Logo

RFL

Rafael Holdings, Inc.

RFL

Rafael Holdings, Inc. • NYSE
$1.18 ▼ -3.28% (-0.04)
Market Cap $41.41 M
52w High $3.19
52w Low $1.17
Dividend Yield 0%
P/E -1.13
Volume 98.22K
Outstanding Shares 35.09M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $350K ▼ $13.044M ▲ $-12.094M ▼ -3.455K% ▼ $-0.28 ▼ $-12.01M ▼
Q3-2025 $362K ▲ $6.235M ▼ $-4.779M ▼ -1.32K% ▲ $-0.19 $-6.235M ▼
Q2-2025 $77K ▼ $6.678M ▲ $-4.641M ▲ -6.027K% ▲ $-0.19 ▲ $-5.054M ▲
Q1-2025 $128K ▼ $3.935M ▼ $-9.006M ▼ -7.036K% ▼ $-0.37 ▼ $-8.951M ▼
Q4-2024 $165K $3.941M $-4.468M -2.708K% $-0.19 $-4.71M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $52.769M ▲ $114.109M ▲ $15.738M ▼ $94.391M ▲
Q3-2025 $37.936M ▼ $108.096M ▲ $23.578M ▲ $80.578M ▲
Q2-2025 $48.319M ▼ $83.042M ▼ $10.479M ▲ $69.381M ▼
Q1-2025 $54.297M ▼ $87.835M ▼ $10.451M ▼ $73.516M ▼
Q4-2024 $65.94M $96.832M $10.574M $82.185M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $236K ▲ $-10.379M ▼ $163K ▲ $24.896M ▲ $14.833M ▲ $-10.378M ▼
Q3-2025 $-4.051M ▲ $-3.19M ▼ $-7.204M ▼ $11K ▲ $-10.383M ▼ $-3.181M ▼
Q2-2025 $-5.327M ▲ $-2.315M ▲ $42.501M ▲ $-27K ▲ $40.16M ▲ $-2.323M ▲
Q1-2025 $-9.211M ▼ $-3.042M ▼ $8.575M ▲ $-48K ▼ $5.484M ▲ $-3.057M ▼
Q4-2024 $-4.854M $-2.889M $-1.874M $-24K $-4.761M $-2.918M

Revenue by Products

Product Q1-2023Q2-2023Q3-2023Q4-2023
Real Estate
Real Estate
 $0 ▲$0 ▲$0 ▲$0 ▲
Parking
Parking
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Rafael Holdings has effectively had no operating revenue for several years, which is unusual for a company once classified in real estate and now pivoting to biotech. Its results are driven almost entirely by research, corporate, and overhead costs, leading to recurring losses, although those losses are relatively modest in absolute terms. Profitability has bounced around from year to year, reflecting one‑off items and a changing strategy, rather than a stable underlying business. The key point: this is not yet an operating company with sales, but a holding and development company funding clinical programs, so reported earnings mainly reflect spending rather than business performance.

Balance Sheet

Balance Sheet The balance sheet is small and fairly simple. Rafael holds a limited pool of assets and cash, with equity gradually drifting down over time as losses accumulate. On the positive side, it currently carries little to no financial debt, which reduces balance‑sheet risk. On the other hand, the modest cash cushion and small asset base highlight that the company does not have deep financial resources to absorb long delays or large setbacks. Future funding, partnerships, or capital raises are likely to matter more than traditional leverage metrics here.

Cash Flow

Cash Flow Cash flow shows a company that consistently spends cash on operations and generates none from sales, which is typical for a development‑stage biotech. Operating cash outflows are steady but not dramatically large, suggesting a relatively lean cost structure. Investment in property and equipment has been minimal, with one noticeable uptick in recent years, so most cash burn is tied to people, trials, and overhead instead of hard assets. Free cash flow has been negative in most periods, underlining a continuing need for external capital or careful cost control until a product reaches market.

Competitive Edge

Competitive Edge After the Cyclo Therapeutics merger, Rafael’s competitive position is now tied mainly to one late‑stage rare‑disease drug, Trappsol Cyclo, for NPC1. The company benefits from orphan drug status, fast‑track designation, and a patent estate that can provide some exclusivity and regulatory support. Operating in a rare disease niche can be an advantage because patient populations are concentrated, pricing power can be higher, and competitors are fewer. However, recent approvals of two other NPC1 treatments mean Rafael will likely enter a market that already has alternatives, and its much smaller scale and resources compared with larger pharma players could be a constraint. Its moat is therefore focused but narrow: strong if its lead drug proves clearly differentiated, vulnerable if data are mixed or if competitors move faster on label expansions and global access.

Innovation and R&D

Innovation and R&D Innovation is the core of Rafael’s story. The centerpiece is Trappsol Cyclo, a specialized formulation targeting cholesterol buildup in NPC1, now in a pivotal Phase 3 trial with important interim data expected in the near term. This is a genuine attempt at disease modification in a severe, underserved condition. Around this, Rafael owns earlier‑stage or challenged oncology and drug‑delivery assets (through Cornerstone and LipoMedix) that provide scientific depth and optionality but are no longer the main focus. The company has also accumulated patents that could extend the use of its core technology into neurodegenerative diseases like certain forms of Alzheimer’s, creating potential long‑term upside. The main constraints are funding and concentration risk: R&D is now tightly focused on one lead program, so success could be transformational, while disappointment would leave the rest of the pipeline as more speculative and secondary.

Summary

Rafael Holdings has transformed from a small real‑estate‑related holding company into a lean, development‑stage biotech centered on a single rare‑disease asset. Financially, it has no revenue, modest but persistent losses, negative free cash flow, and a small, debt‑light balance sheet that limits but does not eliminate financial risk. Strategically, its future is highly dependent on the outcome of the Phase 3 trial and eventual regulatory decisions for Trappsol Cyclo in NPC1, in a niche that now has emerging competition but still meaningful unmet need. Legacy oncology and drug‑delivery platforms offer scientific depth and possible future value but are no longer the main driver. Overall, this is a focused, high‑uncertainty, high‑dependence story where clinical, regulatory, and financing milestones will matter far more than traditional revenue and earnings trends in the near term.

NEWS

November 21, 2025 · 8:17 AM UTC

R2S receives $1.25 billion Tamir production contract for facility in Camden, Arkansas

Read more

November 12, 2025 · 7:30 AM UTC

Terra Clean Closes the Acquisition of the Past Producing Uranium Claims in San Rafael Swell, Utah, United States

Read more

October 29, 2025 · 4:24 PM UTC

Rafael Holdings Reports Fourth Quarter and Full Year Fiscal 2025 Financial Results

Read more

October 28, 2025 · 4:01 PM UTC

Rafael Holdings Mourns the Passing of Lead Independent Director, Stephen Greenberg, and Announces the Appointment of Alan Grayson to its Board of Directors

Read more

September 24, 2025 · 5:01 PM UTC

Update: Terra Clean Energy Corp. Enters into Definitive Agreements  to Acquire Uranium Claims on The San Rafael Swell, Utah, United States

Read more