Rafael Holdings Secures Phase 3 Trial Continuation, Reports $37.8M Cash, $6.4M Loss
Rafael Holdings ended Q2 FY2026 with $37.8 million cash and a net loss of $6.4 million (–$0.13/share), widening from $4.6 million year-ago primarily due to Cyclo Therapeutic consolidation. The DMC green-lit continuation of the pivotal 96-week Phase 3 TransportNPC™ trial, with topline results expected Q3 2026.
1. Q2 FY2026 Financial Highlights
Rafael Holdings closed the quarter with $37.8 million in cash and cash equivalents and a net loss of $6.4 million, or $0.13 per share, versus a $4.6 million loss, or $0.19 per share, in the prior-year period.
2. Expense Breakdown and Acquisition Impact
Research and development expenses rose to $4.5 million from $0.9 million due to consolidation of Cyclo Therapeutic costs after its March 2025 acquisition, while general and administrative expenses fell to $2.3 million from $2.6 million on lower payroll and professional fees partially offset by Cyclo integration.
3. Phase 3 Trial Progress
The Data Monitoring Committee recommended continuation of the pivotal 96-week TransportNPC™ study after reviewing 48-week safety and efficacy data, and the company remains on track to report preliminary topline results in the third quarter of calendar 2026.