Rafael Holdings Widens H1 Net Loss to $16.2M as R&D Spending Surges 428%
Rafael Holdings, a life sciences and real estate company, reported a net loss of $16.2 million for the six months ending January 31, 2026, compared to a loss of $13.6 million in the prior-year period.
Rafael Holdings, Inc. (NYSE American: RFL), a life sciences and real estate company, reported a net loss of $16.2 million for the six months ending January 31, 2026, compared to a net loss of $13.6 million in the prior-year period. The company generated minimal revenue of $451,000 during the half year, up from $205,000 a year earlier. Read more earnings reports.
Research and development expenses jumped to $12.0 million for the six-month period, a 428% increase from $2.3 million in the prior-year period. The operating loss for the half year widened to $16.8 million from $10.5 million.
For the three months ending January 31, 2026, the company posted a net loss of $6.4 million, compared to a loss of $4.6 million in the same quarter last year. Second-quarter revenue totaled $211,000, up from $77,000 in the prior-year quarter.
Cash and cash equivalents declined to $37.8 million as of January 31, 2026, down from $52.8 million as of July 31, 2025. The company used $14.3 million in cash for operations during the first half of fiscal 2026, compared to $5.4 million in the same period last year.
Total assets fell to $99.3 million as of January 31, 2026, from $114.1 million six months earlier. Stockholders' equity declined to $79.2 million from $94.4 million over the same period.
The company reported basic and diluted loss per share of $0.32 for the six months ending January 31, 2026, compared to a loss of $0.57 per share in the prior-year period. The weighted average shares outstanding more than doubled to 51.2 million from 24.1 million, reflecting equity issuances during the period.
| Financial Metric | Six Months Ending Jan 31, 2026 | Six Months Ending Jan 31, 2025 |
|---|---|---|
| Total Revenue | $451,000 | $205,000 |
| Operating Loss | ($16,796,000) | ($10,483,000) |
| Net Loss | ($16,233,000) | ($13,647,000) |
| R&D Expenses | $12,013,000 | $2,273,000 |
| Loss Per Share (Basic) | ($0.32) | ($0.57) |
| Cash from Operations | ($14,329,000) | ($5,357,000) |
Total liabilities increased marginally to $16.1 million as of January 31, 2026, from $15.7 million as of July 31, 2025. Accounts payable rose to $8.2 million from $6.9 million over the six-month period.
The company's accumulated deficit stood at $248.5 million as of January 31, 2026, compared to $232.3 million as of July 31, 2025, reflecting the continued net losses during the period.