Oramed Letter to Shareholders

Core Insights - Oramed Pharmaceuticals has announced a $20 million stock repurchase program, reflecting confidence in its value and potential [3] - The company is actively pursuing a joint venture with Hefei Tianhui Biotech Co., Ltd. (HTIT) to develop and commercialize oral drug delivery products [6][7] - Oramed is making progress on its Phase 3 oral insulin trial and has engaged with the U.S. FDA to refine its protocol [5] Financial Updates - Oramed has received $40 million out of a total $102 million principal from Scilex Holding Company, with a $20 million installment due in September [4] - The joint venture with HTIT will involve a capital infusion of $70 million from HTIT and $25 million from Oramed [7] Strategic Initiatives - The joint venture aims to leverage HTIT's manufacturing capabilities to support the completion of the Phase 3 trial and the launch of oral insulin sales [7] - Oramed's adaptive strategy for the Phase 3 trial focuses on specific patient subgroups identified as significant responders [5] Company Overview - Oramed Pharmaceuticals specializes in oral drug delivery solutions, particularly for drugs typically administered via injection [11]