Rafael Holdings, Inc.
RFL evidence brief
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What it means
What to watch
Prepared research question
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Traceable citations · Unknowns marked
BioSniper AI · RFL
Rafael Holdings, Inc. is a biotechnology company focused on developing Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (NPC1) and holding interests in clinical-stage pharmaceutical and medical device companies.
Key risk: Clinical development risk
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Financial data as of Apr 30, 2026.
Rafael Holdings, Inc. is a biotechnology company focused on developing Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (NPC1) and holding interests in clinical-stage pharmaceutical and medical device companies.
- Lead candidate Trappsol® Cyclo™ is in clinical trials for NPC1, a rare and fatal genetic disorder [sec_mda · as of 2026-06-11].
- Holds majority equity interests in LipoMedix Pharmaceuticals (clinical-stage) and Cornerstone Pharmaceuticals, and a wholly-owned cancer research entity, Barer Institute [sec_mda · as of 2026-06-11].
- Cash and cash equivalents of $30.5M as of April 30, 2026, expected to fund operations for at least the next 12 months [sec_mda · as of 2026-06-11].
- Net loss of $19.0M for the nine months ended April 30, 2026, with cash used in operating activities of $21.6M [sec_mda · as of 2026-06-11].
- Previously owned real estate; as of April 30, 2026, holds only a portion of a commercial building in Jerusalem, Israel [sec_mda · as of 2026-06-11].
What works
- Lead candidate Trappsol® Cyclo™ addresses a high unmet medical need in NPC1, a rare and fatal genetic disorder with no approved therapies [sec_mda · as of 2026-06-11].
- Cash position of $30.5M as of April 30, 2026, provides a runway of at least 12 months to advance clinical programs [sec_mda · as of 2026-06-11].
- Diversified portfolio includes majority stakes in LipoMedix and Cornerstone, offering multiple potential value drivers [sec_mda · as of 2026-06-11].
What to weigh
- Significant net loss of $19.0M for the nine months ended April 30, 2026, with no approved products generating revenue [sec_mda · as of 2026-06-11].
- Trappsol® Cyclo™ is still in clinical trials; regulatory approval and commercialization are uncertain and distant [sec_mda · as of 2026-06-11].
- Subsidiaries like Barer Institute have substantially streamlined operations, indicating limited near-term contributions [sec_mda · as of 2026-06-11].
- LipoMedix is exploring strategic options for its lead candidate, suggesting potential challenges in advancing its pipeline independently [sec_mda · as of 2026-06-11].
From the filings
Quoted directly from source documents.
Company focus on Trappsol® Cyclo™ for NPC1
“The Company's lead candidate is Trappsol® Cyclo™, which is being evaluated in clinical trials for the potential treatment of Niemann-Pick Disease Type C1 ("NPC1"), a rare, fatal and progressive genetic disorder.”
SEC MD&A · June 11, 2026
Cash position and runway
“As of April 30, 2026, we held cash and cash equivalents of approximately $30.5 million. We expect the balance of cash and cash equivalents to be sufficient to meet our obligations for at least the next 12 months from the filing of this Quarterly Report on Form 10-Q.”
SEC MD&A · June 11, 2026
Net loss and cash used in operations
“For the nine months ended April 30, 2026, cash used in operating activities was $21.6 million impacted by a net loss of $19.0 million adjusted for non-cash items totaling $2.7 million.”
SEC MD&A · June 11, 2026
Remaining real estate asset
“As of April 30, 2026, we hold a portion of a commercial building in Jerusalem, Israel as our sole remaining real estate asset.”
SEC MD&A · June 11, 2026
Risks & what to watch (4)›
Key risks
- Clinical development risk — Trappsol® Cyclo™ may fail in clinical trials, delaying or preventing regulatory approval [sec_mda · as of 2026-06-11].
- Financial sustainability — Continued net losses and cash burn may require additional financing, diluting shareholders [sec_mda · as of 2026-06-11].
- Portfolio execution — Subsidiaries like LipoMedix and Barer face their own development and funding challenges [sec_mda · as of 2026-06-11].
- Regulatory and competitive — NPC1 is a rare disease with evolving regulatory pathways and potential competition [sec_mda · as of 2026-06-11].
What to watch
- Clinical trial results for Trappsol® Cyclo™ in NPC1 [sec_mda · as of 2026-06-11].
- Cash burn rate and any future capital raises [sec_mda · as of 2026-06-11].
- Strategic developments at LipoMedix and Cornerstone [sec_mda · as of 2026-06-11].
- Regulatory updates from FDA or other agencies regarding NPC1 treatments [sec_mda · as of 2026-06-11].
Sources: SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
13.1 months
D/E 0.15 · 0% dilution
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
43
Total value held
$4.5M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 1,259,911 | $1.6M |
| geode capital management, llc | 442,404 | $553K |
| blackrock, inc. | 365,618 | $457K |
| dimensional fund advisors lp | 278,910 | $349K |
| vanguard fiduciary trust co | 204,955 | $256K |
| ieq capital, llc | 189,960 | $237K |
| citadel advisors llc | 151,581 | $189K |
| wells fargo & company/mn | 103,351 | $129K |
| renaissance technologies llc | 89,138 | $111K |
| northern trust corp | 84,014 | $105K |
Showing top 10 of 43 institutional holders of Rafael Holdings, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 29, 2026- % of float
- 0.1%
- Days to cover
- 0.6
- Shares short
- 32,087
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
RFL short interestGovernance
Frequently asked questions
What is the AI investment thesis for Rafael Holdings, Inc.?
Rafael Holdings, Inc. is a biotechnology company focused on developing Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (NPC1) and holding interests in clinical-stage pharmaceutical and medical device companies.
Who is the CEO of Rafael Holdings, Inc.?
Mr. Howard S. Jonas is the chief executive officer of Rafael Holdings, Inc. (RFL).
Where is Rafael Holdings, Inc. headquartered?
Rafael Holdings, Inc. (RFL) is headquartered in Newark, NJ, United States.
What therapeutic areas does Rafael Holdings, Inc. focus on?
Rafael Holdings, Inc. develops therapies across Oncology, Rare Disease.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.