Rafael Holdings Reports $9.8M Net Loss in Q1, R&D Expenses Rise to $7.5M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 11 2025
0mins
Source: Globenewswire
- Financial Performance: As of October 31, 2025, Rafael Holdings reported a net loss of $9.8 million for Q1, translating to a loss of $0.19 per share, which is an increase from last year's $9.0 million and $0.37 per share, reflecting the impact of consolidating Cyclo Therapeutics' expenses post-acquisition.
- Surge in R&D Expenses: Research and development expenses soared to $7.5 million this quarter, compared to $1.3 million in the same period last year, primarily due to the inclusion of Cyclo's costs, indicating the company's ongoing commitment to drug development.
- Cash Flow Status: As of October 31, 2025, the company had cash and cash equivalents of $45.5 million, down from $52.8 million on July 31, 2025, highlighting liquidity pressures amid ongoing losses.
- Clinical Trial Progress: Rafael Holdings' Trappsol®Cyclo™ received a recommendation to continue from the Data Monitoring Committee in its pivotal Phase 3 trial for Niemann-Pick Disease Type C1, suggesting the drug could become a significant new treatment option for this rare and fatal genetic disorder.
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Analyst Views on RFL
About RFL
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. The Company's segments include Healthcare, Infusion Technology and Real Estate. The Company’s 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. The Healthcare segment comprises equity interests in LipoMedix Pharmaceuticals Ltd., Barer Institute Inc., Cornerstone Pharmaceuticals, Inc., Cyclo, and Rafael Medical Devices, LLC. The Real Estate segment consists of the Company’s real estate holdings, which comprise a portion of one commercial building in Israel. The Infusion Technology segment comprises equity interests in Day Three Labs, Inc. LipoMedix Pharmaceuticals Ltd. is a clinical-stage pharmaceutical company.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Rafael Holdings Reports Q3 2026 Financial Results
- Financial Performance: Rafael Holdings reported a net loss of $4.23 million for Q3 2026, translating to a loss of $0.08 per share, which is an improvement from a net loss of $4.78 million or $0.19 per share in the same quarter last year, indicating efforts in cost control.
- Revenue Decline: The company experienced a 50% drop in revenue, falling to $0.18 million from $0.36 million year-over-year, reflecting challenges in market competition and product development phases that may impact future cash inflows.
- Cash Reserves: As of April 30, 2026, Rafael Holdings had cash and cash equivalents totaling $30.5 million, maintaining a relatively healthy cash flow despite ongoing losses, which supports future R&D initiatives.
- Stock Price Movement: RFL is currently trading at $2.33, up 10.25% from the previous trading day, indicating market optimism regarding the company's future potential despite its current financial performance.
See More
Rafael Holdings Reports Q3 Financial Results
- Financial Overview: Rafael Holdings reported a Q3 GAAP EPS of -$0.08, indicating significant challenges in financial performance and reflecting a decline in overall profitability.
- Increased Net Loss: The year-over-year increase in net loss is largely attributed to the consolidation of Cyclo Therapeutics' expenses following its acquisition in March 2025, resulting in heightened financial burdens.
- Revenue Decline: The company reported revenue of $0.18 million, a 50% year-over-year decrease, suggesting severe pressure in market competition that could undermine future investor confidence.
- Acquisition Impact: The integration of Cyclo Therapeutics not only escalates short-term costs but may also influence Rafael Holdings' long-term strategic direction, necessitating close monitoring of subsequent integration outcomes and their effects on financial health.
See More
Rafael Holdings Reports Q3 Fiscal 2026 Financial Results
- Clinical Trial Milestone: Rafael Holdings announced the completion of the last patient visit in its pivotal Phase 3 TransportNPC™ trial, marking significant progress in the treatment of Niemann-Pick Disease, with the potential to offer life-changing treatment options for patients in urgent need.
- Financial Loss Overview: As of April 30, 2026, Rafael Holdings reported cash and cash equivalents of $30.5 million, with a net loss of $4.2 million (or $0.08 per share), showing improvement from a net loss of $4.8 million (or $0.19 per share) in the prior year, indicating effective cost control measures.
- Increased R&D Spending: Research and development expenses for Q3 FY 2026 reached $4.9 million, significantly up from $3.0 million in the same period last year, primarily due to the consolidation of expenses following the acquisition of Cyclo Therapeutics in March 2025, reflecting ongoing investment in drug development.
- Future Outlook: Rafael Holdings expects to submit its New Drug Application (NDA) in the second half of 2026, providing a clear regulatory pathway that could unlock substantial long-term value for shareholders, indicating the company's strategic shift towards becoming a commercial-stage biotechnology firm.
See More
Rafael Holdings Completes Key Phase 3 Trial for Niemann-Pick Disease Treatment
- Trial Completion: Rafael Holdings announced the completion of the final 96-week study visit for its pivotal Phase 3 trial, TransportNPC, evaluating Trappsol Cyclo for Niemann-Pick disease, marking a significant milestone that could offer new treatment hope for patients with this rare condition.
- Patient Recruitment: The trial enrolled a total of 94 patients across 27 sites in 13 countries, demonstrating the company's commitment to addressing the medical needs of approximately 35 new cases reported annually in the U.S., thereby enhancing its global presence in rare disease treatment.
- Future Plans: The company expects to announce top-line results from the main study cohort in the second half of 2026 and plans to submit a New Drug Application (NDA) to the FDA during the same period, paving the way for Trappsol Cyclo's commercialization and furthering the company's growth in the biopharmaceutical sector.
- Market Performance: Currently trading at $1.88, down 2.59%, the stock reflects cautious market sentiment regarding its clinical progress; however, successful trial results could significantly boost its stock price and investor confidence.
See More
Rafael Holdings Completes Key Phase 3 Trial for NPC Treatment
- Trial Completion: Rafael Holdings announced the completion of its pivotal Phase 3 TransportNPC™ trial, involving 94 patients across 27 sites in 13 countries, demonstrating the drug's potential in treating Niemann-Pick Disease Type C (NPC), which could lay the groundwork for future commercialization.
- FDA Progress Acknowledged: The company has completed its pre-NDA meeting with the FDA and expects to submit its NDA in the second half of 2026, reflecting its commitment to addressing the urgent needs of NPC patients and potentially unlocking long-term value for shareholders.
- Pediatric Sub-study Results: Data presented at WORLDSymposium 2026 from the pediatric sub-study indicated that 80% of patients showed improvements or stable CGI scores, with no serious adverse events related to the study drug, further validating the therapeutic potential of Trappsol®Cyclo™.
- Significant Market Opportunity: CEO Howard Jonas emphasized that NPC represents a high unmet need market, positioning Rafael Holdings to transition into a commercial-stage biotechnology company, which is expected to yield substantial long-term returns for shareholders.
See More
ISRAEL PLANS TO DIVEST A SHARE IN ISRAEL AEROSPACE INDUSTRIES AND RAFAEL ADVANCED DEFENSE SYSTEMS THIS YEAR - BLOOMBERG NEWS
Israel's Aerospace Industry: Israel is preparing to sell a stake in its aerospace industries, which includes significant players in the defense sector.
Rafael Advanced Defense Systems: The sale is expected to involve Rafael Advanced Defense Systems, a key company in Israel's defense technology landscape.
See More
Rafael Holdings Reports Q3 2026 Financial Results
- Financial Performance: Rafael Holdings reported a net loss of $4.23 million for Q3 2026, translating to a loss of $0.08 per share, which is an improvement from a net loss of $4.78 million or $0.19 per share in the same quarter last year, indicating efforts in cost control.
- Revenue Decline: The company experienced a 50% drop in revenue, falling to $0.18 million from $0.36 million year-over-year, reflecting challenges in market competition and product development phases that may impact future cash inflows.
- Cash Reserves: As of April 30, 2026, Rafael Holdings had cash and cash equivalents totaling $30.5 million, maintaining a relatively healthy cash flow despite ongoing losses, which supports future R&D initiatives.
- Stock Price Movement: RFL is currently trading at $2.33, up 10.25% from the previous trading day, indicating market optimism regarding the company's future potential despite its current financial performance.
See More
Rafael Holdings Reports Q3 Financial Results
- Financial Overview: Rafael Holdings reported a Q3 GAAP EPS of -$0.08, indicating significant challenges in financial performance and reflecting a decline in overall profitability.
- Increased Net Loss: The year-over-year increase in net loss is largely attributed to the consolidation of Cyclo Therapeutics' expenses following its acquisition in March 2025, resulting in heightened financial burdens.
- Revenue Decline: The company reported revenue of $0.18 million, a 50% year-over-year decrease, suggesting severe pressure in market competition that could undermine future investor confidence.
- Acquisition Impact: The integration of Cyclo Therapeutics not only escalates short-term costs but may also influence Rafael Holdings' long-term strategic direction, necessitating close monitoring of subsequent integration outcomes and their effects on financial health.
See More
Rafael Holdings Reports Q3 Fiscal 2026 Financial Results
- Clinical Trial Milestone: Rafael Holdings announced the completion of the last patient visit in its pivotal Phase 3 TransportNPC™ trial, marking significant progress in the treatment of Niemann-Pick Disease, with the potential to offer life-changing treatment options for patients in urgent need.
- Financial Loss Overview: As of April 30, 2026, Rafael Holdings reported cash and cash equivalents of $30.5 million, with a net loss of $4.2 million (or $0.08 per share), showing improvement from a net loss of $4.8 million (or $0.19 per share) in the prior year, indicating effective cost control measures.
- Increased R&D Spending: Research and development expenses for Q3 FY 2026 reached $4.9 million, significantly up from $3.0 million in the same period last year, primarily due to the consolidation of expenses following the acquisition of Cyclo Therapeutics in March 2025, reflecting ongoing investment in drug development.
- Future Outlook: Rafael Holdings expects to submit its New Drug Application (NDA) in the second half of 2026, providing a clear regulatory pathway that could unlock substantial long-term value for shareholders, indicating the company's strategic shift towards becoming a commercial-stage biotechnology firm.
See More
Rafael Holdings Completes Key Phase 3 Trial for Niemann-Pick Disease Treatment
- Trial Completion: Rafael Holdings announced the completion of the final 96-week study visit for its pivotal Phase 3 trial, TransportNPC, evaluating Trappsol Cyclo for Niemann-Pick disease, marking a significant milestone that could offer new treatment hope for patients with this rare condition.
- Patient Recruitment: The trial enrolled a total of 94 patients across 27 sites in 13 countries, demonstrating the company's commitment to addressing the medical needs of approximately 35 new cases reported annually in the U.S., thereby enhancing its global presence in rare disease treatment.
- Future Plans: The company expects to announce top-line results from the main study cohort in the second half of 2026 and plans to submit a New Drug Application (NDA) to the FDA during the same period, paving the way for Trappsol Cyclo's commercialization and furthering the company's growth in the biopharmaceutical sector.
- Market Performance: Currently trading at $1.88, down 2.59%, the stock reflects cautious market sentiment regarding its clinical progress; however, successful trial results could significantly boost its stock price and investor confidence.
See More
Rafael Holdings Completes Key Phase 3 Trial for NPC Treatment
- Trial Completion: Rafael Holdings announced the completion of its pivotal Phase 3 TransportNPC™ trial, involving 94 patients across 27 sites in 13 countries, demonstrating the drug's potential in treating Niemann-Pick Disease Type C (NPC), which could lay the groundwork for future commercialization.
- FDA Progress Acknowledged: The company has completed its pre-NDA meeting with the FDA and expects to submit its NDA in the second half of 2026, reflecting its commitment to addressing the urgent needs of NPC patients and potentially unlocking long-term value for shareholders.
- Pediatric Sub-study Results: Data presented at WORLDSymposium 2026 from the pediatric sub-study indicated that 80% of patients showed improvements or stable CGI scores, with no serious adverse events related to the study drug, further validating the therapeutic potential of Trappsol®Cyclo™.
- Significant Market Opportunity: CEO Howard Jonas emphasized that NPC represents a high unmet need market, positioning Rafael Holdings to transition into a commercial-stage biotechnology company, which is expected to yield substantial long-term returns for shareholders.
See More
ISRAEL PLANS TO DIVEST A SHARE IN ISRAEL AEROSPACE INDUSTRIES AND RAFAEL ADVANCED DEFENSE SYSTEMS THIS YEAR - BLOOMBERG NEWS
Israel's Aerospace Industry: Israel is preparing to sell a stake in its aerospace industries, which includes significant players in the defense sector.
Rafael Advanced Defense Systems: The sale is expected to involve Rafael Advanced Defense Systems, a key company in Israel's defense technology landscape.
See More
