$ORMP
ORAMED PHARMACEUTICALS INC.

2014 Q4 Form 10-Q Financial Statement

#000117891315000044 Filed on January 08, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4
Revenue $16.00K $67.00K
YoY Change -76.12%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $600.0K $420.0K
YoY Change 42.86% 23.53%
% of Gross Profit
Research & Development $1.302M $750.0K
YoY Change 73.6% 91.02%
% of Gross Profit
Depreciation & Amortization $1.000K $2.000K
YoY Change -50.0% -11.93%
% of Gross Profit
Operating Expenses $1.302M $750.0K
YoY Change 73.6% 91.02%
Operating Profit -$1.902M -$1.168M
YoY Change 62.84% 59.6%
Interest Expense $10.00K $40.00K
YoY Change -75.0% -117.39%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.900M -$1.124M
YoY Change 68.99% 17.27%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.896M -$1.124M
YoY Change 68.68% 17.24%
Net Earnings / Revenue -11850.0% -1677.61%
Basic Earnings Per Share
Diluted Earnings Per Share -$187.4K -$141.1K
COMMON SHARES
Basic Shares Outstanding 10.11M shares 7.948M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.37M $7.790M
YoY Change 212.84% 18.03%
Cash & Equivalents $6.656M $1.371M
Short-Term Investments $17.71M $6.420M
Other Short-Term Assets $140.0K $190.0K
YoY Change -26.32% 375.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables $27.00K
Total Short-Term Assets $24.53M $7.986M
YoY Change 207.18% 17.31%
LONG-TERM ASSETS
Property, Plant & Equipment $15.00K $8.792K
YoY Change 70.61% 252.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.00K $0.00
YoY Change -100.0%
Other Assets $10.00K $10.00K
YoY Change 0.0% 0.0%
Total Long-Term Assets $27.00K $19.22K
YoY Change 40.52% 13.18%
TOTAL ASSETS
Total Short-Term Assets $24.53M $7.986M
Total Long-Term Assets $27.00K $19.22K
Total Assets $24.56M $8.006M
YoY Change 206.78% 17.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $800.0K $620.0K
YoY Change 29.03% 113.79%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $827.0K $668.5K
YoY Change 23.7% 99.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $40.00K $30.00K
YoY Change 33.33% -87.5%
Total Long-Term Liabilities $36.00K $31.89K
YoY Change 12.9% -86.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $827.0K $668.5K
Total Long-Term Liabilities $36.00K $31.89K
Total Liabilities $863.0K $700.4K
YoY Change 23.21% 21.81%
SHAREHOLDERS EQUITY
Retained Earnings -$29.72M -$23.25M
YoY Change 27.82% 23.33%
Common Stock $53.32M $30.22M
YoY Change 76.45% 21.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.70M $7.305M
YoY Change
Total Liabilities & Shareholders Equity $24.56M $8.006M
YoY Change 206.78% 17.3%

Cashflow Statement

Concept 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income -$1.896M -$1.124M
YoY Change 68.68% 17.24%
Depreciation, Depletion And Amortization $1.000K $2.000K
YoY Change -50.0% -11.93%
Cash From Operating Activities -$1.399M -$748.0K
YoY Change 87.03% -5.65%
INVESTING ACTIVITIES
Capital Expenditures $2.000K $5.000K
YoY Change -60.0%
Acquisitions
YoY Change
Other Investing Activities $2.000K
YoY Change
Cash From Investing Activities $1.476M -$162.0K
YoY Change -1011.11% -135.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.833M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $4.833M
YoY Change
NET CHANGE
Cash From Operating Activities -$1.399M -$748.0K
Cash From Investing Activities $1.476M -$162.0K
Cash From Financing Activities $4.833M
Net Change In Cash $4.910M -$910.0K
YoY Change -639.56% -181.26%
FREE CASH FLOW
Cash From Operating Activities -$1.399M -$748.0K
Capital Expenditures $2.000K $5.000K
Free Cash Flow -$1.401M -$753.0K
YoY Change 86.06% -5.02%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q4 us-gaap Nature Of Operations
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><div style=" text-indent: 0pt; display: block;"></div> <div style=" text-indent: 0pt; display: block;"> <div> <div class="CursorPointer"><table align="center" border="0" cellpadding="0" cellspacing="0" style=" font-size: 10pt; font-family : Times New Roman; width: 100%;"> <tr valign="top"> <td style=" border-left: none; border-right: none; border-top: none; border-bottom: none; width: 45.35pt;"> <div>&#160;</div> </td> <td style=" border-left: none; border-right: none; border-top: none; border-bottom: none; width: 27pt;"> <div style=" text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style=" display: inline; font-family : Times New Roman; font-size: 10pt; font-weight: bold;">a.</font></div> </td> <td style=" border-left: none; border-right: none; border-top: none; border-bottom: none;"> <div align="justify"><font style=" display: inline; font-family : Times New Roman; font-size: 10pt; font-weight: bold;">General:</font></div> </td> </tr> </table></div> </div> <div style=" text-indent: 0pt; display: block;">&#160;</div> <div> <div style=" text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div class="CursorPointer"><table border="0" cellpadding="0" cellspacing="0" style=" font-size: 10pt; font-family : Times New Roman; width: 100%;"> <tr valign="top"> <td style=" font-family : Times New Roman; border-left: none; border-right: none; border-top: none; border-bottom: none; width: 72pt;">&#160;</td> <td align="right" style=" text-align: left; border-left: none; border-right: none; border-top: none; border-bottom: none; width: 27pt;"> <div style=" text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style=" display: inline; font-family : Times New Roman; font-size: 10pt; font-weight: bold;"><font>1)</font></font></div> </td> <td align="left" style=" text-align: left; border-left: none; border-right: none; border-top: none; border-bottom: none;"> <div style=" text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style=" display: inline; font-family : Times New Roman; font-size: 10pt; font-weight: bold;">Incorporation and operations</font></div> </td> </tr> </table></div> </div> </div> <div align="justify" style=" text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&#160;</div> <div align="left" style=" text-indent: 0pt; display: block; margin-left: 99pt; margin-right: 0pt;"><font style=" display: inline; font-family : Times New Roman; font-size: 10pt;">Oramed Pharmaceuticals Inc. (the &#147;Company&#148;) was incorporated on April 12, 2002, under the laws of the State of Nevada. On February 17, 2006, the Company entered into an agreement with Hadasit Medical Services and Development Ltd (&#147;Hadasit&#148;) to acquire the provisional patent related to an orally ingestible insulin capsule to be used for the treatment of individuals with diabetes.</font></div> <div align="justify" style=" text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&#160;</div> <div align="left" style=" text-indent: 0pt; display: block; margin-left: 99pt; margin-right: 0pt;"><font style=" display: inline; font-family : Times New Roman; font-size: 10pt;">On March 11, 2011, the Company was reincorporated from the State of Nevada to the State of Delaware.</font></div> <div align="justify" style=" text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&#160;</div> <div align="left" style=" text-indent: 0pt; display: block; margin-left: 99pt; margin-right: 0pt;"><font style=" display: inline; font-family : Times New Roman; font-size: 10pt;">On May 14, 2007, the Company incorporated a wholly-owned subsidiary in Israel, Oramed Ltd. (the &#147;Subsidiary&#148;), which is engaged in research and development. Unless the context indicates otherwise, the term &#147;Group&#148; refers to Oramed Pharmaceuticals Inc. and the Subsidiary.</font></div> <div align="justify" style=" text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&#160;</div> <div align="left" style=" text-indent: 0pt; display: block; margin-left: 99pt; margin-right: 0pt;"><font style=" display: inline; font-family : Times New Roman; font-size: 10pt;">Following the adoption of Accounting Standards Update (&#147;ASU&#148;) <font>2014</font>-<font>10</font>, Development Stage Entities (Topic <font>915</font>), the Company removed the inception to date information and all reference to development.</font></div> <div style=" text-indent: 0pt; display: block;">&#160;</div> <div style=" text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style=" text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div class="CursorPointer"><table border="0" cellpadding="0" cellspacing="0" style=" font-size: 10pt; font-family : Times New Roman; width: 100%;"> <tr valign="top"> <td style=" font-family : Times New Roman; border-left: none; border-right: none; border-top: none; border-bottom: none; width: 72pt;">&#160;</td> <td align="right" style=" text-align: left; border-left: none; border-right: none; border-top: none; border-bottom: none; width: 27pt;"> <div style=" text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style=" display: inline; font-family : Times New Roman; font-size: 10pt; font-weight: bold;"><font>2)</font></font></div> </td> <td align="left" style=" text-align: left; border-left: none; border-right: none; border-top: none; border-bottom: none;"> <div style=" text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style=" display: inline; font-family : Times New Roman; font-size: 10pt; font-weight: bold;">Development and liquidity risks</font></div> </td> </tr> </table></div> </div> </div> <div style=" text-indent: 0pt; display: block;"><br/> </div> <div align="left" style=" text-indent: 0pt; display: block; margin-left: 99pt; margin-right: -0.05pt;"><font style=" display: inline; font-family : Times New Roman; font-size: 10pt;">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.</font></div> <div style=" text-indent: 0pt; display: block;"></div><div style=" text-indent: 0pt; display: block;"><br/> </div> <div align="left" style=" text-indent: 0pt; display: block; margin-left: 99pt; margin-right: -0.05pt;"><font style=" display: inline; font-family : Times New Roman; font-size: 10pt;">Successful completion of the Company's development programs and its transition to normal operations is dependent upon obtaining necessary regulatory approvals from the U.S. Food and Drug Administration (&#147;FDA&#148;) prior to selling its products within the United States, and foreign regulatory approvals must be obtained to sell its products internationally. There can be <font>no</font> 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.</font></div> <div style=" text-indent: 0pt; display: block;"><br/> </div> <div align="left" style=" text-indent: 0pt; display: block; margin-left: 99pt; margin-right: -0.05pt;"><font style=" display: inline; font-family : Times New Roman; font-size: 10pt;">Based on its current cash resources and commitments, and cash received in private and public offerings in the <font>three</font> month period ended November 30, 2014 and in the year ended August 31, 2014, 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 <font>12</font> months and beyond the date that the financial statements are issued, although <font>no</font> assurance can be given that it will not need additional funds prior to such time. 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 <font>12</font> months.</font></div></div></div>
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21802000 USD
CY2014Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
795000 USD
CY2014Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
926000 USD
CY2014Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
32000 USD
CY2014Q3 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
47000 USD
CY2014Q4 us-gaap Liabilities Current
LiabilitiesCurrent
827000 USD
CY2014Q3 us-gaap Liabilities Current
LiabilitiesCurrent
973000 USD
CY2014Q3 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
27000 USD
CY2014Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
36000 USD
CY2014Q3 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
36000 USD
CY2014Q4 us-gaap Common Stock Value
CommonStockValue
129000 USD
CY2014Q3 us-gaap Common Stock Value
CommonStockValue
121000 USD
CY2014Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
53191000 USD
CY2014Q3 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
48040000 USD
CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
93000 USD
CY2014Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
452000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-29716000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-27820000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
24560000 USD
CY2014Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
21802000 USD
CY2014Q4 us-gaap Revenue From Grants
RevenueFromGrants
16000 USD
CY2013Q4 us-gaap Revenue From Grants
RevenueFromGrants
67000 USD
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.012
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10812471 shares
CY2014Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10102555 shares
CY2014Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10102555 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10812471 shares
CY2014Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000 shares
CY2014Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.012
CY2014Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q4 dei Entity Registrant Name
EntityRegistrantName
ORAMED PHARMACEUTICALS INC.
CY2014Q4 dei Entity Central Index Key
EntityCentralIndexKey
0001176309
CY2014Q4 dei Document Type
DocumentType
10-Q
CY2014Q4 dei Document Period End Date
DocumentPeriodEndDate
2014-11-30
CY2014Q4 dei Amendment Flag
AmendmentFlag
false
CY2014Q4 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--08-31
CY2014Q4 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q4 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2014Q4 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
10833131 shares
CY2014Q3 us-gaap Trading Securities Equity Cost
TradingSecuritiesEquityCost
595000 USD

Files In Submission

Name View Source Status
0001178913-15-000044-index-headers.html Edgar Link pending
0001178913-15-000044-index.html Edgar Link pending
0001178913-15-000044.txt Edgar Link pending
0001178913-15-000044-xbrl.zip Edgar Link pending
exhibit_31-1.htm Edgar Link pending
exhibit_31-2.htm Edgar Link pending
exhibit_32-1.htm Edgar Link pending
exhibit_32-2.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
oramed.jpg Edgar Link pending
ormp-20141130.xml Edgar Link completed
ormp-20141130.xsd Edgar Link pending
ormp-20141130_cal.xml Edgar Link unprocessable
ormp-20141130_def.xml Edgar Link unprocessable
ormp-20141130_lab.xml Edgar Link unprocessable
ormp-20141130_pre.xml Edgar Link unprocessable
R1.htm Edgar Link pending
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report.css Edgar Link pending
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zk1516032.htm Edgar Link pending