Raphael Pharmaceutical Inc.
Raphael Pharmaceutical Inc. is a U.S.-listed pharmaceutical research and clinical development company with operations centered in Israel through its subsidiary Raphael Pharmaceutical Ltd. The company focuses on developing pharmaceutical drug candidates, including programs related to cannabis-derived compounds and other research-stage therapies, and relies on third parties for manufacturing and commercialization if products are approved.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenuePreclinical and clinical research programs aimed at identifying and developing pharmaceutical candidates.
Research funded through agreements with academic or medical institutions such as Rambam.
Development work focused on CBD oil and cannabis-strain-based pharmaceutical applications.
Customers
The company’s direct counterparties are primarily research collaborators, clinical and scientific institutions, and service providers rather than commercial end customers. If product candidates are successfully developed and approved, the eventual buyers would be pharmaceutical distributors, healthcare providers, and patients through regulated channels. Its current business model is therefore centered on research partners and future commercialization partners.
Institutions such as Rambam that conduct sponsored research and help develop product candidates and IP.
Manufacturers, distributors, or licensees that would commercialize approved drug products.
Parties such as Wolc that provide CBD oil or related cannabis inputs for development work.
Hospitals, physicians, and patients that could ultimately use approved therapies.
Strategy
The company’s strategy is to advance research-stage pharmaceutical candidates through sponsored collaborations, with Rambam as a key scientific partner. It also seeks to build intellectual property around cannabis-related and other therapeutic programs, then rely on third-party manufacturing and commercialization partners if regulatory approval is achieved.
The company depends on research output to create candidate assets and IP.
Joint ownership and royalty rights are central to future value creation.
The company does not intend to build an in-house manufacturing platform.
Geography
Raphael Pharmaceutical is incorporated in the United States but its operating substance is tied to Israel through Raphael Pharmaceutical Ltd. The company’s research and development activities described in the filings are centered in Israel, including work with Rambam and cannabis-related arrangements. It does not disclose meaningful country-level revenue because it has not generated revenue in the periods cited.
Risks
Raphael Pharmaceutical faces the typical risks of a pre-revenue drug developer: clinical, regulatory, and financing uncertainty. Company-specific risks include dependence on a small number of research agreements, royalty and IP obligations to collaborators, and going-concern risk because it has not generated revenue and may need additional financing.
The company has not generated revenue and states current cash may be insufficient.
Exposure: Corporate liquidity and continuity of operations
Drug candidates may fail in preclinical or clinical testing or not obtain approval.
Exposure: Pipeline value and future commercialization
Key development work is performed under sponsored research arrangements.
Exposure: Rambam collaboration and related IP creation
Commercial sales may require royalty payments and joint ownership arrangements.
Exposure: Future product economics
Programs involving CBD oil and cannabis strains can face changing legal regimes.
Exposure: Cannabis-derived therapeutic development
Accounting
Judgemental itemsSponsored research and CTO-related costs drive reported operating losses.
Impact: Quarterly operating loss and cash burn
Shares and warrants issued for services are expensed at fair value.
Impact: General and administrative expense and equity dilution
Outstanding balances under the Rambam agreement must be tracked and may include extensions or penalties.
Impact: Current liabilities and future cash requirements
Future commercial sales could trigger royalty payments to collaborators.
Impact: Net margins and cash flows if products are commercialized
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Last updated: 24/09/2026