Oramed Pharmaceuticals Inc. (ORMP): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that has clearly shifted gears, and honestly, it's smart; Oramed Pharmaceuticals Inc. isn't just chasing the next drug trial anymore, they've become a savvy strategic investor, using their capital to create value, which is reflected in their $220.5 million in total assets as of September 30, 2025. This pivot is generating real returns, evidenced by the $65.0 million net income in the first nine months of 2025, driven partly by investment wins like the $100 million repayment from Scilex. To really see how this new structure-balancing their core oral delivery tech with a portfolio including a $64.8 million stake in Alpha Tau Medical-actually works day-to-day, you need to break down the whole Business Model Canvas below.

Oramed Pharmaceuticals Inc. (ORMP) - Canvas Business Model: Key Partnerships

You're looking at the structure of Oramed Pharmaceuticals Inc.'s alliances as of late 2025, which has seen significant shifts, particularly around its China-focused joint venture. These partnerships are crucial for both capital generation and advancing its core oral drug delivery technology.

OraTech Pharmaceuticals Inc. joint venture for oral drug delivery

Oramed Pharmaceuticals Inc. initially spun off its Protein Oral Delivery (POD) technology into a joint venture, OraTech Pharmaceuticals Inc., with Hefei Tianhui Biotech Co., Ltd. (HTIT) in February 2025. This structure was designed to accelerate the development of ORMD-0801 oral insulin. The plan involved OraTech holding global marketing rights for the POD technology and receiving royalty payments from oral insulin sales in China, where HTIT had submitted a Marketing Authorization Application. However, this partnership saw a major reversal. Oramed announced the termination of the joint venture agreement with HTIT Biotech in October 2025, as HTIT was unable to satisfy required closing conditions. As part of unwinding this, Oramed repurchased 1,155,367 shares of its common stock from HTIT Biotech for approximately $2.58 million, at a price of $2.23 per share, closing that transaction on a Monday in October 2025. This JV was initially capitalized with a combined $75 million investment, with HTIT committing $60 million and Oramed Pharmaceuticals contributing $15 million to the new entity. The plan was for OraTech to go public on Nasdaq.

Hefei Tianhui Biotech Co., Ltd. (HTIT) for manufacturing and China commercialization

HTIT's role was centered on providing world-class manufacturing support, leveraging its expertise in cost-effective capsule production to ensure a scalable supply chain for OraTech. This was a key component of the original plan to support clinical trials and commercialization activities for the oral insulin candidate. The termination in late 2025 means Oramed is now managing the supply chain elements differently, though the initial capital commitment from HTIT was $60 million.

Alpha Tau Medical Ltd. for strategic investment and service agreement

This alliance represents a significant strategic capital deployment for Oramed Pharmaceuticals Inc. On April 28, 2025, an affiliate of Oramed closed a strategic investment in Alpha Tau Medical Ltd. The total investment amount was $36.9 million, achieved through the purchase of approximately 14.1 million Alpha Tau ordinary shares at a price of $2.612 per share. Beyond the capital, Oramed entered a comprehensive three-year service agreement to provide investor outreach, business strategic guidance, and capital markets expertise to Alpha Tau. This involvement grants Oramed an active governance role, including the appointment of two directors to Alpha Tau's Board of Directors. The gains from this position contributed significantly to Oramed's financial results.

Scilex Holding Company for debt and investment repayment

The relationship with Scilex Holding Company involved Oramed's Senior Secured Promissory Note. By the nine months ended September 30, 2025, Oramed reported receiving approximately $27 million from Scilex during that period, which brought the total repayment to $100 million, marking the full return of principal from the initial strategic investment. Furthermore, Scilex exercised an option to repurchase warrants from Oramed in tranches. The first tranche closed in October 2025, where Scilex repurchased 3,130,000 warrants for $13 million. The total warrant repurchase is for an aggregate of 6,500,000 warrants for $27 million, with the option for Scilex to repurchase the remaining 3,370,000 warrants for $14 million on or before December 31, 2025. The maturity date for the underlying Senior Secured Promissory Note was extended to December 31, 2025.

Here's a quick look at the key financial actions tied to these relationships as of late 2025:

The Alpha Tau investment, which involved purchasing 14.1 million shares at $2.612 each, is a clear example of Oramed Pharmaceuticals using its capital to back innovative delivery technologies. The Scilex debt structure evolved significantly; the final principal repayment of $100 million was achieved by the end of the third quarter of fiscal 2025. What this estimate hides is the ongoing nature of the Scilex warrant option, which has a final deadline of December 31, 2025, for the remaining $14 million repurchase.

The key operational elements tied to these partnerships include:

• OraTech was set to receive global marketing rights for the POD technology.
• HTIT committed $60 million to the now-terminated OraTech venture.
• Oramed's investment in Alpha Tau Medical Ltd. secured two Board seats.
• The Scilex debt maturity was extended to December 31, 2025.
• The Alpha Tau service agreement is for a term of three years.

Finance: draft 13-week cash view by Friday.

Oramed Pharmaceuticals Inc. (ORMP) - Canvas Business Model: Key Activities

You're looking at the core actions Oramed Pharmaceuticals Inc. is taking to drive value as of late 2025. It's a mix of clinical focus and aggressive financial management, which is defintely key to their current story.

Strategic capital deployment and investment portfolio management

Oramed Pharmaceuticals Inc. has shifted focus to leveraging its capital through strategic investments, which is driving significant financial results. For the nine months ended September 30, 2025, the company reported a net income (pre-tax) of $65.0 million, a major turnaround from the net loss of $6.1 million in the same period last year. This was largely fueled by investment gains. Total assets grew to $220.5 million as of September 30, 2025, marking a 42% increase year-over-year from $155.3 million. The company has been prudent, investing $17.8 million in R&D for its oral insulin program and share buybacks since January 2023, while simultaneously growing its asset base from $155.7 million in January 2023 to approximately $210 million by September 30, 2025 (unaudited). The Board also approved investments of up to $10,000,000 in real estate assets on November 7, 2024.

Here's a look at the material investment positions driving that net income:

They expect over $60 million more in returns from the Scilex structured investment in the next 12 months.

Providing capital markets and business strategic guidance to partners

Oramed Pharmaceuticals Inc. uses its experience as a platform technology pioneer to support strategic partners. The company leveraged its strategic capital markets expertise to back Alpha Tau Medical Ltd.'s technology, which is accelerating late-stage cancer therapies. The company's core technology, the POD™ (Protein Oral Delivery) platform, is what it offers as guidance or foundational technology to ventures like OraTech Pharmaceuticals Inc.

Advancing a new 60-patient US-based oral insulin trial

The company is advancing its oral insulin program independently after terminating a joint venture. This involves initiating a new 60-patient, U.S.-based trial. This trial specifically targets high-responder subgroups, including participants with lower BMI and older demographics, who previously showed the possibility of achieving over 1% reduction in HbA1c. Research and development expenses for the nine months ended September 30, 2025, were $4.4 million, down from $4.9 million the prior year, reflecting a focused approach to this trial.

The key activities related to the clinical program include:

• Initiating a 60-patient U.S. trial.
• Focusing on subgroups showing >1% HbA1c reduction potential.
• Designing the trial for the smallest adequately powered population.
• Generating data in the shortest feasible time.

Managing equity stake and royalty interests in OraTech Pharmaceuticals

Oramed Pharmaceuticals Inc. spun off its POD™ technology into a joint venture, OraTech Pharmaceuticals Inc., with Hefei Tianhui Biotech Co., Ltd. (HTIT). Oramed and HTIT contributed a combined $75 million in capital to OraTech; Oramed's direct contribution was $15 million. Oramed shareholders are slated to receive a majority of Oramed's equity interest in OraTech via a dividend, planned to coincide with OraTech's public listing, expected in 2025. HTIT is obligated to make payments under a Supply Agreement, including $20,000 at initial closing and $10,000 at the second closing. OraTech is structured to provide Oramed with royalty payments from oral insulin sales in China. Furthermore, Oramed is set to receive royalty streams over the next decade from multiple Scilex products, with $400,000 due for Q4 2024 sales.

Oramed Pharmaceuticals Inc. (ORMP) - Canvas Business Model: Key Resources

You're looking at the core assets Oramed Pharmaceuticals Inc. (ORMP) relies on to execute its strategy, which right now is heavily weighted toward its investment portfolio alongside its foundational technology.

The balance sheet strength is a major resource, especially following recent investment activity. As of September 30, 2025, Oramed Pharmaceuticals Inc. reported total assets of approximately $220.5 million, a significant increase year-over-year. This robust foundation gives the company financial flexibility to advance its platform.

The intellectual property cornerstone is the Proprietary Protein Oral Delivery (POD™) technology. Honestly, this is the engine for the company's long-term value proposition. To accelerate its development and commercialization, Oramed transferred this technology, along with other pipeline assets, into a new joint venture, OraTech Pharmaceuticals Inc., in early 2025. Therefore, the key resource here is Oramed's resulting equity holding in OraTech, which Oramed shareholders received a majority stake in.

A significant portion of Oramed Pharmaceuticals Inc.'s current financial strength comes from its expertise in capital markets, which has translated into valuable equity holdings. The company holds equity in Alpha Tau Medical Ltd., which was valued at approximately $64.8 million as of September 2025, contributing to substantial unrealized fair-value gains driving recent net income.

You can see the breakdown of the financial resources that underpin these assets:

The company's ability to generate significant non-operating income is a defining feature of its current resource base. This is directly tied to strategic exits and market performance, not just drug development milestones. Here's a quick look at the financial drivers:

• Realized cash returns from the Scilex Holding Company investment.
• Substantial unrealized fair-value gains on equity holdings, notably Alpha Tau Medical Ltd.
• Equity holdings in other marketable securities, including DNA Group and Entera Bio Ltd..

This focus on investment returns, rather than purely operational revenue, is what positioned Oramed Pharmaceuticals Inc. for greater financial flexibility as it advances its core technology through the OraTech partnership.

Oramed Pharmaceuticals Inc. (ORMP) - Canvas Business Model: Value Propositions

You're looking at the core value Oramed Pharmaceuticals Inc. (ORMP) delivers, which isn't just one thing; it's a blend of platform technology, financial acumen, and shareholder return strategy as of late 2025.

Oral delivery platform for injectable drugs, improving patient compliance.

The primary value is the Protein Oral Delivery (POD™) technology, designed to convert drugs typically requiring injection into an oral capsule form. This shift directly addresses patient aversion to injections, which can significantly boost compliance. Oramed Pharmaceuticals Inc. is advancing its oral insulin candidate, ORMD-0801, based on this platform.

The current focus is on validating this platform in a targeted way:

• Initiating a new U.S.-based trial with 60 patients to test ORMD-0801.
• The trial targets specific high-responder subgroups identified in prior data analysis.
• These subgroups previously demonstrated a statistically significant reduction in HbA1c of over 1% compared to placebo.
• A prior Phase IIb trial showed no increase in hypoglycemic events versus placebo.

The company CEO is confident that the cost to manufacture the oral insulin pill will be significantly lower than the cost of current insulin injections, a key benefit for patients in the U.S. who ration medication due to high cost.

Strategic financial and capital markets expertise for partner companies.

Oramed Pharmaceuticals Inc. demonstrates value to partners by deploying its financial and capital markets expertise, often through strategic investments that include collaboration. This is evident in their support for companies like Alpha Tau Medical, where Oramed leveraged its network.

Here's a snapshot of the investment activity demonstrating this expertise:

This active management shows Oramed Pharmaceuticals Inc. can generate returns while simultaneously supporting the strategic advancement of partner technologies.

Value creation for shareholders through a diversified investment portfolio.

A major component of Oramed Pharmaceuticals Inc.'s current value proposition to shareholders is the successful execution of its capital deployment strategy, which has substantially bolstered the balance sheet. You can see the tangible results of this disciplined approach.

Financial highlights for the nine months ended September 30, 2025, show a dramatic shift:

• Net income (pre-tax) reached $65.0 million, a sharp contrast to the net loss of $6.1 million in the same period last year.
• Total assets grew to approximately $220.5 million, a 42% increase year-over-year from $155.3 million.
• Basic earnings per share for the nine-month period was $1.30.
• R&D expenses were managed down to $4.4 million for the nine months, compared to $4.9 million previously.

The portfolio generated significant cash returns, including the complete repayment of approximately $100 million principal from the Scilex strategic investment. Still, it's important to note that the company had negative free cash flow of US$11m over the last year to September 2025.

Advancing oral insulin for specific high-responder patient subgroups.

The company is committed to advancing its lead candidate, ORMD-0801, by focusing development efforts where the data showed the most promise. This refined strategy aims for a more cost-effective path to validation.

The value here is the focused, data-driven approach to clinical development:

• The new U.S. Phase 3 trial is designed to validate the oral insulin formulation in a smaller, targeted population.
• This trial is designed to generate compelling evidence in the shortest time possible.
• Previous Phase 3 efforts involved a total of 1,125 patients across two studies, with one cohort (ORA-D-013-1) recruiting 675 patients.

The company is prioritizing generating data that strengthens its regulatory and commercial positioning for this oral delivery system.

Oramed Pharmaceuticals Inc. (ORMP) - Canvas Business Model: Customer Relationships

You're looking at how Oramed Pharmaceuticals Inc. (ORMP) manages its relationships with key external stakeholders, which heavily involves its strategic investment portfolio as much as its core drug development efforts. This isn't just about patients; it's about the financial partners and investors who enable the platform technology.

Active governance and board representation with strategic investments

Oramed Pharmaceuticals Inc. (ORMP) actively shapes the trajectory of its strategic investments through governance involvement. A clear example is the deal structure with Alpha Tau Medical Ltd. The initial investment, made on April 24, 2025, included board representation alongside the capital deployment. This governance tie-in suggests a hands-on approach to nurturing these relationships to drive value for Oramed Pharmaceuticals Inc. (ORMP). The company's overall financial health, which supports these relationships, saw a significant boost, reporting a pre-tax net income of $65.0 million for the nine months ended September 30, 2025, a sharp turnaround from the $6.1 million net loss in the same prior period.

Investor and shareholder outreach services for portfolio companies

While Oramed Pharmaceuticals Inc. (ORMP) doesn't explicitly detail 'outreach services' for portfolio companies in the traditional sense, its actions serve as a model for its own shareholders. The company communicates its investment success directly to its investor base. For instance, Oramed Pharmaceuticals Inc. (ORMP) released a Letter to Shareholders on October 23, 2025, detailing significant investment appreciation and reaffirming plans for a one-time dividend. This transparency regarding investment returns-such as the $27.1 million gain on the Alpha Tau position as of September 30, 2025-is a key part of managing the relationship with its own investors. The resulting per-share performance for the nine-month period was a basic earnings per share (EPS) of $1.30 and a diluted EPS of $1.26.

Financial partner relationship with companies like Scilex and Alpha Tau

The relationship with financial partners like Scilex Holding Company and Alpha Tau Medical Ltd. is central to Oramed Pharmaceuticals Inc. (ORMP)'s current financial narrative. The complete $100 million cash repayment from Scilex, representing the full return of principal from a strategic investment, was a major driver of the Q3 2025 results. Furthermore, Oramed reports a near-return of $95.5 million on a structured Scilex loan with expected additional returns of over $60 million. The Alpha Tau investment, which started with $36.9 million on April 24, 2025, was valued at approximately $64.8 million by September 30, 2025. These strategic financial relationships have helped bolster the balance sheet, with total assets increasing 42% year-over-year to $220.5 million.

Here's a quick look at the investment relationship with Alpha Tau Medical Ltd. as of September 30, 2025:

Clinical trial engagement with high-responder patient populations

For Oramed Pharmaceuticals Inc. (ORMP)'s core product development, customer relationships translate to engagement with specific patient groups in clinical trials. The company is advancing its oral insulin program by focusing on subgroups that show the most promise. Oramed Pharmaceuticals Inc. (ORMP) is initiating a 60-patient, U.S.-based trial specifically targeting these high-responder subgroups. These are the patients who demonstrated the possibility of achieving over a 1% reduction in HbA1c, which is a clinically meaningful outcome. This targeted approach refines patient selection criteria and aims to validate the oral insulin formulation efficiently. The company believes this approach will provide valuable data to potential partners in what is hoped to be the shortest time possible.

The focus on specific patient profiles in the new trial includes:

• Participants with lower BMI.
• Participants in older demographics.
• Subgroups showing potential for over 1% HbA1c reduction.
• A total planned enrollment of 60 patients in the U.S. trial.

This focused engagement strategy is designed to generate compelling evidence for future commercial discussions. It's a smart way to manage the relationship with the ultimate customer-the patient-by focusing on where the value proposition is strongest. Finance: review the cash runway implications of the $4.4 million R&D expense for the nine-month period against the expected remaining $60 million from Scilex by next year.

Oramed Pharmaceuticals Inc. (ORMP) - Canvas Business Model: Channels

You're looking at how Oramed Pharmaceuticals Inc. gets its value propositions-like its oral drug delivery platform-to the market or realizes value from its assets as of late 2025. The channels here are less about selling a finished drug and more about strategic deployment of technology and capital.

Direct strategic equity investments in biomedical companies

Oramed Pharmaceuticals Inc. uses direct equity investments as a primary channel to generate financial returns and gain exposure to other innovative platforms, which management monitors separately from core operations. This strategy delivered significant financial income in 2025.

The nine months ended September 30, 2025, saw net income of $65.0 million, largely driven by unrealized fair-value gains from these equity holdings, alongside realized cash returns from loans. As of September 30, 2025, total cash and assets stood at approximately $210 million (unaudited).

Key investment channels include:

• Investment in Alpha Tau Medical Ltd.
• Structured loan realization from Scilex Holding Company.
• Direct equity stake in Pelthos Therapeutics Inc.
• Warrant position in BioXcel.
• Approximately $32.4 million invested in real estate and loans with real estate collateral.

Joint venture structure for core technology commercialization (OraTech)

The planned channel for commercializing the Protein Oral Delivery (POD™) technology via the OraTech Pharmaceuticals Inc. joint venture with Hefei Tianhui Biotech Co., Ltd. (HTIT) did not materialize as expected. The definitive agreements from February 2025, which involved a combined capital contribution of $75 million ($60 million from HTIT and $15 million from Oramed Pharmaceuticals Inc.), were ultimately terminated. Oramed stated that HTIT was unable to satisfy the required closing conditions, leading to the termination notice issued in October 2025. Consequently, Oramed Pharmaceuticals Inc. will continue the development of its oral insulin program independently.

The original structure intended for OraTech to have global marketing rights to the POD™ technology and for Oramed shareholders to receive a majority equity interest in the new entity.

Capital markets for managing and realizing gains on public equity holdings

Realizing gains from public and private equity holdings is a critical channel for funding Oramed Pharmaceuticals Inc.'s independent operations. The company has successfully managed this portfolio to bolster its balance sheet.

Here's a look at the realized and marked-to-market gains as of September 30, 2025:

The company's common stock is listed on the Nasdaq Capital Market and the Tel Aviv Stock Exchange, with 41,743,486 shares outstanding as of December 2025.

Clinical research organizations for managing the US-based trial

Following the termination of the joint venture, Oramed Pharmaceuticals Inc. is managing the next stage of its oral insulin development directly, utilizing CROs for trial execution. The channel involves running a highly focused, efficiency-driven clinical study.

The current U.S.-based trial parameters are:

• Trial size: 60-patient U.S. trial.
• Target population: High-responder subgroups showing potential for >1% HbA1c reduction.
• Financial impact: Research and Development (R&D) expenses decreased from $4.9 million to $4.4 million for the nine months ended September 30, 2025, compared to the prior year, reflecting a more cost-conscious approach to development.

This targeted design aims to validate the formulation in the smallest adequately powered population and in the shortest feasible time, reducing near-term cost.

Finance: review the Q4 2025 R&D budget allocation for CRO services by end of January.

Oramed Pharmaceuticals Inc. (ORMP) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Oramed Pharmaceuticals Inc. (ORMP) serves, which is a mix of clinical targets, strategic financial partners, and the investors who fund the journey. It's not just about the patients; it's about the ecosystem supporting the development of their oral drug delivery platform.

Biomedical companies requiring strategic capital and expertise (e.g., Alpha Tau)

This segment is crucial for Oramed Pharmaceuticals Inc. as it provides both capital infusion and validation through strategic investment. The company has actively engaged in this by deploying capital into other promising entities. For instance, Oramed Pharmaceuticals Announces $36.9 Million Investment and Strategic Collaboration with Alpha Tau Medical on April 28, 2025. This investment strategy is a core part of their business model, as evidenced by the nine months ended September 30, 2025, where net income (pre-tax) reached $65.0 million, largely driven by substantial unrealized fair-value gains from the equity holdings in Alpha Tau Medical Ltd. and other investments. Furthermore, as part of its capital management strategy, Oramed Pharmaceuticals Inc. has invested and loaned approximately $32.4 million in real estate and loans with real estate collateral.

Oramed Pharmaceuticals Inc. shareholders seeking returns from investment strategy

Shareholders are segmented by their interest in both the core drug development pipeline and the returns generated from the strategic investment portfolio. For the nine months ended September 30, 2025, basic earnings per share was $1.30, with diluted earnings per share at $1.26. Total assets grew 42% year-over-year, moving from $155.3 million to $220.5 million. The investment activity provided significant returns, including the completion of a full $100 million principal repayment from Scilex, with approximately $27 million received during the nine-month period. Looking at ownership structure as of late 2025 filings, institutional shareholders account for 18.18% of the company, while insiders hold 53.13% and retail investors hold 28.69%. A major institutional holder, BML Capital Management, Llc, held 3,167,231 shares as of September 29, 2025. The largest individual shareholder, Zeev Bronfeld, owns 6.59M shares, representing 16.56% of the company.

Here's a quick look at key ownership and financial metrics for this segment:

Patients with Type 2 Diabetes (T2D) in high-responder subgroups

This group represents the ultimate end-user for Oramed Pharmaceuticals Inc.'s core product development, specifically the oral insulin candidate ORMD-0801. The target population involves patients with Type 2 Diabetes (T2D) who have inadequate glycemic control while already on existing oral agents. In 2023, analysis of the ORA-D-013-1 Phase 3 trial identified specific subpopulations who responded well to the oral insulin. These subsets showed an over 1% placebo adjusted, statistically significant, reduction in HbA1c. The trial itself focused on T2D patients already on two or three oral glucose-lowering agents. The broader market context shows the scale: the Type 2 Diabetes market across the top 7 markets (US, EU4, UK, and Japan) was valued at USD 24.7 Billion in 2024. Globally, the IDF projected 783 million adults with diabetes by 2045, up from 537 million in 2021.

The focus on specific patient characteristics defines this segment:

• Patients with T2D on two or three oral glucose-lowering agents.
• Subpopulations defined by pooled specific parameters: BMI, baseline HbA1c, and age.
• Patients achieving an over 1% placebo adjusted, statistically significant, reduction in HbA1c in prior trials.

Global pharmaceutical companies for future licensing or acquisition

This segment consists of larger entities that Oramed Pharmaceuticals Inc. seeks for potential licensing deals, joint ventures, or outright acquisition, providing a pathway to commercialization and significant milestone payments. The company has actively pursued this, announcing a Transformative Joint Venture to Accelerate Development and Commercialization of Oral Insulin in February 2025. The company's strategy involves advancing its oral drug delivery platform to attract these partners, which is supported by the $65.0 million net income for the first nine months of 2025, providing the financial flexibility to pursue such strategic opportunities. The existence of agreements like the Rest of World License Term Sheet between Oramed Pharmaceuticals Inc., Scilex Holding Company, and Others from October 8, 2024, demonstrates the established nature of seeking these licensing relationships.

Oramed Pharmaceuticals Inc. (ORMP) - Canvas Business Model: Cost Structure

You're looking at the costs Oramed Pharmaceuticals Inc. is incurring to keep its dual focus-advancing the oral drug delivery platform while managing a significant investment portfolio. The cost structure is heavily weighted toward R&D, but the investment activity is a major financial driver, both in terms of potential gains and associated management costs.

Here's a look at the key operating expenses for the nine months ended September 30, 2025, which gives you a clear picture of the burn rate before considering investment income/expenses.

The cost structure is defined by these operational outlays, but you must remember that Oramed Pharmaceuticals Inc.'s net income for the period was significantly positive at $65.0 million (pre-tax), largely due to investment portfolio movements, not operational profit.

The specific components of the Cost Structure block are:

• Research and Development (R&D) expenses of $4.4 million (9M 2025).
• General and Administrative (G&A) expenses of $5.0 million (9M 2025).
• Costs associated with managing the investment portfolio and due diligence.
• Clinical trial costs for the new 60-patient oral insulin study.

The investment portfolio management is a cost center, though the search results emphasize the unrealized fair-value gains from holdings like Alpha Tau Medical Ltd. as a primary driver of the period's net income, rather than detailing the management fees or due diligence expenses themselves.

For the clinical development side, Oramed Pharmaceuticals Inc. is running a focused 60-patient U.S. trial targeting high-responder subgroups for its oral insulin candidate. The investment in this program, combined with share buybacks, was cited as $17.8 million in the context leading up to the Q3 2025 results.

You should watch the next 10-Q filing for a more granular breakdown of the non-operating expenses, which would capture the costs related to managing the investment portfolio and the specific spend on the 60-patient oral insulin study.

Oramed Pharmaceuticals Inc. (ORMP) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Oramed Pharmaceuticals Inc. (ORMP) as of late 2025, and honestly, it's not a simple story of product sales right now. The numbers show a heavy reliance on strategic financial maneuvers, which is something you definitely need to factor into your valuation model.

The core operational revenue stream is quite minimal, which tells you the company is still in a pre-commercialization phase for its main drug delivery platform. For the trailing twelve months ending September 30, 2025, the recognized operational revenue was just $2.00 million. That small figure is tied to things like the HTIT License Agreement recognition.

However, the big financial impact in the nine months ending September 30, 2025, came from investment activity, not drug sales. This is where the cash is flowing in right now.

Here's a quick look at the key financial figures driving the top-line results for the nine-month period:

You saw the full repayment from Scilex Holding Company, which was a significant cash event. The total principal returned amounted to $100 million, with about $27 million of that hitting the books during the nine-month period ending September 30, 2025. This was a key driver for the reported pre-tax net income of $65.0 million for that same nine-month stretch, reversing a prior year loss of $6.1 million.

Also contributing heavily to that net income were the unrealized fair-value gains. The financial income, net, for the nine months was reported as $74,278 thousand, which is largely due to the mark-to-market adjustments on their equity holdings, especially the position in Alpha Tau Medical Ltd. What this estimate hides is that the core operating loss for the nine months was negative, around $(9,416) thousand, so these investment gains are what created the reported profit.

Looking ahead, Oramed Pharmaceuticals Inc. still has a stated revenue stream based on its partnership structure, though concrete numbers aren't public yet. You should keep an eye on:

• Future royalty payments from OraTech Pharmaceuticals Inc. on oral insulin sales in China.

Plus, there's still a potential near-term cash event from the remaining Scilex warrants. Scilex retains an option to repurchase the remaining warrants for $14 million on or before December 31, 2025. Finance: draft the cash flow impact scenario for the remaining $14 million Scilex tranche by next Tuesday.