- Significant Appreciation in
Alpha Tau (NASDAQ: DRTS) Position (up~$128 Million ) Scilex (NASDAQ: SCLX) Loan Substantially Repaid- Total Cash and Assets Build to Approximately
$270 Million (as ofMarch 31, 2026 , after the$10.5 million dividend paid inJanuary 2026 ) - Oramed to Join the Russell 2000 and Russell 3000 Indexes this week
Dear Shareholders,
I am pleased to update you on the significant developments across Oramed’s operations and strategic initiatives since our last letter. We have continued to advance our diversified strategy, pairing disciplined capital deployment across the biomedical and broader investment landscape with active, hands-on engagement in the companies in which we invest.
Following the transfer of our oral drug-delivery platform and refined oral insulin program to Lifeward, Oramed is now a diversified operating company. We leverage our deep industry relationships, regulatory expertise, and operational experience to identify, structure, and help unlock value across a diversified strategic portfolio, while maintaining a strong balance sheet and a continued commitment to rewarding shareholders.
Strategic Transactions
– Invested:
– Current Value:
Alpha Tau (NASDAQ: DRTS) is pioneering Alpha DaRT™, a breakthrough alpha-radiation therapy that eradicates solid tumors from within while sparing surrounding healthy tissue.
Alpha Tau remains what we believe to be a compelling opportunity that has delivered a series of clinical and commercial milestones, with what we view as significant potential upside. Highlights include:
- Landmark
U.S . commercialization partnership with Tolmar (June 2026 ). Alpha Tau granted Tolmar exclusiveU.S . rights to commercializeAlpha DaRT in prostate cancer — a powerful validation of the platform in a market of more than 330,000 newU.S . cases a year. The deal delivers a$20 million equity investment at$12 /share (a 25% premium to VWAP),$15 million inU.S . manufacturing, up to$161.5 million in milestones, and an option to expand into bladder cancer. Critically, Alpha Tau will supplyAlpha DaRT to Tolmar at 60% of net sales, retaining the majority of the economics on every treatment sold in theU.S . prostate indication. To put that in perspective, at an estimated$60,000 to$120,000 per treatment, capturing even 30% could unlock a U.S. market opportunity exceeding$2 billion every year in this single indication. - Standout pancreatic-cancer survival data at ASCO 2026 (
June 2026 ). According to Alpha Tau’s public disclosures, pooled Phase I/II results showed median overall survival of roughly 11 months, compared to a reported four-to-six-month historical benchmark for second-line metastatic patients, with a clean safety profile and no treatment-related deaths. - FDA clearance to complete the REGAIN glioblastoma trial (
June 2026 ). According to Alpha Tau’s public disclosures, the FDA cleared Alpha Tau to finish enrollment and add twoU.S . academic sites, with early data from the first three patients showing 100% local disease control and a 67% complete response rate.Alpha DaRT holds FDA Breakthrough Device Designation in this indication.
Looking ahead, based on its public disclosures, Alpha Tau is advancing five concurrent FDA-cleared
– Invested:
– Recouped to Date: ~$118M | Outstanding:
– Royalties (net sales): 4%, minimum
We also retain a 4% royalty on worldwide net sales of ZTlido and related products for another eight years, preserving long-dated upside even after the loan is repaid.
Lifeward
In
Lifeward’s first-quarter 2026 results, reported in
Additional
Beyond these core positions, we hold a diversified portfolio of holdings, each selected for its potential to generate substantial returns while complementing our competencies, including
Russell Indexes
As announced on
In Conclusion
We believe the numbers speak for themselves. We have transformed our oral insulin program from a stand-alone clinical effort into a substantial equity and economic interest in a revenue-generating partner; we have substantially recouped our
We believe this combination of disciplined capital deployment, active strategic portfolio engagement, and a strong balance sheet positions Oramed to continue pursuing meaningful, durable value for shareholders. Thank you for your continued support. We look forward to updating you on our progress in the coming quarters.
Sincerely,
About Oramed Pharmaceuticals
Oramed Pharmaceuticals Inc. (Nasdaq/TASE: ORMP) is a diversified operating company that deploys capital across the biomedical and broader investment landscape, leveraging deep industry relationships, regulatory expertise, and operational experience to build and actively support a diversified portfolio of holdings. For more information, please visit https://oramed.com/.
Forward-looking statements:
This letter contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “could,” “should,” “potential,” and similar expressions are intended to identify forward-looking statements. For example, we are using forward-looking statements when we discuss the expected benefits of, and value to be realized from, the Lifeward transaction, including the convertible notes, equity, warrants, and revenue-sharing payments; expected returns from our investment portfolio, including Scilex, Alpha Tau, Nano Dimension, and others; statements regarding Alpha Tau’s clinical trials, regulatory progress, the Tolmar collaboration, and potential commercial approvals, which are based solely on Alpha Tau’s public disclosures and over which we have no control; our real estate and other investments; our expected inclusion in the Russell indexes and expected benefits therefrom; our share-repurchase plans; current portfolio valuations, which are based on market prices that fluctuate and may decline; the expected timing and amount of remaining Scilex loan repayments; and our ability to create shareholder value through our diversified approach. These statements are based on the current expectations of management only and are subject to a number of factors and uncertainties, including risks related to clinical trials and product development; regulatory approval; competition; market volatility affecting our investment portfolio and the valuations described herein; our ability to realize expected returns from Scilex, Lifeward, and other investments; and our ability to complete the expected index inclusion and additional financings; and general economic, geopolitical, and market conditions, that could cause actual results to differ materially from those described in such forward-looking statements. Inclusion in any index is determined by FTSE Russell and is not final until the reconstitution becomes effective.
A discussion of these and other factors with respect to the Company is set forth in the Company’s most recent Annual Report on Form 10-K and subsequent reports on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact:
+1-844-9-ORAMED
ir@oramed.com
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