---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-079586"
form_type: "8-K"
ticker: "ORMP"
cik: "0001176309"
company_name: "ORAMED PHARMACEUTICALS INC."
filed_at: "2023-09-26T23:59:59+00:00"
generated_at: "2026-06-10T08:32:22.819373+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Oramed receives $101.875M senior secured note from Scilex with warrants for 17M shares

## Summary
- Principal $101,875,000, 18-month maturity, interest SOFR+8.5% (4% floor), paid in kind.
- Oramed gets penny warrants for 13M shares at $0.01 (vesting conditions) and 4M transferred warrants at $11.50.
- Note is senior secured on substantially all assets of Scilex and subsidiaries with first-priority lien.
- Prior Sorrento SPA and DIP loan terminated; Scilex assumes DIP, buys Sorrento's Scilex equity for $110M.
- Oramed receives $2.91M expense reimbursement and right to designate a board observer.

## SEC filing metadata
- accession: 0001213900-23-079586
- form_type: 8-K
- ticker: ORMP
- cik: 0001176309
- company_name: ORAMED PHARMACEUTICALS INC.
- filed_at: 2023-09-26T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 1.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1176309/000121390023079586/0001213900-23-079586-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1176309/000121390023079586/ea185680-8k_oramedpharma.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-079586
- JSON: https://secwatch.observer/filing/0001213900-23-079586.json
- Plain text: https://secwatch.observer/filing/0001213900-23-079586.txt

## Key facts
- Material Agreements
  ORAMED PHARMACEUTICALS INC. entered into Securities Purchase Agreement with Scilex Holding Company (effective 2023-09-21).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Scilex Holding Company
  - Effective: 2023-09-21
  source text: On September 21, 2023 (the “Closing Date”), the Company entered into, and consummated the transactions contemplated by, a Securities Purchase Agreement (the “Scilex SPA”) with Scilex and the Agent (as defined below).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1176309/000121390023079586/0001213900-23-079586-index.htm
- Material Agreements
  ORAMED PHARMACEUTICALS INC. entered into Senior Secured Promissory Note with Scilex Holding Company valued at $101,875,000 (effective 2023-09-21).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Scilex Holding Company
  - Value: $101,875,000
  - Effective: 2023-09-21
  source text: a Senior Secured Promissory Note due 18 months from the date of issuance in the principal amount of $101,875,000 (the “Note”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1176309/000121390023079586/0001213900-23-079586-index.htm
- Material Agreements
  ORAMED PHARMACEUTICALS INC. terminated Stock Purchase Agreement with Sorrento Therapeutics, Inc. (effective 2023-09-21).
  - Action: termination
  - Agreement: asset purchase
  - Counterparty: Sorrento Therapeutics, Inc.
  - Effective: 2023-09-21
  source text: ugust 7, 2023, Oramed Pharmaceuticals Inc., a Delaware corporation (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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1176309/000121390023079586/0001213900-23-079586-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.