ORMP

Ignore the headline: the $64.0M FY2025 net income and 3.1 P/E are artifacts, not evidence of a profitable business. The MD&A shows operating reality — $2.00M revenue against a $1,987K IIA payoff cost of revenue (0.7% gross margin), $6.38M R&D and $8.72M G&A, producing a -$15.1M operating loss and -$9.14M operating cash burn. The entire 'profit' comes from one line: Financial income, net of $89,454K — mark-to-market gains on securities (Scilex notes/warrants, Lifeward stake), which are non-cash, non-recurring, and can reverse just as violently. EPS of $1.50 is a valuation trap; P/E and the 92.9 P/S are both meaningless here.

More fundamentally, Oramed is no longer the oral-protein-delivery company you'd buy for a pipeline. The 10-K discloses that on March 25, 2026 it transferred its entire POD technology platform (plus cash to fund the next trial) into OraTech and sold OraTech to Lifeward; going forward R&D is 'borne by OraTech.' What remains is essentially a closed-end vehicle: ~$45.9M cash plus large, illiquid equity/warrant positions — up to 45–49.99% of a post-12-for-1-reverse-split Lifeward, and Scilex paper where the company had to grant a payment deferral (a distress signal) in exchange for warrants. The reported $200M of stockholders' equity is real on paper, but its quality hinges on marks of troubled micro-caps you cannot independently verify.