Rafael Holdings Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results

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]