Highest-materiality recent filing
Rafael Holdings Q3 net loss $4.2M; Phase 3 NPC trial done, NDA submission H2 2026
Net loss attributable to Rafael Holdings was $4.2M ($0.08/shr) vs $4.8M ($0.19/shr) a year ago.
Rafael Holdings announces Phase 3 TransportNPC study completion; NDA submission targeted H2 2026
Last patient completed final 96-week visit in pivotal Phase 3 TransportNPC study for Trappsol Cyclo in Niemann-Pick Disease Type C.
Exclusive license covers U.S. Patent No. 12285440 for cyclodextrins in ApoE4-positive Alzheimer's patients.
Rafael Holdings Q2 net loss $6.4M; Phase 3 trial on track for Q3 2026 top-line
Net loss of $6.4M ($0.13 per share) vs $4.6M ($0.19) YoY; increase due to Cyclo consolidation.
Rafael Holdings shareholders approve all proposals including equity plan increase of 1M shares
All six director nominees elected with 84-87% votes for (highest: Grayson, Sieger at 86.70%).
Rafael Holdings Q1 FY2026 net loss $9.8M; Phase 3 NPC trial continues
Net loss attributable to Rafael Holdings of $9.8M ($0.19/shr), widened from $9.0M ($0.37/shr) YoY.
Rafael Holdings issues warrants after Cyclo Therapeutics merger; expire Dec 11, 2025
Issued 1,078,796 warrants exercisable for 380,253 Class B shares at $14.19 per share.
Rafael Holdings Q4 net loss $12.1M ($0.28/shr); cash $52.8M; Cyclo Phase 3 continues
Net loss attributable to Rafael Holdings of $12.1M for Q4 vs $4.5M year ago; FY net loss $30.5M ($1.04/shr).
Alan Grayson, former U.S. Congressman (2009-2011, 2013-2017), appointed to Board effective Oct 23, 2025.
Rafael Holdings posts investor presentation; no new material details
Presentation posted October 10, 2025, on company IR website.
Rafael Holdings CMO resigns, appoints Joshua Fine COO; severance agreements disclosed
John Goldberg resigned as CMO effective July 31, 2025; receives $218,195 severance plus 99,429 shares vesting Nov 4, 2025.
Rafael Holdings elects N. Scott Fine as ex-officio director; Cyclo CEO departs with $852K severance
N. Scott Fine elected as ex-officio (non-voting) director of Rafael Holdings.
Rafael Holdings: Phase 3 Trappsol Cyclo NPC1 study continues after DMC interim review
DMC recommends continuation of 96-week TransportNPC study after 48-week interim safety/efficacy analysis.
Rafael Holdings Q3 net loss narrows to $4.8M; Phase 3 data expected this month
Net loss attributable to Rafael Holdings of $4.8M ($0.19 per share) vs. $32.4M loss ($1.36) in Q3 last year.
Rafael Holdings completes rights offering raising ~$24.9M net; backstop purchase by CEO for $21M
Rights offering: 3,130,480 shares subscribed at $1.28 for gross proceeds of $4.0M from non-backstop holders.
Rafael Holdings updates subscription rights for public warrants in $25M rights offering
Holders of Public Warrants receive 0.3525 subscription right per warrant; three warrants yield one full right.
Rafael Holdings launches $25M rights offering backstopped by Chairman Howard Jonas
Rights offering to raise $25M at $1.28/share; record date May 9, 2025.
Rafael Holdings revises rights offering ratio to 0.603 shares per right at $1.28
Each subscription right now buys 0.603 Class B shares at $1.28, up from previously announced 0.526.
Rafael Holdings announces $25M rights offering at $1.28/share, backstopped by Chairman
Offering of up to $25M via non-transferable rights: each right buys 0.526 share at $1.28.
Rafael acquires Cyclo; Cyclo's 2024 net loss $23.3M, accumulated deficit $107.2M
Cyclo's 2024 net loss $23.3M ($0.81/share), revenue $0.9M, accumulated deficit $107.2M.
Rafael Holdings CEO Bill Conkling to step down; Executive Chairman Howard Jonas to become CEO
William Conkling resigns as CEO and President effective May 31, 2025; Howard Jonas appointed CEO and President effective June 1, 2025.
Rafael Holdings completes merger with Cyclo Therapeutics after shareholder approvals
Cyclo shareholders received 0.3525 shares of Rafael Class B common stock per share; Rafael issued approximately 7,132,228 shares.
Rafael Holdings stockholders approve share issuance for Cyclo Therapeutics merger
Share issuance proposal passed with 3,706,261 votes For (99.92%) vs. 1,571 Against.
Rafael Holdings Q2 net loss $4.6M vs prior year net income; merger with Cyclo pending
Net loss of $4.6M ($0.19/sh) for Q2 ended Jan 31, 2025 vs net income of $6.0M ($0.25/sh) a year ago.
Rafael Holdings and Cyclo Therapeutics extend merger deadline to March 31, 2025
Amendment No. 2 to Merger Agreement extends the End Date from February 15, 2025 to March 31, 2025.
Rafael Holdings annual meeting elects all directors, approves 750K share increase to equity plan
All five director nominees elected with 85.9%-89.2% of votes cast; broker non-votes 424,930.
Rafael Holdings converts $2.5M note into 39.5% stake in Cyclo Therapeutics
Converted $2,500,000 of outstanding convertible note principal into 3,968,254 shares of Cyclo common stock.
Rafael Holdings Q1 FY2025 net loss $9.0M; Cyclo merger on track
Net loss attributable to Rafael Holdings of $9.0M ($0.37 per share) vs $3.6M loss a year ago.
Q4 net loss from continuing ops $4.5M ($0.19/diluted) vs gain $1.3M ($0.06) year ago.
Rafael Holdings to merge with Cyclo Therapeutics; deal values Cyclo at $0.95/share
Rafael issues Class B common stock to Cyclo holders based on exchange ratio valuing Cyclo at $0.95/share and Rafael at net cash value.
Rafael Holdings: Director Mark McCamish resigns, replaced by Dr. Mark N. Stein
Mark McCamish resigned as director of Rafael Holdings, effective August 5, 2024.
Rafael Holdings Q3 net loss $32.4M ($1.36/sh) vs $1.4M loss YoY; driven by $89.9M IPR&D expense
Net loss from continuing operations of $32.4M ($1.36 diluted EPS) compared to $1.4M ($0.06) in prior-year quarter.
Cornerstone FY2023 net income $4.2M (vs loss $10.2M FY2022) driven by $21.7M derivative gain; no product revenue.
Rafael Holdings Q2 fiscal 2024 net income $5.9M; Day Three Labs stake raised to 79%
Net income from continuing ops $5.9M ($0.25 diluted EPS) vs loss of $3.3M (-$0.13) YoY.
Rafael Holdings gains ~67% control of Cornerstone via debt conversion and $1.5M investment
Converted $29.2M line of credit and $2.1M loan into 32.2M common shares at $0.97/sh.
All five director nominees elected with 85-88% votes for: Bernstein 88.11%, Greenberg 86.56%, Jonas 86.42%, McCamish 86.56%, Weiss 85.19%.
Rafael Holdings Q1 fiscal 2024 net loss narrows to $3.8M from $5.2M YoY
Net loss from continuing operations of $3.8M ($0.15/share) vs $5.2M ($0.22/share) a year ago.
Rafael Holdings reports Q4 net income of $1.3M; full-year loss narrows to $8.7M
Q4 net income from continuing ops $1.3M ($0.06/share) vs loss of $4.6M ($0.24/share) a year ago.
Director Rachel Jonas resigns from Rafael Holdings board effective Oct 25, 2023
Rachel Jonas resigned as director of Rafael Holdings, Inc. on October 25, 2023.
Director Boris Pasche resigns from Rafael Holdings board
Dr. Boris Pasche resigned as director on August 7, 2023, due to a change in his principal employment.
Rafael Holdings buys $5M of Cyclo Therapeutics shares and warrants
Purchased 4,000,000 Cyclo common shares and a 7-year warrant for 4,000,000 more at $1.25 strike for $5M total.
Howard Jonas gains control of Rafael Holdings via share transfer to his limited partnership
On July 31, 2023, eight trusts transferred 787,163 Class A shares (51.3% voting power) to a limited partnership controlled by Howard Jonas.
Rafael Holdings reports Q3 net loss of $1.5M; invests $2.1M in Cyclo Therapeutics
Net loss from continuing operations $1.5M ($0.06/sh) vs $5.0M ($0.25/sh) year ago.
Rafael Holdings invests $5M in Cyclo Therapeutics for 4M shares and warrant
Rafael Holdings to purchase 4M shares of Cyclo Therapeutics common stock plus warrant for additional 4M shares at $1.25 per share; total investment $5M.
Rafael Holdings authorizes $5M share repurchase; expands strategic search beyond biopharma
Board authorized repurchase of up to $5M of Class B common stock.
Rafael Holdings Q2 FY2023 net loss $3.3M ($0.13/share); cash $88.9M
Net loss from continuing ops $3.3M for Q2 Jan 31 2023 vs $2.1M prior year; diluted EPS $0.13 loss.
On April 23, 2025, the Company’s Board of Directors elected Howard Jonas, the Company’s Executive Chairman and Chairman of the Board, as the Company’s Chief Executive Officer and President, effective June 1, 2025.
On April 23, 2025, William Conkling resigned as Chief Executive Officer and President of Rafael Holdings, Inc. (the “Company”), effective May 31, 2025.
On March 25, 2025, effective as of the Effective Time, Markus W. Sieger, former Chairman of the Board of Cyclo, was appointed as a member of the Board.
On August 5, 2024, Mark McCamish resigned as director of Rafael Holdings, Inc., effective immediately.
On August 5, 2024, Mark N. Stein, MD was elected as a director of Rafael Holdings, Inc. and elected as a member of the Company’s Board of Directors Audit, Compensation and Corporate governance committees.
On October 25, 2023, Rachel Jonas resigned as director of Rafael Holdings, Inc., effective immediately.
On August 7, 2023, Dr. Boris Pasche, in connection with a change in his principal employment, resigned as director of Rafael Holdings, Inc. (the “Company”).
Max materiality 0.90 · Median 0.60 · Most common event other_material