Rafael Holdings Stock Price, News & Analysis

Rafael Holdings, Inc. (RFL) is described in its public disclosures as a biotechnology company that develops pharmaceuticals and holds interests in clinical and early-stage companies that develop pharmaceuticals and medical devices. Although classified in some data sources under real estate, the company’s own filings and news releases emphasize its focus on life sciences, rare diseases, oncology, medical devices and related technologies.

According to multiple company press releases and SEC filings, Rafael Holdings’ business centers on two main activities: advancing its lead clinical candidate Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (NPC1), and managing a portfolio of majority and wholly owned operating companies in pharmaceuticals, medical devices and related fields. The company’s securities filings state that its Class B common stock trades under the symbol RFL on the New York Stock Exchange.

Core biotechnology focus and lead program

Rafael Holdings identifies its lead clinical candidate as Trappsol® Cyclo™ (hydroxypropyl‑beta‑cyclodextrin), an investigational drug being evaluated for the potential treatment of Niemann‑Pick Disease Type C1, a rare, fatal and progressive genetic disorder. Company news releases explain that Trappsol® Cyclo™ is the subject of an ongoing pivotal Phase 3 clinical trial known as the TransportNPC™ study, as well as an open‑label sub‑study in patients under three years of age. The company reports that this Phase 3 program is designed as a randomized, double‑blind, placebo‑controlled, multicenter study with a 96‑week duration and a prespecified 48‑week interim analysis reviewed by an independent Data Monitoring Committee.

Rafael Holdings further reports that its subsidiary Cyclo Therapeutics, LLC has conducted earlier Phase 1 and Phase 2 studies of Trappsol® Cyclo™ in NPC1, and that patients from the Phase 1 study continue treatment in an open‑label extension. Company communications also note that Cyclo Therapeutics is conducting a Phase 2b clinical trial of Trappsol® Cyclo™ in early Alzheimer’s disease, based on data from an expanded access program.

Portfolio of controlled and affiliated companies

In addition to its internal programs, Rafael Holdings states that it holds interests in several clinical‑stage and early‑stage businesses. Across recent press releases, the company describes these interests as including:

• Cyclo Therapeutics, LLC – a wholly owned clinical‑stage biotechnology subsidiary dedicated to developing Trappsol® Cyclo™ for NPC1 and other indications.
• LipoMedix Pharmaceuticals Ltd. – described as a clinical‑stage pharmaceutical company.
• Cornerstone Pharmaceuticals, Inc. (formerly Rafael Pharmaceuticals Inc.) – described as a cancer metabolism‑based therapeutics company.
• Barer Institute Inc. – described as a wholly owned preclinical cancer metabolism research operation.
• Rafael Medical Devices, LLC – described as an orthopedic‑focused medical device company developing instruments to advance minimally invasive surgeries.
• Day Three Labs, Inc. – described as a company that empowers third‑party manufacturers to reimagine existing cannabis offerings using its technology and innovation such as Unlokt™.

Company descriptions emphasize that these holdings are primarily clinical‑stage or early‑stage enterprises, and that they are focused on therapeutics for unmet medical needs, cancer metabolism research, orthopedic medical devices and technology‑enabled cannabis product reformulation.

Corporate structure, securities and listing status

Rafael Holdings’ SEC filings state that it is incorporated in Delaware and has Class A and Class B common stock outstanding. The Class B common stock is listed on the New York Stock Exchange under the symbol RFL, and warrants to purchase Class B common stock have been listed on NYSE American under symbols such as RFL‑WT. A Form 25 filing dated December 11, 2025, submitted by NYSE American LLC, relates specifically to the removal from listing and registration of “Warrants to Purchase Shares of Class B Common Stock” on NYSE American. That Form 25 does not pertain to the RFL common stock listing on the New York Stock Exchange, which continues to be referenced in subsequent SEC filings.

The company’s proxy materials describe a dual‑class share structure in which Class A common stock carries three votes per share and Class B common stock carries one‑tenth of one vote per share, with both classes voting together as a single body on matters presented to stockholders. SEC proxy disclosures also indicate that Rafael Holdings qualifies as a “controlled company” under New York Stock Exchange rules because more than 50% of its voting power is controlled by a single individual, but that the board has nonetheless determined that a majority of its directors are independent under NYSE standards.

Clinical development and regulatory context

Rafael Holdings’ public communications describe Niemann‑Pick Disease Type C1 as a rare genetic disease characterized by impaired cellular cholesterol transport and accumulation in organs such as the liver, spleen and brain, often leading to premature death. Company materials note that Cyclo Therapeutics has obtained Orphan Drug Designation for Trappsol® Cyclo™ in the United States and Europe for NPC1, and that the program has also received Fast Track and Rare Pediatric Disease designations in the United States. The company explains that the Rare Pediatric Disease designation is one of the requirements for potential eligibility for a Priority Review Voucher upon marketing authorization.

Within this framework, Rafael Holdings positions its lead program as targeting the underlying cholesterol transport defect in NPC1 through an intravenously administered cyclodextrin formulation designed to mobilize lysosomal cholesterol. The company’s disclosures focus on the design of the TransportNPC™ Phase 3 study, the use of NPC Clinical Severity Scales as primary endpoints, and the role of independent data monitoring and regulatory feedback in guiding the program.

Capital structure and financing activities

Rafael Holdings’ recent news releases describe capital‑raising activities intended to support its clinical and corporate objectives. In particular, the company reports the completion of a $25 million rights offering of Class B common stock, supported by a standby purchase agreement under which a related party agreed to purchase any unsubscribed shares through a private placement. Company communications state that the net proceeds are expected to be used for regulatory approval efforts and potential launch preparations for Trappsol® Cyclo™ in the event of favorable clinical outcomes, as well as for other corporate purposes.

The company also discloses the issuance of warrants in connection with its merger with Cyclo Therapeutics, Inc., with those warrants later listed on NYSE American and subsequently removed from that exchange’s listing pursuant to Form 25. These activities, as described in SEC filings and press releases, illustrate how Rafael Holdings uses equity, warrants and rights offerings within its capital structure.

Governance and stockholder matters

In its definitive proxy statement and related Form 8‑K filings, Rafael Holdings provides information on its annual meeting of stockholders, election of directors, ratification of its independent registered public accounting firm and amendments to its equity incentive plan. The company reports that stockholders have voted on the election of six directors for one‑year terms, ratification of CohnReznick LLP as independent auditors for a stated fiscal year, and an increase in the number of shares available under the 2021 Equity Incentive Plan.

The proxy materials also describe the company’s adoption of Corporate Governance Guidelines and a Code of Business Conduct and Ethics, and state that these documents are available through its investor relations channels. Although Rafael Holdings is eligible for certain NYSE governance exemptions as a controlled company, its disclosures emphasize the presence of independent directors and functioning board committees, including audit, compensation and corporate governance committees.

Business segments and historical context

Earlier descriptions, such as the Polygon profile and prior company disclosures, refer to Rafael Holdings operating through segments that included Healthcare, Infusion Technology and Real Estate, with operations in the United States and Israel. More recent company press releases and SEC filings, however, consistently describe Rafael Holdings as a biotechnology company with interests in clinical and early‑stage pharmaceutical and medical device companies, and highlight its full ownership of Cyclo Therapeutics and majority interests in other life science and technology businesses. This evolution in the company’s own description suggests a strategic emphasis on biotechnology and related holdings.

Status and trading considerations

SEC filings and press releases through early 2026 continue to reference Rafael Holdings’ Class B common stock as listed on the New York Stock Exchange under the symbol RFL. A separate Form 25 filing relates only to the delisting of warrants from NYSE American. There is no SEC filing in the provided materials indicating that the RFL common stock itself has been delisted or deregistered. Investors reviewing the RFL stock can therefore consider Rafael Holdings as a biotechnology‑focused holding and development company with a lead rare‑disease program and a portfolio of controlled and affiliated entities in pharmaceuticals, medical devices and related technologies, as described in its own disclosures.

Frequently asked questions about Rafael Holdings, Inc.

• What does Rafael Holdings, Inc. do?
  Company press releases and SEC filings describe Rafael Holdings as a biotechnology company that develops pharmaceuticals and holds interests in clinical and early‑stage companies that develop pharmaceuticals and medical devices. Its lead clinical candidate is Trappsol® Cyclo™ for Niemann‑Pick Disease Type C1, and it also holds majority or full interests in several other life science and technology businesses.
• What is Rafael Holdings’ lead drug candidate?
  Rafael Holdings identifies Trappsol® Cyclo™ (hydroxypropyl‑beta‑cyclodextrin) as its lead candidate. The company reports that this investigational drug is being evaluated in a pivotal Phase 3 clinical trial (TransportNPC™) and related studies for the potential treatment of Niemann‑Pick Disease Type C1, a rare, fatal and progressive genetic disorder.
• How is Rafael Holdings involved with Cyclo Therapeutics?
  Company disclosures state that Cyclo Therapeutics, LLC is a wholly owned subsidiary of Rafael Holdings. Cyclo is described as a clinical‑stage biotechnology company dedicated to developing Trappsol® Cyclo™ for NPC1 and conducting related clinical trials, including a Phase 2b trial in early Alzheimer’s disease.
• What other companies are in Rafael Holdings’ portfolio?
  According to its news releases, Rafael Holdings holds majority or significant interests in LipoMedix Pharmaceuticals Ltd., Cornerstone Pharmaceuticals, Inc. (formerly Rafael Pharmaceuticals Inc.), Barer Institute Inc., Rafael Medical Devices, LLC and Day Three Labs, Inc. These entities are described as focusing on clinical‑stage pharmaceuticals, cancer metabolism research, orthopedic medical devices and technology‑enabled cannabis product offerings.
• On which exchange does RFL trade?
  SEC filings identify Rafael Holdings’ Class B common stock as trading on the New York Stock Exchange under the symbol RFL. Warrants to purchase Class B common stock have traded on NYSE American under symbols such as RFL‑WT, and a Form 25 filing dated December 11, 2025 relates to the removal of such warrants from listing on NYSE American.
• Is Rafael Holdings still an active public company?
  The provided SEC filings through January 2026 include an annual meeting Form 8‑K, earnings‑related Form 8‑Ks and a definitive proxy statement, all of which reference the RFL Class B common stock listed on the New York Stock Exchange. There is no indication in these materials of a delisting of the common stock, so the disclosures present Rafael Holdings as an ongoing public company.
• How does Rafael Holdings describe its corporate governance?
  In its definitive proxy statement, Rafael Holdings states that it has adopted Corporate Governance Guidelines and a Code of Business Conduct and Ethics, and that it qualifies as a controlled company under NYSE rules because more than 50% of its voting power is held by a single individual. The company also reports that a majority of its directors are independent under NYSE standards and that it maintains audit, compensation and corporate governance committees.
• What is the significance of the rights offering mentioned in recent news?
  Rafael Holdings reports that it completed a $25 million rights offering of Class B common stock, with a related party agreeing to purchase any unsubscribed shares through a private placement. Company statements indicate that the proceeds are intended to support regulatory efforts and potential launch preparations for Trappsol® Cyclo™ and to fund other corporate purposes.