Rafael Holdings Reports Second Quarter Fiscal 2026 Financial Results
NEWARK, N.J., March 16, 2026 (GLOBE NEWSWIRE) — Rafael Holdings, Inc. (NYSE: RFL) today reported its financial results for the second quarter fiscal year 2026 ended January 31, 2026.
“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.
“We are on track to complete this 96-week Phase 3 clinical trial, the largest ever conducted in this indication, and report preliminary top line results in the third quarter of this calendar year,” said Joshua Fine, Chief Operating Officer of Rafael Holdings.
Rafael Holdings, Inc. Second Quarter Fiscal Year 2026 Financial Results
As of January 31, 2026, we had cash and cash equivalents of $37.8 million.
For the three months ended January 31, 2026, we recorded a net loss attributable to Rafael Holdings of $6.4 million, or $0.13 per share, versus a net loss of $4.6 million, or $0.19 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 $4.5 million for the three months ended January 31, 2026, compared to $0.9 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 $2.3 million for the three months ended January 31, 2026, compared to $2.6 million in the year ago period. The year over year decrease relates to a decrease in payroll and professional fees during the quarter ended January 31, 2026 offset by the inclusion of expenses at Cyclo following the March 2025 acquisition.
Rafael Holdings, Inc. First Six Months Fiscal Year 2026 Financial Results
For the six months ended January 31, 2026, we recorded a net loss attributable to Rafael Holdings of $16.2 million, or $0.32 per share, versus a net loss of $13.6 million, or $0.57 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 $12.0 million for the six months ended January 31, 2026, compared to $2.3 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 $5.1 million for the six months ended January 31, 2026, compared to $5.1 million in the year ago period. The increase related to the inclusion of expenses at Cyclo following the March 2025 acquisition was offset by reductions in payroll due to terminations and reduced stock based compensation expense and professional fees.
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, 2025, 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) | |||||||
| January 31, 2026 | July 31, 2025 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| CURRENT ASSETS | |||||||
| Cash and cash equivalents | $ | 37,779 | $ | 52,769 | |||
| Prepaid clinical costs | 3,229 | 1,045 | |||||
| Other receivables | — | 1,206 | |||||
| Accounts receivable, net of allowance for credit losses of $245 at January 31, 2026 and July 31, 2025 | 295 | 627 | |||||
| Inventory | 271 | 281 | |||||
| Prepaid expenses and other current assets | 873 | 786 | |||||
| Total current assets | 42,447 | 56,714 | |||||
| Property and equipment, net | 1,545 | 1,596 | |||||
| Investments | 750 | — | |||||
| Convertible notes receivable classified as available-for-sale | 1,858 | 1,858 | |||||
| Goodwill | 19,939 | 19,939 | |||||
| Intangible assets, net | 929 | 994 | |||||
| In-process research and development | 31,575 | 31,575 | |||||
| Non-current prepaid clinical costs | 244 | 1,399 | |||||
| Other assets | 28 | 34 | |||||
| TOTAL ASSETS | $ | 99,315 | $ | 114,109 | |||
| LIABILITIES AND EQUITY | |||||||
| CURRENT LIABILITIES | |||||||
| Accounts payable | $ | 8,172 | $ | 6,893 | |||
| Accrued expenses | 2,778 | 3,304 | |||||
| Convertible notes payable | 608 | 614 | |||||
| Other current liabilities | 66 | 66 | |||||
| Due to related parties | 733 | 723 | |||||
| Total current liabilities | 12,357 | 11,600 | |||||
| Accrued expenses, noncurrent | 3,483 | 3,895 | |||||
| Convertible notes payable, noncurrent | 52 | 78 | |||||
| Other liabilities | 27 | 27 | |||||
| Deferred income tax liability | 138 | 138 | |||||
| TOTAL LIABILITIES | 16,057 | 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 January 31, 2026 and July 31, 2025 | 8 | 8 | |||||
| Class B common stock, $0.01 par value; 200,000,000 shares authorized, 51,218,790 issued and outstanding (excluding treasury shares of 101,487) as of January 31, 2026, and 50,789,697 issued and outstanding (excluding treasury shares of 101,487) as of July 31, 2025 | 513 | 508 | |||||
| Additional paid-in capital | 323,081 | 322,161 | |||||
| Accumulated deficit | (248,496 | ) | (232,263 | ) | |||
| Treasury stock, at cost; 101,487 Class B shares as of January 31, 2026 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 | 3,873 | 3,787 | |||||
| Total equity attributable to Rafael Holdings, Inc. | 79,169 | 94,391 | |||||
| Noncontrolling interests | 4,089 | 3,980 | |||||
| TOTAL EQUITY | 83,258 | 98,371 | |||||
| TOTAL LIABILITIES AND EQUITY | $ | 99,315 | $ | 114,109 | |||
| RAFAEL HOLDINGS, INC. | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||||||||
| (unaudited, in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended January 31, | Six Months Ended January 31, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| REVENUE | |||||||||||||||
| Infusion Technology | $ | — | $ | — | $ | — | $ | 51 | |||||||
| Rental – Third Party | 57 | 48 | 113 | 98 | |||||||||||
| Rental – Related Party | 29 | 29 | 59 | 56 | |||||||||||
| Product revenue | 125 | — | 279 | — | |||||||||||
| Total revenue | 211 | 77 | 451 | 205 | |||||||||||
| COSTS AND EXPENSES | |||||||||||||||
| Cost of Infusion Technology revenue | — | 38 | — | 75 | |||||||||||
| Cost of Product revenue | 12 | — | 21 | — | |||||||||||
| General and administrative | 2,270 | 2,591 | 5,108 | 5,114 | |||||||||||
| Research and development | 4,529 | 947 | 12,013 | 2,273 | |||||||||||
| Depreciation and amortization | 55 | 90 | 105 | 176 | |||||||||||
| Loss on impairment of goodwill | — | 3,050 | — | 3,050 | |||||||||||
| Loss from operations | (6,655 | ) | (6,639 | ) | (16,796 | ) | (10,483 | ) | |||||||
| Interest income | 337 | 489 | 736 | 1,057 | |||||||||||
| Realized (loss) gain on available-for-sale securities | — | (16 | ) | — | 178 | ||||||||||
| Unrealized gain (loss) on investment – Cyclo | — | 614 | — | (3,751 | ) | ||||||||||
| Unrealized gain (loss) on convertible notes receivable, due from Cyclo | — | 486 | — | (1,102 | ) | ||||||||||
| Interest expense | (161 | ) | (163 | ) | (321 | ) | (325 | ) | |||||||
| Other (loss) income, net | (1 | ) | (78 | ) | 80 | (80 | ) | ||||||||
| Loss before income taxes | (6,279 | ) | (5,307 | ) | (16,066 | ) | (14,506 | ) | |||||||
| Provision for income taxes | (48 | ) | (20 | ) | (58 | ) | (32 | ) | |||||||
| Consolidated net loss | (6,327 | ) | (5,327 | ) | (16,124 | ) | (14,538 | ) | |||||||
| Net income (loss) attributable to noncontrolling interests | 90 | (686 | ) | 109 | (891 | ) | |||||||||
| Net loss attributable to Rafael Holdings, Inc. | $ | (6,417 | ) | $ | (4,641 | ) | $ | (16,233 | ) | $ | (13,647 | ) | |||
| Loss per share attributable to common stockholders | |||||||||||||||
| Basic and diluted | $ | (0.13 | ) | $ | (0.19 | ) | $ | (0.32 | ) | $ | (0.57 | ) | |||
| Weighted average number of shares used in calculation of loss per share | |||||||||||||||
| Basic and diluted | 51,226,095 | 24,150,218 | 51,217,699 | 24,121,186 | |||||||||||
