Rafael Holdings Inc. reported its financial results for the first quarter of fiscal year 2026. For the three months ended October 31, 2025, revenue totaled USD 0.2 million. The company recorded a net loss attributable to shareholders of USD 9.8 million, or USD 0.19 per share. This compares to a net loss of USD 9.0 million, or USD 0.37 per share, in the same period of the previous year. The year-over-year increase in net loss was attributed to the consolidation of Cyclo Therapeutics' expenses following its acquisition in March 2025. Research and development expenses for the quarter were USD 7.5 million, a more than fivefold increase from the year-ago period. General and administrative expenses totaled USD 2.8 million, rising by 13 percent. As of October 31, 2025, Rafael Holdings Inc. reported cash and cash equivalents of USD 45.5 million.