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Here are a few analogies to describe Oramed Pharmaceuticals:

• It's like the "Eli Lilly or Novo Nordisk for oral diabetes medications," focused on turning typically injected drugs like insulin and GLP-1 into convenient pills.

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• ORMD-0801: An orally ingestible insulin capsule developed for the treatment of individuals with diabetes.
• ORMD-0901: An oral glucagon-like peptide-1 (GLP-1) capsule designed for the treatment of type 2 diabetes.
• Oral leptin capsule: A developmental oral capsule intended as a weight loss treatment.

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Based on the provided information, Oramed Pharmaceuticals Inc. (ORMP) is a pharmaceutical company primarily focused on research and development. Its proprietary products, including ORMD-0801 (oral insulin), ORMD-0901 (oral GLP-1), and an oral leptin capsule, are currently in various stages of clinical trials (Phase I and Phase II) and have not yet been commercialized or approved for sale.

Consequently, Oramed Pharmaceuticals does not currently have major customers, either other companies or individuals, as it is not actively selling its pipeline products on the market.

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Major Suppliers:

• PolyPeptide Group AG (symbol: PPGN)
• Pharmaleads SA
• Ajinomoto Co., Inc. (symbol: 2802)

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Nadav Kidron, Esq. Chief Executive Officer, President & Chairman

Mr. Kidron co-founded Oramed Pharmaceuticals in 2006. He is an entrepreneur with experience in senior executive roles across various industries. He also co-founded Oravax Medical, a joint venture with Oramed and Premas Biotech, where he serves as Chairman of the Board. Additionally, he co-founded Entera Bio, a joint venture formed by Oramed and DNA Biomedical Solutions.

Avraham Gabay Chief Financial Officer, Treasurer & Secretary

Mr. Gabay was re-appointed Chief Financial Officer of Oramed Pharmaceuticals in June 2024, having previously held the position from 2019 to 2021. Prior to his current role, he served as interim CFO at BiomX Inc. from 2023 to 2024 and as CFO at Oravax Inc., a 63% owned subsidiary of Oramed, from 2021 to 2023. From 2015 to 2019, he was VP Finance at Orcam Technologies Ltd. He also provided economic services in the advisory department of KPMG Israel and worked in the tax department of Gornitzky & Co.

Miriam Kidron, PhD Chief Scientific Officer & Director

Dr. Kidron co-founded Oramed Pharmaceuticals in 2006. She is a pharmacologist and biochemist, holding a PhD in biochemistry from the Hebrew University of Jerusalem. For close to 20 years, she served as a senior researcher in the Diabetes Unit at Hadassah-Hebrew University Medical Center in Jerusalem, Israel, and was formerly a visiting professor at the Medical School at the University of Toronto.

Josh Hexter Chief Operating & Business Officer

Mr. Hexter serves as Chief Operating and Business Officer of Oramed Pharmaceuticals. He brings nearly two decades of leadership, business development, and operations expertise in the life science sector. Before his current position, he was Chief Business Officer of BrainsWay Ltd. and previously served as Chief Operating Officer of Oramed.

Michael Rabinowitz Chief Commercial Officer

Mr. Rabinowitz was appointed Chief Commercial Officer in August 2021. He has over 20 years of experience from Merck & Co., where he held various marketing, sales, business development, and financial leadership roles both in the U.S. and globally. At Merck, he successfully launched and marketed products in more than 30 countries, including billion-dollar oral agents for diabetes.

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Oramed Pharmaceuticals Inc. (ORMP) faces several key risks inherent to its business model as a clinical-stage pharmaceutical company focused on novel drug delivery systems.

1. Clinical Trial Failure and Regulatory Approval: The most significant risk to Oramed Pharmaceuticals is the potential for further clinical trial failures and difficulties in obtaining regulatory approval for its drug candidates. The company's flagship product, ORMD-0801 (oral insulin), failed to meet its primary and secondary endpoints in a pivotal Phase 3 clinical trial for Type 2 diabetes in January 2023, leading to a substantial drop in the company's share price and prompting a strategic reassessment. While Oramed is now attempting to reinitiate a Phase 3 trial with an amended protocol, focusing on a specific subgroup of patients, the ultimate success and regulatory clearance for this or any other pipeline product remain highly uncertain. The entire valuation of a platform technology company like Oramed is heavily dependent on successful clinical translation and regulatory approval. Strict FDA regulations for clinical trial design and execution, particularly for novel delivery methods, increase time-to-market risk and the potential for delays.
2. Intellectual Property (IP) Protection and Challenges: Oramed's business relies heavily on its proprietary Protein Oral Delivery (POD) technology. However, there is a significant risk that the company may face difficulties or delays in obtaining, maintaining, or enforcing strong patent protection for its product candidates and core technology. For instance, an Oramed patent application for an oral insulin composition was previously refused in India due to a lack of inventive step, although this decision was later remanded for a fresh hearing. This highlights the challenges and uncertainties involved in securing robust intellectual property rights globally, which are crucial for protecting its innovative delivery platform from competition.
3. Financial Health and Funding: As a research and development-focused pharmaceutical company, Oramed Pharmaceuticals operates with significant operational challenges, as evidenced by its negative operating margin. Despite having a cash position that provides a runway for a few years, the company continuously burns cash to fund its research, development, and clinical trial activities. The inability to obtain additional funding when required, through licensing fees, partnerships, or equity offerings, poses a substantial risk. Future capital raises could be expensive and result in dilution for existing shareholders, particularly after the setback of the oral insulin Phase 3 trial, which has impacted market sentiment and stock price volatility. Furthermore, the company's investments in small-cap biotechs as part of its asset base also expose it to market and credit risks.

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Oramed Pharmaceuticals Inc. develops pharmaceutical solutions for diabetes and orally ingestible capsules for polypeptides, with key products including an oral insulin capsule (ORMD-0801), an oral glucagon-like peptide-1 (GLP-1) capsule (ORMD-0901), and an oral leptin capsule for weight loss.

Addressable Markets for Oramed Pharmaceuticals' Main Products:

• ORMD-0801 (Oral Insulin Capsule): The global oral insulin market was valued at approximately USD 564 million in 2025 and is projected to reach about USD 989 million by 2033, growing at a Compound Annual Growth Rate (CAGR) of 5.6% during this period.
• ORMD-0901 (Oral Glucagon-Like Peptide-1 (GLP-1) Capsule): The global oral GLP-1 receptor agonist drug market was valued at USD 22.0 billion in 2025 and is projected to expand to an estimated USD 103.4 billion by 2034, with a CAGR of 18.5% from 2026 to 2034.
• Oral Leptin Capsule (for weight loss treatment): A specific addressable market size for oral leptin capsules was not explicitly identified. However, the broader global oral obesity therapies market, which includes various oral medications for weight management, was valued at USD 4.35 billion in 2025. This market is predicted to increase to approximately USD 9.34 billion by 2035, expanding at a CAGR of 7.94% from 2026 to 2035. North America held the largest revenue share of the oral obesity therapies market in 2025.

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Here are the expected drivers of future revenue growth for Oramed Pharmaceuticals (ORMP) over the next 2-3 years:

1. Royalty payments from the commercialization of oral insulin (ORMD-0801) in China: Through the joint venture OraTech Pharmaceuticals Inc. with Hefei Tianhui Biotech Co., Ltd. (HTIT), a Marketing Authorization Application for oral insulin has been submitted in China, and commercialization preparations are underway. OraTech is anticipated to receive royalty payments from these sales.
2. Advancement and commercialization of oral insulin (ORMD-0801) in the U.S. and other global markets: OraTech Pharmaceuticals, the joint venture, is focused on conducting Phase 3 trials and pursuing regulatory registrations for oral insulin globally, including a new Phase 3 trial in the U.S. A successful progression through clinical trials and eventual market approval would be a significant revenue driver.
3. Revenue generation from the strategic transaction with Lifeward Ltd.: In January 2026, Oramed entered into binding agreements to transfer its proprietary Protein Oral Delivery (POD™) technology to Lifeward Ltd. Oramed is expected to obtain a 49.9% beneficial ownership interest in Lifeward and will manage an anticipated clinical trial related to the oral delivery platform, potentially leading to future revenue streams or gains from its ownership stake.
4. Ongoing royalty streams from the Scilex partnership: Oramed receives continuous revenue from its partnership with Scilex, including royalty streams from the sales of multiple Scilex products such as ZTlido, ELYXYB, and GLOPERBA. These existing royalty agreements are expected to contribute to Oramed's revenue in the coming years.

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Share Repurchases

• Oramed's Board of Directors authorized a common stock repurchase plan allowing for the buy-back of up to $20,000,000 in maximum value of its common stock, initially announced on June 26, 2024, and extended until June 2026.
• In December 2025, the company repurchased 1,155,367 shares of its common stock from Hefei Tianhui Biotech Co., Ltd. for approximately $2.58 million, which were subsequently canceled and retired.

Share Issuance

• In November 2021, Oramed completed a registered direct offering, issuing 2,000,000 shares of its common stock at a purchase price of $25 per share, resulting in expected gross proceeds of $50 million.
• The number of shares outstanding for Oramed Pharmaceuticals Inc. increased by 3.29% in the last year.

Outbound Investments

• In January 2026, Oramed and Lifeward Ltd. announced a strategic transaction that involved the transfer of Oramed's proprietary Protein Oral Drug (POD™) delivery technology to Lifeward. Oramed is to obtain a 49.9% beneficial ownership interest in Lifeward, including warrants, and plans to invest $9 million in senior secured convertible notes, with an additional milestone-based $9 million investment in convertible notes.
• As of January 7, 2026, Oramed received an $18 million payment from Scilex Holdings Inc., bringing its total returns to $118 million on its original $99.5 million Scilex investment. Oramed continues to hold a $27 million note and a $12 million convertible note with Scilex, along with warrant positions and a nine-year royalty interest in Scilex products.
• Oramed received $28.5 million in aggregate payments from Scilex in December 2025 for the repurchase of warrants to purchase a total of 6,500,000 shares of Scilex common stock.

Capital Expenditures

• Oramed Pharmaceuticals' capital expenditures in the last 12 months totaled -$18,000.
• Capital expenditures in the most recent quarter were $0.000.