Oramed Pharmaceuticals Inc. acquired 2,000,000 shares of BioXcel Therapeutics, Inc. (BTAI) common stock and accompanying warrants on March 4, 2025, as part of a registered direct offering. The transaction was undertaken to diversify Oramed's investments and utilize its cash reserves.1
Here's a breakdown of the activity:
- Initial Acquisition: On March 4, 2025, Oramed purchased 2,000,000 BTAI shares and warrants to buy an additional 2,000,000 shares. These were acquired at a combined offering price of $3.50 per share and warrant, representing 50% of the total 4,000,000 shares issued in that offering. The warrants have an exercise price of $4.20 per share and are exercisable for five years from the issuance date.1
- Strategic Rationale: Oramed explicitly stated that this investment was part of its "use of cash strategy" to "diversify our investments."1 This aligns with their broader approach of building a "diversified portfolio of opportunities" to create long-term shareholder value and generate "significant investment appreciation."2
- Prior Holdings and Subsequent Adjustments: As of December 31, 2024, prior to this direct offering, Oramed already held a beneficial ownership of approximately 15.7% of BioXcel's outstanding common stock.1 Following the March 4 acquisition, by March 27, 2025, Oramed had sold 869,992 shares of BTAI, retaining 1,130,008 shares of common stock, in addition to the warrants.1
While Oramed's October 2025 shareholder letter highlights its ongoing "Diversified Investment Portfolio" strategy and "Significant Investment Appreciation" over the past year, specific details regarding additional BTAI share acquisitions beyond the March 4, 2025 offering and subsequent partial sale through September 2025 are not explicitly detailed in the publicly available filings.2
