Rani Therapeutics Holdings (RANI) AI Stock Analysis

• Market Cap: $168.91M
• Dividend Yield: N/A
• Average Volume (3M): 2.09M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.65
• Revenue Growth: N/A
• EPS Growth: 25.08%
• Country: US
• Employees: 105
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.12
• Shares Outstanding: 97,550,980
• 10 Day Avg. Volume: 1,279,919
• 30 Day Avg. Volume: 2,094,839
• PEG Ratio: 0.06
• Price to Book (P/B): 19.58
• Price to Sales (P/S): 37.95
• P/FCF Ratio: -1.09
• Enterprise Value/Market Cap: 0.19
• Enterprise Value/Revenue: 26.67
• Enterprise Value/Gross Profit: 26.67
• Enterprise Value/Ebitda: -0.75
• 1Y Price Target: $10.00
• Price Target Upside: 619.42% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.29
• Revenue Forecast (FY): $6.75M

• Rating: 41 Neutral
• Price Target: $1.50 ▲(7.91% Upside)

The score is held down primarily by weak financial performance (minimal revenue, very large losses, heavy cash burn, and negative equity). Technicals also lean bearish with price below key short-term averages and negative MACD. Corporate actions provide a modest offset via liability simplification, while valuation support is limited due to negative earnings and no dividend.

Positive Factors

Strategic Partnerships

The collaboration with Chugai Pharmaceutical for the RaniPill platform could significantly enhance Rani's market position and validate its technology, potentially leading to substantial milestone payments and royalties, thus strengthening its business model.

Cash Runway Extension

With the cash runway extended into 2028, Rani has improved financial stability, allowing it to focus on R&D and strategic initiatives without immediate pressure to raise additional funds, supporting long-term growth and development.

Board Strengthening

The addition of experienced board members in life sciences and healthcare technology enhances Rani's governance and strategic oversight, potentially leading to better decision-making and execution of its growth strategy.

Negative Factors

Negative Equity

Negative equity indicates financial instability, limiting Rani's ability to leverage its balance sheet for growth opportunities and increasing the risk of dilution or refinancing, which could hinder long-term financial health.

Heavy Cash Burn

The significant cash burn reflects ongoing operational challenges and a need for continuous funding, which could strain resources and impact Rani's ability to sustain long-term R&D and commercialization efforts.

Minimal Revenue

Minimal revenue generation highlights the early-stage nature of Rani's business model, posing challenges in achieving profitability and necessitating reliance on external funding and partnerships for financial sustainability.

Rani Therapeutics Holdings Business Overview & Revenue Model

Company Description

Rani Therapeutics Holdings, Inc. operates as a clinical stage biotherapeutics company that develops orally administered biologics. The company develops the RaniPill capsule, a platform that is intended to replace subcutaneous or IV injection of biologics with oral dosing. Its product pipeline includes RT-101, an octreotide, which has completed Phase I clinical trial for the treatment of neuroendocrine tumors and acromegaly; RT-105, an anti-TNF-alpha antibody to treat psoriatic arthritis; RT-102, a parathyroid hormone that is in preclinical studies for the treatment of osteoporosis; RT-109, a human growth hormone to treat growth hormone deficiency; RT-110, a parathyroid hormone for the treatment of hypoparathyroidism; and RT-106, a basal insulin for the treatment of type 2 diabetes. The company was incorporated in 2012 and is headquartered in San Jose, California.

How the Company Makes Money

Rani Therapeutics Holdings generates revenue primarily through the development and commercialization of its RaniPill technology. The company earns money by partnering with pharmaceutical companies to develop oral versions of existing injectable biologics. These partnerships often involve research and development collaborations, licensing agreements, and milestone payments. Rani may also receive royalties from the sale of drugs developed using its technology. Additionally, the company may engage in direct sales of its RaniPill technology or related products once they receive regulatory approval and enter the market.

Rani Therapeutics Holdings Financial Statement Overview

Summary

Rani Therapeutics Holdings shows weak financial performance with consistent net losses and no revenue. The balance sheet is under stress with high leverage, and cash flow issues persist, indicating significant operational and financial challenges.

Income Statement

Rani Therapeutics Holdings has consistently reported zero revenue over the past three years, indicating a lack of sales activity or product commercialization. The company has also faced persistent net losses, which have slightly improved from $63.34 million in 2022 to $30.02 million in 2024. EBIT and EBITDA margins remain negative, reflecting ongoing operational challenges.

Balance Sheet

The company's balance sheet shows a weak equity base with stockholders' equity consistently declining each year. The debt-to-equity ratio is high due to significant liabilities compared to equity, raising concerns over financial leverage. The equity ratio is low, indicating a heavy reliance on debt financing. These factors may pose financial risks if the company cannot achieve profitability or secure additional funding.

Cash Flow

Rani Therapeutics Holdings has consistently experienced negative operating and free cash flows, indicating cash burn issues. Despite some reduction in free cash flow deficits, the company still struggles to generate positive cash flow from operations. The operating cash flow to net income ratio remains negative, highlighting challenges in converting sales into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.20M	1.03M	0.00	0.00	2.72M	462.00K
Gross Profit	1.20M	1.03M	-822.00K	0.00	2.72M	462.00K
EBITDA	-42.95M	-50.52M	-65.28M	-61.66M	-52.08M	-15.96M
Net Income	-28.32M	-30.02M	-33.97M	-30.59M	-8.33M	-16.70M
Balance Sheet
Total Assets	10.14M	36.63M	57.92M	108.03M	124.21M	79.42M
Cash, Cash Equivalents and Short-Term Investments	4.14M	27.64M	48.54M	98.48M	117.45M	73.06M
Total Debt	17.55M	29.71M	30.10M	30.21M	0.00	3.77M
Total Liabilities	22.11M	33.14M	32.47M	34.02M	2.64M	192.75M
Stockholders Equity	-7.86M	1.99M	12.87M	36.85M	47.41M	-113.34M
Cash Flow
Free Cash Flow	-27.78M	-35.76M	-52.47M	-48.13M	-32.75M	-16.16M
Operating Cash Flow	-27.66M	-35.50M	-51.24M	-46.52M	-32.24M	-14.96M
Investing Cash Flow	26.46M	19.81M	29.86M	-72.44M	-506.00K	-1.20M
Financing Cash Flow	1.07M	13.59M	233.00K	29.00M	77.15M	72.68M

Rani Therapeutics Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.39
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RANI, the sentiment is Positive. The current price of 1.39 is below the 20-day moving average (MA) of 1.43, below the 50-day MA of 1.65, and above the 200-day MA of 0.97, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 43.94 is Neutral, neither overbought nor oversold. The STOCH value of 48.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RANI.

Rani Therapeutics Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PYPD	56 Neutral	$75.83M	-1.56	-390.53%	―	―	61.23%
TENX	55 Neutral	$80.23M	-11.57	-44.80%	―	―	92.89%
ANTX	52 Neutral	$30.14M	-1.17	-45.91%	―	―	44.59%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ANVS	46 Neutral	$107.87M	-2.64	-246.14%	―	―	62.84%
ITRM	43 Neutral	$18.97M	-0.46	―	―	―	62.61%
RANI	41 Neutral	$168.91M	-1.76	―	―	―	25.08%

Rani Therapeutics Holdings Corporate Events

Rani Therapeutics finalizes governance and capital structure changes

On October 16, 2025, Rani Therapeutics Holdings, Inc. entered into a securities purchase agreement with certain investors that called for governance changes, including amendments to its organizational documents and the unwinding of select legacy arrangements, signaling a broader realignment of its capital and governance structure. As part of this process, on December 31, 2025, the company and InCube Labs, LLC agreed to terminate a Tax Receivable Agreement dating from August 3, 2021, mutually releasing each other from all obligations without any tax benefit or early termination payments, thereby removing a future liability from Rani’s balance sheet. In a related step, on November 24, 2025, the majority voting stockholder approved, by written consent, the issuance of Class A common shares upon exercise of warrants under the purchase agreement and the adoption of a restated charter, with these actions becoming effective on December 31, 2025, in compliance with Nasdaq rules and Delaware law, further consolidating the company’s governance and capital changes without the need for a stockholders’ meeting.

The most recent analyst rating on (RANI) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Rani Therapeutics Holdings stock, see the RANI Stock Forecast page.

Rani Therapeutics Completes Private Placement of Shares

On October 22, 2025, Rani Therapeutics Holdings announced the resignation of board members Andrew Farquharson and Maulik Nanavaty, which was not due to any disagreements with the company. Subsequently, Abraham Bassan and Vasudev Bailey, Ph.D., were appointed to the board, with Bassan becoming chair of the Nominating and Corporate Governance Committee and Bailey chairing the Compensation Committee. Both appointees bring extensive experience in life sciences and healthcare technology. The company also reconstituted its board committees following these changes. On October 23, 2025, Rani Therapeutics completed a private placement of its Class A common stock and warrants, significantly increasing its outstanding shares and potentially impacting its market position.

The most recent analyst rating on (RANI) stock is a Buy with a $11.00 price target. To see the full list of analyst forecasts on Rani Therapeutics Holdings stock, see the RANI Stock Forecast page.

Rani Therapeutics Secures New Loan Agreement

Rani Therapeutics Holdings has entered into a loan agreement, which is expected to impact its financial operations. The agreement may influence the company’s market positioning and stakeholder interests.

The most recent analyst rating on (RANI) stock is a Buy with a $9.00 price target. To see the full list of analyst forecasts on Rani Therapeutics Holdings stock, see the RANI Stock Forecast page.