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12.03.2019 21:30:00
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Rafael Holdings Reports Second Quarter Fiscal Year 2019 Results
NEWARK, N.J., March 12, 2019 /PRNewswire/ -- Rafael Holdings, Inc., (NYSE American: RFL), reported revenue of $1.0 million and a loss per share of $0.08 for the second quarter of its 2019 fiscal year, the three months ended January 31, 2019.
Highlights
- Rafael Holdings exercised a warrant and now holds a majority of the outstanding equity of Rafael Pharmaceuticals, Inc., (Rafael Pharma), a clinical stage, metabolic oncology-therapeutics company;
- Rafael Pharma announced that the European Medicines Agency has granted orphan drug designation to devimistat (CPI-613®) for the treatment of metastatic pancreatic cancer and relapsed or refractory acute myeloid leukemia (AML);
- Rafael Pharma initiated the following clinical trials of devimistat:
- Phase 3 in combination with modified FOLFIRINOX (mFFX) as a first-line therapy for patients with metastatic adenocarcinoma of the pancreas;
- Phase 3 in combination with high dose cytarabine and mitoxantrone for patients ≥ 60 years of age with relapsed or refractory AML;
- Phase 2 for patients with relapsed or refractory Burkitt Lymphoma;
- Phase 2 in combination with (mFFX) for patients with localized borderline and unresectable pancreatic cancer.
Remarks by Howard Jonas, Chairman and CEO of Rafael Holdings
"This quarter, we significantly increased our investment in Rafael Pharmaceuticals, purchasing a majority of the shares outstanding inclusive of interests held by minority holders in our subsidiaries.
"Rafael Pharma made excellent progress on its clinical trial program for difficult to treat cancers including the initiation of pivotal phase 3 trials of devimistat for patients with advanced metastatic pancreatic cancer and AML.
"LipoMedix Pharmaceuticals has initiated a phase 1b trial to identify the optimal dose, safety and efficacy of its lead compound Promitil® in combination with external beam radiotherapy in patients with advanced cancer requiring radiotherapy for inoperable primary tumors or metastatic disease.
"On the real estate side of our business, we continued our effort to monetize our properties including our 20-story commercial property and associated garage in Newark, New Jersey."
About Rafael Holdings, Inc.:
Rafael Holdings holds commercial real estate assets and interests in two clinical stage, oncology focused pharmaceutical companies. The real estate holdings include properties in Newark and Piscataway, New Jersey and Jerusalem, Israel. 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.
RAFAEL HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share data) | ||||||||
January 31, | July 31, | |||||||
2019 | 2018 | |||||||
(unaudited) | (audited) | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 14,769 | $ | 15,803 | ||||
Trade accounts receivable, net of allowance for doubtful accounts of $91 and $82 at January 31, 2019 and July 31, 2018, respectively | 356 | 287 | ||||||
Marketable securities | — | 24,701 | ||||||
Due from Rafael Pharmaceuticals | — | 3,300 | ||||||
Prepaid expenses and other current assets | 588 | 421 | ||||||
Total current assets | 15,713 | 44,512 | ||||||
Property and equipment, net | 49,378 | 50,113 | ||||||
Investments – Rafael Pharmaceuticals | 70,018 | 13,300 | ||||||
Investments – Other Pharmaceuticals | 2,000 | 2,000 | ||||||
Investments – Hedge Funds | 4,166 | 4,218 | ||||||
Deferred income tax assets, net | 15 | — | ||||||
Patents | 324 | 324 | ||||||
In-process research and development | 1,327 | 1,327 | ||||||
Other assets | 1,225 | 1,126 | ||||||
TOTAL ASSETS | $ | 144,166 | $ | 116,920 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Trade accounts payable | $ | 535 | $ | 367 | ||||
Accrued expenses | 650 | 500 | ||||||
Other current liabilities | 20 | 24 | ||||||
Total current liabilities | 1,205 | 891 | ||||||
Due to/from related parties | — | 276 | ||||||
Convertible debt, net of discount - Related Party | 14,934 | — | ||||||
Other liabilities | 195 | 188 | ||||||
TOTAL LIABILITIES | 16,334 | 1,355 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDERS' EQUITY | ||||||||
Class A common stock, $0.01 par value; 35,000,000 shares authorized, 787,163 shares issued and outstanding as of January 31, 2019 and July 31, 2018 | 8 | 8 | ||||||
Class B common stock, $0.01 par value; 200,000,000 shares authorized, 13,133,069 and 11,762,346 shares issued and outstanding as of January 31, 2019 and July 31, 2018, respectively | 119 | 118 | ||||||
Additional paid in capital | 117,269 | 103,636 | ||||||
Accumulated deficit | (2,649) | (1,108) | ||||||
Accumulated other comprehensive income | 4,080 | 4,043 | ||||||
Total stockholders' equity | 118,827 | 106,697 | ||||||
Noncontrolling interests | 9,005 | 8,868 | ||||||
TOTAL EQUITY | 127,832 | 115,565 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 144,166 | $ | 116,920 | ||||
RAFAEL HOLDINGS, INC. CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited, in thousands, except share data) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
REVENUE: | ||||||||||||||||
Rental – Third Party | $ | 306 | $ | 298 | $ | 689 | $ | 685 | ||||||||
Rental – Related Party | 522 | 489 | 1,043 | 994 | ||||||||||||
Parking | 189 | 169 | 420 | 384 | ||||||||||||
Total Revenue | 1,017 | 956 | 2,152 | 2,063 | ||||||||||||
COSTS AND EXPENSES | ||||||||||||||||
Selling, general and administrative | 1,716 | 1,343 | 3,169 | 3,079 | ||||||||||||
Research and development | 276 | — | 649 | — | ||||||||||||
Depreciation and amortization | 431 | 429 | 860 | 853 | ||||||||||||
Loss from Operations | (1,406) | (816) | (2,526) | (1,869) | ||||||||||||
Interest income, net | 767 | 2 | 868 | 4 | ||||||||||||
Net gain resulting from foreign exchange transactions | — | 107 | — | 118 | ||||||||||||
Net loss on equity investments | — | — | — | (107) | ||||||||||||
Gains on sales of marketable securities, net | 103 | — | 330 | — | ||||||||||||
Unrealized loss on Investments – Hedge Funds | (148) | — | (52) | — | ||||||||||||
Gain on disposal of bonus shares | — | — | — | 246 | ||||||||||||
Loss Before Income Taxes | (684) | (707) | (1,380) | (1,608) | ||||||||||||
(Provision for) benefit from income taxes | (17) | (15) | 14 | (8,443) | ||||||||||||
Net Loss | (701) | (722) | (1,366) | (10,051) | ||||||||||||
Net income (loss) attributable to noncontrolling interests | 320 | (176) | 136 | (176) | ||||||||||||
Net Loss attributable to Rafael Holdings, Inc. | $ | (1,021) | $ | (546) | $ | (1,502) | $ | (9,875) | ||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||
Foreign currency translation adjustments | $ | 80 | $ | 68 | $ | 2 | $ | 78 | ||||||||
Total Comprehensive Loss | (621) | (654) | (1,364) | (9,973) | ||||||||||||
Comprehensive income attributable to noncontrolling interests | 15 | 19 | 23 | 19 | ||||||||||||
Total Comprehensive Loss attributable to Rafael Holdings, Inc. | $ | (636) | $ | (673) | $ | (1,387) | $ | (9,992) | ||||||||
Loss Per Share: | ||||||||||||||||
Basic and diluted | $ | (0.08) | $ | (0.04) | $ | (0.12) | $ | (0.79) | ||||||||
Weighted average number of shared used in calculation of loss per share: | ||||||||||||||||
Basic and diluted | 13,489,583 | 12,541,998 | 12,634,389 | 12,541,998 | ||||||||||||
RAFAEL HOLDINGS, INC. CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (unaudited, in thousands, except share data) | ||||||||
Six Months Ended | ||||||||
2019 | 2018 | |||||||
Operating activities | ||||||||
Net loss | $ | (1,366) | $ | (10,051) | ||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 860 | 853 | ||||||
Deferred income taxes | (15) | 8,837 | ||||||
Interest income on Series D Convertible Note | (848) | — | ||||||
Net gain on sale of marketable securities | (330) | — | ||||||
Unrealized loss on investments – Hedge Funds | 52 | — | ||||||
Provision for doubtful accounts | 9 | — | ||||||
Realized gain on disposal of bonus shares | — | (246) | ||||||
Non-cash compensation | 172 | 606 | ||||||
Amortization of debt discount | 5 | — | ||||||
Interest in the equity of investments | — | 439 | ||||||
Change in assets and liabilities: | ||||||||
Trade accounts receivable | (78) | 38 | ||||||
Other current assets and prepaid expenses | (186) | (60) | ||||||
Other assets | (82) | (260) | ||||||
Accounts payable and accrued expenses | 296 | 77 | ||||||
Other current liabilities | 39 | (15) | ||||||
Due to/from related parties | 588 | (202) | ||||||
Other liabilities | (15) | 25 | ||||||
Net cash (used in) provided by operating activities | (899) | 41 | ||||||
Investing activities | ||||||||
Purchases of property and equipment | (58) | (728) | ||||||
Proceeds from sale and maturity of marketable securities, net | 25,031 | — | ||||||
Investment in Rafael Pharmaceuticals | (55,870) | — | ||||||
Net cash used in investing activities | (30,897) | (728) | ||||||
Financing activities | ||||||||
Contribution from noncontrolling interest of consolidated entity | 4,587 | — | ||||||
Repayment of Loan from Rafael Pharmaceuticals | 3,300 | — | ||||||
Proceeds from exercise of options | 163 | — | ||||||
Proceed from sale of shares | 7,777 | — | ||||||
Proceeds from convertible notes payable - Related Party | 15,000 | — | ||||||
Cash advances from IDT Corporation, net of repayments | — | 900 | ||||||
Net cash provided by financing activities | 30,827 | 900 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (65) | 39 | ||||||
Net (decrease) increase in cash and cash equivalents | (1,034) | 252 | ||||||
Cash and cash equivalents at beginning of period | 15,803 | 11,756 | ||||||
Cash and cash equivalents at end of period | $ | 14,769 | $ | 12,008 | ||||
Supplemental Schedule of Non-Cash Financing and Investing Activities | ||||||||
Adoption effect of ASU 2016-01 | $ | 39 | — | |||||
Beneficial conversion feature of convertible debt – related party | $ | 71 | — | |||||
Debt and accrued interest converted to Series D Preferred Stock | $ | 10,848 | — | |||||
Related Party deposit utilized to purchase Class B Common Stock | $ | 864 | — | |||||
Cash payments made for interest & taxes | — | — | ||||||
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SOURCE Rafael Holdings, Inc.
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