Rafael Holdings, Inc.
RFL · Pharmaceutical Preparations · 23.7M shares · +13%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$2M (gross $168K, SBC $2M)
Reference price $1.28 · est. market cap ~$30M — last insider purchase, 2025-06-05 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D45Clinical-stage biotech holding company with deep losses funded by a modest cash balance pending a binary Phase 3 readout for Trappsol Cyclo.
Strengths
- Adequate near-term liquidity: current ratio 4.9 (55th pct), ~11 quarters runway (64th pct)
- Rare-pediatric-disease asset (NPC1) with Fast Track designation and potential priority-review-voucher value
Risks
- Deeply negative profitability across the board (net margin -33%, operating margin -32%, both ~13th pct)
- Outcome hinges on a single pivotal Phase 3 trial; controlled by principal stockholder with limited capital
- Portfolio of curtailed/impaired ventures (Barer, Cornerstone) signals serial capital destruction
Notable findings
- No interest coverageInterest coverage -44.31 (cannot cover interest)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, GOLDMAN SACHS GROUP INC
- Chronic dilutionShare count +13%/yr over 3y (dilution, book value/share -35%)
- Net lossNet loss (net margin -3328.2%)
- Cash burnNegative free cash flow (-18.9M)
- Revenue declineRevenue -15.2% YoY
- Notable holderHeld by 3 notable fund(s): CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-3179.8%
Net margin
-3328.2%
Return on equity
-32.3%
Return on assets
-26.7%
Revenue growth (QoQ)
-15.2%
Interest coverage
-44.3×
Current ratio
4.9×
Free cash flow
-$19M
EBITDA
-$29M
Tangible book value
$73M
Cash & investments
$53M
Cash runway
11q
Stock comp / revenue
231.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-21 | Polinsky David | Tax withheld | 2.4K | $2.63 |
| 2026-06-13 | JONAS HOWARD S | Tax withheld | 8.8K | $2.33 |
| 2026-06-13 | JONAS HOWARD S | Grant | 143K | $1.75 |
| 2026-03-21 | Polinsky David | Tax withheld | 2.3K | $1.27 |
| 2026-03-13 | JONAS HOWARD S | Tax withheld | 9.8K | $1.50 |
| 2026-01-28 | Sieger Markus | Grant | 30K | $1.27 |
| 2026-01-28 | WEISS MICHAEL J | Grant | 39K | $1.27 |
| 2026-01-28 | STEIN MARK N | Grant | 39K | $1.27 |
| 2026-01-28 | GRAYSON ALAN | Grant | 6.6K | $1.27 |
| 2026-01-13 | JONAS HOWARD S | Grant | 75K | $1.25 |
| 2026-01-13 | Polinsky David | Tax withheld | 4.9K | $1.25 |
| 2026-01-13 | Polinsky David | Grant | 50K | $1.25 |
| 2025-12-21 | Polinsky David | Tax withheld | 2.0K | $1.28 |
| 2025-12-13 | JONAS HOWARD S | Tax withheld | 9.9K | $1.50 |
| 2025-10-25 | Polinsky David | Tax withheld | 4.2K | $1.35 |
| 2025-09-23 | Polinsky David | Tax withheld | 1.3K | $1.48 |
| 2025-09-21 | Polinsky David | Tax withheld | 2.0K | $1.49 |
| 2025-09-13 | JONAS HOWARD S | Tax withheld | 9.9K | $1.34 |
| 2025-06-21 | Polinsky David | Tax withheld | 2.3K | $1.59 |
| 2025-06-13 | JONAS HOWARD S | Grant | 119K | $2.11 |
| 2025-06-05 | JONAS HOWARD S | Buy | 457K | $1.28 |
| 2025-06-05 | JONAS HOWARD S | Buy | 324K | $1.28 |
| 2025-06-05 | JONAS HOWARD S | Buy | 12.3M | $1.28 |
| 2025-05-29 | Polinsky David | Option exercise | 77K | $1.28 |
| 2025-05-27 | Sieger Markus | Option exercise | 35K | $1.28 |
| 2025-03-25 | CONKLING WILLIAM | Grant | 27K | — |
| 2025-03-21 | Polinsky David | Tax withheld | 2.4K | $1.93 |
| 2025-03-21 | CONKLING WILLIAM | Tax withheld | 15K | $1.93 |
| 2025-01-13 | Polinsky David | Grant | 50K | $1.95 |
| 2025-01-13 | GOLDBERG JOHN | Grant | 50K | $1.95 |
| 2025-01-13 | CONKLING WILLIAM | Grant | 60K | $1.95 |
| 2025-01-06 | GREENBERG STEPHEN M | Grant | 28K | $1.82 |
| 2025-01-06 | WEISS MICHAEL J | Grant | 28K | $1.82 |
| 2025-01-06 | STEIN MARK N | Grant | 11K | $1.82 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-06-11 | 2026-04-30 | 0001213900-26-067560 ↗ |
| 8-K | 2026-06-11 | 2026-06-11 | 0001213900-26-067555 ↗ |
| 8-K | 2026-06-10 | 2026-06-10 | 0001213900-26-067083 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0001213900-26-046380 ↗ |
| 10-Q | 2026-03-16 | 2026-01-31 | 0001213900-26-028348 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0001213900-26-028311 ↗ |
| 8-K | 2026-01-12 | 2026-01-08 | 0001213900-26-003411 ↗ |
| 10-Q | 2025-12-12 | 2025-10-31 | 0001213900-25-120897 ↗ |
| 8-K | 2025-12-11 | 2025-12-11 | 0001213900-25-120691 ↗ |
| 8-K | 2025-12-02 | 2025-12-02 | 0001213900-25-116951 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0001213900-25-103509 ↗ |
| 10-K | 2025-10-29 | 2025-07-31 | 0001213900-25-103549 ↗ |