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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.
Logotype for Rafael Holdings Inc
Q3 2025 earnings summary11 Jun, 2025

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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Frequently asked questions

Rafael Holdings Inc operates as a holding company with interests in pharmaceutical development and commercial real estate. The company’s healthcare focus involves supporting novel therapeutics, while its real estate operations include ownership and management of commercial properties. Rafael Holdings serves the healthcare and real estate sectors. The company is headquartered in Newark, New Jersey, and its shares are listed on the NYSE American.

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