0000950170-24-126763 | 10-Q | XBRL Viewer | Rani Therapeutics Holdings INC

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

4. Fair Value Measurements

The following tables detail information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of inputs used in such measurements (in thousands):


	As of September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	2,090	$	—	$	—	$	2,090
Restricted cash equivalents:
Money market funds		500		—		—		500
Marketable securities
U.S. Treasuries and agencies		26,127		—		—		26,127
Total assets	$	28,717	$	—	$	—	$	28,717


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	3,339	$	—	$	—	$	3,339
Restricted cash equivalents:
Money market funds		500		—		—		500
Marketable securities
U.S. Treasuries and agencies		35,495		—		—		35,495
Corporate debt securities		—		1,963		—		1,963
Commercial paper		—		5,217		—		5,217
Total assets	$	39,334	$	7,180	$	—	$	46,514

Level 1 and Level 2 financial instruments are comprised of investments in money market funds and fixed-income securities. The Company estimates the fair value of its Level 2 financial instruments by taking into consideration valuations obtained from third-party pricing services. The third-party pricing services utilize industry standard valuation models, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; and other observable inputs.

There were no transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy for any of the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Long-Term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

13. Long-Term Debt

In August 2022, the Company entered into a loan and security agreement and related supplement (the “Loan Agreement”) with Avenue Venture Opportunities Fund, L.P (the “Lender”). The Loan Agreement provides for term loans (the “Loans”) in an aggregate principal amount up to $45.0 million. A Loan of $30.0 million was committed at closing, with $15.0 million funded immediately and $15.0 million available to be drawn between October 1, 2022 and December 31, 2022, which was drawn in December 2022. The remaining $15.0 million of Loans was uncommitted and subject to certain conditions and is no longer available under the Loan Agreement. The purpose of the Loans is for general corporate purposes. In exchange for access to this facility, the Company agreed to issue warrants (Note 9).

Pursuant to the Loan Agreement, the maturity date for the Loans is August 1, 2026 (the “Maturity Date”). The Loan principal is repayable in equal monthly installments beginning September 2024. The Loans bear interest at a variable rate per annum equal to the greater of (A) the prime rate, as published by the Wall Street Journal from time to time plus 5.60% or (B) 10.35%. The Loan Agreement is collateralized by substantially all of the Company’s assets, in which the Lender is granted continuing security interests. The Loans includes customary events of default, including instances of a material adverse change in the Company’s operations, which may require prepayment of the outstanding Loans. At September 30, 2024, the effective interest rate on the Loans was 15.62% and there were no events of default during the nine months ended September 30, 2024. The Company is also subject to certain covenants. There have been no material adverse events in connection with the Loan Agreement and the substantial doubt regarding our ability to continue as a going concern does not currently constitute a material adverse event under the terms of the Loan Agreement. As of September 30, 2024, the Company was in compliance with all applicable covenants under the Loan Agreement.

As of September 30, 2024, future principal payments for the Company’s debt are as follows (in thousands):


Year ending December 31,
2024 (remaining three months)	$	3,750
2025		15,000
2026		10,000
Total principal payments	$	28,750
Less: amount representing debt discount		(445	)
Total long-term debt	$	28,305
Less: current portion of long-term debt		14,768
Total long-term debt, less current portion	$	13,537

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 12,040	$ 14,522
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized equity-based compensation expense	$ 21,800
Recognized over a weighted-average period	2 years 9 months 18 days
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized equity-based compensation expense	$ 5,600
Recognized over a weighted-average period	2 years 3 months 18 days
Fair value of RSAs vested	$ 1,000
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized over a weighted-average period	2 months 12 days
Fair value of RSAs vested	$ 100
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Contributions withheld from employees	$ 100
Weighted average vesting term	2 months 12 days

Long-Term Debt - Future principal payments for the Company's debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long-Term Debt, Unclassified [Abstract]
2024 (remaining six months)	$ 3,750
2025	15,000
2026	10,000
Total principal payments	28,750
Less: amount representing debt discount	(445)
Total long-term debt	28,305
Less: current portion of long-term debt	14,768	$ 4,897
Total long-term debt, less current portion	$ 13,537	$ 24,484

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Class A [Member]	Common Class B [Member]	Common [Member] Common Class A [Member]	Common [Member] Common Class B [Member]	Additional Paid in Capital [Member]	Noncontrolling Interest [Member]	Accumulated Other Comprehensive Loss Member	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2022	$ 74,004			$ 3	$ 2	$ 75,842	$ 37,149	$ (73)	$ (38,919)
Beginning Balance (shares) at Dec. 31, 2022				25,295,000	24,116,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement , shares				81,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement, amount	(124)					(124)
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC						98	(98)
Stock-based compensation	4,415					2,202	2,213
Other comprehensive loss	126						63	63
Net loss	(16,832)						(8,460)		(8,372)
Ending Balance at Mar. 31, 2023	61,589			$ 3	$ 2	78,018	30,867	(10)	(47,291)
Ending Balance (shares) at Mar. 31, 2023				25,376,000	24,116,000
Beginning Balance at Dec. 31, 2022	74,004			$ 3	$ 2	75,842	37,149	(73)	(38,919)
Beginning Balance (shares) at Dec. 31, 2022				25,295,000	24,116,000
Issuance of common stock in connection with the July Securities Purchase Agreement, net of issuance costs, Value	80
Net loss	(53,828)
Ending Balance at Sep. 30, 2023	34,819			$ 3	$ 2	83,380	17,266	(41)	(65,791)
Ending Balance (shares) at Sep. 30, 2023				25,876,000	24,116,000
Beginning Balance at Mar. 31, 2023	61,589			$ 3	$ 2	78,018	30,867	(10)	(47,291)
Beginning Balance (shares) at Mar. 31, 2023				25,376,000	24,116,000
Issuance of common stock under employee stock purchase plan, net of shares withheld for tax settlement (Shares)				63,000
Issuance of common stock under employee stock purchase plan	219					219
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement , shares				78,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement, amount	(9)					(9)
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC						(54)	54
Stock-based compensation	5,141					2,572	2,569
Other comprehensive loss	(107)						(54)	(53)
Net loss	(18,664)						(9,361)		(9,303)
Ending Balance at Jun. 30, 2023	48,169			$ 3	$ 2	80,746	24,075	(63)	(56,594)
Ending Balance (shares) at Jun. 30, 2023				25,517,000	24,116,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement , shares				319,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement, amount	(29)					(29)
Effect of exchanges of Paired Interests and non-corresponding Class A Units of Rani LLC				42,000
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC						159	(159)
Forfeiture of restricted stock awards	(12)					(6)	(6)
Forfeiture of restricted stock awards, Shares				(2,000)
Stock-based compensation	4,978					2,510	2,468
Other comprehensive loss	45						23	22
Net loss	(18,332)						(9,135)		(9,197)
Ending Balance at Sep. 30, 2023	34,819			$ 3	$ 2	83,380	17,266	(41)	(65,791)
Ending Balance (shares) at Sep. 30, 2023				25,876,000	24,116,000
Beginning Balance at Dec. 31, 2023	25,443			$ 3	$ 2	85,762	12,577	(12)	(72,889)
Beginning Balance (shares) at Dec. 31, 2023		26,036,000	24,116,000	26,036,000	24,116,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement , shares				175,000
Effect of exchanges of Paired Interests and non-corresponding Class A Units of Rani LLC				83,000
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC						45	(45)
Stock-based compensation	3,870					1,969	1,901
Other comprehensive loss	1							1
Net loss	(14,779)						(7,296)		(7,483)
Ending Balance at Mar. 31, 2024	14,535			$ 3	$ 2	87,776	7,137	(11)	(80,372)
Ending Balance (shares) at Mar. 31, 2024				26,294,000	24,116,000
Beginning Balance at Dec. 31, 2023	25,443			$ 3	$ 2	85,762	12,577	(12)	(72,889)
Beginning Balance (shares) at Dec. 31, 2023		26,036,000	24,116,000	26,036,000	24,116,000
Issuance of common stock in connection with the July Securities Purchase Agreement, net of issuance costs, Value	99
Net loss	(40,862)
Ending Balance at Sep. 30, 2024	5,775			$ 3	$ 2	97,067	2,655	8	(93,960)
Ending Balance (shares) at Sep. 30, 2024		29,807,000	24,116,000	29,807,000	24,116,000
Beginning Balance at Mar. 31, 2024	14,535			$ 3	$ 2	87,776	7,137	(11)	(80,372)
Beginning Balance (shares) at Mar. 31, 2024				26,294,000	24,116,000
Issuance of common stock under employee stock purchase plan, net of shares withheld for tax settlement (Shares)				110,000
Issuance of common stock under employee stock purchase plan	221					221
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement , shares				85,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement, amount	14					14
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC						(108)	108
Stock-based compensation	4,129					2,109	2,020
Other comprehensive loss	12						6	6
Net loss	(13,361)						(6,556)		(6,805)
Ending Balance at Jun. 30, 2024	5,550			$ 3	$ 2	90,012	2,715	(5)	(87,177)
Ending Balance (shares) at Jun. 30, 2024				26,489,000	24,116,000
Issuance of common stock in connection with the July Securities Purchase Agreement, net of issuance costs, Value	8,883					8,883
Issuance of common stock in connection with the July Securities Purchase Agreement, net of issuance costs, Shares				2,800,000
Exercise of pre-funded warrants				447,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement , shares				71,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement, amount	(1)					(1)
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC						(4,010)	4,010
Stock-based compensation	4,041					2,183	1,858
Other comprehensive loss	24						11	13
Net loss	(12,722)						(5,939)		(6,783)
Ending Balance at Sep. 30, 2024	$ 5,775			$ 3	$ 2	$ 97,067	$ 2,655	$ 8	$ (93,960)
Ending Balance (shares) at Sep. 30, 2024		29,807,000	24,116,000	29,807,000	24,116,000

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

As of September 30, 2024, Rani Holdings held approximately 54% of the Class A Units of Rani LLC, and approximately 46% of the outstanding Class A Units of Rani LLC are held by the Continuing LLC Owners. From the date of the Organizational Transactions to September 30, 2024, 5,173,947 Paired Interests and 283,832 non-corresponding Class A Units of Rani LLC were exchanged for an equal number of shares of the Company's Class A common stock. For each of the nine months ended September 30, 2024 and 2023, certain of the Continuing LLC Owners executed an exchange of zero Paired Interests and 83,377 and zero non-corresponding Class A Units of Rani LLC, respectively, in return for an equal number of shares of the Company’s Class A common stock. The corresponding shares of the Company’s Class B common stock included in the exchange of Paired Interests were subsequently canceled and retired pursuant to the terms of the Rani LLC Agreement. In accordance with the Rani LLC Agreement, Rani LLC also issues a corresponding Class A Unit to Rani Holdings for each share of common stock issued by Rani Holdings. This increases Rani Holdings’ ownership in Rani LLC.

In July 2024, the Company closed the July Offering, pursuant to which it issued and sold: (i) 2,800,000 shares of Class A common stock, (ii) pre-funded warrants to purchase 446,753 shares of Class A common stock, (iii) Series A common warrants, which accompany the Class A common stock and pre-funded warrants, to purchase an aggregate of 3,246,753 shares of Class A common stock and (iv) Series B common warrants, which accompany the Class A common stock and pre-funded warrants, to purchase an aggregate of 3,246,753 shares of Class A common stock. The aggregate net proceeds from the July Offering totaled $8.9 million, after deducting placement agent fees and other offering expenses, and excluding potential proceeds, if any, from the exercise of the Series A common warrants and Series B common warrants issued in the July Offering. In August 2024, the pre-funded warrants were fully exercised for de minimis proceeds.

In August 2022, the Company entered into the Sales Agreement with the Agents, pursuant to which the Company may offer and sell from time to time through the Agents up to $150.0 million of shares of its Class A common stock, in such share amounts as the Company may specify by notice to the Agents, in accordance with the terms and conditions set forth in the Sales Agreement. The potential proceeds from the Sales Agreement are expected to be used for general corporate purposes. As of September 30, 2024, the Company had no sales under the Sales Agreement.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding, Beginning balance	6,639,811
Number of Options, Granted	4,154,325
Number of Options, Exercised	(18,757)
Canceled	(478,961)
Number of Options, Outstanding, Ending balance	10,296,418	6,639,811
Exercisable at September 30, 2024	4,713,481
Nonvested at September 30, 2024	5,582,937
Weighted Average Exercise Price per Share, Outstanding, Beginning balance	$ 6.37
Weighted Average Exercise Price per Share, Granted	3.74
Weighted Average Exercise Price per Share, Exercised	2.72
Weighted Average Exercise Price per Share, Forfeited	5.36
Weighted Average Exercise Price per Share, Outstanding, Ending balance	5.36	$ 6.37
Weighted Average Exercise Price per Share, Exercisable at September 30, 2024	7.62
Weighted Average Exercise Price per Share, Nonvested at September 30, 2024	$ 3.46
Weighted Average Remaining Contractual Term (in years)	8 years 4 months 6 days	8 years 5 months 23 days
Weighted Average Remaining Contractual Term, Granted (in years)	9 years 5 months 26 days
Weighted Average Remaining Contractual Term, Exercisable at September 30, 2024 (in years)	7 years 7 months 28 days
Weighted Average Remaining Contractual Term, Nonvested at September 30, 2024 (in years)	8 years 11 months 26 days
Aggregate Intrinsic Value, Outstanding, Beginning Balance	$ 13,377
Aggregate Intrinsic Value, Granted (in thousands)	0
Aggregate Intrinsic Value, Outstanding, Ending Balance	25	$ 13,377
Aggregate Intrinsic Value, Exercisable at September 30, 2024 (in thousands)	0
Aggregate Intrinsic Value, Nonvested at September 30, 2024 (in thousands)	$ 25

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Summary of Consolidated Balance Sheets and Statements of Cash Flow related to Leases

Supplemental information on the Company’s condensed consolidated balance sheet and statements of cash flows as of September 30, 2024 and 2023 and for the nine months ended September 30, 2024 and 2023, respectively, related to the Company's leases was as follows (in thousands):


	September 30,
	2024			2023
Weighted-average remaining lease term (in years)		4.1			1.1
Weighted-average discount rate		10.4	%		10.4	%


	Nine Months Ended September 30,
	2024		2023
Cash paid for amounts included in lease liabilities:
Operating cash flows used for operating leases	$	1,015	$	780

Summary of Future Minimum Operating Lease Payments

As of September 30, 2024, minimum annual rental payments under the Company’s operating lease agreements are as follows (in thousands), excluding short-term leases:


Year ending December 31,
2024 (remaining three months)	$	465
2025		1,902
2026		1,229
2027		1,278
2028		1,330
2029		458
Total undiscounted future minimum lease payments	$	6,662
Less: Imputed interest		(1,235	)
Total operating lease liability	$	5,427
Less: Current portion of operating lease liability		1,410
Operating lease liability, net current portion	$	4,017

Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	14 Months Ended
	Oct. 31, 2024	Dec. 31, 2024	Sep. 30, 2024	Jul. 31, 2024	Dec. 31, 2023	Aug. 31, 2022
Subsequent Event [Line Items]
Warrant exercise price						$ 11.79
Common Class A
Subsequent Event [Line Items]
Common Stock, Shares, Issued			29,807,000	2,800,000	26,036,000
Common stock par value			$ 0.0001		$ 0.0001
Common Class B
Subsequent Event [Line Items]
Common Stock, Shares, Issued			24,116,000		24,116,000
Common stock par value			$ 0.0001		$ 0.0001
Subsequent Event
Subsequent Event [Line Items]
Offering price	$ 3
Proceeds from Issuance or Sale of Equity	$ 10,000
Cash received from equity financing		$ 50,000,000
Subsequent Event \| Common Class A
Subsequent Event [Line Items]
Common Stock, Shares, Issued	3,000,000
Pre-funded warrants issued to purchase shares of common stock	333,333
Common stock par value	$ 0.0001
Subsequent Event \| Minimum [Member] \| Chief Executive Officer [Member]
Subsequent Event [Line Items]
Salary		100,000
Subsequent Event \| Maximum [Member] \| Chief Executive Officer [Member]
Subsequent Event [Line Items]
Salary		$ 520,000
Subsequent Event \| Series A Common Warrants [Member]
Subsequent Event [Line Items]
Warrant exercise price	$ 3
Subsequent Event \| Series A Common Warrants [Member] \| Common Class A
Subsequent Event [Line Items]
Pre-funded warrants issued to purchase shares of common stock	3,333,333
Subsequent Event \| Series B Common Warrants [Member] \| Common Class A
Subsequent Event [Line Items]
Pre-funded warrants issued to purchase shares of common stock	3,246,753
Subsequent Event \| Pre-Funded Warrant [Member]
Subsequent Event [Line Items]
Warrant exercise price	$ 0.0001
Offering price	$ 2.9999

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

7. Related Party Transactions

InCube Labs, LLC (“ICL”) is wholly-owned by the Company’s founder and Chairman and his family. The founder and Chairman is the father of the Company’s Chief Executive Officer. The Company’s Chief Scientific Officer is also the brother of the founder and Chairman and thus uncle of the Company’s Chief Executive Officer.

Service Agreements

In June 2021, Rani LLC entered into a service agreement with ICL effective retrospectively to January 1, 2021, and subsequently amended such agreement in March 2022 (as amended, the "Rani LLC-ICL Service Agreement"), pursuant to which Rani LLC and ICL agreed to provide personnel services to the other upon requests. Under the amendment in March 2022, Rani LLC has a right to occupy certain facilities leased by ICL in Milpitas, California and San Antonio, Texas (“Occupancy Services”) for general office, research and development, and light manufacturing. The Rani LLC-ICL Service Agreement has a twelve-month term and will automatically renew for successive twelve-month periods unless terminated; except that the Occupancy Services in Milpitas, California had a term until February 2024, following an extension granted in July 2022, and the Occupancy Services in San Antonio, Texas continue until either party gives six months’ notice of termination. Except for the Occupancy Services, Rani LLC or ICL may terminate services under the Rani LLC-ICL Service Agreement upon 60 days' notice to the other party. The Rani LLC-ICL Service Agreement specifies the scope of services to be provided as well as the methods for determining the costs of services. Costs are billed or charged on a monthly basis by ICL or Rani LLC, respectively. In December 2023, Rani LLC provided to ICL notice of termination of the Occupancy Services in San Antonio, which took effect in June 2024. In March 2024, the Company extended the Occupancy Services for the facility in Milpitas, California for an additional six-month term through August 2024 and increased the payment for such Occupancy Services during the extension period. The Occupancy Services for the facility in Milpitas, California expired in August 2024.

In June 2021, Rani Management Services, Inc. (“RMS”) entered into a service agreement with ICL effective retrospectively to January 1, 2021, pursuant to which ICL agreed to rent a specified portion of its facility in San Jose, California to RMS. Additionally, RMS and ICL agreed to provide personnel services to the other upon requests based on rates specified in the agreement. In April 2022, RMS assigned the agreement to Rani LLC. In December 2022, RMS was dissolved. In March 2024, the Company entered into an amendment to increase the Occupancy Services from 23,000 square feet to 24,000 square feet (such agreement, as assigned and amended, the “RMS-ICL Service Agreement”). The RMS-ICL Service Agreement has a twelve-month term and will automatically renew for successive twelve-month periods unless terminated. Rani LLC or ICL may terminate services under the RMS-ICL Service Agreement upon 60 days' notice to the other party, except for occupancy which requires six months’ notice. The RMS-ICL Service Agreement specifies the scope of services to be provided as well as the methods for determining the costs of services. Costs are billed or charged on a monthly basis by ICL or Rani LLC, respectively, as well as allocations of expenses based upon Rani LLC’s utilization of ICL’s facilities and equipment.

The table below details the amounts charged by ICL for services and rent, net of the amount that the Company charged ICL, which is included in the condensed consolidated statements of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	201	$	280	$	768	$	889
General and administrative		41		87		187		220
Total	$	242	$	367	$	955	$	1,109

As of September 30, 2024, one of the Company's facilities was owned by an entity affiliated with the Company’s Chairman (Note 8). The Company pays for the use of this facility through the RMS-ICL Service Agreement.

Exclusive License, Intellectual Property and Common Unit Purchase Agreement

In June 2021, ICL and the Company, through Rani LLC, entered into an Amended and Restated Exclusive License Agreement which replaced the 2012 Exclusive License Agreement between ICL and Rani LLC, as amended in 2013, and terminated the 2012 Intellectual Property Agreement between ICL and Rani LLC, as amended in June 2013. Under the Amended and Restated Exclusive License Agreement, the Company has a fully paid, exclusive license under certain scheduled patents related to optional features of the device and certain other scheduled patents to exploit products covered by those patents in the field of oral delivery of sensors, small molecule drugs or biologic drugs including, any peptide, antibody, protein, cell therapy, gene therapy or vaccine. The Company covers patent-related expenses and, after a certain period, the Company will have the right to acquire four specified United States patent families from ICL by making a one-time payment of $0.3 million to ICL for each United States patent family that the Company desires to acquire, up to $1.0 million in the aggregate. This payment will not become an obligation until the fifth anniversary of the Amended and Restated Exclusive License Agreement. The Amended and Restated Exclusive License Agreement will terminate when there are no remaining valid claims of the patents licensed under the Amended and Restated Exclusive License Agreement. Additionally, the Company may terminate the Amended and Restated Exclusive License Agreement in its entirety or as to any particular licensed patent upon notification to ICL of such intent to terminate.

Non-Exclusive License Agreement between Rani and ICL (“Non-Exclusive License Agreement”)

In June 2021, the Company, through Rani LLC, entered into the Non-Exclusive License Agreement with ICL a related party, pursuant to which the Company granted ICL a non-exclusive, fully-paid license under specified patents that were assigned from ICL to the Company. Additionally, the Company agreed not to license these patents to a third party in a specific field outside the field of oral delivery of sensors, small molecule drugs or biologic drugs including, any peptide, antibody, protein, cell therapy, gene therapy or vaccine, if ICL can prove that it or its sublicensee has been in active development of a product covered by such patents in that specific field. ICL may grant sublicenses under this license to third parties only with the Company’s prior approval. The Non-Exclusive License Agreement will continue in perpetuity unless earlier terminated.

Intellectual Property Agreement with Mir Imran (the “Mir Agreement”)

In June 2021, the Company, through Rani LLC, entered into the Mir Agreement, pursuant to which the Company and Mir Imran agreed that the Company would own all intellectual property conceived (i) using any of the Company’s people, equipment, or facilities or (ii) that is within the field of oral delivery of sensors, small molecule drugs or biologic drugs including, any peptide, antibody, protein, cell therapy, gene therapy or vaccine. Neither the Company nor Mir Imran may assign the Mir Agreement to any third party without the prior written consent of the other party. The initial term of the Mir Agreement was three years, which could be extended upon mutual consent of the parties. In June 2024, the parties agreed to extend the term of the Mir Agreement by ninety (90) days. The Mir Agreement expired in September 2024. Expiration of the Mir Agreement does not affect the assignment to, and ownership by, the Company of intellectual property conceived during the term of the Mir Agreement.

Tax Receivable Agreement

Certain parties to the tax receivable agreement ("TRA"), entered into in August 2021 pursuant to the IPO and Organizational Transactions are related parties of the Company. The TRA provides that the Company pay to ICL and the other Continuing LLC Owners 85% of the amount of tax benefits, if any, it is deemed to realize from exchanges of Paired Interests. During each of the nine months ended September 30, 2024 and 2023, these parties to the TRA exchanged zero Paired Interests that resulted in tax benefits subject to the TRA.

Registration Rights Agreement

In connection with the IPO, the Company entered into a Registration Rights Agreement. ICL and its affiliates are parties to this agreement. The Registration Rights Agreement provides certain registration rights whereby, at any time following the IPO and the expiration of any related lock-up period, ICL and its affiliates can require the Company to register under the Securities Act of 1933, as amended (the “Securities Act”) shares of Class A common stock issuable to ICL and its affiliates upon, at the Company’s election, redemption or exchange of their Paired Interests. The Registration Rights Agreement also provides for piggyback registration rights. In March 2022, certain holders of the Company's Class A common stock considered to be related parties were made parties to the Registration Rights Agreement. As a result of certain stockholders exercising their registration rights under the Registration Rights Agreement, in December 2022, the Company filed a registration statement on Form S-3 to register 6,009,542 shares of Class A common stock of the Company held by certain of its stockholders.

Rani LLC Agreement

The Company operates its business through Rani LLC. In connection with the IPO, the Company and the Continuing LLC Owners, including ICL and its affiliates, entered into the Rani LLC Agreement. The governance of Rani LLC, and the rights and obligations of the holders of LLC Interests, are set forth in the Rani LLC Agreement. As Continuing LLC Owners, ICL and its affiliates are entitled to exchange, subject to the terms of the Rani LLC Agreement, Paired Interests for Class A common stock of the Company; provided that, at the Company’s election, the Company may effect a direct exchange of such Class A common stock or make a cash payment equal to a volume weighted average market price of one share of Class A common stock for each Paired Interest redeemed.

During each of the nine months ended September 30, 2024 and 2023, certain related parties that are party to the Rani LLC Agreement exchanged zero Paired Interests for an equal number of shares of the Company's Class A common stock.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Cash Equivalents, Restricted Cash Equivalents and Marketable Securities (Additional Information) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Cash and Cash Equivalents [Abstract]
Prepaid expenses and other current assets	$ 0.2

Cash, Cash Equivalents, Restricted Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Cash Equivalents, Restricted Cash Equivalents and Marketable Securities

3. Cash Equivalents, Restricted Cash Equivalents and Marketable Securities

The following tables summarizes the amortized cost and fair value of the Company's cash equivalents, restricted cash equivalents and marketable securities by major investment category (in thousands):


	As of September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Current assets:
Cash equivalents:
Money market funds	$	2,090	$	—	$	—	$	2,090
Total cash equivalents		2,090		—		—		2,090
Restricted cash equivalents:
Money market funds		500		—		—		500
Total cash equivalents and restricted cash equivalents		2,590		—		—		2,590
Marketable securities:
U.S. Treasuries and agencies		26,118		9		—		26,127
Total cash equivalents, restricted cash equivalents and marketable securities	$	28,708	$	9	$	—	$	28,717


	As of December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Current assets:
Cash equivalents:
Money market funds	$	3,339	$	—	$	—		$	3,339
Total cash and cash equivalents		3,339		—		—			3,339
Restricted cash equivalents:
Money market funds		500		—		—			500
Total cash equivalents and restricted cash equivalents		3,839		—		—			3,839
Marketable securities:
U.S. Treasuries and agencies		35,513		—		(18	)		35,495
Corporate debt securities		1,971		—		(8	)		1,963
Commercial paper		5,219		—		(2	)		5,217
Total marketable securities		42,703		—		(28	)		42,675
Total cash equivalents, restricted cash equivalents and marketable securities	$	46,542	$	—	$	(28	)	$	46,514

All marketable securities are classified as short-term. The Company regularly reviews its available-for-sale marketable securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. As of September 30, 2024, the aggregate difference between the amortized cost and fair value of each security in an unrealized loss position was de minimis. Since any provision for expected credit losses for a security held is limited to the amount the fair value is less than its amortized cost, no allowance for expected credit loss was deemed necessary at September 30, 2024. As of September 30, 2024 and December 31, 2023, interest income receivable recorded as a component of prepaid expenses and other current assets on the condensed consolidated balance sheet was de minimis and $0.2 million, respectively.

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Jul. 31, 2024	Aug. 31, 2022	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Proceeds from Issuance of Common Stock				$ 8,883	$ 0
Issuance of common stock in connection with the July Securities Purchase Agreement, net of issuance costs, Value	$ 8,900		$ 8,883	99	80
Proceeds from isuance of common stock in connection with the Stock Purchase Agreement, net of issuance costs				$ 8,883	$ 0
Continuing LLC Owners [Member]
General Partner Ownership Interest				46.00%
Rani LLC \| Outstanding Capital Class A Unit [Member]
General Partner Ownership Interest				54.00%
Previously Reported [Member]
Exchange Of Common Units			0	0	0
Previously Reported [Member] \| Organizational Transactions [Member]
Exchange Of Common Units			5,173,947,000	5,173,947,000
Common Class A
Proceeds from Issuance of Common Stock		$ 150,000
Common stock shares issued	2,800,000		29,807,000	29,807,000		26,036,000
Proceeds from isuance of common stock in connection with the Stock Purchase Agreement, net of issuance costs		$ 150,000
Common Class A \| Rani LLC
Exchange Of Common Units			83,377,000	83,377,000	0
Common Class A \| Rani LLC \| Organizational Transactions [Member]
Exchange Of Common Units			283,832,000	283,832,000
Common Class B
Common stock shares issued			24,116,000	24,116,000		24,116,000
Common Class C
Common stock shares issued			0	0		0
Warrants \| Series B [Member]
Securities purchase in exchange for warrant	3,246,753
Warrants \| Common Class A
Common stock shares issued	3,246,753,000
Securities purchase in exchange for warrant	446,753
Warrants \| Common Class A \| Series B [Member]
Common stock shares issued	3,246,753,000
Warrants \| Common Class A \| Series A [Member]
Securities purchase in exchange for warrant	3,246,753

Cash, Cash Equivalents, Restricted Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Summary of cash, cash equivalents, restricted cash equivalents and marketable securities

The following tables summarizes the amortized cost and fair value of the Company's cash equivalents, restricted cash equivalents and marketable securities by major investment category (in thousands):


	As of September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Current assets:
Cash equivalents:
Money market funds	$	2,090	$	—	$	—	$	2,090
Total cash equivalents		2,090		—		—		2,090
Restricted cash equivalents:
Money market funds		500		—		—		500
Total cash equivalents and restricted cash equivalents		2,590		—		—		2,590
Marketable securities:
U.S. Treasuries and agencies		26,118		9		—		26,127
Total cash equivalents, restricted cash equivalents and marketable securities	$	28,708	$	9	$	—	$	28,717


	As of December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Current assets:
Cash equivalents:
Money market funds	$	3,339	$	—	$	—		$	3,339
Total cash and cash equivalents		3,339		—		—			3,339
Restricted cash equivalents:
Money market funds		500		—		—			500
Total cash equivalents and restricted cash equivalents		3,839		—		—			3,839
Marketable securities:
U.S. Treasuries and agencies		35,513		—		(18	)		35,495
Corporate debt securities		1,971		—		(8	)		1,963
Commercial paper		5,219		—		(2	)		5,217
Total marketable securities		42,703		—		(28	)		42,675
Total cash equivalents, restricted cash equivalents and marketable securities	$	46,542	$	—	$	(28	)	$	46,514

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

Securities Purchase Agreement

In October 2024, the Company entered into a securities purchase agreement (the “October Securities Purchase Agreement”) with an institutional investor (the “Equity Investor”) relating to the issuance and sale of: (i) 3,000,000 shares of its Class A common stock, par value $0.0001 per share, (ii) pre-funded warrants to purchase 333,333 shares of Class A common stock, and (iii) Series C common warrants, which will accompany the Class A common stock and pre-funded warrants, to purchase an aggregate of 3,333,333 shares of Class A common stock (the “October Offering”). The October Offering closed on October 16, 2024. Pursuant to the October Securities Purchase Agreement, Series A common warrants to purchase an aggregate of 3,246,753 shares of Class A common stock issued in the July Offering were cancelled.

The pre-funded warrants are exercisable immediately following the closing date of the October Offering and have an unlimited term and an exercise price of $0.0001 per share. The Series C common warrants are exercisable immediately following the closing date of the October Offering, will expire five years from the date of issuance and will have an exercise price of $3.00 per share. The combined offering price is $3.00 per share of Class A common stock and accompanying Series C common warrant, or in the case of pre-funded warrants, $2.9999 per pre-funded warrant and accompanying Series C common warrant. The aggregate gross proceeds to the Company from the October Offering were approximately $10.0 million, before deducting placement agent fees and other offering expenses payable by the Company, and excluding potential proceeds, if any, from the exercise of the Series C common warrants issued in the October Offering. In October 2024, the pre-funded warrants were fully exercised for de minimis proceeds.

The Series C common warrants include certain rights upon “fundamental transactions” as described in the Series C common warrants. These rights upon “fundamental transactions” include the right of the holders thereof to receive from Rani or a successor entity the same type or form of consideration (and in the same proportion) that is being offered and paid to the holders of Class A common stock in such fundamental transaction in the amount of the Black Scholes value (as described in the Series C common warrants) of the unexercised portion of the applicable Series C common warrants on the date of the consummation of such fundamental transaction.

Pursuant to the terms of the October Securities Purchase Agreement, until 30 days following the closing of the October Offering, the Company has agreed not to issue, enter into any agreement to issue, or announce the issuance or proposed issuance of any shares of Class A common stock or common stock equivalents, or file or amend any registration statement or prospectus, other than as necessary to maintain the registration of the securities offered thereby. The Company has further agreed not to enter into an agreement involving any new variable rate transactions until January 23, 2025, subject to certain exceptions. In addition, the Company’s directors and officers have entered into lock-up agreements with the Company pursuant to which each of them has agreed not to, for a period of 30 days from the closing of the October Offering, offer, sell, transfer or otherwise dispose of the Company’s securities, subject to certain exceptions.

CEO Compensation Reduction

In November 2023, the Company’s Board of Directors (“Board”) approved a reduction in the annual salary of Talat Imran, the Company’s Chief Executive Officer, from $520,000 to $100,000, effective November 1, 2023 through December 31, 2024 or until such time as the Company receives gross proceeds of $50,000,000 or more, in the aggregate, from equity financing and/or one or more non-dilutive strategic, licensing or partnering transactions (the “Financing Threshold”). In November 2024, the Board approved to extend the reduction in annual salary of Talat Imran through December 31, 2025 or until the Financing Threshold is met.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	Sep. 30, 2024 USD ($)
Securities Purchase Agreement [Member]
Net of issuance costs	$ 1,117

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities [Abstract]
Accrued interest	$ 823	$ 500
Payroll and related costs	324	313
Accrued rent	317	0
Accrued professional fees	190	235
Accrued preclinical and clinical trial costs	30	424
Other	183	254
Total accrued expenses and other current liabilities	$ 1,867	$ 1,726

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	0.00%	0.00%
Change In Uncertain Tax Positions	$ 0.0	$ 0.0
Deferred tax asset	$ 18.9

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Unit and Award Activity


	Number of Restricted Stock Units			Weighted Average Grant-Date Fair Value per Share
Balance at December 31, 2023		1,276,111		$	7.16
Vested		(323,611	)	$	7.69
Forfeited		(59,206	)	$	7.37
Balance at September 30, 2024		893,294		$	6.96


	Number of Restricted Stock Awards			Weighted Average Grant-Date Fair Value per Share
Balance at December 31, 2023		33,586		$	6.15
Vested		(22,616	)	$	6.14
Forfeited		(218	)	$	6.13
Balance at September 30, 2024		10,752		$	6.15

Summary of Components of Equity-based Compensation Expense

The following table summarizes the components of stock-based compensation expense resulting from the grant of stock options, RSUs, RSAs, and the ESPP, recorded in the Company’s condensed consolidated statement of operations and comprehensive loss (in thousands):


	Nine Months Ended September 30,
	2024		2023
Research and development	$	3,563	$	5,275
General and administrative		8,477		9,247
Total stock-based compensation	$	12,040	$	14,522

Stock Options [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Options and Options for Common Units Activity

A summary of stock option activity during the periods indicated is as follows:


	Number of Stock Option Awards			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2023		6,639,811		$	6.37		8.48	$	13,377
Granted		4,154,325		$	3.74		9.49	$	—
Exercised		(18,757	)	$	2.72
Canceled		(478,961	)	$	5.36
Balance at September 30, 2024		10,296,418		$	5.36		8.35	$	25
Exercisable at September 30, 2024		4,713,481		$	7.62		7.66	$	—
Nonvested at September 30, 2024		5,582,937		$	3.46		8.99	$	25

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Cash, Cash Equivalents, Restricted Cash Equivalents and Marketable Securities - Summary of ash, cash equivalents, restricted cash equivalents and marketable securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Amortized cost	$ 28,708	$ 46,542
Gross unrealized Gains	9	0
Gross Unrealized loss	0	(28)
Estimated Fair Value	28,717	46,514
Cash Equivalents
Cash and Cash Equivalents [Line Items]
Amortized cost	2,090	3,339
Gross unrealized Gains	0	0
Gross Unrealized loss	0	0
Estimated Fair Value	2,090	3,339
Cash Equivalents \| Money market funds
Cash and Cash Equivalents [Line Items]
Amortized cost	2,090	3,339
Gross unrealized Gains	0	0
Gross Unrealized loss	0	0
Estimated Fair Value	2,090	3,339
Marketable securities
Cash and Cash Equivalents [Line Items]
Amortized cost		42,703
Gross unrealized Gains		0
Gross Unrealized loss		(28)
Estimated Fair Value		42,675
Marketable securities \| U.S. Treasuries
Cash and Cash Equivalents [Line Items]
Amortized cost	26,118	35,513
Gross unrealized Gains	9	0
Gross Unrealized loss	0	(18)
Estimated Fair Value	26,127	35,495
Marketable securities \| Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized cost		5,219
Gross unrealized Gains		0
Gross Unrealized loss		(2)
Estimated Fair Value		5,217
Marketable securities \| Corporate debt securities
Cash and Cash Equivalents [Line Items]
Amortized cost		1,971
Gross unrealized Gains		0
Gross Unrealized loss		(8)
Estimated Fair Value		1,963
Restricted Cash Equivalents \| Money market funds
Cash and Cash Equivalents [Line Items]
Amortized cost	500	500
Gross unrealized Gains	0	0
Gross Unrealized loss	0	0
Estimated Fair Value	500	500
Cash, equivalents and restricted cash equivalents
Cash and Cash Equivalents [Line Items]
Amortized cost	2,590	3,839
Gross unrealized Gains	0	0
Gross Unrealized loss	0	0
Estimated Fair Value	$ 2,590	$ 3,839

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain prior period amounts have been reclassified to be consistent with current period presentation.

The Company operates and controls all of the business and affairs of Rani LLC and, through Rani LLC conducts its business. Because the Company manages and operates the business and controls the strategic decisions and day-to-day operations of Rani LLC and also has a substantial financial interest in Rani LLC, the Company consolidates the financial results of Rani LLC, and a portion of its net loss is allocated to the non-controlling interests in Rani LLC held by the Continuing LLC Owners. All intercompany accounts and transactions have been eliminated in consolidation.

Unaudited Interim Condensed Consolidated Financial Statements

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to Form 10-Q of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements include all adjustments necessary to fairly state the financial position and the results of the Company's operations and cash flows for interim periods in accordance with U.S. GAAP. All such adjustments are of a normal, recurring nature. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any future period.

The consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the 2023 consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 20, 2024.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. The Company evaluates its estimates on an ongoing basis. The Company bases its estimates on its historical experience and also on assumptions that we believe are reasonable; however, actual results may differ materially and adversely from these estimates.

Significant Accounting Policies

A description of the Company’s significant accounting policies is included in the audited consolidated financial statements within its Annual Report on Form 10-K for the year ended December 31, 2023. Except as noted below, there have been no material changes in the Company’s significant accounting policies during the nine months ended September 30, 2024.

Cash and Cash Equivalents

Cash, Cash Equivalents and Restricted Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash equivalents reported as a component of prepaid expenses and other current assets on the condensed consolidated balance sheet which, in aggregate, represents the amount reported in the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023:


	Nine Months Ended September 30,
	2024		2023
End of Period:
Cash and cash equivalents	$	4,277	$	4,972
Restricted cash equivalents		500		500
Total cash, cash equivalents and restricted cash equivalents	$	4,777	$	5,472

Collaborative Arrangements

The Company assesses whether its collaboration agreements are subject to ASC Topic 808: Collaborative Arrangements based on whether they involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. To the extent that the arrangement falls within the scope of Topic 808 and the Company concludes that its collaboration partner is not a customer, the Company presents amounts due from its collaboration partner as a reduction of research and development expense based on the nature of such payments.

Revenue Recognition

The Company primarily generates revenue from evaluation arrangements with certain pharmaceutical partners, under which the Company performs evaluation services of the partner’s drug molecules using the RaniPill platform technology (Note 6).

Revenue is recognized when control of promised goods or services is transferred to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To determine revenue recognition for its arrangements with customers, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

The majority of the Company’s contracts include only one performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is defined as the unit of account for revenue recognition. In determining whether performance obligations meet the criteria for being distinct, the Company considers a number of factors, such as the degree of interrelation and interdependence between obligations, and whether or not the good or service significantly modifies or transforms another good or service in the contract. Revenue for an individual contract is recognized at the related transaction price, which is the amount the Company expects to be entitled to in exchange for transferring the products and/or services. Revenue is recognized only to the extent that it is probable that a significant reversal of the cumulative amount recognized will not occur in future periods. As a practical expedient, we do not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between customer payment and the transfer of goods or services is expected to be one year or less. Variable consideration has not been material to our condensed consolidated financial statements.

Consistent with the Company's policies and practices as described above, the Company recognizes contract revenue from its evaluation arrangements using a cost-based input method, which most faithfully depicts the transfer of the performance obligation to the customer. Accordingly, the Company will recognize contract revenue based on actual costs incurred as a percentage of total estimated costs the Company expects to incur to deliver its performance obligation. These actual costs consist of the internal labor efforts, in vivo testing services and materials costs related to the agreement, as the costs incurred over time will reflect the transfer of its performance obligations to the customer. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligation will be recorded in the period in which changes are identified and amounts are reasonably estimable. Such costs are expensed when incurred and are included as a component of research and development expenses in the Company’s condensed consolidated statements of operations and comprehensive loss.

Customer options, such as options granted to allow a customer to acquire later stage evaluation services, are evaluated at contract inception in order to determine whether those options provide a material right (i.e., an optional good or service offered for free or at a discount) to the customer. If the customer options represent a material right, the material right is treated as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the standalone selling price, and revenue is recognized when or as the future goods or services are transferred or when the option expires. Customer options that are not material rights do not give rise to a separate performance obligation, and as such, the additional consideration that would result from a customer exercising an option in the future is not included in the transaction price for the current contract. Instead, the option is deemed a marketing offer, and additional option fee payments are recognized or being recognized as revenue when the licensee exercises the option. The exercise of an option that does not represent a material right is treated as a separate contract for accounting purposes.

Incremental costs of obtaining contracts are expensed when incurred when the amortization period of the assets that otherwise would have been recognized is one year or less. To date, none of these costs have been material. The costs to fulfill the contracts are determined to be immaterial and are recognized as an expense when incurred.

Contract assets are generated when contractual billing schedules differ from revenue recognition timing and the Company records a contract receivable when it has an unconditional right to consideration. No contract assets balance was recorded as of September 30, 2024 or December 31, 2023.

Contract liabilities are recorded as deferred revenue when cash payments are received or due in advance of performance or where the Company has unsatisfied performance obligations. As of September 30, 2024, the Company had deferred revenue of $0.6 million related to unsatisfied evaluation services (Note 6). There was no deferred revenue as of December 31, 2023.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 are intended to improve reportable segment disclosure, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is evaluating the impact of this guidance on its condensed consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires enhanced annual disclosures regarding the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The Company is evaluating the impact of this guidance on its condensed consolidated financial statements and related disclosures.

Organization and Nature of Business

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Business

1. Organization and Nature of Business

Description of Business

Rani Therapeutics Holdings, Inc. (“Rani Holdings”, and together with its consolidated subsidiary, the “Company”) is a clinical-stage biotherapeutics company focusing on advancing technologies to enable the administration of biologics and drugs orally, to provide patients, physicians, and healthcare systems with a convenient alternative to painful injections. The Company’s technology comprises a drug-agnostic oral delivery platform, the RaniPill capsule, which is designed to deliver a wide variety of drug substances, including antibodies, proteins, peptides, and oligonucleotides. The Company is advancing a portfolio of oral therapeutics using the RaniPill capsule. The Company is headquartered in San Jose, California and operates in one segment.

Organization

Rani Holdings was formed as a Delaware corporation in April 2021 for the purpose of facilitating an initial public offering (“IPO”) of its Class A common stock. In connection with the IPO, the Company effected a series of organizational transactions (the “Organizational Transactions”), which, together with the IPO, were completed in August 2021, that resulted in the Company becoming the ultimate parent company of Rani Therapeutics, LLC (“Rani LLC”). The Company operates its business through Rani LLC.

As part of the Organizational Transactions, the Company entered into a Registration Rights Agreement with certain individuals and entities that continued to hold economic nonvoting Class A units of Rani LLC (“Class A Units”), collectively referred to herein as the “Continuing LLC Owners”. The Continuing LLC Owners are entitled to exchange, subject to the terms of the Fifth Amended and Restated Limited Liability Company Agreement of Rani LLC (the “Rani LLC Agreement”), the Class A Units they hold in Rani LLC, together with the shares they hold of the Company Class B common stock (together referred to as a "Paired Interest"), in return for shares of the Company’s Class A common stock on a one-for-one basis provided that, at the Company’s election, the Company has the ability to effect a direct exchange of such Class A common stock or make a cash payment equal to a volume weighted average market price of one share of Class A common stock for each Paired Interest redeemed. Any shares of Class B common stock will be canceled on a one-for-one basis if, at the election of the Continuing LLC Owners, the Company redeems or exchanges such Paired Interest pursuant to the terms of the Rani LLC Agreement. As of September 30, 2024, certain individuals who continue to own interests in Rani LLC but do not hold shares of the Company’s Class B common stock (“non-corresponding Class A Units”) have the ability to exchange their non-corresponding Class A Units of Rani LLC for 1,261,690 shares of the Company’s Class A common stock.

Liquidity

The Company has incurred recurring losses since its inception, including net losses of $40.9 million for the nine months ended September 30, 2024. As of September 30, 2024, the Company had an accumulated deficit of $94.0 million and for the nine months ended September 30, 2024, had negative cash flows from operations of $26.8 million. As of September 30, 2024, cash, cash equivalents and marketable securities totaled $30.4 million. Based on its available cash resources and current operating plan, there is substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year after the date that its financial statements for the nine months ended September 30, 2024 are issued. The Company’s existing capital resources, including the issuance and sale of Class A common stock and warrants pursuant to a securities purchase agreement with an institutional investor in July 2024, will not be sufficient to enable it to initiate any pivotal clinical trials. The Company will need to raise substantial additional funds in the future in order to complete the development of the RaniPill platform, to complete the clinical development of its product candidates and seek regulatory approval thereof, to expand its manufacturing capabilities, to further develop the RaniPill HC device and to commercialize any of its product candidates.

In July 2024, the Company entered into a securities purchase agreement (the “July Securities Purchase Agreement”) with an institutional investor relating to the issuance and sale of: (i) 2,800,000 shares of Class A common stock, (ii) pre-funded warrants to purchase 446,753 shares of Class A common stock, (iii) Series A common warrants, which accompany the Class A common stock and pre-funded warrants, to purchase an aggregate of 3,246,753 shares of Class A common stock and (iv) Series B common warrants, which accompany the Class A common stock and pre-funded warrants, to purchase an aggregate of 3,246,753 shares of Class A common stock (the “July Offering”). The aggregate net proceeds from the July Offering totaled $8.9 million, after deducting placement agent fees and other offering expenses, and excluding potential proceeds, if any, from the exercise of the Series A common warrants and Series B common warrants issued in the July Offering. In August 2024, the pre-funded warrants were fully exercised for de minimis proceeds.

In August 2022, the Company entered into a Controlled Equity Sales Agreement (the "Sales Agreement") with Cantor Fitzgerald & Co. and H.C. Wainwright & Co., LLC (collectively the "Agents"), pursuant to which the Company may offer and sell from time to time through the Agents up to $150 million of shares of its Class A common stock, in such share amounts as the Company may specify by notice to the Agents, in accordance with the terms and conditions set forth in the Sales Agreement. The potential proceeds from the Sales Agreement are expected to be used for general corporate purposes. As of September 30, 2024, the Company has no sales under the Sales Agreement.

The Company expects to continue to generate operating losses and negative operating cash flows for the foreseeable future as it continues to develop the RaniPill capsule. The Company expects to finance its future operations with its existing cash and through strategic financing opportunities that could include, but are not limited to, future offerings of its equity, such as “at the market offerings” as defined in Rule 415(a)(4) under the Securities Act, collaboration or licensing agreements, or the incurrence of debt. However, there is no guarantee that any of these strategic or financing opportunities will be executed or realized on favorable terms, if at all. As a result, the Company has concluded that management’s plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern.

Subsequent to September 30, 2024, the Company completed an additional equity offering with the aggregate gross proceeds of approximately $10.0 million, before deducting placement agent fees and other estimated offering expenses payable by the Company, and excluding potential proceeds, if any, from the exercise of certain warrants issued in the offering (Note 16). The proceeds received do not alleviate substantial doubt about the Company’s ability to continue as a going concern.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Recorded at Fair Value on a Recurring Basis


	As of September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	2,090	$	—	$	—	$	2,090
Restricted cash equivalents:
Money market funds		500		—		—		500
Marketable securities
U.S. Treasuries and agencies		26,127		—		—		26,127
Total assets	$	28,717	$	—	$	—	$	28,717


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	3,339	$	—	$	—	$	3,339
Restricted cash equivalents:
Money market funds		500		—		—		500
Marketable securities
U.S. Treasuries and agencies		35,495		—		—		35,495
Corporate debt securities		—		1,963		—		1,963
Commercial paper		—		5,217		—		5,217
Total assets	$	39,334	$	7,180	$	—	$	46,514

Related Party Transactions - Schedule of Amounts Charged for Services and Rent (Details) - ICL - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Related party charges	$ 242	$ 367	$ 955	$ 1,109
Research and Development Expense
Related Party Transaction [Line Items]
Related party charges	201	280	768	889
General and Administrative Expense
Related Party Transaction [Line Items]
Related party charges	$ 41	$ 87	$ 187	$ 220

Long-Term Debt (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Sep. 30, 2024	Jul. 31, 2024
Debt Instrument [Line Items]
Debt instrument face amount	$ 15.0
Warrant exercise price	$ 11.79
Interest Rate On Loan			0.1562%
Minimum
Debt Instrument [Line Items]
Interest Rate On Loan	5.60%
Maximum
Debt Instrument [Line Items]
Interest Rate On Loan	0.1035%
Loan and Security Agreement
Debt Instrument [Line Items]
Debt Instrument Maturity Date	Aug. 01, 2026
Loan and Security Agreement \| Avenue Venture Opportunity Fund L.P Member
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 45.0
Debt instrument face amount	15.0
Loan and Security Agreement \| Avenue Venture Opportunity Fund L.P Member \| Minimum
Debt Instrument [Line Items]
Proceeds from Issuance of Debt		$ 15.0
Loan and Security Agreement \| Avenue Venture Opportunity Fund L.P Member \| Maximum
Debt Instrument [Line Items]
Remaining Borrowing Capacity	$ 30.0
Preferred unit warrant liability
Debt Instrument [Line Items]
Warrant exercise price				$ 0.0001

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

11. Stock-Based Compensation

Stock Options

A summary of stock option activity during the periods indicated is as follows:


	Number of Stock Option Awards			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2023		6,639,811		$	6.37		8.48	$	13,377
Granted		4,154,325		$	3.74		9.49	$	—
Exercised		(18,757	)	$	2.72
Canceled		(478,961	)	$	5.36
Balance at September 30, 2024		10,296,418		$	5.36		8.35	$	25
Exercisable at September 30, 2024		4,713,481		$	7.62		7.66	$	—
Nonvested at September 30, 2024		5,582,937		$	3.46		8.99	$	25

As of September 30, 2024, there was $21.8 million of unrecognized stock-based compensation expense related to stock options which is expected to be recognized over a weighted-average period of approximately 2.8 years.

Restricted Stock Units

A summary of restricted stock unit (“RSU”) activity during the periods indicated is as follows:


	Number of Restricted Stock Units			Weighted Average Grant-Date Fair Value per Share
Balance at December 31, 2023		1,276,111		$	7.16
Vested		(323,611	)	$	7.69
Forfeited		(59,206	)	$	7.37
Balance at September 30, 2024		893,294		$	6.96

As of September 30, 2024, there was $5.6 million of unrecognized stock-based compensation expense related to RSUs which is expected to be recognized over a weighted-average period of approximately 2.3 years. The total fair value of RSUs vested was $1.0 million for the nine months ended September 30, 2024.

Restricted Stock Awards

A summary of restricted stock award (“RSA”) activity during the periods indicated is as follows:


	Number of Restricted Stock Awards			Weighted Average Grant-Date Fair Value per Share
Balance at December 31, 2023		33,586		$	6.15
Vested		(22,616	)	$	6.14
Forfeited		(218	)	$	6.13
Balance at September 30, 2024		10,752		$	6.15

As of September 30, 2024, unrecognized stock-based compensation expense related to RSAs was de minimis which is expected to be recognized over a weighted-average period of approximately 0.2 years. The total fair value of RSAs vested was $0.1 million for the nine months ended September 30, 2024.

Employee Stock Purchase Plan

As of September 30, 2024, unrecognized stock-based compensation expense related to the Rani Therapeutics Holdings, Inc. 2021 Employee Stock Purchase Plan (the “ESPP”) was de minimis which is expected to be recognized over a weighted-average period of approximately 0.2 years. As of September 30, 2024, contributions withheld from employees totaled $0.1 million and are recorded as a component of accrued expenses and other current liabilities in the condensed consolidated balance sheet.

Stock-Based Compensation Expense


	Nine Months Ended September 30,
	2024		2023
Research and development	$	3,563	$	5,275
General and administrative		8,477		9,247
Total stock-based compensation	$	12,040	$	14,522

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock authorized	20,000,000	20,000,000
Preferred stock issued	0	0
Preferred stock outstanding	0	0
Common Class A [Member]
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	800,000,000	800,000,000
Common stock shares issued	29,807,000	26,036,000
Common stock shares outstanding	29,807,000	26,036,000
Common Class B [Member]
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	40,000,000	40,000,000
Common stock shares issued	24,116,000	24,116,000
Common stock shares outstanding	24,116,000	24,116,000
Common Class C [Member]
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	20,000,000	20,000,000
Common stock shares issued	0	0
Common stock shares outstanding	0	0

Leases - Additional Information (Details) $ in Thousands		1 Months Ended	9 Months Ended
Leases - Additional Information (Details) $ in Thousands	Feb. 01, 2024	Nov. 30, 2023 USD ($) ft²	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2024 ft²
Lessee, Lease, Description [Line Items]
Monthly base rent for initial term of the lease \| $			$ 1,015	$ 780
Rani L L C [Member]
Lessee, Lease, Description [Line Items]
Land Subject to Ground Leases		33,000
Initial Term Leases Agreement		The initial term of the Lease commenced in February 2024, and the duration of the initial term is 63 months. Subject to certain conditions, Rani LLC has an option to renew the Lease for one additional 5-year term at the then-prevailing market rate. The monthly base rent for the initial term of the Lease is approximately $95,000 per month, subject to a 4% increase each year. Rani LLC is also responsible for the payment of additional rent to cover its share of common area operating expenses, including taxes, insurance, utilities, and repair and maintenance of the premises and common areas of the Project.
Lessee, Operating Lease, Term of Contract	63 months
Lessee, Operating Lease, Renewal Term			5 years
Monthly base rent for initial term of the lease \| $		$ 95,000
Percentage of increase in monthly base rent (per year)	4.00%
Rani L L C [Member] \| Minimum [Member]
Lessee, Lease, Description [Line Items]
Area for Rent For facility in San jose					23,000
Rani L L C [Member] \| Maximum [Member]
Lessee, Lease, Description [Line Items]
Area for Rent For facility in San jose					24,000

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses
Research and development	$ 6,172	$ 11,220	$ 19,872	$ 32,018
General and administrative	5,627	6,635	18,484	20,647
Total operating expenses	11,799	17,855	38,356	52,665
Loss from operations	(11,799)	(17,855)	(38,356)	(52,665)
Other income (expense), net
Interest income and other, net	414	839	1,403	2,626
Interest expense and other, net	(1,337)	(1,316)	(3,909)	(3,789)
Net loss	(12,722)	(18,332)	(40,862)	(53,828)
Net loss attributable to non-controlling interest	(5,939)	(9,135)	(19,791)	(26,956)
Net loss attributable to Rani Therapeutics Holdings, Inc.	$ (6,783)	$ (9,197)	$ (21,071)	$ (26,872)
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.-Basic	$ (0.24)	$ (0.36)	$ (0.78)	$ (1.06)
Net loss per Class A common share attributable to Rani Therapeutics Holding, Inc., diluted	$ (0.24)	$ (0.36)	$ (0.78)	$ (1.06)
Weighted-average share outstanding basic	28,836	25,552	27,071	25,380
Weighted-average share outstanding diluted	28,836	25,552	27,071	25,380

Related Party Transactions - Additional Information (Details) $ in Thousands	1 Months Ended	9 Months Ended		12 Months Ended
	Aug. 31, 2022 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2022 shares	Jul. 31, 2024 shares	Mar. 31, 2024 ft²	Dec. 31, 2023 shares
Related Party Transaction [Line Items]
Lessee, Operating Lease, Description		The Rani LLC-ICL Service Agreement has a twelve-month term and will automatically renew for successive twelve-month periods unless terminated; except that the Occupancy Services in Milpitas, California had a term until February 2024, following an extension granted in July 2022, and the Occupancy Services in San Antonio, Texas continue until either party gives six months’ notice of termination.
Aggregate desired patent acquisition		$ 1,000
Service agreement term		pursuant to which ICL agreed to rent a specified portion of its facility in San Jose, California to RMS. Additionally, RMS and ICL agreed to provide personnel services to the other upon requests based on rates specified in the agreement. In April 2022, RMS assigned the agreement to Rani LLC
Proceeds from Issuance of Common Stock		$ 8,883	$ 0
Stock-based compensation expense		$ 12,040	$ 14,522
Tax Receivable Agreement
Related Party Transaction [Line Items]
Exchange of paired interests \| shares		0	0
Common Class A
Related Party Transaction [Line Items]
Common stock units issued \| shares		29,807,000			2,800,000		26,036,000
Proceeds from Issuance of Common Stock	$ 150,000
Common Class A \| Rani Therapeutics Holdings Inc.
Related Party Transaction [Line Items]
Conversion of stock, shares \| shares		0	0
Common Class A \| Registration Rights Agreement
Related Party Transaction [Line Items]
Issuance of common stock, shares \| shares				6,009,542,000
ICL
Related Party Transaction [Line Items]
One time patent payment to related party		$ 300
Maximum \| RMS-ICL
Related Party Transaction [Line Items]
Area for Rent For facility in San jose \| ft²						24,000
Minimum \| RMS-ICL
Related Party Transaction [Line Items]
Area for Rent For facility in San jose \| ft²						23,000

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Accrued Liabilities [Abstract]

Schedule of Accrued Expenses

Accrued expenses and other current liabilities consist of the following (in thousands):


	September 30,		December 31,
	2024		2023
Accrued interest	$	823	$	500
Payroll and related costs		324		313
Accrued rent		317		—
Accrued professional fees		190		235
Accrued preclinical and clinical trial costs		30		424
Other		183		254
Total accrued expenses and other current liabilities	$	1,867	$	1,726

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	43,189,000	33,851,000
Paired Interest [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	24,116,000	24,116,000
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	10,296,000	6,778,000
Restricted Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	893,000	1,413,000
Non Corresponding Class A Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	1,262,000	1,345,000
Shares Issuable Pursuant To The ESPP [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	41,000	82,000
Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	6,570,000	76,000
Restricted Stock Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	11,000	41,000

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Class A Common Share

The following table sets forth the computation of basic and diluted net loss per Class A common share attributable to Rani Holdings (in thousands, except per share data):


	Nine Months Ended September 30,
	2024			2023
Numerator:
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.	$	(21,071	)	$	(26,872	)
Denominator:
Weighted average Class A common share outstanding—basic and diluted		27,071			25,380
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.—basic and diluted	$	(0.78	)	$	(1.06	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table shows the total outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net loss per Class A common share attributable to Rani Holdings (in thousands):


	As of September 30,
	2024		2023
Paired Interests		24,116		24,116
Stock options		10,296		6,778
Warrants		6,570		76
Non-corresponding Class A Units		1,262		1,345
Restricted stock units		893		1,413
Shares issuable pursuant to the ESPP		41		82
Restricted stock awards		11		41
		43,189		33,851

Leases - Summary of Future Minimum Operating Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024 (remaining three months)	$ 465
2025	1,902
2026	1,229
2027	1,278
2028	1,330
2029	458
Total undiscounted future minimum lease payments	6,662
Less: Imputed interest	(1,235)
Total operating lease liability	5,427
Less: Current portion of operating lease liability	1,410	$ 718
Operating lease liability, net current portion	$ 4,017	$ 0

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 11, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Registrant Name	RANI THERAPEUTICS HOLDINGS, INC.
Entity Central Index Key	0001856725
Securities Act File Number	001-40672
Entity Tax Identification Number	86-3114789
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2051 Ringwood Avenue
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95131
City Area Code	408
Local Phone Number	457-3700
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	RANI
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Common Class A [Member] \| Forecast [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		33,311,543
Common Class B [Member] \| Forecast [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,977,139
Common Class C \| Forecast [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Warrants

9 Months Ended

Sep. 30, 2024

Warrants and Rights Note Disclosure [Abstract]

Warrants

9. Warrants

In July 2024, as part of the July Offering, the Company issued (i) pre-funded warrants to purchase 446,753 shares of Class A common stock, (ii) Series A common warrants to purchase an aggregate of 3,246,753 shares of Class A common stock and (iii) Series B common warrants to purchase an aggregate of 3,246,753 shares of Class A common stock. The pre-funded warrants are exercisable immediately and have an unlimited term and an exercise price of $0.0001 per share. The Series A Warrants will be exercisable following the six-month anniversary of the closing date of the July Offering, will expire 18 months following the date of issuance and will have an exercise price of $3.08 per share. The Series B warrants will be exercisable following the six-month anniversary of the closing date of the July Offering, will expire five and a half years from the date of issuance and will have an exercise price of $3.08 per share. The Series A warrants and Series B warrants include certain rights upon “fundamental transactions,” as described in the Series A warrants and Series B warrants, including in the Series B warrants the right of the holders thereof to receive from the Company or a successor entity the same type or form of consideration (and in the same proportion) that is being offered and paid to the holders of Class A common stock in such fundamental transaction in the amount of the Black Scholes value (as described in the Series B warrants) of the unexercised portion of the applicable Series B warrants on the date of the consummation of the fundamental transactions. In August 2024, the pre-funded warrants were fully exercised for de minimis proceeds. As of September 30, 2024, there were 3,246,753 Series A warrants and 3,246,753 Series B warrants outstanding. Subsequent to September 30, 2024, the Series A warrants were canceled (Note 16).

In August 2022, in conjunction with a loan and security agreement (Note 13), the Company issued warrants to purchase 76,336 shares of the Company's Class A common stock. The warrants are exercisable for a period of five years from the grant date, as may be adjusted for certain anti-dilution adjustments, dividends, stock splits, and reverse stock splits, at an exercise price per share equal to $11.79, which may be net share settled at the option of the holder. As of September 30, 2024, there were 76,336 warrants outstanding.

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Accrued Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

5. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	September 30,		December 31,
	2024		2023
Accrued interest	$	823	$	500
Payroll and related costs		324		313
Accrued rent		317		—
Accrued professional fees		190		235
Accrued preclinical and clinical trial costs		30		424
Other		183		254
Total accrued expenses and other current liabilities	$	1,867	$	1,726

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Legal Proceedings

In the ordinary course of business, the Company may be subject to legal proceedings, claims and litigation as the Company operates in an industry susceptible to patent legal claims. The Company accounts for estimated losses with respect to legal proceedings and claims when such losses are probable and estimable. Legal costs associated with these matters are expensed when incurred.

Tax Receivable Agreement

The Company is party to a TRA with certain of the Continuing LLC Owners. As of September 30, 2024, the Company has not recorded a liability under the TRA related to the income tax benefits originating from the exchanges of Paired Interest or non-corresponding Class A Units of Rani LLC as it is not probable that the Company will realize such tax benefits. To the extent the Company is able to realize the income tax benefits associated with the exchanges of Paired Interest or non-corresponding Class A Units of Rani LLC subject to the TRA, the TRA payable would range from zero to $23.1 million at September 30, 2024.

The amounts payable under the TRA will vary depending upon a number of factors, including the amount, character, and timing of the taxable income of the Company in the future. Should the Company determine that the payment of the TRA liability becomes probable at a future date based on new information, any changes will be recorded on the Company's condensed consolidated statement of operations and comprehensive loss at that time.

Stock-Based Compensation - Summary of Restricted Stock Unit and Award Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, Number of Shares, Beginning Balance \| shares	1,276,111
Vested, Number of Shares \| shares	(323,611)
Forfeited, Number of Shares \| shares	(59,206)
Outstanding, Number of Shares, Ending Balance \| shares	893,294
Outstanding, Weighted-Average Grant Date Fair Value \| $ / shares	$ 7.16
Vested, Weighted-Average Grant Date Fair Value \| $ / shares	7.69
Forfeited, Weighted-Average Grant Date Fair Value \| $ / shares	7.37
Outstanding, Weighted-Average Grant Date Fair Value \| $ / shares	$ 6.96
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, Number of Shares, Beginning Balance \| shares	33,586
Vested, Number of Shares \| shares	(22,616)
Forfeited, Number of Shares \| shares	(218)
Outstanding, Number of Shares, Ending Balance \| shares	10,752
Outstanding, Weighted-Average Grant Date Fair Value \| $ / shares	$ 6.15
Vested, Weighted-Average Grant Date Fair Value \| $ / shares	6.14
Forfeited, Weighted-Average Grant Date Fair Value \| $ / shares	6.13
Outstanding, Weighted-Average Grant Date Fair Value \| $ / shares	$ 6.15

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Sep. 30, 2024 USD ($)
Stock issuance costs	$ 1,117

Leases - Summary of consolidated balance sheets and statements of cash flow related to leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in lease liabilities:
Weighted-average remaining lease term (in years)	4 years 1 month 6 days	1 year 1 month 6 days
Weighted-average discount rate	10.40%	10.40%
Operating cash flows used for operating leases	$ 1,015	$ 780

Stock-Based Compensation - Summary of Components of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 12,040	$ 14,522
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	3,563	5,275
General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 8,477	$ 9,247

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Evaluation Agreements - Additional information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 600	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Long Term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Future Principal Payments for the Company's Debt

As of September 30, 2024, future principal payments for the Company’s debt are as follows (in thousands):


Year ending December 31,
2024 (remaining three months)	$	3,750
2025		15,000
2026		10,000
Total principal payments	$	28,750
Less: amount representing debt discount		(445	)
Total long-term debt	$	28,305
Less: current portion of long-term debt		14,768
Total long-term debt, less current portion	$	13,537

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Amounts Charged for Services and Rent


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	201	$	280	$	768	$	889
General and administrative		41		87		187		220
Total	$	242	$	367	$	955	$	1,109

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 4,277	$ 5,864
Marketable securities	26,127	42,675
Prepaid expenses and other current assets	1,967	2,308
Total current assets	32,371	50,847
Property and equipment, net	5,496	6,105
Operating lease right-of-use asset	5,427	718
Other assets	246	246
Total assets	43,540	57,916
Current liabilities:
Accounts payable	1,566	648
Accrued expenses and other current liabilities	1,867	1,726
Deferred revenue	600	0
Current portion of long-term debt	14,768	4,897
Current portion of operating lease liability	1,410	718
Total current liabilities	20,211	7,989
Long-term debt, less current portion	13,537	24,484
Operating lease liability, less current portion	4,017	0
Total liabilities	37,765	32,473
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.0001 par value - 20,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	97,067	85,762
Accumulated other comprehensive gain (loss)	8	(12)
Accumulated deficit	(93,960)	(72,889)
Total stockholders' equity attributable to Rani Therapeutics Holdings, Inc.	3,120	12,866
Non-controlling interest	2,655	12,577
Total stockholders' equity	5,775	25,443
Total liabilities and stockholders' equity	43,540	57,916
Common Class A [Member]
Stockholders' equity:
Common stock, value	3	3
Common Class B [Member]
Stockholders' equity:
Common stock, value	2	2
Common Class C
Stockholders' equity:
Common stock, value	$ 0	$ 0

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Marketable Securities	$ 28,717	$ 46,514
Fair Value, Recurring
Assets:
Total assets	28,717	46,514
Fair Value, Recurring \| Commercial paper
Assets:
Marketable Securities		5,217
Fair Value, Recurring \| U.S. Treasuries
Assets:
Marketable Securities	26,127	35,495
Fair Value, Recurring \| Corporate debt securities
Assets:
Marketable Securities		1,963
Fair Value, Recurring \| Money market funds
Assets:
Cash Equivalents	2,090	3,339
Restricted Cash Equivalents	500	500
Level 1 \| Fair Value, Recurring
Assets:
Total assets	28,717	39,334
Level 1 \| Fair Value, Recurring \| Commercial paper
Assets:
Marketable Securities		0
Level 1 \| Fair Value, Recurring \| U.S. Treasuries
Assets:
Marketable Securities	26,127	35,495
Level 1 \| Fair Value, Recurring \| Corporate debt securities
Assets:
Marketable Securities		0
Level 1 \| Fair Value, Recurring \| Money market funds
Assets:
Cash Equivalents	2,090	3,339
Restricted Cash Equivalents	500	500
Level 2 \| Fair Value, Recurring
Assets:
Total assets	0	7,180
Level 2 \| Fair Value, Recurring \| Commercial paper
Assets:
Marketable Securities		5,217
Level 2 \| Fair Value, Recurring \| U.S. Treasuries
Assets:
Marketable Securities	0	0
Level 2 \| Fair Value, Recurring \| Corporate debt securities
Assets:
Marketable Securities		1,963
Level 2 \| Fair Value, Recurring \| Money market funds
Assets:
Cash Equivalents	0	0
Restricted Cash Equivalents	0	0
Level 3 \| Fair Value, Recurring
Assets:
Total assets	0	0
Level 3 \| Fair Value, Recurring \| Commercial paper
Assets:
Marketable Securities		0
Level 3 \| Fair Value, Recurring \| U.S. Treasuries
Assets:
Marketable Securities	0	0
Level 3 \| Fair Value, Recurring \| Corporate debt securities
Assets:
Marketable Securities		0
Level 3 \| Fair Value, Recurring \| Money market funds
Assets:
Cash Equivalents	0	0
Restricted Cash Equivalents	$ 0	$ 0

Organization and Nature of Business - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended						9 Months Ended
	Jul. 31, 2024	Aug. 31, 2022	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Date of incorporation									Apr. 06, 2021
Net loss			$ (12,722)	$ (13,361)	$ (14,779)	$ (18,332)	$ (18,664)	$ (16,832)	$ (40,862)	$ (53,828)
Accumulated deficit			(93,960)						(93,960)		$ (72,889)
Operating activities, net									26,841	38,758
Cash, cash equivalents and marketable securities			30,400						30,400
Gross proceeds from offering									10,000
Proceeds from isuance of common stock in connection with the Stock Purchase Agreement, net of issuance costs									8,883	0
Issuance of common stock in connection with the July Securities Purchase Agreement, net of issuance costs, Value	$ 8,900		$ 8,883						$ 99	$ 80
Warrants \| Series B
Pre-funded warrants issued to purchase shares of common stock	3,246,753
Common Class A
Common stock shares issued	2,800,000		29,807,000						29,807,000		26,036,000
Proceeds from isuance of common stock in connection with the Stock Purchase Agreement, net of issuance costs		$ 150,000
Common Class A \| Warrants
Common stock shares issued	3,246,753,000
Pre-funded warrants issued to purchase shares of common stock	446,753
Common Class A \| Warrants \| Series B
Common stock shares issued	3,246,753,000
Common Class B
Common stock shares issued			24,116,000						24,116,000		24,116,000
Common Class C
Common stock shares issued			0						0		0
Rani LLC \| Common Class A
Issuance of common stock, shares									1,261,690
Securities Purchase Agreement \| Common Class A
Issuance of common stock, shares	2,800,000,000
Pre-funded warrants issued to purchase shares of common stock	446,753,000

Collaborative and Evaluation Arrangements (Additional Information) (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Aug. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Long-Term Purchase Commitment [Line Items]
Reimbursement of research and development expense		$ 0
Cash and cash equivalents		4,277	$ 5,864	$ 4,972
Deferred Revenue		600	0
Research And Development Arrangement [Member]
Long-Term Purchase Commitment [Line Items]
Accounts Receivable	$ 600
Up front payment arrangement	600
Contract Revenue	$ 1,200
Revenue from contract		0
Deferred Revenue		$ 600	$ 0

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Unaudited Interim Condensed Consolidated Financial Statements

Use of Estimates

Significant Accounting Policies

Cash, Cash Equivalents and Restricted Cash Equivalents


	Nine Months Ended September 30,
	2024		2023
End of Period:
Cash and cash equivalents	$	4,277	$	4,972
Restricted cash equivalents		500		500
Total cash, cash equivalents and restricted cash equivalents	$	4,777	$	5,472

Collaborative Arrangements

Revenue Recognition

Recently Issued Accounting Pronouncements

Warrants - Additional Information (Details) - $ / shares	1 Months Ended
	Jul. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Aug. 31, 2022
Class of Warrant or Right [Line Items]
Warrant exercise price				$ 11.79
Common Class A [Member]
Class of Warrant or Right [Line Items]
Common stock shares issued	2,800,000	29,807,000	26,036,000
Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price	$ 0.0001
Warrants \| Series B
Class of Warrant or Right [Line Items]
Securities purchase in exchange for warrant	3,246,753
Warrant exercise price	$ 3.08
Class of Warrant or Right, Outstanding		3,246,753
Warrants \| Series A [Member]
Class of Warrant or Right [Line Items]
Warrant exercise price	$ 3.08
Warrats Expiration Term	18 months
Class of Warrant or Right, Outstanding		3,246,753
Warrants \| Common Class A [Member]
Class of Warrant or Right [Line Items]
Securities purchase in exchange for warrant	446,753
Common stock shares issued	3,246,753,000
Warrants \| Common Class A [Member] \| Series B
Class of Warrant or Right [Line Items]
Common stock shares issued	3,246,753,000
Warrants \| Common Class A [Member] \| Series A [Member]
Class of Warrant or Right [Line Items]
Securities purchase in exchange for warrant	3,246,753
Loan and Security Agreement
Class of Warrant or Right [Line Items]
Warrants exercisable period				5 years
Class of Warrant or Right, Outstanding		76,336,000
Loan and Security Agreement \| Common Class A [Member]
Class of Warrant or Right [Line Items]
Securities purchase in exchange for warrant				76,336,000

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Maximum
Loss Contingencies [Line Items]
Income tax payable, amount	$ 23.1
Minimum \| Paired Interest
Loss Contingencies [Line Items]
Income tax payable, amount	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

15. Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per Class A common share attributable to Rani Holdings (in thousands, except per share data):


	Nine Months Ended September 30,
	2024			2023
Numerator:
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.	$	(21,071	)	$	(26,872	)
Denominator:
Weighted average Class A common share outstanding—basic and diluted		27,071			25,380
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.—basic and diluted	$	(0.78	)	$	(1.06	)


	As of September 30,
	2024		2023
Paired Interests		24,116		24,116
Stock options		10,296		6,778
Warrants		6,570		76
Non-corresponding Class A Units		1,262		1,345
Restricted stock units		893		1,413
Shares issuable pursuant to the ESPP		41		82
Restricted stock awards		11		41
		43,189		33,851

Shares of Class B Common Stock do not share in the Company’s earnings and are not participating securities. Accordingly, separate presentation of loss per share of Class B common stock under the two-class method has not been provided. The outstanding shares of Class B Common Stock were determined to be anti-dilutive for the nine months ended September 30, 2024. Therefore, they are not included in the computation of net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.

Summary of Significant Accounting Policies - Reconciliation of cash, cash equivalents and restricted cash equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 4,277	$ 5,864	$ 4,972
Restricted cash equivalents	500		500
Total cash, cash equivalents and restricted cash equivalents	$ 4,777		$ 5,472

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Contract assets	$ 0	$ 0
Deferred revenue	600	0
Research And Development Arrangement [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred revenue	$ 600	$ 0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (40,862)	$ (53,828)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	12,040	14,522
Depreciation and amortization	762	595
Non-cash operating lease expense	1,332	780
Amortization of debt discount and issuance costs	174	174
Net accretion and amortization of investments in marketable securities	(940)	(1,851)
Loss on disposal of property and equipment	65	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	341	(66)
Accounts payable	918	68
Accrued expenses and other current liabilities	61	1,628
Deferred revenue	600	0
Operating lease liabilities	(1,332)	(780)
Net cash used in operating activities	(26,841)	(38,758)
Cash flows from investing activities
Proceeds from maturities of marketable securities	57,250	81,500
Purchases of marketable securities	(39,725)	(63,852)
Purchases of property and equipment	(237)	(1,062)
Net cash provided by investing activities	17,288	16,586
Cash flows from financing activities
Proceeds from issuance of common stock and pre-funded warrants in connection with the July Securities Purchase Agreement, net of issuance costs of $1,117	8,883	0
Issuance of common stock under employee stock purchase plan	221	219
Proceeds from employee stock purchase plan	99	80
Exercise of options	51	0
Tax withholdings paid on behalf of employees for net share settlement	(38)	(162)
Repayment of debt	(1,250)	0
Net cash provided by financing activities	7,966	137
Net decrease in cash, cash equivalents and restricted cash equivalents	(1,587)	(22,035)
Cash, cash equivalents and restricted cash equivalents, beginning of period	6,364	27,507
Cash, cash equivalents and restricted cash equivalents, end of period	4,777	5,472
Supplemental disclosures of non-cash investing and financing activities
Right- of- use asset obtained in exchange for new operating lease liabilities	4,731	0
Remeasurement of operating lease right-of-use assets	589	578
Exchanges of Paired Interests non-corresponding Class A Units of Rani LLC	298	169
Interest income receivable included in prepaid expenses and other current assets	29	188
Property and equipment purchases included in accounts payable and accrued expenses and other current liabilities	$ 0	$ 250

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Class A Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.	$ (6,783)	$ (9,197)	$ (21,071)	$ (26,872)
Denominator:
Weighted average Class A common share outstanding-basic	28,836	25,552	27,071	25,380
Weighted average Class A common share outstanding-diluted	28,836	25,552	27,071	25,380
Net loss per Class A common share attributable to Rani Therapeutics Holding, Inc., diluted	$ (0.24)	$ (0.36)	$ (0.78)	$ (1.06)
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.-Basic	$ (0.24)	$ (0.36)	$ (0.78)	$ (1.06)
Common Class A
Numerator:
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.			$ (21,071)	$ (26,872)
Denominator:
Weighted average Class A common share outstanding-basic			27,071	25,380
Weighted average Class A common share outstanding-diluted			27,071	25,380

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

The Company’s effective income tax rate was zero for each of the nine months ended September 30, 2024 and 2023. As a result of the exchanges from the date of the Organizational Transactions to September 30, 2024, the Company recorded a $18.9 million deferred tax asset related to income tax benefit associated with the basis of the net assets of Rani LLC. Because of the Company’s history of operating losses, the Company believes that recognition of the deferred tax assets arising from such future income tax benefits is currently not more-likely-than-not to be realized and, accordingly, has recognized a full valuation allowance on its deferred tax assets.

There were no material changes to uncertain tax positions for the nine months ended September 30, 2024 and 2023, and the Company does not anticipate material changes within the next twelve months.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

8. Leases

In November 2023, Rani LLC and BKM South Bay 240, LLC (“Landlord”) entered into the Standard Industrial/Commercial Multi-Tenant Lease - Net (the “Lease”). Pursuant to the terms of the Lease, Rani LLC is leasing approximately 33,000 square feet of space in Fremont, California, which is part of a two-building project (the “Project”). The initial term of the Lease commenced in February 2024, and the duration of the initial term is 63 months. Subject to certain conditions, Rani LLC has an option to renew the Lease for one additional 5-year term at the then-prevailing market rate. The monthly base rent for the initial term of the Lease is approximately $95,000 per month, subject to a 4% increase each year. Rani LLC is also responsible for the payment of additional rent to cover its share of common area operating expenses, including taxes, insurance, utilities, and repair and maintenance of the premises and common areas of the Project.

The Company pays for the use of its office, laboratory and manufacturing facility in San Jose, California as part of the RMS-ICL Service Agreement. In April 2022, RMS assigned the RMS-ICL Service Agreement to Rani LLC. In December 2022, RMS was dissolved. In March 2024, the Company entered into an amendment to increase the Occupancy Services from 23,000 square feet to 24,000 square feet. The RMS-ICL Service Agreement has a twelve-month term and will automatically renew for successive twelve-month periods unless Rani LLC or ICL terminate occupancy under the RMS-ICL Service Agreement upon six months’ notice. In January 2024, the Company determined it to be reasonably certain that it would exercise its renewal option for a successive twelve-month period through 2025. The Company accounted for the renewal option as a lease modification that did not result in a separate contract and recognized the additional right-of-use asset and corresponding lease liabilities associated with the Rani LLC-ICL Service Agreement in its condensed consolidated balance sheet.

Under the Rani LLC-ICL Service Agreement amended in March 2022, Rani LLC had a right to occupy certain facilities leased by ICL in Milpitas, California and San Antonio, Texas for general office, research and development, and light manufacturing. The Rani LLC-ICL Service Agreement has a twelve-month term and will automatically renew for a successive twelve-month periods unless terminated; except that the Occupancy Services in Milpitas, California had a term until February 2024, following an extension granted in July 2022. The Company accounted for the lease extension as a lease modification that did not result in a separate contract and recognized the right-of-use asset and lease liabilities associated with the Rani LLC-ICL Service Agreement in the consolidated balance sheet as of the modification date in July 2022. In December 2023, the Company provided to ICL notice of termination of the Occupancy Services in San Antonio, which took effect in June 2024. In March 2024, the Company extended the Occupancy Services for the facility in Milpitas, California for an additional six-month term through August 2024 and increased the payment for such Occupancy Services during the extension period. The Occupancy Services for the facility in Milpitas, California expired in August 2024.

The Company's leases are accounted for as operating leases and require certain fixed payments of real estate taxes and insurance in addition to future minimum lease payments, and certain variable payments of common area maintenance costs and building utilities. Variable lease payments are expensed in the period in which the obligation for those payments is incurred. These variable lease costs are payments that vary in amount beyond the commencement date, for reasons other than passage of time. Variable lease payments are excluded in the total operating lease expense and immaterial for the periods presented.


	September 30,
	2024			2023
Weighted-average remaining lease term (in years)		4.1			1.1
Weighted-average discount rate		10.4	%		10.4	%


	Nine Months Ended September 30,
	2024		2023
Cash paid for amounts included in lease liabilities:
Operating cash flows used for operating leases	$	1,015	$	780

As of September 30, 2024, minimum annual rental payments under the Company’s operating lease agreements are as follows (in thousands), excluding short-term leases:


Year ending December 31,
2024 (remaining three months)	$	465
2025		1,902
2026		1,229
2027		1,278
2028		1,330
2029		458
Total undiscounted future minimum lease payments	$	6,662
Less: Imputed interest		(1,235	)
Total operating lease liability	$	5,427
Less: Current portion of operating lease liability		1,410
Operating lease liability, net current portion	$	4,017

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Reconciliation of cash, cash equivalents and restricted cash equivalents


	Nine Months Ended September 30,
	2024		2023
End of Period:
Cash and cash equivalents	$	4,277	$	4,972
Restricted cash equivalents		500		500
Total cash, cash equivalents and restricted cash equivalents	$	4,777	$	5,472

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (12,722)	$ (18,332)	$ (40,862)	$ (53,828)
Other comprehensive loss
Net unrealized gain on marketable securities	24	45	37	64
Comprehensive loss	(12,698)	(18,287)	(40,825)	(53,764)
Comprehensive loss attributable to non-controlling interest	(5,928)	(9,113)	(19,774)	(26,924)
Comprehensive loss attributable to Rani Therapeutics Holdings, Inc.	$ (6,770)	$ (9,174)	$ (21,051)	$ (26,840)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

+ Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-19

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-2

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,783)	$ (9,197)	$ (21,071)	$ (26,872)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Collaborative and Evaluation Arrangements

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Collaborative and Evaluation Arrangements

6. Collaborative and Evaluation Arrangements

ProGen Co., Ltd.

In June 2024, the Company and ProGen Co., Ltd. (“ProGen”) entered into a Collaboration Agreement (the “Collaboration Agreement”). Under the Collaboration Agreement, the Company and ProGen will collaborate to manufacture, develop, seek regulatory approvals for and, if approved, commercialize a product (the “Product”) combining ProGen’s GLP-1/GLP-2 dual agonist compound, PG-102, and the RaniPill HC oral delivery device (the “Device”) in the field of weight management (including without limitation obesity, weight reduction and weight maintenance) in humans (the “Collaboration”).

Under the Collaboration Agreement, development costs, as well as operating profits and losses from the commercialization of the Product, will be equally shared by the Company and ProGen. The Company and ProGen each granted to the other party an exclusive right and license (except with respect to the other party’s affiliates and sublicensees) to certain intellectual property to develop the Product for weight management and an exclusive right and license to seek regulatory approval for, and to use, sell, offer to sell, import and commercialize the Product in their assigned territories. The Company will lead the development of the Product in the United States, Canada, Europe (including the United Kingdom) and Australia, and ProGen will lead development in all other countries.

Each party has the right to opt-out of the Collaboration (“Opt-Out”) at any time upon prior written notice to the other party. Following an Opt-Out, the continuing party shall have sole right to develop, conduct regulatory activities for and commercialize the Product on a worldwide basis. The Opt-Out party shall share all development costs and operating profit (or loss) through the effective date of the Opt-Out, and all costs to complete the conduct of any clinical trials of Product that have been initiated prior to delivery of the Opt-Out notice, even if the costs are incurred or the trials are completed after the effective date of the Opt-Out. The continuing party shall pay to the Opt-Out party low single to mid-single digit royalties on net sales of the Product made after the Opt-Out date depending on when the Opt-Out occurs.

The Company determined that the Collaboration Agreement is not a contract with a customer and is therefore accounted for under ASC Topic 808. The Company evaluates the presentation of amounts due from ProGen based on the nature of each separate activity. Reimbursements from ProGen are recognized as contra-research and development expense on the Consolidated Statement of Operations once earned and collectability is assured. As of September 30, 2024, no reimbursement has been received from or billed by ProGen nor recorded as contra-research and development expense.

Evaluation Arrangement

In August 2024, the Company entered into a contract to conduct evaluation services of certain customer compounds for oral delivery using the RaniPill HC. This customer paid the Company an up-front payment of $0.6 million upon execution of the contract. Upon completion of the evaluation services, the Company is entitled to a final $0.6 million payment for an aggregate total of $1.2 million due under the contract. In addition, if agreed upon, the agreement allows for joint filing of certain intellectual property protection in which all associated expenses will be shared equally. The customer has the ability to terminate the agreement at any time by providing 10 days’ written notice after the effective date of the contract. The contract can be terminated for cause by either party based on uncured material breach by the other party. Upon early termination, all ongoing activities under the agreement and all mutual collaboration, development and commercialization licenses and sublicenses will terminate.

The Company identified one material promise under the contract, the obligation to perform services to evaluate if the customers compounds can be orally delivered using the RaniPill HC, which was concluded to be a single performance obligation. For revenue recognition purposes, the Company determined that the duration of the contract began on the effective date in August 2024 and will end the sooner of the contractual 1-year term or upon the completion of the evaluation services. The contract duration is defined as the period in which parties to the contract have present enforceable rights and obligations. For the nine months ended September 30, 2024, no contract revenue was recognized for evaluation services performed. As of September 30, 2024, the Company had deferred revenue of $0.6 million related to unsatisfied evaluation services. There was no deferred revenue as of December 31, 2023.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false