Rafael Holdings Reports Third Quarter Fiscal 2024 Financial Results

Core Viewpoint - Rafael Holdings continues to develop its portfolio while exploring strategic investment opportunities, with a focus on advancements in biotechnology and cannabis products [1][17]. Financial Performance - For the three months ended April 30, 2024, the company reported a net loss from continuing operations of $32.4 million, or $1.36 per diluted share, compared to a net loss of $1.4 million, or $0.06 per diluted share, in the same period last year [13]. - For the nine months ended April 30, 2024, the net loss from continuing operations was $29.9 million, or $1.26 per diluted share, compared to a net loss of $9.6 million, or $0.42 per diluted share, in the prior year [15]. - Research and development expenses for the three months ended April 30, 2024, were $1.5 million, up from $0.7 million in the previous year, primarily due to new activities at Cornerstone and Day Three Labs [2]. - For the nine months ended April 30, 2024, research and development expenses totaled $2.6 million, down from $5.0 million in the prior year, reflecting the winding down of early-stage programs [4]. Investments and Assets - As of April 30, 2024, the company had cash, cash equivalents, and marketable securities amounting to $72.4 million [1]. - The total assets of Rafael Holdings were reported at $101.6 million as of April 30, 2024, compared to $98.8 million as of July 31, 2023 [8][20]. - The company holds significant investments in Cyclo Therapeutics, with an investment value of $15.2 million as of April 30, 2024, compared to $4.8 million in the previous year [8]. Strategic Developments - Cyclo Therapeutics has completed enrollment in its pivotal Phase 3 study for Trappsol® Cyclo™ aimed at treating Niemann-Pick Disease Type C1, a rare genetic disorder [1]. - Day Three Labs has begun generating revenue by innovating cannabis products with pharmaceutical-grade technology, enhancing product quality and predictability [1][17]. - The company has increased its investment in Day Three Labs, now holding a majority interest of 79% [13][15].