Rafael Holdings Reports Second Quarter Fiscal 2026 Financial Results

NEWARK, NJ - March 16, 2026 (GLOBE NEWSWIRE) - Rafael Holdings, Inc. (NYSE: RFL) today reported its financial results for the second quarter fiscal year 2026 ended January 31, 2026.

"We remain pleased with the progress of our pivotal Phase 3 TransportNPC™ study evaluating Trappsol^® Cyclo™ for the treatment of Niemann-Pick Disease Type C1, which the Data Monitoring Committee (DMC) recommended continuing after their review of prespecified safety and efficacy data at 48 weeks. We believe that Trappsol^® Cyclo™ could provide an important new treatment option for patients suffering from this rare and fatal genetic disease," said Howard Jonas, Chief Executive Officer, Executive Chairman and Chairman of the Board of Rafael Holdings.

"We are on track to complete this 96-week Phase 3 clinical trial, the largest ever conducted in this indication, and report preliminary top line results in the third quarter of this calendar year," said Joshua Fine, Chief Operating Officer of Rafael Holdings.

Rafael Holdings, Inc. Second Quarter Fiscal Year 2026 Financial Results

As of January 31, 2026, we had cash and cash equivalents of $37.8 million.

For the three months ended January 31, 2026, we recorded a net loss attributable to Rafael Holdings of $6.4 million, or $0.13 per share, versus a net loss of $4.6 million, or $0.19 per share in the year ago period. The year over year increase in net loss is attributable to the consolidation of Cyclo Therapeutic's expenses following the acquisition of Cyclo in March 2025.

Research and development expenses were $4.5 million for the three months ended January 31, 2026, compared to $0.9 million in the year ago period. The year over year increase relates to the inclusion in the current year period of spending at Cyclo following the March 2025 acquisition.

General and administrative expenses were $2.3 million for the three months ended January 31, 2026, compared to $2.6 million in the year ago period. The year over year decrease relates to a decrease in payroll and professional fees during the quarter ended January 31, 2026 offset by the inclusion of expenses at Cyclo following the March 2025 acquisition.

Rafael Holdings, Inc. First Six Months Fiscal Year 2026 Financial Results

For the six months ended January 31, 2026, we recorded a net loss attributable to Rafael Holdings of $16.2 million, or $0.32 per share, versus a net loss of $13.6 million, or $0.57 per share in the year ago period. The year over year increase in net loss is attributable to the consolidation of Cyclo Therapeutic's expenses following the acquisition of Cyclo in March 2025.

Research and development expenses were $12.0 million for the six months ended January 31, 2026, compared to $2.3 million in the year ago period. The year over year increase relates to the inclusion in the current year period of spending at Cyclo following the March 2025 acquisition.

General and administrative expenses were $5.1 million for the six months ended January 31, 2026, compared to $5.1 million in the year ago period. The increase related to the inclusion of expenses at Cyclo following the March 2025 acquisition was offset by reductions in payroll due to terminations and reduced stock based compensation expense and professional fees.

About Rafael Holdings, Inc.

Rafael Holdings, Inc. is a biotechnology company that develops pharmaceuticals and holds interests in clinical and early stage companies that develop pharmaceuticals and medical devices. Our lead candidate is Trappsol® Cyclo™, which is being evaluated in clinical trials for the potential treatment of Niemann-Pick Disease Type C1 ("NPC1"), a rare, fatal and progressive genetic disorder. We also hold interests in other clinical-stage and early-stage pharmaceutical development companies and an orthopedic-focused medical device company. Our lead candidate, Trappsol® Cyclo™, is the subject of an ongoing pivotal Phase 3 clinical trial.