2014 Q3 Form 10-Q Financial Statement
#000117891314002290 Filed on July 14, 2014
Income Statement
| Concept | 2014 Q3 | 2014 Q2 | 2013 Q2 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $890.0K | $810.0K | $500.0K |
| YoY Change | 34.85% | 62.0% | 72.41% |
| % of Gross Profit | |||
| Research & Development | $760.0K | $1.089M | $835.6K |
| YoY Change | 162.07% | 30.36% | 234.59% |
| % of Gross Profit | |||
| Depreciation & Amortization | $10.00K | $0.00 | $0.00 |
| YoY Change | 0.0% | -100.0% | |
| % of Gross Profit | |||
| Operating Expenses | $1.650M | $1.089M | $835.6K |
| YoY Change | 71.88% | 30.36% | 234.59% |
| Operating Profit | -$1.903M | -$1.335M | |
| YoY Change | 42.6% | 146.97% | |
| Interest Expense | $20.00K | $80.00K | $80.00K |
| YoY Change | -150.0% | 0.0% | -900.0% |
| % of Operating Profit | |||
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | -$1.620M | -$1.830M | -$1.256M |
| YoY Change | 62.0% | 45.66% | 128.27% |
| Income Tax | $0.00 | ||
| % Of Pretax Income | |||
| Net Earnings | -$1.630M | -$1.828M | -$1.256M |
| YoY Change | 106.33% | 45.49% | 128.27% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$162.8K | -$185.0K | -$174.5K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 9.956M shares | 9.943M shares | 7.223M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2014 Q3 | 2014 Q2 | 2013 Q2 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $21.29M | $15.54M | $4.230M |
| YoY Change | 151.06% | 267.38% | 95.83% |
| Cash & Equivalents | $1.762M | $2.475M | $1.105M |
| Short-Term Investments | $19.53M | $13.07M | $3.130M |
| Other Short-Term Assets | $80.00K | $160.0K | $80.00K |
| YoY Change | 164.86% | 100.0% | 100.0% |
| Inventory | |||
| Prepaid Expenses | $62.30K | ||
| Receivables | $333.7K | ||
| Other Receivables | $78.00K | $267.1K | $178.8K |
| Total Short-Term Assets | $21.78M | $15.97M | $4.824M |
| YoY Change | 151.94% | 231.06% | 96.21% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $14.00K | $13.55K | $5.730K |
| YoY Change | 133.33% | 136.42% | 170.16% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | $0.00 | $6.510M | $10.00K |
| YoY Change | 65000.0% | 0.0% | |
| Other Assets | $10.00K | $10.00K | $10.00K |
| YoY Change | 0.0% | 0.0% | |
| Total Long-Term Assets | $24.00K | $6.529M | $22.52K |
| YoY Change | 50.0% | 28893.67% | 42.62% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $21.78M | $15.97M | $4.824M |
| Total Long-Term Assets | $24.00K | $6.529M | $22.52K |
| Total Assets | $21.80M | $22.50M | $4.846M |
| YoY Change | 151.76% | 364.23% | 95.87% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $930.0K | $450.0K | $400.0K |
| YoY Change | 106.67% | 12.5% | 29.03% |
| 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 | $973.0K | $495.0K | $446.0K |
| YoY Change | 95.38% | 10.99% | 25.34% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $40.00K | $30.00K | $240.0K |
| YoY Change | 33.33% | -87.5% | 60.0% |
| Total Long-Term Liabilities | $36.00K | $31.94K | $241.1K |
| YoY Change | 16.13% | -86.75% | 64.17% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $973.0K | $495.0K | $446.0K |
| Total Long-Term Liabilities | $36.00K | $31.94K | $241.1K |
| Total Liabilities | $1.009M | $527.0K | $687.1K |
| YoY Change | 90.74% | -23.3% | 36.68% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$27.82M | -$26.19M | -$21.33M |
| YoY Change | 25.75% | 22.77% | 28.81% |
| Common Stock | $48.16M | $47.69M | $25.36M |
| YoY Change | 60.8% | 88.07% | 36.95% |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $20.79M | $21.97M | $4.159M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $21.80M | $22.50M | $4.846M |
| YoY Change | 151.76% | 364.23% | 95.87% |
Cashflow Statement
| Concept | 2014 Q3 | 2014 Q2 | 2013 Q2 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$1.630M | -$1.828M | -$1.256M |
| YoY Change | 106.33% | 45.49% | 128.27% |
| Depreciation, Depletion And Amortization | $10.00K | $0.00 | $0.00 |
| YoY Change | 0.0% | -100.0% | |
| Cash From Operating Activities | -$800.0K | -$1.040M | -$1.050M |
| YoY Change | 185.71% | -0.95% | 19.32% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | ||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $100.0K | $110.0K | $110.0K |
| YoY Change | -103.42% | 0.0% | -67.65% |
| Cash From Investing Activities | $90.00K | $110.0K | $110.0K |
| YoY Change | -103.07% | 0.0% | -67.65% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 0.000 | 150.0K | 0.000 |
| YoY Change | -100.0% | ||
| NET CHANGE | |||
| Cash From Operating Activities | -800.0K | -1.040M | -1.050M |
| Cash From Investing Activities | 90.00K | 110.0K | 110.0K |
| Cash From Financing Activities | 0.000 | 150.0K | 0.000 |
| Net Change In Cash | -710.0K | -780.0K | -940.0K |
| YoY Change | -161.21% | -17.02% | 74.07% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$800.0K | -$1.040M | -$1.050M |
| Capital Expenditures | $0.00 | $0.00 | $0.00 |
| Free Cash Flow | -$800.0K | -$1.040M | -$1.050M |
| YoY Change | 196.3% | -0.95% | 19.32% |
Facts In Submission
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Q3 | ||
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2014 | ||
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2014-05-31 | ||
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10-Q | ||
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Nature Of Operations
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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><!--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: justify"> General:</div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </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"> </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"> </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 an 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"> </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"> </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").</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </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"> </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"> </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"> The Group is engaged in research and development in the biotechnology field for innovative pharmaceutical solutions, including an orally ingestible insulin capsule to be used for the treatment of individuals with diabetes, and the use of orally ingestible capsules for delivery of other polypeptides, and has not generated any revenues from its operations. Continued operation of the Company is contingent upon obtaining sufficient funding until it becomes profitable.</div> <div style="TEXT-ALIGN: left; MARGIN-LEFT: 117pt; DISPLAY: block; MARGIN-RIGHT: 0pt; 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"> Successful completion of the Company'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'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> <!--EndFragment--></div> </div> | ||
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Net Cash Provided By Used In Financing Activities
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16638273 | USD | |
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Net Cash Provided By Used In Financing Activities
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Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-323721 | USD |
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Other Nonoperating Expense
OtherNonoperatingExpense
|
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Other Nonoperating Expense
OtherNonoperatingExpense
|
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Other Nonoperating Expense
OtherNonoperatingExpense
|
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Other Nonoperating Expense
OtherNonoperatingExpense
|
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Other Nonoperating Income
OtherNonoperatingIncome
|
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Other Nonoperating Income
OtherNonoperatingIncome
|
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Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
|
USD | ||
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Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
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Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
|
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Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
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OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
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Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
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Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
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Other Nonoperating Income
OtherNonoperatingIncome
|
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Other Nonoperating Income
OtherNonoperatingIncome
|
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OtherReceivablesNetCurrent
|
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Other Receivables Net Current
OtherReceivablesNetCurrent
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Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
|
USD | ||
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Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
|
628630 | USD | |
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Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
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Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
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Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
|
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Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
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Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
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Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
|
41745000 | USD | |
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Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
|
2317198 | USD | |
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Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
|
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| CY2013Q3 | us-gaap |
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
|
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Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
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Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
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Prepaid Pension Costs
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|
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Prepaid Pension Costs
PrepaidPensionCosts
|
5545 | USD |
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Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
14887085 | USD | |
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Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
14887085 | USD | |
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Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
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1450936 | USD | |
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Proceeds From Sale And Maturity Of Marketable Securities
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|
137555 | USD | |
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Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
|
34940776 | USD | |
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Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
|
454381 | USD | |
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Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
|
137555 | USD | |
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Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
|
226671 | USD | |
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Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
179550 | USD | |
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Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
1571638 | USD | |
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Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
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Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
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Research And Development Expense
ResearchAndDevelopmentExpense
|
2513142 | USD | |
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Research And Development Expense
ResearchAndDevelopmentExpense
|
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Research And Development Expense
ResearchAndDevelopmentExpense
|
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Research And Development Expense
ResearchAndDevelopmentExpense
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RestrictedCashAndCashEquivalents
|
61000 | USD |
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RestrictedCashAndCashEquivalentsAtCarryingValue
|
61000 | USD |
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Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
16000 | USD |
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Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-26190653 | USD |
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Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-22123589 | USD |
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Share Based Compensation
ShareBasedCompensation
|
1040162 | USD | |
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Share Based Compensation
ShareBasedCompensation
|
627511 | USD | |
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Share Based Goods And Nonemployee Services Transaction Quantity Of Securities Issued
ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued
|
10000 | shares | |
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Stockholders Equity
StockholdersEquity
|
21971117 | USD |
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Stockholders Equity
StockholdersEquity
|
8130775 | USD |
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Stock Issued During Period Shares Issued For Cash
StockIssuedDuringPeriodSharesIssuedForCash
|
1580000 | shares | |
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Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
|
398965 | shares | |
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Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
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Stock Issued During Period Value Issued For Cash
StockIssuedDuringPeriodValueIssuedForCash
|
14887085 | USD | |
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Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
64400 | USD | |
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Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
8988446 | shares | |
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Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
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Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
9888126 | shares |
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Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
7223377 | shares |
