---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-036180"
form_type: "8-K/A"
ticker: "RFL"
cik: "0001713863"
company_name: "Rafael Holdings, Inc."
filed_at: "2025-04-28T23:59:59+00:00"
generated_at: "2026-05-23T05:04:30.552737+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Rafael acquires Cyclo; Cyclo's 2024 net loss $23.3M, accumulated deficit $107.2M

## Summary
- Cyclo's 2024 net loss $23.3M ($0.81/share), revenue $0.9M, accumulated deficit $107.2M.
- Cash and equivalents $0.5M at Dec 31, 2024; negative working capital $16.8M.
- Rafael loaned $21M to Cyclo via convertible notes; all debt forgiven upon merger close.
- Exchange ratio finalized at 0.3535 Rafael shares per Cyclo share, valuing Cyclo at $0.95.
- Merger closed March 25, 2025; Cyclo now operates as Cyclo Therapeutics, LLC.

## SEC filing metadata
- accession: 0001213900-25-036180
- form_type: 8-K/A
- ticker: RFL
- cik: 0001713863
- company_name: Rafael Holdings, Inc.
- filed_at: 2025-04-28T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1713863/000121390025036180/0001213900-25-036180-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1713863/000121390025036180/ea0239462-8ka1_rafael.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-036180
- JSON: https://secwatch.observer/filing/0001213900-25-036180.json
- Plain text: https://secwatch.observer/filing/0001213900-25-036180.txt

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