Rafael (RFL) Q4 2025 earnings summary

Executive summary

• Advanced pivotal Phase 3 TransportNPC™ trial for Trappsol® Cyclo™ in Niemann-Pick Disease Type C1, with continued enrollment following positive DMC review.

• Strengthened leadership with appointment of new COO, board member, and audit committee chair.

• Closed a $25 million rights offering in June 2025, enhancing liquidity for ongoing and future programs.

Financial highlights

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

• Net loss for Q4 2025 was $12.1 million ($0.28/share), up from $4.5 million ($0.19/share) year-over-year, mainly due to consolidation of Cyclo and other entities.

• Full-year net loss was $30.5 million ($1.04/share), an improvement from $34.4 million ($1.45/share) in the prior year.

• Research and development expenses rose to $7.5 million in Q4 and $12.8 million for the year, reflecting new acquisitions.

• General and administrative expenses increased to $5.5 million in Q4 and $13.8 million for the year.

Outlook and guidance

• Management remains optimistic about advancing Trappsol® Cyclo™ and investing in additional opportunities, supported by improved financial position.