Full Press Release Details
Rafael Holdings Reports First Quarter Fiscal
2026 Financial Results
NEWARK, NJ - December 11, 2025 (GLOBE
NEWSWIRE) - Rafael Holdings, Inc. (NYSE: RFL) today reported its financial results for the first quarter fiscal year 2026 ended October
"We remain pleased with the progress of
our pivotal Phase 3 TransportNPC study
evaluating Trappsol Cyclo for the treatment of Niemann-Pick Disease
Type C1, which the Data Monitoring Committee (DMC) recommended continuing after their review of prespecified safety and efficacy data
at 48 weeks. We believe that Trappsol Cyclo could provide an important
new treatment option for patients suffering from this rare and fatal genetic disease," said Howard Jonas, Chief Executive
Officer, Executive Chairman and Chairman of the Board of Rafael Holdings.
Rafael Holdings, Inc. First Quarter Fiscal Year 2026 Financial Results
As of October 31, 2025, we had cash and cash equivalents
For the three months ended October 31, 2025, we
recorded a net loss attributable to Rafael Holdings of $9.8 million, or $0.19 per share, versus a net loss of $9.0 million, or $0.37 per
share in the year ago period. The year over year increase in net loss is attributable to the consolidation of Cyclo Therapeutic's
expenses following the acquisition of Cyclo in March 2025.
Research and development expenses were $7.5 million
for the three months ended October 31, 2025, compared to $1.3 million in the year ago period. The year over year increase relates to the
inclusion in the current year period of spending at Cyclo following the March 2025 acquisition.
General and administrative expenses were $2.8
million for the three months ended October 31, 2025, compared to $2.5 million in the year ago period. The year over year increase relates
to the inclusion of expenses at Cyclo following the March 2025 acquisition.
About Rafael Holdings, Inc.
Rafael Holdings, Inc. is a biotechnology company
that develops pharmaceuticals and holds interests in clinical and early stage companies that develop pharmaceuticals and medical devices.
Our lead candidate is Trappsol Cyclo , which is being evaluated in clinical trials for the potential treatment of Niemann-Pick
Disease Type C1 ("NPC1"), a rare, fatal and progressive genetic disorder. We also hold interests in other clinical-stage and
early-stage pharmaceutical development companies and an orthopedic-focused medical device company. Our lead candidate, Trappsol Cyclo ,
is the subject of an ongoing pivotal Phase 3 clinical trial.
Forward Looking Statements
This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding
our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans regarding
the further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs.
These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that
may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements, including, but not limited to, those disclosed under the caption "Risk Factors"
in our Annual Report on Form 10-K for the year ended July 31, 2024, and our other filings with the SEC. These factors could cause actual
results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking
statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
RAFAEL HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
| October 31, 2025 | July 31, 2025 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 45,539 | $ | 52,769 | ||||
| Prepaid clinical costs | 1,584 | 1,045 | ||||||
| Other receivables | - | 1,206 | ||||||
| Accounts receivable, net of allowance for credit losses of $245 at October 31, 2025 and July 31, 2025 | 413 | 627 | ||||||
| Inventory | 272 | 281 | ||||||
| Prepaid expenses and other current assets | 513 | 786 | ||||||
| Total current assets | 48,321 | 56,714 | ||||||
| Property and equipment, net | 1,562 | 1,596 | ||||||
| Non-current prepaid clinical costs | 629 | 1,399 | ||||||
| Convertible notes receivable classified as available-for-sale | 1,858 | 1,858 | ||||||
| Goodwill | 19,939 | 19,939 | ||||||
| Intangible assets, net | 962 | 994 | ||||||
| In-process research and development | 31,575 | 31,575 | ||||||
| Investments | 500 | - | ||||||
| Other assets | 29 | 34 | ||||||
| TOTAL ASSETS | $ | 105,375 | $ | 114,109 | ||||
| LIABILITIES AND EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 6,794 | $ | 6,893 | ||||
| Accrued expenses | 3,860 | 3,304 | ||||||
| Convertible notes payable | 608 | 614 | ||||||
| Due to related parties | 751 | 723 | ||||||
| Other current liabilities | 63 | 66 | ||||||
| Total current liabilities | 12,076 | 11,600 | ||||||
| Accrued expenses, noncurrent | ||||||||
| Convertible notes payable, noncurrent | 3,898 | 3,895 | ||||||
| Deferred income tax liability | 56 | 78 | ||||||
| Other liabilities | 138 | 138 | ||||||
| TOTAL LIABILITIES | 27 | 27 | ||||||
| 16,195 | 15,738 | |||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| EQUITY | ||||||||
| Class A common stock, $0.01 par value; 35,000,000 shares authorized, 787,163 shares issued and outstanding as of October 31, 2025 and July 31, 2025 | 8 | 8 | ||||||
| Class B common stock, $0.01 par value; 200,000,000 shares authorized, 50,867,964 issued and outstanding (excluding treasury shares of 101,487) as of October 31, 2025, and 50,789,697 issued and outstanding (excluding treasury shares of 101,487) as of July 31, 2025 | 509 | 508 | ||||||
| Additional paid-in capital | 322,730 | 322,161 | ||||||
| Accumulated deficit | (242,079 | ) | (232,263 | ) | ||||
| Treasury stock, at cost; 101,487 Class B shares as of October 31, 2025 and July 31, 2025 | (168 | ) | (168 | ) | ||||
| Accumulated other comprehensive income related to unrealized income on available-for-sale securities | 358 | 358 | ||||||
| Accumulated other comprehensive income related to foreign currency translation adjustment | 3,823 | 3,787 | ||||||
| Total equity attributable to Rafael Holdings, Inc. | 85,181 | 94,391 | ||||||
| Noncontrolling interests | 3,999 | 3,980 | ||||||
| TOTAL EQUITY | 89,180 | 98,371 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 105,375 | $ | 114,109 |
RAFAEL HOLDINGS, INC.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited, in thousands, except share and per
| Three Months Ended October 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues | $ | 240 | $ | 128 | ||||
| Cost of infusion Technology revenue | - | 37 | ||||||
| Cost of product revenue | 9 | - | ||||||
| SG&A Expenses | 2,838 | 2,523 | ||||||
| R&D Expenses | 7,484 | 1,326 | ||||||
| Depreciation and amortization | 50 | 86 | ||||||
| Operating Loss | (10,141 | ) | (3,844 | ) | ||||
| Interest income | 399 | 568 | ||||||
| Realized gain on available-for-sale securities | - | 194 | ||||||
| Unrealized loss on investments - Cyclo Therapeutics Inc. | - | (4,365 | ) | |||||
| Unrealized loss on convertible notes receivable, due from Cyclo | - | (1,588 | ) | |||||
| Interest expense | (160 | ) | (162 | ) | ||||
| Other income (loss) | 115 | (2 | ) | |||||
| Loss before Incomes Taxes | (9,787 | ) | (9,199 | ) | ||||
| Taxes | (10 | ) | (12 | ) | ||||
| Consolidated net loss | (9,797 | ) | (9,211 | ) | ||||
| Net income (loss) attributable to noncontrolling interests | 19 | (205 | ) | |||||
| Net loss attributable to Rafael Holdings, Inc. | $ | (9,816 | ) | $ | (9,006 | ) | ||
| Continuing operations loss per share | ||||||||
| Net loss from operations | (9,797 | ) | (9,211 | ) | ||||
| Net income (loss) attributable to noncontrolling interests | 19 | (205 | ) | |||||
| Numerator for loss per share from operations | $ | (9,816 | ) | $ | (9,006 | ) | ||
| Loss per share | ||||||||
| Basic and diluted | (0.19 | ) | (0.37 | ) | ||||
| Loss per basic common share | $ | (0.19 | ) | $ | (0.37 | ) | ||
| Weighted average shares in calculation | 51,184,407 | 24,062,854 |