Rafael Holdings SEC Filings

Rafael Holdings reported results for the quarter and nine months ended April 30, 2026, showing a small revenue base and ongoing investment in biotech programs. Total revenue was $179,000 for the quarter and $630,000 for the nine-month period, primarily from rental and product sales.

The company posted a quarterly net loss attributable to Rafael Holdings of $4.2 million and a nine-month net loss of $20.5 million, or $(0.40) per share. Cash and cash equivalents were $30.5 million, down from $52.8 million at prior year-end, after using $21.6 million in operating cash over nine months, largely to fund R&D on lead drug candidate Trappsol® Cyclo™ and other portfolio companies.

Rafael Holdings, Inc. reported third quarter fiscal 2026 results and highlighted a major clinical milestone: completion of the last patient last visit in its pivotal Phase 3 TransportNPC™ trial in Niemann-Pick Disease Type C1. Following a pre-NDA meeting, the company expects to submit an NDA in the second half of calendar 2026.

For the quarter ended April 30, 2026, Rafael Holdings posted a net loss attributable to the company of $4.2 million, or $0.08 per share, compared with a $4.8 million loss, or $0.19 per share, a year earlier. Revenue was $0.2 million versus $0.4 million in the prior-year quarter. Research and development expenses rose to $4.9 million from $3.0 million, reflecting the Cyclo acquisition, while general and administrative costs declined to $2.1 million from $3.2 million. As of April 30, 2026, the company held $30.5 million in cash and cash equivalents and total assets of $92.0 million.

Rafael Holdings, Inc. announced that the last patient has completed the final 96‑week visit in its pivotal Phase 3 TransportNPC™ study of Trappsol® Cyclo™ for Niemann‑Pick Disease Type C. The trial enrolled 94 patients across 27 sites in 13 countries, plus a 10‑patient pediatric sub‑study.

Topline data from the main study cohort are expected in the second half of 2026. The company has already held a pre‑NDA meeting with the FDA and expects to submit a New Drug Application in the second half of 2026. The FDA has also acknowledged that the company’s U.S. Expanded Access Program can proceed.

Rafael Holdings announced that its subsidiary Cyclo Therapeutics has entered into an exclusive licensing agreement with MIT for U.S. Patent No.12285440, covering the use of cyclodextrins in Alzheimer’s Disease patients who carry the ApoE4 genetic mutation.

The company plans to apply this patent to its lead candidate Trappsol® Cyclo™, which is already in a pivotal Phase 3 trial for Niemann-Pick Disease Type C1. The ApoE4 gene variant is estimated to be present in 50-70% of Alzheimer’s patients, and the release highlights preclinical data suggesting Trappsol® Cyclo™ may improve cholesterol transport in the brain, reduce tau pathology, and improve learning and memory in mice. Management also notes Phase 3 results from the Transport NPC study are expected in calendar Q3 2026.

Rafael Holdings, Inc. Chief Financial Officer David Polinsky reported a tax-related share disposition. On the vesting of restricted stock, 2,318 shares of Class B common stock were withheld by the company to cover tax obligations, rather than being sold on the open market.

After this withholding, Polinsky directly and indirectly holds a total of 301,497 shares, consisting of 76,882 shares held directly, 98,365 fully vested restricted shares and 126,250 unvested restricted shares that vest in scheduled installments through 2030. This filing reflects routine compensation and tax treatment rather than a discretionary trade.

Rafael Holdings, Inc. executive chairman, CEO and president Howard S. Jonas reported a Form 4 showing 9,826 shares of Class B common stock withheld by the company at $1.5025 per share to cover taxes upon the vesting of restricted stock. This is recorded as a tax-withholding disposition rather than an open-market trade.

After this event, he directly holds 323,014 Class B shares, consisting of 218,365 vested restricted shares and 104,649 unvested restricted shares that are scheduled to vest in tranches through 2030. He also reports substantial indirect holdings through entities including The Jonas Foundation, the Debbie Y. Jonas 2018 Dynasty Trust, the HSJ 2019 Remainder Trust, and several limited partnerships.

Rafael Holdings, Inc. reported a larger operating loss as it advances its biotech strategy. For the six months ended January 31, 2026, revenue was $451 thousand, up from $205 thousand a year earlier, driven mainly by rental and new product sales, but research and development expense rose to $12.0 million from $2.3 million. Net loss attributable to Rafael Holdings widened to $16.2 million, or $0.32 per share, compared with $13.6 million, or $0.57 per share. Cash and cash equivalents were $37.8 million as of January 31, 2026, down from $52.8 million at prior fiscal year-end, after using $14.3 million in operating cash during the period. Total assets were $99.3 million and equity was $83.3 million, reflecting significant goodwill and in-process R&D tied to its acquisition of Cyclo and lead drug candidate Trappsol® Cyclo™. The company states its cash is expected to cover obligations for at least 12 months while it focuses on completing a pivotal Phase 3 trial in Niemann-Pick Disease Type C1 and managing a portfolio of majority-owned life science businesses.

Rafael Holdings, Inc. reported results for its second quarter of fiscal 2026, ended January 31, 2026, while highlighting progress in its pivotal Phase 3 TransportNPC™ study of Trappsol® Cyclo™ for Niemann-Pick Disease Type C1. An independent Data Monitoring Committee recommended the trial continue after reviewing prespecified safety and efficacy data at 48 weeks, and the company expects to complete the 96-week study and report preliminary top line results in the third quarter of this calendar year.

As of January 31, 2026, cash and cash equivalents were $37.8 million, down from $52.8 million as of July 31, 2025. For the quarter, net loss attributable to Rafael Holdings was $6.4 million, or $0.13 per share, compared with a net loss of $4.6 million, or $0.19 per share, a year earlier. Revenue was $0.2 million, up from $0.1 million in the prior-year quarter, while research and development expenses rose to $4.5 million from $0.9 million, primarily due to consolidating Cyclo Therapeutics’ costs after its March 2025 acquisition. General and administrative expenses decreased to $2.3 million from $2.6 million.

Rafael Holdings director Markus Sieger received a grant of 29,528 shares of Class B common stock on January 28, 2026. The award was structured as restricted stock that, according to the footnotes, vests in full immediately rather than over time.

The grant was valued using an average price of $1.27 per share, based on the issuer’s December 2025 closing prices. Following this equity award, Sieger beneficially owns a total of 219,710 Class B shares, consisting of 29,528 fully vested restricted shares and 190,182 shares held directly.