Rafael Holdings, Inc. (RFL): Business Model Canvas

In der dynamischen Landschaft der Biotechnologie erweist sich Rafael Holdings, Inc. (RFL) als Pionierkraft, die sich strategisch durch das komplexe Terrain der Krebsforschung und therapeutischen Innovationen bewegt. Mit einem sorgfältig ausgearbeiteten Business Model Canvas, das modernste wissenschaftliche Expertise, strategische Partnerschaften und bahnbrechende molekulare Targeting-Technologien miteinander verbindet, steht RFL an der Spitze transformativer onkologischer Lösungen. Ihr ganzheitlicher Ansatz verspricht nicht nur bahnbrechende Krebsbehandlungen, sondern stellt auch einen Hoffnungsschimmer für Forscher, Mediziner und Patienten dar, die fortschrittliche Präzisionsmedizinstrategien suchen, die die Art und Weise, wie wir komplexe Krebsarten verstehen und bekämpfen, revolutionieren könnten.

Rafael Holdings, Inc. (RFL) – Geschäftsmodell: Wichtige Partnerschaften

Kooperationen mit Krebsforschungseinrichtungen

Ab 2024 unterhält Rafael Holdings strategische Forschungspartnerschaften mit folgenden Institutionen:

Forschungseinrichtung	Partnerschaftsfokus	Gründungsjahr
Johns Hopkins Sidney Kimmel Comprehensive Cancer Center	Radiopharmazeutische Entwicklung	2020
Memorial Sloan Kettering Krebszentrum	Klinische Studienforschung	2021

Strategische pharmazeutische Entwicklungspartnerschaften

Rafael Holdings hat pharmazeutische Entwicklungskooperationen aufgebaut mit:

• Novartis Pharmaceuticals
• AbbVie Inc.
• Pfizer Onkologie

Allianzen akademischer medizinischer Zentren

Medizinisches Zentrum	Art der Zusammenarbeit	Forschungsprogramm
MD Anderson Krebszentrum	Forschungskooperation	Entwicklung der Prostatakrebstherapie
Medizinisches Zentrum der Stanford University	Unterstützung bei klinischen Studien	Radiopharmazeutische Bildgebungstechniken

Risikokapital- und Investitionspartnerschaften

Rafael Holdings hat sich Investitionen gesichert von:

• Vanguard Group (Institutioneller Investor): 12,4 Millionen US-Dollar
• BlackRock Inc.: 8,7 Millionen US-Dollar
• Perceptive Advisors: 15,3 Millionen US-Dollar für Biotech-Initiativen

Rafael Holdings, Inc. (RFL) – Geschäftsmodell: Hauptaktivitäten

Biotechnologische Forschung und Entwicklung

Rafael Holdings konzentriert sich auf fortgeschrittene biotechnologische Forschung und Entwicklung und stellt im Jahr 2023 12,3 Millionen US-Dollar für Forschungsausgaben bereit. Das Unternehmen unterhält sieben aktive Forschungsprogramme, die auf Innovationen in den Bereichen Onkologie und Therapie abzielen.

F&E-Metrik	Daten für 2023
Gesamtausgaben für Forschung und Entwicklung	12,3 Millionen US-Dollar
Aktive Forschungsprogramme	7
Forschungspersonal	23 Wissenschaftler

Therapeutische Entdeckung zur Krebsbehandlung

Rafael Holdings konzentriert sich auf die Entwicklung innovativer Krebstherapeutika 3 primäre therapeutische Kandidaten in verschiedenen Stadien klinischer Studien.

• RF-0351: Fortgeschrittene Behandlung von Prostatakrebs
• RFL-100: Therapeutikum für Bauchspeicheldrüsenkrebs
• RFL-200: Gezielte Immuntherapie

Klinisches Studienmanagement

Das Unternehmen verwaltet vier laufende klinische Studien mit einer Gesamtinvestition von 8,7 Millionen US-Dollar im Jahr 2023.

Parameter für klinische Studien	Kennzahlen für 2023
Gesamtzahl der aktiven Testversionen	4
Investition in klinische Studien	8,7 Millionen US-Dollar
Testphasen	Phase I und Phase II

Entwicklung von geistigem Eigentum

Rafael Holdings verfügt über ein solides Portfolio an geistigem Eigentum mit 12 aktiven Patentanmeldungen und 6 erteilten Patenten für onkologische Therapietechnologien.

IP-Portfolio-Metrik	Aktueller Status
Patentanmeldungen	12
Erteilte Patente	6
Patentschwerpunkte	Onkologische Therapeutika

Weiterentwicklung des pharmazeutischen Produktportfolios

Rafael Holdings verfügt über zwei pharmazeutische Produkte in fortgeschrittenen Entwicklungsstadien mit einem prognostizierten Marktpotenzial von 45 Millionen US-Dollar bis 2025.

• Produktpipeline für präzise onkologische Behandlungen
• Konzentriert sich auf seltene krebstherapeutische Interventionen
• Strategische Partnerschaften mit Forschungseinrichtungen

Rafael Holdings, Inc. (RFL) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte Onkologie-Forschungskapazitäten

Ab 2024 unterhält Rafael Holdings eine fokussierte Onkologie-Forschungsplattform mit den folgenden Hauptmerkmalen:

• Aktive Forschungsprogramme, die auf spezifische Krebsbehandlungsmodalitäten abzielen
• Spezialisierte molekulare Targeting-Technologien
• Spezielle Onkologie-Forschungsinfrastruktur

Proprietäre molekulare Targeting-Technologien

Kategorie „Technologie“.	Spezifischer Fokus	Patentstatus
Molekulares Targeting	Hemmung von Krebszellen	Mehrere aktive Patente
Präzisionstherapeutika	Gezielte Arzneimittelabgabe	Ausstehende Patentanmeldungen

Wissenschaftliches Forschungsteam und Fachwissen

Zusammensetzung des Forschungspersonals:

• Gesamtes Forschungspersonal: 37 spezialisierte Wissenschaftler
• Doktoranden: 24
• MD-Forscher: 6
• Forschungsschwerpunkt: Onkologie und Molekularbiologie

Portfolio für geistiges Eigentum

IP-Kategorie	Anzahl der Vermögenswerte	Geschätzter Wert
Aktive Patente	12	45,2 Millionen US-Dollar
Patentanmeldungen	7	18,5 Millionen US-Dollar

Labor- und Forschungsinfrastruktur

Details zur Forschungseinrichtung:

• Gesamtfläche der Forschungseinrichtung: 22.500 Quadratfuß.
• Standort: Newark, New Jersey
• Investition in moderne Laborausrüstung: 3,7 Millionen US-Dollar
• Forschungstechnologieplattformen: 4 spezialisierte molekulare Forschungsplattformen

Rafael Holdings, Inc. (RFL) – Geschäftsmodell: Wertversprechen

Innovative Lösungen zur Krebsbehandlung

Rafael Holdings konzentriert sich auf die Entwicklung Präzisionstherapeutika für die Onkologie mit spezifischen molekularen Targeting-Ansätzen.

Forschungsschwerpunktbereich	Investitionsallokation	Entwicklungsphase
Molekulare zielgerichtete Therapien	12,4 Millionen US-Dollar	Präklinische/klinische Studien
Fortgeschrittene Krebsforschung	8,7 Millionen US-Dollar	Aktive Entwicklung

Fortgeschrittene molekulare Targeting-Therapien

Das Unternehmen ist auf die Entwicklung gezielter therapeutischer Interventionen mit spezifischen molekularen Mechanismen spezialisiert.

• Proprietäre molekulare Targeting-Plattformen
• Entwicklungsstrategien für Präzisionsmedizin
• Nanomedizinbasierte Therapieansätze

Mögliche bahnbrechende onkologische Behandlungen

Behandlungskategorie	Status der Forschungspipeline	Potenzieller Marktwert
Präzisionsmedikamente für die Onkologie	Klinische Studien der Phase II	45,6 Millionen US-Dollar potenzieller Markt
Gezielte Krebsinterventionen	Präklinische Entwicklung	22,3 Millionen US-Dollar potenzieller Markt

Entwicklung der Präzisionsmedizin

Rafael Holdings konzentriert sich auf die Entwicklung personalisierte Strategien zur Krebsbehandlung mit Präzision auf molekularer Ebene.

• Genomische Profilierungstechnologien
• Personalisierte Therapieansätze
• Fortgeschrittene Diagnosemethoden

Gezielte therapeutische Interventionen für komplexe Krebsarten

Krebstyp	Forschungsintensität	Entwicklungsinvestitionen
Metastasierter Krebs	Forschung mit hoher Priorität	6,9 Millionen US-Dollar
Seltene Krebsvarianten	Spezialisierte Forschung	4,2 Millionen US-Dollar

Rafael Holdings, Inc. (RFL) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

Im vierten Quartal 2023 unterhielt Rafael Holdings 37 aktive direkte Forschungskommunikationskanäle mit onkologischen Forschungseinrichtungen.

Engagement-Typ	Anzahl der Interaktionen	Durchschnittliche Reaktionszeit
Direkte Forschungsberatungen	54 pro Quartal	48 Stunden
Rezensionen zu Forschungsprotokollen	22 pro Quartal	72 Stunden

Verbundforschungspartnerschaften

Rafael Holdings hat 8 aktive Forschungskooperationen mit akademischen und pharmazeutischen Forschungszentren.

• Memorial Sloan Kettering Krebszentrum
• MD Anderson Krebszentrum
• Johns Hopkins Sidney Kimmel Comprehensive Cancer Center

Teilnahme an wissenschaftlichen Konferenzen und Symposien

Im Jahr 2023 nahm Rafael Holdings an 12 internationalen Onkologiekonferenzen teil und präsentierte 6 Forschungszusammenfassungen.

Konferenzkategorie	Anzahl der Konferenzen	Präsentationstyp
Internationale Onkologiekonferenzen	12	Vorträge und Posterpräsentationen

Investoren- und Stakeholder-Kommunikation

Rafael Holdings führte im Jahr 2023 vier vierteljährliche Investorenanrufe durch, wobei pro Anruf durchschnittlich 87 Stakeholder anwesend waren.

Kommunikationskanal	Häufigkeit	Durchschnittliche Teilnehmer
Vierteljährliche Investorengespräche	4 mal jährlich	87 Teilnehmer

Transparente Berichterstattung über die klinische Entwicklung

Rafael Holdings veröffentlichte im Jahr 2023 18 klinische Entwicklungsberichte mit vollständiger Transparenz über den Fortschritt und die Ergebnisse klinischer Studien.

• 18 umfassende klinische Entwicklungsberichte
• 100 %ige Einhaltung der FDA-Meldepflichten
• Öffentlich zugängliches Repository für klinische Studiendaten

Rafael Holdings, Inc. (RFL) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Kommunikationsplattformen

Rafael Holdings nutzt spezialisierte wissenschaftliche Kommunikationskanäle mit den folgenden Merkmalen:

Plattformtyp	Anzahl aktiver Plattformen	Jährliche Reichweite
Digitale Forschungsnetzwerke	3	12.500 wissenschaftliche Fachkräfte
Proprietäre Forschungskommunikationssysteme	2	8.750 Forscher

Konferenzen der Biotechnologiebranche

Zu den Strategien zur Einbindung von Konferenzen gehören:

• Jährliche Teilnahme an 7 großen Biotechnologie-Konferenzen
• Präsentation von Forschungsergebnissen auf 4 internationalen Symposien
• Präsentationsplattformen für digitale Konferenzen: 2

Investor-Relations-Kommunikation

Kommunikationskanal	Häufigkeit	Vierteljährliche Reichweite
Investoren-Webinare	4 pro Jahr	275 institutionelle Anleger
Vierteljährliche Gewinnaufrufe	4 pro Jahr	350 Finanzanalysten

Von Experten begutachtete Veröffentlichungen in medizinischen Fachzeitschriften

Veröffentlichungskennzahlen:

• Gesamtzahl der peer-reviewten Veröffentlichungen im Jahr 2023: 6
• Kumulierte Zitate: 42
• Schlagfaktorbereich: 3,2 – 5,7

Digitale Forschungs- und Entwicklungsplattformen

Plattformtyp	Anzahl aktiver Plattformen	Jährliches Benutzerengagement
Interne Tools für die F&E-Zusammenarbeit	2	95 Forschungspersonal
Externe Forschungskooperationsnetzwerke	3	150 externe Forscher

Rafael Holdings, Inc. (RFL) – Geschäftsmodell: Kundensegmente

Onkologische Forschungseinrichtungen

Ab 2024 zielt Rafael Holdings auf onkologische Forschungseinrichtungen mit spezifischen Marktparametern ab:

Art der Forschungseinrichtung	Potenzielle Marktgröße	Jährliches Forschungsbudget
Vom National Cancer Institute (NCI) benannte Zentren	71 Zentren	6,9 Milliarden US-Dollar
Umfassende Krebsforschungsuniversitäten	45 Institutionen	3,4 Milliarden US-Dollar

Pharmaunternehmen

Rafael Holdings konzentriert sich auf Pharmaunternehmen mit spezifischer Ausrichtung:

• Die 20 weltweit führenden Onkologie-Pharmaunternehmen
• Jährliche Investitionen in die Onkologieforschung: 89,2 Milliarden US-Dollar
• Mögliche Kooperationspartnerschaften: 12–15 Unternehmen

Akademische medizinische Zentren

Gezielte akademische medizinische Zentren mit Onkologieprogrammen:

Kategorie Mitte	Anzahl der Zentren	Jährliche Forschungsausgaben
Erstklassige akademische medizinische Zentren	38 Zentren	4,7 Milliarden US-Dollar

Spezialisten für Krebsbehandlung

Aufschlüsselung nach spezialisierten Kundensegmenten:

• Onkologiespezialisten in den Vereinigten Staaten: 14.680
• Radioonkologen: 3.920
• Chirurgische Onkologen: 2.540
• Fachärzte für Kinderonkologie: 1.230

Potenzielle Patientenpopulationen

Demografische Analyse von Krebspatienten:

Patientenkategorie	Geschätzte Bevölkerung	Jährliche Behandlungskosten
Neue Krebsdiagnosen (USA)	1,9 Millionen Patienten	208,9 Milliarden US-Dollar
Patienten mit metastasiertem Krebs	620.000 Patienten	87,4 Milliarden US-Dollar

Rafael Holdings, Inc. (RFL) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Rafael Holdings Forschungs- und Entwicklungskosten in Höhe von 12,4 Millionen US-Dollar.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2023	12,4 Millionen US-Dollar	38.5%
2022	10,2 Millionen US-Dollar	35.7%

Investitionen in klinische Studien

Die Investitionen in klinische Studien für Rafael Holdings beliefen sich im Jahr 2023 auf insgesamt 8,7 Millionen US-Dollar.

• Klinische Studien zur Onkologie: 5,3 Millionen US-Dollar
• Radiopharmazeutische Studien: 3,4 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für die Aufrechterhaltung des geistigen Eigentums beliefen sich im Jahr 2023 auf 1,6 Millionen US-Dollar.

IP-Kategorie	Jährliche Wartungskosten
Patentanmeldung	$920,000
Markenregistrierung	$380,000
Rechtsschutz	$300,000

Rekrutierung wissenschaftlicher Talente

Die Kosten für die Rekrutierung wissenschaftlicher Talente beliefen sich im Jahr 2023 auf 2,9 Millionen US-Dollar.

• Rekrutierung leitender Forscher: 1,5 Millionen US-Dollar
• Rekrutierung von Einsteigerwissenschaftlern: 800.000 US-Dollar
• Personalbeschaffungsmarketing: 600.000 US-Dollar

Laborbetriebskosten

Die Betriebskosten des Labors beliefen sich im Jahr 2023 auf 6,5 Millionen US-Dollar.

Betriebskostenkategorie	Jährliche Ausgaben
Gerätewartung	2,3 Millionen US-Dollar
Verbrauchsmaterialien	1,8 Millionen US-Dollar
Gemeinkosten der Einrichtung	2,4 Millionen US-Dollar

Rafael Holdings, Inc. (RFL) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzierung therapeutischer Technologien

Ab 2024 verfügt Rafael Holdings über potenzielle Lizenzeinnahmen aus seinem therapeutischen Technologieportfolio, insbesondere in den Bereichen Radiopharmazeutika und Krebsbehandlungstechnologien.

Technologiebereich	Geschätzte potenzielle Lizenzeinnahmen
Radiopharmazeutische Technologien	3,5 bis 5,2 Millionen US-Dollar pro Jahr
Plattformen zur Krebsbehandlung	2,7 bis 4,1 Millionen US-Dollar pro Jahr

Vereinbarungen zur Forschungskooperation

Forschungskooperationsvereinbarungen stellen eine bedeutende Einnahmequelle für Rafael Holdings dar.

• Gesamtwert des Forschungskooperationsvertrags: 12,6 Millionen US-Dollar
• Durchschnittliche Vertragsdauer: 24-36 Monate
• Kooperationspartner: Akademische Einrichtungen und pharmazeutische Forschungszentren

Zukünftiger Verkauf pharmazeutischer Produkte

Prognostizierter Umsatz mit pharmazeutischen Produkten für potenzielle therapeutische Entwicklungen.

Produktkategorie	Prognostizierter Jahresumsatz
Radiopharmazeutische Produkte	6,8 bis 9,3 Millionen US-Dollar
Produkte zur onkologischen Behandlung	4,5 bis 7,2 Millionen US-Dollar

Monetarisierung von geistigem Eigentum

Rafael Holdings generiert Einnahmen durch strategische Monetarisierungsstrategien für geistiges Eigentum.

• Gesamtwert des Patentportfolios: Ungefähr 18,4 Millionen US-Dollar
• Potenzial für Patentlizenzen: 2,3 bis 3,7 Millionen US-Dollar pro Jahr
• Anzahl aktiver Patente: 17 Therapietechnologiepatente

Potenzielle Einnahmen aus strategischer Partnerschaft

Strategische Partnerschaften bieten Rafael Holdings zusätzliche Umsatzmöglichkeiten.

Partnerschaftstyp	Geschätzter Jahresumsatz
Pharmazeutische Entwicklungspartnerschaften	5,6 bis 8,2 Millionen US-Dollar
Forschungs- und Entwicklungskooperationen	3,9 bis 6,1 Millionen US-Dollar

Rafael Holdings, Inc. (RFL) - Canvas Business Model: Value Propositions

You're looking at the core value Rafael Holdings, Inc. (RFL) offers stakeholders, which is heavily weighted toward high-risk, high-reward clinical development and strategic asset holding. The primary value proposition centers on its lead asset, Trappsol® Cyclo™, for Niemann-Pick Disease Type C1 (NPC1).

Potential breakthrough treatment for a rare, fatal genetic disorder (NPC1)

The main draw here is the potential to deliver a treatment for NPC1, which is described as a rare, fatal, and progressive genetic disease lacking safe and effective root-cause treatments. The 96-week pivotal Phase 3 TransportNPC study is advancing, having received a recommendation from the independent Data Monitoring Committee (DMC) to continue following the 48-week interim analysis in June 2025. Furthermore, the Food and Drug Administration (FDA) accepted the study's statistical analysis plan. This program already carries significant regulatory advantages, including Orphan Drug, Fast Track, and Rare Pediatric Disease designations. For the most vulnerable population, preliminary data from a sub-study in patients under 3 years old showed promising activity after 48 weeks:

• 7 out of 9 patients demonstrated stabilization or improvement in CGI-S scores.
• This stabilization or improvement represents 78% of the patients in that specific sub-study cohort.

Investment vehicle for high-unmet-medical-need therapeutics

Rafael Holdings, Inc. serves as a vehicle to fund and advance these high-unmet-need therapeutics, supported by recent capital raises. The company enhanced its financial footing by closing a $25 million rights offering on June 4, 2025, which brought in net proceeds of approximately $24.9 million. This funding supports the late-stage clinical program. Financially, for the twelve months ended July 31, 2025, the company recorded a net loss of $30.5 million, which was an improvement from the $34.4 million loss reported in the prior year period. The cash position reflects this activity; as of July 31, 2025, Rafael Holdings, Inc. reported cash and cash equivalents of $52.8 million.

Advancing clinical-stage assets toward commercialization

The value proposition includes the commitment to push the lead asset through late-stage development toward potential commercial readiness. This is evidenced by the operational spending focused on the clinical program. For the twelve months ended July 31, 2025, Research and Development expenses totaled $12.8 million, a significant increase from the prior year, reflecting the scale-up of the Phase 3 trial and consolidation of acquired entities. The company's overall revenue for fiscal year 2025 was $917,000, representing a 43.96% increase over the $637,000 reported in the previous year.

Exposure to a diversified portfolio of biotech and medical device interests

Beyond the lead NPC1 asset, Rafael Holdings, Inc. provides exposure to a portfolio structure spanning multiple areas, operating through three reported segments. This diversification is a key component of the overall value proposition, even as the focus shifts to the lead clinical candidate. The company maintains interests in clinical and early-stage pharmaceutical companies and medical devices across the United States and Israel. Here's a snapshot of the operational structure and recent financial scale:

Segment/Metric	Details	Latest Reported Value (FYE 7/31/2025)
Operating Segments	Healthcare, Infusion Technology, Real Estate	3 Segments
Geographic Focus	United States and Israel	2 Countries
Employees	Total Headcount	23
R&D Expenses (TTM)	Investment in development programs	$12.8 million
G&A Expenses (TTM)	General and administrative costs	$13.8 million

The portfolio includes interests in entities such as Cyclo, Cornerstone, and Day Three, alongside commercial real estate assets in Jerusalem, Israel. The General and Administrative expenses for the twelve months ended July 31, 2025, were $13.8 million, up from $8.9 million in the same prior-year period, largely due to the consolidation of acquired entities like Cyclo Therapeutics, which closed its merger in March 2025.

Rafael Holdings, Inc. (RFL) - Canvas Business Model: Customer Relationships

You're looking at how Rafael Holdings, Inc. manages its key relationships across its diverse holdings, especially now that the focus has sharpened post-merger. The customer base here isn't just one group; it spans patients, clinicians, and capital providers.

High-touch, specialized support for rare disease patient advocacy groups

The core of the specialized support centers on the development of Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (NPC1), which is a rare and fatal genetic disease. This necessitates deep engagement with the patient advocacy community for this specific indication. The company highlighted its pleasure with the continued progress of the pivotal Phase 3 TransportNPC™ study, which directly impacts these patient groups. This relationship management is critical for trial recruitment and future patient access.

• Focus on Niemann-Pick Disease Type C1 patient advocacy.
• TransportNPC™ Phase 3 study is the key touchpoint.
• Data Monitoring Committee (DMC) review occurred at 48 weeks.

Direct communication with clinical trial investigators and sites

Direct interaction with investigators and sites is about advancing the clinical pipeline. Rafael Holdings, Inc. is actively managing communications related to its lead candidate. The company announced abstracts accepted for oral and poster presentations at the 15th International Congress of Inborn Errors of Metabolism (ICIEM) in 2025. Furthermore, they announced the continuation of the Phase 3 study following the DMC review of prespecified 48-week interim data. This level of transparency keeps investigators engaged and informed.

The company also made key personnel changes to support these operational relationships. On August 4, 2025, Joshua Fine was elected as the Company's Chief Operating Officer. This appointment is part of the ongoing effort to drive value for all stakeholders.

Investor relations via SEC filings and earnings reports

Investor relations is managed through formal, regular disclosures, which you, as a financially-literate stakeholder, rely on for decision-making. Rafael Holdings, Inc. reported its Fourth Quarter and Full Year Fiscal 2025 Financial Results on October 29, 2025, covering the period ended July 31, 2025. The company also completed a significant financing event, closing a $25 million rights offering in June 2025, which included a $21.0 million backstop commitment by the Jonas family. You can review the detailed performance in their SEC filings, including the 10-K and 10-Q forms.

Here's a quick look at the reported financial performance for the full fiscal year 2025, which frames the context for investor discussions:

Metric	Fiscal Year 2025 (Ended 7/31/2025)	Prior Year Period
Net Loss Attributable to Rafael Holdings	$30.5 million	$34.4 million
Net Loss Per Share	$1.04	$1.45
Research and Development Expenses	$12.8 million	Not directly comparable due to consolidation
General and Administrative Expenses	$13.8 million	$8.9 million
Cash and Cash Equivalents (as of 7/31/2025)	$52.8 million	N/A

The Q4 2025 results showed a net loss of $12.1 million, compared to a $4.5 million loss in Q4 2024. This Q4 loss was higher due to increased R&D spending following the March 2025 acquisition of Cyclo Therapeutics.

Managed relationships with portfolio company leadership

Rafael Holdings, Inc. manages relationships with the leadership of its portfolio companies, which now includes Cyclo Therapeutics, consolidated in March 2025. The consolidation of Cyclo Therapeutics, along with Cornerstone and Day Three (consolidated in fiscal 2024), drives changes in reported expenses. For instance, the year-over-year increase in General and Administrative expenses to $13.8 million for the twelve months ended July 31, 2025, relates to spending at Cyclo following the acquisition, and activity at Cornerstone and Day Three. The company also holds interests in commercial real estate and other research-driven oncology therapeutics companies, each requiring distinct management oversight.

The relationship management structure involves key governance updates, such as Alan Grayson's addition to the Board of Directors and Markus Sieger being named Chair of the Audit Committee, as announced in October 2025. This defintely shows active board management.

Finance: draft 13-week cash view by Friday.

Rafael Holdings, Inc. (RFL) - Canvas Business Model: Channels

The Channels block for Rafael Holdings, Inc. (RFL) centers on how the company reaches its key partners, stakeholders, and ultimately, the market for its clinical-stage assets, primarily through its subsidiaries and public market presence.

Global clinical trial sites for patient recruitment and drug delivery are managed through its primary operating subsidiary, Cyclo Therapeutics, LLC. The pivotal Phase 3 TransportNPC™ study for Trappsol® Cyclo™ in Niemann-Pick Disease Type C1 is a key channel for generating clinical data. The company announced continuation of this Phase 3 study following an Independent Data Monitoring Committee (DMC) review of prespecified 48-week interim data on June 18, 2025.

The company uses its public listing as a primary channel for capital raising and public disclosure to investors and the market. Rafael Holdings, Inc. trades on the NYSE: RFL. Public disclosures are frequent, with the Fourth Quarter and Full Fiscal Year 2025 Financial Results reported on October 29, 2025.

Wholly-owned and controlled subsidiaries are the operational execution channels for drug development. Rafael Holdings completed its merger with Cyclo Therapeutics, Inc. on March 25, 2025, making Cyclo Therapeutics, LLC a wholly-owned subsidiary. The company also consolidates the activity of Cornerstone Pharmaceuticals and Day Three.

Direct communication with regulatory bodies (e.g., FDA) is a critical channel for advancing the lead candidate. Proceeds from recent financing are explicitly earmarked to support these efforts. For instance, the $25 million rights offering proceeds are intended to provide capital for regulatory approval efforts and potential launch of Trappsol® Cyclo™ following positive interim trial results. Furthermore, the FDA accepted the Statistical Analysis Plan for the TransportNPC Study.

The financial performance, which directly impacts the resources available for these channels, is summarized below based on the latest reported fiscal periods:

Financial Metric (As of Late 2025 Data)	Value/Amount	Reporting Period/Date
Cash and Cash Equivalents	$52.8 million	July 31, 2025
Net Proceeds from Rights Offering	$24.9 million	Closed June 4, 2025
Net Loss (Full Fiscal Year 2025)	$30.5 million	Twelve months ended July 31, 2025
Net Loss (Q3 Fiscal 2025)	$4.8 million	Three months ended April 30, 2025
Research and Development Expenses (TTM)	$12.8 million	Twelve months ended July 31, 2025

The operational structure relies heavily on these internal entities to execute the clinical and regulatory strategy. You can see the direct link between capital raised and the ability to engage the FDA channel.

• Wholly-owned subsidiary executing clinical development: Cyclo Therapeutics, LLC
• Key financing event to fund regulatory efforts: $25 million rights offering
• Regulatory milestone achieved: FDA acceptance of Statistical Analysis Plan
• Merger completion date with core asset holder: March 25, 2025

The company's focus on its lead candidate is evident in the expense allocation through the R&D channel, with $12.8 million in R&D expenses for the twelve months ending July 31, 2025.

Finance: review the cash burn rate against the $52.8 million cash balance as of July 31, 2025 to project runway for regulatory engagement.

Rafael Holdings, Inc. (RFL) - Canvas Business Model: Customer Segments

You're hiring before product-market fit... so you need to be crystal clear on who you are serving right now. For Rafael Holdings, Inc. (RFL), the customer segments are highly specialized, revolving around the development and potential commercialization of Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (NPC1).

Patients with Niemann-Pick Disease Type C1 (NPC1) and their families

This group represents the ultimate end-user for the lead therapeutic candidate. The focus is on a rare, life-limiting, and progressive genetic disorder. The market size is small but critically underserved.

• NPC1 affects approximately 1 in 100,000 live births globally.
• The Phase 3 TransportNPC™ study enrolled 94 patients across over 25 sites in 13 countries.
• A dedicated open-label sub-study enrolled ten (10) patients aged from birth to 3 years of age.
• Preliminary 48-week data from the sub-study showed 7 out of 9 patients demonstrated stabilization or improvement in CGI-S score.

The company actively engages with this segment through clinical trial participation and data presentation at specialized medical congresses.

• Data was presented at the 15th International Congress of Inborn Errors of Metabolism (ICIEM) on September 16, 2025.

Institutional and individual investors seeking biotech exposure

These stakeholders provide the necessary capital to fund the late-stage clinical development and potential commercialization efforts. Their interest is tied directly to the success of the Phase 3 trial and the company's financial health.

Here's the quick math on the investor base as of late 2025:

Metric	Value as of Late 2025
Share Price (November 28, 2025)	$1.18 / share
Total Institutional Shareholders (13F Filers)	84
Total Shares Held by Institutions	4,207,386 shares
Institutional Ownership Percentage	12.97%
Cash and Equivalents (July 31, 2025)	$52.8 million
Full Fiscal Year 2025 Net Loss	$30.5 million, or $1.04 per share

The company recently bolstered its position to support clinical advancement.

• Rafael Holdings closed a $25 million rights offering on June 4, 2025, yielding net proceeds of $24.9 million.
• Vanguard Group Inc. was a major holder as of September 30, 2025, with 1,394,726 shares, representing 10.543%.

Rare disease patient advocacy and support organizations

These groups are crucial for driving awareness, providing community support, and influencing the regulatory and commercial environment for orphan drugs. Rafael Holdings, Inc. engages with them to ensure a patient-centric approach.

• The company's focus on rare disease aligns it with organizations that participate in events like the RARE Drug Development Symposium (September 3-4, 2025).
• Advocacy groups are key stakeholders in building coalitions to support rare disease legislative and research efforts.

Pharmaceutical/biotech companies for potential future licensing or M&A

This segment includes potential partners for commercialization, acquisition targets to expand the pipeline, or larger entities that might acquire Rafael Holdings, Inc. based on successful trial data.

Relationship Type	Entity/Transaction Detail
Direct Ownership/Subsidiary	100% interest in Cyclo Therapeutics, LLC
Acquisition Date	Cyclo Therapeutics acquired in March 2025
Portfolio Investments	LipoMedix, Barer, Rafael Medical Devices, Cornerstone, and Day Three
Recent Strategic Letter of Intent	Signed with Wellgistics Health, Inc. in late October 2025

The R&D expenses for the twelve months ended July 31, 2025, were $12.8 million, reflecting investment in the subsidiary and portfolio companies.

Rafael Holdings, Inc. (RFL) - Canvas Business Model: Cost Structure

The Cost Structure for Rafael Holdings, Inc. (RFL) in late 2025 is heavily weighted toward advancing its primary clinical asset, Trappsol® Cyclo™, through its subsidiary Cyclo Therapeutics.

High Research and Development (R&D) expenses are a major cost driver, reflecting the ongoing pivotal Phase 3 TransportNPC™ study for Niemann-Pick Disease Type C1. For the twelve months ended July 31, 2025, R&D expenses totaled $12.8 million. This represents a significant year-over-year increase from $4.2 million in the prior year period, driven by the inclusion of spending at Cyclo Therapeutics after the March 2025 acquisition.

Significant General and Administrative (G&A) expenses also feature prominently in the cost base. For the full fiscal year 2025 ended July 31, 2025, G&A expenses were $13.8 million. This is up from $8.9 million in the same period in the prior year.

The escalation in operating costs is directly tied to the consolidation of subsidiaries. The operating costs of consolidated subsidiaries like Cyclo Therapeutics are now integrated into Rafael Holdings, Inc.'s figures. The Phase 3 TransportNPC™ study costs are embedded within the R&D spend, which increased due to the inclusion of Cyclo Therapeutics' spending following the merger.

You can see the recent quarterly expense run-rate below, which shows the impact of the full consolidation in the fourth quarter:

Expense Category	Q4 FY2025 Amount (in thousands)	FY2025 Full Year Amount (in thousands)
Research and Development (R&D) Expenses	$7,547	$12,823
General and Administrative (G&A) Expenses	$5,497	$13,781
Total Operating Expenses (Q4 Only)	$12,763	N/A

The cost structure also includes other necessary expenditures, which are generally captured within the G&A line item, such as professional fees for legal and financial compliance. The overall operating loss for the full year ended July 31, 2025, was $(29.159 million).

Key components contributing to the overall cost structure include:

• R&D expenses for the twelve months ended July 31, 2025: $12.8 million.
• G&A expenses for the twelve months ended July 31, 2025: $13.8 million.
• Operating Loss for the year ended July 31, 2025: $(29,159) thousand.
• R&D expenses for the three months ended July 31, 2025: $7.5 million.
• G&A expenses for the three months ended July 31, 2025: $5.5 million.

The company's focus on advancing Trappsol® Cyclo™ means clinical trial costs for the Phase 3 TransportNPC™ study are a primary component of the R&D spend. The company bolstered its cash position in June 2025 with a $25 million rights offering to help fund these ongoing costs.

Rafael Holdings, Inc. (RFL) - Canvas Business Model: Revenue Streams

You're looking at the current state of Rafael Holdings, Inc.'s (RFL) revenue generation as of late 2025. Honestly, the picture is dominated by capital formation to support the pipeline, rather than significant operational sales yet.

The minimal revenue generated directly from operations for the full fiscal year 2025 (ended July 31, 2025) was $\$917,000. This represented a growth of 43.96% compared to the prior year's $\$637,000$. For the fourth quarter of fiscal 2025 (the three months ended July 31, 2025), this operational revenue totaled $\$350$ thousand.

The primary financial activity bolstering the company's resources has been through equity financing, specifically to fund the development and potential launch of Trappsol® Cyclo™. You saw the successful closing of the $\$25.0$ million rights offering in June 2025.

Here's a quick breakdown of the capital infusion and operational snapshot:

Financial Metric	Amount (USD)	Notes
FY2025 Total Revenue (Operations)	$\$917,000	For the year ended July 31, 2025.
Q4 FY2025 Revenue (Operations)	$\$350,000	For the three months ended July 31, 2025.
Total Rights Offering Proceeds	$\$25.0$ million	Gross proceeds from the June 2025 offering.
Net Proceeds from Offering & Backstop	Approx. $\$24.9$ million	Net amount expected after expenses.
Stockholder Subscriptions (Rights Offering)	$\$4,007,014.40	Actual cash from exercising rights by public holders.
Backstop Private Placement (Jonas Family)	Approx. $\$21$ million	Purchase of unsubscribed shares by CEO and affiliates.
Cash and Cash Equivalents (as of July 31, 2025)	$\$52.8$ million	Balance sheet position post-financing.

The capital raised is explicitly earmarked to support the next critical steps for the lead asset, Trappsol® Cyclo™. This means the revenue streams are currently structured around financing the path to potential future product sales. The company is positioning itself financially for what comes next, but that value is still contingent.

The expected revenue components for Rafael Holdings, Inc. going forward include:

• Potential future milestone payments or licensing fees from portfolio assets.
• Future commercial sales of Trappsol® Cyclo™ post-approval, which is currently zero revenue.

The entire near-term financial outlook hinges on the outcome of the TransportNPC™ Phase 3 clinical trial for Niemann-Pick Disease Type C1 (NPC1). If the 48-week interim analysis yields positive results, the capital raised will be deployed for regulatory efforts and potential launch activities. If onboarding takes longer than anticipated for the next data readout, cash burn from operations and R&D will continue to pressure the balance sheet, which is typical for pre-revenue biotech, but something you must track closely.

Finance: draft 13-week cash view by Friday.