Rafael (RFL) Q4 2026 earnings summary

Executive summary

• FY2026 net loss attributable to shareholders was $29.6 million, compared with $30.5 million in FY2025; year-end cash and cash equivalents were $22.1 million.

• Remibetadex NDA submitted to the FDA for Niemann-Pick disease type C; the pivotal Phase 3 study missed its primary endpoint in the overall population.

Financial highlights

• Q4 net loss attributable to shareholders was $9.2 million, or $0.18 per share, versus $12.1 million, or $0.28 per share YoY.

• FY2026 net loss attributable to shareholders was $29.6 million, or $0.58 per share, versus $30.5 million, or $1.04 per share in FY2025.

• Q4 R&D expense was $7.5 million, flat YoY; G&A expense fell to $2.4 million from $5.5 million.

• FY2026 R&D expense rose to $24.3 million from $12.8 million; G&A declined to $9.7 million from $13.8 million.

• Revenue was $244,000 in Q4 versus $350,000 YoY, and $874,000 for FY2026 versus $917,000 in FY2025.

Outlook and guidance

• FDA review of the remibetadex NDA, including potential filing acceptance, priority review and approval, remains uncertain; the submission requests a rare pediatric disease priority review voucher.

• Future evaluation of clinical data and pipeline potential are forward-looking; no numerical financial guidance was stated.