---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-103509"
form_type: "8-K"
ticker: "RFL"
cik: "0001713863"
company_name: "Rafael Holdings, Inc."
filed_at: "2025-10-29T23:59:59+00:00"
generated_at: "2026-05-17T01:41:10.966459+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Rafael Holdings Q4 net loss $12.1M ($0.28/shr); cash $52.8M; Cyclo Phase 3 continues

## Summary
- Net loss attributable to Rafael Holdings of $12.1M for Q4 vs $4.5M year ago; FY net loss $30.5M ($1.04/shr).
- Research and development expenses rose to $7.5M in Q4 from $1.5M year ago on Cyclo Therapeutics consolidation.
- Closed $25M rights offering in June 2025, including $21M backstop from the Jonas family; cash $52.8M at July 31.
- Cyclo’s Phase 3 TransportNPC trial for Niemann-Pick Disease Type C1 continues after DMC review at 48 weeks.
- Joshua Fine elected Chief Operating Officer effective August 4, 2025.

## SEC filing metadata
- accession: 0001213900-25-103509
- form_type: 8-K
- ticker: RFL
- cik: 0001713863
- company_name: Rafael Holdings, Inc.
- filed_at: 2025-10-29T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1713863/000121390025103509/0001213900-25-103509-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1713863/000121390025103509/ea0262926-8k_rafael.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-103509
- JSON: https://secwatch.observer/filing/0001213900-25-103509.json
- Plain text: https://secwatch.observer/filing/0001213900-25-103509.txt

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