Core Viewpoint - Rafael Holdings, Inc. reported its financial results for the first quarter of fiscal year 2026, highlighting a net loss and increased expenses due to the acquisition of Cyclo Therapeutics, while also emphasizing progress in its clinical trials for Trappsol® Cyclo™ [1][4][5]. Financial Performance - As of October 31, 2025, the company had cash and cash equivalents of $45.5 million [3]. - For the three months ended October 31, 2025, the net loss attributable to Rafael Holdings was $9.8 million, or $0.19 per share, compared to a net loss of $9.0 million, or $0.37 per share in the same period last year [4][13]. - Research and development expenses increased to $7.5 million from $1.3 million year-over-year, primarily due to the inclusion of Cyclo's expenses following its acquisition [5]. - General and administrative expenses rose to $2.8 million from $2.5 million year-over-year, also reflecting Cyclo's expenses [6]. Clinical Development - The company is advancing its pivotal Phase 3 TransportNPC™ study for Trappsol® Cyclo™, which is aimed at treating Niemann-Pick Disease Type C1. The Data Monitoring Committee recommended continuing the study after reviewing safety and efficacy data at 48 weeks [2]. Company Overview - Rafael Holdings, Inc. is a biotechnology company focused on developing pharmaceuticals and holding interests in clinical and early-stage companies. Its lead candidate, Trappsol® Cyclo™, is currently in a pivotal Phase 3 clinical trial for Niemann-Pick Disease Type C1 [7]. Balance Sheet Highlights - Total assets as of October 31, 2025, were $105.4 million, down from $114.1 million as of July 31, 2025 [10][11]. - Total liabilities were reported at $27.0 million, with current liabilities at $12.1 million [10]. - Total equity attributable to Rafael Holdings, Inc. decreased to $85.2 million from $94.4 million [11]. Income Statement Summary - Revenues for the three months ended October 31, 2025, were $240,000, compared to $128,000 in the prior year [12]. - The operating loss for the period was $10.1 million, compared to a loss of $3.8 million in the same period last year [12]. - The net loss attributable to Rafael Holdings, Inc. was $9.8 million, compared to $9.0 million in the previous year [13].

Core Points - Rafael Holdings, Inc. announced the passing of Lead Independent Director Stephen Greenberg and appointed Alan Grayson to the Board of Directors [1][3] - Markus Sieger, an existing Board member, has been elected as Lead Independent Director and will chair the Audit Committee [1][4] Company Overview - Rafael Holdings, Inc. is a biotechnology company focused on developing pharmaceuticals and holding interests in clinical and early-stage companies [5] - The company's lead candidate, Trappsol® Cyclo™, is currently undergoing a pivotal Phase 3 clinical trial for the treatment of Niemann-Pick Disease Type C1 [5]

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].

Core Insights - Cyclo Therapeutics' TransportNPC™ Phase 3 clinical trial for Trappsol Cyclo™ targeting Niemann-Pick Disease Type C1 is fully enrolled, with interim analysis results expected in mid-2025 [1] - Rafael Holdings has successfully merged with Cyclo Therapeutics, positioning itself as a late-stage clinical development company focused on bringing new treatments to market [2][4] - Bill Conkling will transition from CEO to an advisory role, with Howard Jonas taking over as CEO, ensuring continuity in leadership during the critical phase of the clinical trial [3][4] Company Overview - Rafael Holdings, Inc. is involved in clinical and early-stage pharmaceutical ventures, including its subsidiary Cyclo Therapeutics, which is developing Trappsol Cyclo™ for Niemann-Pick Disease Type C1 [5] - The company also holds majority interests in several other pharmaceutical and medical device companies, indicating a diversified portfolio in the healthcare sector [5]