Rafael (RFL) Q3 2025 earnings summary

Executive summary

• Completed merger with Cyclo Therapeutics in March 2025, making Trappsol® Cyclo™ the lead clinical program and shifting focus to rare disease therapeutics.

• Operates three segments: Healthcare (Cyclo, LipoMedix, Barer, Cornerstone, Rafael Medical Devices), Infusion Technology (Day Three), and Real Estate (Jerusalem property).

• Portfolio restructuring included consolidation of Cornerstone and RP Finance, and sale/licensing of Day Three Labs Manufacturing assets.

• Fully enrolled pivotal Phase 3 TransportNPC trial for Trappsol® Cyclo™ in Niemann-Pick Disease Type C1, with interim results expected soon.

• Cash and cash equivalents were $37.9 million as of April 30, 2025, with a $25 million rights offering completed in June 2025.

Financial highlights

• Nine-month net loss ended April 30, 2025 was $18.4M ($0.73/share), improved from $29.9M ($1.26/share) in the prior year.

• Q3 2025 net loss was $4.8M ($0.19/share), down from $32.4M ($1.36/share) in Q3 2024.

• Revenue for nine months was $567K; Q3 revenue was $362K.

• R&D expenses rose to $3.0M in Q3 and $5.3M for nine months, reflecting the Cyclo merger and consolidation.

• Cash provided by investing activities was $43.9M; cash used in operations was $8.5M.

Outlook and guidance

• Cash balance expected to be sufficient for at least the next 12 months.

• Interim topline data from the 48-week Phase 3 TransportNPC study expected in June 2025, with NDA filing decision to follow.

• Rights offering proceeds will fund continued development of Trappsol® Cyclo™ and pipeline assets.