Rafael (RFL) Q1 2026 earnings summary

Executive summary

• Focused on biotechnology with lead candidate Trappsol® Cyclo™ in Phase 3 trials for Niemann-Pick Disease Type C1, following a positive DMC review at 48 weeks; diversified interests in clinical and early-stage pharma and medical device companies.

• Completed the acquisition of Cyclo Therapeutics in March 2025, consolidating its results and assets, which led to increased expenses and operational changes.

• Real estate holdings now limited to a single commercial property in Jerusalem, Israel.

Financial highlights

• Total revenue for the quarter ended October 31, 2025, was $0.24 million, up from $0.13 million year-over-year, driven by product and rental income.

• Net loss attributable to shareholders was $9.8 million ($0.19 per share), compared to $9.2 million ($0.37 per share) in the prior year quarter.

• Research and development expenses rose to $7.5 million from $1.3 million year-over-year, mainly due to the Cyclo acquisition.

• Cash and cash equivalents stood at $45.5 million as of October 31, 2025, down from $52.8 million at July 31, 2025.

• Total assets were $105.4 million, with total equity of $89.2 million as of quarter-end.

Outlook and guidance

• Cash reserves are 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, while evaluating other holdings for resource allocation.

• Management remains optimistic about the clinical progress and potential of Trappsol® Cyclo™.

• Forward-looking statements highlight ongoing evaluation of clinical data and pipeline potential, with risks noted.