# EDGAR Filing Document

**Accession Number:** 0001713863
**File Stem:** 0000950170-25-106341
**Filing Date:** 2025-8
**Character Count:** 5173
**Document Hash:** d3c173b56fc7507115a489956e5296b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-106341.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0000950170-25-106341

**CONFORMED SUBMISSION TYPE**: 3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250804

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Fine Joshua M
- **CENTRAL INDEX KEY:** 0001779940

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38411
- **FILM NUMBER:** 251201006

**MAIL ADDRESS:**
- **STREET 1:** 21 HEMMELSKAMP ROAD
- **CITY:** WILTON
- **STATE:** CT
- **ZIP:** 06897
**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

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 3

### INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Fine Joshua M<br><sub>(Last) (First) (Middle)</sub><br>C/O RAFAEL HOLDINGS, INC.<br>520 BROAD STREET<br><sub>(Street)</sub><br>NEWARK, NJ 07102<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>Rafael Holdings, Inc. [ RFL ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-08-04 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [ ] 10% Owner<br>[X] Officer (give title below)   [ ] Other (specify below)<br>_Chief Operations Officer_ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities Beneficially Owned

---

|  |  |  |  |
| --- | --- | --- | --- |
| 1. Title of Security | 2. Amount of Securities Beneficially Owned | 3. Ownership Form | 4. Nature of Indirect Beneficial Ownership |
| Class B Common Stock, $.01 par value per share | 9380<sup>(1)(2)</sup> | D |  |

---

## Table II - Derivative Securities Beneficially Owned

---

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 3. Title and Amount of Underlying Securities | 3. Title and Amount of Underlying Securities | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| Stock Option (right to buy) | 2021-08-30 | 2031-08-30 | Class B Common Stock | 8389<sup>(2)</sup> | $21.16 | D |  |
| Stock Option (right to buy) | 2022-02-28 | 2032-02-28 | Class B Common Stock | 10997<sup>(2)</sup> | $9.25 | D |  |
| Stock Option (right to buy) | 2023-03-02 | 2033-03-01 | Class B Common Stock | 14464<sup>(2)</sup> | $3.63 | D |  |
| Stock Option (right to buy) | 2024-06-03 | 2034-06-03 | Class B Common Stock | 39031<sup>(2)</sup> | $3.63 | D |  |
| Stock Option (right to buy) | 2025-03-25 | 2035-03-25 | Class B Common Stock | 65000 | $1.0 | D |  |

---

### Footnotes:

(1) Consists of 9,380 shares of Class B common stock held jointly by the Reporting Person and his wife

(2) The shares, options and warrants were all received in exchange for shares, options and warrants, respectively, of Cyclo Therapeutics, Inc. ("Cyclo") common stock and upon conversion of options and warrants to purchase shares of Cyclo common stock in connection with the business combination between the Issuer and Cyclo on March 25, 2025.

**Signature:** Joyce J Mason, by Power of Attorney  
**Date:** 2025-08-11

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**