Rafael Holdings, Inc. (RFL)·Q4 2025 Earnings Summary

Executive Summary

• Q4 FY2025 reflected minimal revenue and materially higher operating loss as RFL consolidated Cyclo Therapeutics, Cornerstone and Day Three; net loss widened to $12.1M ($0.28) vs $4.5M ($0.19) YoY, with revenue of $0.35M vs $0.17M YoY . Cash ended the quarter at $52.8M, bolstered by a $25M rights offering in June (backstopped by the Jonas family) .
• Clinical catalyst progressed: the independent DMC recommended continuing the 96-week Phase 3 TransportNPC study at the 48‑week interim analysis, and FDA accepted the study’s statistical analysis plan—both supportive of program momentum .
• Operating expenses rose sharply (R&D $7.5M; G&A $5.5M) on Cyclo integration and consolidated subsidiaries; management reiterated focus on Trappsol Cyclo for NPC1 and strengthening the balance sheet post-rights offering .
• No formal financial guidance or transcripted earnings call was available; near-term stock catalysts center on ongoing Phase 3 execution and regulatory interactions (e.g., readouts, SAP-driven analysis milestones) .

What Went Well and What Went Wrong

• What Went Well

  • Phase 3 momentum: DMC recommended TransportNPC continue through 96 weeks upon 48-week interim review; FDA accepted the SAP—key de-risking steps for late-stage execution .
  • Balance sheet strengthened: $25M rights offering closed in June; Q4 cash and equivalents at $52.8M support continued development and potential regulatory readiness .
  • Strategic focus reinforced: “We enhanced our financial position with the closing of a $25 million rights offering in June…positions our Company well to advance the Trappsol Cyclo program and invest in additional opportunities we may identify,” — Howard Jonas, CEO .

• What Went Wrong

  • Losses widened materially: Q4 operating loss ($12.8M) and net loss ($12.1M) increased vs prior periods due to consolidation of Cyclo, Cornerstone, and Day Three .
  • OpEx escalation: R&D rose to $7.5M (from $1.5M YoY) and G&A to $5.5M (from $2.3M YoY), reflecting integration and expanded clinical operations .
  • No earnings call transcript or quantitative guidance, limiting visibility on runway burn cadence or timing of future milestones; year-over-year revenue remains de minimis ($0.35M) relative to expenses .

Financial Results

Quarterly P&L and cash (oldest → newest)

Q4 YoY comparison

Operating expense KPIs

Notes:

• YoY and QoQ operating loss expansion driven by consolidation of Cyclo Therapeutics (March 2025), Cornerstone, and Day Three .
• Revenue remains modest relative to program scale; no segment reporting disclosed. COGS lines reflect infusion technology/product costs but do not indicate material gross margin structure .

Guidance Changes

RFL did not issue quantitative financial guidance for revenue, margins, OpEx, OI&E, or tax rate in Q4 FY2025 materials. Program milestones disclosed (not guidance): DMC continuation to 96 weeks and FDA SAP acceptance for TransportNPC; $25M rights offering closed to support program and potential regulatory readiness .

Earnings Call Themes & Trends

No Q4 FY2025 earnings call transcript was available in our document set; themes below are drawn from Q2–Q4 press releases.

Management Commentary

• “We enhanced our financial position with the closing of a $25 million rights offering in June, which positions our Company well to advance the Trappsol Cyclo program and invest in additional opportunities we may identify.” — Howard Jonas, CEO .
• “We are pleased with the continued progress of our pivotal Phase 3 TransportNPC study evaluating Trappsol Cyclo for the treatment of Niemann-Pick Disease Type C1…” — Howard Jonas .
• “The recommendation made by the independent DMC to continue the study to 96 weeks, boosts our determination to the continued clinical evaluation of the potential of Trappsol Cyclo as a systemic and neurological treatment option…” — Howard S. Jonas .

Q&A Highlights

No Q4 FY2025 earnings call transcript was found; therefore, no public Q&A to summarize [ListDocuments returned none for earnings-call-transcript].

Estimates Context

• Wall Street consensus: S&P Global showed no published EPS or revenue consensus for RFL for Q2–Q4 FY2025, likely reflecting limited analyst coverage of this development-stage biotech. As a result, beat/miss analysis vs consensus is not available. Values retrieved from S&P Global.

Key Takeaways for Investors

• TransportNPC de-risking milestones (DMC continuation, FDA SAP acceptance) are constructive, with the pivotal program advancing on schedule; this remains the primary value driver and near-term stock catalyst .
• Balance sheet runway improved post-$25M rights offering; Q4 cash $52.8M provides funding visibility for trial completion and regulatory workstreams, though OpEx is rising with trial scale-up .
• Losses will remain elevated absent commercial revenue; increased R&D and G&A reflect consolidation of Cyclo and other subsidiaries and late-stage trial costs .
• No quantitative financial guidance and no call transcript limit near-term visibility; monitoring future clinical disclosures, regulatory updates and cash burn cadence is critical .
• Governance and management changes (COO appointment; Audit Chair change) indicate continued organizational alignment toward late-stage development and potential commercialization readiness .
• In the near term, trading likely hinges on TransportNPC execution signals and any interim analyses or regulatory feedback; medium term depends on pivotal outcomes and regulatory path-to-market for NPC1 .

Appendix: Additional Data Points

Select quarterly details

Corporate and program milestones

• Rights offering finalized June 4, 2025; net proceeds ~ $24.9M after expenses; post-transaction ~50.9M Class B shares outstanding .
• Cyclo Therapeutics merger closed Mar 26, 2025; RFL identified Trappsol Cyclo as lead clinical asset .
• DMC continuation and FDA SAP acceptance for TransportNPC announced Jun 18, 2025 .
• Governance updates: Passing of Lead Independent Director Stephen Greenberg; Alan Grayson appointed to Board; Markus Sieger named Audit Committee Chair and Lead Independent Director (Oct 28, 2025) .

All referenced financial statements and disclosures are from the company’s 8-Ks and press releases for Q2–Q4 FY2025: March 13–14, 2025; June 11, 2025; and October 28–29, 2025 .