Rani Therapeutics Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
RANI$0.56-2.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net loss | $(31,876) | $(40,862) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 9,560 | 12,040 |
| Depreciation and amortization | 714 | 762 |
| Non-cash operating lease expense | 1,427 | 1,332 |
| Warrant issued for services provided | 152 | — |
| Warrant modification expense | 15 | — |
| Amortization of debt discount and issuance costs | 174 | 174 |
| Net accretion and amortization of investments in marketable securities | (158) | (940) |
| Loss on disposal of property and equipment | — | 65 |
| Changes in operating assets and liabilities: | ||
| Contract asset | 428 | — |
| Prepaid expenses and other current assets | 866 | 341 |
| Accounts payable | 1,108 | 918 |
| Accrued expenses and other current liabilities | 8 | 61 |
| Deferred revenue | — | 600 |
| Operating lease liabilities | (1,426) | (1,332) |
| Net cash used in operating activities | (19,008) | (26,841) |
| Cash flows from investing activities | ||
| Proceeds from maturities of marketable securities | 26,750 | 57,250 |
| Purchases of marketable securities | (2,720) | (39,725) |
| Purchases of property and equipment | (88) | (237) |
| Net cash provided by investing activities | 23,942 | 17,288 |
| Cash flows from financing activities | ||
| Proceeds from exercise of warrants for common stock, net of issuance costs of $408 | 3,869 | — |
| Proceeds from issuance of common stock and pre-funded warrants in connection with the July 2025 Securities Purchase Agreement, net of issuance costs of $189 | 2,811 | — |
| Proceeds from issuance of common stock and pre-funded warrants in connection with the July 2024 Securities Purchase Agreement, net of issuance costs of $1,117 | — | 8,883 |
| Issuance of common stock under employee stock purchase plan | 46 | 221 |
| Proceeds from employee stock purchase plan | 10 | 99 |
| Proceeds from the exercise of stock options | — | 51 |
| Tax withholdings paid on behalf of employees for net share settlement | (38) | (38) |
| Repayment of debt | (11,250) | (1,250) |
| Net cash (used in)/provided by financing activities | (4,552) | 7,966 |
| Net increase/(decrease) in cash, cash equivalents and restricted cash equivalents | 382 | (1,587) |
| Cash, cash equivalents and restricted cash equivalents, beginning of period | 4,262 | 6,364 |
| Cash, cash equivalents and restricted cash equivalents, end of period | $4,644 | $4,777 |
| Supplemental disclosures of non-cash investing and financing activities | ||
| Interest income receivable included in prepaid expenses and other current assets | $13 | $29 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $— | $4,731 |
| Exchanges of non-corresponding Class A Units of Rani LLC | $63 | $298 |
| Remeasurement of operating lease right-of-use assets | $— | $589 |
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