0001213900-24-041364 | 10-Q | XBRL Viewer | Oramed Pharmaceuticals INC

Interim Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in Dollars per share)	$ 0.012	$ 0.012
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	40,519,160	40,338,979
Common stock, shares outstanding	40,519,160	40,338,979

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 8 - STOCKHOLDERS’ EQUITY:

On January 4, 2024, the Company granted an aggregate of 150,000 RSUs representing a right to receive shares of the Company’s common stock to the Company’s board members. The RSUs granted to the board members will vest in three equal annual installments on each of January 1, 2025, 2026 and 2027. The total fair value of these RSUs on the date of grant was $359, using the quoted closing market share price of $2.39 on the Nasdaq Capital Market on the date of grant.

On January 4, 2024, the Company granted an aggregate of 37,610 RSUs representing a right to receive shares of the Company’s common stock to the Company’s board members. The RSUs granted to certain board members will vest in four quarterly installments on each of April 1, 2024, July 1, 2024, October 1, 2024 and January 1, 2025. The total fair value of these RSUs on the date of grant was $90, using the quoted closing market share price of $2.39 on the Nasdaq Capital Market on the date of grant.

On January 4, 2024, the Company granted an aggregate of 950,500 RSUs representing a right to receive shares of the Company’s common stock to the Company’s executive officers and one employee. The RSUs granted to executive officers and one employee will vest in twelve equal quarterly installments starting January 8, 2024. The total fair value of these RSUs on the date of grant was $2,272, using the quoted closing market share price of $2.39 on the Nasdaq Capital Market on the date of grant.

On January 4, 2024, the Company granted an aggregate of 294,000 PSUs representing a right to receive shares of the Company’s common stock to executive officers of the Company. The PSUs shall vest upon the Company’s common stock achieving and maintaining a specified price per share. The total fair value of these PSUs on the date of grant was $691, using the Monte-Carlo model.

On January 30, 2024, the Company granted an aggregate of 3,750 RSUs representing a right to receive shares of the Company’s common stock to one of the Company’s board members. The RSUs granted to the board member will vest in four quarterly installments on each of April 1, 2024, July 1, 2024, October 1, 2024 and January 1, 2025. The total fair value of these RSUs on the date of grant was $11, using the quoted closing market share price of $2.98 on the Nasdaq Capital Market on the date of grant.

On March 18, 2024, the Company entered into an at the market offering agreement (the “ATM Agreement”) with Rodman & Renshaw LLC and StockBlock Securities LLC, as agents, pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $75,000, through the sales agents, subject to certain terms and conditions. Any shares sold will be sold pursuant to our effective shelf registration statement on Form S-3 including a prospectus dated July 26, 2021 and prospectus supplement dated March 18, 2024. As of March 31, 2024 and through May 9, 2024, no shares were issued under the ATM Agreement.

- Definition

The entire disclosure for equity.

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+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Operating Leases

The Company has various operating leases for office space and vehicles that expire through 2027. Below is a summary of the Company’s operating right-of-use assets and operating lease liabilities as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
Operating right-of-use assets	$	608	$	694

Operating lease liabilities, current		254		267
Operating lease liabilities long-term		272		342
Total operating lease liabilities	$	526	$	609

Schedule of Lease Payments

Lease payments for the Company’s right-of-use assets over the remaining lease periods as of March 31, 2024 and December 31, 2023 are as follows:

	March 31, 2024			December 31, 2023
2024		200			282
2025		217			222
2026		118			120
2027		10			10
Total undiscounted lease payments		545			634
Less: Interest*		(19	)		(25	)
Present value of lease liabilities	$	526		$	609

*	Future lease payments were discounted by 3%-5.75% interest rate.

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 18, 2024	Jan. 30, 2024	Jan. 04, 2024
Stockholders’ Equity [Line Items]
Shares granted (in Shares)		3,750	37,610
Fair value of grant		$ 11	$ 90
Market share price (in Dollars per share)		$ 2.98	$ 2.39
Common stock aggregate offering price	$ 75,000
Employee Board Members [Member]
Stockholders’ Equity [Line Items]
Shares granted (in Shares)			150,000
Fair value of grant			$ 359
Market share price (in Dollars per share)			$ 2.39
Executive Officer [Member]
Stockholders’ Equity [Line Items]
Shares granted (in Shares)			950,500
Fair value of grant			$ 2,272
Market share price (in Dollars per share)			$ 2.39
Common Stock [Member]
Stockholders’ Equity [Line Items]
Shares granted (in Shares)			294,000
Fair value of grant			$ 691

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Related Party Transactions (Details) ₪ in Thousands, $ in Thousands					3 Months Ended
	Nov. 01, 2022 USD ($)	Nov. 01, 2022 ILS (₪)	Jul. 01, 2008 USD ($)	Jul. 01, 2008 ILS (₪)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 ILS (₪)
Chief Scientific Officer [Member]
Related Party Transactions [Line Items]
Consulting fee paid			$ 32	₪ 117,040
Chief Executive Officer [Member]
Related Party Transactions [Line Items]
Consulting fee paid	$ 26	₪ 96,825
President [Member]
Related Party Transactions [Line Items]
Gross monthly salary					$ 14	₪ 51,591

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2024

Marketable Securities [Abstract]

Schedule of Marketable Securities Include Investments in Equity Securities

The Company’s marketable securities include investments in equity securities of DNA GROUP (T.R.) Ltd. (formerly D.N.A Biomedical Solutions Ltd.) (“DNA”), Entera Bio Ltd. (“Entera”), and the Transferred Warrants (as defined herein; for further details, see note 7).

	March 31, 2024		December 31, 2023
Long-term:
DNA (see b below)	$	367	$	297
Entera (see c below)		195		70
Transferred Warrants (see note 7)		1,464		1,440
	$	2,026	$	1,807

Interim Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
REVENUES		$ 666
RESEARCH AND DEVELOPMENT EXPENSES	(1,179)	(4,427)
SALES AND MARKETING EXPENSES		(184)
GENERAL AND ADMINISTRATIVE EXPENSES	(1,783)	(1,263)
OPERATING LOSS	(2,962)	(5,208)
INTEREST EXPENSES	(592)
FINANCIAL INCOME, NET	5,088	1,597
NET INCOME (LOSS)	1,534	(3,611)
NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	(2)	(216)
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS	$ 1,536	$ (3,395)
BASIC INCOME (LOSS) PER SHARE OF COMMON STOCK (in Dollars per share)	$ 0.04	$ (0.08)
DILUTED INCOME (LOSS) PER SHARE OF COMMON STOCK (in Dollars per share)	$ 0.04	$ (0.08)
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING BASIC INCOME (LOSS) PER SHARE OF COMMON STOCK (in Shares)	40,835,953	40,041,258
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING DILUTED INCOME (LOSS) PER SHARE OF COMMON STOCK (in Shares)	41,564,007	40,041,258

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

LEASES

NOTE 9 - LEASES:

	March 31, 2024		December 31, 2023
Operating right-of-use assets	$	608	$	694

Operating lease liabilities, current		254		267
Operating lease liabilities long-term		272		342
Total operating lease liabilities	$	526	$	609

Lease payments for the Company’s right-of-use assets over the remaining lease periods as of March 31, 2024 and December 31, 2023 are as follows:

	March 31, 2024			December 31, 2023
2024		200			282
2025		217			222
2026		118			120
2027		10			10
Total undiscounted lease payments		545			634
Less: Interest*		(19	)		(25	)
Present value of lease liabilities	$	526		$	609

*	Future lease payments were discounted by 3%-5.75% interest rate.

General

3 Months Ended

Mar. 31, 2024

General [Abstract]

GENERAL

NOTE 1 - GENERAL:

Incorporation and Operations

Oramed Pharmaceuticals Inc. (collectively with its subsidiaries, the “Company”, unless the context indicates otherwise), a Delaware corporation, was incorporated on April 12, 2002.

On March 18, 2021, the Company entered into a license agreement (the “Oravax License Agreement”) with Oravax Medical Inc. (“Oravax”) and into a stockholders agreement (the “Stockholders Agreement”) with Akers Biosciences Inc., Premas Biotech Pvt. Ltd., Cutter Mill Capital LLC and Run Ridge LLC. According to the Stockholders Agreement, Oravax issued 1,890,000 shares of its capital stock to the Company, representing 63% of the issued and outstanding share capital of Oravax as of the date of issuance. Consequently, Oramed consolidates Oravax in its consolidated financial statements since that time.

On November 23, 2021, Oravax incorporated a wholly-owned subsidiary in Israel, Oravax Medical Ltd., which is engaged in research and development. Effective January 1, 2022, Oravax transferred its rights and obligations under the Oravax License Agreement to Oravax Medical Ltd.

On January 11, 2023, the Company announced that the ORA-D-013-1 Phase 3 trial did not meet its primary and secondary endpoints. As a result, the Company terminated this trial and a parallel Phase 3, ORA-D-013-2 clinical trial. As these results are considered a triggering event, the Company evaluated all of its long lived assets which include fixed assets and operating lease right-of-use assets in the first quarter of 2023 and concluded that no impairment was required. The Company completed an analysis of the data from the ORA-D-013-1 Phase 3 trial and found that subpopulations of patients with pooled specific parameters, such as body mass index (BMI), baseline HbA1c, age, gender and body weight, responded well to oral insulin. These subsets exhibited an over 1% placebo adjusted, statistically significant, reduction in HbA1c. Based on this analysis, the Company is working on a protocol for a new Phase 3 clinical trial to be submitted to the FDA.

On January 22, 2024, the Company and its wholly-owned subsidiary, Oramed Ltd., entered into a joint venture agreement (the “JV Agreement”), with Hefei Tianhui Biotech Co., Ltd. (“HTIT Biotech”) and Technowl Limited, a wholly-owned indirect subsidiary of HTIT Biotech (“HTIT Sub” and together with HTIT Biotech, “HTIT”), pursuant to which, subject to the terms and conditions set forth in the JV Agreement, the parties will establish a joint venture (the “JV”), based on the Company’s oral drug delivery technology.

The JV will focus on the development and worldwide commercialization of innovative products based on the Company’s oral insulin and POD™ (Protein Oral Delivery) pipeline and HTIT’s manufacturing capabilities and technologies. The parties intend for the JV to use the protocol the Company is currently working on to initiate a Phase 3 oral insulin trial in the United States.

The Company and HTIT will initially hold equal shares in the JV, with each owning 50% of the equity. The board of directors will initially consist of equal representation from HTIT and the Company. HTIT will contribute to the JV $70,000 in cash, while the Company will contribute $20,000 (comprised of $10,000 in cash and $10,000 in shares of the Company’s common stock that will be subject to certain registration rights) and will transfer intellectual property related to its oral insulin and POD™ technology, as well as other assets in the Company’s pipeline. HTIT will have an option to invest additional funds into the JV up to an aggregate amount of $20,000, thereby increasing its equity holdings and granting the right to increase its board representation. The Company will be entitled to receive a 3% royalty on gross revenues of the JV generated from Company-related assets.

The consummation of the JV Agreement is subject to and contingent upon the parties entering into additional agreements within a three-month period from the signature of the JV Agreement, including an asset transfer agreement for the transfer of the Company’s intellectual property to the JV, a commercial supply agreement for the manufacture and supply of products by HTIT to the JV, as well as other documents and agreements to regulate the relationship of the parties and the JV to be formed pursuant to the JV Agreement. There is no assurance that the parties will complete and sign these additional agreements within the agreed timeline or at all. If such agreements are not signed within the agreed timeframe, then either party may apply a 30-day extension, after which the JV Agreement may be terminated and voided by either party. The 30-day extension was applied by the Company on April 18, 2024 and will last until May 22, 2024. Thereafter, the consummation of the JV transaction is further subject to the satisfaction or waiver of certain other closing conditions within a three-month period following the completion of the aforesaid ancillary agreements. If the closing conditions are not met within the agreed timeframe, then either party may apply a 30-day extension, after which the JV Agreement may be terminated and voided by either party. In addition, completion of the transactions contemplated under the JV Agreement is subject to the satisfaction or waiver of customary and certain other closing conditions.

Development and Liquidity Risks

The Company is engaged in research and development in the biotechnology field for innovative pharmaceutical solutions, including an orally ingestible insulin capsule to be used for the treatment of individuals with diabetes, and the use of orally ingestible capsules for delivery of other polypeptides, and has not generated significant revenues from its operations. Following the termination of the ORA-D-013-1 and ORA-D-013-2 Phase 3 trials, the Company’s research and development activities have been significantly reduced while it conducts a strategic review process. As a result, the Company is currently incurring lower research and development and sales and marketing expenses.

Based on the Company’s current cash resources and commitments, the Company believes it will be able to maintain its current planned activities and the corresponding level of expenditures for at least the next 12 months, although no assurance can be given that the Company will not need additional funds prior to such time. If there are unexpected increases in its operating expenses, the Company may need to seek additional financing during the next 12 months. The Company may also need additional funds to realize the decisions made as part of its strategic review process. The Company cannot predict the outcome of these activities.

On August 7, 2023, the Company entered into a Stock Purchase Agreement, as subsequently amended on August 9, 2023 and August 21, 2023, (the “Sorrento SPA”), with Sorrento Therapeutics, Inc. (“Sorrento”), to acquire certain equity securities of Scilex Holding Company (“Scilex”), owned by Sorrento (the “Purchased Securities”), for a purchase price of $105,000. Sorrento and its affiliated debtor, Scintilla Pharmaceuticals, Inc. (“Scintilla” and together with Sorrento, the “Debtors”) are in Chapter 11 bankruptcy proceedings.

On August 9, 2023, the Company entered into a Senior Secured, Super-Priority Debtor-in-Possession Loan and Security Agreement (the “Senior DIP Loan Agreement”) with the Debtors in the principal amount of $100,000, which included a non-refundable closing fee of $450 paid in full out of the proceeds. This amount was subsequently drawn in full by the Debtors and was intended to be used by the Company as a credit for the consideration for the Purchased Securities, with an additional $5,000 in cash to be paid by the Company at closing. Thereafter, the Company and Sorrento continued discussions and negotiations relating to the sale contemplated under the Sorrento SPA.

On September 21, 2023, the Company entered into and consummated the transactions contemplated by a Securities Purchase Agreement (the “Scilex SPA”) with Scilex and Acquiom Agency Services LLC. Pursuant to the Scilex SPA, in exchange for Scilex assuming outstanding obligations of Sorrento under the Senior DIP Loan Agreement (the “DIP Assumption”) and for the ability to credit the amounts assumed under the DIP Assumption in exchange for certain equity securities of Scilex owned by Sorrento, Scilex (i) issued to the Company (A) a Senior Secured Promissory Note due 18 months from the date of issuance in the principal amount of $101,875 (the “Note”), which includes accrued and unpaid interest of $875 under the Senior DIP Loan Agreement and $1,000 of fees added to the principal amount of the Note, (B) the Closing Penny Warrant (as defined herein), and (C) the Subsequent Penny Warrants (as defined herein), and (ii) caused the Transferred Warrants (as defined herein) to be transferred to the Company. For further details, see note 7.

On August 8, 2023, the Company borrowed an aggregate of $99,550 pursuant to loan agreements from Israel Discount Bank Ltd. For further details, see note 6.

Commitments (Details) $ in Thousands	3 Months Ended
Commitments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments [Line Items]
Developmental milestone	$ 15,000
Amount received by the company	$ 2,000
Royalty percentage	15.00%
Royalty revenue with interest	$ 2,570
Liability to the IIA	$ 59
Israel Innovation Authority [Member]
Commitments [Line Items]
Royalty percentage	3.00%
Total amount received	$ 2,213
Minimum [Member]
Commitments [Line Items]
Royalty percentage	100.00%
Maximum [Member]
Commitments [Line Items]
Royalty percentage	150.00%

Leases (Details) - Schedule of Operating Leases - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Operating Leases [Abstract]
Operating right-of-use assets	$ 608	$ 694
Operating lease liabilities, current	254	267
Operating lease liabilities long-term	272	342
Total operating lease liabilities	$ 526	$ 609

General (Details) - USD ($) $ in Thousands				3 Months Ended
General (Details) - USD ($) $ in Thousands	Sep. 21, 2023	Aug. 09, 2023	Aug. 08, 2023	Mar. 31, 2024	Aug. 07, 2023
General [Line Items]
Share capital issued (in Shares)				1,890,000
Share issued and outstanding rate				63.00%
Cash				$ 10,000
Aggregate amount				$ 20,000
Royalty rate				3.00%
Purchase price					$ 105,000
Additional cash		$ 5,000
Unpaid interest	$ 875
Loan agreement of fees	1,000
Aggregate borrowing			$ 99,550
Joint Venture [Member]
General [Line Items]
Contribution in cash				$ 70,000
DIP Loan Agreement [Member]
General [Line Items]
Debtor principal amount		100,000
Non refundable closing fee		$ 450
Issuance principal amount	$ 101,875
HTIT [Member]
General [Line Items]
Equity rate				50.00%
Contribution in cash				$ 20,000
Common Class A [Member]
General [Line Items]
Cash				$ 10,000

Commitments

3 Months Ended

Mar. 31, 2024

Commitments [Abstract]

COMMITMENTS

NOTE 3 - COMMITMENTS:

Medicox License Agreement

On November 13, 2022, the Company entered into a distribution license agreement (“Medicox License Agreement”) with Medicox Co., Ltd. (“Medicox”).

The Medicox License Agreement grants Medicox an exclusive license to apply for regulatory approval and distribute ORMD-0801 in the Republic of Korea. The Medicox License Agreement is for ten years, but the parties have the right to terminate it upon 180 days’ notice.

Medicox will comply with agreed distribution targets and will purchase ORMD-0801 at an agreed upon transfer price per capsule. In addition, Medicox will pay the Company up to $15,000 in developmental milestones, $2,000 of which have already been received by the Company, and up to 15% royalties on gross sales. Medicox will also be responsible for obtaining a regulatory approval in the Republic of Korea.

The Company is currently evaluating with Medicox a path forward to continue its collaboration, following the results of the ORA-D-013-1 Phase 3 trial.

Grants from the Israel Innovation Authority (“IIA”)

Under the terms of the Company’s funding from the IIA, royalties of 3% are payable on sales of products developed from a project so funded, up to a maximum amount equaling 100%-150% of the grants received (dollar linked) with the addition of interest at an annual rate based on SOFR.

At the time the grants were received, successful development of the related projects was not assured. The total amount received through March 31, 2024 was $2,213 ($2,570 including interest).

As of March 31, 2024, the liability to the IIA was $59.

Related Party Transactions

3 Months Ended

Mar. 31, 2024

RELATED PARTY TRANSACTIONS

NOTE 10 - RELATED PARTY TRANSACTIONS:

On July 1, 2008, the Company’s wholly-owned subsidiary, Oramed Ltd. (the “Subsidiary”), entered into a consulting agreement with KNRY Ltd. (“KNRY”), an Israeli company owned by the Chief Scientific Officer, whereby the Chief Scientific Officer, through KNRY, provides services to the Company (the “Consulting Agreement”). The Consulting Agreement is terminable by either party upon 140 days prior written notice. The Consulting Agreement, as amended, provide that KNRY will be reimbursed for reasonable expenses incurred in connection with the performance of the Consulting Agreement and the monthly consulting fee paid to the Chief Scientific Officer is NIS 117,040 ($32).

Effective November 1, 2022, the Company entered into a consulting agreement with Shnida Ltd., whereby the President and Chief Executive Officer, through Shnida Ltd., provides services as President and Chief Executive Officer of the Company. The agreement is terminable by either party upon 140 days prior written notice. The agreement, as amended, provides that Shnida Ltd. will be reimbursed for reasonable expenses incurred in connection with performance of the agreement and that the President and Chief Executive Officer will receive a monthly consulting fee of NIS 96,825 ($26), plus value added tax. Pursuant to the agreement, Shnida Ltd. and the President and Chief Executive Officer each agree that during the term of the agreement and for a 12-month period thereafter, none of them will compete with the Company nor solicit employees of the Company.

In addition, the Company, through the Subsidiary, has entered into an employment agreement with the President and Chief Executive Officer, effective as of November 1, 2022, as amended, pursuant to which the President and Chief Executive Officer receives gross monthly salary of NIS 51,591 ($14) in consideration for his services as President and Chief Executive Officer of the Subsidiary. In addition, the President and Chief Executive Officer is provided with a cellular phone and a company car pursuant to the terms of his agreement.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Cost of securities	$ 595	$ 595
Other investments	$ 1
Equity Method Investment [Member]
Marketable Securities [Line Items]
Ownership percentage	1.40%

Short-Term Borrowings

3 Months Ended

Mar. 31, 2024

Short-Term Borrowings [Abstract]

SHORT-TERM BORROWINGS

NOTE 6 - SHORT-TERM BORROWINGS:

On August 8, 2023, the Company borrowed an aggregate of $99,550 pursuant to loan agreements from Israel Discount Bank Ltd. (the “Short-Term Borrowings”). The Short-Term Borrowings mature on dates ranging from August 11, 2023 to May 24, 2024, bear interest ranging from 6.66% to 7.38%, and are secured by certificates of deposits issued by Israel Discount Bank Ltd. having an aggregate face amount of $99,550. The net proceeds of the Short-Term Borrowings were used to fund the Note (for further details, see note 7). The Short-Term Borrowings are paid in one payment of principal and interest at each respective maturity. As of March 31, 2024, $70,146 was repaid under the Short-Term Borrowings.

The aggregate remaining annual principal payments on debt until maturity is $30,550.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Details)	Mar. 31, 2024
Minimum [Member]
Leases [Line Items]
Lease payments discounts	3.00%
Maximum [Member]
Leases [Line Items]
Lease payments discounts	5.75%

Marketable Securities (Details) - Schedule of Marketable Securities Include Investments in Equity Securities - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Marketable Securities Include Investments in Equity Securities [Abstract]
DNA (see b below)	$ 367	$ 297
Entera (see c below)	195	70
Transferred Warrants (see note 7)	1,464	1,440
Marketable securities	$ 2,026	$ 1,807

Significant Accounting Policies (Details) - shares	3 Months Ended
Significant Accounting Policies (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Significant Accounting Policies [Line Items]
Weighted average number of stock options shares	4,846,474
Calculation of diluted net loss		3,357,911

Investments, at Fair Value

3 Months Ended

Mar. 31, 2024

Investments, at Fair Value [Abstract]

INVESTMENTS, AT FAIR VALUE

NOTE 7 - INVESTMENTS, AT FAIR VALUE:

Scilex Transaction

On September 21, 2023 (the “Closing Date”), the Company entered into and consummated the transactions (collectively, the “Transaction”) contemplated by the Scilex SPA with Scilex and Acquiom Agency Services LLC. Pursuant to the Scilex SPA, in exchange for the DIP Assumption and for the ability to credit the amounts assumed under the DIP Assumption in exchange for certain equity securities of Scilex owned by Sorrento, Scilex (i) issued to the Company (A) the Note, (B) a warrant to purchase up to an aggregate of 4,500,000 shares of common stock of Scilex, par value $0.0001 per share (“Scilex Common Stock”), with an exercise price of $0.01 per share and containing certain restrictions on exercisability (the “Closing Penny Warrant”), and (C) warrants to purchase up to an aggregate of 8,500,000 shares of Scilex Common Stock (the “Subsequent Penny Warrants” and together with the Closing Penny Warrant, the “Penny Warrants”), each with an exercise price of $0.01 per share and each with certain restrictions on exercisability, and (ii) caused certain outstanding warrants to purchase up to an aggregate of 4,000,000 shares of Scilex Common Stock with an exercise price of $11.50 per share to be transferred to the Company (the “Transferred Warrants” and together with the Penny Warrants, the “Warrants”). In addition, on the Closing Date, Scilex reimbursed $1,910 of the Company’s Transaction expenses pursuant to the Scilex SPA.

Pursuant to the terms of the Scilex SPA, Scilex agreed to certain restrictions on additional issuances of equity securities. In connection with the Transaction, the Company and Sorrento mutually agreed to terminate the Sorrento SPA and to release all claims the Company and Sorrento may have against one another, and Scilex completed the acquisition of the Purchased Securities.

The Note

The principal of the Note issued on September 21, 2023 is $101,875, which includes accrued and unpaid interest of $875 under the Senior DIP Loan Agreement and $1,000 of fees added to the principal amount of the Note. The Note matures on March 21, 2025 or upon an uncured event of default, subject to certain mandatory prepayments, and bears interest at a rate per annum equal to Term SOFR (as defined in the Note) plus 8.5% (subject to a Term SOFR floor of 4.0%), to be paid in-kind, by being capitalized and added to the principal amount of the Note on a monthly basis. The Scilex SPA provides for principal payments of (i) $5,000 on December 21, 2023, (ii) $15,000 on March 21, 2024, and (iii) $20,000 on each of June 21, 2024, September 21, 2024, and December 21, 2024, and for the entire remaining principal balance of the Note to be paid on March 21, 2025. If the Note is not repaid in full on or prior to March 21, 2024, an exit fee equal to approximately $3,056 shall be payable upon repayment of the Note in full.

The Note constitutes senior secured indebtedness of Scilex and is guaranteed by all existing or future formed, direct and indirect, domestic subsidiaries of Scilex and is secured by a first priority security interest in and liens on all of the assets of Scilex, subject to customary and mutually agreed permitted liens and except for certain specified exemptions.

Mandatory prepayments under the Note are required following the earlier of (a) April 1, 2024 and (b) the date upon which certain of Scilex’s outstanding indebtedness are repaid in full. Mandatory prepayments may be triggered by certain future equity and debt issuances by Scilex. Voluntary prepayments may be made at Scilex’s discretion; provided that, if made prior to the one-year anniversary of the Closing Date, Scilex will also be required to pay a 50% interest make-whole on the portion of the Note so prepaid.

The Note includes customary events of default, upon which the Note will bear interest at a default rate of Term SOFR plus 15.0%, which shall be payable in-kind, by being capitalized and added to the principal amount of the Note on a monthly basis. If the Note is accelerated upon an event of default, Scilex is required to repay the principal amount of the Note at a mandatory default rate of 125% of such principal amount (together with 100% of accrued and unpaid interest thereon and all other amounts due in respect of the Note).

Until the obligations under the Note are repaid in full, the Company has the right to designate one non-voting observer to attend meetings of the board of directors and committees of Scilex and its subsidiaries.

Pursuant to the terms of the Note, the Company received the first principal payment of $5,000 on December 21, 2023 and the second principal payment of $15,000 prior to March 21, 2024. On May 2, 2024, the Company received a payment of approximately $9,600 from Scilex in accordance with the mandatory prepayment requirements under the Note.

Closing Penny Warrant

The Closing Penny Warrant will be exercisable upon the earliest of (i) March 14, 2025, (ii) the date on which the Senior Secured Note has been repaid in full and (iii) the Management Sale Trigger Date (as defined therein), if any, and will expire on the date that is the fifth anniversary of the issuance date (i.e., September 21, 2028). For purposes of the Penny Warrants, the Management Sale Trigger Date is generally the first date that either Dr. Henry Ji, Scilex’s Executive Chairperson, or Mr. Jaisim Shah, Scilex’s Chief Executive Officer and President and a member of Scilex’s Board of Directors, engages in certain sales or other similar transfers of shares of Common Stock or other of the Issuer’s or any of its subsidiaries’ securities, subject to certain exceptions in connection with financings or similar transactions. The exercise price of the Closing Penny Warrant is $0.01 per share, subject to adjustment.

Subsequent Penny Warrants

Scilex issued four Subsequent Penny Warrants to the Company, each for 2,125,000 shares of Scilex Common Stock, one of which shall vest and become exercisable on the date that is the later of (i) each of March 19, 2024, June 17, 2024, September 15, 2024 or December 14, 2024 (the “Subsequent Penny Warrant Vesting Date”) and (ii) the earliest of (A) March 14, 2025, (B) the date on which the Senior Secured Note has been repaid in full and (C) the Management Sale Trigger Date (as defined therein), if any. Each Subsequent Penny Warrant will expire on the date that is the fifth anniversary of the issuance date; provided that, if the Senior Secured Note is repaid in full prior to the Subsequent Penny Warrant Vesting Date applicable to such Subsequent Penny Warrant, such Subsequent Penny Warrant will expire on the date the Senior Secured Note is repaid in full. The Company may exercise the Penny Warrants by means of a “cashless exercise.”

The Penny Warrants may not be exercised if the Company, together with its affiliates, would beneficially own in excess of 9.9% of the number of shares of Scilex Common Stock outstanding immediately after giving effect to such exercise; provided, that the Company may increase or decrease such limitation upon 61 days’ prior notice to Scilex.

Transferred Warrants

The Transferred Warrants are listed on the Nasdaq Capital Market, have an exercise price of $11.50 per share, are fully exercisable and expire on November 10, 2027.

The Company accounted for the Transferred Warrants as derivatives measured at fair value.

The Company elected the fair value option for the Note and the Penny Warrants in order to reduce operational complexity of bifurcating embedded derivatives. Changes in value are recorded under financial income, net and include interest income on the Note.

The valuation was performed based on several scenarios which some of them took into account a partial or full early repayment of the Note. Each scenario took into consideration the present value of the Note’s cash flows (including the exit fee and the prepayment premium) and the Warrants’ value. The total value of the Transaction (and of each of its components) was valued on a weighted average of the different scenarios.

The discount rate of the Note was based on the B- rating Zero curve in addition to a risk premium which takes into account the credit risk of Scilex and ranged between 53.67% to 53.92%.

The fair value of the Transferred Warrants was based on their closing price on the Nasdaq Capital Market.

The fair value of the Penny Warrants was calculated based on the closing price of the Scilex Common Stock on the Nasdaq Capital Market, taking into account several scenarios which assume a partial or full early repayment of the Note, when applicable.

On the Closing Date, the fair value of the Transaction was $101,875. As of March 31, 2024, and following the aforementioned repayments of $20,000, the fair value of the Transaction was $98,741, split between the Note ($77,733, presented under short-term investments at fair value), the Closing Penny Warrant ($7,155), the Subsequent Penny Warrants ($12,389), both presented under long-term investments at fair value and the Transferred Warrants ($1,464) presented under long-term marketable securities. This resulted in a gain of $3,552 during the first quarter of 2024, attributed mainly to the change in fair value of the Warrants. The difference between the Note’s fair value and aggregate unpaid principal balance (which includes interest payable on maturity) is $7,654.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Significant Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:

Condensed consolidated financial statements preparation

The condensed consolidated financial statements included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and, on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”). These condensed consolidated financial statements reflect all adjustments that are of a normal recurring nature and that are considered necessary for a fair statement of the results of the periods presented. Certain information and disclosures normally included in annual consolidated financial statements have been omitted in this interim period report pursuant to the rules and regulations of the Securities and Exchange Commission. Because the condensed consolidated interim financial statements do not include all of the information and disclosures required by U.S. GAAP for annual financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the 2023 Form 10-K. The results for interim periods are not necessarily indicative of a full fiscal year’s results.

Earnings (loss) per common share

Basic net earnings (loss) per common share are computed by dividing the net earnings (loss) attributable to stockholders for the period by the weighted average number of shares of common stock outstanding for each period, including vested restricted stock units (“RSUs”). Outstanding stock options, warrants and RSUs have been excluded from the calculation of the diluted loss per share because all such securities are anti-dilutive for the three month period ended March 31, 2023.

For the diluted earnings per share calculation for the three month period ended March 31, 2024, the weighted average number of shares outstanding during the three month period ended March 31, 2024 is adjusted for the potential dilution that could occur in connection with employee share-based payment, using the treasury stock method.

The weighted average number of stock options, warrants and RSUs that has been excluded from the calculation of the diluted income per share as of March 31, 2024 was 4,846,474 shares.

The weighted average number of stock options, warrants and RSUs excluded from the calculation of diluted net loss was 3,357,911 for the three month period ended March 31, 2023.

Recently issued accounting pronouncements, not yet adopted

In November 2023, the Financial Accounting Standard Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07 “Segment Reporting: Improvements to Reportable Segment Disclosures.” This guidance expands public entities’ segment disclosures primarily by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280 “Segment Reporting”. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments are required to be applied retrospectively to all prior periods presented in an entity’s financial statements. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements related disclosures.

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance is intended to enhance the transparency and decision-usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to disclosure regarding rate reconciliation and income taxes paid both in the U.S. and in foreign jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements disclosures.

Fair value

The Company measures fair value and discloses fair value measurements for financial assets and liabilities. Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows:

Level 1:

Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2:

Observable prices that are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3:

Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

As of March 31, 2024, the fair value of marketable equity securities as presented in note 4 and of the Transferred Warrants included in the Scilex SPA as presented in note 7 were based on a Level 1 measurement. The fair value of the Closing Penny Warrant as presented in note 7 were based on a Level 2 measurement. The fair value of the investment in non-marketable equity securities as presented in note 5, of the Subsequent Penny Warrants as presented in note 7 and of the Note as presented in note 7 were based on a Level 3 measurement.

As of March 31, 2024, the carrying amounts of cash equivalents, short-term deposits, Short-Term Borrowings (as defined herein) and accounts payable approximate their fair values due to the short-term maturities of these instruments.

The amounts funded in respect of employee rights are stated at cash surrender value which approximates its fair value.

Other Non-Marketable Equity Securities

3 Months Ended

Mar. 31, 2024

Other Non-Marketable Equity Securities [Abstract]

OTHER NON-MARKETABLE EQUITY SECURITIES

NOTE 5 - OTHER NON-MARKETABLE EQUITY SECURITIES:

On August 26, 2022, the Company entered into a stock purchase agreement with Diasome Pharmaceuticals, Inc. (“Diasome”), a privately-held company, pursuant to which the Company purchased shares of Series B preferred stock of Diasome for an aggregate purchase price of approximately $2,700. Following the purchase, the Company holds less than 5% of the issued and outstanding stock of Diasome. The stock purchase agreement provides the Company with the option to purchase additional preferred shares of stock on a pro rata basis at similar terms to the terms and conditions of that round contingent upon Diasome achieving certain milestones.

The Company accounts for the investment under the measurement alternative in Accounting Standards Codification (“ASC”) 321 “Investments – Equity Securities,” whereby the equity investment is recorded at cost, less impairment. The carrying amount is subsequently remeasured to its fair value in accordance with the provisions of ASC 820 “Fair Value Measurement” when observable price changes occur as of the date the transaction occurred, or it is impaired. Any adjustments to the carrying amount are recorded in the statements of comprehensive income or loss.

The Company’s non-marketable equity securities are an investment in a company without a readily determinable fair value. During fiscal year 2023, the Company recorded an $824 increase in value due to the closing in June 2023 of a Series C investment round in Diasome. The change was recorded using the transaction price of similar securities issued by Diasome, adjusted for contractual rights and obligations of the securities held by the Company.

Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 1,534	$ (3,611)
Adjustments required to reconcile net income (loss) to net cash used in operating activities:
Depreciation	56	37
Exchange differences and interest on deposits and held to maturity bonds	(5)	(1,267)
Changes in fair value of investments	(3,748)	(65)
Stock-based compensation	1,294	173
Gain on amounts funded in respect of employee rights upon retirement	(2)
Accrued interest on short-term borrowings to maturity	21
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	36	(34)
Accounts payable, accrued expenses and related parties	(666)	(103)
Net changes in operating lease	3	(16)
Deferred revenues		(666)
Liability for employee rights upon retirement	1	5
Other liabilities		(2)
Total net cash used in operating activities	(1,476)	(5,549)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short-term deposits	(4,000)	(19,000)
Proceeds from short-term deposits	19,000	4,500
Proceeds from maturity of held to maturity securities		1,496
Proceeds from long-term investments	15,000
Purchase of property and equipment	(2)	(199)
Total net cash provided by (used in) investing activities	29,998	(13,203)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs		2,430
Loans repaid	(19,000)
Total net cash provided by (used in) financing activities	(19,000)	2,430
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(1)	(38)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	9,521	(16,360)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	9,055	40,464
CASH AND CASH EQUIVALENTS AT END OF PERIOD	18,576	24,104
(A) SUPPLEMENTARY DISCLOSURE ON CASH FLOWS -
Interest received	1,341	308
Interest paid	$ (571)

Short-Term Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended
Short-Term Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Aug. 08, 2023
Short-Term Borrowings [Line Items]
Aggregate amount		$ 99,550
Debt repaid	$ 70,146
Israel Discount Bank Ltd.[Member]
Short-Term Borrowings [Line Items]
Aggregate amount		$ 99,550
Short Term Borrowings [Member]
Short-Term Borrowings [Line Items]
Annual principal payments	$ 30,550
Minimum [Member]
Short-Term Borrowings [Line Items]
Interest ranging		6.66%
Maximum [Member]
Short-Term Borrowings [Line Items]
Interest ranging		7.38%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Investments, at Fair Value (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	12 Months Ended
	May 01, 2024	Mar. 21, 2024	Sep. 21, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 21, 2025	Dec. 21, 2024	Sep. 21, 2024	Jun. 21, 2024	Dec. 21, 2023
Investments, at Fair Value [Line Items]
Aggregate unpaid principal balance amount		$ 15,000		$ 7,654						$ 5,000
Exit fee				$ 3,056
Principal payment		$ 15,000			$ 5,000
Own in excess				9.90%
Warrant expire				Nov. 10, 2027
Fair value transaction				$ 19,544	51,035
Short term investment				195	$ 70
Long term investments				$ 7,155
Scilex Transaction [Member]
Investments, at Fair Value [Line Items]
Principal of note issued			$ 101,875
Transferred Warrants [Member]
Investments, at Fair Value [Line Items]
Exercise price warrant (in Dollars per share)				$ 11.5
Closing Penny Warrant [Member]
Investments, at Fair Value [Line Items]
Fair value transaction				$ 12,389
Maximum [Member]
Investments, at Fair Value [Line Items]
Discount rate				53.92%
Fair value transaction				$ 20,000
Minimum [Member]
Investments, at Fair Value [Line Items]
Discount rate				53.67%
Fair value transaction				$ 98,741
Short-term investments [Member]
Investments, at Fair Value [Line Items]
Short term investment				$ 77,733
Scilex Holding Company [Member] \| Common Stock [Member]
Investments, at Fair Value [Line Items]
Aggregate shares (in Shares)				2,125,000
Scilex Transaction [Member]
Investments, at Fair Value [Line Items]
Aggregate shares (in Shares)			4,000,000
Warrant per share (in Dollars per share)			$ 11.5
Fees added to principal amount			$ 1,000
Bear interest rate			8.50%	50.00%
Fair value transaction				$ 1,464
Scilex Transaction [Member] \| DIP Loan Agreement [Member]
Investments, at Fair Value [Line Items]
Accrued and unpaid interest			$ 875
Scilex Transaction [Member] \| Penny Warrants [Member]
Investments, at Fair Value [Line Items]
Aggregate shares (in Shares)			4,500,000
Warrant per share (in Dollars per share)			$ 0.01
Exercise price warrant (in Dollars per share)				$ 0.01
Scilex Transaction [Member] \| Maximum [Member]
Investments, at Fair Value [Line Items]
Bear interest rate				125.00%
Scilex Transaction [Member] \| Minimum [Member]
Investments, at Fair Value [Line Items]
Bear interest rate				100.00%
Scilex Transaction [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Investments, at Fair Value [Line Items]
Bear interest rate			4.00%	15.00%
Scilex Transaction [Member] \| Scilex Holding Company [Member] \| Penny Warrants [Member]
Investments, at Fair Value [Line Items]
Aggregate shares (in Shares)			8,500,000
Common stock of Scilex, par value (in Dollars per share)			$ 0.0001
Warrant per share (in Dollars per share)			$ 0.01
Transaction expenses			$ 1,910
Closing Penny Warrant [Member]
Investments, at Fair Value [Line Items]
Fair value transaction				$ 101,875
Subsequent Event [Member]
Investments, at Fair Value [Line Items]
Principal payment	$ 9,600
Warrant [Member]
Investments, at Fair Value [Line Items]
Fair value transaction				$ 3,552
Forecast [Member]
Investments, at Fair Value [Line Items]
Aggregate unpaid principal balance amount						$ 20,000	$ 20,000	$ 20,000	$ 20,000

Interim Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated deficit	Total stockholders’ equity	Non- controlling interests	Total
BALANCE at Dec. 31, 2022	$ 476	$ 314,417	$ (163,081)	$ 151,812	$ (656)	$ 151,156
BALANCE (in Shares) at Dec. 31, 2022	39,564
ISSUANCE OF COMMON STOCK, NET	$ 2	2,428		2,430		2,430
ISSUANCE OF COMMON STOCK, NET (in Shares)	193
STOCK-BASED COMPENSATION	$ 3	120		123		123
STOCK-BASED COMPENSATION (in Shares)	213
STOCK-BASED COMPENSATION OF SUBSIDIARY					50	50
NET INCOME (LOSS)			(3,395)	(3,395)	(216)	(3,611)
BALANCE at Mar. 31, 2023	$ 481	316,965	(166,476)	150,970	(822)	150,148
BALANCE (in Shares) at Mar. 31, 2023	39,970
BALANCE at Dec. 31, 2023	$ 485	320,892	(157,556)	163,821	(928)	$ 162,893
BALANCE (in Shares) at Dec. 31, 2023	40,339					40,338,979
STOCK-BASED COMPENSATION	$ 2	1,280		1,282		$ 1,282
STOCK-BASED COMPENSATION (in Shares)	180
STOCK-BASED COMPENSATION OF SUBSIDIARY					12	12
NET INCOME (LOSS)			1,536	1,536	(2)	1,534
BALANCE at Mar. 31, 2024	$ 487	$ 322,172	$ (156,020)	$ 166,639	$ (918)	$ 165,721
BALANCE (in Shares) at Mar. 31, 2024	40,519					40,519,160

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

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- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Leases (Details) - Schedule of Lease Payments - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Schedule of Lease Payments [Abstract]

2024

$ 200

$ 282

2025

217

222

2026

118

120

2027

Total undiscounted lease payments

545

634

Less: Interest

^[1]

(19)

(25)

Present value of lease liabilities

$ 526

$ 609

[1]	Future lease payments were discounted by 3%-5.75% interest rate.

Accounting Policies, by Policy (Policies)

3 Months Ended

Mar. 31, 2024

Significant Accounting Policies [Abstract]

Condensed consolidated financial statements preparation

Condensed consolidated financial statements preparation

Earnings (loss) per common share

Earnings (loss) per common share

The weighted average number of stock options, warrants and RSUs that has been excluded from the calculation of the diluted income per share as of March 31, 2024 was 4,846,474 shares.

The weighted average number of stock options, warrants and RSUs excluded from the calculation of diluted net loss was 3,357,911 for the three month period ended March 31, 2023.

Recently issued accounting pronouncements, not yet adopted

Recently issued accounting pronouncements, not yet adopted

Fair value

Fair value

Level 1:

Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2:

Observable prices that are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3:

Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

The amounts funded in respect of employee rights are stated at cash surrender value which approximates its fair value.

Marketable Securities

3 Months Ended

Mar. 31, 2024

Marketable Securities [Abstract]

MARKETABLE SECURITIES

NOTE 4 - MARKETABLE SECURITIES:

Composition

	March 31, 2024		December 31, 2023
Long-term:
DNA (see b below)	$	367	$	297
Entera (see c below)		195		70
Transferred Warrants (see note 7)		1,464		1,440
	$	2,026	$	1,807

DNA

The DNA ordinary shares are traded on the Tel Aviv Stock Exchange. The fair value of those securities is measured at the quoted prices of the securities on the measurement date.

During the three month periods ended March 31, 2024 and March 31, 2023, the Company did not sell any of DNA’s ordinary shares. As of March 31, 2024, the Company owns approximately 1.4% of DNA’s outstanding ordinary shares.

The cost of the securities as of both March 31, 2024 and December 31, 2023 was $595.

Entera

Entera ordinary shares have been traded on the Nasdaq Capital Market since June 28, 2018. The Company measures the investment at fair value from such date, since it has a readily determinable fair value (prior to such date the investment was accounted for as a cost method investment (amounting to $1)).

Other Non-Marketable Equity Securities (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 26, 2022	Mar. 31, 2024
Other Non-Marketable Equity Securities [Line Items]
Issued and outstanding stock	5.00%
Recorded an increase in value		$ 824
Series B Preferred Stock [Member]
Other Non-Marketable Equity Securities [Line Items]
Aggregate purchase price	$ 2,700

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2024	May 09, 2024
Document Information Line Items
Entity Registrant Name	ORAMED PHARMACEUTICALS INC.
Trading Symbol	ORMP
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		40,628,924
Amendment Flag	false
Entity Central Index Key	0001176309
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-35813
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0376008
Entity Address, Address Line One	1185 Avenue of the Americas
Entity Address, Address Line Two	Third Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	844
Local Phone Number	967-2633
Title of 12(b) Security	Common Stock, par value $0.012
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 18,576	$ 9,055
Short-term deposits	80,285	95,279
Investments at fair value	77,733	57,713
Prepaid expenses and other current assets	501	537
Total current assets	177,095	162,584
LONG-TERM ASSETS:
Long-term deposits	7	7
Investments at fair value	19,544	51,035
Marketable securities	2,026	1,807
Other non-marketable equity securities	3,524	3,524
Amounts funded in respect of employee rights upon retirement	29	27
Property and equipment, net	819	873
Operating lease right-of-use assets	608	694
Total long-term assets	26,557	57,967
Total assets	203,652	220,551
CURRENT LIABILITIES:
Accounts payable and accrued expenses	1,267	1,609
Short-term borrowings	32,034	51,013
Payable to related parties	1	325
Operating lease liabilities	254	267
Total current liabilities	33,556	53,214
LONG-TERM LIABILITIES:
Long-term deferred revenues	4,000	4,000
Employee rights upon retirement	29	28
Provision for uncertain tax position	11	11
Operating lease liabilities	272	342
Other liabilities	63	63
Total long-term liabilities	4,375	4,444
COMMITMENTS (note 3)
EQUITY ATTRIBUTABLE TO COMPANY’S STOCKHOLDERS:
Common stock, $0.012 par value (60,000,000 authorized shares; 40,519,160 and 40,338,979 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)	487	485
Additional paid-in capital	322,172	320,892
Accumulated deficit	(156,020)	(157,556)
Total stockholders’ equity	166,639	163,821
Non-controlling interests	(918)	(928)
Total equity	165,721	162,893
Total liabilities and equity	$ 203,652	$ 220,551