RAPH CTO exercises 350,000 warrants at $0.01

Raphael Pharmaceutical Inc. Chief Technology Officer Louria Hayon Igal exercised warrants to acquire 350,000 shares of common stock at an exercise price of $0.01 per share.

Rhea-AI Filing Summary

Raphael Pharmaceutical Inc. Chief Technology Officer Louria Hayon Igal exercised warrants to acquire 350,000 shares of common stock at an exercise price of $0.01 per share. Following the in-the-money derivative exercise, her direct common stock holdings increased to 1,349,000 shares, with no such warrants remaining outstanding.

Insider Trade Summary

350,000 shares exercised/converted

Exercise 2 txns

Insider Louria Hayon Igal

Role Chief Technology Officer

Type	Security	Shares	Price	Value
In-the-Money Exercise	Warrants to purchase Common Stock	350,000	$0.00	$0.00
In-the-Money Exercise	Common Stock	350,000	$0.01	$4K

Holdings After Transaction: Warrants to purchase Common Stock — 0 contracts (Direct); Common Stock — 1,349,000 shares (Direct)

Footnotes (1)

1. F1. The transaction reported is an exercise of warrants to purchase common stock. In accordance with General Instruction 4(c)(iii), the exercise price is reported under column 2 of this table.

Key Figures

Warrants Exercised: 350,000 warrants Exercise Price: $0.01 per share Shares Acquired: 350,000 shares +2 more

5 metrics

Warrants Exercised 350,000 warrants Exercised into common stock

Exercise Price $0.01 per share Warrant exercise price

Shares Acquired 350,000 shares Common stock received on exercise

Shares Held After 1,349,000 shares Post-transaction common stock holdings

Derivative Exercises Reported 1 transaction In-the-money derivative exercise

Key Terms

in-the-money derivative exercise, Warrants to purchase Common Stock, exercise price, Common Stock

4 terms

in-the-money derivative exercise financial

"transaction_action: "in-the-money derivative exercise""

Warrants to purchase Common Stock financial

"security_title: "Warrants to purchase Common Stock""

exercise price financial

"the exercise price is reported under column 2 of this table"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Common Stock financial

"underlying_security_title: "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did RAPH CTO Louria Hayon Igal report?

Louria Hayon Igal reported exercising warrants to acquire 350,000 shares of Raphael Pharmaceutical common stock. The exercise converted derivative securities into common shares, reflecting an in-the-money derivative exercise rather than an open-market purchase or sale transaction.

At what price were the Raphael Pharmaceutical (RAPH) warrants exercised?

The warrants were exercised at an exercise price of $0.01 per share. This low exercise price indicates an in-the-money derivative exercise, where the conversion terms were favorable relative to the underlying common stock’s value at the time of exercise.

How many Raphael Pharmaceutical (RAPH) shares does the CTO hold after the transaction?

After exercising the warrants, the CTO directly holds 1,349,000 shares of Raphael Pharmaceutical common stock. This figure reflects her post-transaction position as reported in the filing’s ownership column for the non-derivative common stock line item.

Did the RAPH CTO buy or sell shares on the open market in this Form 4?

No open-market buys or sells were reported. The Form 4 shows an in-the-money derivative exercise, converting 350,000 warrants into an equal number of common shares, without any separate purchase or sale transaction at prevailing market prices.

What happened to the Raphael Pharmaceutical (RAPH) warrants after the exercise?

The 350,000 warrants to purchase common stock were fully exercised, leaving zero warrants of that series outstanding for the CTO. The derivative summary in the filing shows no remaining derivative positions following this warrant exercise transaction.

Is the warrant exercise by the RAPH CTO considered a routine transaction?

The filing shows an in-the-money derivative exercise where warrants were converted into common shares at a fixed $0.01 exercise price. Such exercises are typically part of equity compensation arrangements and do not represent discretionary open-market trading activity.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/06/2026 - 06:22 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Louria Hayon Igal

(Last) (First) (Middle)

4 LUI PASTER

(Street)

TEL AVIV-JAFFA 6803605

(City) (State) (Zip)

ISRAEL

(Country)

2. Issuer Name and Ticker or Trading Symbol
Raphael Pharmaceutical Inc. [ RAPH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Technology Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/20/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/20/2025		X		350,000	A	$0.01	1,349,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants to purchase Common Stock	$0.01	11/20/2025	11/20/2025	X			350,000	05/01/2024	04/30/2026	Common Stock	350,000	(1)	0	D

Explanation of Responses:

1. The transaction reported is an exercise of warrants to purchase common stock. In accordance with General Instruction 4(c)(iii), the exercise price is reported under column 2 of this table.

	/s/ Hayon Igal Louria	04/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)