Oramed Pharmaceuticals (ORMP) Q3 2024 earnings summary

Executive summary

• Focused on oral delivery of therapeutic proteins, with ongoing development of oral insulin and other protein-based drugs.

• Terminated two Phase 3 oral insulin trials in early 2023 after not meeting endpoints; new Phase 3 protocol submitted based on positive subpopulation analysis.

• Entered a joint venture with HTIT Biotech for global commercialization of oral insulin and related technologies.

• Strategic review underway to explore value-enhancing opportunities.

Financial highlights

• No revenues recognized for the nine months ended September 30, 2024, compared to $1.34M in the prior year period.

• Net loss attributable to stockholders was $8.87M for the nine months ended September 30, 2024, versus $7.81M in the prior year.

• Cash and cash equivalents increased to $42.1M as of September 30, 2024, from $9.1M at December 31, 2023.

• Working capital surplus of $137.5M as of September 30, 2024.

• Accumulated deficit reached $166.4M as of September 30, 2024.

Outlook and guidance

• Sufficient cash resources to maintain planned activities and expenditures for at least the next 12 months.

• Research and development expected to remain the major operating expense.

• Strategic review may alter obligations and planned expenditures.