where absorption occurs. The technology works by using a pH-sensitive coating that dissolves in the alkaline environment of the small intestine, releasing tiny needles that inject the drug payload through the intestinal wall. This approach has demonstrated the ability to achieve bioavailability levels comparable to or even exceeding traditional injection methods. Rani's product pipeline spans multiple therapeutic areas with varying stages of development. The company's current focus has shifted primarily toward the obesity market, which represents the largest commercial opportunity. Their lead obesity programs include RT-114, a dual GLP-1/GLP-2 agonist developed in partnership with ProGen, and RT-116, an oral version of semaglutide (the active ingredient in Ozempic and Wegovy). In immunology, they have RT-111, an oral ustekinumab biosimilar partnered with Celltrion for treating autoimmune conditions. The endocrinology portfolio includes RT-102, a parathyroid hormone for osteoporosis treatment, and several other hormone-based therapies for diabetes and growth disorders. While specific revenue breakdowns by therapeutic area are not available due to the company's early clinical stage, the obesity programs represent the primary commercial focus based on market size and recent strategic emphasis, with immunology and endocrinology programs serving as additional value drivers and platform validation opportunities.
Revenue model
Rani Therapeutics currently generates minimal revenue as a clinical-stage company, with only $1.0 million in contract revenue reported in 2024 from research evaluation services. The company's future business model will primarily rely on product sales of oral biologic medications once they reach commercialization, along with potential licensing fees and milestone payments from pharmaceutical partnerships. The company's paying customers will ultimately be patients, healthcare providers, and insurance payers who currently use injectable biologic treatments. The value proposition centers on improved patient compliance, convenience, and potentially reduced healthcare costs by eliminating the need for injection-related medical visits and supplies. Rani has demonstrated interest from pharmaceutical partners, particularly in obesity, immunology, and rare disease markets, suggesting potential for partnership-based revenue through licensing deals, co-development agreements, and royalty arrangements. Several factors could significantly impact Rani's future margins and profitability. Positive margin drivers include the large addressable markets for oral biologics, potential premium pricing due to improved patient convenience, manufacturing scale economies as production volumes increase, and the company's extensive patent portfolio providing competitive protection. The obesity market alone represents a multi-billion dollar opportunity with rapid growth driven by increasing prevalence and new treatment options. Margin pressures could arise from intense competition in the obesity space from established players like Novo Nordisk and Eli Lilly, regulatory challenges that could delay approvals or require additional clinical studies, manufacturing complexity and costs associated with the specialized RaniPill technology, and potential pricing pressure from payers seeking cost savings despite the convenience benefits. Additionally, the company's current high cash burn rate and need for continued capital raises could dilute shareholder value and impact long-term returns.
Competitive moat
Rani Therapeutics possesses a potentially strong but unproven competitive moat centered on its proprietary RaniPill delivery technology and extensive intellectual property portfolio. The company holds over 450 granted patents and pending applications covering various aspects of their oral delivery platform, creating significant barriers to direct replication. The technical complexity of achieving high bioavailability for oral biologics represents a substantial engineering challenge that few competitors have successfully addressed. However, the strength of this moat faces several important limitations. The technology remains largely unproven in large-scale commercial applications, with only early-stage clinical data available. Competition comes from multiple directions: established pharmaceutical giants like Novo Nordisk and Eli Lilly dominate the obesity market with proven injectable products and substantial resources to develop competing oral delivery technologies. Other biotech companies are pursuing alternative approaches to oral biologic delivery, and the success of any competing technology could significantly erode Rani's first-mover advantage. The company's moat is further challenged by the need to prove not just technical feasibility but also commercial viability across multiple therapeutic areas. While the platform has shown promising preclinical and early clinical results, the transition to Phase 2 and Phase 3 trials introduces significant execution risk. Additionally, regulatory approval pathways for novel drug delivery technologies can be complex and unpredictable, potentially allowing competitors time to develop alternative solutions. The partnership-dependent nature of Rani's business model also creates strategic vulnerabilities, as the company relies heavily on pharmaceutical partners for drug supply, development funding, and commercial expertise. This dependence could limit pricing power and strategic flexibility compared to fully integrated pharmaceutical companies.
Risks & safety
Rani Therapeutics presents significant financial risk with limited margin of safety for investors. The company is in a precarious financial position with substantial cash burn and deteriorating liquidity. • Cash burn and solvency risk: The company burned $35.8 million in free cash flow during 2024, with only $10.1 million in cash remaining as of Q1 2025. Management expects current cash to fund operations only into Q3 2025, creating immediate dilution risk from emergency fundraising. • Debt and balance sheet: Total liabilities of $29.5 million exceed total assets of $24.1 million, resulting in negative book value. The company has negative working capital with current liabilities exceeding current assets. • Valuation metrics: With a market cap of approximately $32 million and no meaningful revenue, traditional valuation metrics are not applicable. The stock trades at a significant discount to book value, but this reflects the company's distressed financial condition rather than an attractive opportunity. • Other considerations: The company faces immediate dilution risk from necessary capital raises, potential bankruptcy risk if funding cannot be secured, and significant clinical and regulatory execution risk that could render the investment worthless.
Recent development
Over the past few years, Rani Therapeutics has undergone a significant strategic pivot toward the obesity market while advancing its core RaniPill technology platform. The company has shifted its primary focus from a diversified pipeline approach to concentrating resources on obesity programs, recognizing the substantial commercial opportunity in this rapidly growing therapeutic area. The most significant development has been the advancement of two key obesity programs: RT-114, a GLP-1/GLP-2 dual agonist developed through a partnership with ProGen, and RT-116, an oral semaglutide program. Both programs have demonstrated promising preclinical results, with RT-114 showing 111% relative bioavailability compared to subcutaneous delivery and RT-116 achieving 107% bioavailability. The company plans to advance RT-114 into Phase 1 clinical trials by mid-2025, representing a critical milestone for the platform's validation in the obesity space. Technological advancement has been another key focus area, with the development of the RaniPill HC (High Capacity) device capable of delivering 500% higher drug payloads compared to the standard RaniPill GO. This enhancement addresses one of the key limitations of oral biologic delivery by enabling treatment of conditions requiring larger drug doses. The company has also evolved its partnership strategy, moving from broad collaborations to more focused relationships in high-value therapeutic areas. The partnership with Celltrion for the RT-111 ustekinumab biosimilar program provides both validation of the platform and potential for shared development costs, while ongoing discussions with potential partners in obesity, immunology, and rare diseases suggest growing industry interest in the RaniPill technology. Financial management has become increasingly critical, with the company implementing cost containment measures while maintaining focus on advancing priority programs. The strategic decision to concentrate resources on obesity reflects both the market opportunity and the need to maximize the impact of limited capital resources.
RANI company profile · for informational purposes only — not investment advice.
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