Rafael (RFL) Q3 2026 earnings summary

Executive summary

• Focused on advancing Trappsol® Cyclo™ for Niemann-Pick Disease Type C1, with pivotal Phase 3 trial completed and NDA submission expected in the second half of 2026.

• Cyclo Therapeutics merger completed in March 2025, now a wholly-owned subsidiary, with integration impacting expenses and financial results.

• Portfolio includes majority interests in LipoMedix, Barer, Cornerstone, Rafael Medical Devices, and Day Three Labs.

• Transitioning toward a commercial-stage biotechnology company, aiming to unlock long-term value in a high-unmet-need market.

Financial highlights

• Revenue for the nine months ended April 30, 2026 was $630,000, up from $567,000 year-over-year.

• Net loss attributable to the company was $20.5 million ($0.40/share) for the nine months, compared to $18.4 million ($0.73/share) in the prior year.

• Cash and cash equivalents were $30.5 million as of April 30, 2026, down from $52.8 million at July 31, 2025.

• Equity attributable to the company was $75.4 million, down from $94.4 million at July 31, 2025.

• Q3 2026 revenue was $243,000, compared to $368,000 in Q3 2025.

Outlook and guidance

• NDA submission for Trappsol® Cyclo™ anticipated in the second half of 2026, with expedited regulatory path expected.

• Cash position expected to be sufficient for at least the next 12 months.

• Positioned to address significant unmet need in NPC, with potential for substantial long-term shareholder value.