Oramed Releases Letter to Shareholders, Highlighting Russell 2000/3000 Index Inclusion, Scilex Loan Repayment, Strategic Portfolio Appreciation, and a Strengthened Balance Sheet

• 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 of March 31, 2026, after the $10.5 million dividend paid in January 2026)
• Oramed to Join the Russell 2000 and Russell 3000 Indexes this week

NEW YORK, June 25, 2026 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (NASDAQ: ORMP) (TASE: ORMP) ("Oramed" or the "Company" or "we"), a diversified operating company, today issued the following Letter to Shareholders from its Chief Executive Officer, Nadav Kidron. The letter highlights the Company's addition to the Russell 2000 and Russell 3000 indexes, the substantial repayment of its Scilex loan, and a strengthened balance sheet of approximately $270 million in total cash and assets, as of March 31, 2026 (unaudited).

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

Alpha Tau Medical Ltd.

     -  Invested: ~$38.2M
     -  Current Value: ~$167M (incl. warrants)

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 exclusive U.S. rights to commercialize Alpha DaRT in prostate cancer — a powerful validation of the platform in a market of more than 330,000 new U.S. cases a year. The deal delivers a $20 million equity investment at $12/share (a 25% premium to VWAP), $15 million in U.S. manufacturing, up to $161.5 million in milestones, and an option to expand into bladder cancer. Critically, Alpha Tau will supply Alpha DaRT to Tolmar at 60% of net sales, retaining the majority of the economics on every treatment sold in the U.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 two U.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 U.S. trials, moving toward a PMA submission for its pivotal skin-cancer program, building on its Japanese marketing approval earlier this year for Alpha DaRT in head and neck cancer — the platform's first regulatory approval outside Israel — and initiating its U.S. prostate-cancer program with Tolmar.

Scilex Holding

     -  Invested: $99.5M
     -  Recouped to Date: ~$118M  |  Outstanding: ~$43M
     -  Royalties (net sales): 4%, minimum ~$1.6M/year

Scilex Holding Company (NASDAQ: SCLX) - In 2023, we provided Scilex with an approximately $99.5 million secured loan. Since then, through a combination of principal and interest payments, warrants, and royalties, we have recouped approximately $118 million, and we expect to receive approximately $43 million by October 2026. All told, we anticipate recovering roughly $161 million on our original $99.5 million loan, representing a substantial return on the capital we deployed.

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 March 2026 we completed a transformative transaction with Lifeward Ltd. (NASDAQ: LFWD), a revenue-generating medical robotics company behind the ReWalk Personal Exoskeleton and AlterG anti-gravity systems.

Lifeward's first-quarter 2026 results, reported in May 2026, reflected encouraging operational progress: it cut quarterly operating cash burn by roughly 33% year-over-year and grew ReWalk Personal exoskeleton sales by 11%. We remain confident in Lifeward's trajectory and committed to supporting its path to profitability.

Additional Portfolio Holdings

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 Nano Dimension, BioXcel Therapeutics, Diasome Pharmaceuticals, Hopec Pharma, and Ninamed, alongside secured loans yielding real estate investments. This approach is already delivering realized gains: we recently exited Pelthos Therapeutics at $3.6 million, having invested $1.5 million just seven months earlier.

Russell Indexes

As announced on June 17, 2026, Oramed is expected to be added to the Russell 2000 and Russell 3000 indexes in connection with FTSE Russell's 2026 annual reconstitution, effective at the U.S. market open on June 29, 2026. We expect this milestone to enhance Oramed's visibility within the investment community, broaden our shareholder base, and support trading liquidity in our common stock over time.

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 Scilex loan, while retaining long-dated royalty upside; and we have built a diversified portfolio anchored by a significant and highly appreciated position in Alpha Tau, alongside strategic holdings in Lifeward and others. Our anticipated inclusion in the Russell 2000 and Russell 3000 indexes is expected to broaden our shareholder base and improve liquidity, and our balance sheet remains strong, with total cash and assets of approximately $270 million as of March 31, 2026 (unaudited).

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,

Nadav Kidron
President and Chief Executive Officer
Oramed Pharmaceuticals Inc.

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
[email protected]

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SOURCE Oramed Pharmaceuticals Inc.