RFL on NYSE
Rafael Holdings, Inc.
American pharmaceutical preparations company, incorporated in Delaware.
Price unavailable
Last updated Oct 18, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-97196.7%Operating margin2
-101733.3%Net margin2
-95.3%Revenue growth, 20252
-32.3%Return on equity2
-$18.9MFree cash flow2
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development80¢$12.8M
- Interest4¢$658.0K
- Income tax16¢$2.6M
Out of $30.0K in revenue.2 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-07-31 | 2024-07-31 |
|---|---|---|
| Total revenue | $917.0K | $637.0K |
| General and administrative | $13.8M | $8.9M |
| Research and development | $12.8M | $4.2M |
| In-process research and development expense | $89.9M | |
| Depreciation and amortization | $288.0K | $225.0K |
| Loss on impairment of goodwill | $3.0M | |
| Loss from operations | -$29.2M | -$102.6M |
| Interest income | $2.0M | $2.4M |
| Loss on initial investment in Day Three upon acquisition | -$1.6M | |
| Realized gain on available-for-sale securities | $178.0K | $1.8M |
| Realized loss on investment in equity securities | -$46.0K | |
| Realized gain on investment - Cyclo | $424.0K | |
| Unrealized (loss) gain on investment - Cyclo | -$5.1M | $37.0K |
| Unrealized (loss) gain on convertible notes receivable, due from Cyclo | -$719.0K | $1.2M |
| Unrealized gain on investment - Hedge Funds | $63.0K | |
| Recovery of receivables from Cornerstone | $31.3M | |
| Interest expense | -$658.0K | -$248.0K |
| Other income, net | $310.0K | $118.0K |
| Loss before income taxes | -$33.2M | -$67.3M |
| Benefit from income taxes | $2.6M | $2.7M |
| Equity in loss of Day Three | -$422.0K | |
| Net loss attributable to noncontrolling interests | -$123.0K | -$30.6M |
| Net loss attributable to Rafael Holdings, Inc. | -$30.5M | -$34.4M |
| Consolidated net loss | -$30.6M | -$65.0M |
| Unrealized gain on available-for-sale securities | $247.0K | $464.0K |
| Foreign currency translation adjustment | $96.0K | -$53.0K |
| Comprehensive loss | -$30.3M | -$64.6M |
| Comprehensive loss attributable to noncontrolling interests | -$128.0K | -$30.6M |
| Comprehensive loss attributable to Rafael Holdings, Inc. | -$30.2M | -$34.0M |
| Basic (in Dollars per share) | -$1.04 | -$1.45 |
| Diluted (in Dollars per share) | -$1.04 | -$1.45 |
| Basic (in Shares) | 29.4M shares | 23.7M shares |
| Diluted (in Shares) | 29.4M shares | 23.7M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.2
| Period ending | 2025-07-31 | 2025-03-31 | 2024-12-31 | 2024-07-31 | 2023-07-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $52.8M | $2.7M | |||
| Available-for-sale securities | $63.3M | ||||
| Interest receivable | $515.0K | ||||
| Prepaid clinical costs | $1.0M | ||||
| Convertible notes receivable, due from Cyclo | $5.2M | ||||
| Other receivables | $1.2M | ||||
| Accounts receivable, net of allowance for credit losses of $245 at July 31, 2025 and July 31, 2024 | $627.0K | $426.0K | |||
| Inventory | $281.0K | ||||
| Prepaid expenses and other current assets | $786.0K | $430.0K | |||
| Total current assets | $56.7M | $72.5M | |||
| Property and equipment, net | $1.6M | $2.1M | |||
| Non-current prepaid clinical costs | $1.4M | ||||
| Convertible notes receivable classified as available-for-sale | $1.9M | $1.1M | |||
| Goodwill | $19.9M | $3.0M | |||
| Intangible assets, net | $994.0K | $1.8M | |||
| In-process research and development | $31.6M | $1.6M | $1.6M | ||
| Other assets | $34.0K | $35.0K | |||
| TOTAL ASSETS | $114.1M | $96.8M | |||
| Accounts payable | $6.9M | $2.6M | |||
| Accrued expenses | $3.3M | $1.8M | |||
| Convertible notes payable | $614.0K | $614.0K | |||
| Other current liabilities | $66.0K | $113.0K | |||
| Installment note payable | $1.7M | ||||
| Total current liabilities | $11.6M | $7.5M | |||
| Accrued expenses, noncurrent | $3.9M | $3.0M | |||
| Convertible notes payable, noncurrent | $78.0K | $73.0K | |||
| Other liabilities | $27.0K | $5.0K | |||
| Deferred income tax liability | $138.0K | ||||
| TOTAL LIABILITIES | $15.7M | $10.6M | |||
| Common stock value | $9.4M | ||||
| Additional paid-in capital | $322.2M | $280.0M | |||
| Accumulated deficit | -$232.3M | -$201.7M | |||
| Treasury stock, at cost; 101,487 Class B shares as of July 31, 2025 and July 31, 2024 | -$168.0K | -$168.0K | |||
| Accumulated other comprehensive income related to unrealized income on available-for-sale securities | $358.0K | $111.0K | |||
| Accumulated other comprehensive income related to foreign currency translation adjustment | $3.8M | $3.7M | |||
| Total equity attributable to Rafael Holdings, Inc. | $94.4M | $82.2M | |||
| Noncontrolling interests | $4.0M | $4.1M | |||
| TOTAL EQUITY | $98.4M | $86.3M | $96.6M | ||
| TOTAL LIABILITIES AND EQUITY | $114.1M | $96.8M | |||
| Allowance for credit losses (in Dollars) | $245.0K | $245.0K | |||
| Common stock, par value (in Dollars per share) | $0.63 | ||||
| Common stock, shares issued | 13.0M shares | 4.0M shares | |||
| Treasury stock, shares | 101.5K shares | 101.5K shares |
| Period ending | 2025-07-31 | 2025-03-31 | 2024-12-31 | 2024-07-31 | 2023-07-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $52.8M | $2.7M | |||
| Available-for-sale securities | $63.3M | ||||
| Interest receivable | $515.0K | ||||
| Prepaid clinical costs | $1.0M | ||||
| Convertible notes receivable, due from Cyclo | $5.2M | ||||
| Other receivables | $1.2M | ||||
| Accounts receivable, net of allowance for credit losses of $245 at July 31, 2025 and July 31, 2024 | $627.0K | $426.0K | |||
| Inventory | $281.0K | ||||
| Prepaid expenses and other current assets | $786.0K | $430.0K | |||
| Total current assets | $56.7M | $72.5M | |||
| Property and equipment, net | $1.6M | $2.1M | |||
| Non-current prepaid clinical costs | $1.4M | ||||
| Convertible notes receivable classified as available-for-sale | $1.9M | $1.1M | |||
| Goodwill | $19.9M | $3.0M | |||
| Intangible assets, net | $994.0K | $1.8M | |||
| In-process research and development | $31.6M | $1.6M | $1.6M | ||
| Other assets | $34.0K | $35.0K | |||
| TOTAL ASSETS | $114.1M | $96.8M | |||
| Accounts payable | $6.9M | $2.6M | |||
| Accrued expenses | $3.3M | $1.8M | |||
| Convertible notes payable | $614.0K | $614.0K | |||
| Other current liabilities | $66.0K | $113.0K | |||
| Installment note payable | $1.7M | ||||
| Total current liabilities | $11.6M | $7.5M | |||
| Accrued expenses, noncurrent | $3.9M | $3.0M | |||
| Convertible notes payable, noncurrent | $78.0K | $73.0K | |||
| Other liabilities | $27.0K | $5.0K | |||
| Deferred income tax liability | $138.0K | ||||
| TOTAL LIABILITIES | $15.7M | $10.6M | |||
| Common stock value | $9.4M | ||||
| Additional paid-in capital | $322.2M | $280.0M | |||
| Accumulated deficit | -$232.3M | -$201.7M | |||
| Treasury stock, at cost; 101,487 Class B shares as of July 31, 2025 and July 31, 2024 | -$168.0K | -$168.0K | |||
| Accumulated other comprehensive income related to unrealized income on available-for-sale securities | $358.0K | $111.0K | |||
| Accumulated other comprehensive income related to foreign currency translation adjustment | $3.8M | $3.7M | |||
| Total equity attributable to Rafael Holdings, Inc. | $94.4M | $82.2M | |||
| Noncontrolling interests | $4.0M | $4.1M | |||
| TOTAL EQUITY | $98.4M | $86.3M | $96.6M | ||
| TOTAL LIABILITIES AND EQUITY | $114.1M | $96.8M | |||
| Allowance for credit losses (in Dollars) | $245.0K | $245.0K | |||
| Common stock, par value (in Dollars per share) | $0.63 | ||||
| Common stock, shares issued | 13.0M shares | 4.0M shares | |||
| Treasury stock, shares | 101.5K shares | 101.5K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-07-31 | 2024-07-31 |
|---|---|---|
| Consolidated net loss | -$30.6M | -$65.0M |
| Depreciation and amortization | $288.0K | $225.0K |
| Loss (gain) on sale of property and equipment | $81.0K | -$27.0K |
| Net unrealized gain on investments - Hedge Funds | -$63.0K | |
| Realized loss on investment in equity securities | $46.0K | |
| Realized gain on available-for-sale securities | -$178.0K | -$1.8M |
| Amortization of discount on available-for-sale securities | -$285.0K | -$1.9M |
| Loss on initial investment in Day Three upon acquisition | $1.6M | |
| Loss on impairment of goodwill | $3.0M | |
| Realized gain on equity investments - Cyclo | -$424.0K | |
| Unrealized loss (gain) on equity investments - Cyclo | $5.1M | -$37.0K |
| Recovery of receivables from Cornerstone | -$31.3M | |
| In-process research and development expense | $89.9M | |
| Unrealized loss (gain) on convertible notes receivable, due from Cyclo | $719.0K | -$1.2M |
| Gain on dissolution of a business | $18.0K | |
| Equity in loss of Day Three | $422.0K | |
| Change in deferred income taxes | -$165.0K | |
| Credit loss expense | $20.0K | |
| Stock-based compensation | $2.1M | $2.3M |
| Gain on DTLM Sale Transactions | -$30.0K | |
| Trade accounts receivable | -$151.0K | -$150.0K |
| Interest receivable | $515.0K | -$139.0K |
| Inventory | -$11.0K | |
| Prepaid expenses and other current assets | $818.0K | $673.0K |
| Prepaid clinical costs (current and non-current) | $112.0K | |
| Other receivables | -$273.0K | |
| Other assets | $28.0K | $22.0K |
| Accounts payable and accrued expenses | -$922.0K | -$146.0K |
| Other current liabilities | -$67.0K | -$938.0K |
| Due to related parties | -$10.0K | $138.0K |
| Accrued expenses, noncurrent | $913.0K | |
| Convertible notes payable | $5.0K | |
| Other liabilities | $15.0K | -$70.0K |
| Net cash used in operating activities | -$18.9M | -$7.8M |
| Purchase of property and equipment | -$4.0K | -$143.0K |
| Proceeds from sale of property and equipment | $13.0K | |
| Purchases of available-for-sale securities | -$17.0M | -$155.7M |
| Proceeds from the sale and maturities of available-for-sale securities | $80.7M | $153.4M |
| Proceeds from Day Three patent sale | $270.0K | |
| Purchase of intangible assets | -$17.0K | -$35.0K |
| Proceeds from sales of equity securities | $271.0K | |
| Issuance of Convertible notes receivable, due from Cyclo | -$4.0M | |
| Payments for Convertible notes receivable, due from Cyclo | -$19.5M | |
| Purchase of investments in Cyclo | -$6.8M | |
| Issuance of convertible note receivable | -$1.0M | |
| Issuance of Day Three Promissory Notes | -$2.0M | |
| Proceeds from investments - Other Pharmaceuticals | $42.0K | |
| Cash paid in Cyclo Merger, net of cash acquired | -$2.7M | |
| Cash acquired in acquisition of Day Three, net of cash payments | $1.1M | |
| Cash acquired in the Cornerstone Acquisition, net of cash payments | $1.3M | |
| Proceeds from hedge funds | $2.5M | $2.5M |
| Net cash provided by (used in) investing activities | $44.0M | -$10.8M |
| Principal payments on installment note payable | -$800.0K | |
| Payments for taxes related to shares withheld for employee taxes | -$215.0K | -$136.0K |
| Purchases of treasury stock | -$168.0K | |
| Proceeds from issuance of common stock in Rights Offering, net of transaction costs | $25.0M | |
| Proceeds from sale of Rafael Medical Devices membership units | $44.0K | $925.0K |
| Net cash provided by (used in) financing activities | $24.8M | -$179.0K |
| Effect of exchange rate changes on cash and cash equivalents | $153.0K | -$22.0K |
| Net increase (decrease) in cash and cash equivalents | $50.1M | -$18.8M |
| Fair value of Class B common stock issued as consideration in Cyclo Merger | $14.7M | |
| Fair value of Rollover Options issued as consideration in Cyclo Merger | $360.0K | |
| Fair value of Replacement Warrants issued as consideration in Cyclo Merger | $472.0K | |
| Fair value of Cyclo Convertible notes receivable included as consideration in Cyclo Merger | $21.5M | |
| Transaction costs related to the Rights Offering included in accounts payable | $94.0K | |
| Conversion of RFL Line of Credit into Cornerstone Common Stock | $37.8M | |
| Conversion of 2023 Promissory Note into Cornerstone Common Stock | $2.7M | |
| Recognition of noncontrolling interest in the Cornerstone Acquisition | $27.5M | |
| Recognition of noncontrolling interest in the RP Finance Consolidation, net of elimination | $9.6M | |
| Gain on RP Finance Consolidation recorded as an adjustment to additional paid-in capital due to related party nature of transaction, net of elimination | $5.8M | |
| Non-cash consideration received in exchange for equipment | $34.0K | |
| Conversion of Convertible notes receivable, due from Cyclo into common stock | $2.5M | |
| Elimination of principal and accrued interest on the Day Three Promissory Notes included in consideration for acquisition of Day Three | $2.0M | |
| Convertible note receivable received in exchange for Day Three Labs Manufacturing assets | $500.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Rafael Holdings, Inc., and when. Pick a name to see everywhere that person has worked.
Chair
Chief financial officer
Chief operating officer
20202025
- Chief executive officerWilliam Conkling Feb 3, 2022 to now13
- Chief executive officerAmeet Mallik May 10, 2021 to May 28, 202114
- Chief executive officerHoward Jonas Mar 28, 2018 to May 10, 202115
- ChairHoward Jonas Jun 16, 2022 to now16
- PresidentHoward Jonas Jun 9, 2025 to now17
- PresidentPatrick Fabbio Feb 3, 2022 to Dec 23, 202218
- PresidentMenachem Ash Jan 3, 2018 to Jan 7, 202119
- Chief financial officerPatrick Fabbio Sep 17, 2021 to Dec 23, 202220
- Chief financial officerDavid Polinsky Jan 3, 2018 to Sep 17, 202121
- Chief operating officerJoshua M. Fine Sep 5, 2025 to now22
Board members and other officers (19)
- Chief Operations OfficerJoshua M. Fine Aug 11, 2025 to now23
- Chief Commercial OfficerWilliam Conkling Mar 18, 2021 to Apr 19, 202124
- Chief Devel. & Medical OfficerMary Margaret Huizinga Oct 18, 2021 to Oct 19, 202125
- Board memberMarkus Sieger Apr 2, 2025 to now26
- Board memberN. Scott Fine Jul 22, 2025 to now27
- Board memberAlan Grayson Oct 31, 2025 to now28
- Board memberSusan Y. Bernstein Jan 12, 2024 to Jan 12, 202429
- Board memberMark N. Stein Aug 13, 2024 to now30
- Board memberAmeet Mallik Apr 12, 2022 to Apr 12, 202231
- Board memberRachel Jonas Jan 14, 2021 to Jan 14, 202132
- Board memberMark Anthony McCamish Jun 22, 2021 to Jan 8, 202433
- Board memberShannon Thyme Klinger Jun 22, 2021 to Jan 5, 202234
- Board memberHoward Jonas Jan 3, 2018 to Aug 25, 202135
- Board memberJoyce J. Mason Jan 3, 2018 to Jan 3, 201836
- Board memberMenachem Ash Jan 3, 2018 to Jan 3, 201819
- Board memberBoris C. Pasche Mar 14, 2018 to Jan 5, 202337
- Board memberMichael J. Weiss Mar 14, 2018 to now38
- Board memberStephen M. Greenberg Mar 14, 2018 to Jan 8, 202539
- General counselAshok D. Marin Sep 28, 2021 to Sep 28, 202140
Timeline
Filings
246 filings to the SEC since October 2021: 7 annual reports, 16 quarterly reports, 71 major events, 91 insider forms, 13 large holders, 48 other. The latest 20:
- Sep 30, 20268-K CURRENT REPORT EDGAR
- Sep 23, 20264 EDGAR
- Jul 31, 20264 EDGAR
- Jul 8, 20268-K CURRENT REPORT EDGAR
- Jun 23, 20264 EDGAR
- Jun 16, 20264 EDGAR
- Jun 11, 202610-Q QUARTERLY REPORT EDGAR
- Jun 11, 20268-K CURRENT REPORT EDGAR
- Jun 10, 20268-K CURRENT REPORT EDGAR
- Apr 22, 20268-K CURRENT REPORT EDGAR
- Mar 24, 20264 EDGAR
- Mar 17, 20264 EDGAR
- Mar 16, 202610-Q QUARTERLY REPORT EDGAR
- Mar 16, 20268-K CURRENT REPORT EDGAR
- Jan 30, 20264 EDGAR
- Jan 29, 20264 EDGAR
- Jan 29, 20264 EDGAR
- Jan 29, 20264 EDGAR
- Jan 27, 2026S-8 REGISTRATION STATEMENT EDGAR
- Jan 15, 20264 EDGAR
The 246 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 13 such filings since October 2021, the latest 10:
- Jun 9, 2025SCHEDULE 13D/A
- Jun 9, 2025SCHEDULE 13D/A
- Sep 30, 2024SC 13D/A
- Jun 18, 2024SC 13D/A
- Oct 24, 2023SC 13D/A
- Aug 7, 2023SC 13D/A
- Aug 3, 2023SC 13D/A
- May 11, 2023SC 13D
- Feb 28, 2023SC 13D/A
- Feb 14, 2023SC 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 41. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Vanguard Capital Management LLC | 1,365,997 | $4.5M | 0.0% | +106,086 |
| Geode Capital Management, LLC | 429,879 | $1.4M | 0.0% | −12,525 |
| BlackRock, Inc. | 390,068 | $1.3M | 0.0% | +24,450 |
| Dimensional Fund Advisors LP | 278,910 | $914.7K | 0.0% | No change |
| Vanguard Fiduciary Trust Co | 206,521 | $677.4K | 0.0% | +1,566 |
| Ieq Capital, LLC | 164,963 | $541.1K | 0.0% | −24,997 |
| State Street Corp | 157,270 | $515.8K | 0.0% | +95,100 |
| Kahn Brothers Group Inc | 150,493 | $493.6K | 0.1% | +91,936 |
| Jane Street Group, LLC | 112,720 | $369.7K | 0.0% | +67,675 |
| Wells Fargo & Company/mn | 103,590 | $339.8K | 0.0% | +239 |
| Northern Trust Corp | 88,602 | $290.6K | 0.0% | +4,588 |
| Susquehanna International Group, Llp | 70,673 | $231.8K | 0.0% | +47,395 |
| Renaissance Technologies LLC | 59,815 | $196.2K | 0.0% | −29,323 |
| LPL Financial LLC | 55,770 | $182.9K | 0.0% | −650 |
| Citadel Advisors LLC | 49,122 | $161.1K | 0.0% | +38,541 |
| Cerity Partners LLC | 44,023 | $144.4K | 0.0% | −709 |
| Americana Partners, LLC | 43,793 | $143.6K | 0.0% | No change |
| Wellington Shields Capital Management, LLC | 28,953 | $95.0K | 0.0% | +2,953 |
| Morgan Stanley | 12,334 | $40.5K | 0.0% | +2,526 |
| Simplex Trading, LLC | 12,082 | $39.6K | 0.0% | +11,945 |
| Wealth Enhancement Advisory Services, LLC | 16,937 | $37.8K | 0.0% | −1,662 |
| Point72 Asset Management, L.P. | 10,433 | $34.2K | 0.0% | New |
| Vanguard Global Advisers, LLC | 7,763 | $25.5K | 0.0% | No change |
| Osaic Holdings, Inc. | 5,260 | $17.3K | 0.0% | −15,800 |
| UBS Group AG | 3,891 | $12.8K | 0.0% | +1,954 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 6
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- 16SEC EDGARHoward Jonas, Chair
- 17SEC EDGARHoward Jonas, President
- 18SEC EDGARPatrick Fabbio, President
- 19SEC EDGARMenachem Ash, President
- 20
- 21
- 22
- 23
- 24
- 25
- 26SEC EDGARMarkus Sieger, Board member
- 27SEC EDGARN. Scott Fine, Board member
- 28SEC EDGARAlan Grayson, Board member
- 29SEC EDGARSusan Y. Bernstein, Board member
- 30SEC EDGARMark N. Stein, Board member
- 31SEC EDGARAmeet Mallik, Board member
- 32SEC EDGARRachel Jonas, Board member
- 33SEC EDGARMark Anthony McCamish, Board member
- 34SEC EDGARShannon Thyme Klinger, Board member
- 35SEC EDGARHoward Jonas, Board member
- 36SEC EDGARJoyce J. Mason, Board member
- 37SEC EDGARBoris C. Pasche, Board member
- 38SEC EDGARMichael J. Weiss, Board member
- 39SEC EDGARStephen M. Greenberg, Board member
- 40SEC EDGARAshok D. Marin, General counsel