Rafael Holdings, Inc. (RFL): Business Model Canvas [Dec-2025 Updated]

You're looking at Rafael Holdings, Inc. (RFL) right now, and honestly, the business model has boiled down to one massive bet following the Cyclo merger: successfully executing the pivotal Phase 3 TransportNPC trial for a rare disease. As of mid-2025, this isn't a diversified operation; it's a focused investment vehicle where the $\text{Value Proposition}$ is a potential breakthrough treatment, but the $\text{Cost Structure}$ shows a significant burn, with $\text{R\&D}$ at $\text{\$12.8}$ million and $\text{G\&A}$ at $\text{\$13.8}$ million for $\text{FY2025}$, offset by only $\text{\$917,000}$ in operational revenue. While they have a solid $\text{\$52.8}$ million in cash to fund this, understanding how they manage $\text{Key Partnerships}$ like the CROs and their $\text{Revenue Streams}$-which heavily rely on capital raises like the recent $\text{\$25}$ million rights offering-is defintely crucial for any serious investor. Dive into the full canvas below to see the precise mechanics of this high-risk, high-reward biotech engine.

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

You're looking at the core relationships that fund and drive Rafael Holdings, Inc.'s pipeline, especially after the major consolidation moves in 2025. These partnerships are critical for funding the late-stage clinical work on Trappsol® Cyclo™.

Cyclo Therapeutics (now consolidated) for Trappsol® Cyclo™ development

The relationship with Cyclo Therapeutics, Inc. culminated in a definitive merger agreement, closing overnight on March 25, 2025, with the combined entity trading as Rafael Holdings (RFL) starting March 26, 2025. Rafael Holdings now holds a 100% interest in Cyclo Therapeutics, LLC, making Trappsol® Cyclo™ its lead clinical asset. The transaction structure involved issuing shares of Rafael Holdings Class B common stock to Cyclo Therapeutics' shareholders based on an exchange ratio determined to be 0.3525 shares for every one share of CYTH owned. This issuance represented approximately 22% of the combined company on closing. Rafael Holdings committed to funding the TransportNPC™ Phase 3 clinical trial through its 48-week interim analysis, which was fully enrolled and expected to report topline data in mid-2025.

Here's a quick look at the consolidation mechanics:

Metric	Value	Date/Context
Merger Closing Date	March 25, 2025	Consolidation of Trappsol® Cyclo™ asset
Exchange Ratio (RFL Class B per CYTH share)	0.3525	Determined exchange ratio for merger consideration
Approximate Ownership by Former CYTH Shareholders	22%	Post-merger ownership percentage
Phase 3 Trial Status	Fully Enrolled	TransportNPC™ study for NPC1

Jonas family for the $21.0 million rights offering backstop

A key financial partnership involves the commitment from Executive Chairman Howard Jonas and his affiliates to ensure the success of the capital raise. Rafael Holdings closed a $25 million rights offering on June 4, 2025. The initial subscription by existing stockholders only raised approximately $4,007,014.40, with shares issued at $1.28 per share of Class B common stock. The Jonas family stepped in via a backstop private placement to purchase the unsubscribed shares, amounting to an aggregate of $20,992,985.60, which is essentially $21.0 million. The total net proceeds received by the Company were approximately $24.9 million, intended to fund regulatory approval efforts and the potential launch of Trappsol® Cyclo™.

The financial support structure looked like this:

• Total Rights Offering Target: $25 million
• Stockholder Subscriptions (Gross Proceeds): $4,007,014.40
• Jonas Family Backstop Commitment (Unsubscribed Shares): Approximately $21.0 million
• Total Net Proceeds (Post-Expenses): Approximately $24.9 million (as of July 31, 2025 reporting)

Clinical Research Organizations (CROs) managing the Phase 3 trial

While specific CRO contract values aren't public, the operational scale of the Phase 3 TransportNPC™ trial directly impacts Rafael Holdings, Inc.'s operating expenses. General industry benchmarks suggest that pivotal Phase III studies for new drugs can cost in the range of $20-$100+ million in total, with median costs per patient in pivotal studies hitting $41,117. For Rafael Holdings, Inc., the consolidation of Cyclo Therapeutics, which manages this trial, is reflected in the reported R&D spend. Research and development expenses for the three months ended July 31, 2025, were $7.5 million, a significant increase from $1.5 million in the year-ago period, directly related to the inclusion of Cyclo's spending post-acquisition.

Strategic investors and institutional funds like Vanguard and BlackRock

While specific, direct investment stakes in Rafael Holdings, Inc. from major funds like Vanguard and BlackRock as of late 2025 are not detailed in the immediate filings, these entities are known to hold significant positions in the broader market and other related sectors. For instance, BlackRock and Vanguard are noted as major institutional holders in large defense contractors as of late 2023. BlackRock's reporting as of September 30, 2025, shows investment activity in their funds, but no direct RFL holding figures are available here. These large funds typically influence the market through their sheer size, with Vanguard and BlackRock managing trillions between them.

Early-stage portfolio companies like Cornerstone and Day Three

Rafael Holdings, Inc. maintains interests in several other early-stage entities, including Cornerstone Pharmaceuticals, Inc. and Day Three Labs, Inc. The activity of these consolidated entities is a recognized factor in the company's reported financials for fiscal year 2025. The financial results for the twelve months ended July 31, 2025, show Research and development expenses of $12.8 million, up from $4.2 million in the prior year. This year-over-year increase is explicitly attributed to the inclusion of spending at Cyclo following the March 2025 acquisition, and the activity of Cornerstone and Day Three, which were consolidated with Rafael Holdings during fiscal 2024. General and administrative expenses for the same twelve-month period were $13.8 million, up from $8.9 million in the prior year, also reflecting the activity of Cornerstone and Day Three.

The financial impact of these portfolio companies is clear in the expense reports:

• Twelve Months Ended July 31, 2025 R&D Expense: $12.8 million
• Twelve Months Ended July 31, 2024 R&D Expense: $4.2 million
• Primary Driver for Increase: Inclusion of Cyclo, Cornerstone, and Day Three activity.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of Rafael Holdings, Inc. as of late 2025, which is heavily focused on advancing its lead therapeutic candidate while managing a portfolio of consolidated entities. Here's the quick math on what they were actively doing through the fiscal year ended July 31, 2025.

Executing the pivotal Phase 3 TransportNPC™ clinical trial

The primary activity revolves around the pivotal TransportNPC clinical trial for Trappsol® Cyclo™ in Niemann-Pick Disease Type C1 (NPC1). This 96-week study continued operations following a positive review by the independent Data Monitoring Committee (DMC) based on prespecified safety and efficacy data at the 48-week mark. The Food and Drug Administration (FDA) accepted the statistical analysis plan for this study. The trial was fully enrolled as of April 2025, with interim results anticipated in mid-2025.

• Trial continuation recommended after 48-week DMC review.
• FDA accepted the statistical analysis plan for the pivotal study.
• The study is the most comprehensive controlled pivotal study ever conducted for NPC treatment.

Research and development (R&D) for Trappsol® Cyclo™

The R&D focus is clearly on Trappsol® Cyclo™, evidenced by the significant increase in related expenses following the consolidation of Cyclo Therapeutics in March 2025. You can see the direct financial impact of this increased focus in the reported spending figures.

Metric	Twelve Months Ended July 31, 2025	Three Months Ended July 31, 2025
Research and Development Expenses	$12.8 million	$7.5 million
Year-over-Year R&D Increase (3 Months)	Relates to inclusion of Cyclo spending post-March 2025 acquisition	Increase from $1.5 million in the prior year period

Still, there were $5.9 million in unrealized gains on the Company's investment in Cyclo equity for the twelve months ended July 31, 2025.

Managing the portfolio of clinical and early-stage investments

Rafael Holdings, Inc. is actively managing a consolidated portfolio that includes Cyclo Therapeutics (acquired March 2025), Cornerstone Pharmaceuticals, Inc., and Day Three Labs, Inc. (both consolidated during fiscal 2024). The company's market cap was recently reported at $65 million with revenue at $917K.

• Consolidated Cyclo Therapeutics in March 2025.
• Holds interests in LipoMedix Pharmaceuticals Ltd.
• Consolidated Cornerstone and Day Three in fiscal 2024.

General and administrative oversight of consolidated entities

Oversight costs rose as a direct result of integrating the acquired and consolidated entities. This activity requires substantial administrative resources to manage the combined operations.

Expense Category	Twelve Months Ended July 31, 2025	Three Months Ended July 31, 2025
General and Administrative Expenses	$13.8 million	$5.5 million
Year-over-Year G&A Increase (3 Months)	N/A	Increase from $2.3 million in the year ago period

The net loss for the three months ended July 31, 2025, was $12.1 million, which is an increase from the $4.5 million net loss in the year-ago period, partly due to these consolidated expenses.

Capital raising and balance sheet strengthening, like the $25 million rights offering

Securing capital was a major key activity, culminating in the successful closing of the $25 million rights offering on June 4, 2025. This provided crucial funding to advance the Trappsol® Cyclo™ program.

• Total net proceeds from the offering were estimated at $24.9 million.
• Stockholders subscribed for 3,130,480 shares, raising $4,007,014.40.
• CEO Howard S. Jonas and related parties funded the remaining $21.0 million via a backstop private placement.
• Cash and cash equivalents stood at $52.8 million as of July 31, 2025.

Finance: draft 13-week cash view by Friday.

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

You're hiring before product-market fit, so you need to know exactly what assets Rafael Holdings, Inc. is relying on to drive value right now. Here's the breakdown of the tangible and intangible resources supporting the business model as of late 2025.

Trappsol® Cyclo™ drug candidate for Niemann-Pick Disease Type C1 (NPC1)

The core asset here is the investigational drug, Trappsol® Cyclo™ (hydroxypropyl-beta-cyclodextrin), which is designed to mobilize lysosomal cholesterol, targeting the root cause of Niemann-Pick Disease Type C1 (NPC1). This asset is being evaluated in the TransportNPC™ study, which is described as the most comprehensive, controlled pivotal study for an NPC1 therapy regarding patient size, global footprint, and duration.

Key clinical development milestones related to this resource include:

• The Phase 3 TransportNPC™ study is a 96-week pivotal study.
• The independent Data Monitoring Committee (DMC) recommended continuation after the prespecified 48-week interim analysis.
• The Food and Drug Administration (FDA) accepted the statistical analysis plan for the study.

Preliminary data from the open-label, single-arm sub-study in patients less than 3 years old, presented on September 16, 2025, showed specific outcomes after 48 weeks of treatment.

Sub-Study Metric	Value/Result
Total Patients in Sub-Study (at 48 weeks)	9 patients
Patients Showing Stabilization or Improvement in CGI-S Score (at 48 weeks)	7 of 9 patients
Patients Showing Improvement in CGI-S Score (at 48 weeks)	3 patients
Patients Showing Deterioration (at 48 weeks)	2 patients

Cash and cash equivalents of $52.8 million as of July 31, 2025

Rafael Holdings, Inc. maintained a liquid position to fund operations. As of the fiscal year end of July 31, 2025, the balance sheet reported $52.77 million for Cash, cash equivalents and short term investments. This figure is close to the expected $52.8 million figure, reflecting the capital position supporting ongoing development. This financial strength was recently bolstered by a $25 million rights offering, with net proceeds of $24.9 million closing earlier in 2025.

Intellectual property (IP) and clinical data for drug candidates

The intellectual property centers on the proprietary cyclodextrin formulation of Trappsol® Cyclo™. Beyond the NPC1 data, the company also holds IP related to other programs, including a Phase 2b clinical trial using Trappsol® Cyclo™ intravenously in early Alzheimer's disease. Regulatory IP includes several designations for the NPC1 candidate:

• Orphan Drug designation in the United States and Europe.
• Fast Track designation.
• Rare Pediatric Disease designation.

Commercial real estate assets in Jerusalem, Israel

The Real Estate segment is a distinct operational area for Rafael Holdings, Inc.. This resource base includes commercial real estate assets in Jerusalem, Israel. Specifically, the company engages in the leasing of a commercial office building and an associated 800-car public garage in that location. The company operates in three segments: Healthcare, Infusion Technology, and Real Estate.

Experienced executive and clinical development teams

The operational capacity relies on the teams driving the pharmaceutical pipeline. The company is led by CEO Howard S. Jonas, who took over leadership following a transition related to the merger with Cyclo Therapeutics. The clinical development work is executed by the team within Cyclo Therapeutics, LLC, a wholly-owned subsidiary. The company was founded in 2017 and had 22 employees as of the last reported data.

Finance: draft 13-week cash view by Friday.

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.