ORMP earnings analysis
What we found in ORMP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Oramed reported second-quarter diluted EPS of $1.84 versus $0.31 a year earlier, but the $78.156 million of quarterly net income was primarily driven by $103.743 million of financial income from Alpha Tau revaluation, not operating revenue. Revenue was $0, and quarterly operating loss widened 11% to $2.766 million as G&A rose 90% to $2.766 million. Liquidity weakened materially, with cash falling to $15.245 million from $45.947 million at year-end, although six-month operating cash burn improved to $3.115 million and management believes current resources support planned activities for at least 12 months.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- EPS surged on non-operating gains
- Second-quarter diluted EPS was $1.84, up from $0.31 in the prior-year quarter, while net income increased to $78.156 million from $13.260 million. The improvement was primarily driven by non-operating investment gains rather than revenue growth.
- Alpha Tau revaluation boosted earnings
- Second-quarter financial income rose to $103.743 million from $15.366 million, primarily due to the revaluation of the Company’s Alpha Tau investment. Six-month financial income was $148.592 million versus $12.808 million.
- Six-month operating loss narrowed
- Six-month operating loss improved 8% to $6.425 million from $6.989 million, as research and development expense declined to $1.594 million from $3.240 million. However, second-quarter operating loss worsened 11% to $2.766 million from $2.489 million.
- R&D eliminated but G&A rose
- Second-quarter R&D expense was $0 versus $1.034 million in the prior-year quarter because OraTech-related clinical costs are now presented in other income after the intellectual-property sale. General and administrative expense increased 90% to $2.766 million from $1.455 million, driven by stock-based compensation and professional fees.
- Operating cash burn improved
- Operating cash outflow improved to $3.115 million in the first six months of 2026 from $7.054 million in the prior-year period. Management said the cash use primarily reflected R&D and G&A expenses, partially offset by interest received from short-term deposits.
- Management sees 12-month liquidity
- Management reported $15.245 million of available cash and said current resources and commitments should support planned activities for at least 12 months. The Company also holds investments in Lifeward, Scilex, Alpha Tau, Hapisga and other entities.
- No operating revenue recognized
- Revenue was $0 in the second quarter and $0 for the six months ended June 30, 2026, compared with $2.000 million of six-month revenue in the prior-year period. Management attributed the decline to full recognition of deferred revenue under the HTIT License Agreement in prior periods.
- Cash and working capital contracted
- Cash and cash equivalents declined to $15.245 million at June 30, 2026 from $45.947 million at December 31, 2025. Working capital surplus fell to $42.676 million from $114.185 million, primarily due to lower cash and the reclassification of Hapisga as a long-term investment.
- Investment and financing outflows continued
- Investing activities used $15.178 million in the first six months of 2026, including purchases of marketable securities and investments in Lifeward and other loans. Financing activities used $12.313 million, primarily for dividends and tax withholdings related to stock-based compensation settlements.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- No recurring operating revenue
- The Company had $0 revenue in the quarter and six months ended June 30, 2026, and stated that it has not generated significant operating revenue since inception. The prior-year six-month period included $2.000 million of deferred-license revenue, which was fully recognized in prior periods.
- Liquidity and cash depletion
- Cash declined by $30.702 million to $15.245 million from $45.947 million at December 31, 2025. The Company used $3.115 million in operating cash, $15.178 million in investing cash and $12.313 million in financing cash during the first six months.
- Future financing may be required
- Management stated that it expects to seek additional financing as needed, but warned that financing may be unavailable on acceptable terms. Without financing, it may need to reduce operations or divest assets; current cash is expected to support planned activities for at least 12 months.
- Operating cost base remains elevated
- Second-quarter operating loss increased 11% to $2.766 million from $2.489 million, while G&A expense increased 90% to $2.766 million from $1.455 million. The increase was mainly attributed to stock-based compensation and professional fees.
- Earnings depend on investment values
- Six-month tax expense increased to $34.561 million from $0.458 million, including $31.633 million of deferred tax expense mainly related to the Alpha Tau investment. Earnings therefore remain exposed to investment valuation and tax effects.
- No formal risk-factor changes
- The filing states that there were no material changes from the risk factors in the December 31, 2025 Form 10-K. Separately, the Company reported $42.676 million of working capital surplus at June 30, 2026, down from $114.185 million at December 31, 2025.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.84
What they said about what is next.
No numeric revenue or EPS guidance was provided. Management stated that, based on current cash resources and commitments, it expects to maintain current planned activities and expenditure levels for at least the next 12 months.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 19, 2026
- Oramed Pharmaceuticals reported no revenues in Q1 2026, down from $2 million in Q1 2025. They achieved significant net income of approximately $38.3 million due to other income, primarily from a gain on sale of…
- 10-K · March 26, 2026
- Oramed’s 2025 Form 10-K shows a dual strategy: advance oral protein therapeutics (POD™ / oral insulin) while actively reallocating capital into strategic healthcare investments (Alpha Tau, Nano, BioXcel, RoyaltyVest).…
- 10-Q · November 13, 2025
- Oramed reported a Q3 net income of $48,389 (three months ended September 30, 2025) and diluted EPS of $1.13, a large swing versus a net loss of $19,642 and diluted loss per share of $(0.48) in Q3 2024. The profit was…
- 10-Q · August 14, 2025
- Oramed reported six-month revenue of $2.0M and a small gross profit of $13k, but operating loss widened to $6.989M for the six months ended June 30, 2025. Net income was positive driven by non‑operating financial income…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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