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Oramed Pharmaceuticals Inc. (ORMP-1.82%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Oramed Pharmaceuticals Inc. did not generate any revenue for the year, compared to $1,340,000 in the previous year. This decrease was attributed to the recognition of revenues through June 30, 2023, related to the HTIT License Agreement.
Research and development expenses decreased by 30% to approximately $6,324,000, compared to $8,971,000 in the previous year. The decrease was mainly due to lower expenses related to the terminated Phase 3 trials.
General and administrative expenses decreased by 23% to approximately $6,457,000, compared to $8,425,000 in the previous year. This decrease was mainly due to the reversal of previously recognized expenses following the resignation of certain executive officers.
Oramed Pharmaceuticals Inc. reported a net loss of $19,103,000 for the year, compared to a net income of $5,088,000 in the previous year. The loss was primarily due to changes in fair value of investments and lower interest income on deposits.
The company had cash and cash equivalents of approximately $54,420,000 as of December 31, 2024, compared to $9,055,000 as of December 31, 2023. The increase was mainly due to proceeds from short-term deposits and repayments by Scilex under the Tranche A Note.
Oramed Pharmaceuticals Inc. announced that the ORA-D-013-1 Phase 3 trial did not meet its primary or secondary endpoints, leading to the termination of this trial and a parallel Phase 3 trial. The company is evaluating its existing pipeline and potential strategic opportunities.
The company entered into a joint venture agreement with Hefei Tianhui Biotech Co., Ltd. (HTIT) to develop and commercialize products based on its oral insulin and POD™ technology.
Oramed Pharmaceuticals Inc. participated in the 2023 Scilex Transaction and 2024 Refinancing, which included a senior secured promissory note and warrants. These transactions are intended to strengthen the company's financial position and expand its commercial interests.
The company reported that it has a working capital surplus of approximately $137,536,000 as of December 31, 2024, compared to $109,370,000 as of December 31, 2023.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Oramed Pharmaceuticals Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.