Raphael Pharmaceutical Inc.

What they do

Raphael Pharmaceutical Inc. is a pharmaceutical R&D company developing cannabinoid-based therapies, primarily a lead candidate for rheumatoid arthritis (RA) and a potential asthma treatment. It completed a proof-of-concept clinical study for its RA formula in December 2024 and launched a dietary supplement, RaphaWell, in August 2025. The company also conducts pre-clinical research with Rambam Health Care Campus and has filed a provisional patent application for its technology platform.

Revenue drivers

• RaphaWell dietary supplement — Launched in August 2025 in the U.S. as a standalone clinically tested dietary supplement for RA support. No revenue has been reported from this product yet.

Recent performance

For fiscal year 2025, the company reported a net loss of $-1.3M and diluted EPS of $0.07, with operating cash flow of $-210,000. As of March 31, 2026, total assets were $3,000, cash and equivalents were $1,000, and shareholder equity was negative at $-1.7M. The company has not generated revenue from any product candidate and continues to rely on external financing.

Strategy

Management plans to advance its RA product candidate through further pre-clinical research and regulatory pathways toward FDA approval. It also intends to leverage its COVID-19 and RA studies to develop an asthma treatment. The company filed a provisional patent application in November 2025 covering its cannabinoid platform for neutrophil-dominant autoimmune diseases. It launched RaphaWell as an immediate commercial step in the wellness supplement market.

Risks

• Limited operating history and ongoing losses — The company has incurred losses since inception and expects continued losses for the foreseeable future.
• No revenue and need for substantial funding — No revenue has been generated from product candidates, and the company will need to raise substantial additional capital, which may not be available on acceptable terms.
• Dependence on lead product candidate — The company is heavily dependent on the success of its RA product candidate and may not be able to complete development or obtain regulatory approval.
• Lack of active trading market — The absence of an active trading market could impair the company's ability to raise working capital and continue operations.

Outlook

Management will continue investigating and refining its formula through pre-clinical research, aiming to meet FDA standards to progress toward clinical treatments. The company expects to focus on autoimmune diseases, asthma, and potentially other indications covered by its patent application. No specific timelines for clinical trials or regulatory submissions were disclosed.