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Update: Terra Clean Energy Corp. Enters into Definitive Agreements to Acquire Uranium Claims on The San Rafael Swell, Utah, United States
Globenewswire· 2025-09-24 21:01
Core Viewpoint - Terra Clean Energy Corp has entered into definitive agreements to acquire up to a 100% interest in the Wheel Anne Claims and the Green Vein Mesa Claims located in Emery County, Utah, demonstrating the company's commitment to expanding its portfolio of uranium assets [1][2]. Acquisition Details - The agreements require cash payments, share issuances, and exploration expenditures to earn interests in the claims [2]. - For the Wheal Anne Claims, to earn a 20% interest, the company must pay USD$20,000 and issue 500,000 common shares, along with incurring USD$100,000 in exploration expenditures within the first year [3]. - The structure for earning interests in the Wheal Anne Claims includes additional payments and share issuances over a five-year period, culminating in a total cash payment of USD$233,333 and issuance of 2,500,000 common shares for a 100% interest [3]. - The Green Vein Mesa Claims require a similar structure, starting with a USD$10,000 cash payment and 250,000 common shares for a 20% interest, with total payments and share issuances reaching USD$116,667 and 1,250,000 common shares for a 100% interest over four years [4][5]. Regulatory and Compliance - The definitive agreements are subject to regulatory approvals, including from the Canadian Securities Exchange, with the "Effective Date" being the date all approvals are received [6]. - All securities issued in connection with these agreements will be subject to a four-month plus one day hold period from the date of issuance [7]. Marketing Agreements - Terra Clean has engaged Green Crescent Capital for marketing services, with a one-time fee of USD$5,000 for a one-month term [8]. - The company has also contracted OTCWagon for a 38-day market awareness program, with a fee of C$7,500 [9]. Company Overview - Terra Clean Energy is a Canadian-based uranium exploration and development company, currently developing the South Falcon East uranium project in Saskatchewan and past producing uranium mines in Emery County, Utah [10].
Terra Clean Energy Corp. Enters into Definitive Agreements to Acquire Uranium Claims on The San Rafael Swell, Utah, United States
Globenewswire· 2025-09-24 12:45
Core Viewpoint - Terra Clean Energy Corp has entered into definitive agreements to acquire up to a 100% interest in the Wheel Anne Claims and the Green Vein Mesa Claims located in Emery County, Utah, demonstrating the company's commitment to expanding its portfolio of low-risk uranium assets [1][2]. Acquisition Details - For the Wheal Anne Claims, the company will make cash payments totaling USD$233,333, issue 2,500,000 common shares, and incur exploration expenditures of USD$300,000 over five years to earn a 100% interest [3]. - For the Green Vein Mesa Claims, the company will make cash payments totaling USD$116,667, issue 1,250,000 common shares, and incur exploration expenditures of USD$66,667 over five years to earn a 100% interest [4][5]. - Both claims are subject to a 2% net royalty retained by the vendors, with options for Terra Clean to purchase 50% of the royalties for USD$666,666 and USD$333,334 respectively [3][5]. Regulatory and Compliance - The agreements are subject to regulatory approvals, including the approval of the Canadian Securities Exchange, with the "Effective Date" being the date all such approvals are received [6]. - All securities issued in connection with these agreements will be subject to a four-month plus one day hold period from the date of issuance [7]. Marketing Initiatives - Terra Clean has engaged Green Crescent Capital for marketing services, with a one-time fee of USD$5,000 for a one-month term to enhance investment community awareness [8]. - The company has also contracted OTCWagon for a 38-day market awareness program, with a fee of C$7,500, to comply with CSE policies [9]. Company Overview - Terra Clean Energy is a Canadian-based uranium exploration and development company, currently developing the South Falcon East uranium project in Saskatchewan and past producing uranium mines in Emery County, Utah [10].
Rafael Holdings Announces Presentation of Preliminary Data from Ongoing Phase 3 TransportNPC™ Open-Label, Single-Arm Sub-Study in Patients Less Than 3 Years Old
Globenewswire· 2025-09-16 12:00
Core Viewpoint - Rafael Holdings, Inc. announced promising preliminary data from the Phase 3 TransportNPC™ study evaluating Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (NPC1), presented at the 15th International Congress of Inborn Errors of Metabolism (ICIEM) [1][2]. Group 1: Study Overview - The ongoing TransportNPC™ study is a randomized, double-blind, placebo-controlled trial designed to evaluate the safety, tolerability, and efficacy of Trappsol® Cyclo™ at a dose of 2,000 mg/kg administered intravenously [2]. - The study has a total duration of 96 weeks, with a comparative interim analysis conducted at 48 weeks [2][11]. - Enrollment for the study was completed in May 2024, with 94 patients recruited across over 25 sites in 13 countries [11]. Group 2: Sub-Study Results - In the sub-study involving patients under the age of 3, 7 out of 9 patients showed stabilization or improvement in their Clinical Global Impression – Severity (CGI-S) score after 48 weeks [1][7]. - The adverse event profile was consistent with previous studies, with 146 adverse events reported, the majority being mild (69%) or moderate (29%) [7]. Group 3: Clinical Significance and Future Directions - Dr. Orna Staretz-Chacham highlighted the potential of Trappsol® Cyclo™ to address significant unmet medical needs in NPC1 treatment, with encouraging clinical improvements observed [6]. - The full clinical significance of the preliminary data will be evaluated based on the complete results of the ongoing sub-study [5]. Group 4: Drug Information - Trappsol® Cyclo™ is an investigational drug designed to mobilize lysosomal cholesterol, directly targeting the root cause of NPC1 [10]. - The drug has received Orphan Drug Designation in both the U.S. and EU, along with Fast Track and Rare Pediatric Disease Designations in the U.S. [9].
Rafael Holdings Announces Abstracts Accepted for Oral and Poster Presentations at the 15th International Congress of Inborn Errors of Metabolism (ICIEM)
Globenewswire· 2025-08-27 12:00
Core Viewpoint - Rafael Holdings, Inc. announced that its subsidiary Cyclo Therapeutics will present two abstracts on Trappsol Cyclo™ for Niemann-Pick Disease Type C1 at the upcoming ICIEM conference in Kyoto, Japan [1] Group 1: Presentation Details - The first presentation will be an oral session titled "Hydroxypropyl-beta-cyclodextrin for the Long-Term Treatment of Niemann Pick Type C1: Efficacy and Safety Data from 4 Clinical Studies and the Ongoing Expanded Access Program" by Dr. Caroline Hastings on September 3, 2025 [1] - The second presentation will be a poster session titled "Trappsol Cyclo Open Label Treatment in the TransportNPC Sub-Study in Patients Under the Age of 3 Diagnosed with Niemann Pick Disease Type C1" by Dr. Orna Staretz Chacham on the same day [1] Group 2: About Trappsol Cyclo™ - Trappsol Cyclo™ is a first-in-class proprietary cyclodextrin formulation administered intravenously that mobilizes lysosomal cholesterol, targeting the root cause of Niemann-Pick Disease Type C1 [2] - It has been shown to cross the blood-brain barrier, suggesting therapeutic concentrations in the central nervous system [2] Group 3: Study Program - The Phase 3 TransportNPC study is a randomized, double-blind, placebo-controlled trial evaluating the safety and efficacy of Trappsol Cyclo™ in patients aged 3 years and older, with a total enrollment of 94 patients across 25 sites in 13 countries [3] - The study duration is 96 weeks, with an interim analysis recommending continuation after 48 weeks [3] Group 4: Disease Overview - Niemann-Pick Disease Type C1 is a rare genetic disorder affecting approximately 1 in 100,000 live births, characterized by cholesterol accumulation leading to organ damage and life-limiting symptoms [8] - About 95% of individuals with NPC have mutations in the NPC1 gene, while 5% have mutations in the NPC2 gene [8] Group 5: Company Overview - Rafael Holdings, Inc. is a biotechnology company with a focus on developing treatments for rare and neurodegenerative diseases, including a 100% interest in Cyclo Therapeutics [9] - Cyclo Therapeutics is dedicated to developing Trappsol Cyclo™ for Niemann-Pick Disease Type C1 and is conducting multiple clinical trials for this indication [10]
TI Chief Financial Officer Rafael Lizardi to speak at Citi investor conference
Prnewswire· 2025-08-20 18:13
Company Overview - Texas Instruments Incorporated (TI) is a global semiconductor company that designs, manufactures, and sells analog and embedded processing chips for various markets including industrial, automotive, personal electronics, enterprise systems, and communications equipment [3]. Upcoming Event - Rafael Lizardi, Senior Vice President and Chief Financial Officer of TI, will speak at the Citi 2025 Global TMT Conference in New York City on September 4, 2025, at 8:10 a.m. Eastern time [1]. - The conference will include a Q&A session where Lizardi will address questions from analysts and investors, discussing TI's business outlook and strategies for key markets [1]. Business Strategy - TI aims to address key markets for its analog and embedded processing technologies, positioning the company for growth through innovation and affordability in semiconductor technology [1].
Rafael Holdings Announces Continuation of its Phase 3 Study for the Treatment of Niemann-Pick Disease Type C1 (NPC1) Following Independent Data Monitoring Committee (DMC) Review of Prespecified 48-Week Interim Data
Globenewswire· 2025-06-18 11:00
Core Insights - The Phase 3 TransportNPC study for Trappsol® Cyclo™ will continue based on a positive independent DMC review of safety and efficacy data at the 48-week interim analysis [1][2] - The FDA has accepted the statistical analysis plan for the study, indicating regulatory support for the ongoing clinical development [1] - The study aims to evaluate the treatment of Niemann-Pick Disease Type C1 (NPC1), a rare genetic disorder with significant unmet medical needs [2][8] Company Overview - Rafael Holdings, Inc. is a biotechnology company with a focus on developing treatments for rare and neurodegenerative diseases, including its lead candidate Trappsol® Cyclo™ [9][10] - Cyclo Therapeutics, a wholly owned subsidiary of Rafael Holdings, is dedicated to advancing Trappsol® Cyclo™ through clinical trials [10] - The company recently bolstered its financial position with a $25 million rights offering to support strategic objectives [2] Study Details - The TransportNPC study is a 96-week, randomized, double-blind, placebo-controlled trial involving 94 patients across 25 sites in 13 countries [4][5] - The primary endpoints include changes in the NPC Clinical Severity Scale scores, which measure disease progression relevant to patients and caregivers [5] - An open-label extension study will follow the interventional study, allowing for continued evaluation of Trappsol® Cyclo™ [4][6] Treatment Mechanism - Trappsol® Cyclo™ is an intravenous formulation designed to mobilize lysosomal cholesterol, addressing the root cause of NPC1 [3] - The drug has shown the ability to cross the blood-brain barrier, potentially reaching therapeutic concentrations in the central nervous system [3] Disease Background - Niemann-Pick Disease Type C1 (NPC1) is a rare genetic disorder affecting approximately 1 in 100,000 live births, characterized by cholesterol accumulation in cells [8] - The disease leads to severe symptoms, including intellectual decline and loss of motor skills, often resulting in premature death [8]
Rafael(RFL) - 2025 Q3 - Quarterly Report
2025-06-11 11:53
Revenue and Financial Performance - Rafael Holdings reported a product revenue of approximately $243 thousand for the three and nine months ended April 30, 2025, compared to $0 for the same periods in 2024, primarily due to the inclusion of Cyclo's revenue following the merger[374]. - Infusion Technology segment revenue decreased by 84% to $42,000 for the three months ended April 30, 2025, compared to $262,000 in the same period of 2024[378]. - Real Estate segment rental revenue increased by 4% to $49,000 for the three months ended April 30, 2025, compared to $47,000 in the same period of 2024[382]. - Consolidated loss from operations improved by 94% to $5.9 million for the three months ended April 30, 2025, compared to a loss of $93.2 million in the same period of 2024[383]. - Interest income for the three months ended April 30, 2025, was $0.5 million, consistent with the same period in 2024[384]. - Unrealized loss on investment in Cyclo was $1.4 million for the three months ended April 30, 2025, a decrease of 68% compared to a loss of $4.4 million in the same period of 2024[386]. - Other income, net was $0.2 million for the three months ended April 30, 2025, attributed to gains from asset sales, compared to no other income in the same period of 2024[391]. - Revenue from tenants located in Israel represented 41% of consolidated revenues for the nine months ended April 30, 2025, with the entirety of these revenues in currencies other than the U.S. Dollar[413]. Expenses and Impairments - The company's general and administrative expenses increased by 90% to $3,102 thousand for the three months ended April 30, 2025, compared to $1,636 thousand in the same period of 2024, largely due to legal and professional fees associated with the Cyclo merger[375]. - Research and development expenses rose by 148% to $3,003 thousand for the three months ended April 30, 2025, compared to $1,212 thousand in the same period of 2024, driven by Cyclo's inclusion and ongoing activities at LipoMedix and Cornerstone[376]. - The Infusion Technology segment recorded a goodwill impairment charge of $3.1 million during the nine months ended April 30, 2025, indicating a significant decline in asset value[379]. - The company recorded an impairment charge of $3.1 million related to the Infusion Technology segment's goodwill during the nine months ended April 30, 2025[407]. Cash and Assets - Cash and cash equivalents increased by 1,318% to $37.9 million as of April 30, 2025, compared to $2.7 million on July 31, 2024[393]. - Total assets increased by 12% to $108.1 million as of April 30, 2025, compared to $96.8 million on July 31, 2024[393]. - As of April 30, 2025, the company held cash and cash equivalents of approximately $37.9 million, expected to meet obligations for at least the next 12 months[394]. - Cash used in operating activities increased by $3.6 million, from $4.9 million for the nine months ended April 30, 2024, to $8.5 million for the nine months ended April 30, 2025, primarily due to increased operating activity following the Cyclo Merger[395]. - Cash provided by investing activities for the nine months ended April 30, 2025, included proceeds of $80.7 million from sales and maturities of available-for-sale securities[396]. - Cash used in financing activities for the nine months ended April 30, 2025, included a payment for taxes related to shares withheld for employee taxes of $108 thousand[398]. - Cash provided by financing activities for the nine months ended April 30, 2024, was primarily related to proceeds from the sale of RMD membership units of $0.9 million[399]. Clinical and Product Development - The loss from operations for the Healthcare segment decreased by 94% to $5,884 thousand for the three months ended April 30, 2025, compared to a loss of $92,782 thousand in the same period of 2024[372]. - Rafael Holdings holds a 95% interest in LipoMedix, which has completed various clinical stages of its product candidate, Promitil®, treating a total of 149 patients[364]. - The company intends to fund the TransportNPC Phase 3 clinical trial for Trappsol® Cyclo™ with results expected later this month, which will inform the decision on filing a New Drug Application (NDA)[363]. - Following the merger with Cyclo, Rafael Holdings is focusing on Trappsol Cyclo™ as its lead clinical program, evaluating its operating entities to align resources with core assets[361]. - Rafael Medical Devices received FDA clearance for the VECTR System, which is intended for minimally invasive surgeries, marking a significant milestone for the company[369]. - As of April 30, 2025, Rafael Holdings holds a 67% interest in Cornerstone Pharmaceuticals following a restructuring, which has become a consolidated subsidiary[368]. Inventory and Dividends - The company did not have any inventory as of July 31, 2024, and recognized inventory acquired in the Cyclo Merger at its fair value of $270 thousand[410]. - The company determined no reserve for obsolete inventory was necessary as of April 30, 2025[410]. - The company does not anticipate paying dividends on common stock until achieving sustainable profitability and retaining certain minimum cash reserves[399].
Rafael(RFL) - 2025 Q3 - Quarterly Results
2025-06-11 11:19
[Executive Summary & Recent Developments](index=1&type=section&id=Executive%20Summary%20%26%20Recent%20Developments) Recent corporate milestones include a significant merger, anticipated clinical data, and a successful capital raise for financial strengthening [Key Highlights](index=1&type=section&id=Key%20Highlights) Rafael Holdings completed its merger with Cyclo Therapeutics and anticipates topline data from the pivotal Phase 3 TransportNPC™ study for Niemann-Pick Disease Type C1 later this month. The company also enhanced its financial position by closing a $25 million rights offering - Merger with Cyclo Therapeutics completed, with anticipation of topline data from the 48-week interim analysis of the pivotal **Phase 3 TransportNPC™ study** for Niemann-Pick Disease Type C1 later this month[2](index=2&type=chunk)[3](index=3&type=chunk) - Closed a **$25 million** rights offering, raising net proceeds of **$24.9 million** after expenses, strengthening the company's financial position[3](index=3&type=chunk)[4](index=4&type=chunk) [Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) Reduced net losses for Q3 and 9M FY2025 were reported, with increased expenses from recent mergers [Third Quarter Fiscal Year 2025 Results](index=1&type=section&id=Third%20Quarter%20Fiscal%20Year%202025%20Results) For the third quarter ended April 30, 2025, Rafael Holdings reported a significantly reduced net loss compared to the prior year, primarily due to non-cash items and the absence of a large in-process R&D expense from the previous year. R&D and G&A expenses increased due to the inclusion of Cyclo Therapeutics post-merger and other consolidated entities Key Financials for Three Months Ended April 30 | Metric | Q3 FY2025 (in millions) | Q3 FY2024 (in millions) | Change (YoY) | | :-------------------------------- | :---------------------- | :---------------------- | :------------- | | Cash and Cash Equivalents (as of April 30, 2025) | $37.9 | N/A | N/A | | Net Loss Attributable to Rafael Holdings | $(4.8) | $(32.4) | $(27.6) decrease | | Loss Per Share | $(0.19) | $(1.36) | $(1.17) decrease | | Research and Development Expenses | $3.0 | $1.5 | $1.5 increase | | General and Administrative Expenses | $3.2 | $1.9 | $1.3 increase | - The year-over-year decrease in net loss is primarily attributable to non-cash items, including lower unrealized losses on Cyclo equity investment (**$1.4 million** vs. **$4.4 million**) and the absence of an **$89.9 million** in-process R&D expense related to the Cornerstone acquisition, partially offset by a **$31.3 million** recovery of receivables from Cornerstone in the prior year[5](index=5&type=chunk) - Increases in R&D and G&A expenses are due to the inclusion of Cyclo Therapeutics following the March 25, 2025 merger, and the activity of Cornerstone and Day Three, which were consolidated during fiscal 2024[6](index=6&type=chunk)[7](index=7&type=chunk) [First Nine Months Fiscal Year 2025 Results](index=2&type=section&id=First%20Nine%20Months%20Fiscal%20Year%202025%20Results) For the first nine months of fiscal year 2025, Rafael Holdings also reported a reduced net loss compared to the prior year, driven by the impact of the prior year's in-process R&D expense and unrealized gains on Cyclo equity. R&D and G&A expenses increased for similar reasons as the quarterly results Key Financials for Nine Months Ended April 30 | Metric | 9M FY2025 (in millions) | 9M FY2024 (in millions) | Change (YoY) | | :-------------------------------- | :---------------------- | :---------------------- | :------------- | | Net Loss Attributable to Rafael Holdings | $(18.4) | $(29.9) | $(11.5) decrease | | Loss Per Share | $(0.73) | $(1.26) | $(0.53) decrease | | Research and Development Expenses | $5.3 | $2.6 | $2.7 increase | | General and Administrative Expenses | $8.3 | $6.5 | $1.8 increase | - The decrease in net loss for the nine-month period is primarily due to the prior year's **$89.9 million** in-process R&D expense related to the Cornerstone acquisition (net with a **$31.3 million** recovery of receivables) and **$3.2 million** in unrealized gains on the Company's investment in Cyclo equity[8](index=8&type=chunk) - Increased R&D and G&A expenses are attributed to the merger with Cyclo Therapeutics (closed March 25, 2025) and the consolidation of Cornerstone and Day Three during fiscal 2024[9](index=9&type=chunk)[10](index=10&type=chunk) [Business Overview](index=2&type=section&id=Business%20Overview) Rafael Holdings is a holding company with diverse interests in clinical-stage pharmaceutical and other companies [Company Profile and Portfolio](index=2&type=section&id=Company%20Profile%20and%20Portfolio) Rafael Holdings, Inc. is a holding company with interests in various clinical and early-stage pharmaceutical and other companies. Its wholly-owned subsidiary, Cyclo Therapeutics, LLC, is focused on developing Trappsol Cyclo™ for Niemann-Pick Disease Type C1. The company also holds majority equity interests in LipoMedix, Cornerstone Pharmaceuticals, Rafael Medical Devices, and Day Three Labs - Rafael Holdings, Inc. holds interests in clinical and early-stage pharmaceutical and other companies[11](index=11&type=chunk) - Wholly-owned subsidiary, Cyclo Therapeutics, LLC, is a clinical-stage biotechnology company developing **Trappsol Cyclo™** for **Niemann-Pick Disease Type C1 (NPC1)**[11](index=11&type=chunk) - Other majority equity interests include LipoMedix Pharmaceuticals Ltd. (clinical-stage pharmaceutical), Cornerstone Pharmaceuticals, Inc. (cancer metabolism-based therapeutics), Rafael Medical Devices, LLC (orthopedic medical devices), and Day Three Labs, Inc. (cannabis offerings)[11](index=11&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) Consolidated financial statements detail changes in assets, liabilities, and equity, and a reduced net loss [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheet shows an increase in total assets for Rafael Holdings as of April 30, 2025, primarily driven by a significant increase in cash and cash equivalents and in-process research and development. Total liabilities also increased substantially, while total equity saw a slight decrease Consolidated Balance Sheet Highlights (in thousands) | Metric | April 30, 2025 | July 31, 2024 | | :-------------------------------- | :------------- | :------------ | | **ASSETS** | | | | Cash and cash equivalents | $37,936 | $2,675 | | Total current assets | $42,443 | $72,502 | | Goodwill | $28,278 | $3,050 | | In-process research and development | $31,575 | $1,575 | | TOTAL ASSETS | $108,096 | $96,832 | | **LIABILITIES** | | | | Total current liabilities | $11,030 | $7,514 | | Deferred income tax liability | $9,002 | — | | TOTAL LIABILITIES | $23,578 | $10,574 | | **EQUITY** | | | | Total equity attributable to Rafael Holdings, Inc. | $80,578 | $82,185 | | TOTAL EQUITY | $84,518 | $86,258 | - Cash and cash equivalents increased significantly from **$2,675 thousand** at July 31, 2024, to **$37,936 thousand** at April 30, 2025[15](index=15&type=chunk) - Goodwill increased from **$3,050 thousand** to **$28,278 thousand**, and in-process research and development increased from **$1,575 thousand** to **$31,575 thousand**, reflecting recent acquisitions and mergers[15](index=15&type=chunk) [Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) The consolidated statements of operations show a substantial reduction in net loss for both the three and nine months ended April 30, 2025, compared to the prior year. This improvement is largely due to the absence of a significant in-process R&D expense incurred in the prior year, despite increases in SG&A and R&D expenses Consolidated Statements of Operations Highlights (in thousands) | Metric | Three Months Ended April 30, 2025 | Three Months Ended April 30, 2024 | Nine Months Ended April 30, 2025 | Nine Months Ended April 30, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :------------------------------- | :------------------------------- | | Revenues | $362 | $336 | $567 | $472 | | SG&A Expenses | $3,170 | $1,923 | $8,284 | $6,524 | | R&D Expenses | $3,003 | $1,526 | $5,276 | $2,627 | | In-process R&D expense | — | $89,861 | — | $89,861 | | Operating Loss | $(5,913) | $(93,161) | $(16,396) | $(98,782) | | Net loss attributable to Rafael Holdings, Inc. | $(4,779) | $(32,351) | $(18,426) | $(29,942) | | Loss per share (Basic and diluted) | $(0.19) | $(1.36) | $(0.73) | $(1.26) | - Revenues increased slightly for both the three-month period (from **$336k** to **$362k**) and the nine-month period (from **$472k** to **$567k**) year-over-year[17](index=17&type=chunk) - The significant reduction in operating loss and net loss is primarily due to the absence of the **$89,861 thousand** in-process R&D expense that was recorded in the prior year periods[17](index=17&type=chunk) [Additional Information](index=2&type=section&id=Additional%20Information) This section provides forward-looking statement disclaimers and contact information for inquiries [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section serves as a standard disclaimer, indicating that the press release contains forward-looking statements regarding the potential, safety, efficacy, and regulatory progress of product candidates. It highlights that these statements involve known and unknown risks and uncertainties that could cause actual results to differ materially from expectations, as detailed in the company's SEC filings - The press release contains forward-looking statements concerning product candidates' potential, safety, efficacy, and regulatory/clinical progress[12](index=12&type=chunk) - These statements are subject to known and unknown risks, uncertainties, and other important factors that may cause actual results to differ materially from those expressed or implied[12](index=12&type=chunk) - Readers are advised to refer to the 'Risk Factors' section in the company's Annual Report on Form 10-K and other SEC filings for more details on these factors[12](index=12&type=chunk) [Contact Information](index=2&type=section&id=Contact%20Information) Contact details for media and investor inquiries are provided - Contact person for inquiries: Barbara Ryan, Barbara.ryan@rafaelholdings.com, (203) 274-2825[13](index=13&type=chunk)
Rafael Holdings Reports Third Quarter Fiscal 2025 Financial Results
GlobeNewswire News Room· 2025-06-11 11:00
Core Viewpoint - Rafael Holdings, Inc. has reported its financial results for the third quarter and first nine months of fiscal year 2025, highlighting a significant reduction in net losses compared to the previous year, driven by strategic mergers and enhanced financial positioning through a recent rights offering [1][4][7]. Financial Results Summary Third Quarter Results - For the three months ended April 30, 2025, Rafael Holdings recorded a net loss of $4.8 million, or $0.19 per share, a decrease from a net loss of $32.4 million, or $1.36 per share in the same period last year [4][16]. - The reduction in net loss is attributed to lower unrealized losses on investments and the absence of significant recovery of receivables from Cornerstone, which was present in the previous year [4][7]. - Research and development expenses increased to $3.0 million from $1.5 million year-over-year, reflecting the inclusion of Cyclo Therapeutics' spending post-merger [5]. - General and administrative expenses rose to $3.2 million from $1.9 million, also due to the merger and consolidation of additional entities [6]. Nine Months Results - For the nine months ended April 30, 2025, the net loss attributable to Rafael Holdings was $18.4 million, or $0.73 per share, compared to a net loss of $29.9 million, or $1.26 per share in the prior year [7][16]. - The decrease in net loss is linked to the in-process R&D expense related to the acquisition of Cornerstone and unrealized gains on investments in Cyclo equity [7]. - Research and development expenses for the nine months were $5.3 million, up from $2.6 million, again reflecting the impact of the Cyclo Therapeutics merger [8]. - General and administrative expenses increased to $8.3 million from $6.5 million, driven by similar factors as noted in the quarterly results [9]. Strategic Developments - The company completed its merger with Cyclo Therapeutics and anticipates reporting topline data from a pivotal Phase 3 study for Trappsol® Cyclo™ later this month [2]. - A $25 million rights offering was successfully closed, raising net proceeds of $24.9 million, which will support the advancement of new treatment options for Niemann-Pick Disease Type C1 [3]. Cash Position - As of April 30, 2025, Rafael Holdings had cash and cash equivalents of $37.9 million, significantly up from $2.7 million at the end of the previous fiscal year [3][13]. Company Overview - Rafael Holdings, Inc. focuses on clinical and early-stage pharmaceutical companies, including Cyclo Therapeutics, which is developing Trappsol® Cyclo™ for treating a rare genetic disorder [10][11].
Rafael Holdings, Inc. Announces Final Results and Closing of Rights Offering
Globenewswire· 2025-06-04 20:01
Core Viewpoint - Rafael Holdings, Inc. successfully completed a $25 million rights offering, raising approximately $4 million through subscriptions for Class B common stock, with additional funding expected from a backstop private placement by CEO Howard Jonas [1][4]. Group 1: Rights Offering Details - The rights offering resulted in subscriptions for 3,130,480 shares of Class B common stock at an exercise price of $1.28 per share, generating gross proceeds of $4,007,014.40 [1]. - The subscription period ended on May 29, 2025, and shares were issued to participating stockholders on June 4, 2025 [2]. - Howard Jonas and his affiliates, holding about 32% of the company's outstanding common stock, did not exercise their subscription rights due to a commitment to backstop the offering [1][3]. Group 2: Financial Implications - The net proceeds from the rights offering and the backstop private placement are expected to be approximately $24.9 million after deducting related expenses [4]. - Following these transactions, the company anticipates having around 50,879,164 shares of Class B common stock and 787,163 shares of Class A common stock outstanding [5]. Group 3: Strategic Use of Proceeds - The proceeds from the rights offering will provide additional capital for regulatory approval efforts and the potential launch of Trappsol Cyclo™ pending positive interim results from the ongoing Phase 3 clinical trial for Niemann-Pick Disease Type C1 [3]. Group 4: Company Overview - Rafael Holdings, Inc. is involved in clinical and early-stage pharmaceutical companies, focusing on developing Trappsol Cyclo™ for Niemann-Pick Disease Type C1, along with other pharmaceutical and medical device ventures [7].