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0.25x Total Debt / Equity (Conservative)

Low sensitivity; Oramed is largely equity-financed with minimal debt, so a 200bps rate rise has negligible direct interest expense impact but raises dilution cost of future capital raises

Low intensity; China and India supply >60% of global API inputs, creating concentration risk.

Israel-based R&D/manufacturing (geopolitical conflict risk in Middle East) and Chinese API sourcing for peptide ingredients (US-China trade tension risk)

Clinical-stage company with no commercial revenue; currency devaluation exposure is minimal but future markets (India, China, EU) carry INR, CNY, and EUR devaluation risk

Operations primarily in Israel and US; exposure to NIS/USD volatility is material for R&D cost base; no commercial revenue markets yet to assess sovereign devaluation impact

Low intensity; commodities: Active Pharmaceutical Ingredients, Rare Earth Elements, Natural Gas (energy), Plastics/Resins, Ethanol, Packaging Materials; geopolitical: China and India supply >60% of global API inputs, creating concentration risk.

High; Oramed relies on a limited number of specialized CROs and peptide API suppliers, with insulin sourcing likely representing a non-substitutable single-vendor dependency exceeding 30% of input costs

Clinical-stage biopharmaceutical; no cloud-infrastructure-dependent revenue operations; a cloud provider termination would disrupt data management but not core drug development pipeline

Licensing and royalty model anticipated post-approval; cloud termination risk is low given minimal SaaS or digital-product revenue dependency

Minimal API coupling risk to software platforms; primary coupling risk is biological/formulation IP locked into proprietary oral drug delivery technology (POD technology)

Low Howey risk; Oramed sells equity securities (NASDAQ-listed stock), not tokens or investment contracts; revenue model is pharmaceutical licensing, not a common enterprise pooling scheme

Very High

Moderate; clinical trial data spans US, Israel, India, and EU jurisdictions; GDPR compliance required for EU trial participants; CCPA exposure limited given no consumer-facing digital product

Low; Oramed holds no dominant market position and operates in pre-commercial stage; no bundling, predatory pricing, or market foreclosure concerns currently applicable

Very High burden; regimes: FDA, CMS, HHS, HIPAA, EMA, OIG; Drug pricing legislation and approval delays directly compress revenue visibility.

Effectively 0% recurring commercial revenue today; pre-revenue clinical stage; future model expected to be milestone-based licensing (transactional) with royalty streams (recurring) post-approval

Primary monetization via pharmaceutical licensing deals and royalties on oral insulin/GLP-1 products; secondary via potential out-licensing of POD delivery platform to other drug makers

No commercial pricing architecture yet; future oral insulin pricing will benchmark against injectable insulin analogs (~$300-$500/month US list price) with premium for oral convenience, subject to PBM negotiation pressure

Moderate-high potential; oral delivery of insulin is a differentiated format commanding convenience premium, but formulary placement and biosimilar competition will cap realized pricing power

0.7% Gross Margin (Thin (<20%))

Not applicable in traditional sense; no subscription customers; however, partnership/licensing counterparty risk exists if Phase 3 data disappoints and partners exit agreements

Sublinear growth model; commercialization can be achieved via licensing partners without proportional headcount increase; R&D headcount scales modestly with pipeline breadth

Very low marginal cost of revenue at scale if licensing model adopted; manufacturing and distribution outsourced to partners, making incremental royalty revenue nearly pure margin

Not applicable; Oramed does not operate a franchise network

At 10x scale (post-commercialization), CAC is effectively borne by licensing partners; Oramed's unit economics improve dramatically as fixed R&D costs are amortized across larger royalty base

No meaningful network effects; drug efficacy and IP protection are the moats, not user-network density; value does not increase as more patients use the product

32.6% Return on Assets (Strong)

Moderate-high resilience; insulin is a non-discretionary medication for Type 2 diabetics; demand is inelastic, though payer/formulary access can constrain uptake in economic downturns

Pharmaceutical licensing partners and potential acquirers (large pharma/biotech); currently no end-customer revenue; Novo Nordisk and Eli Lilly type firms are target licensees

Type 2 diabetic patients (end-users post-commercialization); secondary concentration risk is low given large global diabetic population (~537 million worldwide)

["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "19-0000 Life, Physical, and Social Science Occupations", "21-0000 Community and Social Service Occupations", "23-0000 Legal Occupations", "29-0000 Healthcare Practitioners and Technical Occupations", "31-0000 Healthcare Support Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "51-0000 Production Occupations"]

0.32 (HIL — ~32% of characteristic roles agent-automatable)

0.4% CapEx / Revenue (Low-CapEx Asset-Light)

0001176309

ORMP