Rani Therapeutics Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
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 Changes in Stockholders’ (Deficit)/Equity
| Class A Common Stock · Class B Common Stock | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares | Amount | Shares | Amount | AdditionalPaid InCapital | AccumulatedOtherComprehensiveGain | AccumulatedDeficit | Non-ControllingInterest | TotalStockholders'(Deficit)/Equity | |
| Balance at December 31, 2024 | 33,430 | $3 | 23,972 | $2 | $104,889 | $5 | $(102,907) | $1,501 | $3,493 |
| Issuance of common stock under employee equity plans, net of shares withheld for tax settlement | 140 | — | — | — | (23) | — | — | — | (23) |
| Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC | — | — | — | — | 1 | — | — | (1) | — |
| Stock-based compensation | — | — | — | — | 2,241 | — | — | 1,684 | 3,925 |
| Net loss | — | — | — | — | — | — | (7,264) | (5,474) | (12,738) |
| Other comprehensive loss | — | — | — | — | — | (3) | — | (3) | (6) |
| Balance at March 31, 2025 | 33,570 | $3 | 23,972 | $2 | $107,108 | $2 | $(110,171) | $(2,293) | $(5,349) |
| Exercise of warrants issued in connection with the October 2024 and July 2024 Securities Purchase Agreement, net of issuance costs of $340 | 5,419 | — | — | — | 3,937 | — | — | — | 3,937 |
| Warrant issued for services provided | — | — | — | — | 152 | — | — | — | 152 |
| Issuance of common stock under employee equity plans, net of shares withheld for tax settlement | 44 | — | — | — | (8) | — | — | — | (8) |
| Issuance of common stock under employee stock purchase plan | 97 | — | — | — | 46 | — | — | — | 46 |
| Effect of exchanges of Paired Interests and non-corresponding Class A Units of Rani LLC | 107 | — | (2) | — | — | — | — | — | — |
| Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC | — | — | — | — | (1,963) | — | — | 1,963 | — |
| Stock-based compensation | — | — | — | — | 2,008 | — | — | 1,284 | 3,292 |
| Net loss | — | — | — | — | — | — | (6,692) | (4,532) | (11,224) |
| Other comprehensive loss | — | — | — | — | — | 1 | — | — | 1 |
| Balance at June 30, 2025 | 39,237 | $3 | 23,970 | $2 | $111,280 | $3 | $(116,863) | $(3,578) | $(9,153) |
| Issuance of common stock and pre-funded warrants in connection with the July 2025 Securities Purchase Agreement, net of issuance costs of $189 | 7,500 | 1 | — | — | 2,810 | — | — | — | 2,811 |
| Exercise of pre-funded warrants | 1,161 | — | — | — | — | — | — | — | — |
| Warrant modification expense | — | — | — | — | 15 | — | — | — | 15 |
| Issuance of common stock under employee equity plans, net of shares withheld for tax settlement | 43 | — | — | — | (7) | — | — | — | (7) |
| Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC | — | — | — | — | (1,163) | — | — | 1,163 | — |
| Stock-based compensation | — | — | — | — | 1,539 | — | — | 804 | 2,343 |
| Issuance costs related to the October 2024 and July 2025 Securities Purchase Agreement | — | — | — | — | (68) | — | — | — | (68) |
| Net loss | — | — | — | — | — | — | (5,412) | (2,502) | (7,914) |
| Balance at September 30, 2025 | 47,941 | $4 | 23,970 | $2 | $114,406 | $3 | $(122,275) | $(4,113) | $(11,973) |
CONDENSED Consolidated Statements of Changes in STOCKHOLDERS’ (DEFICIT)/Equity
| Class A Common Stock · Class B Common Stock | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares | Amount | Shares | Amount | Additional Paid In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Non-Controlling Interest | Total Stockholders' Equity | |
| Balance at December 31, 2023 | 26,036 | $3 | 24,116 | $2 | $85,762 | $(12) | $(72,889) | $12,577 | $25,443 |
| Issuance of common stock under employee equity plans | 175 | — | — | — | — | — | — | — | — |
| Effect of exchanges of non-corresponding Class A Units of Rani LLC | 83 | — | — | — | — | — | — | — | — |
| Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC | — | — | — | — | 45 | — | — | (45) | — |
| Stock-based compensation | — | — | — | — | 1,969 | — | — | 1,901 | 3,870 |
| Net loss | — | — | — | — | — | — | (7,483) | (7,296) | (14,779) |
| Other comprehensive gain | — | — | — | — | — | 1 | — | — | 1 |
| Balance at March 31, 2024 | 26,294 | $3 | 24,116 | $2 | $87,776 | $(11) | $(80,372) | $7,137 | $14,535 |
| Issuance of common stock under employee stock purchase plan, net of shares withheld for tax settlement | 110 | — | — | — | 221 | — | — | — | 221 |
| Issuance of common stock under employee equity plans, net of shares withheld for tax settlement | 85 | — | — | — | 14 | — | — | — | 14 |
| Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC | — | — | — | — | (108) | — | — | 108 | — |
| Stock-based compensation | — | — | — | — | 2,109 | — | — | 2,020 | 4,129 |
| Net loss | — | — | — | — | — | — | (6,805) | (6,556) | (13,361) |
| Other comprehensive gain | — | — | — | — | — | 6 | — | 6 | 12 |
| Balance at June 30, 2024 | 26,489 | $3 | 24,116 | $2 | $90,012 | $(5) | $(87,177) | $2,715 | $5,550 |
| Issuance of common stock in connection with the July Securities Purchase Agreement, net of issuance costs of $1,117 | 2,800 | — | — | — | 8,883 | — | — | — | 8,883 |
| Exercise of pre-funded warrants | 447 | — | — | — | — | — | — | — | — |
| Issuance of common stock under employee equity plans, net of shares withheld for tax settlement | 71 | — | — | — | (1) | — | — | — | (1) |
| Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC | — | — | — | — | (4,010) | — | — | 4,010 | — |
| Stock-based compensation | — | — | — | — | 2,183 | — | — | 1,858 | 4,041 |
| Net loss | — | — | — | — | — | — | (6,783) | (5,939) | (12,722) |
| Other comprehensive gain | — | — | — | — | — | 13 | — | 11 | 24 |
| Balance at September 30, 2024 | 29,807 | $3 | 24,116 | $2 | $97,067 | $8 | $(93,960) | $2,655 | $5,775 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.