Recent developments include Oramed's transfer of its POD technology to Lifeward, forming a strategic alliance with Alpha Tau, and ongoing clinical and regulatory progress in its ventures.

• Oramed transferred its Protein Oral Delivery (POD™) technology to Lifeward and received a 49.9% beneficial ownership interest in Lifeward, aligning with Lifeward's commercial medical robotics business [N1].
• Oramed's wholly-owned subsidiary invested approximately $36.9 million in Alpha Tau and formed a strategic alliance, including board representation and a services agreement [N2].
• Oramed launched OraTech, a new venture focused on oral insulin delivery aiming to revolutionize diabetes care [N4].
• The company recognized $2 million income related to the Medicox License Agreement in Q1 2026 but determined the agreement is no longer commercially viable due to extended clinical timelines [S2].
• Oramed named Avraham Gabay as new CFO, indicating management changes [N8].
• The company authorized a stock repurchase plan, reflecting capital allocation decisions [N8].

Oramed's strategic alignment with Lifeward offers near-term cash flow and diversified exposure to a commercial medical robotics business with recurring revenues. The company's significant investment in Alpha Tau provides potential upside from a novel cancer therapy platform advancing through multiple clinical trials and regulatory milestones, including approval in Japan. Continued clinical progress and successful commercialization of oral insulin through OraTech could enhance Oramed's product portfolio. Strong liquidity and recent net income from investment revaluations support ongoing operations and strategic initiatives.

Oramed faces risks from its dependency on key personnel and the challenges of managing joint ventures and strategic partnerships, which may limit operational flexibility. The company has a history of net losses and limited product revenues, with no assurance of regulatory approvals or commercial success for its oral insulin or other product candidates. Market risks include healthcare policy changes, currency fluctuations, and potential dilution from warrants and options. The extended clinical development timelines and the commercial viability of licensing agreements, such as with Medicox, remain uncertain. Failure of investments like Alpha Tau or Lifeward to achieve expected outcomes could adversely affect financial results.

Oramed's moat is anchored in its proprietary oral drug delivery technology, particularly the Protein Oral Delivery (POD™) platform, which enables oral administration of biologics traditionally delivered via injection. The strategic transfer of this technology to Lifeward, combined with a significant equity stake, provides Oramed with exposure to Lifeward's established commercial medical robotics business and recurring revenue streams. Additionally, Oramed's investment and board representation in Alpha Tau grants access to a novel oncology therapy platform with ongoing clinical development and regulatory progress. The company's collaborations and joint ventures diversify its innovation pipeline and potential revenue sources, although reliance on partners and external clinical development introduces execution risks.

• Dependency on Key Personnel: Oramed relies heavily on senior management and skilled scientific personnel, including its Chief Scientific Officer. Loss or unavailability of these individuals could materially impact the company's operations and competitive position.
• Joint Venture and Partnership Risks: The company's joint ventures, including with Lifeward and Alpha Tau, involve shared decision-making, capital contributions, and potential conflicts of interest. Disagreements or inability to realize expected benefits could adversely affect business outcomes.
• Regulatory and Clinical Development Risks: Oramed's products require regulatory approvals and successful clinical trial outcomes. Past trials have failed to meet endpoints, and future delays or failures could impact commercialization prospects.
• Financial and Market Risks: The company has a history of losses and depends on financing to support operations. Market risks include healthcare policy changes, currency exchange fluctuations, and potential dilution from equity instruments.
• Liquidity and Capital Resources: While Oramed has strong liquidity ratios as of March 31, 2026, additional financing may be required for ongoing development and operations, subject to capital market conditions.
• Risks Related to Investments: Investments in companies like Alpha Tau and Lifeward carry risks of valuation declines, defaults on notes, and operational challenges that could materially affect Oramed's financial condition.

• Oramed Pharmaceuticals Inc. is a biopharmaceutical company focused on developing orally ingestible drug delivery systems, including oral insulin capsules and other biologics.
• The company has strategic partnerships and joint ventures, including a significant investment and board representation in Alpha Tau, a clinical-stage oncology company developing the Alpha DaRT platform for cancer treatment.
• Oramed transferred its proprietary Protein Oral Delivery (POD™) platform and oral insulin program to Lifeward, a medical technology company, in exchange for a 49.9% beneficial ownership interest in Lifeward.
• Lifeward markets medical robotics and rehabilitation products such as the ReWalk Personal Exoskeleton and AlterG Anti-Gravity treadmill, generating recurring revenue from a global customer base.
• Oramed retains responsibility for managing clinical trials of the oral insulin capsule product through its subsidiary OraTech under a clinical trial management agreement with Lifeward.
• The company has a history of net losses but reported net income of $38.31 million for the three months ended March 31, 2026, primarily due to financial income from revaluation of investments.
• For the quarter ended March 31, 2026, Oramed reported no revenue, compared to $2 million in the prior year quarter related to a technology license agreement; research and development expenses decreased by 28% to $1.59 million, and general and administrative expenses decreased by 10% to $2.07 million.
• Oramed holds approximately 17% of Alpha Tau's outstanding shares and has nominated two directors to Alpha Tau's board.
• Alpha Tau is conducting multiple FDA-approved clinical trials in the U.S. for its Alpha DaRT cancer therapy platform, including pivotal and pilot studies in skin, pancreatic, brain, prostate, and immunocompromised patient populations.
• Alpha Tau received regulatory approval in Japan for Alpha DaRT in treating unresectable head and neck cancer, marking the first approval outside Israel.
• Oramed's liquidity as of March 31, 2026 includes $13.2 million in cash and equivalents, $4.97 million in short-term investments, total current assets of $68.15 million, and current liabilities of $10.56 million, resulting in a current ratio of 6.45 and a cash ratio of 1.72.
• Oramed has invested in real estate assets and other marketable securities, including investments in Scilex and Hapisga, with associated risks noted in the filings.
• The company is dependent on senior management and skilled personnel, with risks related to retention and recruitment noted.
• Oramed faces risks related to joint ventures, including approval rights, capital contributions, and potential conflicts with joint venture partners.
• The company is subject to risks from healthcare policy changes, currency exchange fluctuations, and regulatory approvals for its products.
• Oramed's common stock is listed on the Nasdaq Capital Market and is subject to listing requirements, with risks related to potential delisting and stock price volatility.
• The company has issued warrants, options, and RSUs that may have dilutive effects on shareholders.
• Oramed's strategic focus includes seeking commercial partners for product development, commercialization, and marketing, as it currently lacks large-scale manufacturing and sales capabilities.
• The company recognized $2 million income related to the Medicox License Agreement in Q1 2026 but determined the agreement is no longer commercially viable due to extended clinical timelines.
• Oramed's financial statements and disclosures are prepared in accordance with U.S. GAAP and include detailed accounting estimates and assumptions.