Oramed Pharmaceuticals Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Oramed Pharmaceuticals Inc. has filed its 2023 annual report detailing its operations and financial status.</b>

AI Summary

ORAMED PHARMACEUTICALS INC. (ORMP) filed a Annual Report (10-K) with the SEC on March 6, 2024. Oramed Pharmaceuticals Inc. filed its annual report for the fiscal year ended December 31, 2023. The company is incorporated in Delaware and its principal executive offices are located in New York, NY. Its common stock, par value $0.012, is traded on the Nasdaq Capital Market and the Tel Aviv Stock Exchange under the symbol ORMP. Oramed Pharmaceuticals Inc. is classified under the SIC code 2834 for Pharmaceutical Preparations. The company has confirmed it has filed all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking ORAMED PHARMACEUTICALS INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Oramed's business, financial performance, and risk factors for the fiscal year 2023, crucial for investors to assess the company's current standing and future prospects. The report confirms Oramed's listing on the Nasdaq Capital Market and Tel Aviv Stock Exchange, indicating its public market presence and the associated regulatory compliance requirements.

Risk Assessment

Risk Level: medium — ORAMED PHARMACEUTICALS INC. shows moderate risk based on this filing. The company is not a well-known seasoned issuer and is classified as a smaller reporting company, suggesting a potentially higher risk profile compared to larger, more established entities.

Analyst Insight

Investors should review the full 10-K filing to understand Oramed's financial health, ongoing clinical trials, and strategic direction for 2024.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 0001213900-24-020485 — Accession Number (Unique identifier for the filing)
• 001-35813 — Commission File Number (SEC file number for Oramed Pharmaceuticals Inc.)
• 2834 — SIC Code (Standard Industrial Classification for Pharmaceutical Preparations)
• 0001176309 — Central Index Key (Unique identifier for Oramed Pharmaceuticals Inc.)
• 98-0376008 — IRS Number (IRS Employer Identification No.)

Key Players & Entities

• ORAMED PHARMACEUTICALS INC. (company) — Filer name
• ORMP (company) — Trading symbol for Common Stock
• Nasdaq Capital Market (company) — Exchange where Common Stock is registered
• Tel Aviv Stock Exchange (company) — Exchange where Common Stock is registered
• Delaware (company) — State of Incorporation
• New York (company) — City of Principal Executive Offices
• 2023 (dollar_amount) — Fiscal Year Ended
• 20240306 (dollar_amount) — Filing Date

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company must comply with extensive regulations from bodies like the FDA, which can impact product development and market access.
• Funding and Liquidity [medium — financial]: As a pharmaceutical development company, Oramed relies on continued funding to support its research and development activities, and may face challenges in securing sufficient capital.
• Clinical Trial Success [high — operational]: The success of Oramed's drug candidates is dependent on the outcomes of clinical trials, which are inherently uncertain and can lead to significant delays or failures.

Key Financial Figures

• $0.012 — ich registered Common Stock, par value $0.012 ORMP Nasdaq Capital Market, Tel Aviv St
• $3 — r was $ 130,525,522 based on a price of $3.58, being the last price at which the s
• $1.00 — by the Bank of Israel, was NIS 3.627 to $1.00. Unless indicated otherwise by the cont
• $105 million — sed Securities, for a purchase price of $105 million. Sorrento and its affiliated debtor, Sc
• $100 m — the Debtors in the principal amount of $100 million, which included a non-refundable
• $450,000 — ncluded a non-refundable closing fee of $450,000 paid in full out of the proceeds. This
• $5,000,000 — urchased Securities, with an additional $5,000,000 in cash to be paid by us at closing. Th
• $101,875,000 — of issuance in the principal amount of $101,875,000, or the Note, which includes accrued an
• $875,000 — includes accrued and unpaid interest of $875,000 under the Senior DIP Loan Agreement and
• $1,000,000 — under the Senior DIP Loan Agreement and $1,000,000 of fees added to the principal amount o
• $0.0001 — es of common stock of Scilex, par value $0.0001 per share, or the Scilex Common Stock,
• $0.01 — arrants, each with an exercise price of $0.01 per share and each with certain restric
• $11.50 — Common Stock with an exercise price of $11.50 per share to be transferred to us, or t
• $1,910,000 — on the Closing Date, Scilex reimbursed $1,910,000 of the Company's Transaction expenses p
• $5 million — provides for principal payments of (i) $5 million on December 21, 2023, (ii) $15 million

Filing Documents

• ea0200896-10k_oramedph.htm (10-K) — 1509KB
• ea0200896ex10-2_oramed.htm (EX-10.2) — 13KB
• ea0200896ex10-3_oramed.htm (EX-10.3) — 8KB
• ea0200896ex10-5_oramed.htm (EX-10.5) — 9KB
• ea0200896ex10-6_oramed.htm (EX-10.6) — 6KB
• ea0200896ex10-15_oramed.htm (EX-10.15) — 12KB
• ea0200896ex10-16_oramed.htm (EX-10.16) — 8KB
• ea0200896ex10-20_oramed.htm (EX-10.20) — 9KB
• ea0200896ex10-21_oramed.htm (EX-10.21) — 7KB
• ea0200896ex10-22_oramed.htm (EX-10.22) — 84KB
• ea0200896ex23-1_oramed.htm (EX-23.1) — 2KB
• ea0200896ex31-1_oramed.htm (EX-31.1) — 10KB
• ea0200896ex31-2_oramed.htm (EX-31.2) — 11KB
• ea0200896ex32-1_oramed.htm (EX-32.1) — 3KB
• ea0200896ex32-2_oramed.htm (EX-32.2) — 3KB
• ea0200896ex97-1_oramed.htm (EX-97.1) — 40KB
• image_001.jpg (GRAPHIC) — 2KB
• ex97-1_001.jpg (GRAPHIC) — 2KB
• 0001213900-24-020485.txt (&nbsp;) — 8064KB
• ormp-20231231.xsd (EX-101.SCH) — 83KB
• ormp-20231231_cal.xml (EX-101.CAL) — 40KB
• ormp-20231231_def.xml (EX-101.DEF) — 395KB
• ormp-20231231_lab.xml (EX-101.LAB) — 683KB
• ormp-20231231_pre.xml (EX-101.PRE) — 395KB
• ea0200896-10k_oramedph_htm.xml (XML) — 872KB

BUSINESS

ITEM 1. BUSINESS 1

RISK FACTORS

ITEM 1A. RISK FACTORS 12 ITEM IB. UNRESOLVED STAFF COMMENTS 27

CYBERSECURITY

ITEM 1C. CYBERSECURITY 27

PROPERTIES

ITEM 2. PROPERTIES 27

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 27

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 27 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 28

[RESERVED]

ITEM 6. [RESERVED] 28

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 28

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 36

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 37

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 37

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 37

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 38

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 38 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 39

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 43

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 56

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 58

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 58 PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 59

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 63 i INTRODUCTION AND USE OF CERTAIN TERMS As used in this Annual Report on Form 10-K, the terms "we," "us," "our," the "Company," and "Oramed" mean Oramed Pharmaceuticals Inc. and our wholly-owned subsidiaries, unless otherwise indicated. All dollar amounts refer to U.S. dollars unless otherwise indicated. On December 31, 2023, the exchange rate between the New Israeli Shekel, or NIS, and the dollar, as quoted by the Bank of Israel, was NIS 3.627 to $1.00. Unless indicated otherwise by the context, statements in this Annual Report on Form 10-K that provide the dollar equivalent of NIS amounts or provide the NIS equivalent of dollar amounts are based on such exchange rate. CAUTIONARY The the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws and the Israeli securities law. Words such as "expects," "anticipates," "intends," "plans," "planned expenditures," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this Annual Report on Form 10-K. Additionally, statements concerning future matters are forward-looking statements. We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our achievements, or industry results, expressed or implied by such forward-looking statements. Such forward-looking statements ap

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View this 10-K filing on SEC EDGAR