Rafael Holdings, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsRafael Holdings is a clinical-stage biotechnology company whose lead asset, Trappsol Cyclo, is in a pivotal Phase 3 trial for Niemann-Pick Disease Type C1, with several majority-owned subsidiary holdings.
What they do
Rafael Holdings develops pharmaceuticals and holds interests in clinical and early-stage companies developing pharmaceuticals and medical devices. Its lead candidate, Trappsol Cyclo (hydroxypropyl beta cyclodextrin), is being evaluated in a Phase 3 trial for NPC1, a rare fatal genetic disorder. It also holds majority stakes in LipoMedix (liposome cancer therapy), Barer (cancer research, substantially curtailed), Cornerstone (cancer metabolism), Rafael Medical Devices (orthopedic devices), and Day Three Labs (product reformulation technology). Cyclo Therapeutics became a wholly-owned subsidiary after a March 25, 2025 merger.
Revenue drivers
- Trappsol Cyclo / Cyclo Therapeutics — Pre-commercial; no product revenue. Cyclo's expenses are consolidated post-March 2025 merger, driving the company's reported losses.
- LipoMedix — Clinical-stage Israeli company developing a liposome-delivery cancer therapy; ~95% owned as of October 31, 2025. Exploring strategic options for its lead candidate.
- Other holdings (Cornerstone, Rafael Medical Devices, Day Three, Barer) — Majority-owned subsidiaries in cancer metabolism, orthopedic devices, and product reformulation; Barer operations substantially curtailed. No material revenue disclosed.
- Real estate — As of April 30, 2026, the company holds a portion of a commercial building in Jerusalem, Israel as its sole remaining real estate asset.
Recent performance
Annual revenue declined from $637,000 in fiscal 2024 to $30,000 in fiscal 2025, with net loss of $30.5 million in fiscal 2025. For the third quarter of fiscal 2026 ended April 30, 2026, the company reported a net loss attributable to Rafael Holdings of $4.2 million, or $0.08 per share, versus a net loss of $4.8 million, or $0.19 per share a year earlier. R&D expenses rose to $4.9 million for the quarter from $3.0 million, while G&A fell to $2.1 million from $3.2 million, both largely reflecting the Cyclo consolidation. For the nine months ended April 30, 2026, net loss was $20.5 million, or $0.40 per share, versus $18.4 million, or $0.73 per share a year earlier. Cash and cash equivalents stood at $30.5 million as of April 30, 2026.
Strategy
The primary focus is completing development of Trappsol Cyclo through its ongoing pivotal Phase 3 trial and bringing it to regulatory approval and market. Following a pre-NDA meeting with the FDA, the company expects to submit an NDA in the second half of calendar 2026. It also looks to expand its portfolio through opportunistic and strategic investments addressing high unmet medical needs, while evaluating other holdings to focus resources on core assets. As needed, it provides debt or equity funding to LipoMedix, and LipoMedix is exploring licensing, collaborations, and investigator-initiated studies for its lead candidate.
Risks
- Limited resources and financing need — The company has limited resources and may need to raise additional capital for operations and, if the Phase 3 trial succeeds, for manufacturing, distribution and commercialization of Trappsol Cyclo.
- Phase 3 and regulatory dependence — Future success may depend on the ongoing Phase 3 trial for Trappsol Cyclo; failure to obtain regulatory approval or significant delays would materially harm the business.
- Limited operating history — The company has a limited operating history and has not demonstrated ability to complete large-scale pivotal trials, obtain approvals, manufacture at commercial scale or conduct sales and marketing.
- Rare Pediatric Disease Priority Review Voucher uncertainty — Even if FDA approval were obtained for NPC1, the Rare Pediatric Disease Priority Review Voucher Program may no longer be in effect or may have been revised at the time of approval, and the company might not capture its value.
Outlook
Management stated that following a pre-NDA meeting with the FDA it believes it has a clear and expedited path forward and expects to submit its NDA in the second half of calendar 2026. The company announced completion of the last patient last visit in the pivotal Phase 3 TransportNPC trial. Management describes NPC as a high-unmet-need market and frames the goal as transitioning Rafael Holdings into a commercial-stage biotechnology company.