Rafael Holdings Reports First Quarter Fiscal Year 2020 Results

Date : 12/09/2019 @ 9:30PM
Source : PR Newswire (US)
Stock : Rafael Holdings Inc (RFL)
Quote : 21.87  -0.71 (-3.14%) @ 9:02PM
Rafael share price Chart

Rafael Holdings Reports First Quarter Fiscal Year 2020 Results

Rafael (NYSE:RFL)
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2 Months : From Nov 2019 to Jan 2020

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NEWARK, N.J., Dec. 9, 2019 /PRNewswire/ -- Rafael Holdings, Inc., (NYSE: RFL), reported revenue of $1.2 million and a loss per share of $0.10 for the fiscal quarter ended October 31, 2019.

Rafael Holdings holds commercial real estate assets and interests in two clinical stage pharmaceutical companies.  The pharmaceutical holdings consist of interests in Rafael Pharmaceuticals, Inc. and a majority stake in Lipomedix Pharmaceuticals Ltd., both of which are focused on development and commercialization of drugs in the oncology space.  For more information, visit www.rafaelholdings.com (PRNewsfoto/Rafael Holdings, Inc.)

Recent Operational Highlights

  • Rafael Holdings became a New York Stock Exchange listed company on November 21, 2019.
  • Rafael Pharmaceuticals (Rafael Pharma) a clinical-stage pharmaceutical company in which the Company holds preferred equity and a warrant to increase ownership to 56% of the fully diluted equity interests, announced several significant expansions of ongoing clinical trials:
    • Its Phase 3 clinical trial (AVENGER 500) of CPI-613® (devimistat) for patients with metastatic pancreatic cancer had enrolled 100 patients at multiple sites in the United States, Europe and Israel.  The trial was subsequently expanded to four sites in South Korea.  The trial is expected to enroll up to 500 patients worldwide;
    • Expanded its Phase 3 clinical trial (ARMADA 2000) of CPI-613® (devimistat) in older patients with relapsed or refractory acute myeloid leukemia (AML) to four sites in South Korea.  The trial is expected to enroll up to 500 patients worldwide;
    • Expanded its Phase 2 clinical trial of CPI-613® (devimistat) for patients with relapsed or refractory Burkitts lymphoma/leukemia to Massachusetts General Hospital.  The initial trial sites were Memorial Sloan Kettering Cancer Center in New York City and City of Hope in Duarte, California;
    • José Octávio Costa Filho, M.D., joined Rafael Pharma as Co-Chief Medical Officer. He works alongside Timothy Pardee, M.D., Ph.D., who continues as Co-Chief Medical Officer.
  • On August 5th, 2019 Lipomedix Pharmaceuticals, in which the Company holds a majority interest, announced the addition of Miranda J. Toledano and Praveen Tyle, Ph.D., to its board of directors. The company also announced the formation of an executive committee of the board to enhance governance and support the company's development. Ms. Toledano and Dr. Tyle will join Sanjeev Luther, chairman of the board, on the newly formed executive committee.

Remarks by Howard Jonas, Chairman and CEO of Rafael Holdings
"During the quarter, our key pharma holding, Rafael Pharma, continued enrolling patients in key clinical trials, including in its Phase 3 trials of CPI-613® (devimistat) for metastatic pancreatic cancer and AML, as well as its Phase 2 trial for Burkitt lymphoma.

"We've also put into place the foundation for our internal cancer metabolism drug development initiative, the Barer Institute, a wholly-owned early stage venture focused on developing a pipeline of therapeutic compounds, including compounds to regulate cancer metabolism.  The venture is pursuing collaborative research agreements with leading scientists from top academic institutions."

"After the quarter closed, we were very pleased to begin our listing on the New York Stock Exchange with the enhanced visibility that the Big Board offers."

About Rafael Holdings, Inc.:
Rafael Holdings holds commercial real estate assets and interests in clinical stage pharmaceutical companies.  The real estate holdings consist of properties in Newark and Piscataway, New Jersey and Jerusalem, Israel.  The pharmaceutical holdings include interests in two companies focused on the development and commercialization of oncology drugs:  Rafael Pharmaceuticals, Inc. and LipoMedix Pharmaceuticals Ltd. In addition, Rafael Holdings through its wholly owned subsidiary, the Barer Institute, is developing a pipeline of therapeutic compounds including compounds to regulate cancer metabolism. For more information, visit www.rafaelholdings.com. 

 

RAFAEL HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share data)




October 31,



July 31,




2019



2019









ASSETS














CURRENT ASSETS







Cash and cash equivalents


$

10,771



$

12,024


Trade accounts receivable, net of allowance for doubtful accounts of $170 and $122 at
October 31, 2019 and July 31, 2019, respectively



229




450


Due from Rafael Pharmaceuticals



120




280


Prepaid expenses and other current assets



540




507


Total current assets



11,660




13,261











Property and equipment, net



48,588




48,733


Investments – Rafael Pharmaceuticals



70,018




70,018


Investments – Other Pharmaceuticals



2,000




2,000


Investments – Hedge Funds



5,088




5,125


Deferred income tax assets, net



20




19


In-process research and development and patents



1,575




1,575


Other assets



1,451




1,412











TOTAL ASSETS


$

140,400



$

142,143











LIABILITIES AND EQUITY


















CURRENT LIABILITIES









Trade accounts payable


$

621



$

795


Accrued expenses



564




605


Other current liabilities



15




27


Total current liabilities



1,200




1,427











Due to Related Party



28




65


Convertible note, net of discount of $ – and $54 – Related Party






14,946


Other liabilities



210




292


Accrued interest on convertible note – Related Party






649


TOTAL LIABILITIES



1,438




17,379











COMMITMENTS AND CONTINGENCIES


















EQUITY









Class A common stock, $0.01 par value; 50,000,000 shares authorized, 787,163 shares
issued and outstanding as of October 31, 2019 and July 31, 2019



8




8


Class B common stock, $0.01 par value; 200,000,000 shares authorized, 14,997,251 and
13,142,502 shares issued and outstanding as of October 31, 2019 and July 31, 2019,
respectively



149




131


Additional paid-in capital



128,642




112,898


Accumulated deficit



(7,438)




(5,840)


Accumulated other comprehensive income



3,790




3,784


Total equity attributable to Rafael Holdings, Inc.



125,151




110,981


Noncontrolling interests



13,811




13,783


TOTAL EQUITY



138,962




124,764











TOTAL LIABILITIES AND EQUITY


$

140,400



$

142,143


 

 

RAFAEL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited, in thousands, except share data)




Three Months Ended
October 31,




2019



2018


Revenues:







Rental – Third Party


$

346



$

383


Rental – Related Party



520




521


Parking



224




231


Other – Related Party



120





Total Revenues



1,210




1,135











Costs and expenses:









Selling, general and administrative



2,041




1,453


Research and development



245




373


Depreciation and amortization



466




429


Loss from operations



(1,542)




(1,120)











Interest (expense) income, net



(64)




101


Net loss resulting from foreign exchange transactions



(5)





Loss on sales of marketable securities, net






(10)


Unrealized gain on sales of marketable securities






333


Unrealized loss on investments – Hedge Funds



(37)





Loss before income taxes



(1,648)




(696)


(Provision for) benefit from income taxes



(4)




31


Net Loss



(1,652)




(665)


 Net loss attributable to noncontrolling interests



(54)




(184)


Net loss attributable to Rafael Holdings, Inc.


$

(1,598)



$

(481)











OTHER COMPREHENSIVE LOSS









Net Loss


$

(1,652)



$

(665)


Foreign currency translation adjustments



6




78


Total Comprehensive Loss



(1,646)




(587)


Comprehensive income (loss) attributable to noncontrolling interests



2




(9)


Total Comprehensive Loss attributable to Rafael Holdings, Inc.


$

(1,648)



$

(596)











Loss per share attributable to Rafael Holdings, Inc. common shareholders:









Basic and diluted


$

(0.10)



$

(0.04)











Weighted average number of shared used in calculation of loss per share:









Basic and diluted



15,640,683




12,566,358


 

 

RAFAEL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands, except share data)




Three Months Ended
October 31,




2019



2018






Operating activities







Net loss


$

(1,652)



$

(665)


Adjustments to reconcile net loss to net cash used in operating activities:









Depreciation and amortization



466




429


Deferred income taxes



1




(40)


Net gain on sales of marketable securities






(323)


Unrealized loss on investments – Hedge Funds



37





Provision for doubtful accounts



48





Stock based compensation



94




30


Amortization of debt discount



54





Change in assets and liabilities:









Trade accounts receivable



173




(92)


Prepaid expenses and other current assets



217




(63)


Other assets



(289)




(13)


Trade accounts payable and accrued expenses



(196)




(138)


Other current liabilities



(12)




(6)


Due to Related Party



(37)




171


Due from Related Party



160





Other liabilities






(14)


Net cash used in operating activities



(936)




(724)











Investing activities









Purchases of property and equipment



(321)




(26)


Proceeds from sale and maturity of marketable securities, net






5,820


Purchase of marketable securities






(953)


Investment in Rafael Pharmaceuticals






(10,000)


Net cash used in investing activities



(321)




(5,159)











Financing activities









Proceeds from exercise of options






118


Net cash provided by financing activities






118


Effect of exchange rate changes on cash and cash equivalents



4




48


Net decrease in cash and cash equivalents



(1,253)




(5,717)


Cash and cash equivalents at beginning of period



12,024




15,803


Cash and cash equivalents at end of period


$

10,771



$

10,086











Supplemental Schedule of Non-Cash Investing and Financing Activities









Adoption effect of ASU 2016-01


$



$

39


Conversion of LipoMedix Bridge Note


$

82



$


Conversion of related party convertible notes payable and accrued interest


$

15,668



$


 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/rafael-holdings-reports-first-quarter-fiscal-year-2020-results-300971642.html

SOURCE Rafael Holdings, Inc.

Copyright 2019 PR Newswire

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