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Rafael (RFL) investor relations material
Rafael Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed merger with Cyclo Therapeutics in March 2025, making Trappsol® Cyclo™ the lead clinical program and shifting focus to rare disease therapeutics.
Operates three segments: Healthcare (Cyclo, LipoMedix, Barer, Cornerstone, Rafael Medical Devices), Infusion Technology (Day Three), and Real Estate (Jerusalem property).
Portfolio restructuring included consolidation of Cornerstone and RP Finance, and sale/licensing of Day Three Labs Manufacturing assets.
Fully enrolled pivotal Phase 3 TransportNPC trial for Trappsol® Cyclo™ in Niemann-Pick Disease Type C1, with interim results expected soon.
Cash and cash equivalents were $37.9 million as of April 30, 2025, with a $25 million rights offering completed in June 2025.
Financial highlights
Nine-month net loss ended April 30, 2025 was $18.4M ($0.73/share), improved from $29.9M ($1.26/share) in the prior year.
Q3 2025 net loss was $4.8M ($0.19/share), down from $32.4M ($1.36/share) in Q3 2024.
Revenue for nine months was $567K; Q3 revenue was $362K.
R&D expenses rose to $3.0M in Q3 and $5.3M for nine months, reflecting the Cyclo merger and consolidation.
Cash provided by investing activities was $43.9M; cash used in operations was $8.5M.
Outlook and guidance
Cash balance expected to be sufficient for at least the next 12 months.
Interim topline data from the 48-week Phase 3 TransportNPC study expected in June 2025, with NDA filing decision to follow.
Rights offering proceeds will fund continued development of Trappsol® Cyclo™ and pipeline assets.
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