Rafael Holdings, Inc. (RFL): restructuring charge — Rafael Holdings curtails early-stage R&D, shifts to clinical-stage deals; $0.5M severance

Rafael Holdings, Inc.

Curtailed early-stage development, including pre-clinical research at Barer Institute, to reduce spending.
Expects severance charges of approximately $0.5 million.
As of July 31, 2022, held $63.2M in cash, cash equivalents, and marketable securities.
Received $33M net proceeds from real estate sale on August 23, 2022.
Will focus on acquiring, in-licensing, or investing in clinical-stage assets.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Rafael Holdings, Inc. announced a restructuring with charges of approximately $0.5 million affecting early-stage development efforts, including pre-clinical research at the Barer Institute.

Type: restructuring
Charge: approximately $0.5 million
Affected area: early-stage development efforts, including pre-clinical research at the Barer Institute

Exact text from the filing

On November 9, 2022, the Board of Directors of Rafael Holdings, Inc. (the “Company”) resolved to curtail its early-stage development efforts, including pre-clinical research at the Barer Institute. The decision was taken to reduce spending as the Company focuses on exploring strategic opportunities. The Company expects to incur severance charges in the amount of approximately $0.5 million.

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Rafael Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-22-072790

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