Cyclo Therapeutics’ TransportNPC™ Phase 3 clinical trial for Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1, a rare and fatal genetic disease, is fully enrolled and results from the 48-week interim analysis are expected in the middle of 2025 NEWARK, N.J., April 24, 2025 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL; NYSE American: RFL-WT) today announced that, following the merger with Cyclo Therapeutics, Bill Conkling will be stepping down as CEO and assuming an advisory role wit ...

Financial Performance - As of January 31, 2025, the healthcare segment reported a loss from operations of $3,259,000 for the three months ended January 31, 2025, compared to a loss of $3,148,000 for the same period in 2024, reflecting a 4% increase in losses [378]. - Consolidated loss from operations was $6.6 million for the three months ended January 31, 2025, an increase of 111% compared to a loss of $3.1 million in 2024 [386]. - Net loss attributable to Rafael Holdings, Inc. was $4.6 million for the three months ended January 31, 2025, compared to net income of $6.0 million in 2024, marking a 177% decline [386]. - Cash used in operating activities increased from $4.7 million for the six months ended January 31, 2024, to $5.4 million for the six months ended January 31, 2025, reflecting a shift from net income to net loss [399]. Revenue and Expenses - Research and development expenses for the healthcare segment increased by 40% to $857,000 for the three months ended January 31, 2025, compared to $612,000 for the same period in 2024 [378]. - General and administrative expenses decreased by 4% to $2,402,000 for the three months ended January 31, 2025, compared to $2,514,000 for the same period in 2024 [378][379]. - Infusion Technology segment reported revenue of $51,000 for the six months ended January 31, 2025, a 100% increase compared to no revenue in the same period of 2024 [383]. - Real Estate segment rental revenue from third parties increased by 17% to $48,000 for the three months ended January 31, 2025, compared to $41,000 in 2024 [385]. Cash Flow and Assets - Cash and cash equivalents increased to $48.3 million as of January 31, 2025, a 1,706% increase from $2.7 million in July 2024 [397]. - Total assets decreased by 14% to $83.0 million as of January 31, 2025, down from $96.8 million in July 2024 [397]. - Operating activities generated a cash outflow of $5.4 million for the six months ended January 31, 2025, a 15% increase in outflow compared to $4.7 million in 2024 [398]. - Cash provided by investing activities for the six months ended January 31, 2025, was $80.7 million from sales and maturities of available-for-sale securities, offset by purchases of approximately $16.9 million [400]. Impairments and Losses - The Infusion Technology segment incurred a goodwill impairment charge of $3.1 million during the three months ended January 31, 2025 [384]. - The company recorded a goodwill impairment charge of $3.1 million related to the Infusion Technology segment during the three months ended January 31, 2025 [413]. - The company recognized an unrealized loss of $3.8 million on investment in Cyclo for the six months ended January 31, 2025 [390]. Strategic Focus and Developments - Rafael Holdings plans to focus on Trappsol® Cyclo™ as its lead clinical program following the planned merger with Cyclo Therapeutics, which is expected to close in mid-2025 [365][369]. - The company has entered into a license agreement for one of its technologies that is in the pre-clinical research stage, as part of its strategic focus on core assets [365]. - Day Three, in which Rafael Holdings acquired a controlling interest, is currently evaluating its technology offerings amid reduced operations [376]. - Following the acquisition of Cornerstone in March 2024, Rafael Holdings now holds a 67% interest in Cornerstone, which has become a consolidated subsidiary [373]. Funding and Investments - The company raised $925,000 in August 2023 for Rafael Medical Devices, which is developing the VECTR System for minimally invasive surgeries [374]. - Cash used in financing activities for the six months ended January 31, 2025, included a payment for taxes related to shares withheld for employee taxes of $75 thousand [403]. - The company does not anticipate paying dividends until achieving sustainable profitability and retaining certain minimum cash reserves [404]. Currency and Revenue Sources - Revenue from tenants located in Israel represented 75% of consolidated revenues for the six months ended January 31, 2025, with all revenues in currencies other than the U.S. Dollar [415].

Financial Performance - Rafael Holdings reported a net loss of $4.6 million, or $0.19 per share, for the three months ended January 31, 2025, compared to a net income of $6.0 million, or $0.25 per share, in the same period last year [4]. - For the first six months of fiscal year 2025, the company recorded a net loss of $13.6 million, or $0.57 per share, versus a net income of $2.4 million, or $0.10 per share, in the prior year [7]. - Rafael Holdings experienced unrealized losses of $1.1 million on its investment in Cyclo equity during the quarter, compared to unrealized gains of $9.7 million in the prior year [4]. Cash and Assets - Cash and cash equivalents as of January 31, 2025, were $48.3 million, a significant increase from $2.7 million as of July 31, 2024 [3]. - The company reported a total equity of $69.4 million as of January 31, 2025, down from $82.2 million as of July 31, 2024 [13]. - The company’s total assets decreased to $83.0 million as of January 31, 2025, from $96.8 million as of July 31, 2024 [13]. Expenses - Research and development expenses for the three months ended January 31, 2025, were $0.9 million, up from $0.6 million in the same period last year [5]. - General and administrative expenses remained stable at $2.6 million for both the three months ended January 31, 2025, and 2024 [6]. Future Plans - The planned merger with Cyclo Therapeutics is expected to close in Q3 2025, pending shareholder approvals [1]. - The company anticipates topline data from the interim analysis of 104 enrolled patients in the Phase 3 trial for Trappsol Cyclo™ in mid-2025 [2].

Core Viewpoint - The planned merger with Cyclo Therapeutics is expected to close in Q3 2025, pending shareholder approvals, with a strategic focus on Cyclo's lead clinical program, Trappsol Cyclo™ [1][2]. Financial Results - For the three months ended January 31, 2025, the company reported a net loss of $4.6 million, or $0.19 per share, compared to a net income of $6.0 million, or $0.25 per share in the same period last year [4]. - For the six months ended January 31, 2025, the net loss was $13.6 million, or $0.57 per share, compared to a net income of $2.4 million, or $0.10 per share in the prior year [6]. - Cash and cash equivalents as of January 31, 2025, were $48.3 million [3]. Expenses - Research and development expenses for the three months ended January 31, 2025, were $0.9 million, up from $0.6 million in the previous year [5]. - For the six months ended January 31, 2025, research and development expenses totaled $2.3 million, compared to $1.1 million in the same period last year [7]. - General and administrative expenses were $2.6 million for the three months ended January 31, 2025, consistent with the previous year, and $5.1 million for the six months, up from $4.6 million [5][7]. Investment and Merger Details - The company has incurred unrealized losses of $1.1 million on its investment in Cyclo equity and convertible notes receivable from Cyclo, compared to unrealized gains of $9.7 million in the prior year [4]. - The merger with Cyclo Therapeutics is aimed at advancing Trappsol Cyclo™, which is currently in a Phase 3 trial for Niemann-Pick Disease Type C1 [2][8].

Ownership and Investments - Rafael Holdings has a 95% ownership interest in LipoMedix, which has treated a total of 149 patients in various clinical studies for its product candidate Promitil[369]. - The Company raised $925,000 in August 2023 for a 31.6% ownership stake in Rafael Medical Devices, which focuses on minimally invasive surgical instruments[373]. - As of October 31, 2024, the Company held a 68% interest in Rafael Medical Devices, which is part of its strategic focus on healthcare investments[377]. Financial Performance - The Company reported a loss from operations of $3,522,000 for the Healthcare segment for the three months ended October 31, 2024, an increase of 41% compared to the previous year[377]. - Consolidated net loss attributable to Rafael Holdings, Inc. was $9,006,000 for the three months ended October 31, 2024, a 148% increase from the net loss of $3,638,000 in the same period of 2023[383]. - Cash used in operating activities increased by 43% to $3,042,000 for the three months ended October 31, 2024, compared to $2,133,000 for the same period in 2023[392]. - Interest expense was $162,000 for the three months ended October 31, 2024, attributed to liabilities from the Cornerstone Acquisition[388]. Revenue and Expenses - Infusion Technology revenue for the three months ended October 31, 2024, was $51,000, marking a 100% increase from zero revenue in the same period last year[380]. - General and administrative expenses increased by approximately $0.6 million for the three months ended October 31, 2024, compared to the same period in 2023, largely due to the inclusion of Cornerstone and Cyclo Merger-related costs[378]. - Research and development expenses for the Healthcare segment increased by 137% to $1,161,000 for the three months ended October 31, 2024, primarily due to the inclusion of Cornerstone's expenses[377]. - Real Estate segment revenue increased by 22% to $50,000 for the three months ended October 31, 2024, compared to $41,000 for the same period in 2023[382]. Cash Flow and Assets - Cash provided by investing activities was $8,575,000 for the three months ended October 31, 2024, a significant increase from cash used of $6,786,000 in the same period of 2023[392]. - Cash and cash equivalents increased by 205% to $8,159,000 as of October 31, 2024, compared to $2,675,000 as of July 31, 2024[395]. - Total assets decreased by 9% to $87,835,000 as of October 31, 2024, down from $96,832,000 as of July 31, 2024[395]. Strategic Focus and Future Plans - The Company plans to fund the TransportNPC phase III clinical trial for Trappsol Cyclo™ to its interim analysis in mid-2025 following the planned merger with Cyclo Therapeutics[367]. - Rafael Holdings has entered into a Merger Agreement with Cyclo Therapeutics, which is expected to focus on Trappsol Cyclo™ as its lead clinical program[367]. - The company does not anticipate paying dividends until achieving sustainable profitability[400]. - The Company has curtailed early-stage development efforts at Barer Institute to reduce spending and focus on strategic opportunities[364]. Revenue Sources - Revenue from tenants in Israel represented 60% of consolidated revenues for the three months ended October 31, 2024, down from 100% in the same period of 2023[404]. Unrealized Loss - Unrealized loss on investment in Cyclo was $4,365,000 for the three months ended October 31, 2024, compared to an unrealized loss of $2,124,000 for the same period in 2023[385].

Financial Performance - For Q4 FY 2024, the company recorded a net loss from continuing operations of $4.5 million, or $0.19 per diluted share, compared to a net gain of $1.3 million, or $0.06 per diluted share, in the same period last year [3]. - For the full fiscal year 2024, the net loss from continuing operations was $34.4 million, or $1.45 per diluted share, compared to a net loss of $8.4 million, or $0.36 per diluted share, in the prior year [6]. - Consolidated net loss from continuing operations was $(4,854), compared to a profit of $1,256 in July 2023, marking a substantial decline [14]. - The net loss attributable to Rafael Holdings, Inc. was $(4,468), compared to a profit of $1,163 in July 2023, showing a significant downturn [14]. Revenue and Expenses - Revenues for July 2024 reached $165,000, compared to $68,000 in July 2023, representing a significant increase of 142.65% year-over-year [14]. - Research and development expenses for Q4 FY 2024 were $1.5 million, up from $1.3 million in the same period last year, attributed to activities at Cornerstone and Day Three Labs [4]. - General and administrative expenses for Q4 FY 2024 were $2.3 million, an increase from $1.4 million in the prior year, primarily due to additional expenses from Cornerstone and Day Three Labs [5]. - Research and Development (R&D) expenses decreased to $1,543 from $1,266, reflecting a reduction of 21.76% year-over-year [14]. - General and Administrative (G&A) expenses increased to $2,330 from $1,395, reflecting a rise of 67.03% year-over-year [14]. Assets and Equity - As of July 31, 2024, Rafael Holdings reported cash, cash equivalents, and marketable securities totaling $65.9 million [3]. - Total assets as of July 31, 2024, were reported at $96.8 million, a decrease from $98.8 million in the previous year [12]. - Total equity attributable to Rafael Holdings decreased to $82.2 million from $100.3 million year-over-year [13]. Investments and Acquisitions - The company incurred an in-process research and development expense of $89.9 million related to the Cornerstone acquisition during FY 2024 [6]. - Rafael Holdings holds a majority interest of 84% in Day Three Labs following an increased investment during FY 2024 [6]. - The merger with Cyclo Therapeutics is expected to close in the coming months, with pivotal Phase 3 study results for Trappsol Cyclo™ anticipated in mid-2025 [2]. Investment Performance - Interest income for the period was $606, down from $2,383 in the previous year, a decrease of 74.6% [14]. - The company reported a realized gain on available-for-sale securities of $251, compared to no gain in the same period last year [14]. - Unrealized gain on investment in equity securities was $1,191, consistent with the previous year, indicating stable investment performance [14].

Core Viewpoint - Rafael Holdings, Inc. is progressing towards a merger with Cyclo Therapeutics, Inc., focusing on its lead clinical program, Trappsol® Cyclo™, for treating Niemann-Pick Disease Type C1, with pivotal Phase 3 study results expected in mid-2025 [2][7]. Financial Results - As of October 31, 2024, the company reported cash, cash equivalents, and marketable securities totaling $54.3 million [3]. - For the first quarter of fiscal year 2025, Rafael Holdings recorded a net loss of $9.0 million, or $0.37 per share, compared to a net loss of $3.6 million, or $0.15 per share in the same period last year [4][12]. - The increase in losses was primarily due to unrealized losses of $6.0 million on investments in Cyclo and convertible notes receivable from Cyclo, compared to $2.1 million in the previous year [4]. - Research and development expenses rose to $1.3 million from $0.5 million year-over-year, attributed to activities at Cornerstone and Day Three [5]. - General and administrative expenses increased to $2.5 million from $2.0 million, driven by additional expenses from Cornerstone and Day Three, as well as professional fees related to the proposed merger with Cyclo [6]. Company Overview - Rafael Holdings, Inc. is a holding company with interests in clinical and early-stage pharmaceutical companies, including a planned merger with Cyclo Therapeutics, which is developing Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 [7]. - The company also holds majority interests in several other pharmaceutical and medical device companies, focusing on expanding its investment portfolio through strategic investments in therapeutics addressing high unmet medical needs [7].

Core Points - CenterPoint Energy is actively preparing for potential impacts from Hurricane Rafael, which has intensified to a Category 3 hurricane [1][4] - The company has suspended natural gas disconnections in Texas, Louisiana, and Mississippi to focus on emergency preparedness [5] - CenterPoint has identified over 13,000 mutual assistance resources to support emergency response efforts if needed [2] Emergency Preparedness - The company is conducting pre-landfall emergency preparedness protocols and is ready to deploy enhanced staffing plans across its Gulf Coast service area [2][4] - CenterPoint is collaborating with emergency responders and sharing safety information with customers [3][9] - The company emphasizes the importance of having a safety plan and encourages customers to prepare for the storm [9] Customer Communication - CenterPoint electric customers are advised to enroll in the Power Alert Service® for real-time outage updates [7] - The company has launched a new cloud-based Outage Tracker to provide customers with information on outages by county, city, and zip code [8] - Customers can access storm-related safety tips and preparation best practices through CenterPoint's website [9][10] Company Overview - CenterPoint Energy serves over 7 million metered customers across multiple states, including Texas, Louisiana, and Mississippi [11] - The company has been in operation for over 150 years and employs approximately 9,000 people [11]

Financial Performance - Rafael Holdings reported a consolidated loss from operations of $102.0 million for the year ended July 31, 2024, compared to a loss of $15.1 million for the previous year, representing a 575% increase in losses [561]. - Loss from operations significantly increased to $(102,627) thousand in 2024 from $(15,043) thousand in 2023, representing a change of $(87,584) thousand or (582)% [573]. - Interest income decreased to $2.4 million in 2024 from $3.3 million in 2023, a decline of approximately 27% [573]. - Total equity attributable to Rafael Holdings, Inc. decreased by 18% to $82.2 million in 2024 from $100.3 million in 2023 [580]. - Cash and cash equivalents decreased by 88% to $2.7 million as of July 31, 2024, down from $21.5 million in 2023 [580]. Research and Development - Research and development expenses decreased by 42% to $3.7 million for the year ended July 31, 2024, down from $6.3 million in the prior year, reflecting the company's decision to curtail early-stage development efforts [561]. - Research and development expenses increased by $502 thousand in the year ended July 31, 2024, compared to the previous year, primarily due to the acquisition of Day Three [571]. - In-process research and development (IPR&D) expenses increased by $89.9 million due to the acquisition of Cornerstone, marking a 100% increase compared to the previous year [567]. - IPR&D acquired as part of the Cornerstone Acquisition was expensed immediately as it had no alternative future use [609]. Revenue Streams - Infusion Technology revenue was reported at $355,000 for the year ended July 31, 2024, a new revenue stream following the acquisition of Day Three [568]. - Revenue from tenants located in Israel represented 44% of consolidated revenues for the year ended July 31, 2024, down from 53% in 2023, with all revenues in currencies other than the U.S. Dollar [546]. Expenses - General and administrative expenses decreased by 5% to $8.3 million for the year ended July 31, 2024, down from $8.8 million in the previous year [561]. - Cash used in operating activities decreased by $2.4 million, from $10.2 million in 2023 to $7.8 million in 2024, a 24% improvement [583]. - Cash used in investing activities decreased by 60% to $(10,820) thousand in 2024 from $(26,960) thousand in 2023 [583]. Investments and Securities - The company recorded a realized gain of $1.8 million on available-for-sale securities in 2024, up from $154 thousand in 2023, marking a 1051% increase [573]. - The fair value of marketable securities is recorded based on quoted prices in active markets, with unrealized gains or losses included in accumulated other comprehensive income [600]. - Hedge fund investments are classified as Level 3 assets, with fair value estimated based on information from fund managers, reflecting significant judgment [601]. - The Company recognizes the fair value of Cyclo Warrants using a Black-Scholes model, which incorporates significant assumptions such as expected volatility and risk-free interest rate [598]. Company Structure and Ownership - The company raised $925,000 in August 2023 for Rafael Medical Devices, resulting in a 68% ownership interest in the company [559]. - As of July 31, 2024, Rafael Holdings held a 67% interest in Cornerstone following its restructuring, which has been consolidated into the company's financial statements [558]. - The company holds a 95% interest in LipoMedix, which is nearing completion of a Phase 1B clinical trial for its cancer therapy product, Promitil® [555]. - Rafael Holdings plans to focus on Trappsol® Cyclo™ as its lead clinical program following the planned merger with Cyclo Therapeutics, which is currently conducting a Phase III clinical trial [554]. Financial Health and Projections - The company expects its cash and available-for-sale securities to be sufficient to meet obligations for at least the next 12 months [585]. - The Company did not record an impairment charge for goodwill during the year ended July 31, 2024 [605]. - The Company assesses goodwill for impairment annually or more frequently if events indicate potential impairment, considering macroeconomic conditions and industry trends [604]. - Stock-based compensation is recorded based on grant date fair value and is expensed on a straight-line basis over the requisite service period [606].

Core Insights - Rafael Holdings, Inc. reported a net loss from continuing operations of $4.5 million for Q4 FY 2024, compared to a net gain of $1.3 million in the same period last year [3][6][19] - The company is advancing its strategy to develop clinical stage assets and has entered into a merger agreement with Cyclo Therapeutics, which is conducting a pivotal Phase 3 study for Trappsol® Cyclo™ [2][9] - For the full fiscal year 2024, Rafael Holdings recorded a net loss of $34.4 million, significantly higher than the $8.4 million loss in the previous year, primarily due to in-process research and development expenses related to the Cornerstone acquisition [6][19] Financial Performance - As of July 31, 2024, Rafael Holdings had cash, cash equivalents, and marketable securities totaling $65.9 million [3] - Research and development expenses for Q4 FY 2024 were $1.5 million, up from $1.3 million in the prior year, attributed to activities at Cornerstone and Day Three Labs [4] - General and administrative expenses for Q4 FY 2024 increased to $2.3 million from $1.4 million in the same period last year, mainly due to additional expenses from Cornerstone and Day Three Labs [5] Yearly Overview - For the fiscal year ended July 31, 2024, research and development expenses totaled $4.2 million, down from $6.3 million in the previous year due to the winding down of early-stage programs [7] - General and administrative expenses for the fiscal year remained flat at $8.9 million compared to the prior year, with increases from Cornerstone and Day Three Labs offsetting reductions at Rafael Holdings [8] - The company reported a significant in-process research and development expense of $89.9 million related to the Cornerstone acquisition during FY 2024 [6] Strategic Developments - The merger with Cyclo Therapeutics is expected to close in the coming months, with a shareholder vote anticipated [2] - Cyclo Therapeutics is fully enrolled in its pivotal Phase 3 study for Trappsol® Cyclo™, with interim results expected in mid-2025 [2] - Rafael Holdings holds a majority interest in several clinical and early-stage pharmaceutical companies, including LipoMedix Pharmaceuticals and Day Three Labs, focusing on addressing high unmet medical needs [9][10]