Financial Statements — RANI
Balance Sheet
(in millions USD)| Metric | Q2
2026 | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 | Q2
2024 | Q1
2024 | Q3
2023 | Q2
2023 | Q1
2023 | Q3
2022 | Q2
2022 | Q1
2022 | Q3
2021 | Q2
2021 |
|---|
| Cash & Equivalents | 4.87 | 9.64 | 4.14 | 10.22 | 10.11 | 4.28 | 4.51 | 6.88 | 4.97 | 7.55 | 18.98 | 27.22 | 97.18 | 107.84 | 129.74 | 69.31 |
| Accounts Receivable | 2.04 | 2.04 | -- | -- | 0.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Current Assets | 56.52 | 47.09 | 4.96 | 11.07 | 17.78 | 32.37 | 32.03 | 41.39 | 63.22 | 76.37 | 89.04 | 100.72 | 97.99 | 109.26 | 132.37 | 69.48 |
| Property, Plant & Equipment | 0.53 | 0.60 | 0.92 | 1.14 | 1.35 | 5.50 | 5.70 | 5.91 | 6.26 | 5.94 | 5.99 | 5.68 | 5.35 | 4.89 | 4.59 | 4.43 |
| Total Non-current Assets* | 4.32 | 4.79 | 5.18 | 5.83 | 6.34 | 11.17 | 11.69 | 12.12 | 7.21 | 7.13 | 7.41 | 7.48 | 6.35 | 6.05 | 4.59 | 7.84 |
| Total Assets | 60.84 | 51.88 | 10.14 | 16.90 | 24.13 | 43.54 | 43.73 | 53.51 | 70.44 | 83.51 | 96.45 | 108.20 | 104.34 | 115.31 | 136.96 | 77.32 |
| Accounts Payable | 1.05 | 0.86 | 2.47 | 1.80 | 1.52 | 1.57 | 0.51 | 0.81 | 1.41 | 1.04 | 1.51 | 1.79 | 1.44 | 1.26 | 1.31 | 1.67 |
| Total Current Liabilities | 10.64 | 13.86 | 19.14 | 20.62 | 20.13 | 20.21 | 16.58 | 13.38 | 7.35 | 5.74 | 5.15 | 7.19 | 5.35 | 4.16 | 5.25 | 9.36 |
| Long-term Debt | -- | -- | 13.75 | 17.50 | 21.25 | 28.75 | 30.00 | 30.00 | 30.00 | 30.00 | 30.00 | 15.00 | -- | -- | 0.00 | 0.00 |
| Total Non-current Liabilities* | 2.22 | 2.48 | 2.97 | 5.43 | 9.34 | 17.55 | 21.60 | 25.60 | 28.27 | 29.60 | 29.71 | 14.41 | 0.34 | 0.51 | 0.00 | 0.61 |
| Total Liabilities | 12.86 | 16.34 | 22.11 | 26.05 | 29.47 | 37.77 | 38.18 | 38.98 | 35.62 | 35.34 | 34.86 | 21.60 | 5.69 | 4.67 | 5.25 | 9.96 |
| Retained Earnings | (147.00) | (139.61) | (122.27) | (116.86) | (110.17) | (93.96) | (87.18) | (80.37) | (65.79) | (56.59) | (47.29) | (30.13) | (22.18) | (14.55) | (3.14) | (125.09) |
| Total Stockholder Equity* | 39.23 | 28.41 | (7.86) | (5.57) | (3.06) | 3.12 | 2.84 | 7.40 | 17.55 | 24.09 | 30.72 | 42.19 | 47.81 | 53.38 | 51.37 | 67.36 |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | 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 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 |
|---|
| Total Revenue | 1.71 | 1.71 | 1.46 | 0.00 | 0.00 | 0.17 | 1.03 | 0.00 | 0.00 | 0.00 | -- | -- | 0.00 | -- | 0.00 | 0.00 | 0.00 | 0.76 | 0.00 | 0.00 |
| Research & Development | 5.02 | 5.16 | 4.91 | 3.22 | 5.51 | 6.57 | 6.81 | 6.17 | 6.12 | 7.59 | 7.61 | 11.22 | 11.09 | 9.71 | 10.39 | 9.10 | 9.53 | 7.59 | 7.42 | 11.96 |
| Selling, General & Admin | 5.52 | 4.89 | 5.09 | 4.04 | 5.00 | 5.62 | 5.46 | 5.63 | 6.41 | 6.45 | 5.83 | 6.64 | 7.21 | 6.80 | 7.10 | 7.24 | 6.32 | 6.19 | 5.95 | 15.82 |
| Total Operating Expenses | 10.54 | 10.05 | 10.00 | 7.26 | 10.51 | 12.19 | 15.99 | 11.80 | 12.52 | 14.03 | 13.43 | 17.86 | 18.29 | 16.52 | 17.48 | 16.34 | 15.85 | 13.78 | (95.27) | 27.78 |
| Operating Income | (8.83) | (8.34) | (8.53) | (7.26) | (10.50) | (12.01) | (14.96) | (11.80) | (12.52) | (14.03) | (13.43) | (17.85) | (18.29) | (16.52) | (17.48) | (16.34) | (15.85) | (13.78) | (13.36) | (27.78) |
| Interest Expense | 0.01 | 0.09 | 0.35 | 0.73 | 0.88 | 0.94 | 1.13 | 1.34 | 1.28 | 1.29 | 1.30 | 1.32 | 1.27 | 1.21 | 0.72 | 0.35 | -- | 0.19 | -0.00 | 0.11 |
| Pretax Income | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | (14.05) | (18.33) | (18.66) | (16.83) | (17.38) | (16.32) | (15.81) | (13.76) | (13.34) | (28.66) |
| Tax Provision | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.00 | 0.00 | 0.00 | -- | (0.04) | (0.11) | 0.15 | 0.06 | (0.04) | 0.04 |
| Net Income | (7.39) | (7.03) | (10.30) | (5.41) | (6.69) | (7.26) | (8.95) | (6.78) | (6.80) | (7.48) | (7.10) | (9.20) | (9.30) | (8.37) | (8.79) | (7.95) | (7.62) | (6.22) | (5.19) | (3.14) |
| Basic EPS | (0.04) | (0.04) | 0.07 | (0.12) | (0.18) | (0.22) | (0.26) | (0.24) | (0.26) | (0.29) | (2.39) | 0.36 | 0.37 | 0.33 | (0.35) | (0.33) | 0.31 | -- | -- | -- |
| Diluted EPS | (0.04) | (0.04) | 0.07 | (0.12) | (0.18) | (0.22) | (0.26) | (0.24) | (0.26) | (0.29) | (2.39) | 0.36 | 0.37 | 0.33 | (0.35) | (0.33) | 0.31 | -- | -- | -- |
Cash Flow Statement
(in millions USD)| Metric | 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 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 |
|---|
| Operating Cash Flow | (9.03) | (6.50) | 0.29 | (5.06) | (5.80) | (8.15) | (8.65) | (8.41) | (9.03) | (9.40) | (12.48) | (14.30) | (12.30) | (12.15) | (14.63) | (12.20) | (10.33) | (9.36) | (11.45) | (11.12) |
| Capital Expenditures | 0.03 | 0.02 | 0.00 | 0.00 | 0.04 | 0.05 | 0.03 | 0.13 | 0.09 | 0.02 | 0.17 | 0.48 | 0.34 | 0.25 | 0.53 | 0.46 | 0.38 | 0.25 | 0.27 | 0.00 |
| Free Cash Flow* | (9.06) | (6.51) | 0.29 | (5.06) | (5.83) | (8.20) | (8.69) | (8.53) | (9.12) | (9.42) | (12.64) | (14.78) | (12.64) | (12.40) | (15.16) | (12.65) | (10.71) | (9.61) | (11.72) | (11.12) |
| Investing Cash Flow | (14.56) | (2.45) | (30.97) | 0.00 | 5.71 | 18.23 | 2.52 | 0.47 | 6.53 | 10.29 | 13.27 | 11.67 | 0.79 | 4.12 | (0.46) | (71.35) | (0.38) | (0.25) | (0.27) | 0.00 |
| Financing Cash Flow | 18.81 | (0.03) | 44.85 | (1.01) | 0.19 | (3.73) | 5.62 | 7.70 | 0.14 | 0.12 | 0.10 | 0.05 | 0.08 | 0.01 | 14.87 | 14.08 | 0.05 | 0.00 | (0.57) | 71.55 |
* Derived from reported values
