ORAMED PHARMACEUTICALS INC. (ORMP)
Oramed Pharmaceuticals Inc., founded in 2002 and based in New York, New York, specializes in the development of groundbreaking pharmaceutical treatments. Their primary focus is on creating orally ingested capsules or pills for the delivery of polypeptides, particularly aimed at managing diabetes. The company's leading product, ORMD-0801, is an oral insulin capsule that has successfully completed Phase II clinical trials for patients with diabetes. Oramed is also advancing ORMD-0901, an oral glucagon-like peptide-1 (GLP-1) capsule, which has concluded Phase I clinical trials for the treatment of type 2 diabetes. Additionally, an oral leptin capsule for weight loss is currently under development. The firm was originally incorporated as Integrated Security Technologies, Inc., before officially changing its name to Oramed Pharmaceuticals Inc. in April 2006.
Sector: Pharmaceutical Preparations
Industry: Biotechnology
Oramed Pharmaceuticals Inc.
NASDAQ:ORMPHealthcare · Biotechnology
+0.24%$4.13
AH Close$4.13+0.00%vs close
AH Close$4.13+0.00%vs close
Mkt Cap$171.8M
Float33.43M
O/S41.6M
Inst Own40.3%
SI4.3%
Div Yield6.05%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$2M
Net Income$64.05M
Total Assets$230.86M
Free Cash Flow-$11.08M
Debt & Equity
Debt 0%
Equity 100%
Total Debt$825K
Total Equity$199.74M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
- 1:12Reverse splitJan 23, 201312 shares → 1
Balance Sheet Details
Assets$230.86M
Liabilities$31.12M
Accounts Receivable$4.64M
Accounts Payable$443K
Inventory$0
PP&E (Net)$1.34M
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-08-31 | 2020-08-31 | 2019-08-31 | 2018-08-31 | 2017-08-31 | 2016-08-31 | 2015-08-31 | 2014-08-31 | 2013-08-31 | 2012-08-31 | 2011-08-31 | 2010-08-31 | 2009-08-31 | 2008-08-31 | 2007-08-31 | 2006-08-31 | 2005-08-31 | 2004-08-31 | 2003-08-31 |
| Revenue | $2M | $0 | $1.34M | $2.7M | $2.7M | $2.71M | $2.7M | $2.45M | $2.46M | $641K | $0 | $0 | $0 | $184K | $197K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| YoY Growth | - | - | -50.4% | 0.0% | -0.3% | 0.3% | 10.4% | -0.3% | 283.2% | - | - | - | - | -6.7% | - | - | - | - | - | - | - | - | - |
| Cost of Revenue | $1.99M | $0 | $0 | $0 | $0 | $0 | $90K | $86K | $187K | $490K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $13K | $0 | $1.34M | $2.7M | $2.7M | $2.71M | $2.61M | $2.36M | $2.27M | $151K | $0 | $0 | $0 | $184K | $197K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Margin | 0.7% | - | 100.0% | 100.0% | 100.0% | 100.0% | 96.7% | 96.5% | 92.4% | 23.6% | - | - | - | 100.0% | 100.0% | - | - | - | - | - | - | - | - |
| Research and Development | $6.38M | $6.32M | $8.97M | $27.64M | $20.99M | $10.23M | $13.52M | $11.98M | $10.28M | $7.71M | $4.78M | $3.28M | $2.27M | $1.68M | $1.16M | $1.46M | $1.52M | $1.18M | $2.21M | $198K | $0 | $0 | $10K |
| Selling, General, and Administrative | $8.72M | $6.46M | $8.14M | $15.66M | $5.94M | $4.23M | $3.72M | $4.08M | $2.76M | $2.45M | $2.6M | $2.63M | $2.03M | $1.2M | $1.28M | $1.51M | $1.26M | $1.5M | $918K | $215K | $45K | $280K | $50K |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $440K | -$10K |
| Total Operating Expenses | $15.1M | $12.78M | $17.11M | $43.3M | $26.93M | $14.47M | $17.24M | $16.06M | $13.04M | $10.16M | $7.38M | $5.91M | $4.3M | $2.88M | $2.44M | $2.97M | $2.78M | $2.68M | $3.13M | $413K | $45K | $720K | $50K |
| Operating Income (EBIT) | -$15.09M | -$12.78M | -$15.77M | -$40.6M | -$24.22M | -$11.76M | -$14.63M | -$13.53M | -$10.77M | -$10.01M | -$7.38M | -$5.91M | -$4.3M | $2.88M | -$2.44M | -$2.97M | -$2.78M | -$2.68M | -$3.13M | -$413K | -$45K | -$720K | -$50K |
| Operating Margin | -754.4% | - | -1176.8% | -1502.0% | -896.2% | -433.8% | -541.3% | -552.3% | -438.6% | -1561.6% | - | - | - | 1565.2% | -1233.6% | - | - | - | - | - | - | - | - |
| Interest Expense | $0 | $853K | $3.58M | $0 | $0 | $0 | $0 | $6K | $6K | $11K | $0 | $11K | $313K | $199K | $19K | $15K | $18K | $10K | $3.24M | $4K | -$45K | $0 | $0 |
| Interest Income | $2.37M | $4.98M | $8.03M | $3.57M | $347K | $690K | $1.06M | $903K | $785K | $474K | $168K | $225K | $19K | $13K | $33K | $25K | $39K | -$83K | $11K | $2K | $0 | $0 | $0 |
| Other Income (Expense) | $90.41M | -$3.14M | $20.86M | $2.93M | $1.23M | $246K | -$450K | -$30K | -$10K | -$17K | -$3K | $214K | -$165K | -$184K | $836K | $10K | $21K | $5.29M | -$104K | -$2K | -$973 | $0 | $0 |
| Income Before Tax (EBT) | $75.32M | -$15.92M | $5.09M | -$37.66M | -$22.99M | -$11.51M | -$14.05M | -$12.73M | -$10.08M | -$9.63M | -$7.23M | -$5.69M | -$4.44M | -$3.25M | -$1.59M | -$2.96M | -$2.76M | $2.61M | -$3.24M | -$415K | -$46K | -$720K | -$50K |
| Income Tax Expense | $11.31M | $3.18M | $0 | $100K | $0 | $0 | $300K | -$800K | $400K | $1.33M | -$1K | $4K | -$205K | $90K | -$24K | $15K | -$3K | $162K | $3.24M | $415K | $46K | $0 | $0 |
| Net Income | $64.05M | -$19.06M | $5.53M | -$37.76M | -$22.24M | -$11.51M | -$14.36M | -$12.73M | -$10.48M | -$10.96M | -$7.23M | -$5.7M | -$4.23M | -$3.34M | -$1.56M | -$2.98M | -$2.76M | -$2.77M | -$3.24M | -$415K | -$46K | -$720K | -$50K |
| Net Income Margin | 3202.5% | - | 412.3% | -1397.1% | -822.7% | -424.8% | -531.1% | -519.7% | -426.7% | -1710.5% | - | - | - | -1815.1% | -790.9% | - | - | - | - | - | - | - | - |
| Supplementary Data | |||||||||||||||||||||||
| EPS | 1.53 | -0.48 | 0.14 | -0.97 | -0.78 | -0.56 | -0.82 | -0.86 | -0.79 | -0.87 | -0.67 | -0.62 | -0.59 | -0.57 | -0.29 | -0.62 | -0.58 | -0.68 | -0.92 | -0.15 | -0.01 | -0.11 | -0.00 |
| Diluted EPS | 1.50 | -0.48 | 0.14 | -0.97 | -0.78 | -0.56 | -0.82 | -0.86 | -0.79 | -0.87 | -0.67 | -0.62 | -0.59 | -0.57 | -0.29 | -0.62 | -0.58 | -0.68 | -0.92 | -0.15 | -0.01 | -0.11 | -0.00 |
| Weighted Average OS | 41.40M | 40.85M | 40.32M | 39.00M | 28.47M | 20.53M | 17.45M | 14.88M | 13.31M | 12.62M | 10.82M | 9.24M | 7.21M | 5.88M | 5.42M | 4.78M | 4.72M | 4.05M | 3.52M | 2.78M | 6.56M | 6.56M | 10.55M |
| EBITDA | $75.44M | -$14.87M | $7.32M | -$40.54M | -$24.15M | -$11.75M | -$14.17M | -$13.49M | -$10.76M | -$9.99M | -$7.38M | -$5.67M | -$4.13M | -$2.86M | -$2.37M | -$2.92M | -$2.72M | -$2.66M | -$3.02M | -$413K | $0 | -$720K | -$50K |
| EBITDA Margin | 3772.2% | - | 546.3% | -1499.8% | -893.3% | -433.6% | -524.3% | -550.9% | -437.9% | -1558.3% | - | - | - | -1550.1% | -1202.4% | - | - | - | - | - | - | - | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-08-31 | 2020-08-31 | 2019-08-31 | 2018-08-31 | 2017-08-31 | 2016-08-31 | 2015-08-31 | 2014-08-31 | 2013-08-31 | 2012-08-31 | 2011-08-31 | 2010-08-31 | 2009-08-31 | 2008-08-31 | 2007-08-31 | 2006-08-31 | 2005-08-31 | 2003-08-31 |
| Assets | ||||||||||||||||||||||
| Current Assets | ||||||||||||||||||||||
| Cash and Cash Equivalents | $45.95M | $54.42M | $9.05M | $40.46M | $77.25M | $19.3M | $3.33M | $5M | $3.97M | $3.91M | $3.21M | $1.76M | $2.27M | $4.43M | $1.51M | $1.2M | $1.72M | $2.27M | $1.92M | $176K | -$40K | $0 |
| Short-Term Investments | $79.95M | $87.51M | $152.99M | $115.26M | $16.89M | $20.6M | $28.95M | $25.47M | $16.15M | $27.11M | $14.02M | $19.53M | $6.2M | $200K | $385K | $100K | $1M | $2.73M | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $125.89M | $141.93M | $162.05M | $155.72M | $94.14M | $39.9M | $32.28M | $30.46M | $20.12M | $31.02M | $17.23M | $21.29M | $8.48M | $4.63M | $1.9M | $1.3M | $2.72M | $5M | $1.92M | $176K | -$40K | $0 |
| Accounts Receivable | $4.64M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $408K | $63K | $88K | $567K | $72K | $437K | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $16K | $16K | $18K | $18K | $18K | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $2.74M | $1.29M | $537K | $1.39M | $0 | $0 | $1.04M | $574K | $159K | $198K | $127K | $64K | $90K | $539K | $1.8M | $8K | $20K | $403K | $12K | $0 | $1K | $0 |
| Total Current Assets | $133.27M | $143.22M | $162.58M | $157.11M | $95.34M | $40.51M | $33.32M | $31.04M | $20.3M | $31.23M | $17.37M | $21.78M | $8.64M | $5.28M | $4.28M | $1.4M | $3.17M | $5.4M | $1.93M | $176K | $1K | $0 |
| Long-Term Assets | ||||||||||||||||||||||
| Property, Plant & Equipment Net | $1.34M | $1.11M | $1.57M | $1.8M | $932K | $176K | $24K | $17K | $18K | $16K | $11K | $14K | $6K | $5K | $17K | $43K | $75K | $98K | $2K | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $93.74M | $10.91M | $56.37M | $2.7M | $6.69M | $3.93M | $1.29M | $16.33M | $18.38M | $11.57M | $8.96M | $0 | $5K | $9K | $10K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $131K | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $2.52M | $34K | $34K | $31K | $25.04M | $18K | $20K | $17K | $15K | $15K | $13K | $10K | $6K | $5K | $14K | $11K | $12K | -$120K | $5K | $0 | $0 | $0 |
| Total Long-Term Assets | $97.59M | $12.06M | $57.97M | $4.53M | $32.66M | $4.12M | $1.34M | $16.36M | $18.41M | $11.6M | $8.98M | $24K | $16K | $18K | $42K | $54K | $88K | $109K | $7K | $0 | $0 | $0 |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $230.86M | $155.28M | $220.55M | $161.64M | $128M | $44.63M | $34.66M | $47.4M | $38.71M | $42.83M | $26.35M | $21.8M | $8.66M | $5.29M | $4.33M | $1.45M | $3.26M | $5.51M | $1.94M | $176K | $1K | $0 |
| Liabilities | ||||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||||
| Accounts Payable | $443K | $789K | $551K | $2.17M | $2.61M | $594K | $1.34M | $1.14M | $571K | $1.41M | $953K | $926K | $440K | $47K | $47K | $47K | $47K | $914K | $341K | $54K | $6K | $0 |
| Short-Term Debt | $285K | $0 | $51.01M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $275K | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $3.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $1.35M | $0 | $0 | $1.34M | $2.7M | $2.7M | $2.7M | $2.45M | $2.45M | $2.16M | $500K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $2.37M | $0 | $325K | $0 | $0 | $0 | $1.27M | $969K | $2.15M | $48K | $36K | $47K | $59K | $597K | $394K | $411K | $321K | $0 | $808K | $555K | $40K | $10K |
| Total Current Liabilities | $19.09M | $5.68M | $53.21M | $5.75M | $6.68M | $4.54M | $5.31M | $4.55M | $5.17M | $3.62M | $1.49M | $973K | $498K | $644K | $441K | $459K | $369K | $914K | $1.42M | $609K | $46K | $10K |
| Long-Term Liabilities | ||||||||||||||||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | -$5.63M | -$7.82M | $18K | $14K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $3.27M | $4M | $4M | $4M | $4.24M | $6.95M | $9.66M | $11.39M | $13.84M | $12.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $7.91M | $0 | $0 | $11K | $11K | $11K | $11K | $11K | $11K | $11K | $26K | $27K | $23K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $314K | $90K | $102K | $82K | $145K | $229K | $5.92M | $8.15M | $443K | $390K | $11K | $9K | $8K | $872K | $161K | $162K | $147K | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $12.03M | $4.25M | $4.44M | $4.74M | $4.8M | $7.22M | $9.96M | $11.73M | $14.31M | $13.02M | $37K | $36K | $31K | $872K | $161K | $162K | $147K | $914K | $616K | $54K | $6K | $0 |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$914K | -$616K | -$54K | -$6K | $0 |
| Total Liabilities | $31.12M | $9.93M | $57.66M | $10.49M | $11.48M | $11.75M | $15.27M | $16.29M | $19.47M | $16.64M | $1.53M | $1.01M | $529K | $1.52M | $602K | $621K | $516K | $914K | $1.42M | $609K | $46K | $10K |
| Stockholders' Equity | ||||||||||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $472K | $480K | $485K | $476K | $424K | $284K | $208K | $207K | $163K | $157K | $138K | $121K | $95K | $80K | $70K | $58K | $56K | $56K | $45K | $41K | $18K | $10K |
| Retained Earnings | -$123.44M | -$176.62M | -$157.56M | -$163.08M | -$114.85M | -$92.61M | -$81.1M | -$69.22M | -$56.5M | -$46.02M | -$35.05M | -$27.82M | -$22.12M | -$17.89M | -$14.55M | -$12.99M | -$10.01M | -$7.25M | -$4.48M | -$1.24M | -$828K | -$70K |
| Comprehensive Income & Other | -$0 | $0 | $0 | $0 | $0 | $0 | $0 | $702K | $401K | $106K | $558K | $452K | $303K | -$121K | -$106K | -$78K | -$46K | -$15K | $0 | -$16 | -$16 | $0 |
| Other Stockholders' Equity | $322.71M | $322.4M | $320.89M | $314.42M | $230.2M | $125.21M | $100.29M | $100.13M | $75.57M | $72.05M | $59.74M | $48.49M | $30.16M | $21.59M | $18.2M | $13.76M | $12.7M | $11.79M | $4.95M | $769K | $765K | $50K |
| Total Equity | $199.74M | $146.26M | $163.82M | $151.81M | $115.77M | $32.88M | $19.39M | $31.11M | $19.24M | $26.19M | $24.83M | $20.79M | $8.13M | $3.78M | $3.72M | $830K | $2.75M | $4.59M | $513K | -$433K | -$45K | -$10K |
| Minority Interest | $0 | -$918K | -$928K | -$656K | $744K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $230.86M | $156.2M | $221.48M | $162.3M | $127.25M | $44.63M | $34.66M | $47.4M | $38.71M | $42.83M | $26.35M | $21.8M | $8.66M | $5.29M | $4.33M | $1.45M | $3.26M | $5.51M | $1.94M | $176K | $1K | $0 |
| Supplementary Data | ||||||||||||||||||||||
| Total Debt | $825K | $372K | $51.62M | $894K | $533K | $75K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $275K | $0 | $0 | $0 |
| Net Debt | -$45.12M | -$54.05M | $42.57M | -$39.57M | -$76.71M | -$19.22M | -$3.33M | -$5M | -$3.97M | -$3.91M | -$3.21M | -$1.76M | -$2.27M | -$4.43M | -$1.51M | -$1.2M | -$1.72M | -$2.27M | -$1.64M | -$176K | $40K | $0 |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-08-31 | 2020-08-31 | 2019-08-31 | 2018-08-31 | 2017-08-31 | 2016-08-31 | 2015-08-31 | 2014-08-31 | 2013-08-31 | 2012-08-31 | 2011-08-31 | 2010-08-31 | 2009-08-31 | 2008-08-31 | 2007-08-31 | 2006-08-31 | 2005-08-31 | 2004-08-31 | 2003-08-31 |
| Operating Activities | |||||||||||||||||||||||
| Net Income | $64.02M | -$19.06M | $5.53M | -$36.56M | -$22.24M | -$11.51M | -$14.36M | -$12.73M | -$10.48M | -$10.96M | -$7.23M | -$5.7M | -$4.23M | -$3.34M | -$1.56M | -$2.98M | -$2.76M | -$2.77M | -$3.24M | -$415K | -$46K | -$720K | -$50K |
| Depreciation & Amortization | $121K | $193K | $196K | $58K | $77K | $7K | $8K | $6K | $5K | $4K | $4K | $6K | $5K | $15K | $28K | $32K | $30K | $15K | $108K | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $7.91M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $5.99M | $0 | $0 | $0 | $0 | $465K | $808K | $1.55M | $1.57M | $634K | $1.35M | $1.47M | $0 | $0 | $0 | $808K | $553K | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||||||||||||||||||
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $1.13M | $3.52M | -$2.23M | -$376K | $2.06M | -$816K | $501K | -$612K | $1.26M | $470K | $0 | $0 | $0 | $0 | $0 | $0 | -$415K | $0 | $0 | $0 | $0 | $0 | $7.94M |
| Other Working Capital | -$3.04M | -$325K | -$471K | -$567K | -$3.38M | -$2.34M | -$211K | -$2.99M | $1.62M | $14.57M | $862K | $161K | -$350K | $260K | -$56K | $465K | -$22K | $135K | $0 | $49K | $0 | $0 | -$7.93M |
| Total Working Capital Change | -$1.91M | $3.2M | -$2.7M | -$943K | -$1.31M | -$3.16M | $290K | -$3.6M | $2.87M | $15.04M | $862K | $161K | -$353K | $260K | -$56K | $465K | -$437K | $135K | $0 | $49K | $0 | $10K | $10K |
| Other Non-Cash Items | -$85.28M | $7.25M | -$13.32M | $8.74M | $2.29M | $1.76M | $309K | $121K | $196K | -$62K | $73K | -$7K | $1.18M | $768K | -$77K | $254K | $361K | $782K | $2.52M | $4K | $5K | $420K | $0 |
| Net Cash from Operating | -$9.14M | -$8.41M | -$10.29M | -$28.7M | -$21.18M | -$12.44M | -$12.94M | -$14.66M | -$5.83M | $4.66M | -$4.95M | -$4.07M | -$3.4M | -$2.3M | -$1.67M | -$1.42M | -$2.25M | -$1.84M | -$611K | -$362K | -$40K | -$290K | -$40K |
| Investing Activities | |||||||||||||||||||||||
| Capital Expenditures | -$1.93M | -$18K | -$254K | -$496K | -$375K | -$82K | -$15K | -$5K | -$7K | -$9K | -$1K | -$14K | -$6K | -$2K | -$2K | $0 | -$8K | -$112K | -$2K | $0 | $0 | $0 | $0 |
| Acquisitions | -$7.25M | $0 | $0 | $24K | $1.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$88.51M | -$55.76M | -$190.92M | -$154.41M | -$53.82M | -$39.38M | -$26.35M | -$26.57M | -$24.66M | -$31.06M | -$1.89M | -$55.75M | -$5.85M | -$475K | -$1.7M | $0 | -$1M | -$2.73M | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $96.88M | $161.65M | $118.14M | $185.09M | $30.43M | $44.09M | $41.86M | $19.57M | $28.97M | $15.06M | $19.7M | $42.68M | $1.28M | $2.25M | $0 | $900K | $2.73M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $6.25M | -$60K | $0 | $2K | -$1K | -$999 | -$4.24M | -$2K | -$3K | -$2K | -$21.13M | $0 | $3K | -$4K | -$12K | $1K | -$2K | -$4K | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $5.44M | $105.82M | -$73.04M | $30.21M | -$22.26M | $4.63M | $11.26M | -$7M | $4.3M | -$16.01M | -$3.31M | -$13.09M | -$4.57M | $1.77M | -$1.71M | $901K | $1.72M | -$2.84M | -$2K | $0 | $0 | $0 | $0 |
| Financing Activities | |||||||||||||||||||||||
| Debt Repaid | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $0 | $0 | $2.43M | $11.56M | $101.39M | $23.79M | $0 | $22.65M | $1.59M | $12.04M | $9.72M | $16.64M | $5.82M | $3.49M | $3.69M | $0 | $0 | $5.03M | $1.83M | $531K | $0 | $0 | $0 |
| Common Stock Repurchases | -$4.74M | -$2.48M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $280K | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | -$2K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $529K | $7K | $40K | $10K | $0 |
| Net Cash from Financing | -$4.74M | -$52.04M | $51.98M | $11.56M | $101.39M | $23.79M | $0 | $22.65M | $1.59M | $12.04M | $9.72M | $16.64M | $5.82M | $3.49M | $3.69M | $0 | $0 | $5.03M | $2.35M | $538K | $40K | $290K | $0 |
| Forex Effect | -$30K | -$4K | -$54K | -$49.85M | $2K | -$5K | $14K | $18K | $5K | $6K | -$12K | $6K | -$18K | -$39K | $0 | $0 | $0 | $1.92M | -$1.92M | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$8.47M | $45.37M | -$31.41M | -$36.78M | $57.95M | $15.97M | -$1.67M | $1.01M | $62K | $694K | $1.45M | -$510K | -$2.16M | $2.92M | $314K | -$517K | -$534K | $2.27M | -$176K | $176K | $0 | $0 | -$40K |
| Supplementary Data | |||||||||||||||||||||||
| Operating Cash Flow | -$9.14M | -$8.41M | -$10.29M | -$28.7M | -$21.18M | -$12.44M | -$12.94M | -$14.66M | -$5.83M | $4.66M | -$4.95M | -$4.07M | -$3.4M | -$2.3M | -$1.67M | -$1.42M | -$2.25M | -$1.84M | -$611K | -$362K | -$40K | -$290K | -$40K |
| Capital Expenditure | -$1.93M | -$18K | -$254K | -$496K | -$375K | -$82K | -$15K | -$5K | -$7K | -$9K | -$1K | -$14K | -$6K | -$2K | -$2K | $1.42M | -$8K | -$112K | -$2K | $3 | -$5 | $0 | $0 |
| Free Cash Flow | -$11.08M | -$8.43M | -$10.55M | -$29.2M | -$21.56M | -$12.52M | -$12.96M | -$14.66M | -$5.84M | $4.65M | -$4.95M | -$4.08M | -$3.4M | -$2.3M | -$1.67M | $0 | -$2.26M | -$1.95M | -$613K | -$362K | -$40K | -$290K | -$40K |
| Cash at Beginning | $54.42M | $9.05M | $40.46M | $77.25M | $19.3M | $3.33M | $5M | $3.98M | $3.92M | $3.23M | $1.78M | $2.29M | $4.45M | $1.53M | $1.22M | $1.73M | $2.27M | $0 | $176K | $0 | $0 | $0 | $40K |
| Cash at End | $45.95M | $54.42M | $9.05M | $40.46M | $77.25M | $19.3M | $3.33M | $5M | $3.98M | $3.92M | $3.23M | $1.78M | $2.29M | $4.45M | $1.53M | $1.22M | $1.73M | $2.27M | $0 | $176K | $0 | $0 | $0 |