Rani Therapeutics Holdings, Inc.
For the period ended Dec 31, 2025. Filed Mar 26, 2026.
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FY2025 · Filed Mar 26, 2026
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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net loss | $(40,950) | $(56,584) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 11,798 | 16,031 |
| Depreciation and amortization | 900 | 1,028 |
| Net accretion and amortization of investments in marketable securities | (278) | (1,247) |
| Loss on disposal of property and equipment | — | 65 |
| Impairment loss | — | 3,714 |
| Non-cash operating lease expense | 1,908 | 1,809 |
| Amortization of debt discount and issuance costs | 207 | 232 |
| Loss on extinguishment of debt | 576 | — |
| Warrant issued for services provided | 152 | — |
| Modification expense related to warrants | 15 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (2,042) | — |
| Contract asset | 428 | (428) |
| Prepaid expenses and other current assets | (192) | 631 |
| Accounts payable | (1,050) | 711 |
| Accrued expenses and other current liabilities | 3,184 | 350 |
| Deferred revenue | 8,539 | - |
| Operating lease liabilities | (1,909) | (1,808) |
| Net cash used in operating activities | (18,714) | (35,496) |
| Cash flows from investing activities | ||
| Proceeds from maturities of marketable securities | 26,750 | 77,550 |
| Purchases of marketable securities | (33,692) | (57,473) |
| Purchases of property and equipment | (88) | (268) |
| Net cash (used in) provided by investing activities | (7,030) | 19,809 |
| Cash flows from financing activities | ||
| Proceeds from Exercise of warrants issued in connection with the July 2024 and October 2024 Securities Purchase Agreement, net of issuance costs of $408 | 3,869 | — |
| Proceeds from issuance of common stock and pre-funded warrants in connection with the October 2024 Securities Purchase Agreement, net of issuance costs of $621 | — | 9,379 |
| 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 | 61 | 304 |
| Proceeds from employee stock purchase plan | 12 | 15 |
| Proceeds from issuance of common stock in connection with the Private Placement, net of issuance costs of $4,467 | 49,788 | — |
| Proceeds from exercise of Series D Warrants | 4,530 | — |
| Proceeds from exercise of stock options | 10 | 51 |
| Tax withholdings paid on behalf of employees for net share settlement | (59) | (47) |
| Repayment of debt | (20,722) | (5,000) |
| Net cash provided by financing activities | 40,300 | 13,585 |
| Net increase (decrease) in cash, cash equivalents and restricted cash equivalents | 14,556 | (2,102) |
| Cash, cash equivalents and restricted cash equivalents, beginning of period | 4,262 | 6,364 |
| Cash, cash equivalents and restricted cash equivalents, end of period | 18,818 | 4,262 |
| Supplemental disclosures of cash flow information | ||
| Cash paid for interest | $2,121 | $4,112 |
| Cash paid for corporate taxes, net | $— | $— |
| Supplemental disclosures of non-cash investing and financing activities | ||
| Right-of-use assets obtained in exchange for new operating lease liabilities | $— | $4,731 |
| Exchanges of Paired Interests and non-corresponding Class A Units of Rani LLC | $298 | $721 |
| Remeasurement of operating lease right-of-use assets | $666 | $589 |
| Interest income receivable included in prepaid expenses and other current assets | $121 | $9 |
| Unrealized loss on short-term investments | $(6) | $— |
| Conversion of debt principal into common stock (Note 13) | $(6,000) | $— |
Notes to THE Consolidated Financial Statements
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