Oramed Pharmaceuticals files NT 10-Q, says March 31, 2026 quarterly report will be late

Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) told the SEC on May 15, 2026 that it cannot file its quarterly report on Form 10-Q for the quarter ended March 31, 2026, on time. The company filed a Form NT 10-Q, the notice of late filing under Rule 12b-25, and says it expects to file the report on or before the fifth calendar day after the due date.

What the notice says

The notice gives one reason: Oramed "requires additional time to complete and finalize its financial statements" required in the report. The company says it cannot file without unreasonable effort and expense, and it checked the box for the relief that the rule allows for quarterly reports.

Oramed answered yes when asked whether it had filed all other periodic reports due in the past 12 months. It answered no when asked whether it expected a significant change in results of operations from the same period a year earlier. Nadav Kidron, President and Chief Executive Officer, is the contact named in the notice and signed it on May 15, 2026. The principal executive office is at 1185 Avenue of the Americas in New York.

The notice does not say what the financial statements will show or what caused the delay. It also does not say whether the company's auditor has raised any issue.

The annual report, signed March 26, 2026

Oramed's annual report on Form 10-K, signed March 26, 2026, reported 40,446,179 common shares outstanding on that date. The aggregate market value of shares held by non-affiliates was $77,659,391, based on a price of $2.25 a share at the end of the second quarter of 2025.

The largest exposure in that report is a loan to Scilex Holding Company. Oramed's Tranche A Note from Scilex had an original principal amount of $101,875,000, with interest at SOFR plus 8.5%, payable in kind. Scilex had repaid $69,200,000 of the amount due. As of March 26, 2026, the outstanding principal was $7,675,000, or about $27,884,000 including accrued interest and an exit fee, due by March 31, 2026.

The report warns that Scilex has disclosed in its own periodic reports that there is substantial doubt about its ability to continue as a going concern. If Scilex cannot continue, or defaults on the notes, Oramed may not recover some or all of the principal. The same warning applies to Lifeward, the medical robotics company in which Oramed holds senior secured convertible notes, a secured promissory note and warrants. Lifeward has also disclosed substantial doubt about its ability to continue as a going concern.

The report also lists risks in its real estate lending. Its loan agreements to finance real estate projects, including a Profit Sharing Loan Agreement, expose it to market, liquidity and execution risks, and its real estate investments might not produce the value or income it expects.

Other risks in the report

The annual report says Oramed may in the future be deemed an investment company under the Investment Company Act of 1940, because it may hold a significant share of its assets in cash or securities. That would bring extra costs and regulation.

On the science, the report describes an oral insulin programme and a POD technology platform, and says the company plans to start a 60-patient, US-based clinical trial in the second half of 2026 to test the formulation in a defined patient group. The trial will be conducted by OraTech.

What comes next

The company expects to file the quarterly report within five calendar days after the due date. Until then, no filing confirms whether the Scilex note was repaid at its March 31, 2026 maturity. The 10-Q will show the quarter's figures and the status of the Scilex and Lifeward exposures.

The notice is signed by Nadav Kidron.

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