The Eli Lilly or Novo Nordisk for oral insulin.

• ORMD-0801 (Oral Insulin Capsule): An investigational oral insulin capsule designed to replace injected insulin for individuals with type 1 and type 2 diabetes.
• ORMD-0901 (Oral GLP-1 Analog): An investigational oral glucagon-like peptide-1 (GLP-1) analog being developed for type 2 diabetes and non-alcoholic steatohepatitis (NASH).

Oramed Pharmaceuticals (ORMP) is a clinical-stage pharmaceutical company focused on developing oral drug delivery systems. As of its latest financial reports, Oramed does not have any commercially approved products on the market.

Therefore, Oramed Pharmaceuticals does not currently have "major customers" in the traditional sense of companies or individuals purchasing its products. Its revenue sources primarily include grants from entities such as the Israel Innovation Authority (IIA) and interest income, rather than sales of commercial products.

While Oramed has historically pursued licensing agreements for its investigational products (for instance, a previous agreement with Hefei Tianhui Biotechnology Co., Ltd. for ORMD-0801 in China), these are collaborations for development and potential future commercialization rather than direct sales to major customers. As of its most recent filings, there is no significant licensing income from specific commercial partners that would constitute a "major customer."

The company's primary focus remains on research and development for its pipeline candidates, such as its oral insulin (ORMD-0801) and oral GLP-1 analog (ORMD-0901).

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Nadav Kidron, Chief Executive Officer, President & Chairman

Nadav Kidron co-founded Oramed Pharmaceuticals in 2006 and serves as its CEO, President, and Chairman. He is an entrepreneur with extensive experience in senior executive roles across various industries. Mr. Kidron co-founded Oravax Medical, a joint venture with Oramed and Premas Biotech, where he also serves as Chairman of the Board, focusing on an oral COVID-19 vaccine. He also co-founded Entera Bio, a joint venture with Oramed and DNA Biomedical Solutions, and was a director of Entera Bio Ltd. until 2016. Additionally, he is Chairman of the board of MDG Real Estate Global, Ltd., and a director of the Israel Advanced Technology Industries Organization. Mr. Kidron holds a bachelor's degree in law and an international master's in business administration from Bar-Ilan University.

Avraham Gabay, Chief Financial Officer, Treasurer & Secretary

Avraham Gabay was appointed as Chief Financial Officer, Treasurer, and Secretary of Oramed Pharmaceuticals, effective June 18, 2024. He brings a wealth of experience, having previously held financial leadership roles at BiomX Inc., Oravax Inc., and other notable firms. Mr. Gabay is a certified public accountant and a member of the Israeli Bar Association.

Miriam Kidron, Chief Scientific Officer & Director

Dr. Miriam Kidron co-founded Oramed Pharmaceuticals in 2006 and serves as its Chief Scientific Officer and a Director. A pharmacologist and biochemist, she earned her PhD in biochemistry from the Hebrew University of Jerusalem. Dr. Kidron spent nearly two decades as a senior researcher in the Diabetes Unit at Hadassah-Hebrew University Medical Center in Jerusalem, Israel, and was recognized with the Bern Schlanger Award for her diabetes research. She is a member of the European Association For The Study of Diabetes and Medicine On Line Israel (Moli) Ltd., and a former member of the American Diabetes Association.

Josh Hexter, Chief Operating & Business Officer

Josh Hexter was appointed Chief Operating Officer and Vice President of Business Development for Oramed Pharmaceuticals in April 2013. He has over 15 years of leadership experience in business development and operations within the biotech industry. Prior to joining Oramed, Mr. Hexter served as the Executive Director of Corporate In-Licensing at BioLineRx. He holds a BA from the University of Wisconsin and a Masters in Business Management from Boston University. He is also a General Partner at Psagot Winery.

Dr. Michael Berelowitz, Chairman of Scientific Advisory Board

Dr. Michael Berelowitz was elected to Oramed's Board of Directors in March 2014 and serves as the Chairman of its Scientific Advisory Board. Since 2011, he has worked as a biopharmaceutical consultant. Before that, from 2009 to 2011, Dr. Berelowitz was Senior Vice President and Head of Clinical Development and Medical Affairs in the Specialty Care Business Unit at Pfizer, Inc., where he also held various other roles of increasing responsibility from 1996 to 2009, beginning as a Medical Director in the Diabetes Clinical Research team. He previously spent several years in academia. Dr. Berelowitz holds adjunct appointments as Professor of Medicine at SUNY – StonyBrook and Mt. Sinai School of Medicine in New York. He has authored or co-authored over 100 peer-reviewed journal articles and book chapters on topics including pituitary growth hormone regulation, diabetes, and metabolic disorders.

1. Clinical Trial Failures and Product Development Risks

2. Liquidity and Funding Challenges

3. Strategic Partnership and Geopolitical Risks

The rapidly intensifying and highly competitive landscape in the market for GLP-1 receptor agonists and other anti-obesity and diabetes drugs poses a clear emerging threat to Oramed. Major pharmaceutical companies have already launched highly effective injectable GLP-1s (e.g., Novo Nordisk's Wegovy, Eli Lilly's Zepbound) that set a very high efficacy bar for weight loss and glycemic control. Furthermore, Novo Nordisk's Rybelsus (oral semaglutide) is an established oral GLP-1, and other large pharmaceutical companies are actively developing potentially more effective or better-tolerated oral GLP-1s and multi-agonist therapies. This robust pipeline and existing market presence, coupled with significant R&D investment by well-capitalized competitors, threatens Oramed's ability to successfully develop and commercialize its lead candidate ORMD-0901 (oral GLP-1 analog) and differentiate its Protein Oral Delivery (POD) platform in an increasingly crowded and high-stakes market.

Oramed Pharmaceuticals (ORMP) is developing oral drug delivery systems for several therapeutic areas. The addressable markets for their main products are outlined below:

• ORMD-0801 (Oral Insulin for Type 2 Diabetes):

  The global diabetes market is projected to be approximately $170 billion by 2025, with oral delivery methods anticipated to constitute about one-third of this market. In North America, the human insulin drugs market is estimated at $12.03 billion in 2025 and is expected to grow to $14.58 billion by 2030. While Oramed's Phase 3 trial for oral insulin in Type 2 Diabetes experienced a setback in January 2023, the company identified specific patient subpopulations that responded well to the treatment and is evaluating its path forward.

• ORMD-0801 (Oral Insulin for Non-Alcoholic Steatohepatitis - NASH):

  The global nonalcoholic steatohepatitis (NASH) market size was valued at $9.98 billion in 2024 and is expected to reach $314.07 billion by 2033, growing at a CAGR of 46.7%. Another projection estimates the global NASH market to reach $57.5 billion by 2033. The U.S. NASH market alone is expected to be valued at $18.3 billion by 2026. Oramed has reported positive mid-stage data for ORMD-0801 in NASH patients, showing a clinically meaningful reduction in liver fat, and is currently evaluating its next steps for this indication.

• ORMD-0901 (Oral GLP-1 Analog for Type 2 Diabetes and Obesity):

  The global GLP-1 receptor agonist market size was $24.4 billion in 2023 and is anticipated to grow to $55.7 billion by 2032, at a CAGR of 9.7% from 2024 to 2032. Another estimate places the global GLP-1 Receptor Agonist market at $25.3 billion in 2024, projected to reach $91.53 billion by 2035. For the broader anti-obesity drugs market, which GLP-1 analogs address, the global market could reach $150 billion by 2035, or potentially $177.27 billion by 2031. North America led the anti-obesity drugs market in 2024.

Oramed Pharmaceuticals (ORMP) is a clinical-stage biotechnology company focused on developing oral drug delivery systems for conditions traditionally treated with injections. While the company has faced setbacks with its lead oral insulin candidate, ORMD-0801, its future revenue growth over the next 2-3 years is expected to be driven by a combination of pipeline advancements, strategic partnerships, and returns from its diversified investment portfolio.

1. Advancement and potential commercialization of ORMD-0801 (oral insulin) in specific patient subgroups: Despite the termination of a previous Phase 3 trial for ORMD-0801 in type 2 diabetes, Oramed plans to initiate a new 60-patient U.S. trial focusing on high-responder subgroups where the oral insulin showed potential for significant HbA1c reduction. Successful results from this refined clinical strategy could lead to future regulatory pathways and eventual commercialization, generating revenue. The company is pursuing this development independently after a previous joint venture was terminated.
2. Royalties from the commercialization of oral insulin in China through OraTech: A Marketing Authorization Application for Oramed's oral insulin capsule has been submitted in China by Hefei Tianhui Incubator of Technologies (HTIT). OraTech, a new joint venture where Oramed shareholders are expected to receive majority holdings via a dividend, is anticipated to receive royalties from this commercialization.
3. Progression of ORMD-0801 for Non-Alcoholic Steatohepatitis (NASH) and ORMD-0901 (oral GLP-1 analog): Beyond diabetes, Oramed is exploring ORMD-0801 for treating NASH, where it is currently in Phase 2 trials. Additionally, ORMD-0901, an oral GLP-1 analog for type 2 diabetes and metabolic disorders, is in Phase 1 development. Positive clinical trial outcomes for these pipeline candidates could attract partnerships or lead to their eventual market entry, contributing to future revenue streams.
4. Returns and monetization from its diversified investment portfolio: Oramed has strategically invested in a diversified portfolio of biomedical companies. These investments, such as in Scilex and Alpha Tau, have already generated significant gains and are expected to continue to contribute to the company's financial position, with approximately $60 million expected from Scilex in the next 12 months. While not direct product revenue, the ability to leverage and potentially monetize these investments can provide capital for ongoing research and development or strategic initiatives that could ultimately drive revenue growth.

Share Repurchases

• Oramed Pharmaceuticals authorized a stock buy-back program for up to $20 million in June 2024, which was extended until June 2026.
• As of May 21, 2025, Oramed had repurchased $2.49 million in shares under its buy-back program.
• In October 2025, the company repurchased 1,155,367 shares of its common stock from Hefei Tianhui Biotech Co., Ltd. (HTIT Biotech) for approximately $2.58 million.

Share Issuance

• In November 2021, Oramed raised gross proceeds of $50 million through a registered direct offering, with shares priced at $25 per share.
• Oramed's stockholders approved an amendment in October 2025 to increase the number of authorized shares for issuance by 2,000,000, bringing the total to 9,500,000 shares under its 2019 Stock Incentive Plan.

Inbound Investments

• Oramed received $40 million from Scilex Holding Company as part of the principal of a Senior Secured Note by June 2024, with an additional $20 million expected by September 2024.
• In October 2024, Oramed restructured $22.5 million of Scilex's debt, receiving a $25 million convertible note, warrants for 3.75 million Scilex shares, and a $12.5 million repayment from new financing.
• Scilex repurchased warrants from Oramed to purchase 3,130,000 shares of common stock for $13 million in October 2025.

Outbound Investments

• In April 2025, Oramed made a strategic investment of $36.9 million in Alpha Tau Medical (Nasdaq: DRTS), acquiring approximately 14.1 million ordinary shares, and later an additional $0.846 million for 259,000 shares, bringing the total investment to $37.7 million.
• Oramed committed to an initial investment of $7.5 million in the OraTech Pharmaceuticals joint venture with Hefei Tianhui Biotech (HTIT), announced in February 2025 (this joint venture was later terminated in October 2025).
• Oramed has invested and loaned approximately $32.4 million in real estate and loans with real estate collateral.

Capital Expenditures

• Capital expenditures for Oramed Pharmaceuticals in the last 12 months were reported as -$23,000.