Recent developments include strategic alliances, technology transfers, leadership changes, and financial transactions that shape Oramed's business trajectory.

• Oramed transferred its POD technology to Lifeward and received a 49.9% beneficial ownership interest in Lifeward as part of the transaction [N1].
• Alpha Tau closed a $36.9 million offering and formed a strategic alliance with Oramed Pharmaceuticals [N2].
• Oramed launched a new OraTech venture aimed at revolutionizing diabetes care with oral insulin delivery [N4].
• The company announced an early installment payment on a senior secured promissory note related to Scilex [N6].
• Oramed's Board authorized a stock repurchase plan [N8].
• Avraham Gabay was named as the new CFO of Oramed Pharmaceuticals [N8].

Oramed's development of oral insulin delivery technology addresses a significant unmet need in diabetes care, potentially revolutionizing treatment. Strategic alliances, such as the investment in Alpha Tau and the transfer of POD technology to Lifeward with substantial ownership, provide avenues for growth and diversification. Strong liquidity and recent net income indicate financial stability to support ongoing research and development. The company's authorization of a stock repurchase plan and appointment of a new CFO may enhance shareholder value and operational execution. If regulatory approvals and clinical trials succeed, Oramed could leverage its partnerships to commercialize innovative therapies.

Oramed faces significant risks including the failure of its oral insulin Phase 3 trial, which led to termination of one study and reliance on subpopulation analyses. The company depends heavily on key personnel and faces intense competition from larger pharmaceutical companies with greater resources. Its reliance on joint ventures and partners limits operational flexibility and exposes it to risks from partners' differing interests and regulatory environments. Investments in real estate and secured notes carry market and credit risks. Healthcare policy changes and drug pricing pressures may adversely affect future revenues. The company's stock is subject to volatility and potential delisting risks due to Nasdaq listing requirements.

Oramed's moat is based on its proprietary oral drug delivery technologies, particularly oral insulin, and its strategic partnerships and joint ventures that provide access to development and commercialization capabilities. However, the company lacks its own manufacturing and sales infrastructure, making it dependent on collaborators. Its investments in clinical-stage companies and medical device ventures diversify its portfolio but also introduce execution risks. The company's intellectual property and clinical trial data underpin its competitive position, but rapid technological changes and competition from larger pharmaceutical firms present ongoing challenges.

• Dependence on Key Personnel: Loss or unavailability of senior management and key scientific personnel could materially harm business operations and competitive position.
• Joint Venture and Partnership Risks: Joint ventures may limit flexibility, require additional capital contributions, and expose Oramed to conflicts of interest and regulatory differences with partners.
• Regulatory and Clinical Trial Risks: Failure to obtain regulatory approvals or unfavorable clinical trial results could delay or prevent commercialization of products.
• Market and Liquidity Risks from Real Estate Investments: Investments in real estate expose the company to market fluctuations, illiquidity, and potential loss of principal.
• Credit Risk Related to Secured Notes: Oramed's loans and notes to entities like Scilex and Lifeward carry risk of default, which could materially affect financial condition.
• Healthcare Policy and Pricing Pressure: Changes in healthcare laws and drug pricing regulations may reduce potential revenues and increase operating costs.
• Currency Exchange Rate Exposure: Fluctuations in exchange rates, especially between USD and NIS, affect operational costs and financial results.
• Stock Market and Listing Risks: Volatility in stock price, potential delisting from Nasdaq, and dilution from warrants and options may adversely impact shareholder value.
• Cybersecurity Risks: Potential cyber-attacks or system failures could disrupt operations and compromise sensitive data.

• Oramed Pharmaceuticals Inc. is a biopharmaceutical company focused on developing orally digestible drugs, including oral insulin delivery technologies.
• The company depends heavily on senior management and key scientific personnel, including its Chief Scientific Officer, Dr. Miriam Kidron, and faces risks related to retention and recruitment of skilled personnel.
• Oramed operates through joint ventures and strategic partnerships, including a significant investment in Alpha Tau, a clinical-stage oncology therapeutics company, and a recent transaction transferring its POD technology to Lifeward, receiving a 49.9% beneficial ownership interest.
• The company lacks large-scale manufacturing, sales, marketing, and distribution capabilities and plans to seek strategic commercial partners for these functions.
• Oramed has a history of net losses but reported net income of $64.05 million for the fiscal year ended December 31, 2025, with revenues of $2 million and basic EPS of $1.53.
• As of December 31, 2025, Oramed had cash and equivalents of approximately $45.95 million, short-term investments of $5.42 million, current assets of $133.27 million, and current liabilities of $19.09 million, resulting in a strong current ratio of 6.98 and cash ratio of 2.69.
• The company has made investments in real estate assets totaling up to $30 million approved by the Board, exposing it to market and liquidity risks in this sector.
• Oramed holds secured promissory notes and warrants related to Lifeward and Scilex, with risks related to the ability of these entities to meet repayment obligations.
• The company faces risks from healthcare policy changes, including drug pricing pressures and regulatory burdens in the U.S. healthcare system.
• Oramed's common stock is listed on the Nasdaq Capital Market and is subject to listing requirements, including minimum bid price rules, with risks of delisting and associated market impacts.
• The company has authorized a stock repurchase plan and recently appointed a new CFO, Avraham Gabay.
• Oramed's oral insulin Phase 3 trial (ORA-D-013-1) failed to meet primary endpoints, leading to a strategic review and new clinical trial protocols submitted to the FDA.
• Oramed's new OraTech venture aims to develop oral insulin delivery technologies to revolutionize diabetes care.
• The company is exposed to currency exchange rate fluctuations, particularly between the U.S. dollar and Israeli shekel (NIS), affecting operational costs.
• Oramed's business is subject to risks from cybersecurity threats, regulatory approvals, competition, and potential product liability claims.
• The company has a stockholder rights plan (poison pill) to discourage hostile takeovers.
• Oramed's strategic transactions and joint ventures may limit flexibility and expose it to risks from partners' differing interests and regulatory environments.