ORAMED PHARMACEUTICALS INC.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
ORMP$3.86-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001213900-25-076668
ITEM 2. - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001213900-25-109980
ITEM 2. - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 96 previous paragraphs and 106 current paragraphs.
59 unchanged; 26 reworded; 20 added; 11 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (20)
Current report
Following extensive analysis of our Phase 2 and Phase 3 clinical data, we identified high-responder subgroups that demonstrated particularly encouraging results. These subgroups, including participants with lower body mass index and older demographics, showed the potential to achieve over 1% reduction in HbA1c, a clinically meaningful outcome that we believe strengthens our regulatory and commercial positioning.
Current report
Based on these findings, we intend on initiating a 60-patient, US-based clinical trial designed to validate the robustness of our oral insulin formulation in these high-responder populations. The trial is designed to use the smallest adequately powered patient population expected to obtain such validation in what we believe to be the shortest time possible, providing a cost-effective approach to generate additional compelling evidence and refine our patient selection criteria for future potential regulatory submissions.
Current report
On September 20, 2024, we and Scilex entered into an extension agreement, or the Extension Agreement, to extend the due date of the September 21, 2024 payment under the Tranche A Note. Pursuant to the Extension Agreement, Scilex paid us $2,000,000 on September 23, 2024, which payment was to be applied as follows: (i) $1,700,000 to the payment due under the Tranche A Note on March 21, 2025 and (ii) $300,000 to purchase the Transferred Warrants as mentioned above.
Current report
On January 21, 2025, we entered into an amendment to the Tranche A Note, or the Tranche A Extension agreement, extending the maturity date from March 21, 2025, to December 31, 2025 or the Extended Maturity Date. Interest will continue to accrue and be payable on the Extended Maturity Date. In consideration of the extension, we received 92,858 shares of Scilex common stock.
Current report
On August 6, 2025, Scilex paid the initial option fee of $750,000. On September 30, 2025, Scilex repurchased 3,130,000 Subsequent Penny Warrants for a purchase price of $13,000,000, representing the first tranche the Option Agreement. Pursuant and subject to the terms of the Option Agreement, Scilex continues to have the option to repurchase the remaining 3,370,000 Subsequent Penny Warrants from us for a purchase price of $14,000,000 on or before December 31, 2025.
Current report
On September 14, 2025, we loaned an additional NIS 500,000 (approximately $150,286) to the Borrower (“Additional Loan”). The Additional Loan bears an annual interest of 6% and shall be repaid by December 31, 2025. According to the Additional Loan agreement, we shall be entitled to instruct the Borrower that instead of repaying the Additional Loan on the maturity date, the principal amount of the loan, as well as any accrued interest up to the date of such notice, shall be deemed to constitute a loan amount provided by us, as part of the remaining portion of the Profit-Sharing Loan Agreement.
Current report
Recent Developments
Current report
Alpha Tau
Current report
Subsequent to September 30, 2025 and through November 11, 2025, we purchased an additional 89,104 ordinary shares of Alpha Tau for an aggregate purchase price of $364,000. Following this purchases, we hold an aggregate of 15,319,684 ordinary shares of Alpha Tau, representing approximately 17% of its outstanding share capital as of November 13, 2025.
Current report
HTIT
Current report
On October 20, 2025, we entered into a share repurchase agreement (the “Repurchase Agreement”) with Hefei Tianhui Biotech Co., Ltd. (“HTIT Biotech”) pursuant to which HTIT Biotech agreed to sell back to us an aggregate of 1,155,367 shares of common stock, par value $0.012 per share (the “Shares”) at a purchase price of $2.23 per share for an aggregate price of $2,576,468.41 (the “Repurchase”). The closing of the Repurchase occurred on October 20, 2025, and the shares have been cancelled and retired.
Current report
Pursuant to the JV Agreement, as amended by that certain Ancillary Agreement Completion Protocol and Supplemental Agreement (the “Supplemental Agreement”), dated as of February 2025, the initial closing deadline of the transactions contemplated by the JV Agreement was set to be April 30, 2025, which was subsequently extended. However, HTIT was unable to satisfy the closing conditions under the JV Agreement and the Supplemental Agreement, and on October 23, 2025, we provided notice to HTIT to terminate the JV Agreement and the Supplemental Agreement, effective as of the date of the notice.
Current report
Nano Dimension Ltd.
Current report
Subsequent to September 30, 2025 and through November 11, 2025, we purchased 1,102,651 ordinary shares of Nano Dimension Ltd for an aggregate purchase price of $2,788.
Current report
Comparison of nine and three months ended September 30, 2025 and 2024
Current report
General and administrative expenses for the three months ended September 30, 2025 increased by 50% to approximately $1,274,000 compared to approximately $847,000 for the three months ended September 30, 2024. The increase was mainly due to an increase of stock-based compensation expenses.
Current report
Financial Income (Loss), Net
Current report
However, additional financing may not be available on acceptable terms, if at all, including due to the difficult conditions in the capital markets. If we are unable to secure additional financing, we may be required to reduce our operations, divest certain assets, or take other measures that could materially adversely affect our reputation, business, financial condition or results of operations.
Current report
As of September 30, 2025 we have not entered into any off-balance sheet arrangements.
Current report
Subsequent Penny Warrants - As of September 30, 2025, we measured the fair value of the 3,370,000 Subsequent Penny Warrants using a Level 3 classification under the fair value hierarchy, in accordance withASC 820 – Fair Value Measurement. Until March 31, 2025, the warrants were classified as Level 2, since their value was based on observable input - the quoted market price of Scilex’s common stock. On July 22, 2025, the Company entered into an Option Agreement (see note 4 to the financial statements above) to sell the Subsequent Penny Warrants. Given the Option Agreement and other factors, we did not rely solely on the market price of Scilex’s common stock and the warrants are classified as level 3 fair value hierarchy. As of September 30, 2025, fair value measurement was determined based on the value of the warrants, adjusted for the value attributable to the Option Agreement. This methodology provides a more accurate reflection of the economic substance of the warrants under current conditions.
Removed paragraphs (11)
Previous report
On January 22, 2024, we along with our wholly-owned subsidiary Oramed Ltd., entered into a joint venture agreement with Hefei Tianhui Biotech Co., Ltd., or HTIT, and its subsidiary Technowl Limited, or HTIT Sub, to focus on developing and commercializing products based on our oral insulin and POD™ technology, utilizing HTIT’s manufacturing capabilities.
Previous report
On February 7, 2025, we and HTIT entered into a Joint Venture Agreement, or the JV Agreement, amending the initial JV Agreement signed on January 22, 2024. To execute the JV Agreement, we formed OraTech Pharmaceuticals, Inc., or OraTech, which will serve as the joint venture entity. We currently hold 100% of OraTech shares. OraTech was formed to advance the development and commercialization of oral insulin, combining our proprietary technology and funding with HTIT’s manufacturing capabilities. Through this partnership, OraTech is expected to have the technology, resources, and production capacity to bring oral insulin to market. The agreement also outlines the spin-off of OraTech, or the Spin Off, requiring regulatory filings and the distribution of the majority of OraTech’s shares held by us to our shareholders. Both we and HTIT agreed to a 120-day lock-up period post-listing, restricting share sales.
Previous report
Under the JV Agreement’s terms, the initial closing, or the Initial Closing, which was initially set as April 30, 2025 but has not yet occurred, will include an investment of $40,000,000 by HTIT and $7,500,000 by us into OraTech. Additionally, we will transfer all our intellectual property rights to OraTech. The second closing, which was initially set as to close by May 31, 2025, contingent on the listing of OraTech’s shares on Nasdaq, involves a $20,000,000 investment by HTIT and an additional $7,500,000 investment by us, or the Second Closing, which was initially set as to close by May 31, 2025. Upon completion of the Initial Closing and the Second Closing, OraTech will issue shares to both HTIT and us, resulting in ownership of 50% for each of HTIT and us, excluding the impact of the contemplated distribution of OraTech shares to our shareholders.
Previous report
As part of the JV Agreement, HTIT will receive $20,000,000 at the Initial Closing and $10,000,000 at the Second Closing under a supply agreement with OraTech. The supply agreement covers both raw materials (insulin, SBTI, etc.) and finished insulin capsules for clinical and commercial applications.
Previous report
Due to ongoing U.S.-China trade tensions, HTIT is currently unable to obtain the necessary regulatory approvals to complete its capital contribution and fulfill its closing obligations under the JV Agreement. These delays have also raised concerns regarding HTIT’s ability to provide supply and manufacturing support in the near term.
Previous report
As a result, the closing of the JV Agreement is currently on hold. Consequently, we paused plans to initiate a Phase 3 clinical trial in the U.S. pending further clarity. We are evaluating whether a modified structure with HTIT is feasible under current conditions and concurrently exploring alternative partners and pathways to advance the program independently.
Previous report
Comparison of six and three months ended June 30, 2025 and 2024
Previous report
Research and development expenses for the six months ended June 30, 2025 increased by 24% to approximately $3,240,000, compared to approximately $2,621,000 for the six months ended June 30, 2024. The increase was primarily driven by costs related to preparations for a new Phase 3 clinical trial (ORA-D-013-3).
Previous report
Financial Income, Net
Previous report
Planned Expenditures
Previous report
In previous years, we primarily invested in research and development. We expect that in the upcoming years our research and development expenses will continue to be our major operating expense, either directly or under the JV Agreement; however, if this clinical trial is conducted through OraTech, these costs will be borne by OraTech and not by us.
Reworded paragraphs (26)
Previous wording
We have developed an oral dosage form intended to withstand the harsh environment of the gastrointestinal tract and effectively deliver active insulin or other proteins. The excipients in the formulation are not intended to modify the proteins chemically or biologically, and the dosage form is designed to be safe to ingest.
Current wording
We have developed an oral dosage form intended to withstand the harsh environment of the gastrointestinal tract and effectively deliver active insulin or other proteins. The formulation is not intended to modify the proteins chemically or biologically, and the dosage form is designed to be safe to ingest.
Previous wording
Following the refinancing as described above, on October 8, 2024, Scilex used $12,500,000 of the net proceeds from the proceeds of the Tranche B Note for the repayment of the outstanding balance under the Tranche A Note.
Current wording
Following the refinancing as described above, on October 8, 2024, Scilex used $12,500,000 of the net proceeds from the Tranche B Note for the repayment of the outstanding balance under the Tranche A Note.
Previous wording
Subsequent to June 30, 2025 and through August 12, 2025, RoyaltyVest has sold 80,612 shares of BioXcel common stock and 1,358,942 pre-funded warrants. Following these transactions, RoyaltyVest continues to hold 3,000,000 warrants and no longer holds any shares or pre-funded warrants of BioXcel.
Current wording
As of September 30, 2025, RoyaltyVest has sold 4,000,000 shares and 2,600,000 warrants for $12,502,000. As of September 30, 2025, RoyaltyVest continues to hold 1,400,000 warrants and no longer holds any shares of BioXcel common stock.
Previous wording
On April 24, 2025, Oramed Ltd. entered into a share purchase agreement with Alpha Tau Medical Ltd. (Nasdaq: DRTS), or Alpha Tau, a clinical-stage oncology company developing a proprietary alpha-radiation cancer therapy platform known as Alpha DaRT™. Pursuant to the agreement, Oramed Ltd. purchased 14,110,121 ordinary shares, no par value per share, of Alpha Tau in a registered direct offering at a price of $2.612 per share, for an aggregate purchase price of approximately $36,900,000. The closing of the transaction occurred on April 28, 2025. In connection with the investment, Oramed Ltd. has the right and has nominated two directors to Alpha Tau’s board of directors. In addition, during the three months ended June 30, 2025, we purchased an additional 87,930 shares of Alpha Tau for an aggregate amount of $250,000. Subsequent to June 30, 2025 and through August 12, 2025, the Company purchased an additional 59,123 ordinary shares of Alpha Tau for an aggregate purchase price of $187,000.
Current wording
On April 24, 2025, Oramed Ltd. entered into a share purchase agreement with Alpha Tau Medical Ltd. (Nasdaq: DRTS), or Alpha Tau, a clinical-stage oncology company developing a proprietary alpha-radiation cancer therapy platform known as Alpha DaRT™. Pursuant to the agreement, Oramed Ltd. purchased 14,110,121 ordinary shares, no par value per share, of Alpha Tau in a registered direct offering at a price of $2.612 per share, for an aggregate purchase price of approximately $36,900,000. The closing of the transaction occurred on April 28, 2025. In connection with the investment, Oramed Ltd. has the right and has nominated two directors to Alpha Tau’s board of directors. In addition, since the share purchase agreement date and until September 30, 2025, the Company purchased an additional 258,635 shares of Alpha Tau for an aggregate amount of $846. Subsequent to September 30, 2025 and through November 11, 2025, the Company purchased an additional 89,104 ordinary shares of Alpha Tau for an aggregate purchase price of $364,000.
Previous wording
On September 4, 2024, we entered into a loan agreement, or the Profit Sharing Loan Agreement, with Rabi Binyamin 4 Tama 38 Ltd., or the Borrower, to finance a real estate project, or the Rabi Binyamin Project. According to the terms of the Profit Sharing Loan Agreement, we agreed to loan NIS 5,500,000 (approximately $1,523,000), or the Loan Principal, to the Borrower. NIS 4,700,000 (approximately $1,307,000) was loaned upon signing the Profit Sharing Loan Agreement and an additional NIS 800,000 (approximately $237,000) will be loaned upon certain milestones which are expected to occur in the second half of 2025. Upon completion of the Rabi Binyamin Project, we entitled to receive the Loan Principal and the greater of: (i) 20% annual interest of the Loan Principal and (ii) 40% of the Rabi Binyamin Project profits.
Current wording
On September 4, 2024, we entered into a loan agreement, or the Profit-Sharing Loan Agreement, with Rabi Binyamin 4 Tama 38 Ltd., or the Borrower, to finance a real estate project, or the Rabi Binyamin Project. According to the terms of the Profit-Sharing Loan Agreement, we agreed to loan NIS 5,500,000 (approximately $1,523,000), or the Loan Principal, to the Borrower. NIS 4,700,000 (approximately $1,307,000) was loaned upon signing the Profit-Sharing Loan Agreement and an additional NIS 800,000 (approximately $237,000), or the Additional Payment, will be loaned upon certain milestones. On October 28, 2025, the Borrower met the milestones and is entitled to the additional payment.
Previous wording
In January 2025, we entered into an agreement to acquire a parcel of land in Mevaseret Zion, Israel for a total purchase price of NIS 5,800,000 (approximately $1,586,000). The transaction is structured in installments, and as of August 12, 2025, we have completed payment of the full purchase price.
Current wording
In January 2025, we entered into an agreement to acquire a parcel of land in Mevaseret Zion, Israel for a total purchase price of NIS 5,800,000 (approximately $1,586,000). The transaction was structured in installments, and as of November 13, 2025, we have completed payment of the full purchase price.
Previous wording
On March 24, 2025, we entered into a loan agreement with Hapisga Project – New Talpiot Ltd. to finance a purchase of a real estate asset in Jerusalem, Israel in the amount of up to $22,650,000 (“Hapisga Loan”). The loan has a one-year maturity, and a caveat was registered on the property reflecting a commitment to register a first-ranking mortgage on a property which valued at approximately NIS 3,000,000,000 (approximately $890,000,000), providing significant collateral coverage. The loan bears an annual interest rate of 12%. On the same date, we entered into a loan agreement with Tova Chochma Im Nachala Ltd. (“Tova Chochama”) in the amount of $5,000,000. The loan bears an annual interest rate of 12% with a maturity date of 12 months. In May 2025, Tova Chochma repaid an amount of $500,000. Tova Chochama can repay the loan at any time. This loan is also secured by the registration of the caveat for Hapisga Loan. The loans were granted by us in April 2025.
Current wording
On March 24, 2025, we entered into a loan agreement with Hapisga Project – New Talpiot Ltd. to finance a purchase of a real estate asset in Jerusalem, Israel in the amount of up to $22,650,000 (“Hapisga Loan”). The loan has a one-year maturity, and a caveat was registered on the property reflecting a commitment to register a first-ranking mortgage on the property which valued at approximately NIS 3,000,000,000 (approximately $890,000,000), providing significant collateral coverage. The loan bears an annual interest rate of 12%. On the same date, we entered into a loan agreement with Tova Chochma Im Nachala Ltd. (“Tova Chochama”) in the amount of $5,000,000. The loan bears an annual interest rate of 12% with a maturity date of 12 months. In May 2025, Tova Chochma repaid an amount of $500,000. Tova Chochama can repay the loan at any time. This loan is also secured by the registration of the caveat for Hapisga Loan. The loans were granted by us in April 2025.
Previous wording
The following table summarizes certain statements of operations data of the Company for the six and three months ended June 30, 2025 and 2024 (in thousands of dollars except share and per share data):
Current wording
The following table summarizes certain statements of operations data of the Company for the nine and three months ended September 30, 2025 and 2024 (in thousands of dollars except share and per share data):
Previous wording
We recognized $2,000,000 revenue related to the HTIT License Agreement in the six months ended June 30, 2025 while there were no revenues for the six months ended June 30, 2024. We did not recognize any revenue on the three months ended June 30, 2025 or 2024.
Current wording
We recognized $2,000,000 revenue related to the HTIT License Agreement in the nine months ended September 30, 2025 while there were no revenues for the nine months ended September 30, 2024.
Previous wording
On February 27, 2025, we fulfilled our payment obligation by remitting approximately $2,046,000 to the IIA, and as result we have no further obligations to the IIA. $1,987,000 of the amount is recognized in cost of revenue during the six months ended June 30, 2025. The amount of $59,000 was recognized in previous periods. There were no costs of revenue for the three months ended June 30, 2025 and for the six and three months ended June 30, 2024.
Current wording
On February 27, 2025, we fulfilled our payment obligation by remitting approximately $2,046,000 to the IIA, and as result we have no further obligations to the IIA. $1,987,000 of the amount is recognized in cost of revenue during the nine months ended September 30, 2025. The amount of $59,000 was recognized in previous periods. There were no costs of revenue for the three months ended September 30, 2025 and for the nine and three months ended September 30, 2024.
Previous wording
General and administrative expenses for the three months ended June 30, 2025 decreased by 14% to approximately $1,455,000 compared to approximately $1,693,000 for the three months ended June 30, 2024. The decrease was mainly due to a decrease of stock-based compensation expenses.
Current wording
Research and development expenses for the nine months ended September 30, 2025 decreased by 10% to approximately $4,393,000, compared to approximately $4,863,000 for the nine months ended September 30, 2024. The decrease was mainly due to a decrease in the stock-based compensation expenses which was partially offset by an increase in CRO expenses, in connection with a services agreement that was signed in September 2024.
Previous wording
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 three months ended June 30, 2024. The decrease is mainly due to a decrease in the stock-based compensation expenses and a decrease in clinical trial expenses.
Current wording
Research and development expenses for the three months ended September 30, 2025 decreased by 49% to approximately $1,153,000, compared to approximately $2,242,000 for the three months ended September 30, 2024. The decrease is mainly due to a decrease in the stock-based compensation expenses and a decrease in salaries expenses.
Previous wording
General and administrative expenses for the six months ended June 30, 2025 increased by 8% to approximately $3,762,000 compared to approximately $3,476,000 for the six months ended June 30, 2024. The increase was mainly due to stock-based compensation expenses, which partially offset by a decrease in legal expenses and D&O insurance expenses.
Current wording
General and administrative expenses for the nine months ended September 30, 2025 increased by 16% to approximately $5,036,000 compared to approximately $4,323,000 for the nine months ended September 30, 2024. The increase was mainly due to stock-based compensation expenses, which partially offset by a decrease in patent expenses and D&O insurance expenses.
Previous wording
There were no interest expenses for the six and three months ended June 30, 2025, compared to interest expenses of $853 and $261 for the six and three months ended June 30, 2024, since the Short-Term Borrowings (as defined below) received from Israel Discount Bank Ltd. were terminated during the second quarter of 2024.
Current wording
There were no interest expenses for the nine and three months ended September 30, 2025, compared to interest expenses of $853 and $0 for the nine and three months ended September 30, 2024, since the Short-Term Borrowings (as defined below) received from Israel Discount Bank Ltd. were terminated during the second quarter of 2024.
Previous wording
Net financial income were approximately $12,808,000 for the six months ended June 30, 2025, compared to financial income of approximately $19,322,000 for the six months ended June 30, 2024. The decrease was primarily due to the revaluation of the investment in Scilex, RoyaltyVest and a decrease in interest income on deposits, partially offset by the revaluation of Alpha Tau.
Current wording
Net financial income was approximately $74,278,000 for the nine months ended September 30, 2025, compared to financial income of approximately $3,902,000 for the nine months ended September 30, 2024. The increase was primarily due to the revaluation of the investment in Alpha Tau and Scilex.
Previous wording
Net financial income were approximately $15,366,000 for the three months ended June 30, 2025, compared to financial income of approximately $14,234,000 for the three months ended June 30, 2024. The increase was primarily due to the revaluation of Alpha Tau, partially offset by the revaluation of the investment in Scilex and RoyaltyVest.
Current wording
Net financial income was approximately $61,470,000 for the three months ended September 30, 2025, compared to financial loss of approximately $15,420,000 for the three months ended September 30, 2024. The increase was primarily due to the revaluation of the investment in Alpha Tau and Scilex.
Previous wording
During the six months ended June 30, 2025, we recognized tax expenses on income of approximately $458,000 compared to tax on income of approximately $1,634,000 for the six months ended June 30, 2024. The tax on income is primarily attributable to the 2023 Scilex Transaction and the 2024 Refinancing.
Current wording
During the nine months ended September 30, 2025, we recognized tax expenses on income of approximately $11,520,000 compared to tax expenses on income of approximately $2,767,000 for the nine months ended September 30, 2024. The tax on income is primarily attributable to the 2023 Scilex Transaction and the 2024 Refinancing and Deferred tax liabilities mainly due to Alpha Tau.
Previous wording
During the three months ended June 30, 2025, we recognized tax benefit on income of approximately $126,000 compared to tax expenses on income of approximately $1,634,000 for the three months ended June 30, 2024. The tax benefit is mainly due to a change in the tax provision in the three months ended June 30, 2025.
Current wording
During the three months ended September 30, 2025, we recognized tax expenses on income of approximately $11,062,000 compared to tax expenses on income of approximately $1,133,000 for the three months ended September 30, 2024. The tax on income is primarily attributable to the 2023 Scilex Transaction and the 2024 Refinancing and Deferred tax liabilities mainly due to Alpha Tau.
Previous wording
From our inception through June 30, 2025, we have incurred losses in an aggregate amount of approximately $170,970,000. During that period and through June 30, 2025, we have financed our operations through several private placements of our common stock, as well as public offerings of our common stock, raising a total of approximately $255,384,000, net of transaction costs. During that period, we also received cash consideration of approximately $28,001,000 from the exercise of warrants and options. We expect to seek additional financing through similar sources in the future, as needed. As of June 30, 2025, we had approximately $15,797,000 of available cash and approximately $22,865,000 of short-term bank deposits. In addition, we hold a variety of interests in certain investments, including in Scilex, Alpha Tau and others, as further detailed in this Quarterly Report on Form 10-Q.
Current wording
From our inception through September 30, 2025, we have incurred losses in an aggregate amount of approximately $122,575,000. Through September 30, 2025, we have financed our operations through several private placements of our common stock, as well as public offerings of our common stock, raising a total of approximately $255,384,000, net of transaction costs. During that period, we also received cash consideration of approximately $28,001,000 from the exercise of warrants and options. We expect to seek additional financing through similar sources in the future, as needed. As of September 30, 2025, we had approximately $52,179,000 of available cash and approximately $4,038,000 of short-term bank deposits. In addition, we hold a variety of interests in certain investments, including in Scilex, Alpha Tau and others, as further detailed in this Quarterly Report on Form 10-Q.
Previous wording
From inception through June 30, 2025, we have not generated significant revenues from our operations (other than recognizing deferred revenue related to the HTIT License Agreement, as described above). Although, we have increased the research and development activities related to the new Phase 3 clinical trial, our research and development activities have been significantly reduced while we conducted a strategic review process, following the termination of the ORA-D-013-1 and ORA-D-013-2 Phase 3 trials. Following the preparation and expected initiation of the revised phase 3 trial (ORA-D-013-3), we expect to increase our research and development expenses, either directly or through OraTech.
Current wording
Since inception, we have not generated significant revenues from our operations (other than recognizing deferred revenue related to the HTIT License Agreement, as described above). Although, we have increased the research and development activities related to the new Phase 3 clinical trial, our research and development activities have been significantly reduced while we conducted a strategic review process, following the termination of the ORA-D-013-1 and ORA-D-013-2 Phase 3 trials. Following the preparation and anticipated initiation of the revised oral insulin clinical trial, we expect to incur increased research and development expenses in future periods, and we will need substantial additional funds. These expenses may be incurred directly by the Company or through OraTech, our wholly-owned subsidiary.
Previous wording
As of June 30, 2025, our total current assets were approximately $99,026,000 and our total current liabilities were approximately $3,693,000. On June 30, 2025, we had a working capital surplus of approximately $95,333,000 and an accumulated loss of approximately $170,970,000. As of December 31, 2024, our total current assets were approximately $143,221,000 and our total current liabilities were approximately $5,685,000. On December 31, 2024, we had a working capital surplus of approximately $137,536,000 and an accumulated loss of approximately $176,616,000. The decrease in working capital surplus was mainly due to a decrease in cash and cash equivalents and short-term deposits that was partially offset by an increase in fair value investments.
Current wording
As of September 30, 2025, our total current assets were approximately $136,117,000 and our total current liabilities were approximately $6,119,000. On September 30, 2025, we had a working capital surplus of approximately $129,998,000 and an accumulated loss of approximately $122,575,000. As of December 31, 2024, our total current assets were approximately $143,221,000 and our total current liabilities were approximately $5,685,000. On December 31, 2024, we had a working capital surplus of approximately $137,536,000 and an accumulated loss of approximately $176,616,000. The decrease in working capital surplus was mainly due to a decrease in cash and cash equivalents and short-term deposits that was partially offset by an increase in fair value investments.
Previous wording
During the six months ended June 30, 2025, cash and cash equivalents decreased to approximately $15,797,000 from approximately $54,420,000 as of December 31, 2024. The decrease was mainly due to investments in Alpha Tau, RoyaltyVast and Hapisga, partially offset by the decrease in short-term deposits.
Current wording
During the nine months ended September 30, 2025, cash and cash equivalents decreased to approximately $52,179,000 from approximately $54,420,000 as of December 31, 2024. The decrease was mainly due to investments in Alpha Tau, RoyaltyVest and Hapisga, partially offset by the decrease in short-term deposits.
Previous wording
Operating activities used cash of approximately $7,054,000 in the six months ended June 30, 2025, compared to approximately $600,000 provided in the six months ended June 30, 2024. Cash used in operating activities primarily consisted of research and development expenses, general and administrative expenses and the change in fair value of investments.
Current wording
Operating activities used cash of approximately $8,679,000 in the nine months ended September 30, 2025, compared to approximately $6,501,000 provided in the nine months ended September 30, 2024. Cash used in operating activities primarily consisted of research and development expenses, general and administrative expenses.
Previous wording
Investing activities used cash of approximately $31,237,000 in the six months ended June 30, 2025, compared to approximately $124,653,000 provided in the six months ended June 30, 2024. Cash used in investing activities in the six months ended June 30, 2025 consisted primarily of investments at fair value in Alpha Tau and Hapisga, partially offset by proceeds from short-term deposits. Cash provided by investing activities in the six months ended June 30, 2024 is mainly due to proceeds from short-term deposits and from Scilex.
Current wording
Investing activities provided cash of approximately $7,127,000 in the nine months ended September 30, 2025, compared to approximately $90,393,000 provided in the nine months ended September 30, 2024. Cash provided by investing activities in the nine months ended September 30, 2025 consisted primarily of investments at fair value in Alpha Tau and Hapisga, partially offset by decrease in purchase of short-term deposits and proceeds from investment in Scilex. Cash provided by investing activities in the nine months ended September 30, 2024 is mainly due to proceeds from short-term deposits and from Scilex.
Previous wording
Financing activities used cash of approximately $371,000 in the six months ended June 30, 2025, compared to cash used for financing activities of approximately $49,550,000 in the six months ended June 30, 2024. Cash used for financing activities in the six months ended June 30, 2025, consisted primarily of purchase of treasury shares. Cash used in financing activities in the six months ended June 30, 2024 was mainly due to loan repayment.
Current wording
Cash used for financing activities was approximately $732,000 in the nine months ended September 30, 2025, compared to cash used for financing activities of approximately $50,841,000 in the nine months ended September 30, 2024. Cash used for financing activities in the nine months ended September 30, 2025, consisted primarily of purchase of treasury shares. Cash used in financing activities in the nine months ended September 30, 2024 was mainly due to loan repayment.
Previous wording
Our critical accounting policies are described in*“Management’s Discussion and Analysis of Financial Condition and Results of Operations”*contained in our Annual Report.
Current wording
Additional critical accounting policies are described in*“Management’s Discussion and Analysis of Financial Condition and Results of Operations”*contained in our Annual Report.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Upon completion of the Rabi Binyamin Project, we entitled to receive the Loan Principal and the greater of: (i) 20% annual interest of the Loan Principal and (ii) 40% of the Rabi Binyamin Project profits.