Rafael Holdings, Inc. (NYSE: RFL) reported its financial results for the fiscal quarter and full fiscal year ended July 31, 2026, in a Form 8-K filed on October 29, 2026. The company reported a net loss attributable to Rafael Holdings of $9.2 million, or $0.18 per share, for the three months ended July 31, 2026. This compares to a net loss of $12.1 million, or $0.28 per share, in the same period in the prior year. For the full fiscal year 2026, the company recorded a net loss of $29.6 million, or $0.58 per share, versus a net loss of $30.5 million, or $1.04 per share, in the prior year.
The company reported cash and cash equivalents of $22.1 million as of July 31, 2026. The year-over-year decrease in net loss for the quarter was largely attributed to a decrease in general and administrative expenses, which fell to $2.4 million from $5.5 million in the prior year. For the full year, the decrease in net loss was driven by a $4.4 million gain on settlements of accounts payable and convertible notes payable, as well as the absence of prior-year unrealized losses on the company's investment in Cyclo Therapeutics. These factors were partially offset by higher research and development expenses following the consolidation of Cyclo Therapeutics in March 2025.
Research and development expenses were $7.5 million for each of the three months ended July 31, 2026 and 2025. For the twelve months ended July 31, 2026, R&D expenses totaled $24.3 million, a significant increase from $12.8 million in the prior year, primarily due to a $13.4 million increase in Cyclo's R&D expenses. General and administrative expenses for the full year were $9.7 million, down from $13.8 million in the prior year, primarily due to decreases in professional fees, stock-based compensation, and payroll.
In addition to the financial results, the company announced that Cyclo Therapeutics, an entity in which Rafael holds an interest, submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) on October 28, 2026, seeking approval of remibetadex (Trappsol Cyclo) for the treatment of Niemann-Pick Disease Type C. The NDA is supported by the Phase 3 TransportNPC study, which did not meet its primary endpoint in the overall population but showed 71% slowing of disease progression in a prespecified analysis of patients receiving background therapy. The company also noted that the United States Adopted Names Council has assigned the nonproprietary name "remibetadex" to the compound.
