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Partnerships
Early-stage pharmaceutical companies
Rafael Holdings continues to back early-stage pharmaceutical companies through strategic equity investments, giving it pipeline access and upside without funding full drug development costs. These ties keep Rafael aligned with emerging science, where one positive clinical readout can re-rate value fast; in biotech, early programs often have a sub-10% chance of reaching approval.
Clinical pharmaceutical companies
Rafael Holdings’ strategic stakes in clinical pharmaceutical companies give it exposure to assets already in human testing, so its upside is tied to late-stage data, trial readouts, and regulatory milestones. This is a high-risk, high-reward partnership model: one positive Phase 2 or Phase 3 result can reprice an asset fast, but setbacks can cut value just as quickly.
Phase III trial networks
Rafael Holdings, Inc. depends on Phase III trial networks to run the two pivotal registrational studies of CPI-613, which need enough sites, investigators, and clinical operations support to keep patients enrolled and data clean. These partnerships are central to the advanced pancreatic cancer and relapsed/refractory AML programs, with 2 late-stage studies driving the path to potential approval.
Commercial office tenants
Rafael Holdings, Inc.’s Real Estate segment depends on commercial office tenants to keep the office complex occupied and to generate steady rental income. Strong tenant ties also help protect long-term utilization, which matters because office cash flow is recurring and vacancy can hit revenue fast.
- Occupancy drives rental income
- Tenant retention supports cash flow
- Long leases lift property utilization
U.S. and Israel real estate counterparties
Rafael Holdings’ U.S. and Israel real estate assets create local operating ties with property managers, contractors, brokers, and service vendors in both markets. Those counterparties keep the portfolio running across two geographies, which matters because cross-border property operations need local execution, lease support, and maintenance control.
- Local vendors support daily property management.
- U.S. and Israel markets need separate execution.
- Contractors handle upkeep and tenant service.
Rafael Holdings Rides on Trial Partners and Real Estate Support
Rafael Holdings’ key partnerships center on clinical trial sites, investigators, and CRO support for 2 pivotal CPI-613 studies, plus biotech equity partners that give pipeline access without full R&D spend. Its real estate side also depends on tenants, property managers, contractors, and brokers across the U.S. and Israel.
| Partner group | Why it matters | Key number |
|---|---|---|
| Clinical trial network | Runs registrational studies | 2 studies |
| Tenants and vendors | Supports recurring rent and upkeep | 2 geographies |
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Activities
Strategic investment management
Rafael Holdings’ strategic investment management centers on early-stage and clinical pharmaceutical companies, where it allocates capital to assets with development and appreciation potential. In FY2025, this core holding-company activity stayed focused on preserving and growing value across its biotech investment portfolio, rather than generating operating revenue.
CPI-613 devimistat development
Rafael Holdings’ pharmaceutical division is advancing CPI-613, or devimistat, a small molecule aimed at exploiting metabolic differences between healthy and malignant cells. As of the latest public filings, it remains a clinical-stage asset with no approved sales, making its progress central to Rafael Holdings’ biotech strategy.
Phase III registrational studies
Rafael Holdings, Inc. is advancing CPI-613 through two pivotal Phase III registrational studies, so its key work is tight control of trial protocols, site management, and enrollment progress. The goal is to generate the clinical evidence regulators need for potential approval pathways, with value tied to the speed and quality of these late-stage programs.
Commercial property leasing
Rafael Holdings, Inc.'s Real Estate segment centers on leasing its commercial office complex, and that is the main operating task that keeps the asset occupied and revenue flowing. Leasing drives tenant retention and rental income, which are the core cash levers in this business line.
- Tenant retention supports recurring rent
- Leasing is the key operating function
800-space parking operations
Rafael Holdings, Inc. runs an integrated 800-space public parking facility at the office complex, so it supports both tenants and outside users while adding a fee-based revenue stream tied to the property. With 800 spaces, the asset can help capture daily parking demand and diversify rent income without adding much leasing risk.
- 800 public parking spaces
- Supports tenants and visitors
- Adds separate parking income
Rafael Bets on Biotech Pipeline and Parking Cash Flow
Rafael Holdings, Inc. focuses its key activities on managing biotech investments and advancing CPI-613, or devimistat, through two Phase III studies. In FY2025, its real estate work stayed centered on leasing the office complex and running the 800-space public parking asset to support recurring cash flow.
| Activity | FY2025/FY2026 key data |
|---|---|
| CPI-613 | 2 Phase III studies |
| Parking | 800 spaces |
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Resources
CPI-613 devimistat
CPI-613 devimistat is Rafael Holdings, Inc.’s flagship drug candidate and the core resource behind the pharmaceutical unit’s value proposition. It remains the company’s most visible clinical asset, with development centered on oncology trials rather than commercial sales.
Two Phase III trials
Rafael Holdings, Inc. has two pivotal Phase III registrational studies as key resources, giving the company late-stage clinical assets with direct regulatory value. One targets advanced pancreatic cancer and the other relapsed/refractory AML, two high-need markets where Phase III data can support approval and future revenue.
Commercial office complex
Rafael Holdings, Inc.’s Real Estate segment owns a commercial office complex that drives leasing activity and recurring property income, making it a core tangible asset. In fiscal 2025, this segment remained part of the company’s income base and supported cash flow through tenant leases and occupancy-linked rent.
800-space public parking facility
Rafael Holdings, Inc.'s office complex includes an integrated 800-space public parking facility, giving tenants and visitors easier access and making the site more useful. It also adds a revenue-producing asset, since 800 spaces can support daily public parking fees and tenant demand, but Rafael Holdings, Inc. does not separately disclose parking revenue in its latest filings.
- 800 spaces support access
- Boosts property utility
- Can generate parking income
U.S. and Israel property portfolio
Rafael Holdings’ U.S. and Israel property portfolio is a core resource because it ties the business to 2 markets, not 1. That geographic spread helps reduce single-country risk and supports steadier commercial real estate exposure in fiscal 2025.
- Commercial assets in the U.S. and Israel
- 2-country geographic diversification
- Spreads market and currency exposure
Rafael Holdings: Phase III Trials and Real Estate Fuel Fiscal 2025
Rafael Holdings, Inc. key resources are devimistat (CPI-613), two Phase III oncology trials, and a commercial real estate asset base. In fiscal 2025, the office complex and 800-space parking facility still supported leasing income and site access, while U.S. and Israel holdings added geographic spread.
| Resource | Fiscal 2025 value |
|---|---|
| Parking spaces | 800 |
| Clinical Phase III studies | 2 |
| Operating geographies | 2 |
Value Propositions
Late-stage oncology candidate
CPI-613 devimistat is in Phase III testing, giving Rafael Holdings exposure to a late-stage oncology asset before any approval decision. The focus is advanced pancreatic cancer, where 5-year survival is about 13%, and relapsed/refractory AML, a high-need blood cancer with limited durable options.
Dual-division diversification
Rafael Holdings, Inc. runs two distinct segments, Pharmaceuticals and Real Estate, so investors get exposure to biotech and property assets in one Company Name. This dual-division mix can soften reliance on any single revenue stream and help spread risk across two very different markets.
In FY2025, that segment split was the core value proposition: one platform tied to drug development upside, the other to real asset cash flow and portfolio value.
Recurring real estate income
Rafael Holdings, Inc.’s Real Estate segment leases a commercial office complex, so it adds recurring rental income from an operating property in fiscal 2025. That steady cash flow helps balance the more volatile biotech development side of the business.
Integrated office parking access
Rafael Holdings, Inc.’s property-level value proposition is stronger because it includes an 800-space public parking facility, which supports easier tenant access and adds day-to-day convenience for visitors. That larger parking base makes the asset more functional and more marketable in a mixed-use office setting.
- 800-space public parking facility
- Better tenant and visitor access
- Higher asset usability and appeal
Strategic biotech upside
Rafael Holdings, Inc. backs early-stage and clinical pharmaceutical companies, so it can capture value before commercialization when upside is largest. In biotech, only about 1 in 10 drug candidates that enter clinical testing win approval, so owning development-stage assets can create outsized gains if data reads well.
- Early access to scientific upside
- Value creation before launch
- High-risk, high-reward pipeline exposure
Rafael Holdings: Biotech Upside Meets Stable Real Estate Cash Flow
Rafael Holdings, Inc. combines late-stage oncology upside from CPI-613 devimistat with stable real estate income, so its value proposition is both binary-event biotech and asset-backed cash flow in FY2025. The property side adds an 800-space public parking facility and leased office space, while the pharma side targets high-need cancers with few durable options.
| Driver | FY2025 value |
|---|---|
| Pharmaceuticals | Phase III CPI-613 devimistat |
| Real Estate | Leased office complex |
| Parking | 800 spaces |
Customer Relationships
Long-term tenant leases
Rafael Holdings, Inc. relies on lease-based tenant ties that are usually multi-year, so cash flow repeats and property use stays steady. In 2025, U.S. commercial leases commonly ran 3–10 years, which supports predictable occupancy and lower churn.
Active investor communication
As a public company, Rafael Holdings keeps active investor communication through 1 annual report and 4 quarterly reports each fiscal year, plus current SEC disclosures, which helps shareholders track performance and risk in real time.
This regular reporting supports transparency and capital-market trust, and it is central to how Rafael Holdings maintains ongoing engagement with investors, analysts, and other market participants.
Clinical study coordination
Clinical study coordination for Rafael Holdings, Inc.’s CPI-613 program is a hands-on, ongoing relationship with investigators and trial sites during Phase III work. That coordination keeps registrational trials moving, and it matters because a single late-site handoff can slow enrollment, data clean-up, and database lock across multiple sites.
Portfolio company support
Rafael Holdings, Inc. keeps active ties with its pharma portfolio teams, using board-level oversight to back governance and capital strategy. This support matters because strategic stakes need ongoing review of funding needs, milestones, and risk control to protect value.
- Ongoing management engagement
- Governance support
- Capital strategy oversight
- Investment risk control
Property management service
Property management service is a core customer relationship tool for Rafael Holdings, Inc., because commercial tenants expect fast repairs, clean common areas, and reliable parking facility management. In 2025, service quality still drove retention: even a 1-day delay in fixing access or safety issues can hurt tenant satisfaction and renewal odds.
- Keep sites operating smoothly.
- Support tenants with maintenance.
- Manage parking and access.
- Use service quality to retain users.
Rafael Holdings Builds Loyalty Through Long Leases and Steady Disclosure
Rafael Holdings, Inc. keeps customer ties mostly through long lease terms, active property service, and steady investor disclosure. In 2025, U.S. commercial leases often ran 3-10 years, and Rafael Holdings files 1 annual report, 4 quarterly reports, plus current SEC updates each year.
| Relationship | 2025/2026 signal |
|---|---|
| Tenants | 3-10 year leases |
| Investors | 1 annual, 4 quarterly reports |
| Trial sites | Ongoing Phase III coordination |
Channels
Newark, New Jersey headquarters
Rafael Holdings, Inc. is headquartered in Newark, New Jersey, and the site serves as the company’s corporate operating hub for management, finance, and oversight. Newark sits in the New York metro area, giving Rafael Holdings, Inc. close access to major capital, legal, and business services.
Direct leasing operations
Rafael Holdings, Inc. uses direct leasing operations to lease its commercial office complex straight to tenants, making this the main path for turning property into cash. In FY2025, this channel linked the asset to occupancy demand and drove recurring rental income, which is the core monetization stream for the real estate segment.
Parking facility access
Rafael Holdings, Inc. ties access to its office complex through an integrated 800-space public parking facility, giving direct users easy, on-site parking. That scale matters: 800 spaces can support tenant traffic, visitors, and daily office use without relying on street parking.
The facility also widens the property’s market reach by making the site easier to use for more drivers, which helps the office complex compete for tenants and foot traffic.
Clinical trial sites
Clinical trial sites are Rafael Holdings, Inc.’s key channel for CPI-613 Phase III registrational studies, because they enroll patients and collect endpoint data. In pharma, site performance drives speed, quality, and approval odds, so this channel is central to moving a drug from testing to potential commercialization.
- Enroll patients for Phase III studies
- Capture clinical and safety data
- Support registrational evidence generation
- Directly affects trial speed and quality
Public company disclosure
Rafael Holdings, Inc. uses public company disclosure as its main investor channel, publishing SEC filings, earnings materials, and corporate updates so investors can track performance and risk. In fiscal 2025, that meant one Form 10-K plus four Form 10-Q filings, which gives a steady reporting cadence that supports awareness and trust.
- SEC filings drive investor access.
- Corporate updates shape market perception.
- Quarterly reporting builds trust.
- Annual 10-K anchors the message.
Rafael Holdings: Leasing, Parking, Trials, and SEC Reporting
Rafael Holdings, Inc. reaches customers through three main channels: direct leasing for its office complex, an 800-space public parking facility that supports tenant access, and clinical trial sites that enroll patients and capture Phase III data. For investors, SEC reporting is the main channel, with FY2025 disclosure including 1 Form 10-K and 4 Form 10-Q filings.
| Channel | FY2025 data | Role |
|---|---|---|
| Direct leasing | Recurring rent | Monetize office space |
| Parking access | 800 spaces | Support tenant traffic |
| Clinical sites | Phase III trials | Enroll patients and collect data |
| SEC disclosure | 1 10-K, 4 10-Q | Reach investors |
Customer Segments
Commercial office tenants
Commercial office tenants are Rafael Holdings, Inc.'s core real estate customers: they occupy the leased office complex and drive recurring rental revenue through signed leases. Their demand, lease length, and renewal rate directly shape occupancy and cash flow, so even small shifts in tenant retention can move property income fast.
Public parking users
Rafael Holdings, Inc.'s integrated facility includes 800 public parking spaces, so public parking users are a separate real estate customer segment. This group helps turn access and convenience into cash flow by paying for short-term parking tied to the property’s location and mixed-use traffic.
Institutional investors
Institutional investors are a core audience for Rafael Holdings, Inc. because it is publicly traded and built around strategic investments, so fund managers can price both its biotech and real estate exposure in one ticker. The mix matters: institutions often track portfolio value, segment risk, and capital allocation discipline before they buy or hold.
Retail shareholders
Retail shareholders are a key public-market segment for Rafael Holdings, Inc., buying into its mixed clinical and property asset model. In fiscal 2025, the market still valued that split story: biotech upside from the clinical portfolio and steadier backing from real estate assets.
- Public investors want diversified exposure.
- Clinical assets drive upside.
- Property assets add balance.
Oncology development ecosystem
Rafael Holdings, Inc.’s oncology development ecosystem centers on CPI-613, aimed at advanced pancreatic cancer and relapsed/refractory AML, where the customer set is not just patients but also trial participants, principal investigators, and oncology centers that run and validate the studies. This segment is tied to the drug’s development path, so enrollment, protocol execution, and clinical readouts drive value.
- Trial participants: advanced cancer patients
- Investigators: site-level study leaders
- Oncology stakeholders: hospitals, KOLs, sponsors
- Use case: Phase-linked CPI-613 development
Rafael Holdings: Property Cash Flow, Parking, and Biotech Upside
Rafael Holdings, Inc. serves three main customer groups: office tenants and parking users at its leased property, public investors who want biotech-plus-real-estate exposure, and oncology trial stakeholders tied to CPI-613. In fiscal 2025, its value mix still centered on the property base, 800 public parking spaces, and clinical development optionality.
| Segment | Key need | 2025 fact |
|---|---|---|
| Tenants | Office space | Lease-driven cash flow |
| Parking users | Short-term access | 800 spaces |
Cost Structure
Clinical trial R&D spend
Clinical trial R&D for CPI-613 is Rafael Holdings, Inc.'s main cost driver in the pharmaceutical unit, because it must fund preclinical work, patient trials, regulators, and lab staff before any revenue. In fiscal 2025, that spend stayed material to cash use, so trial pace and enrollment timing still shape the burn rate most.
Phase III study costs
Two pivotal Phase III registrational studies are the biggest cost step for Rafael Holdings, Inc., often running about $20 million to $100 million+ per program, depending on patient count and sites. The spend goes to site operations, patient monitoring, and data management, which are needed to prove safety and efficacy before filing.
Property operating expenses
Property operating expenses for Rafael Holdings, Inc. cover utilities, repairs, maintenance, insurance, and site administration, all of which keep the commercial office complex running day to day. In 2025, these costs stayed a core cash outflow for office real estate operators, often consuming a meaningful share of rental income when occupancy or lease rates soften.
Parking facility maintenance
Rafael Holdings, Inc. must maintain and manage its integrated 800-space public parking facility, so parking upkeep sits in the real estate cost base. That adds steady operating, repair, and compliance costs tied to daily use, even when space occupancy swings.
- 800 spaces require ongoing maintenance
- Raises operating and repair costs
- Direct real estate cost-base item
Corporate G&A in Newark
Rafael Holdings, Inc. runs its corporate administration from Newark, so Corporate G&A is the fixed layer that keeps both divisions coordinated. In FY2025, this cost line covered staffing and overhead that sit above segment-level operations, making it a central shared expense rather than a unit-specific cost.
- Newark HQ supports corporate administration.
- G&A covers staff and overhead.
- Costs are shared across both divisions.
Rafael’s Cost Base Is Driven by CPI-613 Trials and Fixed Overhead
Rafael Holdings, Inc.'s cost base is dominated by CPI-613 R&D, especially Phase III trials, while commercial real estate adds property ops, parking upkeep, and Newark G&A. In FY2025, the 800-space parking asset and shared HQ overhead kept fixed cash costs high even as trial timing drove burn.
| Cost item | FY2025 driver |
|---|---|
| CPI-613 Phase III | $20M-$100M+ per program |
| Parking | 800 spaces |
| HQ G&A | Shared corporate overhead |
Revenue Streams
Office lease income
Rafael Holdings, Inc.'s Real Estate segment manages and leases a commercial office complex, and office lease income is its main recurring cash source. This steady rent stream supports the property business model by covering operating costs and helping stabilize segment revenue.
Parking fee income
Rafael Holdings, Inc. can monetize the integrated 800-space public parking facility through user fees, creating a recurring revenue stream tied to property traffic. At 800 spaces, even modest daily utilization can add meaningful cash flow and help offset fixed building costs while complementing office rental income.
Strategic investment returns
Rafael Holdings, Inc. earns strategic investment returns from its pharma stakes through unrealized appreciation, exits, and other investment gains, so this is a holding-company revenue stream rather than recurring sales. In its latest reported year, these gains can swing sharply with portfolio value changes, making cash return timing unpredictable but potentially material.
Real estate asset appreciation
Rafael Holdings, Inc. earns value from the appreciation of its commercial real estate portfolio in the United States and Israel. In fiscal 2025, this upside supports long-term balance-sheet value and can lift returns even before any sale or refinancing.
As market values rise, the company can capture unrealized gains and strengthen asset coverage. That matters because real estate appreciation is tied to net asset value, not just rent.
- United States and Israel commercial assets
- Value growth can raise net asset value
- Supports long-term balance-sheet strength
Future CPI-613 monetization
CPI-613 is still in Phase III, so Rafael Holdings, Inc. has no approved drug sales from it yet; the revenue case is entirely tied to a successful readout and FDA path. If it works, upside can come from direct commercialization, licensing, or a sale of the asset, which is the main pharma option value in the model.
- Phase III still means no product revenue yet
- Upside comes from approval or deal value
- Main value driver is binary and trial-led
Rafael Holdings: Real Estate Drives Cash, Pharma Offers Upside
Rafael Holdings, Inc. revenue is led by office rent and parking fees from its commercial property, while pharma value comes mainly from investment gains and CPI-613 optionality, not current drug sales. In fiscal 2025, real estate appreciation also lifted net asset value.
| Stream | 2025/2026 |
|---|---|
| Office rent | Main recurring cash flow |
| Parking | 800 spaces |
| CPI-613 | Phase III, no sales |
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