A biotech company like a smaller BioNTech or Moderna, but also owning a substantial commercial real estate portfolio.

A holding company somewhat like a micro Berkshire Hathaway, with its primary bets on advanced biotech drug development and commercial real estate.

• Commercial Real Estate Leasing: The company leases commercial office buildings and an associated public parking garage.
• Pharmaceutical Drug Development: Rafael Holdings is engaged in the development and commercialization of cancer therapies, with CPI-613 (devimistat) being their lead drug candidate.

Rafael Holdings, Inc. (RFL) operates in two primary segments: Pharmaceuticals and Real Estate.

• Pharmaceuticals Segment: This segment is focused on the development and commercialization of therapies, with its lead drug candidate, CPI-613 (devimistat), currently undergoing Phase III clinical trials. As such, it does not currently have commercial customers for pharmaceutical products.
• Real Estate Segment: This segment engages in the leasing of a commercial office building and an associated 800-car public garage. The major customers for this segment fall into the following categories:
1. Commercial Office Tenants: These are businesses, organizations, and other entities that lease office space within Rafael Holdings' commercial office building. Specific names of these tenant companies are not provided in the company description.
2. Individual Public Garage Users: Drivers who utilize the 800-car public garage for parking.
3. Corporate Parking Clients: Businesses or organizations that may lease parking spaces in the public garage for their employees or clients.

Howard S. Jonas, Chief Executive Officer, President, Founder and Executive Chairman

Howard S. Jonas has served as Chief Executive Officer, President, Founder, and Executive Chairman of Rafael Holdings, Inc.. He also previously served as CEO from March 2018 through April 2021. Mr. Jonas founded IDT Corporation in August 1990 and served as its Chairman since inception and CEO for various periods. Rafael Holdings, Inc. emerged as a spin-off from IDT Corporation. He also founded Jonas Media Group in 1979.

David A. Polinsky, Chief Financial Officer

David A. Polinsky has served as the Chief Financial Officer of Rafael Holdings, Inc. since January 28, 2023, and previously held the position from December 2017 through September 2021. Mr. Polinsky co-founded Cornerstone Pharmaceuticals, serving as its Vice President, General Counsel, and Corporate Secretary from 2002-2018, and later as its President, General Counsel, and Secretary from 2016 through March 2018. He also founded and served as CEO of a company that licensed and developed TheLaw.com, in partnership with former New York City Mayor Edward I. Koch.

Joshua M. Fine, Chief Operating Officer

Joshua M. Fine has served as Chief Operating Officer of Rafael Holdings, Inc. since August 2025. He also served as Chief Financial Officer of Cyclo Therapeutics, LLC (a wholly-owned subsidiary of Rafael Holdings) since June 2019. Mr. Fine previously held the role of Vice President of Finance and Operations at Icagen, Inc. from 2017 until its wind-down in November 2020 after a successful sale of its assets.

Joyce J. Mason, Corporate Secretary

Joyce J. Mason serves as the Corporate Secretary of Rafael Holdings, Inc..

The key risks for Rafael Holdings, Inc. (RFL) primarily stem from its reliance on the success of its pharmaceutical pipeline and the inherent challenges of drug development.

1. Clinical Trial Failure and Regulatory Approval Risk for Trappsol Cyclo: Rafael Holdings' pharmaceutical segment is heavily dependent on the successful development and regulatory approval of its current lead drug candidate, Trappsol Cyclo. This drug is in Phase III trials for Niemann-Pick Disease Type C1. The failure of these trials to demonstrate efficacy and safety, or the inability to obtain necessary regulatory approvals, would significantly harm the company's business prospects and valuation. This risk is particularly pronounced given that a previous lead drug candidate, CPI-613 (devimistat), failed its Phase III trials in metastatic pancreatic cancer and relapsed or refractory acute myeloid leukemia in October 2021.
2. Heavy Reliance on a Single Lead Drug Candidate and Limited Pipeline: The company is largely viewed as a "pure-play biotech gamble" or a "binary bet" on the success of a single drug candidate, Trappsol Cyclo. While Rafael Holdings has interests in other early-stage pharmaceutical companies, its future growth and valuation are disproportionately tied to the outcome of this one program. A limited pipeline means that the failure of this lead candidate, at any stage from clinical trials to commercialization, would have a substantially negative impact on the company.
3. Significant Cash Burn and Need for Additional Capital: Rafael Holdings operates with a high cash burn due to the substantial costs associated with late-stage clinical trials and research and development. The company reported a significant net loss in fiscal year 2025. While it has cash reserves, these provide a short-term runway, indicating a continued need to raise additional capital. Such capital raises can be more challenging and costly, especially in a high-interest-rate environment.

The clear emerging threat for Rafael (RFL) is the long-term impact of remote and hybrid work models on the demand for commercial office space and associated services, such as public garages. This trend, exacerbated by recent global events, poses a significant risk to RFL's Real Estate segment, potentially leading to decreased occupancy rates, lower rental income, and reduced property values for its commercial office building and 800-car public garage. This shift in how companies utilize office space is analogous to the disruptive impact of Netflix on Blockbuster, as it fundamentally alters the underlying demand for RFL's physical assets.

For the public company Rafael (symbol: RFL), the addressable market for their main product, Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (NPC1), is estimated to be approximately USD 89.0 million globally in 2026. This estimate is derived from the Niemann-Pick Disease Drug Type C treatment market, which was valued at USD 100.9 million globally in 2026. The Niemann-Pick Disease Drug Type C1 segment, which Trappsol® Cyclo™ targets, is expected to constitute 88.2% of this market in 2026.

Here are 3-5 expected drivers of future revenue growth for Rafael Holdings, Inc. (RFL) over the next 2-3 years:

1. Commercialization of Trappsol Cyclo for Niemann-Pick Disease Type C1 (NPC1): Rafael Holdings' lead drug candidate is Trappsol Cyclo, which is currently in a Phase 3 clinical trial for the treatment of Niemann-Pick Disease Type C1 (NPC1), a rare, fatal, and progressive genetic disorder. Successful completion of this trial and subsequent regulatory approval would be a significant driver of pharmaceutical revenue growth within the next two to three years.
2. Successful Commercialization of CPI-613 (devimistat) for Relapsed or Refractory Acute Myeloid Leukemia (r/r AML): While the Phase 3 AVENGER 500 trial for CPI-613 in metastatic pancreatic cancer did not meet its primary endpoint in 2021, the ARMADA 2000 Phase 3 clinical trial for devimistat in relapsed or refractory acute myeloid leukemia (AML) was recommended to continue after an interim futility analysis in 2021. Positive results and eventual commercialization for this indication could provide a substantial revenue stream.
3. Growth and Optimization of Real Estate Assets: Rafael Holdings continues to operate its Real Estate segment, which includes commercial office buildings and associated public parking garages in the United States, as well as real estate holdings in Israel. Sustained leasing activity, potential property enhancements, or strategic acquisitions within its real estate portfolio could contribute to incremental revenue growth.
4. Advancement and Potential Commercialization of Earlier-Stage Pharmaceutical Pipeline Assets: The company has other drug candidates, such as Promitil, which has completed Phase 1A and 1B clinical studies for advanced cancers. Additionally, through its Barer Institute, the company is developing a pipeline of compounds focused on the regulation of cancer and immune metabolism. Successful progression of these earlier-stage assets through clinical development could lead to future revenue, although significant commercial revenue within a 2-3 year timeframe is less certain compared to late-stage candidates.