Rafael Holdings Stock Price, News & Analysis

Rafael Holdings, Inc. (NYSE: RFL) reported its fiscal Q2 2023 results, highlighting a net loss of $3.3 million, or $0.13 per share, compared to a loss of $2.1 million, or $0.09 per share, in Q2 2022. As of January 31, 2023, the company had $88.9 million in cash, cash equivalents, and marketable securities. For the first half of fiscal 2023, Rafael recorded a net loss of $8.5 million, significantly reduced from $130.9 million in the prior year, which included substantial write-offs and impairments. R&D expenses decreased to $4.3 million from $5.5 million year-over-year, reflecting winding down programs at Barer Institute. General and administrative costs also declined. CEO Bill Conkling emphasized the strong balance sheet for funding pipeline assets.

Rafael Holdings, Inc. (NYSE: RFL) reported its first quarter fiscal 2023 results, reflecting significant progress. The company completed a successful real estate sale, generating $33 million in net proceeds. As of October 31, 2022, Rafael Holdings holds $93.8 million in cash and marketable securities. The net loss narrowed to $5.2 million ($0.22 per share) compared to a $128.9 million loss ($5.88 per share) in the prior year. R&D expenses remained stable at $2.1 million, while general and administrative expenses decreased to $3.1 million from $12.3 million, indicating improved cost management.

Rafael Holdings, Inc. (NYSE: RFL) announced on Nov. 15, 2022, a strategic shift to curtail early-stage development efforts, focusing instead on acquiring clinical stage assets to reduce spending. As of July 31, 2022, the company had $63.2 million in cash and received an additional $33 million from real estate sales. CEO Bill Conkling highlighted the company's strong balance sheet and opportunity for strategic business development amidst biotech sector dislocation, aiming for investments that address unmet medical needs and enhance shareholder value.

Rafael Holdings, Inc. (NYSE: RFL) reported its financial results for the three and twelve months ending July 31, 2022. The company had a net loss from continuing operations of $4.6 million, or $0.24 per share, for the quarter, down from a loss of $12.2 million last year. Revenue dropped to $0.07 million from $0.19 million year-over-year. For the full year, the net loss was $122.8 million, significantly higher than the previous year's $22.8 million. The company has cash and marketable securities totaling $63.2 million plus $33 million in proceeds from property sales to boost its business development efforts.

Cornerstone Pharmaceuticals has announced the initiation of a Phase 1 clinical trial for CPI-613 (devimistat), aimed at treating advanced pancreatic cancer. The trial, taking place at the Medical College of Wisconsin, will assess the safety and maximum tolerated dose of devimistat combined with gemcitabine and radiation therapy. With orphan drug designations from the FDA and EMA, devimistat targets cancer cell energy metabolism, potentially improving treatment outcomes in a disease known for high mortality rates.

Rafael Holdings, Inc. (NYSE: RFL) announced the completion of its building sale located at 520 Broad Street, Newark, for $49.4 million. After paying off a $15 million mortgage, the company expects net proceeds of approximately $33 million. Previously, Rafael Holdings reported cash and marketable securities of $59.4 million as of April 30, 2022, not including a recent $6 million raised through stock sales. CEO Bill Conkling emphasized that the sale strengthens the company’s balance sheet, enabling them to advance their early-stage cancer therapeutics pipeline.

Cornerstone Pharmaceuticals has successfully completed a Phase 1b clinical trial of its drug CPI-613® (devimistat) combined with gemcitabine and cisplatin for treating advanced biliary tract cancer. The trial involved 20 patients, achieving a 45% overall response rate and a median progression-free survival of 14.9 months. Seven patients are still receiving treatment. The Phase 2 trial is currently open, aiming to enroll 78 patients across 10 centers. Devimistat has been granted orphan drug designation by the FDA for multiple rare cancers, indicating its potential therapeutic importance.

Cornerstone Pharmaceuticals has appointed Dr. Jason Locasale to its Scientific Advisory Board. Dr. Locasale, an expert in cancer metabolism and metabolomics, is expected to enhance the company’s clinical programs and research on rare cancers. The company’s lead compound, CPI-613®, is under multiple clinical trials and has received orphan drug designations from both the FDA and EMA for several types of cancer. This appointment aims to strengthen the company’s ability to address the nutritional and metabolic challenges in cancer treatment.

Cornerstone Pharmaceuticals has announced the presentation of data from its open-label phase 1 study of CPI-613® (devimistat) combined with gemcitabine and nab-paclitaxel for locally advanced or metastatic pancreatic cancer. The results will be shared at the ESMO World Congress on Gastrointestinal Cancer 2022 from June 29 to July 2 in Barcelona, Spain. The study, involving 22 patients, demonstrated that devimistat is well tolerated and potentially synergistic with chemotherapy, paving the way for future treatment options for this prevalent and challenging cancer.