Rafael (RFL) investor relations material

Executive summary

• Lead candidate Trappsol® Cyclo™ is in pivotal Phase 3 trials for Niemann-Pick Disease Type C1, with DMC recommending continuation after 48-week review and preliminary 96-week results expected in Q3 of the calendar year.

• Completed merger with Cyclo Therapeutics in March 2025, now a wholly-owned subsidiary, consolidating operations and expenses.

• Streamlined operations at Barer Institute and evaluating strategic options for LipoMedix and other holdings.

Financial highlights

• Revenue for the three months ended January 31, 2026 was $211,000, up from $77,000 year-over-year; six-month revenue was $451,000, up from $205,000.

• Net loss attributable to the company was $6.4 million for the quarter and $16.2 million for the six months, compared to $4.6 million and $13.6 million, respectively, year-over-year.

• Loss per share was $(0.13) for the quarter and $(0.32) for the six months, compared to $(0.19) and $(0.57) year-over-year.

• Cash and cash equivalents at January 31, 2026 were $37.8 million, down from $52.8 million at July 31, 2025.

• Research and development expenses rose to $4.5 million in Q2 and $12.0 million for six months, reflecting Cyclo acquisition.

Outlook and guidance

• Cash reserves expected to be sufficient to meet obligations for at least the next 12 months.

• Strategic focus remains on advancing Trappsol® Cyclo™ to regulatory approval and market, with ongoing evaluation of non-core assets.

• On track to complete the 96-week Phase 3 clinical trial and report preliminary results in Q3 of the calendar year.