RANI Class A Rani Therapeutics Holdings, Inc. - Class A Common Stock
NASDAQ · Pharmaceuticals · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 13, 2026
$0.81
· of 52w range
· above low
· to high
$0.4552w low
$3.8752w high
P/E (TTM)
-6.2
EPS (TTM)
$-0.13
Revenue (TTM)
$5M
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52W Range
$0–$4
Analyst Rating
BUY
Price Target
$7
P/E
-6.2
ROE
-179.1%
Net Profit Margin
-618.0%
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RANI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$0.81
P/E (TTM)
-6.2
EPS (TTM)
$-0.13
Revenue (TTM)
$5M
ROE (TTM)
-179.1%
Debt/Equity
0.0
52W Range
$0–$4
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$2M2020-12-31 → 2025-12-31
EPS$-0.452021-12-31 → 2025-12-31
Free Cash Flow$-19M2021-12-31 → 2025-12-31
Net margin-618.0%2021-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | RANI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -6.25Y avg ≈-9.9 | ≈-9.9 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | RANI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -675.8%5Y avg ≈-3143.8% | ≈-3143.8% | -1260.8% | Top tier | |
| EBITDA Margin | -2346.0%5Y avg ≈-3143.8% | ≈-3143.8% | -622.9% | Top tier | |
| Net Profit Margin (TTM) | -618.0%5Y avg ≈-1681.2% | ≈-1681.2% | -581.8% | Top tier | |
| ROA (TTM) | -77.5%5Y avg ≈-40.3% | ≈-40.3% | -59.2% | Weak | |
| ROE (TTM) | -179.1%5Y avg ≈-151.5% | ≈-151.5% | -34.6% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | RANI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | 0.05Y avg ≈3.9 | ≈3.9 | 0.0 | Low debt | |
| Current Ratio (MRQ) | 5.35Y avg ≈15.7 | ≈15.7 | 5.3 | In line | |
| Quick Ratio | 1.65Y avg ≈14.6 | ≈14.6 | 1.4 | Low liquidity | |
| Long-Term Debt / Equity | 0.05Y avg ≈1.9 | ≈1.9 | · | · | |
| Interest Coverage | -13.35Y avg ≈-41.4 | ≈-41.4 | -18.3 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | RANI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 58.9% | · | · | · | |
| Revenue CAGR 3Y | -27.7% | · | · | · | |
| Revenue CAGR 5Y | 28.7% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | RANI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.0 | ≈0.0 | 0.0 | Top tier | |
| Receivables Turnover | 1.6 | · | 3.1 | Weak | |
| Revenue / Employee | ≈$23.7K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
4.6%
Next Report
Nov 06, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $-0.04 | $-0.05 | 21.6% | |
| March 31, 2026 | May 15, 2026 | $-0.04 | $-0.05 | 12.9% |
| Dec. 31, 2025 | $-0.07 | $-0.07 | -2.9% | |
| Sept. 30, 2025 | $-0.12 | $-0.13 | 4.6% | |
| June 30, 2025 | $-0.18 | $-0.20 | 9.5% | |
| March 31, 2025 | $-0.22 | $-0.21 | -6.1% | |
| Dec. 31, 2024 | $-0.27 | $-0.25 | -7.3% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $2M | $1M | $0 | $0 | $3M | $462.0K | |
| R&D Expense | $20M | $27M | $40M | $37M | $26M | $12M | |
| SG&A Expense | $20M | $24M | $26M | $27M | $28M | $5M | |
| Operating Expenses | $40M | $54M | $66M | $63M | $54M | $-17M | |
| Operating Income | $-38M | $-53M | $-66M | $-63M | $-52M | $-17M | |
| Interest Expense | $3M | $5M | $5M | $1M | $466.0K | $124.0K | |
| Interest Income | · | · | · | · | $89.0K | $63.0K | |
| Pretax Income | · | · | $-68M | $-63M | $-53M | $-17M | |
| Income Tax | $0 | $0 | $0 | $70.0K | $41.0K | $35.0K | |
| Net Income | $-30M | $-30M | $-34M | $-31M | $-8M | · | |
| EPS (Basic) | $-0.45 | $-1.05 | $-1.33 | $-1.28 | $-0.43 | · | |
| EPS (Diluted) | $-0.45 | $-1.05 | $-1.33 | $-1.28 | $-0.43 | · | |
| Shares (Basic) | 66,138 | 28,476 | 25,505 | 23,817 | 19,534 | · | |
| Shares (Diluted) | 66,138 | 28,476 | 25,505 | 23,817 | 19,534 | · | |
| EBITDA | $-38M | $-53M | $-66M | $-63M | $-52M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19M | $4M | $6M | $27M | $117M | $73M | |
| Short-term Investments | · | · | · | $98M | · | · | |
| Receivables | $2M | $0 | · | · | · | · | |
| Prepaid Expense | $2M | $2M | $2M | $2M | $2M | $167.0K | |
| Current Assets | $53M | $30M | $51M | $101M | $120M | $75M | |
| PP&E (Net) | $736.0K | $2M | $6M | $6M | $5M | $4M | |
| PP&E (Gross) | · | · | $6M | $4M | $3M | $3M | |
| Accum. Depreciation | $6M | $5M | $4M | $3M | $2M | $2M | |
| Other Non-current Assets | $246.0K | $246.0K | $246.0K | $0 | · | · | |
| Total Assets | $59M | $37M | $58M | $108M | $124M | $79M | |
| Accounts Payable | $309.0K | $1M | $648.0K | $1M | $1M | $537.0K | |
| Accrued Liabilities | · | · | · | $2M | $1M | $550.0K | |
| Current Liabilities | $13M | $20M | $8M | $5M | $3M | $5M | |
| Capital Leases | $3M | $4M | $0 | $59.0K | $0 | · | |
| Total Liabilities | $17M | $33M | $32M | $34M | $3M | $8M | |
| Long-term Debt | $0 | $25M | $30M | $30M | · | $4M | |
| Total Debt | $0 | $25M | $29M | $29M | · | · | |
| Common Stock | · | · | · | · | · | $0 | |
| Paid-in Capital | $166M | $105M | $86M | $76M | $56M | $0 | |
| Retained Earnings | $-133M | $-103M | $-73M | $-39M | $-8M | $-114M | |
| AOCI | $1.0K | $5.0K | $-12.0K | $-73.0K | $0 | · | |
| Stockholders' Equity | $33M | $2M | $13M | $37M | $47M | $-113M | |
| Liabilities + Equity | $59M | $37M | $58M | $108M | $124M | $79M |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $900.0K | $1M | $822.0K | $548.0K | $497.0K | · | |
| Stock-based Comp | $12M | $16M | $19M | $16M | $23M | · | |
| Deferred Tax | · | · | · | $0 | $0 | $0 | |
| Operating Cash Flow | $-19M | $-35M | $-51M | $-47M | $-32M | $-15M | |
| CapEx | $88.0K | $268.0K | $1M | $2M | $506.0K | $1M | |
| Investing Cash Flow | $-7M | $20M | $30M | $-72M | $-506.0K | $-1M | |
| Net Debt Issued | $-21M | $-5M | · | · | · | · | |
| Stock Issued | · | · | · | · | $71M | · | |
| Net Stock Activity | · | · | · | · | $71M | · | |
| Financing Cash Flow | $40M | $14M | $233.0K | $29M | $77M | $73M | |
| Net Change in Cash | $15M | $-2M | $-21M | $-90M | $44M | $57M | |
| Taxes Paid | $0 | $0 | $35.0K | $48.0K | $73.0K | · | |
| Free Cash Flow | $-19M | $-36M | $-52M | $-48M | $-33M | · | |
| Levered FCF | · | · | $-58M | $-49M | $-33M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -2346.0% | -5186.2% | · | · | -1899.1% | · | |
| Net Margin | -1817.1% | -2920.0% | · | · | -306.6% | · | |
| Pretax Margin | · | · | · | · | -1952.4% | · | |
| EBITDA Margin | -2346.0% | -5186.2% | · | · | -1899.1% | · | |
| ROA | -62.3% | -63.5% | -40.9% | -26.3% | -8.2% | · | |
| ROE | -169.6% | -404.1% | -136.6% | -72.6% | 25.3% | · | |
| ROIC | · | · | -156.5% | -96.2% | -108.9% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 4.2 | 1.5 | 6.4 | 21.0 | 45.3 | · | |
| Quick Ratio | 1.6 | 0.2 | 0.7 | 26.1 | 44.5 | · | |
| Debt / Equity | 0.0 | 12.4 | 2.3 | 0.8 | · | · | |
| LT Debt / Equity | 0.0 | 4.8 | 1.9 | 0.8 | · | · | |
| Interest Coverage | -13.3 | -10.6 | -13.0 | -59.2 | -110.7 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | · | |
| Receivables Turnover | 1.6 | · | · | · | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue / Share | $24.69 | $36.10 | · | $0.00 | · | · | |
| Cash Flow / Share | $-282.95 | $-1246.52 | $-2008.86 | $-1953.02 | · | · | |
| EPS (TTM) | $-0.45 | $-1.05 | $-1.33 | $-1.28 | $-0.43 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 58.9% | · | · | · | 488.1% | · | |
| Revenue CAGR 3Y | · | -27.7% | · | · | · | · | |
| Revenue CAGR 5Y | 28.7% | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $2M | $1M | $0 | $0 | $3M | · | |
| Net Income TTM | $-30M | $-30M | $-34M | $-31M | $-8M | · | |
| P/E | -3.0 | -1.3 | -2.5 | -4.6 | -38.0 | · | |
| Earnings Yield | -33.3% | -76.6% | -40.1% | -21.7% | -2.6% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2M | $2M | $1M | $0 | $0 | $172.0K | $1M | $0 | $0 | $0 | · | · | · | · | · | $0 | |
| R&D Expense | $5M | $5M | $5M | $3M | $6M | $7M | $7M | $6M | $6M | $8M | $8M | $11M | $11M | $10M | $10M | $9M | |
| SG&A Expense | $6M | $5M | $5M | $4M | $5M | $6M | $5M | $6M | $6M | $6M | $6M | $7M | $7M | $7M | $7M | $7M | |
| Operating Expenses | $11M | $10M | $10M | $7M | $11M | $12M | $16M | $12M | $13M | $14M | $13M | $18M | $18M | $17M | $17M | $16M | |
| Operating Income | $-9M | $-8M | $-9M | $-7M | $-11M | $-12M | $-15M | $-12M | $-13M | $-14M | $-13M | $-18M | $-18M | $-17M | $-17M | $-16M | |
| Interest Expense | $8.0K | $88.0K | $346.0K | $725.0K | $877.0K | $943.0K | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $719.0K | $352.0K | |
| Pretax Income | · | · | · | · | · | · | · | · | · | · | · | $-18M | $-19M | $-17M | $-17M | $-16M | |
| Income Tax | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | · | $-254.0K | $107.0K | |
| Net Income | $-7M | $-7M | $-10M | $-5M | $-7M | $-7M | $-9M | $-7M | $-7M | $-7M | $-7M | $-9M | $-9M | $-8M | $-9M | $-8M | |
| EPS (Basic) | $-0.04 | $-0.04 | $0.07 | $-0.12 | $-0.18 | $-0.22 | $-0.26 | $-0.24 | $-0.26 | $-0.29 | $-0.27 | $-0.36 | $-0.37 | $-0.33 | $-2.21 | $0.33 | |
| EPS (Diluted) | $-0.04 | $-0.04 | $0.07 | $-0.12 | $-0.18 | $-0.22 | $-0.26 | $-0.24 | $-0.26 | $-0.29 | $-0.27 | $-0.36 | $-0.37 | $-0.33 | $-2.21 | $0.33 | |
| Shares (Basic) | 187,168,000 | 179,996,000 | · | 46,444,000 | 36,542,000 | 33,440,000 | · | 28,836,000 | 26,324,000 | 26,034,000 | · | 25,552,000 | 25,345,000 | 25,240,000 | · | 24,468,000 | |
| Shares (Diluted) | 187,168,000 | 179,996,000 | · | 46,444,000 | 36,542,000 | 33,440,000 | · | 28,836,000 | 26,324,000 | 26,034,000 | · | 25,552,000 | 25,345,000 | 25,240,000 | · | 24,468,000 | |
| EBITDA | $-9M | $-8M | · | $-7M | $-11M | $-12M | · | $-12M | $-13M | $-14M | · | $-18M | $-18M | $-17M | · | $-16M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5M | $10M | $19M | $4M | $10M | $10M | $4M | $4M | $5M | $7M | $6M | $5M | $8M | $19M | $27M | $27M | |
| Receivables | $2M | $2M | $2M | · | · | $600.0K | $0 | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $1M | $2M | $2M | $811.0K | $857.0K | $1M | $2M | $2M | $1M | $2M | $2M | $3M | $2M | $2M | $2M | $3M | |
| Current Assets | $57M | $47M | $53M | $5M | $11M | $18M | $30M | $32M | $32M | $41M | $51M | $63M | $76M | $89M | $101M | $101M | |
| PP&E (Net) | $525.0K | $601.0K | $736.0K | $922.0K | $1M | $1M | $2M | $5M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $4M | · | |
| Accum. Depreciation | $6M | $6M | $6M | · | · | · | $5M | · | · | · | $4M | · | · | · | $3M | · | |
| Other Non-current Assets | $246.0K | $246.0K | $246.0K | $245.0K | $293.0K | $246.0K | $246.0K | $246.0K | $246.0K | $246.0K | $246.0K | · | · | · | $0 | · | |
| Total Assets | $61M | $52M | $59M | $10M | $17M | $24M | $37M | $44M | $44M | $54M | $58M | $70M | $84M | $96M | $108M | $108M | |
| Accounts Payable | $1M | $858.0K | $309.0K | $2M | $2M | $2M | $1M | $2M | $506.0K | $806.0K | $648.0K | $1M | $1M | $2M | $1M | $2M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $4M | |
| Current Liabilities | $11M | $14M | $13M | $19M | $21M | $20M | $20M | $20M | $17M | $13M | $8M | $7M | $6M | $5M | $5M | $7M | |
| Capital Leases | $2M | $2M | $3M | $3M | $3M | $3M | $4M | $4M | $4M | $5M | $0 | $171.0K | $338.0K | $500.0K | $59.0K | $318.0K | |
| Total Liabilities | $13M | $16M | $17M | $22M | $26M | $29M | $33M | $38M | $38M | $39M | $32M | $36M | $35M | $35M | $34M | $22M | |
| Long-term Debt | · | · | $0 | $14M | $18M | $21M | $25M | $29M | $30M | $30M | $29M | $30M | $30M | $30M | $29M | $15M | |
| Total Debt | · | · | · | $14M | $17M | $21M | · | $28M | $29M | $29M | · | $29M | $29M | $29M | · | $14M | |
| Paid-in Capital | $186M | $168M | $166M | $114M | $111M | $107M | $105M | $97M | $90M | $88M | $86M | $83M | $81M | $78M | $76M | $72M | |
| Retained Earnings | $-147M | $-140M | $-133M | $-122M | $-117M | $-110M | $-103M | $-94M | $-87M | $-80M | $-73M | $-66M | $-57M | $-47M | $-39M | $-30M | |
| AOCI | $-30.0K | $-8.0K | $1.0K | $3.0K | $3.0K | $2.0K | $5.0K | $8.0K | $-5.0K | $-11.0K | $-12.0K | $-41.0K | $-63.0K | $-10.0K | $-73.0K | $-57.0K | |
| Stockholders' Equity | $39M | $28M | $33M | $-8M | $-6M | $-3M | $2M | $3M | $3M | $7M | $13M | $18M | $24M | $31M | $37M | $42M | |
| Liabilities + Equity | $61M | $52M | $59M | $10M | $17M | $24M | $37M | $44M | $44M | $54M | $58M | $70M | $84M | $96M | $108M | $108M |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $152.0K | $161.0K | $186.0K | $223.0K | $240.0K | $251.0K | $266.0K | $259.0K | $255.0K | $248.0K | $227.0K | $218.0K | $189.0K | $188.0K | $174.0K | $141.0K | |
| Stock-based Comp | $2M | $2M | $2M | $2M | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $5M | $5M | $4M | $4M | $4M | |
| Operating Cash Flow | $-9M | $-6M | $294.0K | $-5M | $-6M | $-8M | $-9M | $-8M | $-9M | $-9M | $-12M | $-14M | $-12M | $-12M | $-15M | $-12M | |
| CapEx | $32.0K | $15.0K | $0 | $0 | $37.0K | $51.0K | $31.0K | $125.0K | $94.0K | $18.0K | $167.0K | $479.0K | $335.0K | $248.0K | $530.0K | $456.0K | |
| Investing Cash Flow | $-15M | $-2M | $-31M | $0 | $6M | $18M | $3M | $469.0K | $7M | $10M | $13M | $12M | $789.0K | $4M | $-457.0K | $-71M | |
| Net Debt Issued | · | $0 | · | · | · | $-4M | · | · | · | · | · | · | · | · | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Financing Cash Flow | $19M | $-27.0K | $45M | $-1M | $188.0K | $-4M | $6M | $8M | $141.0K | $121.0K | $96.0K | $49.0K | $80.0K | $8.0K | $15M | $14M | |
| Net Change in Cash | $-5M | $-9M | $14M | $-6M | $105.0K | $6M | $-515.0K | $-237.0K | $-2M | $1M | $892.0K | $-3M | $-11M | $-8M | $-212.0K | $-69M | |
| Free Cash Flow | · | $-7M | · | · | · | $-8M | · | · | · | $-9M | · | · | · | $-12M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -516.9% | -488.2% | · | · | · | -6984.3% | · | · | · | · | · | · | · | · | · | · | |
| Net Margin | -432.7% | -411.8% | · | · | · | -4223.3% | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -516.9% | -488.2% | · | · | · | -6984.3% | · | · | · | · | · | · | · | · | · | · | |
| ROA | -19.0% | -18.5% | · | -20.2% | -22.1% | -18.7% | · | -11.9% | -10.7% | -10.0% | · | -10.3% | -9.9% | -7.9% | · | -6.5% | |
| ROE | -43.9% | -55.5% | · | 228.4% | 488.5% | -334.6% | · | -65.6% | -50.5% | -39.3% | · | -30.8% | -25.9% | -19.9% | · | -17.0% | |
| ROIC | · | · | · | · | · | · | · | · | · | · | · | -38.1% | -34.3% | · | · | -28.8% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.3 | 3.4 | · | 0.3 | 0.5 | 0.9 | · | 1.6 | 1.9 | 3.1 | · | 8.6 | 13.3 | 17.3 | · | 14.0 | |
| Quick Ratio | 0.6 | 0.8 | · | 0.2 | 0.5 | 0.5 | · | 0.2 | 0.3 | 0.5 | · | 0.7 | 1.3 | 3.7 | · | 3.8 | |
| Debt / Equity | · | · | · | -1.7 | -3.1 | -6.8 | · | 9.1 | 10.4 | 4.0 | · | 1.7 | 1.2 | 1.0 | · | 0.3 | |
| LT Debt / Equity | · | · | · | 0.0 | -0.4 | -1.9 | · | 4.3 | 6.1 | 2.8 | · | 1.6 | 1.2 | 1.0 | · | 0.3 | |
| Interest Coverage | -1103.5 | -94.8 | · | -10.0 | -12.0 | -12.7 | · | -8.8 | -9.8 | -10.8 | · | -13.6 | -14.5 | -13.7 | · | -46.4 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | · | · | · | · | · | · | · | · | 0.0 | |
| Receivables Turnover | 1.7 | 1.3 | · | · | · | 0.6 | · | · | · | · | · | · | · | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $0.01 | $0.01 | · | $0.00 | $0.00 | $0.01 | · | · | · | · | · | · | · | · | · | $0.00 | |
| Cash Flow / Share | · | $-0.04 | · | · | · | $-0.24 | · | · | · | $-0.36 | · | · | · | $-0.48 | · | · | |
| EPS (TTM) | $-0.13 | $-0.27 | · | $-0.78 | $-0.90 | $-0.98 | · | $-1.06 | $-1.18 | $-1.29 | · | $-3.27 | $-2.58 | $-1.90 | · | $0.66 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5M | $3M | · | $1M | $1M | $1M | · | · | · | · | · | · | · | · | · | · | |
| Net Income TTM | $-30M | $-29M | · | $-28M | $-30M | $-30M | · | $-28M | $-31M | $-33M | · | $-36M | $-34M | $-33M | · | $-16M | |
| P/E | -5.8 | -2.7 | · | -0.6 | -0.6 | -1.3 | · | -2.0 | -3.2 | -2.4 | · | -0.7 | -1.6 | -2.7 | · | 14.5 | |
| Earnings Yield | -17.1% | -36.7% | · | -156.0% | -175.1% | -77.8% | · | -49.1% | -31.1% | -41.5% | · | -150.3% | -62.6% | -36.8% | · | 6.9% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $2M | $1M | $0 | $0 | $3M |
| Operating Margin % | -2346.0% | -5186.2% | · | · | -1899.1% |
| Net Income | $-30M | $-30M | $-34M | $-31M | $-8M |
| Diluted EPS | $-0.45 | $-1.05 | $-1.33 | $-1.28 | $-0.43 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 12.4 | 2.3 | 0.8 | · |
| Current Ratio | 4.2 | 1.5 | 6.4 | 21.0 | 45.3 |
| Quick Ratio | 1.6 | 0.2 | 0.7 | 26.1 | 44.5 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-19M | $-36M | $-52M | $-48M | $-33M |
Institutional owners (13F) 75 filers · $44.2M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
75
Value held
$44.2M
New positions
12
Exited positions
16
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 12 (-7 vs prior Q) | 16 (+9 vs prior Q) | 15 (-2 vs prior Q) | 16 (-1 vs prior Q) | +1.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| SAMSARA BIOCAPITAL, LLC | $7,884,709 | 10,369,159 | 17.85% | Shares |
| VANGUARD GROUP INC | $6,897,647 | 5,109,368 | 15.62% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $6,463,400 | 8,500,000 | 14.63% | Shares |
| AWM Investment Company, Inc. | $5,703,000 | 7,500,000 | 12.91% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $3,467,869 | 4,562,985 | 7.85% | Shares |
| SymBiosis Capital Partners, LLC | $2,694,941 | 3,667,585 | 6.10% | Shares |
| Longaeva Partners L.P. | $1,771,321 | 2,329,459 | 4.01% | Shares |
| Polar Asset Management Partners Inc. | $1,763,019 | 2,318,542 | 3.99% | Shares |
| Siren, L.L.C. | $1,520,800 | 2,000,000 | 3.44% | Shares |
| HEIGHTS CAPITAL MANAGEMENT, INC | $710,655 | 934,580 | 1.61% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $677,575 | 890,618 | 1.53% | Shares |
| CITADEL ADVISORS LLC | $488,173 | 641,995 | 1.11% | Shares |
| MARSHALL WACE, LLP | $445,561 | 586,265 | 1.01% | Shares |
| Nan Fung Group Holdings Ltd | $375,321 | 493,584 | 0.85% | Shares |
| JANE STREET GROUP, LLC | $369,478 | 485,899 | 0.84% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $348,176 | 458,126 | 0.79% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $327,532 | 430,737 | 0.74% | Shares |
| STATE STREET CORP | $283,737 | 373,142 | 0.64% | Shares |
| BlackRock, Inc. | $260,142 | 342,113 | 0.59% | Shares |
| UNITED SERVICES AUTOMOBILE ASSOCIATION | $230,206 | 302,743 | 0.52% | Shares |
| UBS Group AG | $225,926 | 297,270 | 0.51% | Shares |
| KESTRA PRIVATE WEALTH SERVICES, LLC | $214,691 | 282,340 | 0.49% | Shares |
| NORTHERN TRUST CORP | $129,626 | 170,471 | 0.29% | Shares |
| CWA Asset Management Group, LLC | $114,060 | 150,000 | 0.26% | Shares |
| TAKEDA PHARMACEUTICAL CO LTD | $101,554 | 203,190 | 0.23% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $87,066 | 114,500 | 0.20% | Shares |
| KING LUTHER CAPITAL MANAGEMENT CORP | $44,103 | 58,000 | 0.10% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $43,944 | 57,790 | 0.10% | Shares |
| Well Done, LLC | $39,552 | 52,014 | 0.09% | Shares |
| MOTCO | $36,597 | 48,129 | 0.08% | Shares |
| Squarepoint Ops LLC | $31,862 | 41,902 | 0.07% | Shares |
| LASRY MARC | $31,431 | 62,887 | 0.07% | Shares |
| Vanguard Global Advisers, LLC | $24,131 | 31,751 | 0.05% | Shares |
| MORGAN STANLEY | $23,182 | 30,486 | 0.05% | Shares |
| Tower Research Capital LLC (TRC) | $22,616 | 29,743 | 0.05% | Shares |
| Lafayette Investments, Inc. | $17,474 | 22,979 | 0.04% | Shares |
| TRAPHAGEN INVESTMENT ADVISORS LLC | $16,748 | 22,024 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $16,264 | 21,400 | 0.04% | Put option |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | $15,740 | 20,700 | 0.04% | Shares |
| Cerity Partners LLC | $14,516 | 19,090 | 0.03% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $14,486 | 19,051 | 0.03% | Shares |
| China Universal Asset Management Co., Ltd. | $13,601 | 17,887 | 0.03% | Shares |
| J. Safra Sarasin Holding AG | $12,931 | 17,000 | 0.03% | Shares |
| XTX Topco Ltd | $12,896 | 16,959 | 0.03% | Shares |
| CITADEL ADVISORS LLC | $12,014 | 15,800 | 0.03% | Call option |
| SBI Securities Co., Ltd. | $11,793 | 15,509 | 0.03% | Shares |
| ACT Advisors, LLC. | $11,258 | 14,806 | 0.03% | Shares |
| Bank of New York Mellon Corp | $10,554 | 13,879 | 0.02% | Shares |
| Farther Finance Advisors, LLC | $10,494 | 13,800 | 0.02% | Shares |
| CLEAR WAVE WEALTH MANAGEMENT LLC | $10,058 | 13,228 | 0.02% | Shares |
Activists & 5%+ owners 6 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Samsara BioCapital, L.P., Samsara BioCapital GP, LLC, Samsara Opportunity Fund, L.P., Samsara Opportunity Fund GP, LLC, Srinivas Akkaraju ×2 filings | May 28, 2026 | 9.90% | Amendment | · | SEC |
| InCube Labs, L.L.C., MIR A IMRAN, InCube Ventures II, LP, Rani Investment Corp. | Oct. 27, 2025 | 22.10% | Amendment | · | SEC |
| South Cone Investments Limited Partnership, South Lake One LLC, South Lake Management LLC ×4 filings | Oct. 22, 2025 | 4.90% | Amendment | Passive investment | SEC |
| Aequanimitas Limited Partnership, Isidoro Alfonso Quiroga Cortés ×2 filings | Dec. 8, 2023 | · | Initial filing | · | SEC |
| Isidoro Quiroga Moreno, South Cone Investments Limited Partnership, South Lake One LLC, Aequanimitas Limited Partnership, South Lake Management LLC ×2 filings | Feb. 1, 2022 | · | Initial filing | · | SEC |
| Mir Imran, InCube Labs, LLC | Aug. 23, 2021 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 21 insiders · 7 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Talat Imran | Chief Executive Officer | Sept. 27, 2026 F | 461,808 | 1 | 1 | $13,900 |
| Nicholas Maestas | Chief Financial Officer | July 17, 2026 A | · | 0 | 0 | $0 |
| Svai S Sanford | Chief Financial Officer | May 23, 2025 A | 258,597 | 0 | 0 | $0 |
| Alireza Javadi | Chief Technical Officer | Sept. 27, 2026 F | 9,071 | 0 | 1 | $-301 |
| Kate Mckinley | Chief Business Officer | June 3, 2026 A | 17,960 | 0 | 0 | $0 |
| Mir Hashim | Chief Scientific Officer | May 23, 2025 A | 273,265 | 0 | 0 | $0 |
| Eric Groen | General Counsel | March 21, 2024 A | 163,216 | 0 | 0 | $0 |
| Michelle Gilson | Director | Aug. 3, 2026 A | · | 0 | 0 | $0 |
| MIR A IMRAN | Director | July 21, 2026 P | 2,119,334 | 2 | 0 | $1,274,840 |
| Vasudev Jaiprakash Bailey | Director | May 28, 2026 A | · | 0 | 0 | $0 |
| Lisa Ann Rometty | Director | May 28, 2026 A | · | 0 | 0 | $0 |
| Abraham Bassan | Director | May 28, 2026 A | · | 0 | 0 | $0 |
| Dennis A Ausiello | Director | May 28, 2026 A | · | 0 | 0 | $0 |
| Jean Luc Butel | Director | May 28, 2026 A | 50,500 | 0 | 0 | $0 |
| Andrew Farquharson | Director | May 28, 2025 A | 72,818 | 0 | 0 | $0 |
| Maulik Nanavaty | Director | May 28, 2025 A | 500 | 0 | 0 | $0 |
| Laureen Debuono | Director | Dec. 16, 2024 A | · | 0 | 0 | $0 |
| Lyn Baranowski | Director | May 25, 2022 A | · | 0 | 0 | $0 |
| South Cone Investments Limited Partnership | 10% owner | Oct. 21, 2025 S | 2,379,194 | 0 | 2 | $-15,714,430 |
| Cortes Isidoro Alfonso Quiroga | 10% owner | Nov. 2, 2022 P | 5,247,786 | 0 | 0 | $0 |
| InCube Labs, L.L.C. | 10% owner | Feb. 3, 2022 J | 13,923 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 3 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
RANI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 11 analysts
BUY
Median target
$6.00
+640.0%
2 18.2%
Strong Buy
8 72.7%
Buy
1 9.1%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
5 analysts · 2026-09-28Mean target $7.20 +788.0%
← Below all targets
Current price $0.81
Low$5.00
Mean$7.20
High$11.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
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Source: SEC 10-Q filed Aug 13, 2026