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):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.	$	(7,391	)	$	(6,692	)	$	(14,424	)	$	(13,956	)
Denominator:
Weighted average Class A common shares outstanding—basic and diluted*		187,168			36,542			180,038			34,999
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.—basic and diluted	$	(0.04	)	$	(0.18	)	$	(0.08	)	$	(0.40	)

*The pre-funded warrants (Note 9) are considered outstanding shares in the basic earnings per share calculation given their nominal exercise price (as of the beginning of the period or the date of the grant, whichever is earlier).

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 June 30,
	2026		2025
Paired Interests		23,970		23,970
Stock options		20,994		13,489
Warrants		131,569		13,537
Non-corresponding Class A Units		1,124		1,124
Restricted stock units		167		485
Shares issuable pursuant to the ESPP		138		56
		177,962		52,661

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 six months ended June 30, 2026. Therefore, they are not included in the computation of net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc.