$ORMP
ORAMED PHARMACEUTICALS INC. Stock $ormp

$ormp Overview Financials Valuation SEC Filings Company Website

2024 Q2 Form 10-Q Financial Statement

#000121390024041364 Filed on May 09, 2024

Income Statement

Concept	2024 Q2	2024 Q1	2023 Q1
Revenue			$666.0K
YoY Change			0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$1.693M	$1.783M	$1.447M
YoY Change	-35.97%	23.22%	-76.21%
% of Gross Profit
Research & Development	$1.442M	$1.179M	$4.427M
YoY Change	-20.81%	-73.37%	-24.14%
% of Gross Profit
Depreciation & Amortization	$54.00K	$56.00K	$37.00K
YoY Change	3.85%	51.35%	236.36%
% of Gross Profit
Operating Expenses	$1.442M	$1.179M	$4.427M
YoY Change	-67.7%	-73.37%	-62.85%
Operating Profit	-$3.135M	-$2.962M	-$5.208M
YoY Change	-17.3%	-43.13%	-53.71%
Interest Expense	$13.97M	$592.0K	$1.597M
YoY Change	463.88%	-62.93%	193.57%
% of Operating Profit
Other Income/Expense, Net	$14.23M	$5.088M	$1.597M
YoY Change	474.41%	218.6%
Pretax Income	$10.84M	$1.534M	-$3.611M
YoY Change	-925.44%	-142.48%	-66.28%
Income Tax	$1.634M
% Of Pretax Income	15.08%
Net Earnings	$9.212M	$1.536M	-$3.611M
YoY Change	-871.52%	-142.54%	-65.36%
Net Earnings / Revenue			-542.19%
Basic Earnings Per Share	$0.22	$0.04	$0.08
Diluted Earnings Per Share	$0.22	$0.04	$0.07
COMMON SHARES
Basic Shares Outstanding	40.63M shares	40.52M shares	39.78M shares
Diluted Shares Outstanding	41.59M shares	41.56M shares	40.04M shares

Balance Sheet

Concept	2024 Q2	2024 Q1	2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$152.7M	$18.94M	$24.47M
YoY Change	2050.92%	-22.59%	-82.72%
Cash & Equivalents	$84.75M	$18.58M	$24.10M
Short-Term Investments	$67.98M	$367.0K	$366.0K
Other Short-Term Assets	$533.0K	$501.0K	$1.423M
YoY Change	-30.69%	-64.79%	-27.1%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$153.3M	$177.1M	$155.2M
YoY Change	1.52%	14.14%	8.08%
LONG-TERM ASSETS
Property, Plant & Equipment	$765.0K	$819.0K	$977.0K
YoY Change	-19.05%	-16.17%	-36.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$29.59M	$25.10M	$2.707M
YoY Change	738.12%	827.26%	-90.01%
Other Assets	$28.00K	$29.00K	$24.00K
YoY Change	7.69%	20.83%	0.0%
Total Long-Term Assets	$30.95M	$26.56M	$4.623M
YoY Change	479.21%	474.45%	-83.87%
TOTAL ASSETS
Total Short-Term Assets	$153.3M	$177.1M	$155.2M
Total Long-Term Assets	$30.95M	$26.56M	$4.623M
Total Assets	$184.2M	$203.7M	$159.8M
YoY Change	17.85%	27.46%	-7.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$3.483M	$1.267M	$4.055M
YoY Change	320.65%	-68.75%	22.51%
Accrued Expenses	$250.0K	$254.0K	$242.0K
YoY Change	5.93%	4.96%	2.11%
Deferred Revenue
YoY Change
Short-Term Debt		$32.03M	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$3.733M	$33.56M	$4.972M
YoY Change	249.86%	574.9%	-21.38%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$60.00K	$4.375M	$4.660M
YoY Change	-98.69%	-6.12%	26.73%
Total Long-Term Liabilities	$4.336M	$4.375M	$4.660M
YoY Change	-5.57%	-6.12%	26.73%
TOTAL LIABILITIES
Total Short-Term Liabilities	$3.733M	$33.56M	$4.972M
Total Long-Term Liabilities	$4.336M	$4.375M	$4.660M
Total Liabilities	$8.069M	$37.93M	$9.632M
YoY Change	42.59%	293.8%	-2.46%
SHAREHOLDERS EQUITY
Retained Earnings	-$146.8M	-$156.0M	-$166.5M
YoY Change	-12.44%	-6.28%
Common Stock	$323.9M	$322.7M	$481.0K
YoY Change	66815.91%	66980.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$177.1M	$166.6M	$151.0M
YoY Change
Total Liabilities & Shareholders Equity	$184.2M	$203.7M	$159.8M
YoY Change	17.85%	27.46%	-7.23%

Cashflow Statement

Concept	2024 Q2	2024 Q1	2023 Q1
OPERATING ACTIVITIES
Net Income	$9.212M	$1.536M	-$3.611M
YoY Change	-871.52%	-142.54%	-65.36%
Depreciation, Depletion And Amortization	$54.00K	$56.00K	$37.00K
YoY Change	3.85%	51.35%	236.36%
Cash From Operating Activities	$2.076M	-$1.476M	-$5.549M
YoY Change	-178.82%	-73.4%	-39.19%
INVESTING ACTIVITIES
Capital Expenditures	$0.00	$2.000K	$199.0K
YoY Change	-100.0%	-98.99%	-523.4%
Acquisitions
YoY Change
Other Investing Activities	$94.66M	$30.00M	-$13.00M
YoY Change	-744.35%	-330.7%	-275.59%
Cash From Investing Activities	$94.66M	$30.00M	-$13.20M
YoY Change	-743.47%	-327.21%	-279.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-30.55M	-$19.00M	$2.430M
YoY Change		-881.89%	6.02%
NET CHANGE
Cash From Operating Activities	2.076M	-$1.476M	-$5.549M
Cash From Investing Activities	94.66M	$30.00M	-$13.20M
Cash From Financing Activities	-30.55M	-$19.00M	$2.430M
Net Change In Cash	66.18M	$9.521M	-$16.36M
YoY Change	-481.58%	-158.2%	-3210.27%
FREE CASH FLOW
Cash From Operating Activities	$2.076M	-$1.476M	-$5.549M
Capital Expenditures	$0.00	$2.000K	$199.0K
Free Cash Flow	$2.076M	-$1.478M	-$5.748M
YoY Change	-178.22%	-74.29%	-36.68%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2023Q4	us-gaap	Lessee Operating Lease Liability Undiscounted Excess Amount LesseeOperatingLeaseLiabilityUndiscountedExcessAmount	25000	usd
CY2024Q1	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		usd
CY2024Q1	us-gaap	Assets Noncurrent AssetsNoncurrent	26557000	usd
CY2024Q1	dei	Document Type DocumentType	10-Q
CY2024Q1	dei	Document Quarterly Report DocumentQuarterlyReport	true
CY2024Q1	dei	Document Period End Date DocumentPeriodEndDate	2024-03-31
CY2024Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2024
CY2024Q1	dei	Document Transition Report DocumentTransitionReport	false
CY2024Q1	dei	Entity File Number EntityFileNumber	001-35813
CY2024Q1	dei	Entity Registrant Name EntityRegistrantName	ORAMED PHARMACEUTICALS INC.
CY2024Q1	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
CY2024Q1	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	98-0376008
CY2024Q1	dei	Entity Address Address Line1 EntityAddressAddressLine1	1185 Avenue of the Americas
CY2024Q1	dei	Entity Address Address Line2 EntityAddressAddressLine2	Third Floor
CY2024Q1	dei	Entity Address City Or Town EntityAddressCityOrTown	New York
CY2024Q1	dei	Entity Address State Or Province EntityAddressStateOrProvince	NY
CY2024Q1	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	10036
CY2024Q1	dei	City Area Code CityAreaCode	844
CY2024Q1	dei	Local Phone Number LocalPhoneNumber	967-2633
CY2024Q1	dei	Security12b Title Security12bTitle	Common Stock, par value $0.012
CY2024Q1	dei	Trading Symbol TradingSymbol	ORMP
CY2024Q1	dei	Security Exchange Name SecurityExchangeName	NASDAQ
CY2024Q1	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2024Q1	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2024Q1	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2024Q1	dei	Entity Small Business EntitySmallBusiness	true
CY2024Q1	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2024Q1	dei	Entity Shell Company EntityShellCompany	false
CY2024Q2	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	40628924	shares
CY2024Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	18576000	usd
CY2023Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	9055000	usd
CY2024Q1	us-gaap	Deposits Assets Current DepositsAssetsCurrent	80285000	usd
CY2023Q4	us-gaap	Deposits Assets Current DepositsAssetsCurrent	95279000	usd
CY2024Q1	us-gaap	Short Term Investments ShortTermInvestments	77733000	usd
CY2023Q4	us-gaap	Short Term Investments ShortTermInvestments	57713000	usd
CY2024Q1	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	501000	usd
CY2023Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	537000	usd
CY2024Q1	us-gaap	Assets Current AssetsCurrent	177095000	usd
CY2023Q4	us-gaap	Assets Current AssetsCurrent	162584000	usd
CY2024Q1	us-gaap	Deposits Assets Noncurrent DepositsAssetsNoncurrent	7000	usd
CY2023Q4	us-gaap	Deposits Assets Noncurrent DepositsAssetsNoncurrent	7000	usd
CY2024Q1	us-gaap	Investment Owned At Fair Value InvestmentOwnedAtFairValue	19544000	usd
CY2023Q4	us-gaap	Investment Owned At Fair Value InvestmentOwnedAtFairValue	51035000	usd
CY2024Q1	us-gaap	Marketable Securities Noncurrent MarketableSecuritiesNoncurrent	2026000	usd
CY2023Q4	us-gaap	Marketable Securities Noncurrent MarketableSecuritiesNoncurrent	1807000	usd
CY2024Q1	ormp	Other Nonmarketable Equity Securities Noncurrent OtherNonmarketableEquitySecuritiesNoncurrent	3524000	usd
CY2023Q4	ormp	Other Nonmarketable Equity Securities Noncurrent OtherNonmarketableEquitySecuritiesNoncurrent	3524000	usd
CY2024Q1	ormp	Amounts Funded In Respect Of Employee Rights Upon Retirement AmountsFundedInRespectOfEmployeeRightsUponRetirement	29000	usd
CY2023Q4	ormp	Amounts Funded In Respect Of Employee Rights Upon Retirement AmountsFundedInRespectOfEmployeeRightsUponRetirement	27000	usd
CY2024Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	819000	usd
CY2023Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	873000	usd
CY2024Q1	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	608000	usd
CY2023Q4	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	694000	usd
CY2023Q4	us-gaap	Assets Noncurrent AssetsNoncurrent	57967000	usd
CY2024Q1	us-gaap	Assets Assets	203652000	usd
CY2023Q4	us-gaap	Assets Assets	220551000	usd
CY2024Q1	us-gaap	Accounts Payable And Accrued Liabilities Current AccountsPayableAndAccruedLiabilitiesCurrent	1267000	usd
CY2023Q4	us-gaap	Accounts Payable And Accrued Liabilities Current AccountsPayableAndAccruedLiabilitiesCurrent	1609000	usd
CY2024Q1	us-gaap	Short Term Borrowings ShortTermBorrowings	32034000	usd
CY2023Q4	us-gaap	Short Term Borrowings ShortTermBorrowings	51013000	usd
CY2024Q1	us-gaap	Notes Payable Current NotesPayableCurrent	1000	usd
CY2023Q4	us-gaap	Notes Payable Current NotesPayableCurrent	325000	usd
CY2024Q1	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	254000	usd
CY2023Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	267000	usd
CY2024Q1	us-gaap	Liabilities Current LiabilitiesCurrent	33556000	usd
CY2023Q4	us-gaap	Liabilities Current LiabilitiesCurrent	53214000	usd
CY2024Q1	us-gaap	Deferred Revenue Noncurrent DeferredRevenueNoncurrent	4000000	usd
CY2023Q4	us-gaap	Deferred Revenue Noncurrent DeferredRevenueNoncurrent	4000000	usd
CY2024Q1	us-gaap	Employee Related Liabilities Current And Noncurrent EmployeeRelatedLiabilitiesCurrentAndNoncurrent	29000	usd
CY2023Q4	us-gaap	Employee Related Liabilities Current And Noncurrent EmployeeRelatedLiabilitiesCurrentAndNoncurrent	28000	usd
CY2024Q1	us-gaap	Taxes Payable Current And Noncurrent TaxesPayableCurrentAndNoncurrent	11000	usd
CY2023Q4	us-gaap	Taxes Payable Current And Noncurrent TaxesPayableCurrentAndNoncurrent	11000	usd
CY2024Q1	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	272000	usd
CY2023Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	342000	usd
CY2024Q1	us-gaap	Other Liabilities OtherLiabilities	63000	usd
CY2023Q4	us-gaap	Other Liabilities OtherLiabilities	63000	usd
CY2024Q1	us-gaap	Liabilities Noncurrent LiabilitiesNoncurrent	4375000	usd
CY2023Q4	us-gaap	Liabilities Noncurrent LiabilitiesNoncurrent	4444000	usd
CY2024Q1	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.012
CY2023Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.012
CY2024Q1	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	60000000	shares
CY2023Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	60000000	shares
CY2024Q1	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	40519160	shares
CY2024Q1	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	40519160	shares
CY2023Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	40338979	shares
CY2023Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	40338979	shares
CY2024Q1	us-gaap	Common Stock Value CommonStockValue	487000	usd
CY2023Q4	us-gaap	Common Stock Value CommonStockValue	485000	usd
CY2024Q1	us-gaap	Additional Paid In Capital Common Stock AdditionalPaidInCapitalCommonStock	322172000	usd
CY2023Q4	us-gaap	Additional Paid In Capital Common Stock AdditionalPaidInCapitalCommonStock	320892000	usd
CY2024Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-156020000	usd
CY2023Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-157556000	usd
CY2024Q1	us-gaap	Stockholders Equity StockholdersEquity	166639000	usd
CY2023Q4	us-gaap	Stockholders Equity StockholdersEquity	163821000	usd
CY2024Q1	us-gaap	Minority Interest MinorityInterest	-918000	usd
CY2023Q4	us-gaap	Minority Interest MinorityInterest	-928000	usd
CY2024Q1	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	165721000	usd
CY2023Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	162893000	usd
CY2024Q1	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	203652000	usd
CY2023Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	220551000	usd
CY2023Q1	us-gaap	Revenues Revenues	666000	usd
CY2024Q1	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	1179000	usd
CY2023Q1	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	4427000	usd
CY2023Q1	us-gaap	Selling And Marketing Expense SellingAndMarketingExpense	184000	usd
CY2024Q1	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	1783000	usd
CY2023Q1	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	1263000	usd
CY2024Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	-2962000	usd
CY2023Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	-5208000	usd
CY2024Q1	us-gaap	Interest Expense InterestExpense	592000	usd
CY2024Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	5088000	usd
CY2023Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	1597000	usd
CY2024Q1	us-gaap	Profit Loss ProfitLoss	1534000	usd
CY2023Q1	us-gaap	Profit Loss ProfitLoss	-3611000	usd
CY2024Q1	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	-2000	usd
CY2023Q1	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	-216000	usd
CY2024Q1	us-gaap	Net Income Loss NetIncomeLoss	1536000	usd
CY2023Q1	us-gaap	Net Income Loss NetIncomeLoss	-3395000	usd
CY2024Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.04
CY2023Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.08
CY2024Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.04
CY2023Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.08
CY2024Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	40835953	shares
CY2023Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	40041258	shares
CY2024Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	41564007	shares
CY2023Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	40041258	shares
CY2023Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	162893000	usd
CY2024Q1	us-gaap	Stock Issued During Period Value Share Based Compensation StockIssuedDuringPeriodValueShareBasedCompensation	-1282000	usd
CY2024Q1	us-gaap	Noncontrolling Interest Increase From Subsidiary Equity Issuance NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance	12000	usd
CY2024Q1	us-gaap	Profit Loss ProfitLoss	1534000	usd
CY2024Q1	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	165721000	usd
CY2022Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	151156000	usd
CY2023Q1	us-gaap	Stock Issued During Period Value New Issues StockIssuedDuringPeriodValueNewIssues	2430000	usd
CY2023Q1	us-gaap	Stock Issued During Period Value Share Based Compensation StockIssuedDuringPeriodValueShareBasedCompensation	-123000	usd
CY2023Q1	us-gaap	Noncontrolling Interest Increase From Subsidiary Equity Issuance NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance	50000	usd
CY2023Q1	us-gaap	Profit Loss ProfitLoss	-3611000	usd
CY2023Q1	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	150148000	usd
CY2024Q1	us-gaap	Profit Loss ProfitLoss	1534000	usd
CY2023Q1	us-gaap	Profit Loss ProfitLoss	-3611000	usd
CY2024Q1	us-gaap	Depreciation Depreciation	56000	usd
CY2023Q1	us-gaap	Depreciation Depreciation	37000	usd
CY2024Q1	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	5000	usd
CY2023Q1	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	1267000	usd
CY2024Q1	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	-3748000	usd
CY2023Q1	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	-65000	usd
CY2024Q1	us-gaap	Share Based Compensation ShareBasedCompensation	1294000	usd
CY2023Q1	us-gaap	Share Based Compensation ShareBasedCompensation	173000	usd
CY2024Q1	ormp	Gain On Amounts Funded In Respect Of Employee Rights Upon Retirement GainOnAmountsFundedInRespectOfEmployeeRightsUponRetirement	2000	usd
CY2024Q1	ormp	Accrued Interest On Shortterm Borrowings To Maturity AccruedInterestOnShorttermBorrowingsToMaturity	21000	usd
CY2024Q1	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-36000	usd
CY2023Q1	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	34000	usd
CY2024Q1	us-gaap	Increase Decrease In Accounts Payable Related Parties IncreaseDecreaseInAccountsPayableRelatedParties	-666000	usd
CY2023Q1	us-gaap	Increase Decrease In Accounts Payable Related Parties IncreaseDecreaseInAccountsPayableRelatedParties	-103000	usd
CY2024Q1	us-gaap	Increase Decrease In Operating Lease Liability IncreaseDecreaseInOperatingLeaseLiability	3000	usd
CY2023Q1	us-gaap	Increase Decrease In Operating Lease Liability IncreaseDecreaseInOperatingLeaseLiability	-16000	usd
CY2023Q1	us-gaap	Increase Decrease In Deferred Revenue IncreaseDecreaseInDeferredRevenue	-666000	usd
CY2024Q1	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	1000	usd
CY2023Q1	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	5000	usd
CY2023Q1	us-gaap	Increase Decrease In Other Noncurrent Liabilities IncreaseDecreaseInOtherNoncurrentLiabilities	-2000	usd
CY2024Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-1476000	usd
CY2023Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-5549000	usd
CY2024Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	4000000	usd
CY2023Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	19000000	usd
CY2024Q1	us-gaap	Proceeds From Sale Of Short Term Investments ProceedsFromSaleOfShortTermInvestments	19000000	usd
CY2023Q1	us-gaap	Proceeds From Sale Of Short Term Investments ProceedsFromSaleOfShortTermInvestments	4500000	usd
CY2023Q1	us-gaap	Proceeds From Sale Of Held To Maturity Securities ProceedsFromSaleOfHeldToMaturitySecurities	1496000	usd
CY2024Q1	us-gaap	Proceeds From Sale Of Longterm Investments ProceedsFromSaleOfLongtermInvestments	15000000	usd
CY2024Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	2000	usd
CY2023Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	199000	usd
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CY2023Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	2430000	usd
CY2024Q1	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	-1000	usd
CY2023Q1	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	-38000	usd
CY2024Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	9521000	usd
CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-16360000	usd
CY2023Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	9055000	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	40464000	usd
CY2024Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	18576000	usd
CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	24104000	usd
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CY2023Q1	ormp	Interest Received InterestReceived	308000	usd
CY2024Q1	us-gaap	Interest Paid Net InterestPaidNet	571000	usd
CY2024Q1	us-gaap	Nature Of Operations NatureOfOperations	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 - GENERAL:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 165.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Incorporation and Operations</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oramed Pharmaceuticals Inc. (collectively with its subsidiaries, the “Company”, unless the context indicates otherwise), a Delaware corporation, was incorporated on April 12, 2002.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 18, 2021, the Company entered into a license agreement (the “Oravax License Agreement”) with Oravax Medical Inc. (“Oravax”) and into a stockholders agreement (the “Stockholders Agreement”) with Akers Biosciences Inc., Premas Biotech Pvt. Ltd., Cutter Mill Capital LLC and Run Ridge LLC. According to the Stockholders Agreement, Oravax issued 1,890,000 shares of its capital stock to the Company, representing 63% of the issued and outstanding share capital of Oravax as of the date of issuance. Consequently, Oramed consolidates Oravax in its consolidated financial statements since that time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 23, 2021, Oravax incorporated a wholly-owned subsidiary in Israel, Oravax Medical Ltd., which is engaged in research and development. Effective January 1, 2022, Oravax transferred its rights and obligations under the Oravax License Agreement to Oravax Medical Ltd.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 11, 2023, the Company announced that the ORA-D-013-1 Phase 3 trial did not meet its primary and secondary endpoints. As a result, the Company terminated this trial and a parallel Phase 3, ORA-D-013-2 clinical trial. As these results are considered a triggering event, the Company evaluated all of its long lived assets which include fixed assets and operating lease right-of-use assets in the first quarter of 2023 and concluded that no impairment was required. The Company completed an analysis of the data from the ORA-D-013-1 Phase 3 trial and found that subpopulations of patients with pooled specific parameters, such as body mass index (BMI), baseline HbA1c, age, gender and body weight, responded well to oral insulin. These subsets exhibited an over 1% placebo adjusted, statistically significant, reduction in HbA1c. Based on this analysis, the Company is working on a protocol for a new Phase 3 clinical trial to be submitted to the FDA.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 22, 2024, the Company and its wholly-owned subsidiary, Oramed Ltd., entered into a joint venture agreement (the “JV Agreement”), with Hefei Tianhui Biotech Co., Ltd. (“HTIT Biotech”) and Technowl Limited, a wholly-owned indirect subsidiary of HTIT Biotech (“HTIT Sub” and together with HTIT Biotech, “HTIT”), pursuant to which, subject to the terms and conditions set forth in the JV Agreement, the parties will establish a joint venture (the “JV”), based on the Company’s oral drug delivery technology.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The JV will focus on the development and worldwide commercialization of innovative products based on the Company’s oral insulin and POD™ (Protein Oral Delivery) pipeline and HTIT’s manufacturing capabilities and technologies. The parties intend for the JV to use the protocol the Company is currently working on to initiate a Phase 3 oral insulin trial in the United States.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company and HTIT will initially hold equal shares in the JV, with each owning 50% of the equity. The board of directors will initially consist of equal representation from HTIT and the Company. HTIT will contribute to the JV $70,000 in cash, while the Company will contribute $20,000 (comprised of $10,000 in cash and $10,000 in shares of the Company’s common stock that will be subject to certain registration rights) and will transfer intellectual property related to its oral insulin and POD™ technology, as well as other assets in the Company’s pipeline. HTIT will have an option to invest additional funds into the JV up to an aggregate amount of $20,000, thereby increasing its equity holdings and granting the right to increase its board representation. The Company will be entitled to receive a 3% royalty on gross revenues of the JV generated from Company-related assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consummation of the JV Agreement is subject to and contingent upon the parties entering into additional agreements within a three-month period from the signature of the JV Agreement, including an asset transfer agreement for the transfer of the Company’s intellectual property to the JV, a commercial supply agreement for the manufacture and supply of products by HTIT to the JV, as well as other documents and agreements to regulate the relationship of the parties and the JV to be formed pursuant to the JV Agreement. There is no assurance that the parties will complete and sign these additional agreements within the agreed timeline or at all. If such agreements are not signed within the agreed timeframe, then either party may apply a 30-day extension, after which the JV Agreement may be terminated and voided by either party. The 30-day extension was applied by the Company on April 18, 2024 and will last until May 22, 2024. Thereafter, the consummation of the JV transaction is further subject to the satisfaction or waiver of certain other closing conditions within a three-month period following the completion of the aforesaid ancillary agreements. If the closing conditions are not met within the agreed timeframe, then either party may apply a 30-day extension, after which the JV Agreement may be terminated and voided by either party. In addition, completion of the transactions contemplated under the JV Agreement is subject to the satisfaction or waiver of customary and certain other closing conditions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>b.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Development and Liquidity Risks</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company 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 significant revenues from its operations. Following the termination of the ORA-D-013-1 and ORA-D-013-2 Phase 3 trials, the Company’s research and development activities have been significantly reduced while it conducts a strategic review process. As a result, the Company is currently incurring lower research and development and sales and marketing expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on the Company’s current cash resources and commitments, the Company believes it will be able to maintain its current planned activities and the corresponding level of expenditures for at least the next 12 months, although no assurance can be given that the Company will not need additional funds prior to such time. If there are unexpected increases in its operating expenses, the Company may need to seek additional financing during the next 12 months. The Company may also need additional funds to realize the decisions made as part of its strategic review process. The Company cannot predict the outcome of these activities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 7, 2023, the Company entered into a Stock Purchase Agreement, as subsequently amended on August 9, 2023 and August 21, 2023, (the “Sorrento SPA”), with Sorrento Therapeutics, Inc. (“Sorrento”), to acquire certain equity securities of Scilex Holding Company (“Scilex”), owned by Sorrento (the “Purchased Securities”), for a purchase price of $105,000. Sorrento and its affiliated debtor, Scintilla Pharmaceuticals, Inc. (“Scintilla” and together with Sorrento, the “Debtors”) are in Chapter 11 bankruptcy proceedings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 9, 2023, the Company entered into a Senior Secured, Super-Priority Debtor-in-Possession Loan and Security Agreement (the “Senior DIP Loan Agreement”) with the Debtors in the principal amount of $100,000, which included a non-refundable closing fee of $450 paid in full out of the proceeds. This amount was subsequently drawn in full by the Debtors and was intended to be used by the Company as a credit for the consideration for the Purchased Securities, with an additional $5,000 in cash to be paid by the Company at closing. Thereafter, the Company and Sorrento continued discussions and negotiations relating to the sale contemplated under the Sorrento SPA.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 21, 2023, the Company entered into and consummated the transactions contemplated by a Securities Purchase Agreement (the “Scilex SPA”) with Scilex and Acquiom Agency Services LLC. Pursuant to the Scilex SPA, in exchange for Scilex assuming outstanding obligations of Sorrento under the Senior DIP Loan Agreement (the “DIP Assumption”) and for the ability to credit the amounts assumed under the DIP Assumption in exchange for certain equity securities of Scilex owned by Sorrento, Scilex (i) issued to the Company (A) a Senior Secured Promissory Note due 18 months from the date of issuance in the principal amount of $101,875 (the “Note”), which includes accrued and unpaid interest of $875 under the Senior DIP Loan Agreement and $1,000 of fees added to the principal amount of the Note, (B) the Closing Penny Warrant (as defined herein), and (C) the Subsequent Penny Warrants (as defined herein), and (ii) caused the Transferred Warrants (as defined herein) to be transferred to the Company. For further details, see note 7.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 8, 2023, the Company borrowed an aggregate of $99,550 pursuant to loan agreements from Israel Discount Bank Ltd. For further details, see note 6.</span></p>
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$ORMP
ORAMED PHARMACEUTICALS INC. Stock $ormp

2024 Q2 Form 10-Q Financial Statement

#000121390024041364 Filed on May 09, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$ORMP ORAMED PHARMACEUTICALS INC. Stock $ormp

2024 Q2 Form 10-Q Financial Statement

#000121390024041364 Filed on May 09, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$ORMP
ORAMED PHARMACEUTICALS INC. Stock $ormp