---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-046085"
form_type: "8-K/A"
ticker: "RFL"
cik: "0001713863"
company_name: "Rafael Holdings, Inc."
filed_at: "2024-05-23T23:59:59+00:00"
generated_at: "2026-06-01T09:15:31.331322+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Rafael Holdings files audited FY2023 financials of acquired Cornerstone; net income $4.2M but going concern noted

## Summary
- Cornerstone FY2023 net income $4.2M (vs loss $10.2M FY2022) driven by $21.7M derivative gain; no product revenue.
- Auditor expresses substantial doubt about going concern due to recurring losses and negative operating cash flows.
- Total liabilities $88.9M vs assets $17.9M; accumulated deficit $261M; debt defaults on $12.2M convertible notes.
- Acquisition of controlling interest closed March 13, 2024 after stockholder restructuring approvals.
- Pro forma condensed combined financial statements filed as Exhibit 99.3; cash used in operations $7.2M in FY2023.

## SEC filing metadata
- accession: 0001213900-24-046085
- form_type: 8-K/A
- ticker: RFL
- cik: 0001713863
- company_name: Rafael Holdings, Inc.
- filed_at: 2024-05-23T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1713863/000121390024046085/0001213900-24-046085-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1713863/000121390024046085/ea0206676-8ka1_rafael.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-046085
- JSON: https://secwatch.observer/filing/0001213900-24-046085.json
- Plain text: https://secwatch.observer/filing/0001213900-24-046085.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.