Start here if you're new
what it is
Rani makes capsules that try to move drugs through your stomach instead of with a needle.
how it gets paid
Last year Rani Therapeutics made $1M in revenue. RaniPill platform collaborations was the main engine at $0.40M, or 40% of sales.
what just happened
Revenue was $172K, and the quarter still lost $0.50 a share.
At a glance
C+ balance sheet — struggling to keep the lights on
-$1.05 fy2024 eps est
$1M fy2024 rev est
n/a operating margin
1.2 beta
xvary composite: 29/100 — weak
What they do
Rani makes capsules that try to move drugs through your stomach instead of with a needle.
RaniPill GO delivers up to 3 mg, and RaniPill HC handles up to 200uL. Bioavailability (how much drug reaches your bloodstream) is the whole fight. If it works, your doctor swaps a shot for a capsule.
How they make money
$1M
annual revenue
RaniPill platform collaborations
$0.40M
Upfront licensing fees
$0.30M
Development milestones
$0.20M
Other research income
$0.10M
The products that matter
oral drug delivery technology
RaniPill Platform
$1.2M trailing revenue
it aims to replace injections with pills, but the platform has produced just $1.2M in trailing revenue so far. the addressable market story is big. the proof base is still small.
platform thesis
lead clinical program
RT-114
pre-revenue
this is the lead program testing whether the platform works in humans at a product level. with net margin n/a (verify filings), you can see how much of the stock still rests on one proof point.
proof point
external platform validation
Chugai collaboration
up to $1.085B · $10M upfront
the Chugai deal matters because it brought in $10M upfront and frames a headline value of up to $1.085B. until milestone cash starts landing beyond that first check, it is promise more than operating muscle.
partner signal
Key numbers
$1M
annual sales
You are looking at a $1M business against a roughly $160M market cap. That is a lot of hope per dollar.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → money left after running the business → so what: the company lost about $52 for every $1 of sales.
$3M
long-term debt
Debt is only $3M, so leverage is not the main problem. The question is whether sales ever catch up.
$60.3M
fresh cash
The October 2025 raise equals about 38% of market cap. Dilution is the bill.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $3M (2% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for RANI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue was $172K, and the quarter still lost $0.50 a share.
Gross margin sat at 100.00% on paper, but the revenue base was tiny. The business still ran at a loss, which is the part the market has to fund.
$172K
revenue
-$0.50
eps
100.00%
gross margin
sales base
The $172K quarter matters because it shows how small the revenue engine is versus the loss rate.
source: company earnings report, 2026
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What could go wrong
The #1 risk here is RaniPill clinical failure or stalled milestone conversion before the next funding need.
med
cash burn is still the main character
Rani lost near $40M over the last 12 months on just $1.2M of trailing revenue. That is not one bad quarter. That is the business model today.
impact: more capital raises stay on the table unless milestone cash or revenue steps up in a visible way.
med
RT-114 is carrying more weight than one program should
The stock is a bet that the RaniPill platform works in practice, not just in slide decks. If RT-114 disappoints, the platform story takes a direct hit.
impact: a failed proof point would pressure a $160M valuation built more on possibility than revenue.
med
the Chugai headline may stay a headline
The deal is worth up to $1.085B on paper, but just $10M is upfront and the next $75M in milestones matters more. Until those milestones hit, the headline number does not pay the bills.
impact: if milestone conversion stalls, investors are left valuing a platform with little operating evidence.
med
insider selling can keep trust thin
Insiders sold $11.1M of stock in the last 3 months while shares fell 52%. For an early biotech, that does not help the confidence loop.
impact: sentiment can stay weak even if the science story keeps its appeal.
At $1.45 a share, you are not paying for a stable business. You are paying for enough clinical and partner proof to outrun a near-$40M loss base.
source: institutional data · regulatory filings · risk analysis
Pay attention to
milestones
whether the Chugai deal turns a big headline into cash
The collaboration is worth up to $1.085B, but the next $75M matters more than the press-release ceiling. You want milestone progress, not just partner optics.
cash burn
whether $60.3M of fresh capital buys enough time
The Oct 2025 private placement bought runway. The next filings need to show the raise cut pressure instead of just pushing the next one down the road.
clinical proof
RT-114 data is still the number that matters
If the lead program proves the platform works, the whole story changes. If it does not, the stock stops looking like a platform bet and starts looking like an expensive experiment.
sentiment
insider behavior and volatility
A stock with beta of 1.2 and price stability of 5 / 100 does not need much to move. Add $11.1M of insider selling, and you have a market that already leans cautious.
Analyst rankings
short-term outlook
thin
in human-speak, the street does not follow this name with enough depth to give you a high-confidence near-term consensus.
risk profile
5
Risk rank 5 means it is safer than just 5% of stocks in the dataset. Translation: this sits deep in speculative territory.
balance sheet
C+
A C+ balance sheet is not fatal on its own. Combined with near-$1M of revenue and near-$40M of loss, it means financing risk stays attached to the equity story.
source: institutional data
Institutional activity
institutional ownership data for RANI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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