NEWARK, N.J., Dec. 11, 2025 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL) today reported its financial results for the first quarter fiscal year 2026 ended October 31, 2025.
"We remain pleased with the progress of our pivotal Phase 3 TransportNPC$(TM)$ study evaluating Trappsol$(R)$ Cyclo(TM) 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(R) Cyclo(TM) 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 of $45.5 million.
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(R) Cyclo(TM), 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(R) Cyclo(TM), 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.
Contact:
Barbara Ryan
Barbara.ryan@rafaelholdings.com
(203) 274-2825
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.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
(unaudited, in thousands, except share and per share
data)
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
============= ============
(END) Dow Jones Newswires
December 11, 2025 16:01 ET (21:01 GMT)
Comments