Rani Therapeutics Holdings, Inc. (RANI) Balance Sheet
RANI balance sheet, 2025
December 31, 2025 · U.S. dollars$58.6M assets = $17.1M liabilities + $41.5M equity
Both columns are drawn to the same scale: what RANI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RANI financial health
Descriptive bands, not a rating. Fiscal 2025.
RANI balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $23.0M2019 | $58.6M2025 | +16.9%/yr | |
| Total liabilities | $119.7M2019 | $17.1M2025 | −27.7%/yr | |
| Shareholders’ equity | −$96.6M2019 | $33.0M2025 | — | |
| Cash & short-term investments | $16.5M2019 | $49.7M2025 | +20.1%/yr | |
| Total debt | $115.5M2019 | $4.3M2025 | −42.2%/yr | |
| Net cash (debt) | −$99.0M2019 | $45.4M2025 | +$144.4M | |
| Working capital | $13.4M2019 | $40.7M2025 | +$27.2M | |
| Book value per share | $1.552022 | $0.502025 | −31.4%/yr | |
| Current ratio | 4.842019 | 4.212025 | −0.64 | |
| Debt / equity | 0.822022 | 0.132025 | −0.69 | |
| Shares outstanding | 23.8M2022 | 66.1M2025 | +40.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RANI assets
RANI liabilities and equity
RANI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RANI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $49.7M | $27.6M | $48.5M | $98.5M | $117.5M | $73.1M | $16.5M |
| Cash & equivalents | $18.6M | $3.8M | $5.9M | $27.0M | $117.5M | $73.1M | $16.5M |
| Short-term investments | $31.1M | $23.9M | $42.7M | $71.5M | $0 | — | — |
| Receivables | $2.0M | $428,000 | $200,000 | $0 | $0 | $1.7M | $250,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $1 |
| Other current assets | $1.6M | $1.7M | $2.1M | $2.4M | $2.1M | $167,000 | $157,999 |
| Total current assets | $53.3M | $29.7M | $50.8M | $100.9M | $119.6M | $74.9M | $16.9M |
| Property, plant & equipment (net) | $5.1M | $6.6M | $6.8M | $7.1M | $4.6M | $4.5M | $4.5M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $246,000 | $246,000 | $246,000 | $0 | $0 | $0 | $1.6M |
| Total assets | $58.6M | $36.6M | $57.9M | $108.0M | $124.2M | $79.4M | $23.0M |
| Liabilities | |||||||
| Accounts payable | $309,000 | $1.4M | $648,000 | $1.5M | $1.1M | $537,000 | $198,000 |
| Short-term debt | $1.6M | $16.5M | $5.6M | $1.0M | — | $1.4M | — |
| Deferred revenue | $6.8M | −$1.5M | $1.2M | — | — | $2.7M | $179,000 |
| Total current liabilities | $12.7M | $19.9M | $8.0M | $4.8M | $2.6M | $5.3M | $3.5M |
| Long-term debt | $0 | $9.6M | $24.5M | $29.1M | $0 | $2.4M | $0 |
| Lease obligations | $4.3M | $5.1M | $718,000 | $1.1M | $0 | — | — |
| Other long-term liabilities | $4.4M | $3.6M | $0 | $59,000 | $1 | $185.0M | $116.2M |
| Total liabilities | $17.1M | $33.1M | $32.5M | $34.0M | $2.6M | $192.8M | $119.7M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $11,000 | $5,000 | $5,000 | $5,000 | $5,000 | $664,000 | $664,000 |
| Retained earnings (deficit) | −$132.6M | −$102.9M | −$72.9M | −$38.9M | −$8.3M | −$114.0M | −$97.3M |
| Accumulated other comprehensive income | $1,000 | $5,000 | −$12,000 | −$73,000 | $0 | −$849,034 | −$780,160 |
| Minority interest | $8.5M | $1.5M | $12.6M | $37.1M | — | — | — |
| Total shareholders' equity | $33.0M | $2.0M | $12.9M | $36.9M | $47.4M | −$113.3M | −$96.6M |
| Key figures | |||||||
| Total debt | $4.3M | $29.7M | $30.1M | $30.2M | — | $3.8M | $115.5M |
| Net cash (debt) | $45.4M | −$2.1M | $18.4M | $68.3M | — | $69.3M | −$99.0M |
| Working capital | $40.7M | $9.9M | $42.9M | $96.1M | $117.0M | $69.6M | $13.4M |
| Tangible book value | $33.0M | $2.0M | $12.9M | $36.9M | $47.4M | −$113.3M | −$96.6M |
| Book value per share | $0.50 | $0.07 | $0.50 | $1.55 | — | — | — |
| Shares outstanding | 66.1M | 28.5M | 25.5M | 23.8M | — | — | — |
| Current ratio | 4.21 | 1.50 | 6.36 | 20.96 | 45.30 | 14.12 | 4.84 |
| Quick ratio | 4.08 | 1.41 | 6.10 | 20.45 | 44.49 | 14.09 | 4.80 |
| Debt / equity | 0.13 | 14.91 | 2.34 | 0.82 | — | — | — |
| Equity / assets | 56.3% | 5.4% | 22.2% | 34.1% | 38.2% | −142.7% | −419.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $53.4M | $43.4M | $49.7M | $4.1M | $10.2M | $15.9M | $27.6M | $30.4M | $30.9M | $39.6M | $48.5M | $60.5M |
| Cash & equivalents | $4.9M | $9.6M | $18.6M | $4.1M | $10.2M | $10.1M | $3.8M | $4.3M | $4.5M | $6.9M | $5.9M | $5.0M |
| Short-term investments | $48.5M | $33.8M | $31.1M | $0 | $0 | $5.7M | $23.9M | $26.1M | $26.4M | $32.7M | $42.7M | $55.6M |
| Receivables | $2.2M | $2.1M | $2.0M | $0 | $18,000 | $600,000 | $428,000 | $200,000 | $100,000 | $200,000 | $200,000 | $200,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$200,000 |
| Other current assets | $919,000 | $1.6M | $1.6M | $811,000 | $839,000 | $1.3M | $1.7M | $1.8M | $1.0M | $1.6M | $2.1M | $2.7M |
| Total current assets | $56.5M | $47.1M | $53.3M | $5.0M | $11.1M | $17.8M | $29.7M | $32.4M | $32.0M | $41.4M | $50.8M | $63.2M |
| Property, plant & equipment (net) | $4.1M | $4.5M | $5.1M | $4.9M | $5.5M | $6.1M | $6.6M | $10.9M | $11.4M | $11.9M | $6.8M | $7.2M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $246,000 | $246,000 | $246,000 | $245,000 | $293,000 | $246,000 | $246,000 | $246,000 | $246,000 | $246,000 | $246,000 | $0 |
| Total assets | $60.8M | $51.9M | $58.6M | $10.1M | $16.9M | $24.1M | $36.6M | $43.5M | $43.7M | $53.5M | $57.9M | $70.4M |
| Liabilities | ||||||||||||
| Accounts payable | $1.0M | $858,000 | $309,000 | $2.5M | $1.8M | $1.5M | $1.4M | $1.6M | $506,000 | $806,000 | $648,000 | $1.4M |
| Short-term debt | $1.3M | $1.5M | $1.6M | $14.6M | $16.2M | $16.3M | $16.5M | $16.2M | $13.7M | $9.8M | $5.6M | $2.0M |
| Deferred revenue | $5.1M | $6.8M | $6.8M | — | $334,000 | — | $1.4M | $600,000 | — | — | $1.2M | — |
| Total current liabilities | $10.6M | $13.9M | $12.7M | $19.1M | $20.6M | $20.1M | $19.9M | $20.2M | $16.6M | $13.4M | $8.0M | $7.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $2.2M | $5.9M | $9.6M | $13.5M | $17.2M | $20.9M | $24.5M | $28.1M |
| Lease obligations | $3.5M | $3.9M | $4.3M | $4.0M | $4.4M | $4.7M | $5.1M | $5.4M | $5.8M | $6.0M | $718,000 | $959,000 |
| Other long-term liabilities | $2.2M | $2.5M | $4.4M | $3.0M | $3.2M | $3.4M | $3.6M | $4.0M | $4.4M | $4.7M | $0 | $171,000 |
| Total liabilities | $12.9M | $16.3M | $17.1M | $22.1M | $26.1M | $29.5M | $33.1M | $37.8M | $38.2M | $39.0M | $32.5M | $35.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $13,000 | $11,000 | $11,000 | $6,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 |
| Retained earnings (deficit) | −$147.0M | −$139.6M | −$132.6M | −$122.3M | −$116.9M | −$110.2M | −$102.9M | −$94.0M | −$87.2M | −$80.4M | −$72.9M | −$65.8M |
| Accumulated other comprehensive income | −$30,000 | −$8,000 | $1,000 | $3,000 | $3,000 | $2,000 | $5,000 | $8,000 | −$5,000 | −$10,999 | −$12,000 | −$41,000 |
| Minority interest | $8.8M | $7.1M | $8.5M | −$4.1M | −$3.6M | — | — | — | — | — | — | — |
| Total shareholders' equity | $39.2M | $28.4M | $33.0M | −$7.9M | −$5.6M | −$3.1M | $2.0M | $3.1M | $2.8M | $7.4M | $12.9M | $17.6M |
| Key figures | ||||||||||||
| Total debt | $3.5M | $3.9M | $4.3M | $17.6M | $21.6M | $25.7M | $29.7M | $33.7M | $35.2M | $35.4M | $30.1M | $30.3M |
| Net cash (debt) | $49.8M | $39.5M | $45.4M | −$13.4M | −$11.4M | −$9.8M | −$2.1M | −$3.3M | −$4.3M | $4.2M | $18.4M | $30.2M |
| Working capital | $45.9M | $33.2M | $40.7M | −$14.2M | −$9.6M | −$2.3M | $9.9M | $12.2M | $15.5M | $28.0M | $42.9M | $55.9M |
| Tangible book value | $39.2M | $28.4M | $33.0M | −$7.9M | −$5.6M | −$3.1M | $2.0M | $3.1M | $2.8M | $7.4M | $12.9M | $17.6M |
| Book value per share | $0.21 | $0.16 | $0.22 | −$0.22 | −$0.15 | −$0.09 | $0.06 | $0.11 | $0.11 | $0.28 | $0.50 | $0.69 |
| Shares outstanding | 187.2M | 180.0M | 147.1M | 36.5M | 36.5M | 33.4M | 32.7M | 28.8M | 26.3M | 26.0M | 25.9M | 25.6M |
| Current ratio | 5.31 | 3.40 | 4.21 | 0.26 | 0.54 | 0.88 | 1.50 | 1.60 | 1.93 | 3.09 | 6.36 | 8.61 |
| Quick ratio | 5.23 | 3.29 | 4.08 | 0.22 | 0.50 | 0.82 | 1.41 | 1.51 | 1.87 | 2.97 | 6.10 | 8.27 |
| Debt / equity | 0.09 | 0.14 | 0.13 | — | — | — | 14.91 | 10.81 | 12.43 | 4.79 | 2.34 | 1.73 |
| Equity / assets | 64.5% | 54.8% | 56.3% | −77.5% | −33.0% | −12.7% | 5.4% | 7.2% | 6.5% | 13.8% | 22.2% | 24.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 26, 2026); data from EODHD.
RANI financial position
At the end of fiscal 2025 (December 31, 2025), Rani Therapeutics had total assets of $58.6 million (up 60.0% from a year earlier), total liabilities of $17.1 million and shareholders' equity of $33.0 million. It held $49.7 million in cash and short-term investments against $4.3 million of debt, a net cash position of $45.4 million. Its current ratio was 4.21. In the latest quarter (ended June 30, 2026) total assets were $60.8 million and equity $39.2 million.
Related: RANI income statement, RANI cash flow statement, RANI key metrics. See the RANI stock overview for the latest quote and news.
RANI balance sheet FAQ
What are Rani Therapeutics's total assets?
Rani Therapeutics reported total assets of $58.6 million at the end of fiscal 2025 (December 31, 2025), compared with $36.6 million a year earlier.
How much debt does Rani Therapeutics have?
Rani Therapeutics had $4.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.13.
How much cash does Rani Therapeutics have?
Rani Therapeutics held $49.7 million in cash and short-term investments at the end of fiscal 2025; with $4.3 million of debt that is net cash of $45.4 million.
What is Rani Therapeutics's book value?
Rani Therapeutics's shareholders' equity (book value) was $33.0 million at the end of fiscal 2025, or $0.50 per share.
What is Rani Therapeutics's current ratio?
Rani Therapeutics had current assets of $53.3 million and current liabilities of $12.7 million, a current ratio of 4.21 (it can cover its short-term obligations).