Revenue generation remains effectively non-existent, with the company recording zero revenue in nine of the last ten quarters, highlighting a failure to commercialize its lead oral insulin program.
| 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 |
|---|
| Sales/Revenue | 0 | 2M | 0 | 1.34M | 2.7M | 2.7M | 2.71M | 2.7M | 2.45M | 2.46M | 641K | 0 | 0 | 0 | 184.25K | 197.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -100% | - | -100% | -50.43% | 0% | -0.26% | 0.26% | 10.37% | -0.29% | 283.15% | - | - | - | -100% | -6.67% | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 31K | 1.99M | 193K | 0 | 0 | 0 | 90K | 90K | 86K | 187K | 490K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 99.35% | - | - | - | - | 3.32% | 3.33% | 3.51% | 7.61% | 76.44% | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -31K | 13K | -193K | 1.34M | 2.7M | 2.7M | 2.62M | 2.61M | 2.36M | 2.27M | 151K | 0 | 0 | 0 | 184.25K | 197.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | 0.65% | - | 100% | 100% | 100% | 96.68% | 96.67% | 96.49% | 92.39% | 23.56% | - | - | - | 100% | 100% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 106.74% | -114.4% | -50.43% | 0% | 3.17% | 0.27% | 10.58% | 4.14% | 1402.65% | - | - | - | -100% | -6.67% | - | - | - | - | - | - | - | - |
| Operating Expenses | 14.22M | 15.1M | 12.78M | 17.11M | 43.3M | 26.93M | 14.47M | 17.24M | 16.06M | 13.04M | 10.16M | 7.38M | 5.91M | 4.3M | 2.88M | 2.44M | 2.97M | 2.78M | 2.68M | 3.13M | 412.88K | 44.81K | 50K |
| OpEx % of Revenue | - | 755.05% | - | 1276.79% | 1601.96% | 996.15% | 533.84% | 637.96% | 655.86% | 530.94% | 1585.18% | - | - | - | 1565.24% | 1233.6% | - | - | - | - | - | - | - |
| Selling, General & Admin | 8.48M | 8.72M | 6.46M | 8.14M | 15.66M | 5.94M | 4.23M | 3.72M | 4.08M | 2.76M | 2.45M | 2.6M | 2.63M | 2.03M | 1.2M | 1.28M | 1.51M | 1.26M | 1.5M | 918K | 215.13K | 44.81K | 50K |
| SG&A % of Revenue | - | 436% | - | 607.31% | 579.43% | 219.64% | 156.16% | 137.7% | 166.72% | 112.34% | 382.53% | - | - | - | 652.99% | 646.34% | - | - | - | - | - | - | - |
| Research & Development | 5.77M | 6.38M | 6.32M | 8.97M | 27.64M | 20.99M | 10.23M | 13.52M | 11.98M | 10.28M | 7.71M | 4.78M | 3.28M | 2.27M | 1.68M | 1.16M | 1.46M | 1.52M | 1.18M | 2.21M | 197.75K | 0 | 10K |
| R&D % of Revenue | - | 319.05% | - | 669.48% | 1022.53% | 776.51% | 377.68% | 500.26% | 489.14% | 418.61% | 1202.65% | - | - | - | 912.24% | 587.25% | - | - | - | - | - | - | - |
| Other Operating Expenses | -31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10K |
| Operating Income | -10.59M | -15.09M | -12.78M | -15.77M | -40.6M | -24.22M | -11.76M | -14.63M | -13.53M | -10.77M | -10.01M | -7.38M | -5.91M | -4.3M | 2.88M | -2.44M | -2.97M | -2.78M | -2.68M | -3.13M | -412.88K | -44.81K | -50K |
| Operating Margin % | - | -754.4% | - | -1176.79% | -1501.96% | -896.15% | -433.84% | -541.29% | -552.35% | -438.56% | -1561.62% | - | - | - | 1565.24% | -1233.6% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -18.05% | 18.95% | 61.16% | -67.6% | -106.03% | 19.64% | -8.16% | -25.59% | -7.6% | -35.58% | -25.01% | -37.22% | -249.23% | 218.43% | 18.07% | -6.77% | -3.88% | 14.43% | -658.57% | -821.45% | 10.38% | - |
| EBITDA | -10.5M | -14.97M | -12.59M | -15.57M | -36.98M | -24.15M | -11.75M | -14.62M | -13.52M | -10.77M | -10.01M | -7.38M | -5.9M | -4.3M | 2.9M | -2.41M | -2.94M | -2.75M | -2.66M | -3.02M | -414.58K | -45.78K | -50K |
| EBITDA Margin % | - | -748.35% | - | -1162.16% | -1367.96% | -893.3% | -433.58% | -540.99% | -552.1% | -438.35% | -1561% | - | - | - | 1573.23% | -1219.26% | - | - | - | - | - | - | - |
| EBITDA Growth % | 25.83% | -18.9% | 19.17% | 57.88% | -53.14% | -105.5% | 19.65% | -8.15% | -25.59% | -7.6% | -35.6% | -25.07% | -37.26% | -248.29% | 220.43% | 18.15% | -6.79% | -3.34% | 11.89% | -629.42% | -805.56% | 8.44% | - |
| D&A (Non-Cash Add-back) | 91K | 121K | 193K | 196K | 3.62M | 77K | 7K | 8K | 6K | 5K | 4K | 4K | 6K | 5.38K | 14.74K | 28.3K | 31.86K | 30.49K | 15.45K | 108K | -1.69K | -973 | 0 |
| EBIT | 82.38M | 75.32M | -15.07M | 7.13M | -40.6M | 0 | 0 | 0 | -13.53M | -10.77M | -10.01M | -7.38M | 0 | 0 | 2.88M | 0 | -2.97M | 0 | -2.68M | -3.13M | -412.88K | 0 | 0 |
| Net Interest Income | 15.88M | 2.37M | -853K | 4.45M | 3.57M | 341K | 690K | 1.06M | 897K | 779K | 463K | 168K | 214K | -294.72K | -186K | 14.45K | 10.15K | 21.05K | -93.47K | -3.23M | -1.69K | 44.81K | 0 |
| Interest Income | 15.88M | 2.37M | 0 | 8.03M | 3.57M | 347K | 690K | 1.06M | 903K | 785K | 474K | 168K | 225K | 18.73K | 13.13K | 33.23K | 24.69K | 38.6K | -83.19K | 11K | 1.99K | 0 | 0 |
| Interest Expense | 0 | 0 | 853K | 3.58M | 0 | 6K | 0 | 0 | 6K | 6K | 11K | 0 | 11K | 313.45K | 199.12K | 18.78K | 14.54K | 17.55K | 10.28K | 3.24M | 3.68K | -44.81K | 0 |
| Other Income/Expense | 92.97M | 90.41M | -3.14M | 20.86M | 2.93M | 893K | -438K | -450K | -30K | -10K | -17K | -3K | 214K | -164.72K | -184.25K | 835.59K | 10.15K | 21.05K | 5.29M | -104K | -1.69K | -973 | 0 |
| Pretax Income | 131.82M | 75.32M | -15.92M | 5.09M | -37.66M | -22.99M | -11.51M | -14.05M | -12.73M | -10.08M | -9.63M | -7.23M | -5.69M | -4.44M | -3.25M | -1.59M | -2.96M | -2.76M | 2.61M | -3.24M | -414.58K | -45.78K | -50K |
| Pretax Margin % | - | 3766.2% | - | 379.7% | -1393.41% | -850.5% | -424.76% | -519.98% | -519.68% | -410.42% | -1502.18% | - | - | - | -1766.18% | -803% | - | - | - | - | - | - | - |
| Income Tax | 21.85M | 11.31M | 3.18M | 0 | 100K | -2.88M | 192K | 300K | -800K | 400K | 1.33M | -1K | 4K | -205.06K | 90.22K | -23.98K | 14.97K | -2.6K | 162.16K | 3.24M | 414.58K | 45.78K | 0 |
| Effective Tax Rate % | 16.58% | 15.01% | -19.99% | 0% | -0.27% | 12.52% | -1.67% | -2.13% | 6.29% | -3.97% | -13.86% | 0.01% | -0.07% | 4.62% | -2.77% | 1.51% | -0.51% | 0.09% | 6.22% | -100% | -100% | -100% | 0% |
| Net Income | 110M | 64.05M | -19.1M | 5.53M | -37.76M | -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 |
| Net Margin % | - | 3202.5% | - | 412.31% | -1397.11% | -822.72% | -424.76% | -531.08% | -519.68% | -426.71% | -1710.45% | - | - | - | -1815.15% | -790.86% | - | - | - | - | - | - | - |
| Net Income Growth % | 489.55% | 435.29% | -445.76% | 114.63% | -69.82% | -93.19% | 19.81% | -12.79% | -21.44% | 4.41% | -51.6% | -26.97% | -34.6% | -26.53% | -114.22% | 47.56% | -7.86% | 0.32% | 14.42% | -680.56% | -805.56% | 8.44% | - |
| Net Income (Continuing) | 109.97M | 64.02M | -19.1M | 5.09M | -37.76M | - | - | -14.36M | - | -10.48M | -10.96M | -7.23M | -5.7M | -4.23M | -3.34M | -1.56M | -2.98M | -2.76M | - | - | - | - | -50K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | 2.62 | 1.50 | -0.47 | 0.14 | -0.97 | -0.78 | -0.56 | -0.82 | -0.86 | -0.79 | -0.87 | -0.67 | -0.62 | -0.59 | -0.57 | -0.29 | -0.62 | -0.58 | -0.68 | -0.92 | -0.15 | -0.01 | -0.00 |
| EPS Growth % | 463.38% | 419.15% | -435.71% | 114.43% | -24.36% | -39.29% | 31.71% | 4.65% | -8.86% | 9.2% | -29.85% | -8.06% | -5.08% | -3.51% | -96.55% | 53.23% | -6.9% | 14.71% | 26.09% | -513.33% | - | - | - |
| EPS (Basic) | - | 1.53 | -0.47 | 0.14 | -0.97 | -0.78 | -0.56 | -0.82 | -0.86 | -0.79 | -0.87 | -0.67 | -0.62 | -0.59 | -0.57 | -0.29 | -0.62 | -0.58 | -0.68 | -0.92 | -0.15 | -0.01 | -0.00 |
| Diluted Shares Outstanding | 41.97M | 42.42M | 40.83M | 40.57M | 39M | 28.47M | 20.53M | 17.45M | 14.88M | 13.31M | 12.62M | 10.82M | 9.24M | 7.21M | 5.88M | 5.42M | 4.78M | 4.72M | 4.05M | 3.52M | 2.78M | 6.56M | 10.55M |
| Basic Shares Outstanding | 40.77M | 41.4M | 40.83M | 40.32M | 39M | 28.47M | 20.53M | 17.45M | 14.88M | 13.31M | 12.62M | 10.82M | 9.24M | 7.21M | 5.88M | 5.42M | 4.78M | 4.72M | 4.05M | 3.52M | 2.78M | 6.56M | 10.55M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical failure and asset volatility
As reported in financial statements, Oramed's revenue trajectory has effectively collapsed, with the company recording zero revenue in nine of the last ten quarters, underscoring the lack of a commercial product and the failure of the lead oral insulin program to generate sustainable licensing income.
The sporadic $2 million revenue event in 2025Q1 appears to be an isolated milestone payment rather than a sign of recurring commercial traction. Investors should interpret this lack of top-line growth as a clear indicator that the company remains entirely dependent on non-operational financial maneuvers to sustain its existence.
Based on reported figures, Oramed's net income is frequently decoupled from its core business, as evidenced by the 3202.50% net margin which appears to be driven by volatile equity investment revaluations rather than any underlying improvement in the company's fundamental biotechnology research and development operations.
The significant quarterly fluctuations in net income, such as the $48.4 million gain in 2025Q3, suggest that the income statement is heavily influenced by the mark-to-market value of external holdings like Scilex. Analysts should disregard these headline figures, as they provide no insight into the company's ability to eventually commercialize its proprietary POD technology.
According to recent SEC filings, Oramed continues to sustain a high fixed-cost structure, with research and development expenses consistently consuming capital despite the cessation of late-stage clinical trials, suggesting that management is struggling to align its cost base with the current reality of a failed lead asset.
While R&D spending has moderated from historical peaks, the continued allocation of capital toward speculative programs warrants further investigation into management's expense discipline. The absence of a clear path to commercialization makes these ongoing costs appear increasingly difficult to justify from a shareholder value perspective.
Based on the provided data, the strongest challenge to the current narrative is that Oramed has transitioned from a clinical-stage biotech into a speculative investment vehicle, where the reliance on external equity volatility creates a dangerous disconnect between the company's market valuation and its actual operational progress.
Short-sellers would likely focus on the fact that the company's primary value drivers are now outside of its control, specifically the performance of its equity investments. This shift suggests that the firm may be attempting to mask the lack of internal pipeline success through financial engineering, which may indicate a lack of confidence in the remaining therapeutic candidates.
Quick answers to the most common questions about buying ORMP stock.
For fiscal year 2025, Oramed Pharmaceuticals Inc. (ORMP) reported total revenue of $2.0M.
Oramed Pharmaceuticals Inc. (ORMP) is profitable, generating $64.0M in net income for the fiscal year ending 2025 with a net profit margin of 3202.5%.
Oramed Pharmaceuticals Inc. (ORMP) reported an operating income of $-15.1M, resulting in an operating profit margin of -754.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Oramed Pharmaceuticals Inc. (ORMP) generated $0.0M in gross profit for the year, representing a gross profit margin of 0.7%. This demonstrates the company's core pricing power and production efficiency.