Rafael Holdings Stock Price, News & Analysis

Rafael Holdings (NYSE: RFL) has provided an update on its previously announced $25 million rights offering for Class B common stock. The company is distributing one non-transferable subscription right for each share of Class B or Class A common stock, or for shares issuable upon exercise of Public Warrants held as of May 9, 2025.

Each subscription right allows holders to purchase 0.603 shares of Class B common stock at $1.28 per share. Public Warrant holders receive 0.3525 subscription rights, with three warrants equaling one full subscription right. The subscription period runs from May 13 to May 29, 2025. Executive Chairman Howard Jonas has agreed to purchase any unsubscribed shares through a Standby Purchase Agreement at the same subscription price.

Rafael Holdings has announced a $25 million rights offering for its Class B common stock, priced at $1.28 per share. The offering aims to support the potential launch of Trappsol® Cyclo™, pending positive interim results from the TransportNPC™ Phase 3 clinical trial in Niemann-Pick Disease Type C1.

Key details of the rights offering:

• Record Date: May 9, 2025
• Subscription Period: May 13-29, 2025
• Eligible participants receive one non-transferable subscription right per share
• Each right allows purchase of 0.526 shares of Class B Common Stock

Howard Jonas, Executive Chairman, will enter a Standby Purchase Agreement to acquire any unsubscribed shares. The offering is subject to SEC registration, which was declared effective on April 29, 2025. D.F. King & Co. serves as the Information Agent for inquiries.

Rafael Holdings (NYSE: RFL) announced CEO Bill Conkling will step down and transition to an advisory role, with Executive Chairman Howard Jonas assuming the CEO position. The change follows Rafael's merger with Cyclo Therapeutics, transforming Rafael into a late-stage clinical biotechnology company.

The company's focus is now on Trappsol® Cyclo™, a potential treatment for Niemann-Pick Disease Type C1 (NPC1), a rare and fatal genetic disorder. The TransportNPC™ Phase 3 clinical trial is fully enrolled, with 48-week interim analysis results expected in mid-2025.

Rafael Holdings (NYSE: RFL) has completed its merger with Cyclo Therapeutics following shareholder approvals from both companies. The merger terms included Rafael Holdings issuing Class B common stock to Cyclo Therapeutics' shareholders, representing approximately 22% of the combined company, with an exchange ratio of 0.3525.

The company's lead clinical asset, Trappsol® Cyclo™, is currently in a Phase 3 clinical trial (TransportNPC™) for treating Niemann-Pick Disease Type C1, a rare and fatal genetic disease. The trial is fully enrolled, with 48-week interim analysis results expected in mid-2025. The study is designed as a prospective, randomized, double-blind, placebo-controlled, multi-center therapeutic study in pediatric and adult patients.

Rafael Holdings (NYSE: RFL) reported Q2 fiscal 2025 financial results, highlighting its pending merger with Cyclo Therapeutics expected to close in Q3 2025. The company reported cash and cash equivalents of $48.3 million as of January 31, 2025.

The company recorded a net loss of $4.6 million ($0.19 per share) in Q2, compared to net income of $6.0 million ($0.25 per share) in the previous year. The decline was primarily due to unrealized losses of $1.1 million on Cyclo investments. For the first six months of fiscal 2025, net loss was $13.6 million ($0.57 per share).

Post-merger, Rafael will focus on Cyclo's lead clinical program Trappsol® Cyclo™, with topline data from a Phase 3 study in Niemann-Pick Disease Type C1 expected mid-2025. R&D expenses increased to $0.9 million in Q2 FY25 from $0.6 million year-over-year, while G&A expenses remained stable at $2.6 million.

Rafael Holdings (NYSE: RFL) reported Q1 fiscal 2025 financial results, highlighting its pending merger with Cyclo Therapeutics expected to close in Q1 2025. The company reported cash and equivalents of $54.3 million and a net loss of $9.0 million ($0.37 per share), compared to a $3.6 million loss ($0.15 per share) in the prior year.

The increased losses were mainly due to $6.0 million in unrealized losses on Cyclo investments and convertible notes. R&D expenses rose to $1.3 million from $0.5 million, while G&A expenses increased to $2.5 million from $2.0 million. Post-merger, Rafael will focus on Trappsol® Cyclo™, currently in a fully enrolled Phase 3 study for Niemann-Pick Disease Type C1, with interim results expected mid-2025.

Rafael Holdings (NYSE: RFL) reported its Q4 and FY2024 financial results, highlighting a merger agreement with Cyclo Therapeutics. The company ended with $65.9 million in cash and equivalents. Q4 showed a net loss of $4.5 million ($0.19/share), compared to a gain of $1.3 million in the prior year. FY2024 resulted in a net loss of $34.4 million ($1.45/share), largely due to an $89.9 million R&D expense from the Cornerstone acquisition, partially offset by a $31.3 million receivables recovery. The company increased its stake in Day Three Labs to 84% and began consolidating financial results for both Day Three Labs and Cornerstone Pharmaceuticals.