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Side-by-side financial comparison of Rani Therapeutics Holdings, Inc. (RANI) and Alaunos Therapeutics, Inc. (TCRT). Click either name above to swap in a different company.

Rani Therapeutics Holdings, Inc. is a clinical-stage biotechnology company focused on developing orally deliverable alternatives to injectable biologic therapies. Its core proprietary RaniPill technology is a robotic drug delivery capsule that administers large molecule drugs directly to the intestinal wall, eliminating the need for painful injections. The company serves patients with chronic conditions including diabetes, autoimmune disorders and osteoporosis, and collaborates with leading pharmaceutical partners to advance its product pipeline.

Alaunos Therapeutics, Inc. is a clinical-stage biotechnology company that develops novel T cell receptor (TCR) immunotherapies for the treatment of hard-to-treat solid tumors. The firm focuses on advancing precision oncology candidates targeting shared tumor antigens, serving global oncology patient populations via internal R&D and cross-sector partnerships.

RANI vs TCRT — Head-to-Head

Bigger by revenue
TCRT
TCRT
Infinity× larger
TCRT
$3.0K
$0
RANI

Income Statement — Q3 FY2025 vs Q4 FY2025

Metric
RANI
RANI
TCRT
TCRT
Revenue
$0
$3.0K
Net Profit
$-5.4M
Gross Margin
Operating Margin
Net Margin
Revenue YoY
-40.0%
Net Profit YoY
20.2%
-20.5%
EPS (diluted)
$-0.12

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue
RANI
RANI
TCRT
TCRT
Q4 25
$3.0K
Q3 25
$0
$0
Q2 25
$0
$0
Q1 25
$172.0K
$2.0K
Q4 24
$5.0K
Q3 24
$0
$0
Q2 24
$0
$4.0K
Q1 24
$0
$1.0K
Net Profit
RANI
RANI
TCRT
TCRT
Q4 25
Q3 25
$-5.4M
$-1.2M
Q2 25
$-6.7M
$-1.1M
Q1 25
$-7.3M
$-1.1M
Q4 24
Q3 24
$-6.8M
$-1.1M
Q2 24
$-6.8M
$-1.1M
Q1 24
$-7.5M
$-1.7M
Operating Margin
RANI
RANI
TCRT
TCRT
Q4 25
Q3 25
Q2 25
Q1 25
-6984.3%
-54600.0%
Q4 24
Q3 24
Q2 24
-29150.0%
Q1 24
-174200.0%
Net Margin
RANI
RANI
TCRT
TCRT
Q4 25
Q3 25
Q2 25
Q1 25
-4223.3%
-53650.0%
Q4 24
Q3 24
Q2 24
-28225.0%
Q1 24
-168200.0%
EPS (diluted)
RANI
RANI
TCRT
TCRT
Q4 25
Q3 25
$-0.12
$-0.55
Q2 25
$-0.18
$-0.63
Q1 25
$-0.22
$-0.67
Q4 24
Q3 24
$-0.24
$-0.70
Q2 24
$-0.26
$-0.71
Q1 24
$-0.29
$-1.05

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
RANI
RANI
TCRT
TCRT
Cash + ST InvestmentsLiquidity on hand
$4.1M
$1.4M
Total DebtLower is stronger
$13.8M
Stockholders' EquityBook value
$-7.9M
$2.2M
Total Assets
$10.1M
$3.0M
Debt / EquityLower = less leverage

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
RANI
RANI
TCRT
TCRT
Q4 25
$1.4M
Q3 25
$4.1M
$1.9M
Q2 25
$10.2M
$2.9M
Q1 25
$10.1M
$319.0K
Q4 24
$1.1M
Q3 24
$4.3M
$1.7M
Q2 24
$4.5M
$2.5M
Q1 24
$6.9M
$4.1M
Total Debt
RANI
RANI
TCRT
TCRT
Q4 25
Q3 25
$13.8M
Q2 25
$17.5M
Q1 25
$21.3M
Q4 24
Q3 24
$28.8M
Q2 24
$30.0M
Q1 24
$30.0M
Stockholders' Equity
RANI
RANI
TCRT
TCRT
Q4 25
$2.2M
Q3 25
$-7.9M
$2.8M
Q2 25
$-5.6M
$3.7M
Q1 25
$-3.1M
$1.1M
Q4 24
$2.1M
Q3 24
$3.1M
$2.7M
Q2 24
$2.8M
$3.8M
Q1 24
$7.4M
$4.8M
Total Assets
RANI
RANI
TCRT
TCRT
Q4 25
$3.0M
Q3 25
$10.1M
$3.7M
Q2 25
$16.9M
$4.7M
Q1 25
$24.1M
$2.1M
Q4 24
$2.8M
Q3 24
$43.5M
$3.5M
Q2 24
$43.7M
$4.7M
Q1 24
$53.5M
$6.0M
Debt / Equity
RANI
RANI
TCRT
TCRT
Q4 25
Q3 25
Q2 25
Q1 25
Q4 24
Q3 24
9.21×
Q2 24
10.58×
Q1 24
4.06×

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
RANI
RANI
TCRT
TCRT
Operating Cash FlowLast quarter
$-5.1M
$-2.9M
Free Cash FlowOCF − Capex
$-3.0M
FCF MarginFCF / Revenue
-98900.0%
Capex IntensityCapex / Revenue
3266.7%
Cash ConversionOCF / Net Profit
TTM Free Cash FlowTrailing 4 quarters

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
RANI
RANI
TCRT
TCRT
Q4 25
$-2.9M
Q3 25
$-5.1M
$-844.0K
Q2 25
$-5.8M
$-701.0K
Q1 25
$-8.1M
$-772.0K
Q4 24
$-5.0M
Q3 24
$-8.4M
$-781.0K
Q2 24
$-9.0M
$-1.7M
Q1 24
$-9.4M
$-1.9M
Free Cash Flow
RANI
RANI
TCRT
TCRT
Q4 25
$-3.0M
Q3 25
Q2 25
$-5.8M
Q1 25
$-8.2M
Q4 24
Q3 24
$-8.5M
Q2 24
$-9.1M
Q1 24
$-9.4M
FCF Margin
RANI
RANI
TCRT
TCRT
Q4 25
-98900.0%
Q3 25
Q2 25
Q1 25
-4767.4%
Q4 24
Q3 24
Q2 24
Q1 24
Capex Intensity
RANI
RANI
TCRT
TCRT
Q4 25
3266.7%
Q3 25
Q2 25
Q1 25
29.7%
Q4 24
0.0%
Q3 24
Q2 24
0.0%
Q1 24
0.0%

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

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