Rafael Holdings, Inc. released its financial results for the third quarter and first nine months of fiscal year 2025, reporting a significant reduction in net loss compared to the previous year. For the three months ended April 30, 2025, the company recorded a net loss attributable to Rafael Holdings of $4.8 million, compared to a net loss of $32.4 million in the same period the previous year. This decrease is primarily due to reduced non-cash items and unrealized losses on the company's investment in Cyclo equity. For the nine months ended April 30, 2025, Rafael Holdings reported a net loss of $18.4 million, a decrease from a net loss of $29.9 million in the year-ago period. This improvement is attributed to in-process R&D expenses related to the acquisition of Cornerstone and a recovery of receivables from Cornerstone. Research and development expenses increased to $5.3 million for the nine months, up from $2.6 million in the prior year, influenced by the merger with Cyclo Therapeutics and activities from Cornerstone and Day Three. General and administrative expenses rose to $3.2 million for the three months ended April 30, 2025, compared to $1.9 million in the same period the previous year, reflecting the merger's impact and consolidation activities. As of April 30, 2025, Rafael Holdings held cash and cash equivalents of $37.9 million. Additionally, the company completed a $25 million rights offering on June 4, 2025, which raised net proceeds of $24.9 million after expenses.