Oramed Pharmaceuticals Inc (NASDAQ: ORMP) is a clinical-stage pharmaceutical company that develops oral drug delivery technology, primarily focused on enabling oral administration of medications that currently require injection. The company generates no product revenue from approved drugs. Instead, its cash flows derive from interest and returns on a portfolio of financial investments, including senior secured convertible notes issued to Scilex Holding Company (Tranche A and Tranche B Notes with a principal amount of $101,875,000 at origination), minority equity stakes in several biopharmaceutical companies, real estate investments, and clinical trial management fees from Oratech Pharmaceuticals Ltd. Oramed trades on both the Nasdaq Capital Market and the Tel Aviv Stock Exchange under the symbol ORMP. As of March 26, 2026, there were 40,446,179 shares of common stock issued and outstanding. The company declared a cash dividend of $0.25 per share on December 31, 2025. Its core drug delivery platform, POD (Protein Oral Delivery) technology, is in the process of being transferred to Oratech Pharmaceuticals Ltd. following a share purchase transaction.

Revenue model

Revenue comes from interest income on senior secured convertible notes (Scilex Tranche A and Tranche B Notes), returns on minority equity investments in biopharmaceutical companies, real estate and real estate lending transactions, and reimbursement of out-of-pocket expenses for clinical trial management services provided to Oratech Pharmaceuticals Ltd. No product sales revenue from approved drugs is disclosed in the FY2025 10-K filing.

Products and services

POD (Protein Oral Delivery) technology platform for oral delivery of injectable medications, including an oral insulin capsule product under clinical development via Oratech Pharmaceuticals Ltd. The ORA-D-013-1 Phase 3 oral insulin trial did not meet primary or secondary endpoints (announced January 2023), and the ORA-D-013-2 trial was terminated. A new Phase 3 protocol was subsequently submitted to the FDA. The company also holds Scilex Tranche A and Tranche B convertible notes, minority equity positions in Alpha Tau Medical (approximately 17% of outstanding ordinary shares as of December 31, 2025), Pelthos (approximately 4.9%), Nano (approximately 2.58%), Entera (approximately 0.26%), and DNA (approximately 0.2%), plus warrants to purchase up to 3,237,000 ordinary shares of Alpha Tau.

Customers and end markets

End markets include diabetes treatment (oral insulin development targeting Type 2 diabetes patients) and broader oral biologic drug delivery. As a clinical-stage company with no approved products, there are no commercial customers disclosed. Scilex Holding Company is a material counterparty as the issuer of the Tranche A and Tranche B Notes.

Value-chain role

Oramed occupies an early-stage drug development and technology licensing role in the pharmaceutical value chain, combined with a financial holding company function. It manages clinical trials for Oratech under a Clinical Trial Management Agreement, providing administrative and clinical site coordination services in exchange for expense reimbursement. It also acts as a debt investor and minority equity holder in several biopharmaceutical and other companies.

Geographic exposure

Oramed is incorporated and headquartered in Israel, with its common stock listed in the United States on the Nasdaq Capital Market and in Israel on the Tel Aviv Stock Exchange, both under the symbol ORMP. The filing references U.S. FDA regulatory oversight for its drug development activities.

Source: SEC 10-K, filed 2026-03-26

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