Welcome to our dedicated page for Rafael Holdings Class B news (Ticker: RFL), a resource for investors and traders seeking the latest updates and insights on Rafael Holdings Class B stock.
Rafael Holdings, Inc. (symbol: RFL) is a clinical-stage pharmaceutical company focused on oncology. Through its subsidiaries, Rafael Holdings invests in the development and commercialization of therapies that target the metabolic differences between normal and cancer cells. Notably, the company has significant investments in Cornerstone Pharmaceuticals, Inc., and LipoMedix Pharmaceuticals Ltd., both of which are also in clinical stages.
As of the end of the third quarter of fiscal year 2023, Rafael Holdings made an initial investment of $2.1 million in Cyclo Therapeutics, Inc., with an agreement to increase this investment by an additional $5 million. This shows the company's strategic focus on expanding its investment portfolio to enhance shareholder value.
For the three months ended April 30, 2023, Rafael Holdings reported a net loss of $1.5 million from continuing operations, a reduction from the $5.0 million loss recorded in the same period of the previous year. Research and development expenses also saw a drop to $0.7 million from $1.4 million year-over-year, attributed to the winding down of early-stage programs, including at Barer Institute.
For the nine months ending April 30, 2023, the company incurred a net loss of $9.9 million, compared to $135.9 million in the same period the prior year. The previous year's loss included significant expenses such as a $25 million loss on the write-off of a receivable, as well as a $79.1 million impairment charge related to its investment in Cornerstone Pharmaceuticals.
Rafael Holdings' ongoing projects and partnerships are aimed at mitigating clinical and financial risks, while striving for breakthroughs in cancer treatment. For example, the company continues to advance its internal cancer metabolism research programs and is focusing on strategic investments to boost its pipeline.
As a public company, Rafael Holdings faces various risks including competition, regulatory approvals, and product liability, among others. However, the company remains dedicated to advancing its oncology portfolio and generating value for its stockholders by strategically managing its operations and investments.
Rafael Holdings (NYSE: RFL) announced a $5 million buyback of its Class B common stock to enhance shareholder value. CEO Bill Conkling emphasized the company's strong balance sheet and strategic opportunities in the current macroeconomic environment. The repurchase signals confidence in the company's long-term value creation strategy. The buyback will occur through open market purchases and other means, contingent upon market conditions and regulatory factors. Rafael Holdings aims to expand investments beyond biopharma, leveraging Executive Chairman Howard Jonas's expertise in identifying lucrative opportunities.
Rafael Holdings, Inc. (NYSE: RFL) reported its fiscal Q2 2023 results, highlighting a net loss of $3.3 million, or $0.13 per share, compared to a loss of $2.1 million, or $0.09 per share, in Q2 2022. As of January 31, 2023, the company had $88.9 million in cash, cash equivalents, and marketable securities. For the first half of fiscal 2023, Rafael recorded a net loss of $8.5 million, significantly reduced from $130.9 million in the prior year, which included substantial write-offs and impairments. R&D expenses decreased to $4.3 million from $5.5 million year-over-year, reflecting winding down programs at Barer Institute. General and administrative costs also declined. CEO Bill Conkling emphasized the strong balance sheet for funding pipeline assets.
Rafael Holdings, Inc. (NYSE: RFL) reported its first quarter fiscal 2023 results, reflecting significant progress. The company completed a successful real estate sale, generating $33 million in net proceeds. As of October 31, 2022, Rafael Holdings holds $93.8 million in cash and marketable securities. The net loss narrowed to $5.2 million ($0.22 per share) compared to a $128.9 million loss ($5.88 per share) in the prior year. R&D expenses remained stable at $2.1 million, while general and administrative expenses decreased to $3.1 million from $12.3 million, indicating improved cost management.
Rafael Holdings, Inc. (NYSE: RFL) announced on Nov. 15, 2022, a strategic shift to curtail early-stage development efforts, focusing instead on acquiring clinical stage assets to reduce spending. As of July 31, 2022, the company had $63.2 million in cash and received an additional $33 million from real estate sales. CEO Bill Conkling highlighted the company's strong balance sheet and opportunity for strategic business development amidst biotech sector dislocation, aiming for investments that address unmet medical needs and enhance shareholder value.
Rafael Holdings, Inc. (NYSE: RFL) reported its financial results for the three and twelve months ending July 31, 2022. The company had a net loss from continuing operations of $4.6 million, or $0.24 per share, for the quarter, down from a loss of $12.2 million last year. Revenue dropped to $0.07 million from $0.19 million year-over-year. For the full year, the net loss was $122.8 million, significantly higher than the previous year's $22.8 million. The company has cash and marketable securities totaling $63.2 million plus $33 million in proceeds from property sales to boost its business development efforts.
Cornerstone Pharmaceuticals has announced the initiation of a Phase 1 clinical trial for CPI-613 (devimistat), aimed at treating advanced pancreatic cancer. The trial, taking place at the Medical College of Wisconsin, will assess the safety and maximum tolerated dose of devimistat combined with gemcitabine and radiation therapy. With orphan drug designations from the FDA and EMA, devimistat targets cancer cell energy metabolism, potentially improving treatment outcomes in a disease known for high mortality rates.
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