Rafael Holdings Reports First Quarter Fiscal 2026 Financial Results
Rhea-AI Summary
Rafael Holdings (NYSE: RFL) reported first quarter fiscal 2026 results for the period ended October 31, 2025. The company held $45.5 million in cash and cash equivalents as of that date. Rafael recorded a net loss of $9.8 million, or $0.19 per share, versus a net loss of $9.0 million, or $0.37 per share, in the prior-year quarter. Research and development expenses rose to $7.5 million from $1.3 million year‑over‑year, and general and administrative expenses were $2.8 million versus $2.5 million.
The company completed the acquisition of Cyclo in March 2025 and said the Data Monitoring Committee recommended continuing the pivotal Phase 3 TransportNPC study of Trappsol Cyclo after a 48‑week safety and efficacy review.
Positive
- DMC recommended continuing Phase 3 TransportNPC at 48 weeks
- $45.5 million cash and cash equivalents as of Oct 31, 2025
- March 2025 acquisition of Cyclo expanded clinical pipeline
Negative
- Net loss of $9.8 million for Q1 FY2026
- R&D expense increased to $7.5 million from $1.3 million
Key Figures
Market Reality Check
Peers on Argus
Peers show mixed moves with no clear sector trend: EUDA -13.77%, NYC -5.75%, DUO +10.63%, OMH +2.41%, CHG flat. This points to company-specific drivers for RFL.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 29 | Earnings results | Neutral | +0.8% | Reported FY25 results, highlighted Cyclo consolidation and rights offering funding. |
| Oct 28 | Board changes | Neutral | -0.7% | Announced passing of lead director and appointment of new independent director. |
| Sep 16 | Clinical data update | Positive | +6.8% | Preliminary Phase 3 sub-study data in NPC1 patients under 3 showed promising outcomes. |
| Aug 27 | Scientific conference | Positive | -2.0% | Cyclo abstracts accepted for oral and poster presentations at ICIEM meeting. |
| Jun 18 | Clinical trial update | Positive | -19.1% | DMC backed continuation of Phase 3 TransportNPC study; company raised $25M via rights offering. |
News around the TransportNPC™ program and Cyclo consolidation has produced mixed reactions, with both sharp selloffs and rallies. Earnings releases have generally led to modest single-day moves, while major clinical or financing updates have occasionally triggered larger, more volatile responses.
Over the last six months, Rafael Holdings has pivoted decisively toward biotech around Trappsol® Cyclo™. A June 2025 DMC review supported continuation of the pivotal Phase 3 TransportNPC™ study, backed by a $25M rights offering. Subsequent abstracts and preliminary Phase 3 data in young NPC1 patients reinforced clinical momentum. Concurrently, fiscal 2025 earnings updates highlighted higher R&D and G&A from the Cyclo merger and growing net losses. Today’s Q1 FY26 results continue that trend with higher R&D tied to Cyclo integration and ongoing Phase 3 investment.
Market Pulse Summary
This announcement details Q1 FY26 results as Rafael continues investing behind its pivotal Phase 3 TransportNPC™ study. Cash stood at $45.5M, with a quarterly net loss of $9.8M and R&D rising to $7.5M after consolidating Cyclo’s expenses. Against a backdrop of prior rights-offering funding and mixed stock reactions to news, investors may watch future cash trends, R&D levels, and TransportNPC™ milestones closely.
Key Terms
phase 3 medical
data monitoring committee medical
AI-generated analysis. Not financial advice.
NEWARK, N.J., Dec. 11, 2025 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL) today reported its financial results for the first quarter fiscal year 2026 ended October 31, 2025.
“We remain pleased with the progress of our pivotal Phase 3 TransportNPC™ study evaluating Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1, which the Data Monitoring Committee (DMC) recommended continuing after their review of prespecified safety and efficacy data at 48 weeks. We believe that Trappsol® Cyclo™ could provide an important new treatment option for patients suffering from this rare and fatal genetic disease,” said Howard Jonas, Chief Executive Officer, Executive Chairman and Chairman of the Board of Rafael Holdings.
Rafael Holdings, Inc. First Quarter Fiscal Year 2026 Financial Results
As of October 31, 2025, we had cash and cash equivalents of
For the three months ended October 31, 2025, we recorded a net loss attributable to Rafael Holdings of
Research and development expenses were
General and administrative expenses were
About Rafael Holdings, Inc.
Rafael Holdings, Inc. is a biotechnology company that develops pharmaceuticals and holds interests in clinical and early stage companies that develop pharmaceuticals and medical devices. Our lead candidate is Trappsol® Cyclo™, which is being evaluated in clinical trials for the potential treatment of Niemann-Pick Disease Type C1 (“NPC1”), a rare, fatal and progressive genetic disorder. We also hold interests in other clinical-stage and early-stage pharmaceutical development companies and an orthopedic-focused medical device company. Our lead candidate, Trappsol® Cyclo™, is the subject of an ongoing pivotal Phase 3 clinical trial.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans regarding the further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, those disclosed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended July 31, 2024, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Contact:
Barbara Ryan
Barbara.ryan@rafaelholdings.com
(203) 274-2825
| RAFAEL HOLDINGS, INC. | ||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||
| (in thousands, except share and per share data) | ||||||||||
| October 31, 2025 | July 31, 2025 | |||||||||
| (unaudited) | ||||||||||
| ASSETS | ||||||||||
| CURRENT ASSETS | ||||||||||
| Cash and cash equivalents | $ | 45,539 | $ | 52,769 | ||||||
| Prepaid clinical costs | 1,584 | 1,045 | ||||||||
| Other receivables | — | 1,206 | ||||||||
| Accounts receivable, net of allowance for credit losses of | 413 | 627 | ||||||||
| Inventory | 272 | 281 | ||||||||
| Prepaid expenses and other current assets | 513 | 786 | ||||||||
| Total current assets | 48,321 | 56,714 | ||||||||
| Property and equipment, net | 1,562 | 1,596 | ||||||||
| Non-current prepaid clinical costs | 629 | 1,399 | ||||||||
| Convertible notes receivable classified as available-for-sale | 1,858 | 1,858 | ||||||||
| Goodwill | 19,939 | 19,939 | ||||||||
| Intangible assets, net | 962 | 994 | ||||||||
| In-process research and development | 31,575 | 31,575 | ||||||||
| Investments | 500 | — | ||||||||
| Other assets | 29 | 34 | ||||||||
| TOTAL ASSETS | $ | 105,375 | $ | 114,109 | ||||||
| LIABILITIES AND EQUITY | ||||||||||
| CURRENT LIABILITIES | ||||||||||
| Accounts payable | $ | 6,794 | $ | 6,893 | ||||||
| Accrued expenses | 3,860 | 3,304 | ||||||||
| Convertible notes payable | 608 | 614 | ||||||||
| Due to related parties | 751 | 723 | ||||||||
| Other current liabilities | 63 | 66 | ||||||||
| Total current liabilities | 12,076 | 11,600 | ||||||||
| Accrued expenses, noncurrent | ||||||||||
| Convertible notes payable, noncurrent | 3,898 | 3,895 | ||||||||
| Deferred income tax liability | 56 | 78 | ||||||||
| Other liabilities | 138 | 138 | ||||||||
| TOTAL LIABILITIES | 27 | 27 | ||||||||
| 16,195 | 15,738 | |||||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||||
| EQUITY | ||||||||||
| Class A common stock, | 8 | 8 | ||||||||
| Class B common stock, | 509 | 508 | ||||||||
| Additional paid-in capital | 322,730 | 322,161 | ||||||||
| Accumulated deficit | (242,079 | ) | (232,263 | ) | ||||||
| Treasury stock, at cost; 101,487 Class B shares as of October 31, 2025 and July 31, 2025 | (168 | ) | (168 | ) | ||||||
| Accumulated other comprehensive income related to unrealized income on available-for-sale securities | 358 | 358 | ||||||||
| Accumulated other comprehensive income related to foreign currency translation adjustment | 3,823 | 3,787 | ||||||||
| Total equity attributable to Rafael Holdings, Inc. | 85,181 | 94,391 | ||||||||
| Noncontrolling interests | 3,999 | 3,980 | ||||||||
| TOTAL EQUITY | 89,180 | 98,371 | ||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 105,375 | $ | 114,109 | ||||||
| RAFAEL HOLDINGS, INC. | |||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||
| (unaudited, in thousands, except share and per share data) | |||||||||
| Three Months Ended October 31, | |||||||||
| 2025 | 2024 | ||||||||
| Revenues | $ | 240 | $ | 128 | |||||
| Cost of infusion Technology revenue | - | 37 | |||||||
| Cost of product revenue | 9 | - | |||||||
| SG&A Expenses | 2,838 | 2,523 | |||||||
| R&D Expenses | 7,484 | 1,326 | |||||||
| Depreciation and amortization | 50 | 86 | |||||||
| Operating Loss | (10,141 | ) | (3,844 | ) | |||||
| Interest income | 399 | 568 | |||||||
| Realized gain on available-for-sale securities | - | 194 | |||||||
| Unrealized loss on investments - Cyclo Therapeutics Inc. | - | (4,365 | ) | ||||||
| Unrealized loss on convertible notes receivable, due from Cyclo | - | (1,588 | ) | ||||||
| Interest expense | (160 | ) | (162 | ) | |||||
| Other income (loss) | 115 | (2 | ) | ||||||
| Loss before Incomes Taxes | (9,787 | ) | (9,199 | ) | |||||
| Taxes | (10 | ) | (12 | ) | |||||
| Consolidated net loss | (9,797 | ) | (9,211 | ) | |||||
| Net income (loss) attributable to noncontrolling interests | 19 | (205 | ) | ||||||
| Net loss attributable to Rafael Holdings, Inc. | $ | (9,816 | ) | $ | (9,006 | ) | |||
| Continuing operations loss per share | |||||||||
| Net loss from operations | (9,797 | ) | (9,211 | ) | |||||
| Net income (loss) attributable to noncontrolling interests | 19 | (205 | ) | ||||||
| Numerator for loss per share from operations | $ | (9,816 | ) | $ | (9,006 | ) | |||
| Loss per share | |||||||||
| Basic and diluted | (0.19 | ) | (0.37 | ) | |||||
| Loss per basic common share | $ | (0.19 | ) | $ | (0.37 | ) | |||
| Weighted average shares in calculation | 51,184,407 | 24,062,854 | |||||||
FAQ
What did Rafael Holdings (RFL) report for Q1 fiscal 2026 net loss?
How much cash did Rafael Holdings (RFL) have on Oct 31, 2025?
Why did Rafael Holdings' R&D expense rise in Q1 FY2026?
What is the status of the Trappsol Cyclo Phase 3 TransportNPC study for RFL?
When did Rafael Holdings acquire Cyclo Therapeutic and how does it affect RFL?
