Net Loss Per Share

9 Months Ended

Sep. 30, 2024

15. Net Loss Per Share

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


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

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


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

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