<SEC-DOCUMENT>0000950170-25-057934.txt : 20250424
<SEC-HEADER>0000950170-25-057934.hdr.sgml : 20250424
<ACCEPTANCE-DATETIME>20250424151853
ACCESSION NUMBER:		0000950170-25-057934
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250325
FILED AS OF DATE:		20250424
DATE AS OF CHANGE:		20250424

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CONKLING WILLIAM
		CENTRAL INDEX KEY:			0001852018
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38411
		FILM NUMBER:		25866933

	MAIL ADDRESS:	
		STREET 1:		C/O RAFAEL HOLDINGS, INC.
		STREET 2:		520 BROAD ST
		CITY:			NEWARK
		STATE:			NJ
		ZIP:			07102

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Rafael Holdings, Inc.
		CENTRAL INDEX KEY:			0001713863
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				822296593
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	BUSINESS ADDRESS:	
		STREET 1:		520 BROAD STREET
		CITY:			NEWARK
		STATE:			NJ
		ZIP:			07120
		BUSINESS PHONE:		212-658-1450

	MAIL ADDRESS:	
		STREET 1:		520 BROAD STREET
		CITY:			NEWARK
		STATE:			NJ
		ZIP:			07120
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-03-25</periodOfReport>

    <issuer>
        <issuerCik>0001713863</issuerCik>
        <issuerName>Rafael Holdings, Inc.</issuerName>
        <issuerTradingSymbol>RFL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001852018</rptOwnerCik>
            <rptOwnerName>CONKLING WILLIAM</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O RAFAEL HOLDINGS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>520 BROAD ST</rptOwnerStreet2>
            <rptOwnerCity>NEWARK</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07102</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class B Common Stock, par value $.01 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2025-03-25</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>27454</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>564455</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>3.89</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-03-25</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2362</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2025-03-25</value>
            </exerciseDate>
            <expirationDate>
                <value>2033-06-06</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class B Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2362</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2362</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>3.63</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-03-25</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5485</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2025-03-25</value>
            </exerciseDate>
            <expirationDate>
                <value>2034-06-03</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class B Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5485</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5485</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The Reporting Person received these shares in exchange for 77,884 shares of Cyclo Therapeutics, Inc. (&quot;Cyclo&quot;) common stock in connection with the business combination between Cyclo and the Issuer (the &quot;Merger&quot;) based upon an exchange ratio of 0.3525.</footnote>
        <footnote id="F2">Consists of 174,409 shares of stock held directly, 183,094 fully vested shares of Restricted Stock and 206,952 shares of unvested Restricted Stock that vest as follows: 38,983 shares to vest quarterly, June 21, 2025 through September 21, 2025, and 38,986 shares to vest on December 21, 2025; 10,000 shares to vest on each of October 25, 2025, October 25, 2026 and October 25, 2027; and 15,000 shares to vest on each of January 13, 2026, January 13, 2027, January 13, 2028 and January 13, 2029.</footnote>
        <footnote id="F3">The Reporting Person received this option to purchase shares of stock in the Merger in exchange for an employee stock option granted to Mr. Conkling on June 6, 2023 to purchase 6,700 shares of Cyclo common stock at an exercise price of $1.37.</footnote>
        <footnote id="F4">The Reporting Person received this option to purchase shares of stock in the Merger in exchange for an employee stock option granted to Mr. Conkling on June 3, 2024 to purchase 15,562 shares of Cyclo common stock at an exercise price of $1.28.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Joyce J. Mason, by Power of Attorney</signatureName>
        <signatureDate>2025-04-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
