Raphael Pharmaceutical chairman and CFO resign; Uri Tadelis named CFO

Raphael Pharmaceutical Inc. (OTC: RAPH) reported two departures from its board and management in a Form 8-K dated July 16, 2026. Ajay Kumar Dhadha resigned as chairman of the board and as a director, effective June 30, 2026. Guy Ofir resigned as chief financial officer, general counsel and director, effective July 16, 2026. The same day, the company appointed Uri Tadelis as chief financial officer. The filing is signed by Chief Executive Officer Shlomo Pilo.

The resignations

Both resignations were voluntary. The 8-K says neither was the result of any disagreement with the company regarding its operations, policies, practices, financial reporting, management or board of directors.

Dhadha's resignation took effect June 30, 2026, which is before the July 16, 2026 date of the report. The filing does not give a reason for either departure beyond the statement that they were voluntary.

The CFO appointment

The company appointed Uri Tadelis as chief financial officer effective July 16, 2026. The 8-K text does not describe his background or compensation.

The company

Raphael Pharmaceutical is a Nevada corporation with principal executive offices in Tel Aviv-Jaffa, Israel. Its 10-K discusses a product candidate for RA, the filing's abbreviation for the condition. The company says it believes that candidate, if approved, will be available to patients at a lower price than other available treatments. The filing also describes a product candidate to treat inflammation associated with COVID-19.

The 10-K says the company is aware of at least one plan for a multicenter randomized trial of medical cannabidiol in Danish patients with RA and ankylosing spondylitis, as previously published in BMJ Open in 2019. The company says it expects competition from new startups and from well-funded organizations, and that it must avoid delays in its preclinical and clinical development plan.

The company sources its active ingredient under an agreement with Way of Life Cannabis Ltd., known as Wolc. Under that agreement, the company's Raphael Israel subsidiary is scheduled to be provided with up to 15 liters of CBD oil over an 18 month term. The company has agreed to issue shares to persons affiliated with Wolc equal to 3% of its share capital as of the date of the share exchange, in three equal issuances, or they may elect a cash payment of $100,000 instead of one issuance. The company has also agreed to pay Wolc a royalty of 15% of net income royalties from sales of products developed at Rambam in Israel. Wolc is a fully licensed Israeli cannabis company focused on growing, cultivating and manufacturing cannabis medical oil, located in Aviel, Israel. To date, the company says, it has received from Wolc the oil it requires for its preclinical trials.

Financial position

The XBRL data show research and development expense of $631,000 for 2025, compared with $776,000 for 2024. The net loss was $1.3 million for 2025 and $1.5 million for 2024. Cash from operations was negative $210,000 in 2025 and negative $532,000 in 2024. The company reported year-end cash and cash equivalents of $19,000 for 2024 in a 10-Q filed August 13, 2025.

A thin team and a small balance sheet

Losing the chairman and the officer who held three roles within weeks leaves the company short of senior hands, and the filing names no successor chairman and no one for the general counsel duties. The 10-K refers to preclinical trials supplied by Wolc, and the sources show no clinical data. It lost $1.3 million in 2025, used $210,000 of operating cash, and reported year-end 2024 cash of only $19,000. The company's claim that its candidate will be cheaper than other treatments is a belief, made with no guarantee, about a drug that is not approved. Tadelis takes the chief financial officer role from July 16, 2026, as stated in the 8-K.

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