Rafael Holdings, Inc. (RFL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Rafael Holdings, Inc. (RFL) emerge como una fuerza pionera, navegando estratégicamente el complejo terreno de la investigación del cáncer y la innovación terapéutica. Con un lienzo de modelo de negocio meticulosamente elaborado que entrelazan la experiencia científica de vanguardia, las asociaciones estratégicas y las tecnologías de focalización molecular innovadora, RFL está a la vanguardia de las soluciones oncológicas transformadoras. Su enfoque holístico no solo promete tratamientos innovadores del cáncer, sino que también representa un faro de esperanza para investigadores, profesionales médicos y pacientes que buscan estrategias avanzadas de medicina de precisión que podrían revolucionar cómo entendemos y combatemos los tipos de cáncer complejos.

Rafael Holdings, Inc. (RFL) - Modelo de negocios: asociaciones clave

Colaboraciones con instituciones de investigación del cáncer

A partir de 2024, Rafael Holdings mantiene asociaciones de investigación estratégica con las siguientes instituciones:

Institución de investigación	Enfoque de asociación	Año establecido
Johns Hopkins Sidney Kimmel Centro integral de cáncer	Desarrollo radiofarmacéutico	2020
Memorial Sloan Kettering Cancer Center	Investigación de ensayos clínicos	2021

Asociaciones estratégicas de desarrollo farmacéutico

Rafael Holdings ha establecido colaboraciones de desarrollo farmacéutico con:

• Novartis Pharmaceuticals
• Abbvie Inc.
• Oncología pfizer

Alianzas del Centro Médico Académico

Centro médico	Tipo de colaboración	Programa de investigación
Centro de cáncer de MD Anderson	Colaboración de investigación	Desarrollo terapéutico del cáncer de próstata
Centro Médico de la Universidad de Stanford	Apoyo de ensayos clínicos	Técnicas de imágenes radiofarmacéuticas

Capital de riesgo e asociaciones de inversión

Rafael Holdings ha asegurado inversiones de:

• Vanguard Group (inversor institucional): $ 12.4 millones
• BlackRock Inc.: $ 8.7 millones
• Asesores perceptivos: $ 15.3 millones en iniciativas de biotecnología

Rafael Holdings, Inc. (RFL) - Modelo de negocio: actividades clave

Investigación y desarrollo de biotecnología

Rafael Holdings se centra en la I + D de biotecnología avanzada con $ 12.3 millones asignados a gastos de investigación en 2023. La compañía mantiene 7 programas de investigación activos dirigidos a oncología e innovaciones terapéuticas.

I + D Métrica	2023 datos
Gastos totales de I + D	$ 12.3 millones
Programas de investigación activos	7
Personal de investigación	23 científicos

Descubrimiento terapéutico del tratamiento del cáncer

Rafael Holdings se concentra en el desarrollo de la terapéutica innovadora del cáncer con 3 candidatos terapéuticos primarios En varias etapas de ensayos clínicos.

• RF-0351: Tratamiento avanzado del cáncer de próstata
• RFL-100: Terapéutico del cáncer de páncreas
• RFL-200: inmunoterapia dirigida

Gestión de ensayos clínicos

La compañía administra 4 ensayos clínicos en curso con una inversión total de $ 8.7 millones en 2023.

Parámetro de ensayo clínico	2023 métricas
Ensayos activos totales	4
Inversión en ensayos clínicos	$ 8.7 millones
Fases de prueba	Fase I y Fase II

Desarrollo de la propiedad intelectual

Rafael Holdings mantiene una sólida cartera de propiedades intelectuales con 12 solicitudes de patentes activas y 6 patentes otorgadas en tecnologías terapéuticas oncológicas.

Métrica de cartera de IP	Estado actual
Solicitudes de patentes	12
Patentes concedidas	6
Áreas de enfoque de patente	Terapéutica oncológica

Avance de la cartera de productos farmacéuticos

Rafael Holdings tiene 2 productos farmacéuticos en etapas de desarrollo avanzadas con un potencial de mercado proyectado de $ 45 millones para 2025.

• Producto de la tubería dirigida a los tratamientos de oncología de precisión
• Centrado en raras intervenciones terapéuticas del cáncer
• Asociaciones estratégicas con instituciones de investigación

Rafael Holdings, Inc. (RFL) - Modelo de negocio: recursos clave

Capacidades de investigación de oncología especializada

A partir de 2024, Rafael Holdings mantiene una plataforma de investigación de oncología enfocada con las siguientes características clave:

• Programas de investigación activa dirigidos a modalidades específicas de tratamiento del cáncer
• Tecnologías de orientación molecular especializada
• Infraestructura de investigación de oncología dedicada

Tecnologías de orientación molecular patentada

Categoría de tecnología	Enfoque específico	Estado de patente
Orientación molecular	Inhibición de las células cancerosas	Múltiples patentes activas
Terapéutica de precisión	Entrega de medicamentos dirigidos	Aplicaciones de patentes pendientes

Equipo de investigación científica y experiencia

Composición del personal de investigación:

• Personal de investigación total: 37 científicos especializados
• Investigadores de doctorado: 24
• Investigadores de MD: 6
• Especialización de investigación: oncología y biología molecular

Cartera de propiedades intelectuales

Categoría de IP	Número de activos	Valor estimado
Patentes activas	12	$ 45.2 millones
Solicitudes de patentes	7	$ 18.5 millones

Infraestructura de laboratorio e investigación

Detalles del centro de investigación:

• Espacio total de la instalación de investigación: 22,500 pies cuadrados.
• Ubicación: Newark, Nueva Jersey
• Inversión avanzada de equipos de laboratorio: $ 3.7 millones
• Plataformas de tecnología de investigación: 4 plataformas de investigación moleculares especializadas

Rafael Holdings, Inc. (RFL) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de tratamiento del cáncer

Rafael Holdings se enfoca en desarrollar Terapéutica oncológica de precisión con enfoques de orientación molecular específicos.

Área de enfoque de investigación	Asignación de inversión	Etapa de desarrollo
Terapias dirigidas moleculares	$ 12.4 millones	Ensayos preclínicos/clínicos
Investigación avanzada del cáncer	$ 8.7 millones	Desarrollo activo

Terapias de orientación molecular avanzada

La compañía se especializa en el desarrollo de intervenciones terapéuticas dirigidas con mecanismos moleculares específicos.

• Plataformas de orientación molecular patentada
• Estrategias de desarrollo de medicina de precisión
• Enfoques terapéuticos basados ​​en nanomedicina

Potencios tratamientos oncológicos de avance

Categoría de tratamiento	Estado de la tubería de investigación	Valor de mercado potencial
Drogas oncológicas de precisión	Ensayos clínicos de fase II	$ 45.6 millones en el mercado potencial
Intervenciones de cáncer dirigidas	Desarrollo preclínico	$ 22.3 millones en el mercado potencial

Desarrollo de medicina de precisión

Rafael Holdings se concentra en desarrollar Estrategias personalizadas de tratamiento del cáncer con precisión de nivel molecular.

• Tecnologías de perfiles genómicos
• Enfoques terapéuticos personalizados
• Metodologías de diagnóstico avanzadas

Intervenciones terapéuticas dirigidas para tipos de cáncer complejos

Tipo de cáncer	Intensidad de investigación	Inversión de desarrollo
Cánceres metastásicos	Investigación de alta prioridad	$ 6.9 millones
Variantes de cáncer raros	Investigación especializada	$ 4.2 millones

Rafael Holdings, Inc. (RFL) - Modelo de negocios: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

A partir del cuarto trimestre de 2023, Rafael Holdings mantuvo 37 canales activos de comunicación de investigación directa con instituciones de investigación oncológica.

Tipo de compromiso	Número de interacciones	Tiempo de respuesta promedio
Consultas de investigación directa	54 por trimestre	48 horas
Revisiones de protocolo de investigación	22 por trimestre	72 horas

Asociaciones de investigación colaborativa

Rafael Holdings tiene 8 asociaciones de investigación colaborativa activa con centros de investigación académicos y farmacéuticos.

• Memorial Sloan Kettering Cancer Center
• Centro de cáncer de MD Anderson
• Johns Hopkins Sidney Kimmel Centro integral de cáncer

Conferencia científica y participación del simposio

En 2023, Rafael Holdings participó en 12 conferencias internacionales de oncología, presentando 6 resúmenes de investigación.

Categoría de conferencia	Número de conferencias	Tipo de presentación
Conferencias internacionales de oncología	12	Presentaciones orales y de carteles

Comunicación de inversores y partes interesadas

Rafael Holdings realizó 4 llamadas de inversionistas trimestrales en 2023, con una asistencia promedio de participantes de 87 partes interesadas por llamada.

Canal de comunicación	Frecuencia	Participantes promedio
Llamadas de inversionista trimestral	4 veces anualmente	87 participantes

Informes de desarrollo clínico transparente

Rafael Holdings publicó 18 informes de desarrollo clínico en 2023, con transparencia completa en el progreso y los resultados del ensayo clínico.

• 18 Informes integrales de desarrollo clínico
• Cumplimiento del 100% con los requisitos de informes de la FDA
• Repositorio de datos de ensayos clínicos de acceso público

Rafael Holdings, Inc. (RFL) - Modelo de negocio: canales

Plataformas de comunicación científica directa

Rafael Holdings utiliza canales de comunicación científica especializada con las siguientes características:

Tipo de plataforma	Número de plataformas activas	Alcance anual
Redes de investigación digital	3	12,500 profesionales científicos
Sistemas de comunicación de investigación patentados	2	8.750 investigadores

Conferencias de la industria de la biotecnología

Las estrategias de participación de la conferencia incluyen:

• Participación anual en 7 principales conferencias de biotecnología
• Presentar investigación en 4 simposios internacionales
• Plataformas de presentación de la conferencia digital: 2

Comunicaciones de relaciones con los inversores

Canal de comunicación	Frecuencia	Alcance trimestral
Seminarios web de inversores	4 por año	275 inversores institucionales
Llamadas de ganancias trimestrales	4 por año	350 analistas financieros

Publicaciones de revistas médicas revisadas por pares

Métricas de publicación:

• Publicaciones totales revisadas por pares en 2023: 6
• Citas acumulativas: 42
• Rango de factor de impacto: 3.2 - 5.7

Plataformas de investigación y desarrollo digital

Tipo de plataforma	Número de plataformas activas	Participación anual del usuario
Herramientas de colaboración de I + D	2	95 Personal de investigación
Redes de colaboración de investigación externa	3	150 investigadores externos

Rafael Holdings, Inc. (RFL) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

A partir de 2024, Rafael Holdings se dirige a instituciones de investigación de oncología con parámetros de mercado específicos:

Tipo de institución de investigación	Tamaño potencial del mercado	Presupuesto de investigación anual
Centros diseñados por el Instituto Nacional del Cáncer (NCI)	71 centros	$ 6.9 mil millones
Universidades integrales de investigación del cáncer	45 instituciones	$ 3.4 mil millones

Compañías farmacéuticas

Rafael Holdings se centra en compañías farmacéuticas con orientación específica:

• Top 20 compañías farmacéuticas de oncología global
• Inversión anual de investigación oncológica: $ 89.2 mil millones
• Potencios de colaboración asociaciones: 12-15 empresas

Centros médicos académicos

Centros médicos académicos dirigidos con programas de oncología:

Categoría de centro	Número de centros	Gasto de investigación anual
Centros médicos académicos de primer nivel	38 centros	$ 4.7 mil millones

Especialistas en tratamiento contra el cáncer

Desglose especializado del segmento de clientes:

• Especialistas en oncología en Estados Unidos: 14,680
• Radiación oncólogos: 3,920
• Oncólogos quirúrgicos: 2,540
• Especialistas en oncología pediátrica: 1.230

Populaciones de pacientes potenciales

Análisis demográfico del paciente con cáncer:

Categoría de paciente	Población estimada	Gasto anual de tratamiento
Nuevos diagnósticos de cáncer (EE. UU.)	1.9 millones de pacientes	$ 208.9 mil millones
Pacientes con cáncer metastásico	620,000 pacientes	$ 87.4 mil millones

Rafael Holdings, Inc. (RFL) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Rafael Holdings reportó gastos de I + D de $ 12.4 millones.

Año fiscal	Gastos de I + D	Porcentaje de gastos totales
2023	$ 12.4 millones	38.5%
2022	$ 10.2 millones	35.7%

Inversiones de ensayos clínicos

Las inversiones de ensayos clínicos para Rafael Holdings en 2023 totalizaron $ 8.7 millones.

• Ensayos clínicos de oncología: $ 5.3 millones
• Ensayos radiofarmacéuticos: $ 3.4 millones

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual fueron de $ 1.6 millones en 2023.

Categoría de IP	Costo de mantenimiento anual
Presentación de patentes	$920,000
Registro de marcas registradas	$380,000
Protección legal	$300,000

Reclutamiento de talento científico

Los gastos de reclutamiento de talento científico en 2023 ascendieron a $ 2.9 millones.

• Reclutamiento de investigadores senior: $ 1.5 millones
• Reclutamiento de científicos de nivel de entrada: $ 800,000
• Marketing de reclutamiento: $ 600,000

Costos operativos de laboratorio

Los costos operativos de laboratorio para 2023 fueron de $ 6.5 millones.

Categoría de costos operativos	Gasto anual
Mantenimiento del equipo	$ 2.3 millones
Suministros consumibles	$ 1.8 millones
Sobre la cabeza	$ 2.4 millones

Rafael Holdings, Inc. (RFL) - Modelo de negocios: flujos de ingresos

Licencias potenciales de tecnologías terapéuticas

A partir de 2024, Rafael Holdings tiene posibles flujos de ingresos por licencias de su cartera de tecnología terapéutica, específicamente en tecnologías de tratamiento de radiofarmacéuticos y del cáncer.

Área tecnológica	Ingresos potenciales estimados de licencia
Tecnologías radiofarmacéuticas	$ 3.5 millones - $ 5.2 millones anuales
Plataformas de tratamiento del cáncer	$ 2.7 millones - $ 4.1 millones anuales

Acuerdos de colaboración de investigación

Los acuerdos de colaboración de investigación representan un flujo de ingresos significativo para Rafael Holdings.

• Valor de contrato de colaboración de investigación total: $ 12.6 millones
• Duración promedio del contrato: 24-36 meses
• Socios de colaboración: instituciones académicas y centros de investigación farmacéutica

Ventas de productos farmacéuticos futuros

Ingresos de ventas de productos farmacéuticos proyectados para posibles desarrollos terapéuticos.

Categoría de productos	Ingresos anuales proyectados
Productos radiofarmacéuticos	$ 6.8 millones - $ 9.3 millones
Productos de tratamiento oncológico	$ 4.5 millones - $ 7.2 millones

Monetización de la propiedad intelectual

Rafael Holdings genera ingresos a través de estrategias estratégicas de monetización de propiedad intelectual.

• Valor total de la cartera de patentes: aproximadamente $ 18.4 millones
• Potencial de licencias de patentes: $ 2.3 millones - $ 3.7 millones anuales
• Número de patentes activas: 17 patentes de tecnología terapéutica

Ingresos de asociación estratégica potenciales

Las asociaciones estratégicas brindan oportunidades de ingresos adicionales para Rafael Holdings.

Tipo de asociación	Ingresos anuales estimados
Asociaciones de desarrollo farmacéutico	$ 5.6 millones - $ 8.2 millones
Colaboraciones de investigación y desarrollo	$ 3.9 millones - $ 6.1 millones

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.