2014 Q1 Form 10-Q Financial Statement

#000117891314000149 Filed on January 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2012 Q4
Revenue $0.00 $67.00K $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $510.0K $420.0K $340.0K
YoY Change 0.0% 23.53% 21.43%
% of Gross Profit
Research & Development $674.0K $750.0K $392.6K
YoY Change -10.01% 91.02% 113.37%
% of Gross Profit
Depreciation & Amortization $0.00 $2.000K $2.271K
YoY Change -11.93% -62.41%
% of Gross Profit
Operating Expenses $674.0K $750.0K $392.6K
YoY Change -10.01% 91.02% 113.37%
Operating Profit -$1.186M -$1.168M -$731.8K
YoY Change -5.86% 59.6% 57.07%
Interest Expense $70.00K $40.00K -$230.0K
YoY Change 133.33% -117.39% 2200.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.115M -$1.124M -$958.8K
YoY Change -9.06% 17.27% 100.36%
Income Tax
% Of Pretax Income
Net Earnings -$1.115M -$1.124M -$958.8K
YoY Change -9.04% 17.24% 100.36%
Net Earnings / Revenue -1677.61%
Basic Earnings Per Share
Diluted Earnings Per Share -$121.6K -$141.1K -$140.6K
COMMON SHARES
Basic Shares Outstanding 9.745M shares 7.948M shares 86.51M
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.35M $7.790M $6.600M
YoY Change 337.27% 18.03% 79.35%
Cash & Equivalents $3.253M $1.371M $5.531M
Short-Term Investments $20.10M $6.420M $1.060M
Other Short-Term Assets $270.0K $190.0K $40.00K
YoY Change 350.0% 375.0% 0.0%
Inventory
Prepaid Expenses $18.80K
Receivables $75.95K
Other Receivables $73.05K $99.53K
Total Short-Term Assets $23.69M $7.986M $6.808M
YoY Change 298.81% 17.31% 76.12%
LONG-TERM ASSETS
Property, Plant & Equipment $12.16K $8.792K $2.497K
YoY Change 550.83% 252.1% -77.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% 0.0%
Other Assets $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $23.06K $19.22K $16.98K
YoY Change 28.61% 13.18% -54.23%
TOTAL ASSETS
Total Short-Term Assets $23.69M $7.986M $6.808M
Total Long-Term Assets $23.06K $19.22K $16.98K
Total Assets $23.71M $8.006M $6.825M
YoY Change 298.0% 17.3% 74.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $300.0K $620.0K $290.0K
YoY Change -28.57% 113.79% -19.44%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $349.8K $668.5K $334.6K
YoY Change -25.47% 99.83% -21.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $30.00K $30.00K $240.0K
YoY Change -87.5% -87.5% 50.0%
Total Long-Term Liabilities $32.42K $31.89K $240.4K
YoY Change -86.49% -86.74% 49.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $349.8K $668.5K $334.6K
Total Long-Term Liabilities $32.42K $31.89K $240.4K
Total Liabilities $382.2K $700.4K $575.0K
YoY Change -46.11% 21.81% -1.74%
SHAREHOLDERS EQUITY
Retained Earnings -$24.36M -$23.25M -$18.85M
YoY Change 21.35% 23.33% 25.45%
Common Stock $46.84M $30.22M $24.86M
YoY Change 86.78% 21.53% 35.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.33M $7.305M $6.250M
YoY Change
Total Liabilities & Shareholders Equity $23.71M $8.006M $6.825M
YoY Change 298.0% 17.3% 74.88%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2012 Q4
OPERATING ACTIVITIES
Net Income -$1.115M -$1.124M -$958.8K
YoY Change -9.04% 17.24% 100.36%
Depreciation, Depletion And Amortization $0.00 $2.000K $2.271K
YoY Change -11.93% -62.41%
Cash From Operating Activities -$1.480M -$748.0K -$792.8K
YoY Change 15.63% -5.65% 63.78%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $5.000K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$13.12M $154.00
YoY Change 496.36% -85.49%
Cash From Investing Activities -$13.13M -$162.0K $454.2K
YoY Change 496.82% -135.66% 1.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.49M $1.458M
YoY Change -165000.0%
NET CHANGE
Cash From Operating Activities -1.480M -$748.0K -$792.8K
Cash From Investing Activities -13.13M -$162.0K $454.2K
Cash From Financing Activities 16.49M $1.458M
Net Change In Cash 1.880M -$910.0K $1.120M
YoY Change -153.87% -181.26% -3287.6%
FREE CASH FLOW
Cash From Operating Activities -$1.480M -$748.0K -$792.8K
Capital Expenditures -$10.00K $5.000K
Free Cash Flow -$1.470M -$753.0K -$792.8K
YoY Change 14.84% -5.02% 63.78%

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> <!--StartFragment--> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr valign="top"> <td style="WIDTH: 18pt"> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> a.</div> </td> <td> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; text-align: left"> General:</div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt">&nbsp;</div> <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="top"> <td style="WIDTH: 72pt">&nbsp;</td> <td style="WIDTH: 18pt" align="right"> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left; TEXT-INDENT: 0pt"> 1)</div> </td> <td align="left"> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left; TEXT-INDENT: 0pt"> Incorporation and operations</div> </td> </tr> </table> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 90pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> Oramed Pharmaceuticals Inc. (the "Company") was incorporated on April 12, 2002, under the laws of the State of Nevada. From incorporation until March 3, 2006, the Company was an exploration stage company engaged in the acquisition and exploration of mineral properties. On February 17, 2006, the Company entered into an agreement with Hadasit Medical Services and Development Ltd ("Hadasit") to acquire the provisional patent related to orally ingestible insulin capsule to be used for the treatment of individuals with diabetes. In subsequent periods, the Company entered into additional development agreements with Hadasit, the most recent of which was signed on September 11, 2011, see also note 2a.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 90pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> On March 11, 2011, the Company was reincorporated from the State of Nevada to the State of Delaware.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 90pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> On May 14, 2007, the Company incorporated a wholly-owned subsidiary in Israel, Oramed Ltd., which is engaged in research and development. Unless the context indicates otherwise, the term "Group" refers to Oramed Pharmaceuticals Inc. and its Israeli subsidiary, Oramed Ltd. (the "Subsidiary"), (together with the Company, "the Group").</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 90pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> In March 2011, the Subsidiary sold shares of its investee company, Entera Bio Ltd ("Entera") to D.N.A Biomedical Solutions Ltd ("D.N.A"), other than a 3% interest, which is accounted for as a cost method investment (amounting to $1,027 as of the end of the period). In consideration for the shares sold to D.N.A, the Company received a promissory note issued by D.N.A in the principal amount of $450,000, with an annual interest rate of 0.45%, that was paid in full in November 2011, and 8,404,667 ordinary shares of D.N.A, see also note 4.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 90pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 90pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> As part of this agreement, the Subsidiary entered into a patent transfer agreement according to which, the Subsidiary assigned to Entera all of its right, title and interest in and to the patent application that it has licensed to Entera since August 2010.&nbsp;&nbsp;Under this agreement, the Subsidiary is entitled to receive from Entera royalties of 3% of Entera&#39;s net revenues (as defined in the agreement) and a license back of that patent application for use in respect of diabetes and influenza. As of November 30, 2013, Entera had not yet realized any revenues and had not paid any royalties to the Subsidiary.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr valign="top"> <td style="WIDTH: 72pt"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"> &nbsp;</div> </td> <td style="WIDTH: 18pt"> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> 2)</div> </td> <td> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; text-align: left"> Development and liquidity risks</div> </td> </tr> </table> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 90pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> The Company has been in the development stage since its formation and has not yet generated any revenues from its operations.</div> <div style="MARGIN-LEFT: 446pt; DISPLAY: block; TEXT-INDENT: 0pt"> <br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 90pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> The Group is engaged in research and development in the biotechnology field and is considered a development stage company in accordance with the ASC Topic 915 "Development Stage Entities" due to the fact that it has not generated any revenues from its operations.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 90pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> Successful completion of the Company&#39;s development programs and its transition to normal operations is dependent upon obtaining necessary regulatory approvals from the FDA prior to selling its products within the United States, and foreign regulatory approvals must be obtained to sell its products internationally. There can be no assurance that the Company will receive regulatory approval of any of its product candidates, and a substantial amount of time may pass before the Company achieves a level of revenues adequate to support its operations, if at all. The Company also expects to incur substantial expenditures in connection with the regulatory approval process for each of its product candidates during their respective developmental periods. Obtaining marketing approval will be directly dependent on the Company&#39;s ability to implement the necessary regulatory steps required to obtain marketing approval in the United States and in other countries. The Company cannot predict the outcome of these activities.</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> <font style="FONT-SIZE: 10pt; DISPLAY: inline">Based on its current cash resources and commitments as of November 30, 2013, the Company believes it will be able to maintain its current planned development activities and the corresponding level of expenditures for at least the next 12 months and beyond. If there are unexpected increases in general and administrative expenses or research and development expenses, the Company may need to seek additional financing during the next 12 months. See also note 6a, with respect to the Company&#39;s offering</font> in December 2013.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr valign="top"> <td style="WIDTH: 72pt"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"> &nbsp;</div> </td> <td style="WIDTH: 18pt"> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> 3)</div> </td> <td> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; text-align: left"> Reverse stock split</div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 90pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> On January 10, 2013, the Company&#39;s Board of Directors approved a reverse stock split at a ratio of one-for-twelve, effective January 22, 2013, which decreased the number of common shares issued and outstanding as of January 23, 2013, from approximately 86.5 million shares to approximately 7.2 million shares and the number of authorized common shares from 200 million shares to approximately 16.7 million shares. All share and per share amounts included in the consolidated financial statements have been adjusted retroactively to reflect the effects of the reverse stock split.</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt">&nbsp;</div> <!--EndFragment--></div> </div>
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434876 USD
CY2013Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7941059 shares
CY2012Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6828896 shares

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0001178913-14-000149-index-headers.html Edgar Link pending
0001178913-14-000149-index.html Edgar Link pending
0001178913-14-000149.txt Edgar Link pending
0001178913-14-000149-xbrl.zip Edgar Link pending
exhibit_10-1.htm Edgar Link pending
exhibit_31-1.htm Edgar Link pending
exhibit_31-2.htm Edgar Link pending
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ormp-20131130_pre.xml Edgar Link unprocessable
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