Raphael Pharmaceutical Inc (RAPH) is a pre-revenue clinical-stage pharmaceutical company developing purified cannabinoid-based drug candidates for inflammatory and autoimmune diseases. The company has not generated product revenue as of the fiscal year ended December 31, 2025, and funds operations through external financing rather than product sales. Its lead program targets rheumatoid arthritis (RA), with additional candidates aimed at COVID-19, psoriatic arthritis, inflammatory bowel disease, systemic lupus erythematosus, and gout. In November 2025, Raphael jointly filed provisional patent application No. 63/911,729 with the USPTO covering its cannabinoid-based formula for neutrophil-dominant autoimmune diseases, in collaboration with the Medical Cannabis Research and Innovation Center and Rambam MedTech. The company was incorporated in Israel, with substantially all executive officers and directors residing outside the United States. Operations are lean and heavily outsourced, with research and development, specifically manufacturing process development, representing the largest component of operating expenses per the 10-K filed March 31, 2026.

Revenue model

No product revenue as of December 31, 2025. The company is pre-commercial and relies on external capital raises to fund research and development. The 10-K filed March 31, 2026 explicitly states the company has not generated revenue from any product candidate.

Products and services

Lead product candidate: purified cannabinoid-based formula for rheumatoid arthritis (RA). Additional indications covered by provisional patent No. 63/911,729 (filed November 2025): psoriatic arthritis, inflammatory bowel disease, systemic lupus erythematosus with neutrophil involvement, and gout. A COVID-19 product candidate is also referenced as a pipeline asset. No products are approved or commercialized as of the filing date.

Customers and end markets

Target end markets are patients with inflammatory and autoimmune diseases, including RA, psoriatic arthritis, inflammatory bowel disease, systemic lupus erythematosus, gout, asthma, and COVID-19. No commercial customers exist as of December 31, 2025.

Value-chain role

Drug developer operating pre-clinical and early-stage research. Manufacturing is outsourced to contract manufacturers. The company does not own commercial manufacturing facilities. Regulatory progression toward IND application and eventual NDA submission to the FDA is the current operational focus.

Geographic exposure

Incorporated in Israel. Expenses incurred in U.S. dollars, Euros, and New Israeli Shekels as of fiscal year ended December 31, 2025. Future revenue is expected to be denominated in U.S. dollars, Euros, and other foreign currencies per the 10-K filed March 31, 2026. Partial foreign currency hedging is in place.

Source: SEC 10-K, filed 2026-03-31

Industry: Medicinal Chemicals & Botanical Products