0000950170-25-047740 | 10-K | XBRL Viewer | Rani Therapeutics Holdings INC

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Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Class A Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.	$ (30,018)	$ (33,970)
Denominator:
Weighted average Class A common share outstanding-basic	28,476	25,505
Weighted average Class A common share outstanding-diluted	28,476	25,505
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.-basic	$ (1.05)	$ (1.33)
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.-diluted	$ (1.05)	$ (1.33)
Common Class A [Member]
Numerator:
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.	$ (30,018)	$ (33,970)
Denominator:
Weighted average Class A common share outstanding-basic	28,476,000	25,505,000
Weighted average Class A common share outstanding-diluted	28,476,000	25,505,000

- 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

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+ Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Mar. 26, 2025	Jun. 28, 2024
Document Information [Line Items]
Document Type	10-K
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Registrant Name	RANI THERAPEUTICS HOLDINGS, INC.
Entity Central Index Key	0001856725
Entity 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
Document Financial Statement Error Correction [Flag]	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
ICFR Auditor Attestation Flag	false
Entity Public Float				$ 51.9
Document Annual Report	true
Document Transition Report	false
Document Incorporated By Reference	The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Stockholders to be held in 2025, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the registrant's fiscal year ended December 31, 2024.
Auditor Name	Marcum LLP	Ernst & Young LLP
Auditor Location	San Francisco, California	San Francisco, California
Auditor Firm ID	688	42
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Rani Therapeutics Holdings, Inc. (the “Company”) as of December 31, 2024, the related consolidated statements of operations, comprehensive loss, changes in stockholders’ equity and cash flows for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Rani Therapeutics Holdings, Inc. (the Company) as of December 31, 2023, the related consolidated statement of operations, comprehensive loss, changes in stockholders’ equity and cash flows for the year then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023, and the results of its operations and its cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles.
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding			33,509,827
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding			23,971,852
Common Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding			0

Organization and Nature of Business

12 Months Ended

Dec. 31, 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.

Organizational Transactions

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 December 31, 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 1,229,630 shares of the Company’s Class A common stock.

Liquidity and Going Concern

The Company has incurred recurring losses since its inception, including net losses of $56.6 million for the year ended December 31, 2024. As of December 31, 2024, the Company had an accumulated deficit of $102.9 million and for the year ended December 31, 2024 had negative cash flows from operations of $35.5 million. As of December 31, 2024, cash, cash equivalents and marketable securities totaled $27.6 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 year ended December 31, 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 October 2024 and 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 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”). 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 aggregate net proceeds from the October Offering totaled $9.4 million, after deducting placement agent fees and other offering expenses, 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 (Note 9 & 10).

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 (Note 9 & 10).

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” pursuant to its Controlled Equity Sales Agreement (the "Sales Agreement") with Cantor Fitzgerald & Co. and H.C. Wainwright & Co., LLC, 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.

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

As of December 31, 2024, Rani Holdings held approximately 57% of the Class A Units of Rani LLC, and approximately 43% of the outstanding Class A Units of Rani LLC are held by the Continuing LLC Owners. From the date of the Organizational Transactions to December 31, 2024, 5,318,539 Paired Interests and 315,892 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 the years ended December 31, 2024 and 2023, certain of the Continuing LLC Owners executed an exchange of 144,592 and zero Paired Interests and 115,437 and 42,404 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 October 2024, the Company closed the October Offering, pursuant to which it issued and sold: (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. 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 aggregate net proceeds from the October Offering totaled $9.4 million, after deducting placement agent fees and other offering expenses, 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.

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.

As of December 31, 2024, the Company reserved 0.5 million shares of Class A Common Stock for issuance under the Rani Therapeutics Holdings, Inc. 2021 Employee Stock Purchase Plan (the “ESPP”) and 2.0 million shares of Class A common stock for future issuance under the 2021 Plan.

- Definition

The entire disclosure for equity.

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+ Details

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Aug. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Contract assets	$ 400
Deferred revenue	0
Percentage of tax benefit to be transferred			85.00%
Impairment loss	3,714	$ 0
Interest or penalties	0
Lease liability	$ 5,096
Common Class A
Summary Of Significant Accounting Policies [Line Items]
Exchange of common units	315,892
Continuing LLC Owners
Summary Of Significant Accounting Policies [Line Items]
General Partner Ownership Interest	43.00%
Rani LLC
Summary Of Significant Accounting Policies [Line Items]
Exchange of common units	5,318,539
Rani LLC \| Common Class A
Summary Of Significant Accounting Policies [Line Items]
Exchange of common units	115,437	42,404
Outstanding Capital Class A Unit \| Continuing LLC Owners
Summary Of Significant Accounting Policies [Line Items]
General Partner Ownership Interest	43.00%
Outstanding Capital Class A Unit \| Rani LLC
Summary Of Significant Accounting Policies [Line Items]
General Partner Ownership Interest	57.00%

Leases

12 Months Ended

Dec. 31, 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 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. The Company accounted for its Occupancy Services in San Antonio, Texas as a short-term lease. 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 Company accounted for the March 2024 extension for its Occupancy Services in Milpitas, California as a short-term lease. 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.

Supplemental information on the Company’s consolidated balance sheet and statements of cash flows as of December 31, 2024 and 2023, respectively, related to leases was as follows (in thousands):


	December 31,
	2024			2023
Weighted-average remaining lease term (in years)		3.9			0.9
Weighted-average discount rate		10.4	%		10.4	%


	Year Ended December 31,
	2024		2023
Cash paid for amounts included in lease liabilities:
Operating cash flows used for operating leases	$	1,480	$	1,042

As of December 31, 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,
2025	$	1,902
2026		1,229
2027		1,278
2028		1,330
2029		458
Total undiscounted future minimum lease payments	$	6,197
Less: Imputed interest		(1,101	)
Total operating lease liability	$	5,096
Less: Current portion of operating lease liability		1,459
Operating lease liability, net current portion	$	3,637

Organization and Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Oct. 31, 2024	Jul. 31, 2024	Aug. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Date of incorporation				Apr. 06, 2021
Operating activities, net				$ 35,496	$ 51,236
Net preceed	$ 9,400	$ 8,900		15	40
Net loss				56,584	67,883
Accumulated deficit				102,907	$ 72,889
Cash, cash equivalents and marketable securities				$ 27,600
Debt instrument, face amount			$ 15,000
Warrant [Member] \| Series B [Member]
Securities purchase in exchange for warrant		3,246,753
Common Class A [Member]
Common stock shares issued	3,000,000	2,800,000		33,430,000	26,036,000
Common stock par value	$ 0.0001			$ 0.0001	$ 0.0001
Exchange of common units				315,892
Common Class A [Member] \| Warrant [Member]
Securities purchase in exchange for warrant	333,333	446,753
Common stock shares issued	3,246,753	3,246,753
Common Class A [Member] \| Warrant [Member] \| Series B [Member]
Common stock shares issued		3,246,753
Common Class B [Member]
Common stock shares issued				23,972,000	24,116,000
Common stock par value				$ 0.0001	$ 0.0001
Common Class C [Member]
Common stock shares issued				0	0
Common stock par value				$ 0.0001	$ 0.0001
Common Class C [Member] \| Warrant [Member]
Common stock shares issued	3,333,333
Securities Purchase Agreement [Member] \| Common Class A [Member]
Issuance of common stock, shares	3,000,000	2,800,000
Securities purchase in exchange for warrant	333,333	446,753
Avenue Venture Opportunity Fund L P [Member] \| Loan And Security Agreement [Member]
Maximum borrowing capacity			45,000
Debt instrument, face amount			15,000
Avenue Venture Opportunity Fund L P [Member] \| Loan And Security Agreement [Member] \| Minimum [Member]
Proceeds from issuance of debt			15,000
Avenue Venture Opportunity Fund L P [Member] \| Loan And Security Agreement [Member] \| Maximum [Member]
Line of credit facility, remaining borrowing capacity			$ 30,000
Rani L L C [Member] \| Common Class A [Member]
Issuance of common stock, shares				1,229,630

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Amounts Charged for Services and Rent

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 consolidated statements of operations (in thousands):


	Year Ended December 31,
	2024		2023
Research and development	$	954	$	1,254
General and administrative		173		254
Total	$	1,127	$	1,508

Long Term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Future Principal Payments for the Company's Debt

As of December 31, 2024, future principal payments for the Company’s debt are as follows (in thousands):


Year ending December 31,
2025	$	15,000
2026		10,000
Total principal payments	$	25,000
Less: amount representing debt discount		(387	)
Total long-term debt	$	24,613
Less: current portion of long-term debt		15,000
Total long-term debt, less current portion	$	9,613

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

16. Segment Information

The Company operates as one operating segment. The Company's chief operating decision maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis. The CODM assesses operating performance and makes resource allocation decisions primarily based on net loss, cash on-hand and cash flows utilizing the Company’s long-range plan, which includes product development roadmaps and long-range financial models. Significant expenses include research and development and general and administrative expenses, which are each separately presented on the Company’s Consolidated Statements of Operations. Other segment items within net loss include interest income and other, net and interest expense and other, net. See the consolidated financial statements for other financial information regarding the Company’s operating segment.

The Company’s long-lived assets recognized on the Consolidated Balance Sheets primarily consisted of property and equipment, net and operating lease right-of-use assets, which are located within the US.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

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

Schedule of weighted-average assumptions for options issued

The following table sets forth the weighted average assumptions used in estimating the fair value of stock option awards on the grant date:


	Year Ended December 31,
	2024			2023
Expected volatility		87.6	%	84.0 - 85.8		%
Risk-free interest rate		4.30	%	3.73 - 3.93		%
Expected term (in years)		6.0		5.1 - 5.9
Expected dividend yield		—	%		—	%

Summary of Restricted Stock Unit and Award Activity

A summary of 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		(394,760	)	$	7.29
Forfeited		(69,458	)	$	7.42
Balance at December 31, 2024		811,893		$	7.08

A summary of 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		(30,002	)	$	6.14
Forfeited		(327	)	$	6.13
Balance at December 31, 2024		3,257		$	6.17

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 consolidated statement of operations and comprehensive loss (in thousands):


	Year Ended December 31,
	2024		2023
Research and development	$	4,700	$	6,407
General and administrative		11,331		12,601
Total stock-based compensation	$	16,031	$	19,008

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		4,204,325		$	3.72		9.25	$	—
Exercised		(18,757	)	$	2.72
Canceled		(599,946	)	$	5.10
Balance at December 31, 2024		10,225,433		$	5.52		8.18	$	—
Exercisable at December 31, 2024		5,162,703		$	7.52		7.58	$	—
Nonvested at December 31, 2024		5,062,730		$	3.46		8.79	$	—

- 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.

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-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)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
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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

Related Party Transactions - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 shares	Oct. 31, 2024 shares	Jul. 31, 2024 shares	Mar. 31, 2024 ft²
Related Party Transaction [Line Items]
Aggregate desired patent acquisition \| $	$ 1.0
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.
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.
Tax Receivable Agreement
Related Party Transaction [Line Items]
Exchange of paired interest	0	0
Common Class A [Member]
Related Party Transaction [Line Items]
Common stock units issued	33,430,000	26,036,000	3,000,000	2,800,000
Common Class A [Member] \| Rani Therapeutics Holdings Inc. [Member]
Related Party Transaction [Line Items]
Conversion of stock, shares	0	0
ICL
Related Party Transaction [Line Items]
One time patent payment to related party \| $	$ 0.3
RMS-ICL \| Maximum [Member]
Related Party Transaction [Line Items]
Land square feet \| ft²					24,000
RMS-ICL \| Minimum [Member]
Related Party Transaction [Line Items]
Land square feet \| ft²					23,000

Warrants - Additional Information (Details) - $ / shares	1 Months Ended
	Oct. 31, 2024	Dec. 31, 2024	Jul. 31, 2024	Aug. 31, 2022
Class Of Warrant Or Right [Line Items]
Warrant exercise price				$ 11.79
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
Common Class A [Member] \| Loan and Security Agreement
Class Of Warrant Or Right [Line Items]
Securities purchase in exchange for warrant				76,336,000
Warrants
Class Of Warrant Or Right [Line Items]
Warrant exercise price	$ 0.0001		$ 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
Warrats Expiration Term	5 years 7 months 6 days
Warrants \| Series C
Class Of Warrant Or Right [Line Items]
Securities purchase in exchange for warrant	3,333,333
Warrant exercise price	$ 3
Class of warrant or right, outstanding		3,333,333
Warrats Expiration Term	5 years
Warrants \| Common Class A [Member]
Class Of Warrant Or Right [Line Items]
Securities purchase in exchange for warrant	333,333		446,753
Warrants \| Common Class A [Member] \| Series A
Class Of Warrant Or Right [Line Items]
Securities purchase in exchange for warrant	3,246,753		3,246,753
Warrants \| Common Class A [Member] \| Series C
Class Of Warrant Or Right [Line Items]
Securities purchase in exchange for warrant	3,333,333

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Reconciliation of 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 consolidated balance sheet which, in aggregate, represents the amount reported in the consolidated statements of cash flows for the years ended December 31, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2024		2023
Cash and cash equivalents	$	3,762	$	5,864
Restricted cash equivalents		500		500
Total cash, cash equivalents and restricted cash equivalents	$	4,262	$	6,364

Long Term Debt

12 Months Ended

Dec. 31, 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 December 31, 2024, the effective interest rate on the Loans was 15.02% and there were no events of default during the year ended December 31, 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 December 31, 2024, the Company was in compliance with all applicable financial covenants under the Loan Agreement.

As of December 31, 2024, future principal payments for the Company’s debt are as follows (in thousands):


Year ending December 31,
2025	$	15,000
2026		10,000
Total principal payments	$	25,000
Less: amount representing debt discount		(387	)
Total long-term debt	$	24,613
Less: current portion of long-term debt		15,000
Total long-term debt, less current portion	$	9,613

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 489	$ 211
Increase related to current year positions	162	260
Increase related to prior year positions	0	18
Decrease related to prior year positions	10	0
Balance at the end of the year	$ 661	$ 489

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	33,430,000	26,036,000
Common stock shares outstanding	33,430,000	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	23,972,000	24,116,000
Common stock shares outstanding	23,972,000	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

Cash, Cash Equivalents, Restricted Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 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 December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Current assets:
Cash equivalents:
Money market funds	$	404	$	—	$	—	$	404
Total cash equivalents		404		—		—		404
Restricted cash equivalents:
Money market funds		500		—		—		500
Total cash equivalents and restricted cash equivalents		904		—		—		904
Marketable securities:
U.S. Treasuries and agencies		24,871		5		—		24,876
Total cash equivalents, restricted cash equivalents and marketable securities	$	25,775	$	5	$	—	$	25,780


	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 December 31, 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 December 31, 2024. As of December 31, 2024 and 2023, interest income receivable recorded as a component of prepaid expenses and other current assets on the consolidated balance sheet was de minimis and $0.2 million, respectively.

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	42,960	33,601
Paired Interests [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	23,972	24,116
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	10,225	6,640
Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	6,656	76
Non Corresponding Class A Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	1,230	1,345
Restricted Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	812	1,276
Shares Issuable Pursuant to the ESPP [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	62	114
Restricted Stock Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	3	34

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

There was no income tax expense for the years ended December 31, 2024 and 2023, respectively. The effective tax rate for the years ended December 31, 2024 and 2023 is different from the federal statutory rate primarily due to the valuation allowance against deferred tax assets as a result of insufficient sources of income and pass-through loss not subject to income tax. A reconciliation between the Company’s effective tax rate and the applicable U.S. federal statutory income tax rate is summarized as follows:


	Year Ended December 31,
	2024				2023
Federal statutory rate		21.0		%		21.0		%
State tax, net of federal tax benefit		3.7				3.5
Non-controlling interest		(9.8	)			(10.5	)
Research and development credits		1.7				2.4
Uncertain tax position		(0.3	)			(0.4	)
Other		0.2				0.1
Change in valuation allowance		(16.5	)			(16.1	)
Effective tax rate		—		%		—		%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes. The components that comprise the Company’s net deferred taxes consist of the following (in thousands):


	Year Ended December 31,
	2024			2023
Deferred tax assets
Investment in partnership	$	46,258		$	45,470
Net operating loss carryforward		19,384			12,979
Research and development credits		3,430			2,550
Total deferred tax assets		69,072			60,999
Valuation allowance		(69,072	)		(60,999	)
Total deferred tax assets, net of valuation allowance	$	—		$	—

The Company determines its valuation allowance on deferred tax assets by considering both positive and negative evidence in order to ascertain whether it is more likely than not that deferred tax assets will be realized. Realization of deferred tax assets is dependent upon the generation of future taxable income, if any, the timing and amount of which are uncertain. Because of the Company’s recent history of operating losses, the Company believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has recognized a full valuation allowance on its deferred tax assets. The valuation allowance increased by $8.1 million and $8.2 million for the years ended December 31, 2024 and 2023, respectively, primarily due to the increase in the Company’s net operating losses (“NOL”) during the period.

As of December 31, 2024, the Company had the following tax attribute carryforwards that will expire on various dates as follows:


	Amount (in thousands)		Expiration Years
Net operating losses, federal (post December 31, 2017)	$	61,725	Indefinite
Net operating loss, state (definite)		91,958	2041 - 2044
Research and development tax credits, federal		2,608	2041 - 2044
Research and development tax credits, state		1,806	Indefinite

Pursuant to Internal Revenue Code (“IRC”) Sections 382 and 383, annual use of the Company’s research and development credit carryforwards may be limited in the event cumulative change in ownership of more than 50% occurs within a three-year period. As of December 31, 2024, the Company has not performed an IRC Section 382 or 383 analysis. If a change in ownership were to have occurred, additional tax credit carryforwards could be eliminated or restricted. If eliminated, the related asset would be removed from the deferred tax asset schedule with a corresponding reduction in the valuation allowance.

The Company is subject to United States federal and California income taxes and is not currently under examination by any federal or state taxing authorities. The federal and California returns for tax years 2020 through 2023 remain open to examination.

The following table summarizes the changes in the amount of the unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2024		2023
Balance at the beginning of the year	$	489	$	211
Increase related to current year positions		162		260
Increase related to prior year positions		—		18
Decrease related to prior year positions		10		—
Balance at the end of the year	$	661	$	489

Included in the balance of unrecognized tax benefits at December 31, 2024 is $0.6 million that if recognized would impact the Company’s income tax benefit and effective tax rate. The Company does not expect any significant increases or decreases in its unrecognized tax benefits within the next twelve months.

Tax Receivable Agreement

The Company is party to a TRA with the Continuing LLC Owners (Note 2). As of December 31, 2024, the Company has not recorded a liability under the TRA related to the income tax benefits originating from the exchanges of Paired Interests or non-corresponding Class A Units of Rani LLC as it is not probable that the Company will realize such tax benefits (Note 12).

- 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
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Liabilities [Abstract]
Accrued interest	$ 931	$ 500
Payroll and related costs	353	313
Accrued rent	329	0
Accrued professional fees	107	235
Accrued preclinical and clinical trial costs	70	424
Other	283	254
Total accrued expenses and other current liabilities	$ 2,073	$ 1,726

Consolidated Statements of Changes in Stockholder's Equity - USD ($) $ in Thousands	Total	October Securities Purchase Agreement [Member]	July Securities Purchase Agreement [Member]	Common Class A [Member]	Common Class B [Member]	Common [Member] Common Class A [Member]	Common [Member] Common Class A [Member] October Securities Purchase Agreement [Member]	Common [Member] Common Class A [Member] July Securities Purchase Agreement [Member]	Common [Member] Common Class B [Member]	Additional Paid in Capital [Member]	Additional Paid in Capital [Member] October Securities Purchase Agreement [Member]	Additional Paid in Capital [Member] July Securities Purchase Agreement [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Noncontrolling Interest [Member]
Beginning Balance at Dec. 31, 2022	$ 74,004					$ 3			$ 2	$ 75,842			$ (73)	$ (38,919)	$ 37,149
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						557,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement, amount	(162)									(162)
Issuance of common stock under employee stock purchase plan (Shares)						144,000
Issuance of common stock under employee stock purchase plan	355									355
Effect of exchanges of Paired Interests and non-corresponding Class A Units of Rani LLC (Shares)						42,000
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC										181					(181)
Forfeiture of restricted stock awards, shares						(2,000)
Forfeiture of restricted stock awards	(12)									(6)					(6)
Stock-based compensation	19,020									9,552					9,468
Net loss	(67,883)													(33,970)	(33,913)
Other comprehensive loss	121												61		60
Ending Balance at Dec. 31, 2023	25,443					$ 3			$ 2	85,762			(12)	(72,889)	12,577
Ending Balance (shares) at Dec. 31, 2023				26,036,000	24,116,000	26,036,000			24,116,000
Issuance of common stock, shares							3,000,000	2,800,000
Issuance of common stock		$ 9,379	$ 8,883								$ 9,379	$ 8,883
Exercise of pre-funded warrants issued, Shares							333,000	447,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement, shares						395,000
Issuance of common stock under employee equity plans, net of shares withheld for tax settlement, amount	4									4
Issuance of common stock under employee stock purchase plan (Shares)						159,000
Issuance of common stock under employee stock purchase plan	304									304
Effect of exchanges of Paired Interests and non-corresponding Class A Units of Rani LLC (Shares)						260,000			(144,000)
Non-controlling interest adjustment for changes in proportionate ownership in Rani LLC										(7,980)					7,980
Stock-based compensation	16,031									8,537					7,494
Net loss	(56,584)													(30,018)	(26,566)
Other comprehensive loss	33												17		16
Ending Balance at Dec. 31, 2024	$ 3,493					$ 3			$ 2	$ 104,889			$ 5	$ (102,907)	$ 1,501
Ending Balance (shares) at Dec. 31, 2024				33,430,000	23,972,000	33,430,000			23,972,000

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

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 indicates the level of inputs used in such measurements (in thousands):


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	404	$	—	$	—	$	404
Restricted cash equivalents:
Money market funds		500		—		—		500
Marketable securities
U.S. Treasuries and agencies		24,876		—		—		24,876
Total assets	$	25,780	$	—	$	—	$	25,780


	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

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-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate

A reconciliation between the Company’s effective tax rate and the applicable U.S. federal statutory income tax rate is summarized as follows:


	Year Ended December 31,
	2024				2023
Federal statutory rate		21.0		%		21.0		%
State tax, net of federal tax benefit		3.7				3.5
Non-controlling interest		(9.8	)			(10.5	)
Research and development credits		1.7				2.4
Uncertain tax position		(0.3	)			(0.4	)
Other		0.2				0.1
Change in valuation allowance		(16.5	)			(16.1	)
Effective tax rate		—		%		—		%

Schedule of Deferred Tax Assets And Liabilities

The components that comprise the Company’s net deferred taxes consist of the following (in thousands):


	Year Ended December 31,
	2024			2023
Deferred tax assets
Investment in partnership	$	46,258		$	45,470
Net operating loss carryforward		19,384			12,979
Research and development credits		3,430			2,550
Total deferred tax assets		69,072			60,999
Valuation allowance		(69,072	)		(60,999	)
Total deferred tax assets, net of valuation allowance	$	—		$	—

Summary Of Operating Loss Carryforwards

As of December 31, 2024, the Company had the following tax attribute carryforwards that will expire on various dates as follows:


	Amount (in thousands)		Expiration Years
Net operating losses, federal (post December 31, 2017)	$	61,725	Indefinite
Net operating loss, state (definite)		91,958	2041 - 2044
Research and development tax credits, federal		2,608	2041 - 2044
Research and development tax credits, state		1,806	Indefinite

Schedule of Unrecognized Tax Benefits

The following table summarizes the changes in the amount of the unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2024		2023
Balance at the beginning of the year	$	489	$	211
Increase related to current year positions		162		260
Increase related to prior year positions		—		18
Decrease related to prior year positions		10		—
Balance at the end of the year	$	661	$	489

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

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.

Variable Interest Entities

The Company consolidates all entities that it controls through a majority voting interest or as the primary beneficiary of a variable interest entity (“VIE”). In determining whether the Company is the primary beneficiary of an entity, the Company applies a qualitative approach that determines whether it has both (1) the power to direct the economically significant activities of the entity and (2) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. The Company’s determination about whether it should consolidate such VIEs is made continuously as changes to existing relationships or future transactions may result in a consolidation event.

Use of Estimates

The preparation of the 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 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.

Revenue Recognition

The Company may generate 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 consolidated financial statements.

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 material 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.

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.

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.

Research and Development Costs

Research and development expenses consist primarily of payroll and related benefits, stock-based compensation, third-party services, facilities, materials and supplies. Research and development costs are expensed as incurred. Payments made prior to the receipt of goods or services to be used in research and development activities are recorded as prepaid expenses and other current assets on the consolidated balance sheets until the related goods or services are rendered

Preclinical and Clinical Trial Accruals

The Company's preclinical and clinical trials are being supported by Contract Research Organizations (“CROs”) and other vendors. Preclinical and clinical trial costs are a component of research and development expense. As part of the process of preparing the consolidated financial statements, the Company is required to estimate expenses resulting from obligations under contracts with CROs and other vendors. The financial terms of these contracts vary and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company accrues expenses for preclinical and clinical trial activities performed by CROs and other vendors based upon the amount of work completed on each trial. The Company maintains regular communications with the CROs and other vendors to assess the reasonableness of the accrual. To date, differences between actual preclinical and clinical trial expenses and accrued preclinical and clinical trial expenses recorded have not been material and are adjusted for in the period in which they become known. Payments made under these arrangements in advance of the receipt of the related services are recorded as prepaid expenses and other current assets on the consolidated balance sheets until the services are rendered.

Stock-Based Compensation

In July 2021, the Company adopted and its stockholders approved, the Rani Therapeutics Holdings, Inc. 2021 Equity Incentive Plan (the “2021 Plan”). The Company has subsequently granted stock options to purchase shares of its Class A common stock as well as restricted stock units (“RSUs”) and restricted stock awards ("RSAs") from the 2021 Plan to both employees and non-employees. The Company measures stock-based compensation at fair value on the grant date of the award. The fair value of employee and nonemployee RSUs is determined based on the number of shares granted and the closing market price of the Company’s Class A common stock on the date of grant. The fair value of RSAs is determined based on the estimated fair value of the Company’s Class A common stock on the grant date and is subject to the Company's reacquisition right which is accounted for as a forfeiture provision (Note 11). For awards that vest subject to the satisfaction of service requirements, compensation expense is measured based on the fair value of the award on the date of grant and expense is recognized on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur. Stock-based compensation is classified in the accompanying consolidated statements of operations and comprehensive loss based on the function to which the related services are provided.

The Company determines the grant-date fair value of options to purchase common shares using the Black-Scholes option-pricing model which requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the option, the risk-free interest rate for a period that approximates the expected term of the option, and the Company’s expected dividend yield. Such assumptions represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. If actual results are not consistent with the Company’s assumptions and judgments used in making these estimates, the Company may be required to increase or decrease compensation expense, which could be material to the Company’s consolidated results of operations.

Income Taxes

Rani LLC is a pass-through entity for United States federal and most applicable state and local income tax purposes following the IPO and Organizational Transactions. As an entity classified as a partnership for tax purposes, Rani LLC is not subject to United States federal and certain state and local income taxes. Any taxable income or loss generated by Rani LLC is passed through to, and included in the taxable income or loss of, its members, including the Company. The Company is taxed as a corporation and pays corporate federal, state and local taxes with respect to income allocated to it, based on its economic interest in Rani LLC.

The Company accounts for income taxes under the asset and liability method of accounting. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the Company expects to recover or settle those temporary differences. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in the results of operations in the period that includes the enactment date. The Company reduces the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that the Company will not realize some or all of the deferred tax asset.

The Company’s tax positions are subject to income tax audits. The Company uses a recognition threshold and measurement attribute for the consolidated financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. A tax position is recognized when it is more likely than not that the tax position will be sustained upon examination, including the resolution of any related appeals or litigation. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than a 50% likelihood of being realized upon ultimate settlement with a taxing authority. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense in the accompanying consolidated statements of operations and comprehensive loss. No such interest and penalties were recognized for any period presented.

Tax Receivable Agreement

In August 2021, in connection with the IPO and Organizational Transactions, the Company entered into a tax receivable agreement ("TRA") with certain of the Continuing LLC Owners. The TRA provides that the Company pay to such Continuing LLC Owners, 85% of the amount of tax benefits, if any, it is deemed to realize (calculated using certain assumptions) as a result of (i) increases in the tax basis of assets of Rani LLC resulting from (a) any future redemptions or exchanges of Paired Interests or non-corresponding Class A Units of Rani LLC and (b) payments under the TRA and (ii) certain other benefits arising from payments under the TRA (collectively the “Tax Attributes”).

A liability for the payable to parties subject to the TRA, and a reduction to stockholders’ equity, is accrued when (i) an exchange of a Paired Interest or non-corresponding Class A Units of Rani LLC has occurred and (ii) when it is deemed probable that the Tax Attributes associated with the exchange will be used to reduce the Company’s taxable income based on the contractual percentage of the benefit of Tax Attributes that the Company expects to receive over a period of time (Note 14).

Non-controlling Interest

Non-Controlling Interest

Non-controlling interest ("NCI") represents the portion of income or loss, net assets and comprehensive loss of the Company's consolidated subsidiary that is not allocable to Rani Holdings based on the Company's percentage of ownership of Rani LLC.

In August 2021, based on the Organizational Transactions, Rani Holdings became the sole managing member of Rani LLC. As of December 31, 2024, Rani Holdings held approximately 57% of the Class A Units of Rani LLC, and approximately 43% of the outstanding Class A Units of Rani LLC are held by the Continuing LLC Owners. Therefore, the Company reports NCI based on the Class A Units of Rani LLC held by the Continuing LLC Owners on its consolidated balance sheet as of December 31, 2024. Income or loss attributed to the NCI in Rani LLC is based on the Class A Units outstanding during the period for which the income or loss is generated and is presented on the consolidated statements of operations and comprehensive loss.

Future exchanges of Paired Interests and non-corresponding Class A Units of Rani LLC will result in a change in ownership and reduce or increase the amount recorded as NCI and increase or decrease additional paid-in-capital when Rani LLC has positive or negative net assets, respectively. From the date of the Organizational Transactions to December 31, 2024, there were 5,318,539 exchanges of Paired Interests and 315,892 exchanges of non-corresponding Class A Units of Rani LLC for an equal number of shares of the Company's Class A common stock.

Comprehensive Loss

Comprehensive loss is defined as a change in equity of a business enterprise during a period, resulting from transactions and other events and/or circumstances from non-owner sources. Other comprehensive loss represents changes in fair value of the Company's available-for-sale marketable securities.

Concentrations of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains accounts in federally insured financial institutions in excess of federally insured limits. The Company also holds money market funds that are not federally insured.

Cash, Cash Equivalents and Restricted Cash Equivalents

The Company considers all cash held on deposit and highly liquid investments purchased with original or remaining maturities of less than three months at the date of purchase to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents consist of balances held in demand depositary accounts and money market funds. Restricted cash equivalents consist of cash collateral required by a bank in connection with the Company's commercial credit cards program. The Company limits its credit risk associated with cash, cash equivalents and restricted cash equivalents by maintaining its bank accounts at major financial institutions.


	Year Ended December 31,
	2024		2023
Cash and cash equivalents	$	3,762	$	5,864
Restricted cash equivalents		500		500
Total cash, cash equivalents and restricted cash equivalents	$	4,262	$	6,364

Contract Balances

A contract asset is created when the Company satisfies a performance obligation by transferring a promised good or service to the customer. Contract assets may represent conditional or unconditional rights to consideration. The right is conditional and recorded as a contract asset if the Company must first satisfy another performance obligation in the contract before it is entitled to payment from the customer. Contract assets are transferred to accounts receivable once the right becomes unconditional. If the Company has the unconditional right to receive consideration from the customer, the contract asset is accounted for as accounts receivable and presented separately from contract assets. A right is unconditional if nothing other than the passage of time is required before payment of that consideration is due. As of December 31, 2024, contract asset balances totaled $0.4 million.

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 December 31, 2024, no deferred revenue was recognized for unsatisfied evaluation services.

Marketable Securities

The Company invests its excess cash in marketable securities with high credit ratings including securities issued by U.S. and international governments and their agencies, corporate debt securities and commercial paper. The Company has assessed U.S. government treasuries as Level 1 and all other marketable securities as Level 2 within the fair value hierarchy. All the Company's marketable securities have been accounted for as available-for-sale and carried at fair value. The Company classifies all its available-for-sale marketable securities, including those with maturity dates beyond one year, as current assets on the consolidated balance sheets as the Company may sell these securities at any time for use in current operations even if they have not yet reached maturity. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income and other, net on the consolidated statements of operations and comprehensive loss. Realized gains and losses on marketable securities are included in other income (expense) on the consolidated statements of operations. Gains and losses on sales are recorded based on the trade date and determined using the specific identification method.

The Company regularly reviews its investments for declines in fair value below their amortized cost basis to determine whether the impairment is due to credit-related factors or noncredit-related factors. The Company's review includes the creditworthiness of the security issuers, the severity of the unrealized losses, whether the Company has the intent to sell the securities and whether it is more likely than not that the Company will be required to sell the securities before the recovery of its amortized cost bases. When the Company determines that a portion of the unrealized loss is due to an expected credit loss, the Company recognizes the loss amount in Other income (expense), net, with a corresponding allowance against the carrying value of the security the Company holds. The portion of the unrealized loss related to factors other than credit losses is recognized in Accumulated other comprehensive loss. The Company has made an accounting policy election to not measure an allowance for credit loss for accrued interest receivables and will recognize a credit loss for accrued interest receivables when the loss becomes probable and estimable.

Fair Value of Financial Instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

As of December 31, 2024 and 2023, the carrying values of current assets and liabilities approximates fair value due to their short-term nature, respectively. The fair value of the Company’s long-term debt approximated its carrying value based on borrowing rates currently available to the Company for debt with similar terms and maturities (Level 2 inputs).

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgement exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument.

Property and Equipment, Net

Property and equipment, net are stated at cost, less accumulated depreciation and amortization calculated using the straight-line method over the estimated useful lives of the assets, generally between three and five years. Leasehold improvements are amortized over the shorter of the related lease term or useful life. Maintenance and repairs are charged to operations when incurred, while betterments or renewals are capitalized. When property and equipment are sold or otherwise disposed of, the asset account and related accumulated depreciation and amortization accounts are relieved, and any gain or loss is included in the results of operations. Construction-in-progress consists of production equipment that will be used to scale-up the manufacturing of the RaniPill capsule for clinical trials and that has been determined to have an alternative future use. Construction-in-progress is stated at cost and does not begin to depreciate until it is put into production.

Impairment of Long-Lived Assets

The Company reviews the carrying amounts of its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. If indicators of impairment exist, an impairment loss would be recognized when the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. The impairment charge is determined based upon the excess of the carrying value of the asset over its estimated fair value, with estimated fair value determined based upon an estimate of discounted future cash flows or other appropriate measures of estimated fair value.

As of December 31, 2024, the Company assessed the recoverability of the long-lived assets relating to construction-in-progress property and equipment. The Company considered many factors in evaluating whether the value of its construction-in-progress property and equipment may not be recoverable, including, but not limited to, alternative use, cost-savings and strategic considerations. As a result, the Company determined the carrying amount of the construction-in-progress property and equipment exceeded its fair value, and was written down to its salvage value. Therefore, an impairment loss of $3.7 million was recognized as of December 31, 2024, related to construction-in-progress property and equipment.

Leases

The Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present at the inception of the arrangement and if such a lease is classified as a financing lease or operating lease. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. For any arrangement that is considered to be a lease with a term greater than one year, the Company recognizes a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. Operating leases are included in operating lease right-of-use ("ROU") assets and operating lease liabilities in the Company’s consolidated balance sheet as of December 31, 2024.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease contract. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the expected lease term. In determining the net present value of lease payments, the interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the appropriate incremental borrowing rate (“IBR”), which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the ROU asset may be required for items such as initial direct costs paid or incentives received and impairment charges if the Company determines the ROU asset is impaired. The Company considers a lease term to be the noncancelable period during which it has the right to use the underlying asset, including any periods where it is reasonably certain the Company will exercise the option to extend the contract. Periods covered by an option to extend are included in the lease term if the lessor controls the exercise of that option.

The operating lease ROU assets also include any lease payments made and exclude lease incentives. The Company has elected to not separate lease and non-lease components for its leased assets and accounts for all lease and non-lease components of its agreements as a single lease component. The lease components resulting in a ROU asset have been recorded on the consolidated balance sheet and amortized as lease expense on a straight-line basis over the lease term.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC“) 480, “Distinguishing Liabilities from Equity”, and ASC 815, “Derivatives and Hedging”. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value of the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of liability classified warrants are recognized as a non-cash gain or loss on the consolidated statements of operations. Costs associated with issuing the warrants classified as derivative liabilities are charged to operations when the warrants are issued.

Net Loss Per Class A Common Share Attributable to Rani Holdings

Basic net loss per Class A common share attributable to Rani Holdings is computed by dividing net loss attributable to the Company by the weighted average number of Class A common shares outstanding during the period, without consideration of potential dilutive securities. Diluted net loss per Class A common share is computed giving effect to all potentially dilutive shares. Diluted net loss per Class A common share for all periods presented is the same as basic loss per share as the inclusion of potentially issuable shares would be antidilutive.

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates

Recently adopted accounting pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, requiring public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The Company adopted ASU 2023-07 effective December 31, 2024, on a retrospective basis. The adoption of 2023-07 did not change the way that the Company identifies its reportable segment. However, it has resulted in incremental disclosures within the notes of the Company’s consolidated financial statements (Note 16).

Recently Issued Accounting Pronouncements

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 consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)” to provide disaggregated information about certain income statement costs and expenses. ASU 2024-03 is effective for the Company’s annual periods beginning January 1, 2027, with early adoption permitted. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding, Beginning balance	6,639,811
Granted	4,204,325
Exercised	(18,757)
Canceled	(599,946)
Number of Options, Outstanding, Ending balance	10,225,433	6,639,811
Exercisable at December 31, 2024	5,162,703
Nonvested at December 31, 2024	5,062,730
Weighted Average Exercise Price per Share, Outstanding, Beginning balance	$ 6.37
Weighted Average Exercise Price per Share, Granted	3.72
Weighted Average Exercise Price per Share, Exercised	2.72
Weighted Average Exercise Price per Share, Canceled and replaced with stock options	5.1
Weighted Average Exercise Price per Share, Outstanding, Ending balance	5.52	$ 6.37
Weighted Average Exercise Price per Share, Exercisable at December 31, 2024	7.52
Weighted Average Exercise Price per Share, Nonvested at December 31, 2024	$ 3.46
Weighted Average Remaining Contractual Term (in years)	8 years 2 months 4 days	8 years 5 months 23 days
Weighted Average Remaining Contractual Term, Granted (in years)	9 years 3 months
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2024 (in years)	7 years 6 months 29 days
Weighted Average Remaining Contractual Term, Nonvested at December 31, 2024 (in years)	8 years 9 months 14 days
Aggregate Intrinsic Value, Outstanding, Beginning Balance	$ 13,377
Aggregate Intrinsic Value, Granted (in thousands)	0
Aggregate Intrinsic Value, Outstanding, Ending Balance	0	$ 13,377
Aggregate Intrinsic Value, Exercisable at December 31, 2024 (in thousands)	0
Aggregate Intrinsic Value, Nonvested at December 31, 2024 (in thousands)	$ 0

Subsequent Events (Additional Information) (Details) - Rani L L C [Member]	Mar. 31, 2024 ft²
Minimum [Member]
Subsequent Event [Line Items]
Land square feet	23,000
Maximum [Member]
Subsequent Event [Line Items]
Land square feet	24,000

Evaluation and Collaborative Arrangements - Additional information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2024	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Deferred revenue		$ 0
Research and Development Arrangement
Disaggregation of Revenue [Line Items]
Up Front Payment Arrangement	$ 600
Increase (Decrease) in Accounts Receivable	600
Revenue Not from Contract with Customer	$ 1,200
Revenue from contract		$ 1,000

- 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

- 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
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-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
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-Paragraph 32
-Subparagraph (ee)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
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Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Cash Equivalents, Restricted Cash Equivalents and Marketable Securities (Additional Information) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Prepaid expenses and other current assets	$ 0.0	$ 0.2

Balance Sheet Components - Property and equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross - Total	$ 6,157	$ 5,872
Less accumulated depreciation and amortization	(4,640)	(3,671)
Total	1,517	2,201
Total property and equipment, net	1,548	6,105
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross - Total	4,233	4,023
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross - Total	1,655	1,588
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross - Total	165	157
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross - Total	104	104
Construction-in progress
Property, Plant and Equipment [Line Items]
Construction-in progress	$ 31	$ 3,904

Commitments and Contingencies

12 Months Ended

Dec. 31, 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 (Note 2). As of December 31, 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 $23.3 million at December 31, 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 consolidated statement of operations and comprehensive loss at that time.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 0	$ 0
Unrecognized tax benefits	600
Valuation allowance	69,072	60,999
NOL
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 8,100	$ 8,200

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Paragraph 1
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Net Loss Per Share

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2024			2023
Numerator:
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.	$	(30,018	)	$	(33,970	)
Denominator:
Weighted average Class A common share outstanding—basic and diluted		28,476			25,505
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.—basic and diluted	$	(1.05	)	$	(1.33	)

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 December 31,
	2024		2023
Paired Interests		23,972		24,116
Stock options		10,225		6,640
Warrants		6,656		76
Non-corresponding Class A Units		1,230		1,345
Restricted stock units		812		1,276
Shares issuable pursuant to the ESPP		62		114
Restricted stock awards		3		34
		42,960		33,601

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 year ended December 31, 2024. Therefore, they are not included in the computation of net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.

Leases - Summary of Consolidated Balance Sheets and Statements of Cash Flow Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in lease liabilities:
Operating cash flows used for operating leases	$ 1,480	$ 1,042
Weighted average remaining lease term	3 years 10 months 24 days	10 months 24 days
Weighted average discount rate	10.40%	10.40%

Stock-Based Compensation - Summary of Restricted Stock Unit and Award Activity (Details)	12 Months Ended
	Dec. 31, 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	(394,760)
Forfeited, Number of Shares \| shares	(69,458)
Outstanding, Number of Shares, Ending Balance \| shares	811,893
Outstanding, Weighted-Average Grant Date Fair Value \| $ / shares	$ 7.16
Vested, Weighted-Average Grant Date Fair Value \| $ / shares	7.29
Forfeited, Weighted-Average Grant Date Fair Value \| $ / shares	7.42
Outstanding, Weighted-Average Grant Date Fair Value \| $ / shares	$ 7.08
Restricted Stock Awards [Member]
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	(30,002)
Forfeited, Number of Shares \| shares	(327)
Outstanding, Number of Shares, Ending Balance \| shares	3,257
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	$ 6.17

- 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

Cash Equivalents, Restricted Cash Equivalents and Marketable Securities - Summary of cash, cash equivalents, restricted cash equivalents and marketable securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 25,775	$ 46,542
Gross unrealized Gains	5	0
Gross Unrealized Losses	0	(28)
Estimated Fair Value	25,780	46,514
Restricted Cash Equivalents \| Money market funds
Cash and Cash Equivalents [Line Items]
Amortized Cost	500	500
Gross unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	500	500
Cash, cash equivalents and restricted cash equivalents
Cash and Cash Equivalents [Line Items]
Amortized Cost	904	3,839
Gross unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	904	3,839
Available-for-Sale Securities
Cash and Cash Equivalents [Line Items]
Amortized Cost		42,703
Gross unrealized Gains		0
Gross Unrealized Losses		(28)
Estimated Fair Value		42,675
Available-for-Sale Securities \| U.S. Treasuries
Cash and Cash Equivalents [Line Items]
Amortized Cost	24,871	35,513
Gross unrealized Gains	5	0
Gross Unrealized Losses	0	(18)
Estimated Fair Value	24,876	35,495
Available-for-Sale Securities \| Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized Cost		5,219
Gross unrealized Gains		0
Gross Unrealized Losses		(2)
Estimated Fair Value		5,217
Available-for-Sale Securities \| Corporate Debt Securities
Cash and Cash Equivalents [Line Items]
Amortized Cost		1,971
Gross unrealized Gains		0
Gross Unrealized Losses		(8)
Estimated Fair Value		1,963
Cash and Cash Equivalents
Cash and Cash Equivalents [Line Items]
Amortized Cost	404	3,339
Gross unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	404	3,339
Cash and Cash Equivalents \| Money market funds
Cash and Cash Equivalents [Line Items]
Amortized Cost	404	3,339
Gross unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 404	$ 3,339

Leases - Additional Information (Details) $ in Thousands		1 Months Ended	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Feb. 01, 2024	Nov. 30, 2023 USD ($) ft²	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2024 ft²
Lessee, Lease, Description [Line Items]
Operating Lease, Payments \| $			$ 1,480	$ 1,042
Rani L L C [Member]
Lessee, Lease, Description [Line Items]
Land Subject to Ground Leases		33,000
Lessee, Operating Lease, Term of Contract	63 months
Lessee, Operating Lease, Renewal Term			5 years
Operating Lease, Payments \| $		$ 95,000
Percentage of increase in monthly base rent (per year)	4.00%
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.
Rani L L C [Member] \| Maximum [Member]
Lessee, Lease, Description [Line Items]
Land square feet					24,000
Rani L L C [Member] \| Minimum [Member]
Lessee, Lease, Description [Line Items]
Land square feet					23,000

Long Term Debt - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2022	Dec. 31, 2024	Oct. 31, 2024	Jul. 31, 2024
Debt Instrument [Line Items]
Debt instrument, face amount	$ 15.0
Warrant exercise price	$ 11.79
Interest Rate On Loan		15.02%
Warrant [Member]
Debt Instrument [Line Items]
Warrant exercise price			$ 0.0001	$ 0.0001
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
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 45.0
Debt instrument, face amount	$ 15.0
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate On Loan	5.60%
Minimum [Member] \| Loan and Security Agreement \| Avenue Venture Opportunity Fund L.P
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 15.0
Maximum [Member]
Debt Instrument [Line Items]
Interest Rate On Loan	10.35%
Maximum [Member] \| Loan and Security Agreement \| Avenue Venture Opportunity Fund L.P
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	$ 30.0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Variable Interest Entities

Use of Estimates

Revenue Recognition

Collaborative Arrangements

Research and Development Costs

Preclinical and Clinical Trial Accruals

Stock-Based Compensation

Income Taxes

Tax Receivable Agreement

Non-Controlling Interest

Comprehensive Loss

Concentrations of Credit Risk and Other Risks and Uncertainties

Cash, Cash Equivalents and Restricted Cash Equivalents


	Year Ended December 31,
	2024		2023
Cash and cash equivalents	$	3,762	$	5,864
Restricted cash equivalents		500		500
Total cash, cash equivalents and restricted cash equivalents	$	4,262	$	6,364

Contract Balances

Marketable Securities

Fair Value of Financial Instruments

Level 1—Quoted prices in active markets for identical assets or liabilities.

Property and Equipment, Net

Impairment of Long-Lived Assets

Leases

Warrants

Net Loss Per Class A Common Share Attributable to Rani Holdings

Emerging Growth Company Status

Recently adopted accounting pronouncements

Recently Issued Accounting Pronouncements

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2024	Jul. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Preferred stock authorized			20,000,000	20,000,000
Preferred stock, par value			$ 0.0001	$ 0.0001
Net preceed	$ 9,400	$ 8,900	$ 15	$ 40
Previously Reported [Member]
Exchange Of Common Units			144,592	0
Continuing LLC Owners [Member]
General Partner Ownership Interest			43.00%
Continuing LLC Owners [Member] \| Outstanding Capital Class A Unit [Member]
General Partner Ownership Interest			43.00%
Rani LLC
Exchange Of Common Units			5,318,539
Rani LLC \| Outstanding Capital Class A Unit [Member]
General Partner Ownership Interest			57.00%
Common Class A
Common stock shares authorized			800,000,000	800,000,000
Common stock par value	$ 0.0001		$ 0.0001	$ 0.0001
Common stock shares issued	3,000,000	2,800,000	33,430,000	26,036,000
Common Stock, Par or Stated Value Per Share	$ 0.0001		$ 0.0001	$ 0.0001
Exchange Of Common Units			315,892
Common Class A \| Rani LLC
Exchange Of Common Units			115,437	42,404
Common Class B
Common stock shares authorized			40,000,000	40,000,000
Common stock par value			$ 0.0001	$ 0.0001
Common stock shares issued			23,972,000	24,116,000
Common Stock, Par or Stated Value Per Share			$ 0.0001	$ 0.0001
Common Class C
Common stock shares authorized			20,000,000	20,000,000
Common stock par value			$ 0.0001	$ 0.0001
Common stock shares issued			0	0
Common Stock, Par or Stated Value Per Share			$ 0.0001	$ 0.0001
2021 Employee Stock Purchase Plan \| Common Class A
Common units reserved for issuance			500,000
Common stock shares issued			200,000
2021 Equity Incentive Plan \| Common Class A
Common units reserved for issuance				2,000,000
Organizational Transactions [Member] \| Previously Reported [Member]
Exchange Of Common Units			5,318,539
Organizational Transactions [Member] \| Common Class A \| Rani LLC
Exchange Of Common Units			315,892
Warrant [Member] \| Series B
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		3,246,753
Warrant [Member] \| Series C
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	3,333,333
Warrant [Member] \| Common Class A
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	333,333	446,753
Common stock shares issued	3,246,753	3,246,753
Warrant [Member] \| Common Class A \| Series A
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	3,246,753	3,246,753
Warrant [Member] \| Common Class A \| Series B
Common stock shares issued		3,246,753
Warrant [Member] \| Common Class A \| Series C
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	3,333,333
Warrant [Member] \| Common Class C
Common stock shares issued	3,333,333

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (56,584)	$ (67,883)
Other comprehensive loss
Net unrealized gain on marketable securities	33	121
Comprehensive loss	(56,551)	(67,762)
Comprehensive loss attributable to non-controlling interest	(26,550)	(33,852)
Comprehensive loss attributable to Rani Therapeutics Holdings, Inc.	$ (30,001)	$ (33,910)

- 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

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+ 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.

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+ Details

Related Party Transactions - Schedule of Amounts Charged for Services and Rent (Details) - ICL - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party charges	$ 1,127	$ 1,508
Research and Development Expense
Related Party Transaction [Line Items]
Related party charges	954	1,254
General and Administrative Expense
Related Party Transaction [Line Items]
Related party charges	$ 173	$ 254

Summary of Significant Accounting Policies - Reconciliation of cash, cash equivalents and restricted cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 3,762	$ 5,864
Restricted cash equivalents	500	500
Total cash, cash equivalents and restricted cash equivalents	$ 4,262	$ 6,364

Leases - Summary of Future Minimum Operating Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 1,902
2026	1,229
2027	1,278
2028	1,330
2029	458
Total undiscounted future minimum lease payments	6,197
Less: Imputed interest	(1,101)
Total operating lease liability	5,096
Less: Current portion of operating lease liability	1,459	$ 718
Operating lease liability, less current portion	$ 3,637	$ 0

Income Taxes - Schedule of Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%
State tax, net of federal tax benefit	3.70%	3.50%
Non-controlling interest	(9.80%)	(10.50%)
Research and development credits	1.70%	2.40%
Uncertain tax position	(0.30%)	(0.40%)
Other	0.20%	0.10%
Change in valuation allowance	(16.50%)	(16.10%)
Effective tax rate	0.00%	0.00%

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2024			2023
Numerator:
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.	$	(30,018	)	$	(33,970	)
Denominator:
Weighted average Class A common share outstanding—basic and diluted		28,476			25,505
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.—basic and diluted	$	(1.05	)	$	(1.33	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	As of December 31,
	2024		2023
Paired Interests		23,972		24,116
Stock options		10,225		6,640
Warrants		6,656		76
Non-corresponding Class A Units		1,230		1,345
Restricted stock units		812		1,276
Shares issuable pursuant to the ESPP		62		114
Restricted stock awards		3		34
		42,960		33,601

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,762	$ 5,864
Contract asset	428	0
Marketable securities	23,877	42,675
Prepaid expenses and other current assets	1,677	2,308
Total current assets	29,744	50,847
Property and equipment, net	1,548	6,105
Operating lease right-of-use asset	5,096	718
Other assets	246	246
Total assets	36,634	57,916
Current liabilities:
Accounts payable	1,359	648
Accrued expenses and other current liabilities	2,073	1,726
Current portion of long-term debt	15,000	4,897
Current portion of operating lease liability	1,459	718
Total current liabilities	19,891	7,989
Long-term debt, less current portion	9,613	24,484
Operating lease liability, less current portion	3,637	0
Total liabilities	33,141	32,473
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.0001 par value - 20,000 shares authorized; none issued and outstanding as of December 31, 2024 and December 31, 2023	0	0
Additional paid-in capital	104,889	85,762
Accumulated other comprehensive gain (loss)	5	(12)
Accumulated deficit	(102,907)	(72,889)
Total stockholders' equity attributable to Rani Therapeutics Holdings, Inc.	1,992	12,866
Non-controlling interest	1,501	12,577
Total stockholders' equity	3,493	25,443
Total liabilities and stockholders' equity	36,634	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

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Contract revenue	$ 1,028	$ 0
Operating expenses
Research and development	26,682	39,624
General and administrative	23,946	26,475
Impairment loss	3,714	0
Total operating expenses	54,342	66,099
Loss from operations	(53,314)	(66,099)
Other income (expense), net
Interest income and other, net	1,763	3,301
Interest expense and other, net	(5,033)	(5,085)
Net loss	(56,584)	(67,883)
Net loss attributable to non-controlling interest	(26,566)	(33,913)
Net loss attributable to Rani Therapeutics Holdings, Inc.	$ (30,018)	$ (33,970)
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.-basic	$ (1.05)	$ (1.33)
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.-diluted	$ (1.05)	$ (1.33)
Weighted average Class A common share outstanding-basic	28,476	25,505
Weighted average Class A common share outstanding-diluted	28,476	25,505

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Marketable Securities	$ 25,780	$ 46,514
Fair Value, Recurring
Assets:
Total assets	25,780	46,514
Fair Value, Recurring \| U.S. Treasuries
Assets:
Marketable Securities	24,876	35,495
Fair Value, Recurring \| Commercial paper
Assets:
Marketable Securities		5,217
Fair Value, Recurring \| Corporate debt securities
Assets:
Marketable Securities		1,963
Fair Value, Recurring \| Money market funds
Assets:
Cash equivalents	404	3,339
Restricted cash equivalents	500	500
Level 1 \| Fair Value, Recurring
Assets:
Total assets	25,780	39,334
Level 1 \| Fair Value, Recurring \| U.S. Treasuries
Assets:
Marketable Securities	24,876	35,495
Level 1 \| Fair Value, Recurring \| Commercial paper
Assets:
Marketable Securities		0
Level 1 \| Fair Value, Recurring \| Corporate debt securities
Assets:
Marketable Securities		0
Level 1 \| Fair Value, Recurring \| Money market funds
Assets:
Cash equivalents	404	3,339
Restricted cash equivalents	500	500
Level 2 \| Fair Value, Recurring
Assets:
Total assets	0	7,180
Level 2 \| Fair Value, Recurring \| U.S. Treasuries
Assets:
Marketable Securities	0	0
Level 2 \| Fair Value, Recurring \| Commercial paper
Assets:
Marketable Securities		5,217
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 \| U.S. Treasuries
Assets:
Marketable Securities	0	0
Level 3 \| Fair Value, Recurring \| Commercial paper
Assets:
Marketable Securities		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

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

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

Supplemental information on the Company’s consolidated balance sheet and statements of cash flows as of December 31, 2024 and 2023, respectively, related to leases was as follows (in thousands):


	December 31,
	2024			2023
Weighted-average remaining lease term (in years)		3.9			0.9
Weighted-average discount rate		10.4	%		10.4	%


	Year Ended December 31,
	2024		2023
Cash paid for amounts included in lease liabilities:
Operating cash flows used for operating leases	$	1,480	$	1,042

Summary of Future Minimum Operating Lease Payments

As of December 31, 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,
2025	$	1,902
2026		1,229
2027		1,278
2028		1,330
2029		458
Total undiscounted future minimum lease payments	$	6,197
Less: Imputed interest		(1,101	)
Total operating lease liability	$	5,096
Less: Current portion of operating lease liability		1,459
Operating lease liability, net current portion	$	3,637

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (30,018)	$ (33,970)

- Definition

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

+ References

+ Details

Income Taxes - Schedule of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Investment in partnership	$ 46,258	$ 45,470
Net operating loss carryforward	19,384	12,979
Research and development credits	3,430	2,550
Total deferred tax assets	69,072	60,999
Valuation allowance	(69,072)	(60,999)
Total deferred tax assets, net of valuation allowance	$ 0	$ 0

Related Party Transactions

12 Months Ended

Dec. 31, 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 had 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.


	Year Ended December 31,
	2024		2023
Research and development	$	954	$	1,254
General and administrative		173		254
Total	$	1,127	$	1,508

As of December 31, 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 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.

Tax Receivable Agreement

Certain parties to the 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. For each of the years ended December 31, 2024 and 2023, these parties to the TRA exchanged zero Paired Interests, respectively, that resulted in tax benefits subject to the TRA (Note 14).

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.

For each the years ended December 31, 2024 and 2023, certain related parties that are party to the Rani LLC Agreement exchanged zero Paired Interests, respectively, 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Warrants

12 Months Ended

Dec. 31, 2024

Warrants and Rights Note Disclosure [Abstract]

Warrants

9. Warrants

In October 2024, as part of the October Offering, the Company issued (i) pre-funded warrants to purchase 333,333 shares of Class A common stock, and (ii) 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 pre-funded warrants are exercisable immediately 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 Series C warrants include certain rights upon “fundamental transactions,” as described in the Series C warrants, including 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 of the unexercised portion of the applicable Series C warrants on the date of the consummation of the fundamental transactions. In October 2024, the pre-funded warrants were fully exercised for de minimis proceeds. As of December 31, 2024, there were 3,333,333 Series C warrants outstanding.

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. Pursuant to the October Offering, 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 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 B warrants include certain rights upon “fundamental transactions,” as described in the Series B warrants, including 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 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 December 31, 2024, there were 3,246,753 Series B warrants outstanding.

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 December 31, 2024, there were 76,336 warrants outstanding.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (56,584)	$ (67,883)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	16,031	19,008
Depreciation and amortization	1,028	822
Non-cash operating lease expense	1,809	1,041
Amortization of debt discount and issuance costs	232	232
Net accretion and amortization of investments in marketable securities	(1,247)	(2,316)
Loss on disposal of property and equipment	65	0
Impairment loss	3,714	0
Changes in operating assets and liabilities:
Contract asset	(428)	0
Prepaid expenses and other current assets	631	282
Other assets	0	(245)
Accounts payable	711	(595)
Accrued expenses and other current liabilities	350	(540)
Operating lease liabilities	(1,808)	(1,042)
Net cash used in operating activities	(35,496)	(51,236)
Cash flows from investing activities
Proceeds from maturities of marketable securities	77,550	104,350
Purchases of marketable securities	(57,473)	(73,261)
Purchases of property and equipment	(268)	(1,229)
Net cash provided by investing activities	19,809	29,860
Cash flows from financing activities
Issuance of common stock under employee stock purchase plan	304	355
Proceeds from employee stock purchase plan	15	40
Exercise of stock options	51	0
Tax withholdings paid on behalf of employees for net share settlement	(47)	(162)
Repayment of debt	(5,000)	0
Net cash provided by financing activities	13,585	233
Net decrease in cash, cash equivalents and restricted cash equivalents	(2,102)	(21,143)
Cash, cash equivalents and restricted cash equivalents, beginning of period	6,364	27,507
Cash, cash equivalents and restricted cash equivalents, end of period	4,262	6,364
Supplemental disclosures of cash flow information
Cash paid for interest	4,112	4,182
Cash paid for income taxes	0	35
Supplemental disclosures of non-cash investing and financing activities
Right-of-use assets obtained in exchange for new operating lease liabilities	4,731	0
Exchanges of Paired Interests and non-corresponding Class A Units of Rani LLC	721	169
Remeasurement of operating lease right-of-use assets	589	578
Interest income receivable included in prepaid expenses and other current assets	9	148
Property and equipment purchases included in accounts payable and accrued expenses and other current liabilities	0	18
July Securities Purchase Agreement [Member]
Cash flows from financing activities
Proceeds from issuance of common stock	8,883	0
October Securities Purchase Agreement [Member]
Cash flows from financing activities
Proceeds from issuance of common stock	$ 9,379	$ 0

Stock-Based Compensation - Summary of Components of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total equity-based compensation	$ 16,031	$ 19,008
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total equity-based compensation	4,700	6,407
General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total equity-based compensation	$ 11,331	$ 12,601

- 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

Consolidated Statements of Changes in Stockholder's Equity (Parenthetical) - Common Class A [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
October Securities Purchase Agreement
Stock issuance costs	$ 621
July Securities Purchase Agreement
Stock issuance costs	$ 1,117

Long-term debt - Schedule of Future Principal Payments for the Company's Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2025	$ 15,000
2026	10,000
Total principal payments	25,000
Less: amount representing debt discount	(387)
Total principal payments	24,613
Less: current portion of long-term debt	15,000	$ 4,897
Long-term Debt, Excluding Current Maturities, Total	$ 9,613	$ 24,484

- Definition

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

+ References + Details

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Property and Equipment

Property and equipment, net consist of the following (in thousands):


	December 31,
	2024			2023
Laboratory equipment	$	4,233		$	4,023
Leasehold improvements		1,655			1,588
Office equipment		165			157
Software		104			104
Total		6,157			5,872
Less accumulated depreciation and amortization		(4,640	)		(3,671	)
Total		1,517			2,201
Construction-in-progress		31			3,904
Total property and equipment, net	$	1,548		$	6,105

As of December 31, 2024, the Company recognized an impairment loss of $3.7 million related to construction-in-progress property and equipment (Note 2).

Schedule of Accrued Expenses

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


	December 31,
	2024		2023
Accrued interest	$	931	$	500
Payroll and related costs		353		313
Accrued rent		329		—
Accrued professional fees		107		235
Accrued preclinical and clinical trial costs		70		424
Other		283		254
Total accrued expenses and other current liabilities	$	2,073	$	1,726

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

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


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	404	$	—	$	—	$	404
Restricted cash equivalents:
Money market funds		500		—		—		500
Marketable securities
U.S. Treasuries and agencies		24,876		—		—		24,876
Total assets	$	25,780	$	—	$	—	$	25,780


	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

Evaluation and Collaborative Arrangements

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Evaluation and Collaborative Arrangements

6. Evaluation and Collaborative Arrangements

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, which was concluded to be a single performance obligation with an enforceable right to payment. 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. For the year ended December 31, 2024, $1.0 million in contract revenue was recognized for evaluation services performed.

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 parties share responsibility for the development of RT-114 worldwide, with the Company leading such development for preclinical activities through Phase 1 clinical trials. After initiation of the first Phase 2 clinical trial, the Company will lead development and commercialization of the Product in the United States, Canada, Europe (including the United Kingdom) and Australia, and ProGen will lead development and commercialization 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 December 31, 2024, reimbursement received from ProGen recorded as contra-research and development expense was de minims.

Stock-Based Compensation - Schedule of weighted-average assumptions for options issued (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, Minimum		84.00%
Expected volatility, Maximum		85.80%
Expected volatility	87.60%
Risk-free interest rate, Minimum		3.73%
Risk-free interest rate, Maximum		3.93%
Risk-free interest rate	4.30%
Expected term (in years)	6 years
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		5 years 1 month 6 days
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		5 years 10 months 24 days

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Oct. 31, 2024	Jul. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation	$ 16,031	$ 19,008
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, outstanding, weighted average exercise price	$ 5.52	$ 6.37
Unrecognized equity-based compensation expense	$ 18,400
Recognized over a weighted-average period	2 years 7 months 6 days
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized equity-based compensation expense	$ 4,900
Recognized over a weighted-average period	2 years
Fair value of RSAs vested	$ 1,100
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized over a weighted-average period	1 month 6 days
Fair value of RSAs vested	$ 100
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation	$ 200	$ 300
Employee service share based compensation nonvested awards total compensation cost not yet recognized weighted average vesting period	1 month 6 days
Common Class A
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued	33,430,000	26,036,000	3,000,000	2,800,000
Common Class A \| 2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued	200,000

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-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		4,204,325		$	3.72		9.25	$	—
Exercised		(18,757	)	$	2.72
Canceled		(599,946	)	$	5.10
Balance at December 31, 2024		10,225,433		$	5.52		8.18	$	—
Exercisable at December 31, 2024		5,162,703		$	7.52		7.58	$	—
Nonvested at December 31, 2024		5,062,730		$	3.46		8.79	$	—

The Company uses the Black-Scholes option pricing model to estimate the fair value of each stock option award on the date of grant. The assumptions and estimates are as follows:

•

Expected term - The expected term represents the period of time that stock option awards are expected to remain outstanding. The Company estimates the expected term as the midpoint between actual or expected vesting date and the contractual term.

•

Expected volatility - The expected volatility was derived from the historical stock volatilities of peer public companies within the Company's industry that are considered to be comparable businesses over a period equivalent to the expected term of the stock option awards, since there has been limited trading history of the Company's stock.

•

Risk-free interest rate - The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the stock option awards’ expected term.

•

Expected dividend yield - The expected dividend yield is zero as the Company has no plans to make dividend payments.

The following table sets forth the weighted average assumptions used in estimating the fair value of stock option awards on the grant date:


	Year Ended December 31,
	2024			2023
Expected volatility		87.6	%	84.0 - 85.8		%
Risk-free interest rate		4.30	%	3.73 - 3.93		%
Expected term (in years)		6.0		5.1 - 5.9
Expected dividend yield		—	%		—	%

As of December 31, 2024, there was $18.4 million of unrecognized stock-based compensation expense related to stock options which is expected to be recognized over a weighted-average period of approximately 2.6 years.

Restricted Stock Units

A summary of 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		(394,760	)	$	7.29
Forfeited		(69,458	)	$	7.42
Balance at December 31, 2024		811,893		$	7.08

As of December 31, 2024, there was $4.9 million of unrecognized stock-based compensation expense related to RSUs which is expected to be recognized over a weighted-average period of approximately 2.0 years. The total fair value of RSUs vested was $1.1 million for the year ended December 31, 2024.

Restricted Stock Awards

A summary of 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		(30,002	)	$	6.14
Forfeited		(327	)	$	6.13
Balance at December 31, 2024		3,257		$	6.17

As of December 31, 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 0.1 years. The total fair value of RSAs vested was $0.1 million for the year ended December 31, 2024.

ESPP

As of December 31, 2024, 0.2 million shares of Class A common stock have been issued under the ESPP. During the years ended December 31, 2024 and 2023, the Company recognized $0.2 million and $0.3 million, respectively, of stock-based compensation expense related to the ESPP. As of December 31, 2024, unrecognized stock-based compensation expense related to the ESPP was de minimis which is expected to be recognized over a weighted-average period of approximately 0.1 years. As of December 31, 2024, contributions withheld from employees was de minimis and are recorded as a component of accrued expenses and other current liabilities in the consolidated balance sheet.

Stock-Based Compensation Expense


	Year Ended December 31,
	2024		2023
Research and development	$	4,700	$	6,407
General and administrative		11,331		12,601
Total stock-based compensation	$	16,031	$	19,008

Balance Sheet Components (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 1,000	$ 800
Impairment loss	$ 3,714	$ 0

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
October Securities Purchase Agreement
Stock issuance costs	$ 621
July Securities Purchase Agreement
Stock issuance costs	$ 1,117

Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Statement of Financial Position [Abstract]

Balance Sheet Components

5. Balance Sheet Components

Property and equipment, net

Property and equipment, net consist of the following (in thousands):


	December 31,
	2024			2023
Laboratory equipment	$	4,233		$	4,023
Leasehold improvements		1,655			1,588
Office equipment		165			157
Software		104			104
Total		6,157			5,872
Less accumulated depreciation and amortization		(4,640	)		(3,671	)
Total		1,517			2,201
Construction-in-progress		31			3,904
Total property and equipment, net	$	1,548		$	6,105

As of December 31, 2024, the Company recognized an impairment loss of $3.7 million related to construction-in-progress property and equipment (Note 2). Depreciation and amortization expense totaled $1.0 million and $0.8 million for the years ended December 31, 2024 and 2023, respectively.

Accrued expenses and other current liabilities

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


	December 31,
	2024		2023
Accrued interest	$	931	$	500
Payroll and related costs		353		313
Accrued rent		329		—
Accrued professional fees		107		235
Accrued preclinical and clinical trial costs		70		424
Other		283		254
Total accrued expenses and other current liabilities	$	2,073	$	1,726

Income Taxes - Schedule Of Summary Of Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	$ 19,384	$ 12,979
Federal
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	61,725
State
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	91,958
Research Member \| Federal
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	2,608
Research Member \| State
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	$ 1,806
Tax Year 2041 \| State
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward Expiration Date	Dec. 31, 2041
Tax Year 2041 \| Research Member \| Federal
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward Expiration Date	Dec. 31, 2041
Tax Year 2044 \| State
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward Expiration Date	Dec. 31, 2044
Tax Year 2044 \| Research Member \| Federal
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward Expiration Date	Dec. 31, 2044

Commitments and Contingencies (Additional Information) (Details) - Paired Interest [Member] $ in Millions	Dec. 31, 2024 USD ($)
Minimum [Member]
Loss Contingencies [Line Items]
Accrued Income Taxes, Current	$ 0.0
Maximum [Member]
Loss Contingencies [Line Items]
Accrued Income Taxes, Current	$ 23.3

- 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

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

12 Months Ended

Dec. 31, 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 December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Current assets:
Cash equivalents:
Money market funds	$	404	$	—	$	—	$	404
Total cash equivalents		404		—		—		404
Restricted cash equivalents:
Money market funds		500		—		—		500
Total cash equivalents and restricted cash equivalents		904		—		—		904
Marketable securities:
U.S. Treasuries and agencies		24,871		5		—		24,876
Total cash equivalents, restricted cash equivalents and marketable securities	$	25,775	$	5	$	—	$	25,780


	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