Oramed Pharmaceuticals (ORMP) Q4 2025 earnings summary

Executive summary

• Achieved net income of $64.0M for 2025, reversing a prior year net loss of $19.1M, driven by significant financial income from investments, particularly Alpha Tau and Scilex.

• Completed strategic transactions, including the transfer of the oral insulin platform to Lifeward, resulting in equity, warrants, and revenue-sharing rights.

• Continued capital allocation to healthcare, life sciences, and real estate investments, including major stakes in Alpha Tau, Nano Dimension, and real estate projects.

• Initiated a $20M stock buyback program and paid a $0.25/share special dividend.

Financial highlights

• Revenue for 2025 was $2.0M, up from $0 in 2024, related to the HTIT License Agreement.

• Net income attributable to shareholders was $64.1M, or $1.53 per basic share, compared to a loss of $19.1M, or $(0.48) per share, in 2024.

• Financial income, net, was $89.5M, primarily from revaluation of investments in Alpha Tau and Scilex.

• Research and development expenses were $6.4M, flat year-over-year.

• General and administrative expenses increased 35% to $8.7M, mainly due to higher stock-based compensation and professional fees.

• Working capital surplus was $114.2M at year-end, with $45.9M in cash and $10.9M in short-term deposits.

Outlook and guidance

• Plans to initiate a 60-patient US-based clinical trial for oral insulin in high-responder populations through OraTech in 2026.

• Expects research and development expenses to increase with the new trial, though costs will be borne by OraTech.

• Ongoing evaluation of strategic opportunities and capital allocation to support long-term growth and diversification.