# Raphael Pharmaceutical Inc.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/fi/companies/Raphael Pharmaceutical Inc.).

## Overview

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.

## Products & services

• Pharmaceutical research and clinical development
• Cannabis-derived drug candidate development
• Sponsored research programs with Rambam
• IP generation and licensing rights from research collaborations
• Third-party manufacturing and commercialization support

- **Drug candidate research** (70%) — Preclinical and clinical research programs aimed at identifying and developing pharmaceutical candidates.
- **Sponsored research collaborations** (20%) — Research funded through agreements with academic or medical institutions such as Rambam.
- **Cannabis-derived therapeutic programs** (10%) — Development work focused on CBD oil and cannabis-strain-based pharmaceutical applications.

- Pharmaceutical research and clinical development
- Cannabis-derived drug candidate development
- Sponsored research programs with Rambam
- IP generation and licensing rights from research collaborations
- Third-party manufacturing and commercialization support

## 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.

- **Research collaborators** (primary) — Institutions such as Rambam that conduct sponsored research and help develop product candidates and IP.
- **Future commercialization partners** (secondary) — Manufacturers, distributors, or licensees that would commercialize approved drug products.
- **Cannabis supply counterparties** (secondary) — Parties such as Wolc that provide CBD oil or related cannabis inputs for development work.
- **Healthcare end markets** (emerging) — Hospitals, physicians, and patients that could ultimately use approved therapies.

- Research institutions that perform sponsored drug-development work
- Scientific collaborators that help generate IP and data
- Future pharmaceutical commercialization partners
- Potential healthcare channel buyers if products are approved
- Cannabis-related counterparties supplying CBD oil inputs

## 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.

- U.S. listed parent company with Israeli operating subsidiary
- Core research and development activity is centered in Israel
- Rambam collaboration ties development work to Israeli institutions
- No disclosed revenue by country in the provided filings
- No in-house manufacturing footprint; relies on third parties

## 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.

- **Advance sponsored research programs** (short-term) — The company depends on research output to create candidate assets and IP.
- **Protect and monetize intellectual property** (medium-term) — Joint ownership and royalty rights are central to future value creation.
- **Use external manufacturing and commercialization partners** (medium-term) — The company does not intend to build an in-house manufacturing platform.

- Advance research-stage drug candidates through external collaboration
- Build IP ownership through sponsored research agreements
- Develop cannabis-derived therapeutic programs
- Use third parties for manufacturing and commercialization
- Preserve optionality for future licensing or partnership deals

## 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.

- **Going-concern and financing risk** [critical] — The company has not generated revenue and states current cash may be insufficient.
- **Clinical and regulatory development risk** [high] — Drug candidates may fail in preclinical or clinical testing or not obtain approval.
- **Dependence on third-party research partner** [high] — Key development work is performed under sponsored research arrangements.
- **Royalty and IP-sharing obligations** [medium] — Commercial sales may require royalty payments and joint ownership arrangements.
- **Cannabis-related regulatory risk** [medium] — Programs involving CBD oil and cannabis strains can face changing legal regimes.

- No revenue base, so funding depends on external capital
- Going-concern risk if additional financing is unavailable
- Clinical and regulatory failure could eliminate candidate value
- Dependence on Rambam and other third parties for research output
- IP ownership and royalty obligations may reduce future economics

## Accounting

The most important accounting issues are research and development expense recognition, stock-based compensation, and the accounting for sponsored research commitments and related payables. Because the company is pre-revenue, small changes in service costs, share-based awards, or accrued research obligations can materially affect reported losses and balance-sheet liabilities.

- **Research and development expense recognition** — Quarterly operating loss and cash burn
- **Stock-based compensation** — General and administrative expense and equity dilution
- **Accrued research obligations** — Current liabilities and future cash requirements
- **Royalty accounting** — Net margins and cash flows if products are commercialized

- R&D expense timing affects quarterly loss volatility
- Stock-based compensation can materially lift G&A expense
- Research agreement payables and extensions affect liabilities
- Royalty obligations may create future contingent cash outflows
- Pre-revenue status means no revenue recognition complexity yet

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*Last updated: 2026-04-29T04:52:58.416008+00:00*