Rafael Holdings, Inc.
Rafael Holdings, Inc. is a U.S.-based biotechnology and life sciences holding company focused on developing pharmaceuticals and medical devices through a portfolio of controlled and minority-owned subsidiaries. Its core assets include Trappsol® Cyclo™, a clinical-stage therapy for Niemann-Pick Disease Type C1, along with interests in cancer therapeutics, orthopedic devices, and an infusion-technology business. The company also retains a small real estate interest in Jerusalem, Israel.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueDevelopment of Trappsol® Cyclo™ and other drug candidates for rare disease and oncology.
Sales of cyclodextrin products and related research materials used by laboratories and manufacturers.
Orthopedic-focused devices and instruments intended to support minimally invasive procedures.
Technology and licensing activities tied to Unlokt™ and related manufacturing applications.
Residual ownership interest in a commercial building in Jerusalem, Israel.
Customers
Customers include research buyers of cyclodextrin products, clinical and commercial partners in pharmaceutical development, and manufacturers using Day Three's technology applications. The healthcare portfolio also serves patients indirectly through drug development programs and hospitals or surgeons through medical device commercialization. A small number of customers account for a large share of revenue, especially in the research-product stream.
Buy cyclodextrin products for research purposes and related applications; they value product availability and supply continuity.
Include trial sites, collaborators, and future commercial partners supporting Trappsol® Cyclo™ and other drug candidates.
Hospitals, surgeons, and channel partners that would use or distribute orthopedic instruments for minimally invasive procedures.
Third-party manufacturers using Day Three's technology to improve product formulations and process outcomes.
Tenants or users associated with the Jerusalem commercial building interest.
Strategy
The company’s central strategy is to advance Trappsol® Cyclo™ through pivotal clinical development and, if successful, move toward regulatory approval and commercialization. It also seeks to preserve optionality through majority and minority investments in clinical-stage pharmaceuticals, medical devices, and technology-enabled businesses while concentrating resources on core assets. Opportunistic investments in high-unmet-need therapeutics remain part of the portfolio approach.
The lead asset is the main value driver and the clearest path to future commercialization.
The company manages multiple subsidiaries and needs to direct resources toward the most promising programs.
The holding-company structure allows participation in additional therapeutics and device opportunities.
Geography
Rafael Holdings is headquartered in Newark, New Jersey, and its operating footprint spans the United States, Israel, and other markets tied to suppliers and clinical or manufacturing activity. The company’s portfolio includes a commercial building interest in Jerusalem and product sourcing relationships in the U.S., Japan, China, and Europe. That mix creates exposure to cross-border regulation, supply chains, and currency movements.
Risks
Rafael Holdings is exposed to clinical, regulatory, financing, and concentration risks typical of early-stage biotech and medical-device businesses. Its revenue base is narrow, dependent on a small number of customers and third-party suppliers, while success depends heavily on clinical trial outcomes and the ability to fund later-stage development and commercialization. Cross-border sourcing and operations also create foreign-exchange and supply-chain risk.
- Clinical and regulatory failureImpact: CriticalLikelihood: Medium
Drug candidates may not meet efficacy, safety, or approval standards.
Exposure: Phase 3 trial and regulatory filing for Trappsol® Cyclo™
- Need for additional capitalImpact: HighLikelihood: Medium
Late-stage clinical development and potential commercialization require substantial funding.
Exposure: Trappsol® Cyclo™ and broader portfolio development
- Customer concentrationImpact: HighLikelihood: Medium
A small number of customers account for a substantial portion of revenue.
Exposure: Cyclodextrin research product sales
- Supplier dependenceImpact: HighLikelihood: Medium
The company relies on third-party suppliers and manufacturers for key inputs and production.
Exposure: Trappsol® products and Aquaplex® products
- Foreign exchange and cross-border disruptionImpact: MediumLikelihood: High
Purchases and operations span multiple countries and currencies.
Exposure
Accounting
Judgemental itemsClinical trial and development costs are a major operating expense and can vary with trial activity.
Impact: Affects operating loss and comparability across periods
Acquisitions and controlling interests change which businesses are included in the financial statements.
Impact: Can materially alter revenue, expenses, and segment mix
The company holds operating assets and investments that may need write-downs if values decline.
Impact: Could create non-cash charges and reduce carrying values
Investments and acquired interests may require valuation judgments.
Impact: Can affect gains, losses, and balance-sheet carrying amounts
Similar listed companies
Publicly listed companies with a comparable business focus.
Raphael Pharmaceutical Inc.
RAPH · Medicinal Chemicals & Botanical Products
Galmed Pharmaceuticals Ltd.
EOCN · Pharmaceutical Preparations
Madrigal Pharmaceuticals, Inc
MDGL · Pharmaceutical Preparations
Madrigal Pharmaceuticals is a U.S.-based commercial-stage biopharmaceutical company focused on developing and selling therapies for metabolic dysfunction-associated steatohepatitis (MASH).
Capricor Therapeutics, Inc
CAPR · Pharmaceutical Preparations
China Pharma Holdings, Inc
CPHI · Pharmaceutical Preparations
XTL Biopharmaceuticals Ltd
XTLB · Pharmaceutical Preparations
Last updated: 24/09/2026