Here are the 10-K annual reports from Rafael Holdings, Inc. (RFL) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow RFL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full RFL filings page.
Rafael Holdings, Inc. reported that subsidiary Cyclo submitted a New Drug Application on October 28, 2026, seeking approval of Trappsol® Cyclo™ for Niemann-Pick Disease Type C in adult and pediatric patients from birth. The pivotal Phase 3 study enrolled 94 patients but did not meet its primary endpoint in the overall population; a prespecified analysis of patients receiving background miglustat and/or leucine showed a statistically significant treatment benefit. Within 60 days of receipt, FDA will determine whether the application is complete and acceptable for filing and, if accepted, whether Priority Review will be granted.
Fiscal 2026 consolidated net loss was $27.954 million, compared with $30.643 million in fiscal 2025; net cash used in operating activities was $29.987 million, versus $18.924 million. Cash and cash equivalents were $22.074 million and working capital $14.830 million as of July 31, 2026. Recurring losses led management to conclude substantial doubt exists about Rafael’s ability to continue as a going concern for at least 12 months from issuance. The company depends on additional capital, with no assurance funding will be available on acceptable terms or at all.
Management also said internal control over financial reporting was ineffective as of July 31, 2026, because Cyclo’s material weakness in accrual and related expense controls remained unremediated.
Rafael Holdings (RFL) filed its annual report, highlighting a pivot to biotech led by Trappsol® Cyclo™ for NPC1. The company completed the Cyclo merger on March 25, 2025 and is running a global, double-blind Phase 3 trial that fully enrolled 94 patients; a June 2025 DMC review found the therapy well tolerated and recommended continuing to 96 weeks. An open-label sub‑study in patients under 3 years showed mostly stabilization or improvement on CGI‑S at 48 weeks, with manageable adverse events.
Beyond Trappsol® Cyclo™, Rafael owns majority stakes in LipoMedix, Cornerstone, Rafael Medical Devices, and Day Three. Rafael Medical Devices received FDA 510(k) clearance on December 11, 2024 for its VECTR System for minimally invasive ligament/fascia release. Cornerstone was restructured in March 2024, making Rafael a 67% owner. Day Three Labs sold certain assets and licensed Unlokt™ applications for a $500,000 convertible note plus milestones.
As context, non‑affiliate market value was about $38.6 million as of January 31, 2025. Shares outstanding as of October 27, 2025 were 787,163 Class A and 50,983,641 Class B. The company retains a partial interest in a Jerusalem commercial property and notes concentrated control by its principal stockholder among key risks.