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Rani Therapeutics Holdings, Inc. cash flow statement

In fiscal 2025, Rani Therapeutics Holdings, Inc.'s operations generated −$18.7m of cash; it spent $88,000 on capital projects, leaving free cash flow of −$18.8m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations−15−32−47−51−35−19−20
Depreciation and amortisation1011111
Stock-based pay023161916129
Capital spending1121000
Free cash flow−16−33−48−52−36−19−20
Free cash flow after stock pay−16−55−64−71−52−31−29
Shares issued—71—————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Rani Therapeutics Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Rani Therapeutics Holdings, Inc.