Oramed Pharmaceuticals

Oramed develops oral capsules for diabetes and weight management, aiming to replace injections. Its products target people needing daily insulin or related therapies. The company focuses on making treatment easier and less invasive for patients.

Capsules, Not Needles: Oramed’s Main Offerings

• Oral Insulin Capsule (ORMD-0801): Pill form of insulin for diabetes; completed Phase II trials; in 2025, Oramed recognized $2 million of revenue related to the HTIT License Agreement (deferred revenue), with no revenue from product sales.
• Oral GLP-1 Capsule (ORMD-0901): Capsule for type 2 diabetes; completed Phase I trials; no direct revenue yet.
• Oral Leptin Capsule: Under development for weight loss; no revenue contribution yet.
• Licensing Agreements: Income from licensing technology; 100% of 2025 revenue.
• Strategic Investments: Equity and royalty interests in healthcare and real estate; no recurring product revenue.

Growth Spurts and Side Quests

• Formed OraTech joint venture with Hefei Tianhui Biotech in 2024 for oral insulin commercialization.
• Acquired 16.65% stake in Alpha Tau Medical in April 2025, increased to ~17% by August 2025.
• Entered royalty and equity agreements with Scilex Holding Company in 2023 and 2024.
• Invested in Israeli real estate projects and loans since 2024.
• Launched stock buyback program in June 2024, extended through June 2026.

Why Oramed Stands Out (Without the Hype)

Oramed’s oral delivery technology targets a shift from injections to pills for protein-based drugs. Its business model blends pharmaceutical R&D with licensing, equity, and real estate investments. The company manages risk by diversifying income sources beyond product sales.

Five Things You Need to Know

• Revenue was $2.0 million in H1 2025, all from licensing, not product sales.
• Net income was $5.6 million in H1 2025, down 47.7% from H1 2024.
• R&D expenses rose 24% to $3.2 million in H1 2025.
• Cash and equivalents were $15.8 million as of June 30, 2025.
• Working capital surplus was $95.3 million as of June 30, 2025.

Bottom Line

Oramed has evolved from a single-product biotech to a diversified company with investments in healthcare and real estate. Its focus on oral drug delivery and strategic partnerships shapes its current business model.