Core Insights - Lifeward is positioning itself as a MedTech platform with a clear path to profitability and long-term Biotech potential through a strategic partnership with Oramed Pharmaceuticals [1][2] Investment and Financial Structure - Lifeward will receive up to $47 million in strategic investment from Oramed and another investor, which includes equity, convertible notes, milestone-based funding, and warrant coverage [2][14] - The investment structure aims to support Lifeward's journey to profitability while allowing for selective investments in high-value innovations [2] Technology Acquisition - Lifeward is acquiring Oramed's Protein Oral Delivery (POD™) technology, which targets the $600+ billion injectable drugs market, including the potential for ORMD-0801 to become the first commercialized oral insulin [1][3] - The POD™ technology is designed to transform injectable biological therapies into oral medications, addressing a significant market opportunity in diabetes and other metabolic diseases [3][10] Clinical Development and Management - Oramed will manage and fund the clinical development of the POD™ technology, allowing Lifeward to focus on profitability and cash generation while retaining exposure to biotech opportunities [4][8] - The POD™ technology has shown promise in clinical trials, with the lead drug candidate ORMD-0801 achieving significant results in reducing HbA1c levels [12] Strategic Goals and Diversification - The partnership with Oramed marks the beginning of Lifeward's broader diversification strategy across medical technology and biotechnology [5] - Lifeward aims to achieve sustainable profitability from existing FDA-approved products while building a balanced biomedical portfolio that combines near-term revenue with long-term biotech innovation [6][7]

Core Viewpoint - The strategic transaction between Oramed Pharmaceuticals and Lifeward involves the transfer of Oramed's proprietary Protein Oral Drug (POD™) delivery technology to Lifeward, positioning Oramed as a significant shareholder with a 49.9% beneficial ownership interest in Lifeward [2][3][4] Transaction Overview - Oramed will transfer its POD™ technology to Lifeward, which will result in Oramed obtaining a 49.9% beneficial ownership interest in Lifeward, along with warrants [5][6] - Lifeward will issue $10 million in senior secured convertible notes in a private placement, with Oramed investing $9 million, and an additional milestone-based $10 million note, also with Oramed investing $9 million, both having 100% warrant coverage [2][14] Strategic Vision - The transaction is seen as a strategic evolution for Oramed, allowing it to maintain exposure to oral drug delivery innovation while participating in a medical robotics company poised for significant growth [3][4] - Lifeward's acquisition of the POD™ technology is expected to enhance its capabilities in advancing oral insulin programs and diversifying its biomedical innovation portfolio [4][6] Leadership and Management - Lifeward's leadership under President and CEO Mark Grant, who has over 25 years of experience in healthcare and medical technology, is expected to drive the advancement of the newly acquired oral drug delivery platform [4][6] - Oramed will manage the upcoming anticipated clinical trial related to the POD™ technology [3][7] Financial Performance - Lifeward's FDA-approved products, ReWalk® and AlterG®, generated $26 million in revenue over the last four quarters, indicating a solid financial foundation for the company [6]

Group 1 - Oramed Pharmaceuticals received an $18 million payment from Scilex Holdings, fulfilling obligations under the Option Agreement, resulting in total returns of $118 million on a $99.5 million investment [1][2] - Oramed retains a $27 million note and a $12 million convertible note with Scilex, convertible into equity at $36 per share, with repayment scheduled through October 2026 if not converted [2] - The Board of Directors approved a cash dividend of $0.25 per share, with an expected total distribution of approximately $10.5 million, funded by surplus capital [3] Group 2 - Oramed is a clinical-stage pharmaceutical company focused on oral delivery solutions for injectable drugs, utilizing its Protein Oral Delivery (POD™) technology [4]

Group 1 - The article discusses the investment insights and strategies of a writer focused on Long/Short investment ideas in North America [1] - The writer has a background in finance and economics, holding a Master's degree from Queen Mary University of London and a Bachelor's degree from Middlesex University [1] Group 2 - The article does not provide specific company or industry analysis, nor does it include any financial data or performance metrics [2][3]

Share Repurchase and Financial Management - On October 20, 2025, Oramed Pharmaceuticals Inc. repurchased 1,155,367 shares at a price of $2.23 per share, totaling $2,576,468.41[4] - The repurchase agreement reflects the company's commitment to managing its capital structure effectively[4] - The share repurchase and termination of the joint venture are part of the company's strategic adjustments in response to market conditions[4][7] Joint Venture and Strategic Decisions - The company terminated its Joint Venture Agreement with HTIT Biotech due to unmet closing conditions, effective October 23, 2025[7] - The company continues to explore opportunities for market expansion and new product development despite recent challenges[7] Financial Information and Cautionary Notes - Preliminary financial information as of September 30, 2025, was issued in a Shareholder Letter, but it is unaudited and subject to future adjustments[8] - The company cautioned that the financial information provided should not be relied upon for investment decisions, as it may materially vary from actual results[9] - The company has not completed its quarter-end financial close processes, indicating potential changes in reported results[9] - The financial information disclosed is based on management's estimates and assumptions, highlighting the preliminary nature of the data[9] Business Strategy Focus - The company remains focused on its oral drug delivery technology as a core aspect of its business strategy[6]

Core Insights - Oramed Pharmaceuticals Inc. reported a strong financial performance for the nine months ended September 30, 2025, with total assets increasing by 42% to $220.5 million [1][7] - The company achieved a net income of $65 million, a significant turnaround from a net loss of $6.1 million in the same period last year, primarily due to cash returns from Scilex Holding Company and unrealized gains from investments in Alpha Tau Medical Ltd. [3][4][7] Financial Highlights - Net income (pre-tax) reached $65.0 million, compared to a net loss of $6.1 million in the same period last year [7] - The company completed a full repayment from Scilex, receiving approximately $27 million during the period, totaling $100 million in principal return from this strategic investment [4][7] - Basic earnings per share were reported at $1.30, while diluted earnings per share were $1.26 [7] - Total assets grew from $155.3 million to $220.5 million year-over-year, marking a 42% increase [7] - Research and Development (R&D) expenses decreased from $4.9 million to $4.4 million, while General and Administrative (G&A) expenses increased from $4.3 million to $5.0 million [7] Management Commentary - CEO Nadav Kidron emphasized that the disciplined investment strategy is yielding strong results, providing the company with greater financial flexibility to pursue strategic opportunities while advancing its oral drug delivery platform [4]

Core Viewpoint - Oramed Pharmaceuticals Inc. has adopted a Rights Agreement to protect stockholders in the event of a hostile takeover, ensuring fair treatment and enhancing negotiation power with potential acquirers [1][3]. Group 1: Rights Agreement Details - The Rights Agreement, effective November 17, 2025, grants stockholders one common stock purchase right for each share held, aimed at preventing unfair takeover tactics [1][2]. - Each Right allows stockholders to purchase one share of Common Stock at a price of $10.00, becoming exercisable if a person or group acquires 15% or more of the outstanding shares [2][3]. - The Rights will expire three years after adoption unless redeemed or exchanged earlier by the Company [4]. Group 2: Rights Exercise and Redemption - Upon triggering the ownership threshold, each Right can be exercised for shares or equivalent value, but Rights held by the triggering person will become void [3]. - The Board of Directors retains the option to redeem the Rights at $0.012 per Right before any person becomes an Acquiring Person [2][3]. Group 3: Dividend Distribution - The dividend distribution of the Rights will be payable on November 27, 2025, to stockholders of record as of the close of business on that date [4]. - The distribution of Rights is not taxable to stockholders [4]. Group 4: Company Overview - Oramed Pharmaceuticals Inc. is a pioneer in oral delivery solutions for drugs typically administered via injection, utilizing its Protein Oral Delivery (POD™) technology to enhance drug absorption [5].

Financial Performance - Revenues for the nine months ended September 30, 2025, were $2,000,000, with a gross profit of $13,000, compared to no revenues in the same period of 2024 [25]. - Net income for the nine months ended September 30, 2025, was $54,007,000, a significant improvement from a net loss of $8,904,000 in 2024 [25]. - Basic income per share of common stock was $1.30 for the nine months ended September 30, 2025, compared to a loss of $0.22 in the same period of 2024 [25]. - The company recognized $665,000 in other income for the nine months ended September 30, 2025, compared to $0 in 2024 [208]. - Gross profit for the nine months ended September 30, 2025, was $13,000, indicating a significant increase from $0 in 2024 [208]. - Cost of revenue for the nine months ended September 30, 2025, was $1,987,000, with no costs reported for the same period in 2024 [212]. Assets and Equity - Total assets increased to $220,493,000 as of September 30, 2025, compared to $155,278,000 in 2024, representing a growth of 42% [22]. - Total stockholders' equity rose to $203,282,000 as of September 30, 2025, up from $146,265,000 in 2024, reflecting an increase of 39% [22]. - Cash and cash equivalents decreased to $52,179,000 as of September 30, 2025, from $54,420,000 in 2024, a decline of approximately 4% [22]. - Long-term liabilities increased to $12,044,000 as of September 30, 2025, compared to $4,246,000 in 2024, representing a rise of 184% [22]. Research and Development - Research and development expenses decreased to $4,393,000 for the nine months ended September 30, 2025, from $4,863,000 in 2024, indicating a reduction of approximately 10% [25]. - Research and development expenses for the three months ended September 30, 2025, decreased by 49% to approximately $1,153,000 compared to $2,242,000 in 2024 [218]. - The company has commitments to pay a total of $11,577 to a Clinical Research Organization for services related to its Phase 3 clinical trial, with $1,726 recognized in research and development expenses through September 30, 2025 [138]. Cash Flow and Investments - The total net cash used in operating activities for the nine months ended September 30, 2025, was $8,679,000, an increase from $6,501,000 in the prior year [32]. - The company reported a net cash provided by investing activities of $7,127,000 for the nine months ended September 30, 2025, compared to $90,393,000 in 2024 [32]. - The company holds investments in marketable securities, including $532 in DNA, $224 in Entera, and $4,200 in Pelthos as of September 30, 2025 [65]. - The company entered into a Profit Sharing Loan Agreement, loaning NIS 5.5 million ($1,523) to finance a real estate project, with potential returns of 20% annual interest or 40% of project profits [107][108]. Stock and Shareholder Activities - Stock-based compensation for the nine months ended September 30, 2025, was $3,708,000, compared to $2,824,000 in 2024 [32]. - The company repurchased and retired common stock amounting to $732,000 in the nine months ended September 30, 2025 [32]. - The company entered into a share repurchase agreement to buy back 1,155,367 shares at a price of $2.23 per share, totaling $2,576,000 [166]. - The Company repurchased 329,243 shares of its common stock for a total amount of $732 during the nine months ended September 30, 2025, under its stock buyback program [151]. Joint Ventures and Agreements - The company has a joint venture with Hefei Tianhui Biotech Co., Ltd. aimed at developing oral insulin, although the agreement was terminated on October 23, 2025 [37][38]. - The company entered into a binding term sheet for a license and development agreement with Scilex regarding lidocaine products, including ZTLido, with a focus on global net sales [183]. - A joint venture, RoyaltyVest Ltd., was formed to operate under the agreement, with the company holding 50% of the shares [184]. - RoyaltyVest entered into a ZTLido License Agreement with Scilex, acquiring exclusive rights to develop lidocaine-based products, sharing net profits equally [117][118]. Financial Transactions and Valuations - The fair value of the Company's investments in Scilex was $50,460, including $33,832 from notes and $14,660 from warrants as of September 30, 2025 [100]. - The fair value of the Tranche B Note was less than the aggregate unpaid principal balance by $4,086 thousand as of September 30, 2025 [94]. - The Company received $3,722 thousand in repayments from Scilex in April 2025, consisting of $3,125 thousand principal and $597 thousand accrued interest [94]. - The fair value of Alpha Tau's ordinary shares held by the Company was determined to be $4.51 as of September 30, 2025, up from $2.612 on April 24, 2025 [131]. Future Plans and Commitments - The company plans to initiate a 60-patient clinical trial in the U.S. to validate its oral insulin formulation in high-responder populations, aiming for a clinically meaningful outcome of over 1% reduction in HbA1c [172]. - The company approved real estate investments of up to $30 million to leverage opportunities in the current market [199]. - The company entered into a loan agreement for the Hapisga Project with a total amount of up to $22.65 million, secured by significant collateral [203].

Core Insights - Oramed Pharmaceuticals has made significant advancements in its operations and strategic initiatives, focusing on long-term shareholder value creation [2][8] - The company has identified high-responder subgroups in its oral insulin program, showing potential for over 1% reduction in HbA1c, which enhances its regulatory and commercial positioning [4][17] - Oramed is pursuing a 60-patient trial in the U.S. to validate its oral insulin formulation, aiming for cost-effective evidence generation [5][17] Oral Insulin Program - The oral insulin program has shown promising results in high-responder subgroups, particularly among participants with lower BMI and older demographics [4] - A new U.S.-based trial is being initiated to validate the oral insulin formulation and refine patient selection criteria for future regulatory submissions [5] Investment Portfolio - Oramed has strategically invested in various biomedical companies, including a $99.5 million loan to Scilex Holdings, which has returned $95.5 million to date, with total expected returns of approximately $170 million [7][9] - The company invested $36.9 million in Alpha Tau Medical, with a current valuation of approximately $64.8 million, reflecting a gain of $27.1 million [9][10] - Oramed has also invested $7 million in BioXcel Therapeutics and $1.5 million in Pelthos Therapeutics, with significant gains realized in both investments [12][13] Growth Initiatives - The company is actively pursuing partnerships with strong companies to unlock market potential and drive value creation [15] - Oramed's diversified investment strategy has led to substantial returns while maintaining focus on its core oral insulin program [3][17] Financial Performance - As of September 30, 2025, Oramed's total cash and assets have grown to approximately $210 million, demonstrating effective capital deployment despite investing $17.8 million in R&D [16]

Financial Performance - Revenues for the six months ended June 30, 2025, were $2,000,000, compared to $0 for the same period in 2024, indicating a significant increase[27]. - Net income for the six months ended June 30, 2025, was $5,618,000, compared to $10,738,000 for the same period in 2024, showing a decrease of 48%[27]. - Basic income per share of common stock was $0.14 for the six months ended June 30, 2025, compared to $0.26 for the same period in 2024[27]. - Financial income, net, for the six months ended June 30, 2025, was $12,808,000, compared to $19,322,000 for the same period in 2024, a decrease of 34%[27]. - The company reported a net income of $5,618,000 for the six months ended June 30, 2025, compared to $10,738,000 in the same period of 2024[204]. - The gross profit for the six months ended June 30, 2025, was $13,000, with a cost of revenue of $1,987,000[204]. Assets and Liabilities - Total assets increased to $161,684,000 as of June 30, 2025, compared to $155,278,000 as of December 31, 2024, reflecting a growth of 4%[22]. - Total current liabilities decreased to $3,693,000 as of June 30, 2025, from $5,685,000 as of December 31, 2024, a reduction of 35%[22]. - The company's accumulated deficit improved to $(170,970,000) as of June 30, 2025, from $(176,616,000) as of December 31, 2024, indicating a reduction in losses[22]. - Total stockholders' equity increased to $154,529,000 as of June 30, 2025, from $146,265,000 as of December 31, 2024, reflecting a growth of 6%[22]. Research and Development - Research and development expenses rose to $3,240,000 for the six months ended June 30, 2025, compared to $2,621,000 for the same period in 2024, an increase of 24%[27]. - Research and development expenses for the six months ended June 30, 2025, totaled $3,240,000, an increase from $2,621,000 in the same period of 2024[204]. - Research and development expenses for the three months ended June 30, 2025, decreased by 28% to approximately $1,034,000 compared to approximately $1,442,000 for the same period in 2024[215]. Cash Flow - Total net cash used in operating activities was $(7,054,000), a significant decline from $600,000 in the previous year[34]. - Total net cash used in investing activities was $(31,237,000), compared to a cash inflow of $124,653,000 in 2024[34]. - The company reported cash and cash equivalents at the end of the period of $15,797,000, down from $84,753,000 at the end of June 2024[34]. Investments and Acquisitions - The company acquired approximately 16.65% of Alpha Tau Medical Ltd. for $36,900,000 in April 2025[48]. - The company invested approximately $36.9 million to acquire 14,110,121 shares (16.65%) of Alpha Tau, with a fair value increase to $44.298 million by June 30, 2025[123][127]. - The company invested $1,500 to acquire 150,000 shares of Pelthos Therapeutics Inc. common stock[160]. - The Company entered into a loan agreement for the Hapisga Project, amounting to $22,650,000, secured by a property valued at approximately $890,000,000[202]. Joint Ventures and Partnerships - The joint venture with Hefei Tianhui Biotech Co., Ltd. (HTIT) aims to develop and commercialize oral insulin, with an initial investment of $40,000,000 from HTIT and $7,500,000 from the company[39]. - The second closing of the joint venture is contingent on Nasdaq listing approval and involves an additional investment of $20,000,000 from HTIT and $7,500,000 from the company[42]. - The company is currently evaluating alternative partners and pathways to advance its oral insulin program independently due to delays in regulatory approvals[46]. - The company has paused plans to initiate a Phase 3 clinical trial in the U.S. pending further clarity on the joint venture with HTIT[46]. Stock and Equity - The company repurchased and retired 164,000 shares of common stock during the six months ended June 30, 2025[30]. - The Company has authorized a stock buyback program allowing repurchases up to $20,000, with 163,869 shares repurchased for a total of $371 during the three and six months ended June 30, 2025[144]. - The Company granted 1,023,540 RSUs to employees with a total fair value of $2,465,430 based on the share price on the grant dates[136]. - The Company recognized stock-based compensation expense of $197 for the six months ended June 30, 2025, related to PSUs granted to executive officers[140]. Financial Instruments and Valuation - The fair value of the Tranche A Note was $13,938 million, an increase from $13,714 million as of December 31, 2024[83]. - The fair value of the Tranche B Note was $15,818 million as of June 30, 2025, compared to $18,322 million as of December 31, 2024[97]. - The Company received $3,722 million from Scilex as repayment of the Tranche B Note, which included $3,125 million of principal and $597 million of accrued interest[97]. - The fair value of the Royalty Purchase Agreement was calculated using a discount rate between 127.4% to 129.8%[96]. Regulatory and Compliance - The company is assessing the impact of the One Big Beautiful Bill Act on its consolidated financial statements[165]. - The Company has no further obligations to the Israel Innovation Authority after fulfilling a payment of $2.046 million related to IIA grants[132].