Rafael Holdings, Inc.

Listed Company

RFLCIK 0001713863NYSENon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Jul 31

Period

FY 2025

Revenue

$917.0K

Net Income

$-30.52M

Total Assets

$114.11M

Equity

$94.39M

Shares Out

100

Op. Cash Flow

$-18.92M

Business

Rafael Holdings, Inc. is a biotechnology company that develops pharmaceuticals and holds controlling or majority interests in clinical and early-stage companies focused on therapeutics and medical devices. Its main offerings include the lead biopharmaceutical candidate Trappsol® Cyclo™ for Niemann-Pick Disease Type C1, clinical-stage oncology programs (e.g., Promitil® and CPI-613®/devimistat), the VECTR minimally invasive orthopedic device, and Day Three’s Unlokt™ bioavailability technology. Key business segments comprise wholly owned Cyclo and consolidated or majority‑owned portfolio companies (LipoMedix, Barer/Farber, Cornerstone, Rafael Medical Devices, Day Three). The company advances products through global clinical trial networks, third‑party contract manufacturers, and device distribution channels including direct sales and regional distributors.

Summary from filing dated 2025-10-29

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31	FY 2021 2021-07-31
Total revenue	917,000	637,000	279,000	410,000	802,000
General and administrative	14	9	9	17	—
Research and development	13	4	6	9	5
In-process research and development expense	—	90	—	—	—
Depreciation and amortization	288,000	225,000	78,000	72,000	70,000
Loss on impairment of goodwill	3	—	—	—	7
Loss from operations	−29	−103	−15	−60	−28
Interest income	2	2	3	201,000	2,000
Loss on initial investment in Day Three upon acquisition	—	−2	—	−575,000	383,000
Realized gain on available-for-sale securities	178,000	2	154,000	—	—
Realized loss on investment in equity securities	—	−46,000	—	—	—
Realized gain on investment - Cyclo	—	424,000	—	—	—
Unrealized (loss) gain on investment - Cyclo	−5	37,000	3	—	—
Unrealized (loss) gain on convertible notes receivable, due from Cyclo	−719,000	1	—	—	—
Unrealized gain on investment - Hedge Funds	—	63,000	220,000	—	—
Recovery of receivables from Cornerstone	—	31	—	—	—
Interest expense	−658,000	−248,000	—	−6,000	−12,000
Other income, net	310,000	118,000	—	—	—
Loss before income taxes	−33	−67	−9	−140	−23
Benefit from income taxes	3	3	255,000	—	−18,000
Equity in loss of Day Three	—	−422,000	−203,000	—	—
Consolidated net loss	−31	−65	−2	−142	−25
Net loss attributable to noncontrolling interests	−123,000	−31	−339,000	−18	−222,000
Net loss attributable to Rafael Holdings, Inc.	−31	−34	−2	−125	−23
Unrealized gain on available-for-sale securities	247,000	464,000	−290,000	−63,000	—
Foreign currency translation adjustment	96,000	−53,000	−42,000	−5,000	10,000
Comprehensive loss	−30	−65	−3	−142	—
Comprehensive loss attributable to noncontrolling interests	−128,000	−31	−336,000	—	—
Comprehensive loss attributable to Rafael Holdings, Inc.	−30	−34	−2	−125	−25
Basic (in Dollars per share)	−1.04	−1.45	−0.08	−6.31	−1.49
Diluted (in Dollars per share)	−1.04	−1.45	−0.08	−6.31	−1.49
Basic (in Shares)	29	24	23	20	17
Diluted (in Shares)	29	24	23	20	17

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2025 2025-03-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31
Cash and cash equivalents	53	—	3	21	27
Available-for-sale securities	—	—	63	58	37
Interest receivable	—	—	515,000	387,000	—
Prepaid clinical costs	1	—	—	—	—
Convertible notes receivable, due from Cyclo	—	—	5	—	—
Other receivables	1	—	—	—	—
Accounts receivable, net of allowance for credit losses of $245 at July 31, 2025 and July 31, 2024	627,000	—	426,000	213,000	—
Inventory	281,000	—	—	—	—
Prepaid expenses and other current assets	786,000	—	430,000	914,000	5
Total current assets	57	—	73	83	108
Property and equipment, net	2	—	2	2	2
Non-current prepaid clinical costs	1	—	—	—	—
Convertible notes receivable classified as available-for-sale	2	—	1	—	—
Goodwill	20	—	3	—	—
Intangible assets, net	994,000	—	2	—	—
In-process research and development	32	—	2	2	—
Other assets	34,000	—	35,000	9,000	1
TOTAL ASSETS	114	—	97	99	118
Accounts payable	7	—	3	333,000	564,000
Accrued expenses	3	—	2	763,000	2
Convertible notes payable	614,000	—	614,000	—	—
Other current liabilities	66,000	—	113,000	1	4
Installment note payable	—	—	2	—	—
Total current liabilities	12	—	8	2	21
Accrued expenses, noncurrent	4	—	3	—	—
Convertible notes payable, noncurrent	78,000	—	73,000	—	—
Other liabilities	27,000	—	5,000	55,000	88,000
Deferred income tax liability	138,000	—	—	—	—
TOTAL LIABILITIES	16	—	11	2	21
COMMITMENTS AND CONTINGENCIES	—	—	—	—	—
Common stock value	—	9	—	—	8,000
Additional paid-in capital	322	—	280	264	262
Accumulated deficit	−232	—	−202	−167	−165
Treasury stock, at cost; 101,487 Class B shares as of July 31, 2025 and July 31, 2024	−168,000	—	−168,000	—	—
Accumulated other comprehensive income related to unrealized income on available-for-sale securities	358,000	—	111,000	−353,000	−63,000
Accumulated other comprehensive income related to foreign currency translation adjustment	4	—	4	4	4
Total equity attributable to Rafael Holdings, Inc.	94	—	82	100	101
Noncontrolling interests	4	—	4	−4	−3
TOTAL EQUITY	98	—	86	97	97
TOTAL LIABILITIES AND EQUITY	114	—	97	99	118

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31	FY 2021 2021-07-31
Loss (gain) on sale of property and equipment	81,000	−27,000	—	—	—
Net unrealized gain on investments - Hedge Funds	—	−63,000	—	—	—
Realized loss on investment in equity securities	—	46,000	—	—	—
Amortization of discount on available-for-sale securities	−285,000	−2	—	—	—
Loss on initial investment in Day Three upon acquisition	—	2	—	—	—
Realized gain on equity investments - Cyclo	—	−424,000	—	—	—
Unrealized loss (gain) on equity investments - Cyclo	5	−37,000	—	—	—
Recovery of receivables from Cornerstone	—	−31	—	—	—
Gain on dissolution of a business	—	18,000	—	—	—
Change in deferred income taxes	−165,000	—	—	—	—
Credit loss expense	—	20,000	−1	4,000	193,000
Stock-based compensation	2	2	2	−917,000	7
Gain on DTLM Sale Transactions	−30,000	—	—	—	—
Trade accounts receivable	−151,000	−150,000	—	—	−161,000
Interest receivable	515,000	−139,000	—	—	—
Inventory	−11,000	—	—	—	—
Prepaid expenses and other current assets	818,000	673,000	373,000	−4	−802,000
Prepaid clinical costs (current and non-current)	112,000	—	—	—	—
Other receivables	−273,000	—	−247,000	−140,000	—
Other assets	28,000	22,000	—	—	—
Accounts payable and accrued expenses	−922,000	−146,000	—	—	—
Other current liabilities	−67,000	−938,000	781,000	4	137,000
Due to related parties	−10,000	138,000	−43,000	−67,000	—
Accrued expenses, noncurrent	913,000	—	—	—	—
Convertible notes payable	5,000	—	—	—	—
Other liabilities	15,000	−70,000	15,000	40,000	—
Net cash used in operating activities	−19	−8	−11	−26	−16
Purchase of property and equipment	−4,000	−143,000	—	−2,000	−206,000
Proceeds from sale of property and equipment	13,000	—	—	—	4
Purchases of available-for-sale securities	−17	−156	−205	—	—
Proceeds from the sale and maturities of available-for-sale securities	81	153	185	29	—
Proceeds from Day Three patent sale	—	270,000	—	—	—
Purchase of intangible assets	−17,000	−35,000	—	—	—
Proceeds from sales of equity securities	—	271,000	1	—	—
Issuance of Convertible notes receivable, due from Cyclo	—	−4	—	—	—
Payments for Convertible notes receivable, due from Cyclo	−20	—	—	—	—
Purchase of investments in Cyclo	—	−7	−2	—	—
Issuance of convertible note receivable	—	−1	—	—	—
Issuance of Day Three Promissory Notes	—	−2	—	—	—
Proceeds from investments - Other Pharmaceuticals	—	42,000	—	—	—
Cash paid in Cyclo Merger, net of cash acquired	−3	—	—	—	—
Cash acquired in acquisition of Day Three, net of cash payments	—	1	—	—	—
Cash acquired in the Cornerstone Acquisition, net of cash payments	—	1	—	—	—
Proceeds from hedge funds	3	3	—	—	—
Net cash provided by (used in) investing activities	44	−11	21	−64	−8
Principal payments on installment note payable	—	−800,000	—	—	—
Payments for taxes related to shares withheld for employee taxes	−215,000	−136,000	—	−75,000	−185,000
Purchases of treasury stock	—	−168,000	—	—	—
Proceeds from issuance of common stock in Rights Offering, net of transaction costs	25	—	—	99	13
Proceeds from sale of Rafael Medical Devices membership units	44,000	925,000	—	—	—
Net cash provided by (used in) financing activities	25	−179,000	−15	104	30
Effect of exchange rate changes on cash and cash equivalents	153,000	−22,000	−146,000	−306,000	122,000
Net increase (decrease) in cash and cash equivalents	50	−19	−5	14	7
Fair value of Class B common stock issued as consideration in Cyclo Merger	15	—	—	—	—
Fair value of Rollover Options issued as consideration in Cyclo Merger	360,000	—	—	—	—
Fair value of Replacement Warrants issued as consideration in Cyclo Merger	472,000	—	—	—	—
Fair value of Cyclo Convertible notes receivable included as consideration in Cyclo Merger	21	—	—	—	—
Transaction costs related to the Rights Offering included in accounts payable	94,000	—	—	—	—
Conversion of RFL Line of Credit into Cornerstone Common Stock	—	38	—	—	—
Conversion of 2023 Promissory Note into Cornerstone Common Stock	—	3	—	—	—
Recognition of noncontrolling interest in the Cornerstone Acquisition	—	28	—	—	—
Recognition of noncontrolling interest in the RP Finance Consolidation, net of elimination	—	10	—	—	—
Gain on RP Finance Consolidation recorded as an adjustment to additional paid-in capital due to related party nature of transaction, net of elimination	—	6	—	—	—
Non-cash consideration received in exchange for equipment	—	34,000	—	—	—
Conversion of Convertible notes receivable, due from Cyclo into common stock	3	—	—	—	—
Elimination of principal and accrued interest on the Day Three Promissory Notes included in consideration for acquisition of Day Three	—	2	—	—	—
Convertible note receivable received in exchange for Day Three Labs Manufacturing assets	500,000	—	—	—	—

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