Rafael Holdings FY 2026: Revenue $874K, Net loss $29.6M — 10-K Summary

Rafael Holdings reported fiscal 2026 healthcare and real estate revenue of $874K combined, while its net loss attributable to the company narrowed to $29.6M from $30.5M a year earlier. The consolidated net loss narrowed to $28M, although the operating loss widened to $33.4M as higher healthcare research and development spending partly offset lower general and administrative costs and the absence of a prior-year impairment.

Financial Highlights

• Healthcare revenue was $519K, compared with $515K in FY 2025, up 0.8% year over year.
• Real Estate rental revenue was $355K, compared with $309K, up 14.2%.
• Net loss attributable to Rafael Holdings was $29.6M, compared with $30.5M; the loss narrowed 2.9%. Consolidated net loss narrowed 8.8% to $28.0M.
• Consolidated operating loss increased to $33.4M from $29.2M, largely reflecting an $11.8M increase in Healthcare research and development expense.

Business Highlights

• Rafael completed the pivotal Phase 3 trial of Trappsol Cyclo and submitted a New Drug Application on October 28, 2026. FDA filing and review decisions remain pending.
• The trial did not meet its primary endpoint in the overall population, though a prespecified subgroup receiving background therapy showed significant benefit. The NDA requests a pediatric priority review voucher.
• Management is preparing to support FDA review and, if the drug is approved, its potential commercialization for Niemann-Pick disease type C.
• Healthcare product revenue, primarily from Cyclo specialty chemicals and VECTR device sales, was approximately $519K, compared with $515K. VECTR received FDA clearance for specified minimally invasive release surgeries.
• Day Three sold assets and licensed Unlokt applications, reducing activity in the segment.

Original SEC Filing: Rafael Holdings, Inc. [ RFL ] - 10-K - Oct. 29, 2026