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Rani Therapeutics Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$9.1M in Q2 2026 · −$20.3M over twelve months

Operating cash flow−$9.0M
Capital spending−$32K
Free cash flow−$9.1M

Analysis

In Q2 2026, Rani Therapeutics Holdings generated −$9.0M of operating cash flow and spent $32K on capital projects, leaving free cash flow of −$9.1M. That is $3.2M less than in Q2 2025 (−$5.8M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$20.3M; the largest uses were other investing ($47.9M), operating cash flow ($20.3M), net borrowing (+) / repaid (−) ($13.2M); besides operations, cash came from other financing ($75.8M), shares issued ($72K); the cash balance fell by $5.6M.

Operating cash flow was −$9.0M against net income of −$8.4M. The largest differences: stock-based pay +$2.4M, deferred revenue −$1.7M, accrued liabilities −$1.6M.

Free cash flow

Rani Therapeutics Holdings: free cash flow by quarterRani Therapeutics Holdings: free cash flow by quarter−$8.5MQ3 2024−$8.7MQ4 2024−$8.2MQ1 2025−$5.8MQ2 2025−$5.1MQ3 2025$294KQ4 2025−$6.5MQ1 2026−$9.1MQ2 2026
Operating cash flow less capital spending.
Rani Therapeutics Holdings: operating cash flow against capital spendingRani Therapeutics Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$8.4M$125KQ3 2024−$8.7M$31KQ4 2024−$8.1M$51KQ1 2025−$5.8M$37KQ2 2025−$5.1M$0Q3 2025$294K$0Q4 2025−$6.5M$15KQ1 2026−$9.0M$32KQ2 2026
Latest (Q2 2026): Operating cash flow −$9.0M, Capital spending $32K.

Capital allocation, year by year

Rani Therapeutics Holdings: where the cash came from (up) and went (down), by fiscal yearRani Therapeutics Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$32.2MFY2021: Net borrowing −$3.3MFY2021: Shares issued $71.1MFY2021: Capital spending −$506K$71.1MFY2021FY2022: Operating cash flow −$46.5MFY2022: Net borrowing $29.6MFY2022: Shares issued $46KFY2022: Capital spending −$1.6M$29.6MFY2022FY2023: Operating cash flow −$51.2MFY2023: Capital spending −$1.2MFY2023FY2024: Operating cash flow −$35.5MFY2024: Net borrowing −$5.0MFY2024: Shares issued $51KFY2024: Capital spending −$268K$51KFY2024FY2025: Operating cash flow −$18.7MFY2025: Net borrowing −$20.7MFY2025: Shares issued $10KFY2025: Capital spending −$88K$10KFY2025
Over these 5 years operating cash flow totalled −$184M; the largest uses were operating cash flow ($184M) and net borrowing ($29.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.9M
Debt$13.8M
Net debt$8.9M
Cash runway3 months

Rani Therapeutics Holdings is burning cash: its operations consume cash, a free cash flow of −$20.3M a year at the current rate against $4.9M of cash and investments: a runway of about 3 months before any new financing.

Where the cash came from and went

Rani Therapeutics Holdings: sources (+) and uses (−) of cash, Q2 2026Rani Therapeutics Holdings: sources (+) and uses (−) of cash, Q2 2026Other financing$18.8MOther investing−$14.5MOperating cash flow−$9.0MCash drawn (+) / kept (−)$4.8MCapital spending−$32KTaxes on employees’ shares−$9K
Rani Therapeutics Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Rani Therapeutics Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$75.8MOther investing−$47.9MOperating cash flow−$20.3MNet borrowing (+) / repaid (−)−$13.2MCash drawn (+) / kept (−)$5.6MShares issued$72KTaxes on employees’ shares−$69KCapital spending−$47K

From profit to cash

Rani Therapeutics Holdings: net income to operating cash flow, Q2 2026Rani Therapeutics Holdings: net income to operating cash flow, Q2 2026Net income−$8.4MDepreciation & amortization$152KStock-based pay$2.4MPayables−$204KAccrued liabilities−$1.6MDeferred revenue−$1.7MPrepaid and other assets$567KOperating cash flow−$9.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$9.0M−$32K——$4.8M−$9.1M
Q1 2026−$6.5M−$15K——$9.0M−$6.5M
Q4 2025$294K—−$9.5M$10K−$14.2M$294K
Q3 2025−$5.1M—−$3.8M—$6.1M−$5.1M
Q2 2025−$5.8M−$37K—−$37K−$105K−$5.8M
Q1 2025−$8.1M−$51K−$3.8M$42K−$6.3M−$8.2M
Q4 2024−$8.7M−$31K−$3.8M—$515K−$8.7M
Q3 2024−$8.4M−$125K−$1.2M$13K$237K−$8.5M

Rani Therapeutics Holdings: income statement and cash flow

Rani Therapeutics Holdings, Q2 2026: revenue $1.7M, operating margin -516.9%. The chart follows the revenue to costs, profit and cash.

Rani Therapeutics Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.