Free cash flow remains structurally negative, with the firm failing to generate positive cash flow in nine of the last ten quarters, including a $2.9 million outflow in 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 |
|---|
| Cash from Operations | -8.94M | -9.14M | -8.41M | -10.29M | -28.7M | -21.18M | -12.44M | -12.94M | -14.66M | -5.83M | 4.66M | -4.95M | -4.07M | -3.4M | -2.3M | -1.67M | -1.42M | -2.25M | -1.84M | -611K | -361.61K | -40.44K | -40K |
| Operating CF Margin % | - | -457.25% | - | -768.28% | -1061.82% | -783.61% | -459.04% | -478.73% | -598.49% | -237.42% | 726.21% | - | - | - | -1249.15% | -843.94% | - | - | - | - | - | - | - |
| Operating CF Growth % | -107.34% | -8.71% | 18.29% | 64.13% | -35.5% | -70.27% | 3.86% | 11.71% | -151.36% | -225.26% | 194.12% | -21.58% | -19.81% | -47.52% | -38.15% | -17.45% | 37.04% | -22.64% | -200.65% | -68.97% | -794.31% | -1.09% | - |
| Net Income | 110M | 64.02M | -19.06M | 5.53M | -36.56M | -22.24M | -11.51M | -14.36M | -12.73M | -10.48M | -10.96M | -7.23M | -5.7M | -4.23M | -3.34M | -1.56M | -2.98M | -2.76M | -2.77M | -3.24M | -414.58K | -45.78K | -50K |
| Depreciation & Amortization | 121K | 121K | 193K | 196K | 58K | 77K | 7K | 8K | 6K | 5K | 4K | 4K | 6K | 5.38K | 14.74K | 28.3K | 31.86K | 30.49K | 15.45K | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 2.28M | 5.99M | 0 | 0 | 0 | 0 | 465K | 808K | 1.55M | 1.57M | 634K | 1.35M | 1.47M | 0 | 0 | 0 | 807.83K | 553.2K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -10K | 7.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -136.99M | -85.28M | 7.25M | -13.32M | 8.74M | 2.29M | 1.76M | 309K | 121K | 196K | -62K | 73K | -7K | 1.18M | 768.47K | -76.92K | 253.97K | 361.05K | 781.7K | 2.63M | 3.68K | 5.35K | 0 |
| Working Capital Changes | 15.66M | -1.91M | 3.2M | -2.7M | -943K | -1.31M | -3.16M | 290K | -3.6M | 2.87M | 15.04M | 862K | 161K | -353.34K | 259.66K | -56.19K | 465.26K | -437.18K | 135.16K | 0 | 49.28K | 0 | 10K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.44M | 1.13M | 3.52M | -2.23M | -376K | 2.06M | -816K | 501K | -612K | 1.26M | 470K | 0 | 0 | 0 | 0 | 0 | 0 | -414.71K | 0 | 0 | 0 | 0 | 7.94M |
| Cash from Investing | -37.34M | 5.44M | 105.82M | -73.04M | 30.21M | -22.26M | 4.63M | 11.26M | -7M | 4.3M | -16.01M | -3.31M | -13.09M | -4.57M | 1.77M | -1.71M | 901.24K | 1.72M | -2.84M | -2K | 0 | 0 | 0 |
| Capital Expenditures | 192.68K | -1.93M | -18K | -254K | -496K | -375K | -82K | -15K | -5K | -7K | -9K | -1K | -14K | -6.38K | -2.13K | -2.18K | 0 | -7.55K | -112.01K | -2K | 0 | 0 | 0 |
| CapEx % of Revenue | - | 96.65% | - | 18.96% | 18.35% | 13.87% | 3.03% | 0.55% | 0.2% | 0.29% | 1.4% | - | - | - | 1.16% | 1.1% | - | - | - | - | - | - | - |
| Acquisitions | 0 | -7.25M | 0 | 0 | 24K | 1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -14.15M | 6.25M | -60K | 0 | 2K | -1K | -999 | -4.24M | -2K | -3K | -2K | -21.13M | 0 | 2.8K | -3.62K | -11.89K | 1.24K | -1.98K | -3.74K | 0 | 0 | 0 | 0 |
| Cash from Financing | -15.14M | -4.74M | -52.04M | 51.98M | 11.56M | 101.39M | 23.79M | 0 | 22.65M | 1.59M | 12.04M | 9.72M | 16.64M | 5.82M | 3.49M | 3.69M | 0 | 0 | 5.03M | 2.35M | 537.8K | 40.44K | 0 |
| Debt Issued (Net) | -10.36M | 0 | -49.55M | 49.55M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -4.77M | -4.74M | -2.48M | 2.43M | 11.56M | 101.39M | 23.79M | - | 22.65M | 1.59M | 12.04M | 9.72M | 16.64M | 5.82M | 3.49M | 3.69M | - | - | 5.03M | 1.83M | 530.99K | - | - |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -4.77M | -4.74M | -2.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 529K | 6.82K | 40.44K | 0 |
| Net Change in Cash | -61.31M | -8.47M | 45.37M | -31.41M | -36.78M | 57.95M | 15.97M | -1.67M | 1.01M | 62K | 694K | 1.45M | -510.23K | -2.16M | 2.92M | 313.72K | -517.22K | -534.45K | 2.27M | -176.19K | 176.19K | 0 | -40K |
| Free Cash Flow | -8.74M | -11.08M | -8.43M | -10.55M | -29.2M | -21.56M | -12.52M | -12.96M | -14.66M | -5.84M | 4.65M | -4.95M | -4.08M | -3.4M | -2.3M | -1.67M | 0 | -2.26M | -1.95M | -613K | -361.61K | -40.44K | -40K |
| FCF Margin % | - | -553.9% | - | -787.24% | -1080.17% | -797.48% | -462.07% | -479.28% | -598.69% | -237.7% | 724.81% | - | - | - | -1250.31% | -845.04% | - | - | - | - | - | - | - |
| FCF Growth % | 16.51% | -31.41% | 20.09% | 63.87% | -35.45% | -72.15% | 3.34% | 11.64% | -151.15% | -225.66% | 193.92% | -21.19% | -20% | -47.66% | -38.1% | - | 100% | -15.98% | -217.94% | -69.52% | -794.19% | -1.1% | - |
| FCF per Share | -0.21 | -0.26 | -0.21 | -0.26 | -0.75 | -0.76 | -0.61 | -0.74 | -0.99 | -0.44 | 0.37 | -0.46 | -0.44 | -0.47 | -0.39 | -0.31 | - | -0.48 | -0.48 | -0.17 | -0.13 | -0.01 | -0.00 |
| FCF Conversion (FCF/Net Income) | -0.08x | -0.14x | 0.44x | -1.86x | 0.76x | 0.95x | 1.08x | 0.90x | 1.15x | 0.56x | -0.42x | 0.68x | 0.71x | 0.80x | 0.69x | 1.07x | 0.48x | 0.82x | 0.66x | 0.19x | 0.87x | 0.88x | 0.80x |
| Interest Paid | 0 | 0 | 2.32M | 574K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Taxes Paid | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical failure and asset volatility
As reported in financial statements, Oramed's net income frequently diverges from operating cash flow, with the company reporting positive net income in several quarters despite consistent negative operating cash flow, suggesting that non-operational accounting gains are masking the underlying cash burn of the core business.
The persistent gap between net income and operating cash flow indicates that reported profitability is largely driven by non-cash items or investment revaluations rather than operational success. Investors should monitor this divergence, as it suggests that the company's reported earnings do not reflect the actual cash-consuming nature of its ongoing research and development activities.
Based on Oramed's reported figures, the company has failed to generate positive free cash flow in nine of the last ten quarters, with the most recent period showing a $2.9 million outflow, highlighting the structural inability of the current business model to self-fund its operations.
The consistent negative free cash flow trajectory underscores the company's reliance on its existing cash reserves to sustain operations following the failure of its lead clinical program. This trend suggests that without a significant pivot or new licensing revenue, the company will continue to deplete its balance sheet to cover fixed operating costs.
According to recent SEC filings, Oramed's operating cash flow is heavily influenced by erratic working capital changes, including a $7.8 million inflow in 2026Q1, which temporarily obscures the underlying cash burn inherent in the company's current clinical-stage development and administrative cost structure.
These large, non-recurring working capital swings appear to be the primary reason for the occasional positive cash flow signals, rather than any improvement in operational efficiency. Analysts should look past these fluctuations to focus on the core cash burn rate, which remains the most accurate indicator of the company's financial runway.
Based on the provided data, Oramed has utilized its cash reserves for share repurchases, such as the $4 million outflow in 2025Q4, despite the absence of a commercial product, which may indicate a management preference for financial engineering over reinvestment in the core biotechnology pipeline.
The decision to return capital to shareholders while the company is still in a pre-commercial, cash-burning phase warrants further investigation into management's long-term strategic intent. This allocation strategy appears inconsistent with the needs of a firm that requires significant capital to advance its remaining GLP-1 and Leptin programs.
As reported in financial statements, the company's cash flow statement is significantly impacted by non-operational activities, including equity investment fluctuations, which complicates the assessment of the firm's true ability to generate cash from its proprietary Protein Oral Delivery platform and related pharmaceutical research.
The reliance on external equity investments, such as the Scilex holding, introduces a layer of market risk that is entirely separate from the company's clinical progress. This suggests that the cash flow statement may be an unreliable indicator of operational health, as it is frequently distorted by the volatility of these non-core financial assets.
Quick answers to the most common questions about buying ORMP stock.
Oramed Pharmaceuticals Inc. (ORMP) generated $-9.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Oramed Pharmaceuticals Inc. (ORMP) reported negative free cash flow of $11.1M in 2025, indicating capital requirements exceeded cash from operations.
Oramed Pharmaceuticals Inc. (ORMP) spent $1.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Oramed Pharmaceuticals Inc. (ORMP) spent $4.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.