RAFAEL HOLDINGS INC (NYSE: RFL)

Introduction

Rafael Holdings Inc. is a clinical-stage biotechnology company focused on the discovery and development of therapeutics for oncology and rare diseases. Following its merger with Cyclo Therapeutics, Inc., Rafael’s lead asset, Trappsol® Cyclo™, is being evaluated in a Phase 3 trial for Niemann-Pick Disease Type C1 (NPC1). As of June 10, 2025, Rafael’s stock closed at $2.96, reflecting a 31.56% increase on a volume of 1,526,990 shares.

Corporate Structure

• Headquarters: Newark, New Jersey; Gainesville, Florida (Cyclo subsidiary)
• Management team highlights:
  • Howard Jonas, Executive Chairman and holder of 28.4% beneficial ownership of Class B common stock (Schedule 13D/A filed June 9, 2025)
  • Bill Conkling, President & CEO
  • N. Scott Fine, CEO of Cyclo Therapeutics
• Portfolio companies (wholly or majority owned):
  • Cyclo Therapeutics, LLC (lead clinical asset: Trappsol® Cyclo™)
  • LipoMedix Pharmaceuticals Ltd.
  • Barer Institute Inc.
  • Cornerstone Pharmaceuticals, Inc.
  • Rafael Medical Devices, LLC
  • Day Three Labs, Inc.
• Workforce: Total employee count is not publicly disclosed as of June 2025

Developments and News

Merger with Cyclo Therapeutics (March 26, 2025)

• Completion of business combination; Cyclo shareholders received Class B shares representing approximately 22% of the combined company based on an exchange ratio of 0.3525.
• Rafael issued warrants to certain Cyclo warrant holders.
• Trappsol® Cyclo™ is highlighted as the lead clinical asset with an interim analysis for TransportNPC™ expected in mid-2025.

Rights Offering (Record Date May 9 – Subscription Period May 13–29, 2025)

• A non-transferable subscription right is offered per share of Class A or Class B common stock or Public Warrant held as of May 9.
• Each subscription right entitles the holder to purchase 0.603 share of Class B common stock at a subscription price of $1.28 per share.
• A Standby Purchase Agreement with Howard Jonas allows him to subscribe for any unsubscribed shares.
• The targeted gross proceeds of the rights offering are $25 million.

SEC Ownership Amendment (Schedule 13D/A, filed June 9, 2025)

• Howard Jonas beneficially owns 14,688,994 shares of Class B common stock, representing 28.4% of the outstanding shares.
• Voting power includes sole control of 1,727,429 shares and shared control of 12,961,565 shares.

Financial and Strategic Analysis

Metric	Value
Closing Price (Jun 10, 2025)	$2.96
52-Week Range	$1.2722 – $3.1899
Market Cap (intraday)	$110.24 million
Volume (Jun 10, 2025)	1,526,990
Avg. Volume (5Y)	113,156
Beta (5Y Monthly)	0.92
Price/Sales (ttm)	77.53
Price/Book (mrq)	1.18
Revenue (ttm)	$0.71 million
Net Income (ttm)	–$50.47 million
Diluted EPS (ttm)	–2.09
Total Cash (mrq)	$48.32 million
Total Debt/Equity (mrq)	3.29%
Enterprise Value/Revenue	53.64

• Rafael’s pipeline includes Trappsol® Cyclo™, with additional programs in oncology and Alzheimer’s.
• The rights offering is intended to increase liquidity to support upcoming analyses.
• The concentrated ownership by the Executive Chairman may impact governance and strategic direction.

Market Position and Industry Context

• Operates in the biotechnology sector, concentrating on rare genetic and oncological conditions.
• Engages with other clinical-stage biotech firms that focus on orphan diseases and oncology.
• A beta below 1 suggests lower volatility relative to the S&P 500.
• Key upcoming events include the interim readout for TransportNPC™ (mid-2025) and the earnings release scheduled for June 12–16, 2025.

tl;dr

• Stock closed at $2.96 on June 10, 2025, with a volume of 1.5 million shares.
• Rights offering (May 13–29, 2025) aims to raise $25 million at $1.28 per share; unsold shares will be covered by Howard Jonas.
• Interim analysis for TransportNPC™ is expected in mid-2025.
• Executive Chairman holds 28.4% of Class B stock, highlighting concentrated ownership as the company approaches significant clinical developments.