Rafael Holdings, Inc. RFL
"Rafael", "we" or the "Company") 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: (i) a majority equity interest in LipoMedix Pharmaceuticals Ltd. ("LipoMedix"),
Last close
1.31
2026-10-23
Market cap
$67.1M
estimated share count
52-week range
1.12 - 3.96
Valuation FY2025 figures against the last close
P/S2,237.0x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-1.04
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.0K | $637.0K | $279.0K | $410.0K | $802.0K | $4.9M | $4.9M | $4.4M | $5.6M | $5.6M |
| Cost of revenue | — | $154.0K | — | $3.5M | $3.2M | — | — | — | — | — |
| Gross profit | — | $483.0K | — | -$3.1M | -$2.4M | — | — | — | — | — |
| R&D | $12.8M | $4.2M | $6.3M | $8.7M | $4.9M | $2.4M | $1.0M | $995.0K | — | — |
| SG&A | $13.8M | $8.9M | $8.9M | $17.0M | $17.0M | $9.1M | $8.8M | $5.5M | $3.7M | $2.8M |
| Operating income | -$29.2M | -$102.6M | -$15.0M | -$60.5M | -$28.2M | -$8.5M | -$6.7M | -$3.8M | $221.0K | $1.2M |
| Interest expense | $658.0K | $248.0K | — | $6.0K | $12.0K | $32.0K | $469.0K | $16.0K | $10.0K | $20.0K |
| Pre-tax income | -$33.2M | -$67.3M | -$8.7M | -$140.0M | -$23.4M | -$6.9M | -$4.9M | -$3.6M | $204.0K | $1.2M |
| Income tax | $2.6M | $2.7M | $255.0K | — | $18.0K | $29.0K | $19.0K | $8.4M | $66.0K | $449.0K |
| Net income | -$30.5M | -$34.4M | -$1.9M | -$124.7M | -$23.1M | -$10.8M | -$4.7M | -$11.6M | $138.0K | $710.0K |
| EPS, basic | -1.04 | -1.45 | -0.08 | -6.31 | -1.49 | — | — | -0.93 | 0.01 | 0.06 |
| EPS, diluted | -1.04 | -1.45 | -0.08 | -6.31 | -1.49 | -0.66 | -0.35 | -0.93 | 0.01 | 0.06 |
| Shares, diluted (wtd. avg.) | 29.4M | 23.7M | 23.3M | 19.8M | 16.5M | — | — | 12,485 | 12,485 | 12,485 |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $52.8M | $2.7M | $21.5M | $26.5M | $12.9M | $6.2M | $12.0M | $15.8M | $11.8M | $2.3M |
| Short-term investments | — | $63.3M | $57.7M | $36.7M | — | — | — | $24.7M | — | — |
| Receivables | $627.0K | $426.0K | $213.0K | $157.0K | $235.0K | $267.0K | $450.0K | $287.0K | $264.0K | — |
| Inventory | $281.0K | — | — | — | — | — | — | — | — | — |
| Total current assets | $56.7M | $72.5M | $82.9M | $108.3M | $14.8M | $9.8M | $13.3M | $44.5M | $12.2M | — |
| Property, plant and equipment | $1.6M | $2.1M | $1.7M | $1.8M | $1.8M | $44.4M | $48.7M | $50.1M | $51.2M | — |
| Goodwill | $19.9M | $3.0M | — | — | — | — | — | — | — | — |
| Other intangibles | $994.0K | $1.8M | — | — | — | — | — | $324.0K | — | — |
| Total assets | $114.1M | $96.8M | $98.8M | $118.3M | $154.1M | $136.3M | $142.1M | $116.9M | $86.2M | — |
| Accounts payable | $6.9M | $2.6M | $333.0K | $564.0K | $1.2M | $921.0K | $795.0K | $367.0K | $115.0K | — |
| Short-term debt | — | — | — | $2.0M | — | — | — | — | — | — |
| Total current liabilities | $11.6M | $7.5M | $2.1M | $21.0M | $17.3M | $5.7M | $1.4M | $891.0K | $363.0K | — |
| Total liabilities | $15.7M | $10.6M | $2.2M | $21.1M | $17.4M | $5.8M | $17.4M | $1.4M | $24.1M | — |
| Retained earnings | -$232.3M | -$201.7M | -$167.3M | -$165.5M | -$40.8M | -$16.3M | -$5.8M | -$1.1M | — | — |
| Total equity | $94.4M | $82.2M | $96.6M | $97.2M | $136.7M | $130.5M | $124.8M | $116.1M | $62.1M | $48.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18.9M | -$7.8M | -$10.9M | -$26.1M | -$15.6M | -$4.7M | -$3.1M | -$1.8M | -$1.6M | $72.0K |
| Depreciation and amortisation | — | — | $78.0K | $72.0K | $70.0K | $1.9M | $1.8M | $1.7M | $1.7M | $1.6M |
| Stock-based compensation | $2.1M | $2.3M | $2.2M | -$917.0K | $6.6M | $684.0K | — | $51.0K | — | — |
| Capital expenditure | $4.0K | $143.0K | — | $2.0K | $206.0K | $534.0K | $399.0K | $710.0K | $1.8M | $1.6M |
| Investing cash flow | $44.0M | -$10.8M | $21.2M | -$63.8M | -$8.2M | -$1.0M | -$31.2M | $4.1M | -$11.2M | -$3.7M |
| Financing cash flow | $24.8M | -$179.0K | -$15.2M | $103.9M | $30.3M | -$96.0K | $30.9M | $1.8M | $22.3M | $265.0K |
| Buybacks | — | $168.0K | — | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-25-103549.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.6M | $5.6M | $4.4M | $4.9M | $4.9M | $802.0K | $410.0K | $279.0K | $637.0K | $30.0K |
| Gross profit | — | — | — | — | — | -$2.4M | -$3.1M | — | $483.0K | — |
| Net income | $710.0K | $138.0K | -$11.6M | -$4.7M | -$10.8M | -$23.1M | -$124.7M | -$1.9M | -$34.4M | -$30.5M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Results announced Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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