Product sales
Build on the lead product program and veterinary distribution channels to launch sales after obtaining the required approvals.
INVESTOR RELATIONS
Company disclosures
TFA Therapeutics, Inc. is a Cayman Islands exempted company and an SEC-reporting foreign private issuer. Its ordinary shares are quoted on the OTCQB Venture Market under the symbol RAJAF.
OTCQB: RAJAF
OTCQB: RAJAF
05 · Commercialization & Company Value
Building a path to product and partnership revenue
As research and regulatory work advance, TFA plans to pursue commercialization through product sales, regional licensing, and co-development across markets.
Regional licensing
Work with regional partners on regulatory submissions and commercialization, with potential licensing fees, milestone payments, or royalties under the relevant agreements.
Co-development
Combine partners’ research, regulatory, and market capabilities to share development responsibilities and the resulting value.
Company History & Public Market Foundation
Follow TFA’s development and financing through its public record
Founded in 2020, TFA entered the U.S. over-the-counter market in 2023 and continues to disclose information through annual financial reports and filings on material developments.
Six years of audited financial statements
The company’s financial statements are audited by a PCAOB-registered accounting firm. Company information is disclosed through Forms 20-F and 6-K.
Year-end ordinary shares outstanding were unchanged
Ordinary shares outstanding totaled 111,120,000 at each year-end from 2023 through 2025. See the September 2, 2026 Form 6-K for the private placement terms and intended use of proceeds.
TFA AT A GLANCE
TFA at a glance
Company profile, TFA-01, development progress and public-company status.
Company
Next-Generation Nonsteroidal Anti-Inflammatory Drug PlatformTFA is developing an Antcin A-based drug candidate as a potential alternative to corticosteroids. The company combines HPF (Hyphal Pairing & Fusion), cultivation processes, formulation development and third-party research, with companion animal health as its initial focus.
Lead program
TFA-01 · Antcin A · Canine OAInvestigational and not approved for marketing.
Current development priorities
Mechanism · CMC · Safety · Canine OA · RegulatoryFive development workstreams are advancing in parallel.
Public-company status
OTCQB: RAJAFAn SEC-reporting foreign private issuer, with annual audits by a PCAOB-registered firm since 2020.
SEC · FORM 6-K
Private placement and use of proceeds
SECSEC Form 6-K · 2026.09.02
Offshore private placement to support TFA-01 development
TFA furnished a Form 6-K to the SEC on September 2, 2026, outlining an offshore private placement at US$2.52 per share. The target is approximately US$10 million, with a maximum of approximately US$15 million.
Proceeds are intended to support TFA-01 manufacturing and quality controls, nonclinical safety and toxicology, clinical and regulatory work, as well as personnel, working capital, capital-markets readiness and offering expenses.
As of the report date, the offering remained open, and the company could conduct one or more closings. For information only; not an offer to sell or a solicitation to buy securities.
Read the SEC disclosureCMC & SUPPLY
Annualized kilogram-scale supply potential
Kilogram-scale supply potential supports planning for multiple batches, quality comparisons, retention samples and follow-on studies. See the CMC section for the estimation basis and limitations.
View CMC and development statusVALUE-BUILDING MILESTONES
Building value by addressing development risks
0102030405
Molecule, mechanism & rights
Published research foundation / program validation underwayPublished studies support GR/GRα-related signaling by Antcin A in defined models. TFA is assessing how those findings apply to its current test articles, batches and canine OA development program.
Next milestoneComplete candidate test-article and batch definition and strengthen program-level pharmacology relevant to canine osteoarthritis.View progress detailsCMC & controlled supply
Sourcing foundation in place / specifications and batch bridging underwayResearch on strains from multiple sources and their Antcin A content supports controlled cultivation, strain selection, purification, analytical testing and formulation development.
Next milestoneComplete physicochemical validation of the nanoformulation, then advance formal specifications, batch consistency and process scale-up.View progress detailsSafety & toxicology
Preliminary 14-day repeat-dose study completed | Formal studies advancingA 14-day repeat-dose preliminary toxicology study in female rats is complete and a report is available to inform later study design. The Graduate Institute of Animal Vaccine Technology is advancing target-animal safety, toxicology, residue and formulation-related research.
Next milestoneComplete the subsequent regulatory toxicology reports and establish the safe dose range for the purified candidate drug substance and final product under this development program.View progress detailsCanine OA clinical development
First-stage agreement signed / preliminary cell testing underwayTFA completed uncontrolled exploratory observations in 15 dogs. The first-stage canine osteoarthritis research agreement has been signed, and preliminary cell-based testing is underway ahead of a standardized study.
Next milestoneComplete the canine OA study under a protocol with prespecified endpoints and a statistical analysis plan, and prepare the study report.View progress detailsRegulatory strategy & commercialization
Taiwan advancing / U.S. CVM planningTFA is assembling data for a veterinary drug application in Taiwan and planning its U.S. CVM strategy. Partnership and licensing opportunities will be evaluated as the supporting data develop.
Next milestoneObtain regulatory feedback on study design, process specifications and remaining data gaps, then develop a submission plan.View progress details2027 · DEVELOPMENT AND CAPITAL-MARKETS READINESS
Prepare for regulatory and Nasdaq listing applications
The first-stage objective for 2027 is submission readiness: assemble the core regulatory data package while preparing for a potential Nasdaq listing application.
Build the foundation
Drug developmentIntegrate safety, toxicology, CMC, formulation and canine OA study data.
Capital marketsStrengthen governance, financial reporting and readiness to meet shareholder and market requirements.
Advance applications when ready
Drug developmentOnce the core data package is complete, advance TFA's first application for veterinary drug approval in Taiwan.
Capital marketsPursue a Nasdaq listing application subject to eligibility and market conditions.
Respond to review requirements
Drug developmentAddress regulatory review and requests for additional information.
Capital marketsProceed through exchange review under the applicable listing requirements.
Submission readiness, application submission and approval are separate milestones. Regulators and the exchange conduct independent reviews; approval, listing and timing are not assured.
COMPANY PROFILE
Public-company information
- Legal name
- TFA Therapeutics, Inc.
- Former name
- Cordyceps Sunshine Biotech Holdings Co., Ltd.
- Market
- OTCQB
- Trading symbol
- RAJAF
- SEC CIK
- 0001885680
- Fiscal year end
- December 31
FILINGS & MARKET INFORMATION
Official filings and market links
6-K · SEP 2, 2026
Offshore private placement
September 2, 2026 disclosure: offering terms, intended use of proceeds and status as of the report date.
SECCompany filings
View Form 20-F, Form 6-K and other official documents.
OTCQBRAJAF market information
View the company page on OTC Markets.
6-K · JUL 2026Corporate name change
View the formal filing for TFA Therapeutics, Inc.
6-K · JUN 2026Antcin A platform cooperation
View the cooperation agreement and the scope of the platform.
DISCLOSURE PRINCIPLES
How we communicate with investors
Official documents first
Refer to official SEC filings and OTC Markets disclosures for material company information.
Milestone-based updates
Progress is communicated through R&D, regulatory, CMC and partnership milestones.
Clear evidence levels
Published research, company-reported preliminary data and forward-looking goals are distinguished.
Investor contact
Contact the TFA team for public company information, partnership discussions or investor relations inquiries.
Contact investor relations