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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Registration No.&nbsp;333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>
  
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  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549 </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM S-8 </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REGISTRATION STATEMENT </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>UNDER </I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>RAFAEL HOLDINGS, INC. </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Exact name of registrant as specified in its
  charter) </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
      <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><B>82-2296593</B></FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(State of Incorporation)</B></FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(I.R.S. Employer Identification No.)</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>520 Broad Street</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Newark, New Jersey 07102</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(212) 658-1450 </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Address of Principal Executive Offices, Including
  Zip Code </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>and Telephone Number) </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Rafael Holdings, Inc. 2021 Equity Incentive
  Plan</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Cyclo Therapeutics, Inc. 2021 Omnibus Equity
  Incentive Plan</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Full Title of the Plan) </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>David Polinsky</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chief Financial Officer </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Rafael Holdings, Inc.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>520 Broad Street </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Newark, NJ 07102</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(212) 658-1450</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Name, Address, including Zip Code, and Telephone
  Number, </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Including Area Code, of Agent for Service) </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>&nbsp;</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>Copies to: </I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Dov T. Schwell, Esq. </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Schwell Wimpfheimer &amp; Associates LLP </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>37 West 39<SUP>th</SUP> Street, Suite 505</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>New York, NY 10018 </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(646) 328-0795</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Indicate by check mark whether the registrant is a large accelerated
  filer, an accelerated filer, a non-accelerated filer or a small reporting company. See definitions of &ldquo;large accelerated filer,&rdquo;
  &ldquo;accelerated filer&rdquo; and &ldquo;small reporting company&rdquo; in Rule 12b-2 of the Exchange Act. </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
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      <TD STYLE="width: 10%">&nbsp;</TD>
      <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt"><B>Large&nbsp;accelerated&nbsp;filer</B></FONT></TD>
      <TD STYLE="width: 15%">&#9744;</TD>
      <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt"><B>Accelerated&nbsp;filer</B></FONT></TD>
      <TD STYLE="width: 15%">&#9744;</TD>
      <TD STYLE="width: 10%">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt"><B>Non-accelerated filer</B></FONT></TD>
      <TD>&#9746;</TD>
      <TD><FONT STYLE="font-size: 10pt"><B>Smaller&nbsp;reporting&nbsp;company</B></FONT></TD>
      <TD>&#9746;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD>
      <TD><B>Emerging&nbsp;growth&nbsp;company</B><TD>&#9744;&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><B>If an emerging growth company, indicate
  by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
  accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;</B>&#9744;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><B></B></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><B>&nbsp;</B></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><B></B>&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Explanatory Note</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">This Registration Statement is being filed by Rafael
  Holdings, Inc. (the &ldquo;Registrant&rdquo;) to register (i) 774,375 shares of its Class B common stock, $0.01 par value per share (the
  &ldquo;Class B Common Stock&rdquo;), consisting of (A) 750,000 shares of Class B Common stock that have been reserved for issuance pursuant
  to awards that may be made under the Rafael Holdings, Inc. 2021 Equity Incentive Plan, as amended and restated (the &ldquo;Rafael Plan&rdquo;)
  and 24,375 shares were previously issued as restricted shares pursuant to awards that were forfeited prior to vesting and will be issuable
  to eligible individuals under the Rafael Plan, for which a registration statement of the Registrant on Form S-8 (File No. 333-274254)
  for such shares is effective; and (ii) 618,702 shares of Class B Common Stock issuable pursuant to awards made under the Cyclo Therapeutics,
  Inc. (&ldquo;Cyclo&rdquo;) 2021 Omnibus Equity Incentive Plan (the &ldquo;Cyclo Plan&rdquo; and together with the Rafael Plan, the &ldquo;Plans&rdquo;).</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">On March 25, 2025, pursuant to that certain Agreement
  and Plan of Merger, dated as of August 21, 2024 (as amended as of December 18, 2024 and February 4, 2025, the &ldquo;Merger Agreement&rdquo;),
  by and among the Registrant; Cyclo; Tandem Therapeutics, Inc., a Nevada corporation; and Tandem Therapeutics, LLC, a Nevada limited liability
  company, Cyclo became a wholly-owned limited liability company subsidiary of the Registrant (the &ldquo;Merger&rdquo;).</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">At the effective time of the Merger (&ldquo;Effective
  Time&rdquo;), all compensatory options (&ldquo;Cyclo Options&rdquo;) to purchase Cyclo Common Stock that were outstanding immediately
  prior to the Effective time were automatically assumed and converted into options to acquire, on substantially similar terms and conditions
  as were applicable under such Cyclo Options, 618,702 shares of Class B Common Stock.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PART I </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECTION 10(a) PROSPECTUS</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 27pt">The documents containing the
  information specified in Part I of Form S-8 will be sent or given to participants in the Plans as specified by Rule 428(b)(1) under the
  Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). Such documents need not be filed with the Securities and Exchange
  Commission (the &ldquo;Commission&rdquo;), either as part of this Registration Statement or as prospectuses or prospectus supplements
  pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference in the registration statement
  pursuant to Item&nbsp;3 of Part II of this Form, taken together, constitute a prospectus that meets the requirements of Section&nbsp;10(a)
  of the Securities Act. See Securities Act Rule 428(a)(1).</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PART II </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Item&nbsp;3. Incorporation of Documents By Reference. </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">The following documents filed with the Commission
  by the Registrant, pursuant to the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), are incorporated by reference
  in this Registration Statement:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 0.5in">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">The Registrant&rsquo;s Annual Report on Form&nbsp;10-K&nbsp;for the year ended July 31, 2024, filed with the Commission on </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390024095111/ea0217275-10k_rafael.htm"><FONT STYLE="font-size: 10pt">November 7, 2024</FONT></A> <FONT STYLE="font-size: 10pt">as amended on </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390024110663/ea0225191-10ka1_rafael.htm">December 20, 2024</A></FONT> <FONT STYLE="font-size: 10pt">and </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025001971/ea0227013-10ka2_rafael.htm">January 8, 2025</A></FONT><FONT STYLE="font-size: 10pt">;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 0.5in">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">The Registrant&rsquo;s Quarterly Reports on Form&nbsp;10-Q&nbsp;for the quarters ended&nbsp;</FONT><FONT STYLE="font-size: 10pt">October 31, 2024</FONT><FONT STYLE="font-size: 10pt">, filed with the Commission on <A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390024107637/ea0224125-10q_rafael.htm">December 11, 2024</A>, </FONT><FONT STYLE="font-size: 10pt">January 31, 2025</FONT> <FONT STYLE="font-size: 10pt">filed with the Commission on <A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025023799/ea0233977-10q_rafael.htm">March 14, 2025</A> and April 30, 2025 filed with the Commission on <A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025053273/ea0244900-10q_rafael.htm">June 11, 2025</A>;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">&nbsp;</P>
  
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    <TR>
      <TD STYLE="width: 0.5in">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 0.25in">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(c)</P></TD>
      <TD STYLE="vertical-align: top">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">The Registrant&rsquo;s
  Current Reports on Form&nbsp;8-K&nbsp;filed with the Commission on </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390024066336/ea0210862-8k_rafael.htm">August 8, 2024</A></FONT><FONT STYLE="font-size: 10pt">, </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390024071659/ea0212085-8k425_rafael.htm">August 22, 2024</A></FONT><FONT STYLE="font-size: 10pt">, </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390024095102/ea0218947-8k_rafael.htm">November 7, 2024</A></FONT><FONT STYLE="font-size: 10pt">, </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390024107632/ea0224341-8k_rafael.htm">December 11, 2024</A></FONT><FONT STYLE="font-size: 10pt">, </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390024111976/ea0225818-8k_rafael.htm">December 23, 2024</A></FONT><FONT STYLE="font-size: 10pt">, </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025003033/ea0227486-8k_rafael.htm">January 13, 2025</A></FONT><FONT STYLE="font-size: 10pt">, </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025011774/ea0230532-8k_rafael.htm">February 10, 2025</A></FONT><FONT STYLE="font-size: 10pt">, </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025023789/ea0234181-8k_rafael.htm">March 14, 2025</A></FONT><FONT STYLE="font-size: 10pt">, </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000101376225001736/ea0235330-8k_rafael.htm">March 25, 2025</A></FONT><FONT STYLE="font-size: 10pt">, </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000101376225002413/ea0235617-8k_rafael.htm">March 26, 2025</A></FONT>, <FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025035089/ea0239411-8k_rafael.htm">April 24, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025036180/ea0239462-8ka1_rafael.htm">April 28, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025036845/ea0240038-8k_rafael.htm">April 29, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025039440/ea0240611-8ka1_rafael.htm">May 5, 2025</A> <A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025040209/ea0241060-8k_rafael.htm">May 6, 2025</A> <A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025045986/ea0242903-8ka1_rafael.htm">May 20, 2025</A>,
  <A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025051166/ea0244725-8k_rafael.htm">June 4, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025053266/ea0245286-8k_rafael.htm">June 11 , 2025</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390025055402/ea0246139-8k_rafael.htm">June 18, 2025</A>; and </FONT></P></TD></TR>
    </TABLE>
  <P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(d)</TD>
    <TD>The Registrant&rsquo;s definitive proxy statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390024099885/ea0220395-02.htm">Schedule 14A</A> filed
      with the Commission on November 19, 2024; and</TD></TR>
  </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 0.5in">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Description of our Class B common stock set forth under Item 11 in Post-Effective Amendment No. 3 to the Registrant&rsquo;s Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390018003455/f1012g2018a3_rafaelhold.htm">Form 10</A>, filed with the Commission on March 26, 2018, and contained in <A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390022067711/f10k2022ex4-2_rafaelhold.htm">Exhibit 4.2</A> to our Annual Report on 10-K filed with Commission on October 31, 2022, including any amendment or report filed for the purpose of updating such information.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">All documents subsequently filed by the Registrant
  pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates
  that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated
  by reference herein and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated
  or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement
  to the extent that a statement contained herein or in any other subsequently filed document which also is incorporated or deemed to be
  incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed,
  except as so modified or superseded, to constitute a part of this Registration Statement.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Item&nbsp;4.&nbsp;Description of Securities.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Not applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Item&nbsp;5. Interests of Named Experts
  and Counsel.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">None. &nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Item&nbsp;6. Indemnification of
  Directors and Officers.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0.5in">The
  Registrant&rsquo;s Certificate of Incorporation provides that, no director shall be personally liable to the Corporation or any of
  its stockholders for monetary damages for any breach of fiduciary duty as a director, except for liability (i) for breach of the
  director&rsquo;s duty of loyalty to the Corporation or its stockholders, (ii)&nbsp;for acts or omissions not in good faith or which
  involve intentional misconduct or a knowing violation of law, (iii) pursuant to Section 174 of the DGCL or (iv) for any transaction
  from which the director derived an improper personal benefit and that&nbsp;any alteration, amendment or repeal of this section by
  the stockholders of the Corporation shall not adversely affect any right or protection of a director of the Corporation existing at
  the time of such alteration, amendment or repeal with respect to acts or omissions occurring prior to such alteration, amendment or
  repeal.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"></P>
  
  <!-- Field: Page; Sequence: 4; Options: NewSection; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0.5in">The Registrant&rsquo;s By-Laws
  provide that the Registrant shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending
  or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right
  of the Corporation) by reason of the fact that he is or was a director or officer of the Corporation, or is or was a director or officer
  of the Corporation serving at the request of the Corporation as a director or officer, employee or agent of another corporation, partnership,
  joint venture, trust, employee benefit plan or other enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines
  and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted
  in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect
  to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0.5in">The By-laws further
  provide that the Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending
  or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he is
  or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation
  as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
  against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by him in connection with the defense or settlement
  of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests
  of the Corporation; except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall
  have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery or the court in which such
  action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances
  of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court
  shall deem proper.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Item&nbsp;7. Exemption from Registration
  Claimed.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;Not applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Item&nbsp;8. Exhibits. </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit&nbsp;No.</B></FONT></TD>
      <TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Description</B> &nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390024099885/ea0220395-02.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Rafael Holdings, Inc.&rsquo;s 2021 Equity Incentive Plan, as amended and restated (incorporated by reference to Exhibit A of the Registrant&rsquo;s Definitive Proxy Statement, filed with the Commission on November 19, 2024).</FONT></A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/922247/000143774921015654/ex_259668.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cyclo Therapeutics, Inc. 2021 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Cyclo&rsquo;s Current Report on Form 8-K filed June 24, 2021).</FONT></A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">* 5.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="ea024696001ex5-1_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal Opinion of Schwell Wimpfheimer and Associates LLP.</FONT></A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">* 23.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="ea024696001ex5-1_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent of Schwell Wimpfheimer and Associates LLP (included in Exhibit 5.1 hereto).</FONT></A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">* 23.2</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="ea024696001ex23-2_rafaelhold.htm">Consent of CohnReznick LLP, Independent Registered Public Accounting Firm</A>.</TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">* 23.3</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="ea024696001ex23-3_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent of WithumSmith+Brown, PC as to Cyclo Therapeutics, Inc.</FONT></A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">24.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="#pow_001"><FONT STYLE="font-family: Times New Roman, Times, Serif">Power of Attorney (included in the Signature Pages to this Registration Statement).</FONT></A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">* 107</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="ea024696001ex-fee_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filing Fee Table</FONT></A></TD></TR>
    </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in">*</TD><TD>Filed herewith</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>
  
  <!-- Field: Page; Sequence: 5; Value: 1 -->
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      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Item&nbsp;9. Undertakings.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>The undersigned Registrant hereby undertakes:</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
  post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
  in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total
  dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
  maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b)
  if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price
  set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective Registration Statement; and</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
  or any material change to such information in the Registration Statement.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt"><U>provided</U> , <U>however</U> , that paragraphs (a)(1)(i)
  and (a)(1)(ii) will not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
  in periodic reports filed with or furnished to the Securities Exchange Commission by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)
  of the Exchange Act of 1934 that are incorporated by reference in the Registration Statement.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
  to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
  be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
  termination of the offering.</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
  filing of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act of 1934 (and,
  where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d) of the Securities Exchange
  Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating
  to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
  thereof.</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
  persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
  Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
  unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses
  incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
  is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
  in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
  question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
  adjudication of such issue.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>
  
  <!-- Field: Page; Sequence: 6; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="pow_001"></A>SIGNATURES </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Pursuant to the requirements of the Securities
  Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
  has duly caused this Form S-8 Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
  City of Newark, State of New Jersey, on June 26, 2025.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">RAFAEL HOLDINGS, INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s David Polinsky</FONT></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">David Polinsky</FONT></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer </FONT></TD></TR>
  </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The undersigned directors and officers hereby
  constitute and appoint Joyce Mason, with full power to act and with full power of substitution and resubstitution, our true and lawful
  attorney-in-fact with full power to execute in our name in the capacities indicated any and all amendments (including post-effective amendments)
  to this Registration Statement and to sign any and all additional registration statements relating to the same offering of securities
  as this Form S-8 that are filed pursuant to the requirements of the Securities Act and to file the same, with all exhibits thereto and
  other documents in connection therewith, with the Commission and hereby ratify and confirm that all such attorneys-in fact, or either
  of them, or their substitutes shall lawfully do or cause to be done by virtue thereof.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Pursuant to the requirements of the Securities
  Act, this Form S-8 Registration Statement has been signed by the following persons in the capacities indicated as of June 26, 2025.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Signature</B></FONT></TD>
      <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 2%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Titles</B></FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Howard S. Jonas &nbsp; </FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director, Chairman of the Board, Chief Executive Officer and Executive
  </FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Howard S. Jonas</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chairman </FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Principal Executive Officer) &nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ David Polinsky &nbsp; </FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Financial Officer </FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">David Polinsky</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Principal Financial Officer and Principal Accounting Officer)</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Susan Y. Bernstein &nbsp; </FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Susan Y. Bernstein</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Stephen Greenberg &nbsp; </FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stephen Greeenberg</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Markus W. Sieger &nbsp; </FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Markus W. Sieger</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Dr. Mark Stein &nbsp; </FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dr. Mark Stein</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Dr. Michael J. Weiss &nbsp; </FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dr. Michael J. Weiss</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT INDEX </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit&nbsp;No.</B></FONT></TD>
      <TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Description</B> &nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1713863/000121390024099885/ea0220395-02.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Rafael Holdings, Inc.&rsquo;s 2021 Equity Incentive Plan, as amended and restated (incorporated by reference to Exhibit A of the Registrant&rsquo;s Definitive Proxy Statement, filed with the Commission on November 19, 2024).</FONT></A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/922247/000143774921015654/ex_259668.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cyclo Therapeutics, Inc. 2021 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Cyclo&rsquo;s Current Report on Form 8-K filed June 24, 2021).</FONT></A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">* 5.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="ea024696001ex5-1_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal Opinion of Schwell Wimpfheimer and Associates LLP.</FONT></A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">* 23.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="ea024696001ex5-1_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent of Schwell Wimpfheimer and Associates LLP (included in Exhibit 5.1 hereto).</FONT></A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">* 23.2</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="ea024696001ex23-2_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent of CohnReznick LLP, Independent Registered Public Accounting Firm.</FONT></A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">* 23.3</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="ea024696001ex23-3_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent of WithumSmith+Brown, PC as to Cyclo Therapeutics, Inc.</FONT></A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">24.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="#pow_001"><FONT STYLE="font-family: Times New Roman, Times, Serif">Power of Attorney (included in the Signature Pages to this Registration Statement).</FONT></A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">* 107</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="ea024696001ex-fee_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filing Fee Table</FONT></A></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in">*</TD><TD>Filed herewith</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">II-5</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
  
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metadata_filer: {"company-data": {"conformed-name": "Rafael Holdings, Inc.", "cik": "0001713863", "assigned-sic": "2834", "organization-name": "03 Life Sciences", "ein": "822296593", "state-of-incorporation": "DE", "fiscal-year-end": "0731"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-288345", "film-number": "251080301"}, "business-address": {"street1": "520 BROAD STREET", "city": "NEWARK", "state": "NJ", "zip": "07120", "phone": "212-658-1450"}, "mail-address": {"street1": "520 BROAD STREET", "city": "NEWARK", "state": "NJ", "zip": "07120"}}
text: Registration No. 333-
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT
  UNDER
  THE SECURITIES ACT OF 1933
  RAFAEL HOLDINGS, INC.
  (Exact name of registrant as specified in its
  charter)
  Delaware
  82-2296593
  (State of Incorporation)
  (I.R.S. Employer Identification No.)
  520 Broad Street
  Newark, New Jersey 07102
  (212) 658-1450
  (Address of Principal Executive Offices, Including
  Zip Code
  and Telephone Number)
  Rafael Holdings, Inc. 2021 Equity Incentive
  Plan
  Cyclo Therapeutics, Inc. 2021 Omnibus Equity
  Incentive Plan
  (Full Title of the Plan)
  David Polinsky
  Chief Financial Officer
  Rafael Holdings, Inc.
  520 Broad Street
  Newark, NJ 07102
  (212) 658-1450
  (Name, Address, including Zip Code, and Telephone
  Number,
  Including Area Code, of Agent for Service)
  Copies to:
  Dov T. Schwell, Esq.
  Schwell Wimpfheimer & Associates LLP
  37 West 39
  th
  Street, Suite 505
  New York, NY 10018
  (646) 328-0795
  Indicate by check mark whether the registrant is a large accelerated
  filer, an accelerated filer, a non-accelerated filer or a small reporting company. See definitions of "large accelerated filer,"
  "accelerated filer" and "small reporting company" in Rule 12b-2 of the Exchange Act.
  Large accelerated filer
  ☐
  Accelerated filer
  ☐
  Non-accelerated filer
  ☒
  Smaller reporting company
  ☒
  Emerging growth company
  ☐
  If an emerging growth company, indicate
  by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
  accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
  ☐
  Explanatory Note
  This Registration Statement is being filed by Rafael
  Holdings, Inc. (the "Registrant") to register (i) 774,375 shares of its Class B common stock, $0.01 par value per share (the
  "Class B Common Stock"), consisting of (A) 750,000 shares of Class B Common stock that have been reserved for issuance pursuant
  to awards that may be made under the Rafael Holdings, Inc. 2021 Equity Incentive Plan, as amended and restated (the "Rafael Plan")
  and 24,375 shares were previously issued as restricted shares pursuant to awards that were forfeited prior to vesting and will be issuable
  to eligible individuals under the Rafael Plan, for which a registration statement of the Registrant on Form S-8 (File No. 333-274254)
  for such shares is effective; and (ii) 618,702 shares of Class B Common Stock issuable pursuant to awards made under the Cyclo Therapeutics,
  Inc. ("Cyclo") 2021 Omnibus Equity Incentive Plan (the "Cyclo Plan" and together with the Rafael Plan, the "Plans").
  On March 25, 2025, pursuant to that certain Agreement
  and Plan of Merger, dated as of August 21, 2024 (as amended as of December 18, 2024 and February 4, 2025, the "Merger Agreement"),
  by and among the Registrant; Cyclo; Tandem Therapeutics, Inc., a Nevada corporation; and Tandem Therapeutics, LLC, a Nevada limited liability
  company, Cyclo became a wholly-owned limited liability company subsidiary of the Registrant (the "Merger").
  At the effective time of the Merger ("Effective
  Time"), all compensatory options ("Cyclo Options") to purchase Cyclo Common Stock that were outstanding immediately
  prior to the Effective time were automatically assumed and converted into options to acquire, on substantially similar terms and conditions
  as were applicable under such Cyclo Options, 618,702 shares of Class B Common Stock.
  PART I
  SECTION 10(a) PROSPECTUS
  The documents containing the
  information specified in Part I of Form S-8 will be sent or given to participants in the Plans as specified by Rule 428(b)(1) under the
  Securities Act of 1933, as amended (the "Securities Act"). Such documents need not be filed with the Securities and Exchange
  Commission (the "Commission"), either as part of this Registration Statement or as prospectuses or prospectus supplements
  pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference in the registration statement
  pursuant to Item 3 of Part II of this Form, taken together, constitute a prospectus that meets the requirements of Section 10(a)
  of the Securities Act. See Securities Act Rule 428(a)(1).
  1
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents By Reference.
  The following documents filed with the Commission
  by the Registrant, pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated by reference
  in this Registration Statement:
  (a)
  The Registrant's Annual Report on Form 10-K for the year ended July 31, 2024, filed with the Commission on
  November 7, 2024
  as amended on
  December 20, 2024
  and
  January 8, 2025
  ;
  (b)
  The Registrant's Quarterly Reports on Form 10-Q for the quarters ended
  October 31, 2024
  , filed with the Commission on
  December 11, 2024
  ,
  January 31, 2025
  filed with the Commission on
  March 14, 2025
  and April 30, 2025 filed with the Commission on
  June 11, 2025
  ;
  (c)
  The Registrant's
  Current Reports on Form 8-K filed with the Commission on
  August 8, 2024
  ,
  August 22, 2024
  ,
  November 7, 2024
  ,
  December 11, 2024
  ,
  December 23, 2024
  ,
  January 13, 2025
  ,
  February 10, 2025
  ,
  March 14, 2025
  ,
  March 25, 2025
  ,
  March 26, 2025
  ,
  April 24, 2025
  ,
  April 28, 2025
  ,
  April 29, 2025
  ,
  May 5, 2025
  May 6, 2025
  May 20, 2025
  ,
  June 4, 2025
  ,
  June 11 , 2025
  and
  June 18, 2025
  ; and
  (d)
  The Registrant's definitive proxy statement on
  Schedule 14A
  filed
      with the Commission on November 19, 2024; and
  (e)
  Description of our Class B common stock set forth under Item 11 in Post-Effective Amendment No. 3 to the Registrant's Registration Statement on
  Form 10
  , filed with the Commission on March 26, 2018, and contained in
  Exhibit 4.2
  to our Annual Report on 10-K filed with Commission on October 31, 2022, including any amendment or report filed for the purpose of updating such information.
  All documents subsequently filed by the Registrant
  pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates
  that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated
  by reference herein and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated
  or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement
  to the extent that a statement contained herein or in any other subsequently filed document which also is incorporated or deemed to be
  incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed,
  except as so modified or superseded, to constitute a part of this Registration Statement.
  Item 4. Description of Securities.
  Not applicable.
  Item 5. Interests of Named Experts
  and Counsel.
  None.
  Item 6. Indemnification of
  Directors and Officers.
  The
  Registrant's Certificate of Incorporation provides that, no director shall be personally liable to the Corporation or any of
  its stockholders for monetary damages for any breach of fiduciary duty as a director, except for liability (i) for breach of the
  director's duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which
  involve intentional misconduct or a knowing violation of law, (iii) pursuant to Section 174 of the DGCL or (iv) for any transaction
  from which the director derived an improper personal benefit and that any alteration, amendment or repeal of this section by
  the stockholders of the Corporation shall not adversely affect any right or protection of a director of the Corporation existing at
  the time of such alteration, amendment or repeal with respect to acts or omissions occurring prior to such alteration, amendment or
  repeal.
  II-
  1
  The Registrant's By-Laws
  provide that the Registrant shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending
  or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right
  of the Corporation) by reason of the fact that he is or was a director or officer of the Corporation, or is or was a director or officer
  of the Corporation serving at the request of the Corporation as a director or officer, employee or agent of another corporation, partnership,
  joint venture, trust, employee benefit plan or other enterprise, against expenses (including attorneys' fees), judgments, fines
  and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted
  in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect
  to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
  The By-laws further
  provide that the Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending
  or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he is
  or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation
  as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
  against expenses (including attorneys' fees) actually and reasonably incurred by him in connection with the defense or settlement
  of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests
  of the Corporation; except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall
  have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery or the court in which such
  action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances
  of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court
  shall deem proper.
  Item 7. Exemption from Registration
  Claimed.
  Not applicable.
  Item 8. Exhibits.
  Exhibit No.
  Description
  4.1
  Rafael Holdings, Inc.'s 2021 Equity Incentive Plan, as amended and restated (incorporated by reference to Exhibit A of the Registrant's Definitive Proxy Statement, filed with the Commission on November 19, 2024).
  4.2
  Cyclo Therapeutics, Inc. 2021 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Cyclo's Current Report on Form 8-K filed June 24, 2021).
  * 5.1
  Legal Opinion of Schwell Wimpfheimer and Associates LLP.
  * 23.1
  Consent of Schwell Wimpfheimer and Associates LLP (included in Exhibit 5.1 hereto).
  * 23.2
  Consent of CohnReznick LLP, Independent Registered Public Accounting Firm
  .
  * 23.3
  Consent of WithumSmith+Brown, PC as to Cyclo Therapeutics, Inc.
  24.1
  Power of Attorney (included in the Signature Pages to this Registration Statement).
  * 107
  Filing Fee Table
  *
  Filed herewith
  II-
  2
  Item 9. Undertakings.
  (a)
  The undersigned Registrant hereby undertakes:
  (1)
  To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
  (i)
  To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
  (ii)
  To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
  post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
  in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total
  dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
  maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b)
  if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price
  set forth in the "Calculation of Registration Fee" table in the effective Registration Statement; and
  (iii)
  To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
  or any material change to such information in the Registration Statement.
  provided
  ,
  however
  , that paragraphs (a)(1)(i)
  and (a)(1)(ii) will not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
  in periodic reports filed with or furnished to the Securities Exchange Commission by the Registrant pursuant to Section 13 or Section 15(d)
  of the Exchange Act of 1934 that are incorporated by reference in the Registration Statement.
  (2)
  That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
  to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
  be deemed to be the initial bona fide offering thereof.
  (3)
  To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
  termination of the offering.
  (b)
  The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
  filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act of 1934 (and,
  where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange
  Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating
  to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
  thereof.
  (c)
  Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
  persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
  Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
  unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses
  incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
  is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
  in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
  question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
  adjudication of such issue.
  II-
  3
  SIGNATURES
  Pursuant to the requirements of the Securities
  Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
  has duly caused this Form S-8 Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
  City of Newark, State of New Jersey, on June 26, 2025.
  RAFAEL HOLDINGS, INC.
  By:
  /s David Polinsky
  David Polinsky
  Chief Financial Officer
  The undersigned directors and officers hereby
  constitute and appoint Joyce Mason, with full power to act and with full power of substitution and resubstitution, our true and lawful
  attorney-in-fact with full power to execute in our name in the capacities indicated any and all amendments (including post-effective amendments)
  to this Registration Statement and to sign any and all additional registration statements relating to the same offering of securities
  as this Form S-8 that are filed pursuant to the requirements of the Securities Act and to file the same, with all exhibits thereto and
  other documents in connection therewith, with the Commission and hereby ratify and confirm that all such attorneys-in fact, or either
  of them, or their substitutes shall lawfully do or cause to be done by virtue thereof.
  Pursuant to the requirements of the Securities
  Act, this Form S-8 Registration Statement has been signed by the following persons in the capacities indicated as of June 26, 2025.
  Signature
  Titles
  /s/ Howard S. Jonas
  Director, Chairman of the Board, Chief Executive Officer and Executive
  Howard S. Jonas
  Chairman
  (Principal Executive Officer)
  /s/ David Polinsky
  Chief Financial Officer
  David Polinsky
  (Principal Financial Officer and Principal Accounting Officer)
  /s/ Susan Y. Bernstein
  Director
  Susan Y. Bernstein
  /s/ Stephen Greenberg
  Director
  Stephen Greeenberg
  /s/ Markus W. Sieger
  Director
  Markus W. Sieger
  /s/ Dr. Mark Stein
  Director
  Dr. Mark Stein
  /s/ Dr. Michael J. Weiss
  Director
  Dr. Michael J. Weiss
  II-
  4
  EXHIBIT INDEX
  Exhibit No.
  Description
  4.1
  Rafael Holdings, Inc.'s 2021 Equity Incentive Plan, as amended and restated (incorporated by reference to Exhibit A of the Registrant's Definitive Proxy Statement, filed with the Commission on November 19, 2024).
  4.2
  Cyclo Therapeutics, Inc. 2021 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Cyclo's Current Report on Form 8-K filed June 24, 2021).
  * 5.1
  Legal Opinion of Schwell Wimpfheimer and Associates LLP.
  * 23.1
  Consent of Schwell Wimpfheimer and Associates LLP (included in Exhibit 5.1 hereto).
  * 23.2
  Consent of CohnReznick LLP, Independent Registered Public Accounting Firm.
  * 23.3
  Consent of WithumSmith+Brown, PC as to Cyclo Therapeutics, Inc.
  24.1
  Power of Attorney (included in the Signature Pages to this Registration Statement).
  * 107
  Filing Fee Table
  *
  Filed herewith
  II-5