New Risk • Mar 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 189% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (189% accrual ratio). Minor Risk Revenue is less than US$5m (US$2.0m revenue). Announcement • Mar 26
Lifeward Ltd. (NasdaqCM:LFWD) completed the acquisition of Oratech Pharma, Inc. from Oramed Pharmaceuticals Inc. (NasdaqCM:ORMP). Lifeward Ltd. (NasdaqCM:LFWD) entered into a share purchase agreement to acquire Oratech Pharma, Inc. from Oramed Pharmaceuticals Inc. (NasdaqCM:ORMP) on January 12, 2026. At closing, the Company will issue ordinary shares and pre-funded warrants to Oramed Pharmaceuticals, Inc. in an amount representing 49.99% of the Company’s fully diluted equity capitalization, subject to certain adjustments and ownership limitations. The number of ordinary shares issued at closing is capped at 45% of Lifeward’s outstanding ordinary shares, with the balance issued in the form of pre-funded warrants. Approximately 5% of the equity consideration will be held back in the form of pre-funded warrants for indemnification purposes and released after 12 months, subject to claims. In addition, the Company will issue transaction warrants to purchase ordinary shares, with the number of warrants determined by dividing Lifeward’s net cash at closing by an exercise price of $0.45 per share. As further consideration, Lifeward agreed to make contingent quarterly revenue-sharing payments equal to 4% of net revenue from sales of ReWalk Personal Exoskeleton products and related warranties.
The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders, registration statement effectiveness (S-4 / F-4), lock-up agreement and listing / approval of new shares on stock exchange. The transaction has received unanimous approval from Lifeward’s board of directors. The transaction is contingent upon closing conditions. As of March 12, 2026, Lifeward Ltd. shareholders approved the transaction.
Rachael M. Bushey and Jennifer Porter of Goodwin Procter LLP acted as legal advisor for Lifeward Ltd. Aaron M. Lampert and Ephraim P. Friedman of Goldfarb Seligman & Co. acted as legal advisor for Lifeward Ltd. Rick A. Werner, Alla Digilova, and Simin Sun of Haynes and Boone, LLP acted as legal advisor for Oramed Pharmaceuticals Inc.
Lifeward Ltd. (NasdaqCM:LFWD) completed the acquisition of Oratech Pharma, Inc. from Oramed Pharmaceuticals Inc. (NasdaqCM:ORMP) on March 25, 2026. At closing, Lifeward issued an aggregate 2,256,476 shares of its ordinary shares and pre-funded warrants. Lifeward also issued 1,296,296 warrants to purchase Oratech Pharma's ordinary shares. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to US$3.48, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 20x in the Pharmaceuticals industry in the US. Total returns to shareholders of 37% over the past three years. 
