The Phase 3 completion and clear FDA pathway are the key value drivers. Monitor for NDA submission timing (expected H2 2026) and potential partnership or M&A interest given the high unmet need in NPC. Cash runway is adequate through the NDA submission but likely insufficient through potential approval — watch for future capital raises.
Price Chart
Executive Summary
Rafael Holdings reported Q3 fiscal 2026 financial results with minimal revenue ($179K) and a net loss of $4.2M ($0.08/share), but the primary catalyst is the completion of the Phase 3 TransportNPC trial last patient last visit and a pre-NDA meeting with the FDA, setting up an NDA submission in H2 2026. The revenue decline of 50.6% YoY is largely due to timing of product revenue at Cyclo, while the clinical milestone moves the company closer to becoming a commercial-stage biotech.
Key Financial Metrics
Key Facts
- Phase 3 TransportNPC trial reached last patient last visit — a major milestone
- Pre-NDA meeting with FDA completed; NDA submission expected in second half of calendar 2026
- Cash and cash equivalents of $30.5M as of April 30, 2026, down from $37.8M at Jan 31, 2026
- Q3 2026 total revenue $179K vs $362K YoY (down 50.6%), primarily due to lower product revenue
- Net loss attributable to Rafael Holdings improved to $4.2M ($0.08/sh) from $4.8M ($0.19/sh) YoY, aided by $3.7M gain on settlement of payables
- R&D expense rose to $4.9M from $3.0M YoY, reflecting Cyclo acquisition costs
Financial Impact
Phase 3 completion and NDA path are transformational catalysts for a pre-revenue biotech; financial results are secondary. Cash burn rate ~$3M/month suggests ~10 months of runway with no near-term revenue.
Risk Factors
- FDA approval risk for Trappsol Cyclo in NPC — no approved treatment currently exists
- Cash burn: $30.5M provides ~10 months of runway; likely need additional financing before commercial launch
- Dilution risk from any future equity offering
- Revenue from non-core operations continues to decline, providing no operational offset to R&D spend
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-067555 |
| Document: ea0294320-8k_rafael.htm | 0001213900-26-067555 |
| Document: 0001213900-26-067555-index-headers.html | 0001213900-26-067555 |
| Document: 0001213900-26-067555-index.html | 0001213900-26-067555 |
| Document: 0001213900-26-067555.txt | 0001213900-26-067555 |
| 8-K Data (Synthetic) | 0001213900-26-067555 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 27d ago | 8-K | $1.32 | awaiting T+20 | — | $1.24 (−6.06%) |
Sep 30, 2026 27d ago | Press Release | $1.32 | awaiting T+20 | — | $1.24 (−6.06%) |
Aug 18, 2026 10w ago | Institutional Cluster | $1.86 $2.10 | ▲ +12.90% | ▲ +13.89% | $1.24 (−33.33%) |
Jun 11, 2026 19w ago | 8-K | $2.12 $2.27 | ▲ +7.08% | ▲ +5.18% | $1.24 (−41.51%) |
Jun 10, 2026 19w ago | 8-K | $1.78 $2.27 | ▲ +27.53% | ▲ +23.91% | $1.24 (−30.34%) |
Jun 10, 2026 19w ago | Press Release | $1.78 $2.27 | ▲ +27.53% | ▲ +23.91% | $1.24 (−30.34%) |
Apr 22, 2026 26w ago | 8-K | $1.30 $1.35 | ▲ +3.85% | ▲ +0.68% | $1.24 (−4.62%) |
Mar 16, 2026 32w ago | Press Release | $1.32 $1.22 | ▼ −7.58% | ▼ −11.88% | $1.24 (−6.06%) |
US Market Status
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