Oramed Pharmaceuticals (ORMP) Q3 2026 earnings summary

Executive summary

• Shifted from direct clinical development to a strategic healthcare investment and operating model; evaluates strategic alternatives, with no definitive agreement in place.

• No revenue-generating operations following the POD technology transfer to OraTech; investment fair-value changes now drive reported earnings.

Financial highlights

• 9M 2026 revenue $0 vs. $2.0M YoY; operating loss $10.5M vs. $9.4M; net income $134.9M vs. $54.0M.

• 9M financial income $180.5M, largely unrealized and led by $174.5M Alpha Tau revaluation gains; tax expense was $44.4M, including $42.2M deferred tax.

• Q3 2026 revenue $0; operating loss $4.1M vs. $2.4M YoY; net income $18.4M vs. $48.4M, as financial income fell to $31.9M from $61.5M.

• 9M other income included $5.8M IP-sale gain, $2.0M Medicox license income and $1.3M net Alpha Tau services and warrant income.

Outlook and guidance

• Cash resources and commitments are expected to support planned activities and expenditure levels for at least 12 months; significant R&D expense is not expected after POD development shifted to OraTech.

• Strategic alternatives include new therapeutic or technology areas, acquisitions or investments, and active management of portfolio holdings; no transaction is assured.

• Scilex obligations were extended to November 9, 2026, with a $1.0M non-refundable fee; $250K was received and $750K was due November 9.

• CRO agreement scope and cost are expected to be reduced following the change from a planned Phase 3 protocol to Phase 2.