The company maintains a lean capital structure with total debt consistently below $1 million in recent quarters, though this is offset by an accumulated deficit of $85.1 million as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'03 |
|---|
| Total Current Assets | 68.15M | 133.27M | 143.22M | 162.58M | 157.11M | 95.34M | 40.51M | 33.32M | 31.04M | 20.3M | 31.23M | 17.37M | 21.78M | 8.64M | 5.28M | 4.28M | 1.4M | 3.17M | 5.4M | 1.93M | 176.19K | 1.26K | 0 |
| Cash & Short-Term Investments | 65.84M | 125.89M | 141.93M | 162.05M | 155.72M | 94.14M | 39.9M | 32.28M | 30.46M | 20.12M | 31.02M | 17.23M | 21.29M | 8.48M | 4.63M | 1.9M | 1.3M | 2.72M | 5M | 1.92M | 176.19K | -40.44K | 0 |
| Cash Only | 13.2M | 45.95M | 54.42M | 9.05M | 40.46M | 77.25M | 19.3M | 3.33M | 5M | 3.97M | 3.91M | 3.21M | 1.76M | 2.27M | 4.43M | 1.51M | 1.2M | 1.72M | 2.27M | 1.92M | 176.19K | -40.44K | 0 |
| Short-Term Investments | 52.64M | 79.95M | 87.51M | 152.99M | 115.26M | 16.89M | 20.6M | 28.95M | 25.47M | 16.15M | 27.11M | 14.02M | 19.53M | 6.2M | 200.31K | 384.56K | 100K | 1M | 2.73M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 4.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 408K | 62.94K | 88.09K | 567.08K | 71.61K | 437.34K | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | 846.07 | - | - | - | - | - | - | - | - | - | - | - | - | 174.51 | 1.05K | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16K | 16K | 18.31K | 17.67K | 17.87K | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 2.31M | 2.74M | 1.29M | 537K | 1.39M | 1.2M | 611K | 1.04M | 574K | 159K | 198K | 127K | 64K | 90.1K | 539.02K | 1.8M | 7.69K | 20.12K | 402.57K | 12K | 0 | 1.26K | 0 |
| Total Non-Current Assets | 200.7M | 97.59M | 12.06M | 57.97M | 4.53M | 32.66M | 4.12M | 1.34M | 16.36M | 18.41M | 11.6M | 8.98M | 24K | 15.91K | 18.38K | 41.85K | 54.08K | 87.52K | 109.12K | 7K | 0 | 0 | 0 |
| Property, Plant & Equipment | 1.25M | 1.34M | 1.11M | 1.57M | 1.81M | 932K | 174K | 24K | 17K | 18K | 16K | 11K | 14K | 5.77K | 4.77K | 17.38K | 43.5K | 75.36K | 98.3K | 2K | 0 | 0 | 0 |
| Fixed Asset Turnover | 0.00x | 1.50x | - | 0.86x | 1.49x | 2.90x | 15.57x | 112.63x | 144.06x | 136.44x | 40.06x | - | - | - | 38.64x | 11.36x | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 432.65M | 93.74M | 10.91M | 56.37M | 2.7M | 6.69M | 3.93M | 1.29M | 16.33M | 18.38M | 11.57M | 8.96M | 0 | 4.59K | 8.87K | 10.19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 48K | 2.52M | 34K | 34K | 24K | 25.04M | 20K | 20K | 17K | 15K | 15K | 13K | 10K | 5.54K | 4.74K | 14.29K | 10.58K | 12.16K | -119.83K | 5K | 0 | 0 | 0 |
| Total Assets | 268.85M | 230.86M | 155.28M | 220.55M | 161.64M | 128M | 44.63M | 34.66M | 47.4M | 38.71M | 42.83M | 26.35M | 21.8M | 8.66M | 5.29M | 4.33M | 1.45M | 3.26M | 5.51M | 1.94M | 176.19K | 1.26K | 0 |
| Asset Turnover | 0.00x | 0.01x | - | 0.01x | 0.02x | 0.02x | 0.06x | 0.08x | 0.05x | 0.06x | 0.01x | - | - | - | 0.03x | 0.05x | - | - | - | - | - | - | - |
| Asset Growth % | 152.23% | 48.68% | -29.6% | 36.44% | 26.28% | 186.78% | 28.76% | -26.87% | 22.43% | -9.61% | 62.52% | 20.88% | 151.75% | 63.56% | 22.4% | 198.16% | -55.52% | -40.77% | 184.31% | 999.38% | 13883.33% | - | - |
| Total Current Liabilities | 10.56M | 19.09M | 5.68M | 53.21M | 5.75M | 6.68M | 4.54M | 5.31M | 4.55M | 5.17M | 3.62M | 1.49M | 973K | 498.19K | 644.42K | 441.29K | 458.58K | 368.6K | 913.95K | 1.42M | 608.91K | 46.07K | 10K |
| Accounts Payable | 481K | 443K | 789K | 551K | 2.17M | 2.61M | 594K | 1.34M | 1.14M | 571K | 1.41M | 953K | 926K | 439.54K | 47.25K | 47.25K | 47.25K | 47.25K | 913.95K | 341K | 53.65K | 5.63K | 0 |
| Days Payables Outstanding | 6.47K | 81.38 | 1.49K | - | - | - | 2.41K | 5.42K | 4.82K | 1.11K | 1.05K | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 268K | 0 | 0 | 51.01M | 247K | 130K | 44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 275K | 0 | 0 | 0 |
| Deferred Revenue (Current) | 5.05M | 1.35M | 0 | 0 | 1.34M | 2.7M | 2.7M | 2.7M | 2.45M | 2.45M | 2.16M | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.23M | 0 | 0 | 325K | -191K | -1.37M | 601K | 1.27M | 969K | 2.15M | 48K | 36K | 47K | 58.65K | 597.17K | 394.04K | 411.33K | 321.34K | 0 | 808K | 555.26K | 40.44K | 10K |
| Current Ratio | 6.45x | 6.98x | 25.19x | 3.06x | 27.34x | 14.27x | 8.93x | 6.28x | 6.82x | 3.93x | 8.62x | 11.67x | 22.38x | 17.35x | 8.19x | 9.71x | 3.05x | 8.61x | 5.91x | 1.36x | 0.29x | 0.03x | - |
| Quick Ratio | 6.45x | 6.98x | 25.19x | 3.06x | 27.34x | 14.27x | 8.93x | 6.28x | 6.82x | 3.93x | 8.62x | 11.67x | 22.37x | 17.32x | 8.16x | 9.67x | 3.01x | 8.61x | 5.91x | 1.36x | 0.29x | 0.03x | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 20.01M | 12.03M | 4.25M | 4.44M | 4.74M | 4.8M | 7.22M | 9.96M | 11.73M | 14.31M | 13.02M | 37K | 36K | 31.21K | 872.41K | 160.73K | 162.03K | 147.06K | 913.95K | 616K | 53.65K | 5.63K | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 647K | 403K | 31K | -5.63M | -7.82M | 18K | 14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.27M | 540K | 156K | 342K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 33.58M | 7.91M | 0 | 0 | 11K | 11K | 11K | 11K | 11K | 11K | 11K | 26K | 27K | 23.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 238K | 314K | 90K | 102K | 82K | 145K | 229K | 5.92M | 8.15M | 443K | 390K | 11K | 9K | 8K | 872.41K | 160.73K | 162.03K | 147.06K | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 30.57M | 31.12M | 9.93M | 57.66M | 10.49M | 11.48M | 11.75M | 15.27M | 16.29M | 19.47M | 16.64M | 1.53M | 1.01M | 529.41K | 1.52M | 602.02K | 620.62K | 515.66K | 913.95K | 1.42M | 608.91K | 46.07K | 10K |
| Total Debt | 761K | 825K | 372K | 51.62M | 894K | 533K | 75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 275K | 0 | 0 | 0 |
| Net Debt | -12.44M | -45.12M | -54.05M | 42.57M | -39.57M | -76.71M | -19.22M | -3.33M | -5M | -3.97M | -3.91M | -3.21M | -1.76M | -2.27M | -4.43M | -1.51M | -1.2M | -1.72M | -2.27M | -1.64M | -176.19K | 40.44K | 0 |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.32x | 0.01x | 0.00x | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | 0.54x | - | - | - |
| Debt / EBITDA | -0.07x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.19x | - | - | - | - | - | - | - | - | - | - | - | - | - | -1.53x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | -17.66x | 1.99x | - | -4037.17x | - | - | -2254.50x | -1795.17x | -910.00x | - | -536.91x | -13.73x | 14.48x | -129.67x | -204.38x | -158.59x | -260.68x | -0.97x | -112.07x | -1.00x | - |
| Total Equity | 238.28M | 199.74M | 145.35M | 162.89M | 151.16M | 116.52M | 32.88M | 19.39M | 31.11M | 19.24M | 26.19M | 24.83M | 20.79M | 8.13M | 3.78M | 3.72M | 830.27K | 2.75M | 4.59M | 513K | -432.72K | -44.81K | 0 |
| Equity Growth % | 125.04% | 37.43% | -10.77% | 7.76% | 29.73% | 254.38% | 69.54% | -37.67% | 61.72% | -26.54% | 5.49% | 19.41% | 155.73% | 115.21% | 1.45% | 348.52% | -69.77% | -40.21% | 795.33% | 218.55% | -865.72% | - | - |
| Book Value per Share | 5.68 | 4.71 | 3.56 | 4.02 | 3.88 | 4.09 | 1.60 | 1.11 | 2.09 | 1.45 | 2.07 | 2.29 | 2.25 | 1.13 | 0.64 | 0.69 | 0.17 | 0.58 | 1.13 | 0.15 | -0.16 | -0.01 | -0.00 |
| Total Shareholders' Equity | 238.28M | 199.74M | 146.26M | 163.82M | 151.81M | 115.77M | 32.88M | 19.39M | 31.11M | 19.24M | 26.19M | 24.83M | 20.79M | 8.13M | 3.78M | 3.72M | 830.27K | 2.75M | 4.59M | 513K | -432.72K | -44.81K | -10K |
| Common Stock | 491K | 472K | 480K | 485K | 476K | 424K | 284K | 208K | 207K | 163K | 157K | 138K | 121K | 95.24K | 80.08K | 70.1K | 57.56K | 56.46K | 56.25K | 45K | 41.46K | 18.48K | 10K |
| Retained Earnings | -85.12M | -123.44M | -176.62M | -157.56M | -163.08M | -114.85M | -92.61M | -81.1M | -69.22M | -56.5M | -46.02M | -35.05M | -27.82M | -22.12M | -17.89M | -14.55M | -12.99M | -10.01M | -7.25M | -4.48M | -1.24M | -828.33K | -70K |
| Treasury Stock | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 702K | 401K | 106K | 558K | 452K | 303.4K | -120.84K | -106.11K | -77.8K | -45.94K | -15.45K | 0 | -16 | -16 | 0 |
| Minority Interest | 0 | 0 | -918K | -928K | -656K | 744K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical failure and asset volatility
As reported in financial statements, Oramed's total assets have fluctuated significantly, peaking at $268.8 million in 2026Q1, a trend largely driven by non-operational equity revaluations rather than organic growth or the successful commercialization of the company's proprietary Protein Oral Delivery platform.
The expansion of the asset base appears disconnected from core operational progress, suggesting that the balance sheet is increasingly sensitive to external market volatility. Investors should monitor whether this asset growth represents a sustainable shift in value or merely a temporary accounting artifact resulting from the company's investment in Scilex.
Based on reported figures, Oramed maintains a debt-free profile with total debt consistently below $1 million in recent quarters, a stark contrast to the $51.6 million liability level observed in 2023Q4, indicating a strategic move to deleverage following the failure of its lead clinical program.
The absence of meaningful debt suggests that the company is not currently constrained by interest obligations, providing a degree of flexibility in a capital-intensive sector. However, this lack of leverage may also reflect a limited ability to access traditional credit markets given the current lack of recurring revenue and commercial product viability.
According to recent SEC filings, Oramed's cash position has experienced extreme volatility, dropping from $84.8 million in 2024Q2 to $13.2 million in 2026Q1, which highlights the company's reliance on capital preservation strategies to offset the lack of sustainable cash inflows from its research activities.
While the current ratio of 6.45 suggests a sufficient short-term buffer, the rapid depletion of cash reserves warrants further investigation into the company's long-term sustainability. The liquidity profile appears adequate for immediate operations, but the lack of a clear path to commercial revenue suggests that the current cash runway may be shorter than headline metrics imply.
As reported in financial statements, Oramed's equity base is heavily burdened by an accumulated deficit of $85.1 million as of 2026Q1, reflecting years of sustained research and development spending that has yet to yield a commercially viable therapeutic product for the company's pipeline.
The persistent negative retained earnings underscore the fundamental challenge of the company's business model, which relies on continuous capital consumption without offsetting product sales. This trend suggests that shareholder value remains highly sensitive to the success of future clinical milestones or potential corporate transactions.
Based on the provided data, the most significant risk to the balance sheet is the company's reliance on external equity investments, which creates a disconnect between reported asset values and the underlying operational health of the firm's core biotechnology research and development efforts.
The inclusion of volatile equity holdings in the asset mix may mislead investors regarding the company's true financial stability, as these assets are subject to market forces outside of management's control. This reliance on non-core assets suggests that the balance sheet may be more vulnerable to market downturns than a traditional clinical-stage biotech firm.
Quick answers to the most common questions about buying ORMP stock.
As of 2025, Oramed Pharmaceuticals Inc. (ORMP) had total assets of $230.9M including $133.3M in current assets.
Oramed Pharmaceuticals Inc. (ORMP) carries total debt of $0.8M, offset by $125.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Oramed Pharmaceuticals Inc. (ORMP) has total shareholders' equity (book value) of $199.7M ($4.71 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Oramed Pharmaceuticals Inc. (ORMP) reported a current ratio of 6.98x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.