The company's financial foundation appears fragile, with total assets contracting from $57.9M in 2023Q4 to $51.9M in 2026Q1, reflecting a reliance on external capital to offset persistent operating deficits.
| Total Current Assets | 47.09M | 53.32M | 29.74M | 50.85M | 100.92M | 119.59M | 74.94M | 16.94M |
| Cash & Short-Term Investments | 43.4M | 49.71M | 27.64M | 48.54M | 98.48M | 117.45M | 73.06M | 16.54M |
| Cash Only | 9.64M | 18.62M | 3.76M | 5.86M | 27.01M | 117.45M | 73.06M | 16.54M |
| Short-Term Investments | 33.76M | 31.09M | 23.88M | 42.67M | 71.47M | 0 | 0 | 0 |
| Accounts Receivable | 2.11M | 2.04M | 428K | 200K | 0 | 0 | 1.72M | 250K |
| Days Sales Outstanding | 119.64 | 456.42 | 151.97 | - | - | - | 1.36K | 93.21 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.57M | 1.57M | 1.68M | 800K | 500K | 0 | 0 | 0 |
| Total Non-Current Assets | 4.79M | 5.3M | 6.89M | 7.07M | 7.1M | 4.61M | 4.47M | 6.08M |
| Property, Plant & Equipment | 4.54M | 5.05M | 6.64M | 6.82M | 7.1M | 4.61M | 4.47M | 4.45M |
| Fixed Asset Turnover | 0.63x | 0.32x | 0.15x | - | - | 0.59x | 0.10x | 0.22x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.63M |
| Other Non-Current Assets | 246K | 246K | 246K | 246K | 0 | 0 | 0 | 0 |
| Total Assets | 51.88M | 58.62M | 36.63M | 57.92M | 108.03M | 124.21M | 79.42M | 23.02M |
| Asset Turnover | 0.09x | 0.03x | 0.03x | - | - | 0.02x | 0.01x | 0.04x |
| Asset Growth % | 36.99% | 60.02% | -36.75% | -46.39% | -13.03% | 56.4% | 244.95% | - |
| Total Current Liabilities | 13.86M | 12.67M | 19.89M | 7.99M | 4.82M | 2.64M | 5.31M | 3.5M |
| Accounts Payable | 858K | 309K | 1.36M | 648K | 1.46M | 1.08M | 537K | 198K |
| Days Payables Outstanding | 3.08K | 125.32 | - | 287.74 | - | - | - | - |
| Short-Term Debt | 1.46M | 1.59M | 15M | 4.9M | 0 | 0 | 1.36M | 0 |
| Deferred Revenue (Current) | 13.66M | 6.83M | 0 | 1.21M | 0 | 0 | 2.72M | 179K |
| Other Current Liabilities | 4.71M | 3.94M | 283K | 202K | 591K | 126K | 88K | 601K |
| Current Ratio | 3.40x | 4.21x | 1.50x | 6.36x | 20.96x | 45.30x | 14.12x | 4.84x |
| Quick Ratio | 3.40x | 4.21x | 1.50x | 6.36x | 20.96x | 45.30x | 14.12x | 4.84x |
| Cash Conversion Cycle | -2.96K | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 2.48M | 4.44M | 13.25M | 24.48M | 29.21M | 0 | 187.45M | 116.16M |
| Long-Term Debt | 2.48M | 2.73M | 9.61M | 24.48M | 29.15M | 0 | 2.41M | 115.5M |
| Capital Lease Obligations | 3.2M | 0 | 3.64M | 0 | 59K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 185.03M | 655K |
| Total Liabilities | 16.34M | 17.11M | 33.14M | 32.47M | 34.02M | 2.64M | 192.75M | 119.66M |
| Total Debt | 3.94M | 4.32M | 29.71M | 30.1M | 30.21M | 0 | 3.77M | 115.5M |
| Net Debt | -5.7M | -14.3M | 25.95M | 24.23M | 3.21M | -117.45M | -69.29M | 98.97M |
| Debt / Equity | 0.11x | 0.10x | 8.51x | 1.18x | 0.41x | - | - | - |
| Debt / EBITDA | -0.12x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.17x | - | - | - | - | - | - | - |
| Interest Coverage | -16.99x | -13.25x | -10.24x | -13.00x | -58.08x | -112.83x | -133.42x | -2657.70x |
| Total Equity | 35.54M | 41.51M | 3.49M | 25.44M | 74M | 121.57M | -113.34M | -96.64M |
| Equity Growth % | 1280.67% | 1088.43% | -86.27% | -65.62% | -39.12% | 207.26% | -17.28% | - |
| Book Value per Share | 0.20 | 0.63 | 0.12 | 1.00 | 3.11 | 6.22 | -6.05 | -5.16 |
| Total Shareholders' Equity | 28.41M | 33.01M | 1.99M | 12.87M | 36.85M | 47.41M | -113.34M | -96.64M |
| Common Stock | 11K | 11K | 5K | 5K | 5K | 5K | 664K | 664K |
| Retained Earnings | -139.61M | -132.58M | -102.91M | -72.89M | -38.92M | -8.33M | -114M | -97.3M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -8K | 0 | 5K | -12K | -73K | 0 | -849.03K | -780.16K |
| Minority Interest | 7.14M | 8.5M | 1.5M | 12.58M | 37.15M | 74.16M | 0 | 0 |
Liquidity and dilution risk
As reported in financial statements, RANI's balance sheet has experienced significant volatility, with total assets contracting from $57.9M in 2023Q4 to $51.9M in 2026Q1, reflecting a business trajectory heavily reliant on external capital to offset persistent operating losses and sustain its long-duration research and development pipeline.
The decline in total assets alongside a widening accumulated deficit suggests that the company is consuming its capital base to fund clinical validation rather than building long-term value. Investors should monitor whether the current asset base can support the transition to larger clinical cohorts without further balance sheet degradation.
According to recent SEC filings, RANI's debt profile has fluctuated significantly, with total debt peaking at $35.4M in 2024Q1 before being reduced to $3.9M by 2026Q1, indicating that the company has utilized debt as a stop-gap financing measure rather than a strategic tool for operational expansion.
The sharp reduction in debt levels suggests a potential conversion or repayment event, which may have provided temporary relief but likely came at the cost of shareholder dilution. The current debt-to-equity ratio of 0.11 implies a cleaner balance sheet, yet the underlying cash burn remains the primary constraint on financial flexibility.
Based on reported figures, RANI's liquidity position remains precarious, with cash reserves dropping from $18.6M in 2025Q4 to $9.6M in 2026Q1, a trend that highlights the company's limited buffer against the high costs associated with its ongoing clinical and mechanical engineering development programs.
The current ratio of 3.40 in 2026Q1 may appear superficially healthy, but it is heavily influenced by the timing of milestone-related deferred revenue rather than liquid cash availability. This suggests that the company's ability to fund operations beyond the immediate term remains highly sensitive to the timing of future capital raises.
As indicated by the company's financial data, the presence of $6.8M in deferred revenue as of 2026Q1 potentially distorts the perceived stability of the balance sheet, as this figure represents future performance obligations rather than cash that is readily available for general corporate purposes or R&D funding.
Investors should be cautious in interpreting these liabilities, as they are tied to specific research milestones that may be subject to clinical delays or technical failures. Relying on these figures as a proxy for financial health may lead to an underestimation of the company's actual cash requirements and liquidity risk.
Quick answers to the most common questions about buying RANI stock.
As of 2025, Rani Therapeutics Holdings, Inc. (RANI) had total assets of $58.6M including $53.3M in current assets.
Rani Therapeutics Holdings, Inc. (RANI) carries total debt of $4.3M, offset by $49.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Rani Therapeutics Holdings, Inc. (RANI) has total shareholders' equity (book value) of $33.0M ($0.63 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Rani Therapeutics Holdings, Inc. (RANI) reported a current ratio of 4.21x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.