Rani Therapeutics Holdings Inc
ranitherapeutics.comWhat Do They Do?
Develops oral drug candidates and a capsule delivery platform for biopharmaceutical companies, aiming to offer patients alternatives to injections.
10-K for FY2025, filed Mar 26, 2026
How Do They Make Money?
Partners pay Rani for drug-molecule evaluation and collaboration or license work; deals can include upfront fees, milestone payments tied to development or regulatory progress, and royalties on licensed-product sales. Ongoing technical or regulatory support can generate revenue over its service period.
10-K for FY2025, filed Mar 26, 2026The Company may generate revenue from evaluation arrangements (Note 6), under which the Company performs evaluation services of the…View ↗
In certain arrangements, the nature of the Company’s promise may include a stand‑ready obligation, under which the Company provides ongoing…View ↗
Evaluation ArrangementsView ↗
As part of the collaboration and license agreement, the Company may grant licenses to its intellectual property ("IP"). Considerations for…View ↗
At contract inception, the Company evaluates whether each milestone or other contingent payments are considered probable of being achieved…View ↗
For arrangements that include sales-based milestone payments and royalties on net sales of licensed products, which are the result of a…View ↗
$1.6M
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10-K for FY2025, filed Mar 26, 2026
$1.6M ↗
Who Are Their Customers?
Biopharmaceutical partners work with Rani through drug-evaluation and collaboration or license arrangements; Rani also develops its own oral therapeutic candidates.
10-K for FY2025, filed Mar 26, 2026
Do Revenues Turn Into Profits?
No. It lost $29.7M in FY2025.
10-K for FY2025, filed Mar 26, 2026
−$38.3MView ↗
10-K for FY2025, filed Mar 26, 2026
−$29.7MView ↗
10-K for FY2025, filed Mar 26, 2026
−$18.8MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
−$7.4MView ↗
- ▲ +10% (Loss)
- vs −$6.7M in Q2 FY2025
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Aug 13, 2026
Partnered with PegBio to explore oral delivery of obesity and metabolic candidates
The work covers preclinical development of RaniPill formulations for multiple PegBio molecules, with a goal of advancing promising candidates into clinical development.
Sources
8-K, filed Aug 13, 2026
Announced a new research and development collaboration with PegBio. In July 2026, Rani entered into a collaboration with PegBio Co., Ltd.…View ↗
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Jun 30, 2026
Appointed Nicholas Maestas as chief financial officer
Maestas succeeded Svai Sanford as CFO.
Sources
8-K, filed Jun 30, 2026
On June 29, 2026, Rani Therapeutics Holdings, Inc. (the “Company”) announced the appointment of Nicholas M. Maestas as the Company’s Chief…View ↗
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May 15, 2026
CFO announced plans to leave; Nasdaq cited a listing deficiency
Rani had until November 9, 2026 to regain minimum bid-price compliance or could face delisting.
Sources
8-K, filed May 15, 2026
On May 11, 2026, the Company received a letter from the Nasdaq Stock Exchange LLC (“Nasdaq”), notifying the Company that, based on the…View ↗
Shrinking. Revenue fell 40% in 4 years, from $2.7M in FY2021 to $1.6M in FY2025, about 12% a year.
Who Do They Compete With?
Competes with AbbVie, Eli Lilly and, Johnson & Johnson, Biograil, Biora Therapeutics, Alma Therapeutics, Oramed Pharmaceuticals, Entera Bio, Protagonist Therapeutics, Intract Pharma, Chiesi Farmaceutici, Novo Nordisk, and Vivani Medical
10-K for FY2025, filed Mar 26, 2026Broadly speaking, we will face competition from current and future (generic or biosimilar) manufacturers of the branded injectable versions…View ↗
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