0001213900-18-000390.txt : 20180111 0001213900-18-000390.hdr.sgml : 20180111 20180111130910 ACCESSION NUMBER: 0001213900-18-000390 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 51 CONFORMED PERIOD OF REPORT: 20171130 FILED AS OF DATE: 20180111 DATE AS OF CHANGE: 20180111 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORAMED PHARMACEUTICALS INC. CENTRAL INDEX KEY: 0001176309 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 980376008 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35813 FILM NUMBER: 18523260 BUSINESS ADDRESS: STREET 1: HI-TECH PARK 2/4 GIVAT-RAM STREET 2: PO BOX 39098 CITY: JERUSALEM STATE: L3 ZIP: 91390 BUSINESS PHONE: 011 972-2-566-0001 MAIL ADDRESS: STREET 1: HI-TECH PARK 2/4 GIVAT-RAM STREET 2: PO BOX 39098 CITY: JERUSALEM STATE: L3 ZIP: 91390 FORMER COMPANY: FORMER CONFORMED NAME: Integrated Security Technologies, Inc. DATE OF NAME CHANGE: 20040614 FORMER COMPANY: FORMER CONFORMED NAME: IGUANA VENTURES LTD DATE OF NAME CHANGE: 20020625 10-Q 1 f10q1117_oramedpharma.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2017

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 000-50298

ORAMED PHARMACEUTICALS INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware		98-0376008
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

Hi-Tech Park 2/4 Givat Ram

PO Box 39098

Jerusalem, Israel

91390

(Address of Principal Executive Offices)

(Zip Code)

+ 972-2-566-0001

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☐ (Do not check if a smaller reporting company)

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of January 10, 2018, there were 14,370,930 shares of the issuer’s common stock, $0.012 par value per share, outstanding.

ORAMED PHARMACEUTICALS INC.

FORM 10-Q

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION	1
ITEM 1 - FINANCIAL STATEMENTS	1
ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	17
ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	24
ITEM 4 - CONTROLS AND PROCEDURES	24
PART II - OTHER INFORMATION	25
ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	25
ITEM 6 - EXHIBITS	25

As used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our” and the “Company” mean Oramed Pharmaceuticals Inc. and our wholly-owned Israeli subsidiary, Oramed Ltd., unless otherwise indicated. All dollar amounts refer to U.S. Dollars unless otherwise indicated.

On November 30, 2017, the exchange rate between the New Israeli Shekel, or NIS, and the dollar, as quoted by the Bank of Israel, was NIS 3.499 to $1.00. Unless indicated otherwise by the context, statements in this Quarterly Report on Form 10-Q that provide the dollar equivalent of NIS amounts or provide the NIS equivalent of dollar amounts are based on such exchange rate.

PART I – FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

ORAMED PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF NOVEMBER 30, 2017

TABLE OF CONTENTS

	Page
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:
Balance sheets	2
Statements of comprehensive loss	3
Statement of changes in stockholders’ equity	4
Statements of cash flows	5
Notes to financial statements	6-16

ORAMED PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. Dollars in thousands (except share and per share data)

(UNAUDITED)

	November 30,			August 31,
	2017			2017
Assets
CURRENT ASSETS:
Cash and cash equivalents	$	1,258		$	3,969
Short-term deposits		14,992			13,293
Marketable securities		2,722			2,860
Restricted cash		-			16
Prepaid expenses and other current assets		163			159
Total current assets		19,135			20,297

LONG-TERM ASSETS:
Long-term deposits and investment		17,780			16,232
Marketable securities		4,598			2,151
Amounts funded in respect of employee rights upon retirement		14			14
Property and equipment, net		17			18
Total long-term assets		22,409			18,415
Total assets	$	41,544		$	38,712

Liabilities and stockholders’ equity

CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	2,599		$	2,716
Deferred revenues		2,449			2,449
Payable to related parties		76			-
Total current liabilities		5,124			5,165

LONG-TERM LIABILITIES:
Deferred revenues		13,226			13,837
Employee rights upon retirement		19			18
Provision for uncertain tax position		11			11
Other liabilities		423			443
Total long-term liabilities		13,679			14,309

COMMITMENTS (note 2)

STOCKHOLDERS’ EQUITY:
Common stock, $0.012 par value (30,000,000 authorized shares; 14,307,890 and 13,668,530 shares issued and outstanding as of November 30, 2017 and August 31, 2017, respectively)		170			163
Additional paid-in capital		80,871			75,170
Accumulated other comprehensive income		727			401
Accumulated loss		(59,027	)		(56,496	)
Total stockholders’ equity		22,741			19,238
Total liabilities and stockholders’ equity	$	41,544		$	38,712

The accompanying notes are an integral part of the condensed consolidated financial statements.

ORAMED PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

U.S. Dollars in thousands (except share and per share data)

(UNAUDITED)

	Three months ended
	November 30,			November 30,
	2017			2016

REVENUES	$	611		$	610
COST OF REVENUES		-			187
RESEARCH AND DEVELOPMENT EXPENSES, NET		2,327			2,353
GENERAL AND ADMINISTRATIVE EXPENSES		1,016			468
OPERATING LOSS		2,732			2,398
FINANCIAL INCOME		222			186
FINANCIAL EXPENSES		21			24
LOSS BEFORE TAXES ON INCOME		2,531			2,236
TAXES ON INCOME		-			400
NET LOSS FOR THE PERIOD	$	2,531		$	2,636

UNREALIZED LOSS (GAIN) ON AVAILABLE FOR SALE SECURITIES		(326	)		63
TOTAL OTHER COMPREHENSIVE LOSS (GAIN)		(326	)		63
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	$	2,205		$	2,699

LOSS PER SHARE OF COMMON STOCK:
BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK	$	0.18		$	0.20
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK		14,239,346			13,205,971

The accompanying notes are an integral part of the condensed consolidated financial statements.

ORAMED PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

U.S. Dollars in thousands (except share data)

(UNAUDITED)

							Accumulated
					Additional		other					Total
	Common Stock				paid-in		comprehensive		Accumulated			stockholders’
	Shares		$		capital		income		loss			equity
	In thousands
BALANCE AS OF AUGUST 31, 2017		13,668	$	163	$	75,170	$	401	$	(56,496	)	$	19,238
CHANGES DURING THE THREE-MONTH PERIOD ENDED NOVEMBER 30, 2017:
SHARES ISSUED FOR SERVICES		3		*		24		-		-			24
ISSUANCE OF COMMON STOCK, NET		454		5		4,225		-		-			4,230
EXERCISE OF WARRANTS AND OPTIONS		178		2		928		-		-			930
STOCK-BASED COMPENSATION		5		*		524		-		-			524
NET LOSS		-		-		-		-		(2,531	)		(2,531	)
OTHER COMPREHENSIVE INCOME		-		-		-		326		-			326
BALANCE AS OF NOVEMBER 30, 2017		14,308	$	170	$	80,871	$	727	$	(59,027	)	$	22,741

* Represents an amount of less than $1.

The accompanying notes are an integral part of the condensed consolidated financial statements.

ORAMED PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

(UNAUDITED)

	Three months ended
	November 30,
	2017			2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(2,531	)	$	(2,636	)
Adjustments required to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation		1			1
Exchange differences and interest on deposits and held to maturity bonds		(71	)		(112	)
Stock-based compensation		524			158
Shares issued for services		24			17
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(4	)		(232	)
Accounts payable, accrued expenses and related parties		(41	)		825
Deferred revenues		(611	)		3,366
Liability for employee rights upon retirement		1			-
Other liabilities		(20	)		111
Total net cash provided by (used in) operating activities		(2,728	)		1,498
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short-term deposits		(2,039	)		(1,000	)
Purchase of long-term deposits		(3,540	)		(3,000	)
Purchase of held to maturity securities		(2,879	)		(1,056	)
Proceeds from sale of short-term deposits		2,455			1,320
Proceeds from maturity of held to maturity securities		857			300
Total net cash used in investing activities		(5,146	)		(3,436	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs		4,230			-
Proceeds from exercise of warrants and options		930			320
Total net cash provided by financing activities		5,160			320
EFFECT OF EXCHANGE RATE CHANGES ON CASH		3			1
DECREASE IN CASH AND CASH EQUIVALENTS		(2,711	)		(1,617	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		3,969			3,907
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	1,258		$	2,290

SUPPLEMENTARY DISCLOSURE ON CASH FLOWS -
Interest received	$	133		$	56

The accompanying notes are an integral part of the condensed consolidated financial statements.

ORAMED PHARMACEUTICALS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. Dollars in thousands (except share and per share data)

(UNAUDITED)

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES:

General:

Incorporation and operations

Oramed Pharmaceuticals Inc. (collectively with its subsidiary, the “Company”, unless the context indicates otherwise) was incorporated on April 12, 2002, under the laws of the State of Nevada. From incorporation until March 3, 2006, the Company was an exploration stage company engaged in the acquisition and exploration of mineral properties. On February 17, 2006, the Company entered into an agreement with Hadasit Medical Services and Development Ltd. (“Hadasit”) to acquire the provisional patent related to an orally ingestible insulin capsule to be used for the treatment of individuals with diabetes.

On May 14, 2007, the Company incorporated a wholly-owned subsidiary in Israel, Oramed Ltd. (the “Subsidiary”), which is engaged in research and development.

On March 11, 2011, the Company was reincorporated from the State of Nevada to the State of Delaware.

On November 30, 2015, the Company entered into a Technology License Agreement with Hefei Tianhui Incubation of Technologies Co. Ltd. (“HTIT”) and on December 21, 2015, the parties entered into an Amended and Restated Technology License Agreement that was further amended by the parties on June 3, 2016 and July 24, 2016 (the “License Agreement”). According to the License Agreement, the Company granted HTIT an exclusive commercialization license in the territory of the People’s Republic of China, Macau and Hong Kong (the “Territory”), related to the Company’s oral insulin capsule, ORMD-0801 (the “Product”). Pursuant to the License Agreement, HTIT will conduct, at its own expense, certain pre-commercialization and regulatory activities with respect to the Subsidiary’s technology and ORMD-0801 capsule, and will pay to the Subsidiary (i) royalties of 10% on net sales of the related commercialized products to be sold by HTIT in the Territory (“Royalties”), and (ii) an aggregate of $37,500, of which $3,000 was payable immediately, $8,000 will be paid subject to the Company entering into certain agreements with certain third parties, and $26,500 will be paid upon achievement of certain milestones and conditions. In the event that the Company does not meet certain conditions, the Royalties rate may be reduced to a minimum of 8%. Following the final expiration of the Company’s patents covering the technology in the Territory in 2033, the Royalties rate may be reduced, under certain circumstances, to 5%.

The royalty payment obligation shall apply during the period of time beginning upon the first commercial sale of the Product in the Territory, and ending upon the later of (i) the expiration of the last-to-expire licensed patents in the Territory; and (ii) 15 years after the first commercial sale of the Product in the Territory (the “Royalty Term”).

The License Agreement shall remain in effect until the expiration of the Royalty Term. The License Agreement contains customary termination provisions.

ORAMED PHARMACEUTICALS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. Dollars in thousands (except share and per share data)

(UNAUDITED)

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (continued):

Among others, the Company’s involvement through the product submission date will include consultancy for the pre-commercialization activities in the Territory, as well as advisory services to HTIT on an ongoing basis.

The initial payment of $3,000 was received in January 2016. Following the achievement of certain milestones, the second and third payments of $6,500 and $4,000, respectively, were received in July 2016 and the fourth milestone payment of $4,000 was received in October 2016.

In addition, on November 30, 2015, the Company entered into a Stock Purchase Agreement with HTIT (the “SPA”). According to the SPA, the Company issued 1,155,367 shares of common stock to HTIT for $12,000. The transaction closed on December 28, 2015.

The License Agreement and the SPA were considered a single arrangement with multiple deliverables. The Company allocated the total consideration of $49,500 between the License Agreement and the SPA according to their fair value, as follows: $10,617 was allocated to the issuance of common stock (less issuance expenses of $23), based on the quoted price of the Company’s shares on the closing date of the SPA on December 28, 2015, and $38,883 was allocated to the License Agreement. Given the Company’s continuing involvement through the expected product submission (June 2023), amounts received relating to the License Agreement are recognized over the period from which the Company is entitled to the respective payment, and the expected product submission date using a time-based model approach over the periods that the fees are earned.

In July 2015, according to the letter of intent signed between the parties or their affiliates, HTIT’s affiliate paid the Subsidiary a non-refundable amount of $500 as a no-shop fee. The no-shop fee was deferred and the related revenue is recognized over the estimated term of the License Agreement.

Amounts that were allocated to the License Agreement as of November 30, 2017 aggregated $19,383, all of which were received through the balance sheet date. Through November 30, 2017, the Company recognized revenue in the amount of $3,708, and deferred the remaining amount of $15,675.

ORAMED PHARMACEUTICALS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. Dollars in thousands (except share and per share data)

(UNAUDITED)

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (continued):

The following table summarizes the movement in deferred revenues balances for the three-month period ended November 30, 2017 and the year ended August 31, 2017:

	Three months ended November 30,			Year ended August 31,
	2017			2017

Deferred revenue at the beginning of period	$	16,286		$	14,766
Amounts received		-			4,000
Amounts due to the Company		-			(24	)
Revenue recognized		(611	)		(2,456	)
Deferred revenue at the end of period		15,675			16,286
Less – current deferred revenue portion		(2,449	)		(2,449	)
Non-current deferred revenue portion	$	13,226		$	13,837

Development and liquidity risks

The Company is engaged in research and development in the biotechnology field for innovative pharmaceutical solutions, including an orally ingestible insulin capsule to be used for the treatment of individuals with diabetes, and the use of orally ingestible capsules for delivery of other polypeptides, and has not generated significant revenues from its operations. Continued operation of the Company is contingent upon obtaining sufficient funding until it becomes profitable. Successful completion of the Company’s development programs and its transition to normal operations is dependent upon obtaining necessary regulatory approvals from the U.S. Food and Drug Administration prior to selling its products within the United States, obtaining foreign regulatory approvals to sell its products internationally, or entering into licensing agreements with third parties. There can be no assurance that the Company will receive regulatory approval of any of its product candidates, and a substantial amount of time may pass before the Company achieves a level of revenues adequate to support its operations, if at all. The Company also expects to incur substantial expenditures in connection with the regulatory approval process for each of its product candidates during their respective developmental periods. Obtaining marketing approval will be directly dependent on the Company’s ability to implement the necessary regulatory steps required to obtain marketing approval in the United States and in other countries. The Company cannot predict the outcome of these activities.

Loss per common share

Basic and diluted net loss per common share are computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding for each period. Outstanding stock options, warrants and restricted stock units (“RSUs”) have been excluded from the calculation of the diluted loss per share because all such securities are anti-dilutive for all periods presented. The total number of common stock options, warrants and RSUs excluded from the calculation of diluted net loss was 1,424,029 and 2,470,494 for the three-month periods ended November 30, 2017 and 2016, respectively.

ORAMED PHARMACEUTICALS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. Dollars in thousands (except share and per share data)

(UNAUDITED)

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (continued):

Condensed Consolidated Financial Statements Preparation

The condensed consolidated financial statements included herein have been prepared in accordance with U.S. GAAP and on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2017 (the “2017 Form 10-K”). These condensed consolidated financial statements reflect all adjustments that are of a normal recurring nature and that are considered necessary for a fair statement of the results of the periods presented. Certain information and disclosures normally included in annual consolidated financial statements have been omitted in this interim period report pursuant to the rules and regulations of the Securities and Exchange Commission. Because the condensed consolidated interim financial statements do not include all of the information and disclosures required by U.S. GAAP for annual financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the 2017 Form 10-K. The results for interim periods are not necessarily indicative of a full fiscal year’s results.

Newly issued and recently adopted Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 (Topic 606) “Revenue from Contracts with Customers” that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle of this ASU is that an entity will recognize revenue upon the transfer of goods or services to customers in an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of the time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective in annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company will implement the guidance for the annual period ending on August 31, 2019. The Company is currently evaluating the impact of the guidance on its consolidated financial statements.

ORAMED PHARMACEUTICALS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. Dollars in thousands (except share and per share data)

(UNAUDITED)

NOTE 2 - COMMITMENTS:

In March 2011, the Subsidiary sold shares of its investee company, Entera Bio Ltd. (“Entera”) to D.N.A Biomedical Solutions Ltd. (“D.N.A”), retaining a 3% interest as of March 2011, which is accounted for as a cost method investment (amounting to $1). In consideration for the shares sold to D.N.A, the Company received, among other payments, 4,202,334 ordinary shares of D.N.A (see also note 4).

As part of this agreement, the Subsidiary entered into a patent transfer agreement according to which the Subsidiary assigned to Entera all of its right, title and interest in and to the patent application that it has licensed to Entera since August 2010. Under this agreement, the Subsidiary is entitled to receive from Entera royalties of 3% of Entera’s net revenues (as defined in the agreement) and a license back of that patent application for use in respect of diabetes and influenza. As of November 30, 2017, Entera had not yet realized any revenues and had not paid any royalties to the Subsidiary.

In addition, as part of a consulting agreement with a third party, dated February 15, 2011, the Subsidiary is obliged to pay this third party royalties of 8% of the net royalties received in respect of the patent that was sold to Entera in March 2011.

On January 3, 2017, the Subsidiary entered into a lease agreement for its office facilities in Israel. The lease agreement is for a period of 60 months commencing October 1, 2016.

The annual lease payment is New Israeli Shekel (“NIS”) 119,000 ($34) from October 2016 through September 2018 and NIS 132,000 ($38) from October 2018 through September 2021, and is linked to the increase in the Israeli consumer price index (“CPI”) (as of November 30, 2017, the future lease payments until the expiration of the lease agreement will be $142, based on the exchange rate as of November 30, 2017).

As security for its obligation under this lease agreement, the Company provided a bank guarantee in an amount equal to three monthly lease payments.

On March 3, 2016, the Subsidiary entered into an agreement with a vendor for process development and production of its capsules and on November 24, 2016, April 3, 2017 and July 10, 2017 into amendments to such agreement in an amount of up to Swiss Franc (“CHF”) 1,000,000 ($1,014), CHF 665,000 ($675) of which was recognized through November 30, 2017.

On May 11, 2016, the Subsidiary entered into a Master Service Agreement with a vendor to retain its services for a pre-clinical toxicology trial for an oral GLP-1 analog capsule for type 2 diabetes patients. As consideration for its services, the Subsidiary will pay the vendor a total amount of $1,283 during the term of the engagement and based on achievement of certain milestones, of which $1,266 was recognized through November 30, 2017.

On June 13, 2016, the Subsidiary entered into a four-year service agreement with a third party and on December 19, 2016, this agreement and all of the third party rights and obligations thereunder were assigned to another third party. This agreement is required by the License Agreement as described in note 1 and will support the Company’s research and development. The Subsidiary is obligated to pay the third party a total amount of up to €2,360,000 ($2,722), of which €962,400 ($1,067) was recognized in research and development through November 30, 2017.

ORAMED PHARMACEUTICALS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. Dollars in thousands (except share and per share data)

(UNAUDITED)

NOTE 2 - COMMITMENTS (continued):

On July 24, 2016, the Subsidiary entered into a General Technical Agreement with a vendor for the scale-up process development and production of one of its oral capsule ingredients in the amount of $4,300 that will be paid over the term of the engagement and based on the achievement of certain development milestones, $3,980 of which were recognized in research and development through November 30, 2017. This agreement is part of the requirements of the License Agreement as described in note 1.

On February 21, 2017, the Subsidiary entered into an agreement with a vendor to retain its services for a pre-clinical toxicology trial for an oral insulin capsule for type 2 and type 1 diabetes patients. As consideration for its services, the Subsidiary will pay the vendor a total of up to $952 during the term of the engagement and based on achievement of certain milestones, of which $691 was recognized through November 30, 2017.

On May 3, 2017, the Company entered into a consulting agreement with a third party advisor for a period of one year, pursuant to which such advisor will provide investor relations services and will be entitled to receive a monthly cash fee and 10,000 shares of the Company’s common stock that will be issued in four equal quarterly installments commencing August 1, 2017. As of November 30, 2017, the Company had issued to such advisor 5,000 shares. The fair value of the shares at the grant date was $44.

On June 5, 2017, the Subsidiary entered into a clinical research agreement with a vendor, for the conduct of its clamp clinical trial for an oral insulin capsule for type 1 diabetes patients. As consideration for its services, the Subsidiary will pay the vendor a total amount of $958 during the term of the engagement and based on achievement of certain milestones, $160 of which was recognized through November 30, 2017.

Grants from the Bio-Jerusalem Fund (“Bio-Jerusalem”)

The Subsidiary is committed to pay royalties to Bio-Jerusalem on proceeds from future sales at a rate of 4% and up to 100% of the amount of the grant received (Israeli CPI linked) at the total amount of $65. The Company received no grants from Bio-Jerusalem since fiscal year 2013.

Through November 30, 2017, total milestone payments received which are related to the funded project aggregated $17,500 and all related royalty expenses were recognized in cost of revenues in prior periods.

Grants from the Israel Innovation Authority (“IIA”)

Under the terms of the Company’s funding from the IIA, royalties of 3.5% are payable on sales of products developed from a project so funded, up to a maximum amount equaling 100%-150% of the grants received (dollar linked) with the addition of interest at an annual rate based on LIBOR.

At the time the grants were received, successful development of the related projects was not assured.

The total amount that was received through November 30, 2017 was $2,194.

Through November 30, 2017, total milestone payments received which are related to the funded project aggregated $17,500. The royalty expenses were recognized in cost of revenues in prior periods and will be paid over the term of the License Agreement in accordance with the revenue recognized from the related project.

ORAMED PHARMACEUTICALS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. Dollars in thousands (except share and per share data)

(UNAUDITED)

NOTE 3 - FAIR VALUE:

The Company measures fair value and discloses fair value measurements for financial assets and liabilities. Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows:

	Level 1:	Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

	Level 2:	Observable prices that are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

	Level 3:	Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

As of November 30, 2017, the assets or liabilities measured at fair value are comprised of available for sale equity securities (Level 1).

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible.

As of November 30, 2017, the carrying amount of cash and cash equivalents, short-term deposits and other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term maturities of these instruments.

As of November 30, 2017, the carrying amount of long-term deposits approximates their fair values due to the stated interest rates which approximate market rates.

The fair value of held to maturity bonds as presented in note 4 was based on a Level 1 measurement.

The amounts funded in respect of employee rights are stated at cash surrender value which approximates its fair value.

There were no Level 3 items for the three-month periods ended November 30, 2017 and 2016.

ORAMED PHARMACEUTICALS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. Dollars in thousands (except share and per share data)

(UNAUDITED)

NOTE 4 - MARKETABLE SECURITIES:

The Company’s marketable securities include investments in equity securities of D.N.A and in held to maturity bonds.

Composition:

	November 30, 2017		August 31, 2017
Short-term:
D.N.A (see b below)	$	1,322	$	996
Held to maturity bonds (see c below)		1,400		1,864
	$	2,722	$	2,860
Long-term:
Held to maturity bonds (see c below)	$	4,598	$	2,151

D.N.A

The investment in D.N.A is reported at fair value, with unrealized gains and losses, recorded as a separate component of other comprehensive income in equity until realized. Unrealized losses that are considered to be other-than-temporary are charged to statement of operations as an impairment charge and are included in the consolidated statement of operations under impairment of available-for-sale securities.

The D.N.A ordinary shares are traded on the Tel Aviv Stock Exchange. The fair value of those securities is measured at the quoted prices of the securities on the measurement date.

As of November 30, 2017, the Company owns approximately 6.9% of D.N.A’s outstanding ordinary shares.

The cost of the securities as of November 30, 2017 and August 31, 2017 is $595.

ORAMED PHARMACEUTICALS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. Dollars in thousands (except share and per share data)

(UNAUDITED)

NOTE 4 - MARKETABLE SECURITIES (continued):

Held to maturity securities

The amortized cost and estimated fair value of held-to-maturity securities as of November 30, 2017, are as follows:

	November 30, 2017
	Amortized cost		Gross unrealized losses			Estimated fair value
Short-term:
Commercial bonds	$	1,359	$	(2	)	$	1,357
Accrued interest		41		-			41

Long-term		4,598		(27	)		4,571
	$	5,998	$	(29	)	$	5,969

As of November 30, 2017, the contractual maturities of debt securities classified as held-to-maturity are as follows: after one year through two years, $4,598, and the yield to maturity rates vary between 1.40% to 1.90%.

The amortized cost and estimated fair value of held-to-maturity securities as of August 31, 2017, are as follows:

	August 31, 2017
	Amortized cost		Gross unrealized losses			Estimated fair value
Short-term:
Commercial bonds	$	1,823	$	(1	)	$	1,822
Accrued interest		41		-			41

Long-term		2,151		-			2,151
	$	4,015	$	(1	)	$	4,014

As of August 31, 2017, the contractual maturities of debt securities classified as held-to-maturity are as follows: after one year through two years, $2,151 and the yield to maturity rates vary between 1.30% to 1.87%.

Held to maturity securities which will mature during the 12 months from the balance sheet date are included in short-term marketable securities. Held to maturity securities with maturity dates of more than one year are considered long-term marketable securities.

ORAMED PHARMACEUTICALS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. Dollars in thousands (except share and per share data)

(UNAUDITED)

NOTE 5 - LONG-TERM DEPOSITS AND INVESTMENTS:

Composition:

	November 30,		August 31,
	2017		2017

Bank deposits (1)	$	17,778	$	16,230
Lease car deposits		1		1
Investment		1		1
	$	17,780	$	16,232

(1)

Represents U.S. dollar bank deposits which carry fixed annual interest rates between 2.15% to 2.56%, with maturities of more than one year from the date of the condensed consolidated balance sheet. The latest maturity date is during the year ending August 31, 2020.

NOTE 6 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

Composition:

	November 30,		August 31,
	2017		2017

Accounts payable	$	1,582	$	571
Payroll and related accruals		54		97
Institutions		24		228
Accrued liabilities		645		1,593
Other		294		227
	$	2,599	$	2,716

NOTE 7 - STOCKHOLDERS’ EQUITY:

On April 2, 2015, the Company entered into an At The Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley FBR, Inc., as successor to FBR Capital Markets & Co. (“FBR”), as amended, pursuant to which the Company may, from time to time and at its option, issue and sell shares of its common stock having an aggregate offering price of up to $25,000 through FBR as its sales agent, subject to certain terms and conditions. Any shares sold will be sold pursuant to the Company’s effective shelf registration statement on Form S-3 including a prospectus dated February 2, 2017, as supplemented by a prospectus supplement dated April 5, 2017. The Company will pay FBR a commission of 3.0% of the gross proceeds of the sale of any shares sold through FBR. As of November 30, 2017, 456,889 shares were sold under the Sales Agreement for aggregate net proceeds of $4,256 and an additional 50,000 shares were subsequently sold during December 2017 for aggregate net proceeds of $441.

ORAMED PHARMACEUTICALS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. Dollars in thousands (except share and per share data)

(UNAUDITED)

NOTE 8 - RELATED PARTIES - TRANSACTIONS:

On July 1, 2008, the Subsidiary entered into two consulting agreements with KNRY Ltd. (“KNRY”), an Israeli company owned by the Chief Scientific Officer (the “CSO”), whereby the Chief Executive Officer (the “CEO”) and the CSO, through KNRY, provide services to the Company (the “Consulting Agreements”). The Consulting Agreements are both terminable by either party upon 140 days prior written notice. The Consulting Agreements, as amended, provide that KNRY will be reimbursed for reasonable expenses incurred in connection with performance of the Consulting Agreements and that the monthly consulting fee paid to the CEO and the CSO is NIS 127,570 ($35) and NIS 80,454 ($22), respectively.

In addition to the Consulting Agreement, based on a relocation cost analysis prepared by consulting company ORI - Organizational Resources International Ltd., the Company pays for certain direct costs and expenses incurred in connection with the relocation of the CEO to New York, up to an aggregate yearly amount of $332.

NOTE 9 - SUBSEQUENT EVENT:

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the “TCJA”), which among other changes reduces the federal corporate tax rate to 21%. The Company is currently evaluating the impact of the TCJA on its consolidated financial statements.

On December 18, 2017, the Subsidiary entered into an agreement with a vendor for the process development and production of one of its oral capsule ingredients in the amount of $2,900.

ITEM 2 -

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and the related notes included elsewhere herein and in our consolidated financial statements, accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in our Annual Report (as defined below).

Forward-Looking Statements

The statements contained in this Quarterly Report on Form 10-Q that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “planned expenditures,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this Quarterly Report on Form 10-Q. Additionally, statements concerning future matters are forward-looking statements. We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our achievements, or industry results, expressed or implied by such forward-looking statements. Such forward-looking statements include, among other statements, statements regarding the following:

	●	the expected development and potential benefits from our products in treating diabetes;

	●	future milestones, conditions and royalties under the license agreement with Hefei Tianhui Incubation of Technologies Co. Ltd., or HTIT;

	●	our research and development plans, including pre-clinical and clinical trials plans and the timing of enrollment, obtaining results and conclusion of trials, including without limitation, our expectation that we will initiate two six-month Phase III clinical trials if our Phase IIb three-month dosing clinical trial is successful, and our expectation to file a New Drug Application thereafter;

	●	our belief that our technology has the potential to deliver medications and vaccines orally that today can only be delivered via injection;

	●	the competitive ability of our technology based product efficacy, safety, patient convenience, reliability, value and patent position;

	●	the potential market demand for our products;

	●	our expectation that in the upcoming years our research and development expenses, net, will continue to be our major expenditure;

	●	our expectations regarding our short- and long-term capital requirements;

	●	our outlook for the coming months and future periods, including but not limited to our expectations regarding future revenue and expenses; and

	●	information with respect to any other plans and strategies for our business.

Although forward-looking statements in this Quarterly Report on Form 10-Q reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the heading “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended August 31, 2017, or our Annual Report, as filed with the Securities and Exchange Commission, or the SEC, on November 29, 2017, as well as those discussed elsewhere in our Annual Report and this Quarterly Report on Form 10-Q and expressed from time to time in our other filings with the SEC. In addition, historic results of scientific research, clinical and preclinical trials do not guarantee that the conclusions of future research or trials would not suggest different conclusions. Also, historic results referred to in this Quarterly Report on Form 10-Q could be interpreted differently in light of additional research, clinical and preclinical trials results. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. Except as required by law, we undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Quarterly Report on Form 10-Q. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this Quarterly Report on Form 10-Q which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.

Overview of Operations

We are a pharmaceutical company currently engaged in the research and development of innovative pharmaceutical solutions, including an oral insulin capsule to be used for the treatment of individuals with diabetes, and the use of orally ingestible capsules or pills for delivery of other polypeptides.

Recent business developments

Product Candidates

Orally Ingestible Insulin

In August 2017, we had a call with the U.S. Food and Drug Administration, or FDA, regarding our proprietary flagship product, an orally ingestible insulin capsule, or ORMD-0801. During the call, the FDA advised that the regulatory pathway for the submission of ORMD-0801 would be a Biologics License Application. If approved, such a pathway would grant us 12 years of marketing exclusivity for ORMD-0801, from the approval date, and an additional six months of exclusivity may be granted if the product also receives approval for use in pediatric patients. The FDA confirmed that the approach to nonclinical toxicology, chemistry manufacturing controls and qualification of excipients would be driven by their published guidance documents. We plan to initiate in the first quarter of calendar year 2018 a three-month dose-ranging clinical trial on approximately 240 type 2 diabetic patients to assess the safety and evaluate the effect of ORMD-0801 on HbA1c, the main FDA registrational endpoint and a clamp study on six type 1 diabetic patients.

In February 2017, we completed a Phase IIa dose finding clinical trial which was initiated in October 2016. This randomized, double-blind trial was conducted on 32 type 2 adult diabetic patients in order to better define the optimal dosing of ORMD-0801 moving forward. The results of the trial indicated a positive safety profile and potentially meaningful efficacy of ORMD-0801, as the efficacy data suggest ORMD-0801 improves glucose control.

In March 2017, we initiated a six month toxicology study to allow for the use of our oral insulin capsule for a longer period than previously performed, in preparation for our proposed upcoming three-month clinical trial for type 2 diabetes. We anticipate receiving the final report of this study in the first quarter of calendar year 2018.

In April 2016, we completed a Phase IIb clinical trial on 180 type 2 adult diabetic patients that was initiated in June 2015 and conducted in 33 sites in the United States. This double-blind, randomized, 28-day dosing clinical trial was conducted under an Investigational New Drug application, or IND, with the FDA. The clinical trial, designed to assess the safety and efficacy of our ORMD-0801, investigated ORMD-0801 over a 28 day treatment period and had statistical power to give us greater insight into the drug’s efficacy. The trial indicated a statistically significant lowering of blood glucose levels versus placebo across several endpoints, with no serious or severe adverse issues related to the drug. The trial successfully met all of its primary and most of its secondary and exploratory endpoints for both safety and efficacy.

Should our Phase IIb three-month dose-ranging clinical trial successfully meet its primary endpoints, we anticipate initiating two six-month Phase III clinical trials on both type 1 and type 2 diabetic patients, following which we expect to file a New Drug Application with a potential FDA approval by the third quarter of calendar year 2023.

GLP-1 Analog

In September 2013, we submitted a pre-IND package to the FDA for ORMD-0901, our oral exenatide capsule, for a Phase II clinical trial on healthy volunteers and type 2 diabetic patients. In August 2015, we began a non-FDA clinical trial outside of the United States on type 2 diabetic patients. The trial was completed during the second quarter of calendar year 2016 and indicated positive results as it showed ORMD-0901 to be safe and well tolerated and demonstrated encouraging efficacy data. We completed a three-month pre-clinical toxicology study in March 2017 and the final report will be submitted to the FDA with our IND. We expect to file an IND during the first quarter of calendar year 2018 and move directly into a small pharmacokinetics study on healthy volunteers followed by a large Phase II trial on type 2 diabetic patients which will be conducted in the United States under an IND.

Other products

During the first quarter of calendar 2017, we began developing a new drug candidate, a weight loss treatment in the form of an oral leptin capsule, and in April 2017, Israel’s Ministry of Health approved our commencement of a proof of concept single dose study for our oral leptin drug candidate to evaluate its pharmacokinetic and pharmacodynamics (glucagon reduction) in 10 type 1 adult diabetic patients. The study is projected to initiate in calendar year 2018 and be completed during calendar year 2019.

In November 2017, Israel’s Ministry of Health approved us to initiate an exploratory clinical study of our oral insulin capsule, ORMD-0801, in patients with nonalcoholic steatohepatitis (NASH). The proposed three-month treatment study will assess the effectiveness of ORMD-0801 in reducing liver fat content, inflammation and fibrosis in patients with NASH. We expect to initiate the study in calendar year 2018 and complete it during calendar year 2019.

The table below gives an overview of our primary product pipeline (calendar quarters):

Out-Licensed Technology

On November 30, 2015, we, our Israeli subsidiary and HTIT entered into a Technology License Agreement, and on December 21, 2015 these parties entered into an Amended and Restated Technology License Agreement that was further amended by the parties on June 3, 2016 and July 24, 2016, or the License Agreement. According to the License Agreement, we granted HTIT an exclusive commercialization license in the territory of the People’s Republic of China, Macau and Hong Kong, or the Territory, related to our oral insulin capsule, ORMD-0801, or the Product. Pursuant to the License Agreement, HTIT will conduct, at its own expense, certain pre-commercialization and regulatory activities with respect to our technology and ORMD-0801 capsule, and will pay (i) royalties of 10% on net sales of the related commercialized products to be sold by HTIT in the Territory, or Royalties, and (ii) an aggregate of $37.5 million, of which $3 million is payable immediately, $8 million will be paid subject to our entry into certain agreements with certain third parties, and $26.5 million will be payable upon achievement of certain milestones and conditions. In the event that we will not meet certain conditions, the Royalties rate may be reduced to a minimum of 8%. Following the final expiration of our patents covering the technology in the Territory in 2033, the Royalties rate may be reduced, under certain circumstances, to 5%. The royalty payment obligation shall apply during the period of time beginning upon the first commercial sale of the Product in the Territory, and ending upon the later of (i) the final expiration of the last-to-expire licensed patent in the Territory and (ii) 15 years after the first commercial sale of the Product in the Territory, or the Royalty Term. The License Agreement shall remain in effect until the expiration of the Royalty Term. The License Agreement contains customary termination provisions. The initial payment of $3 million was received in January 2016. Following the achievement of certain milestones, the second and third milestone payments of $6.5 million and $4 million, respectively, were received in July 2016, and the fourth milestone payment of $4 million was received in October 2016.

On November 30, 2015, we also entered into a separate Securities Purchase Agreement with HTIT, or the SPA, pursuant to which, in December 2015, we issued to HTIT 1,155,367 shares of our common stock for total consideration of $12 million. In connection with the License Agreement and the SPA, we received a non-refundable payment of $500,000 as a no-shop fee.

Results of Operations

Comparison of three month periods ended November 30, 2017 and 2016

The following table summarizes certain statements of operations data of the Company for the three month periods ended November 30, 2017 and 2016 (in thousands of dollars except share and per share data):

	Three months ended
	November 30,
	2017		2016

Revenues	$	611	$	610
Cost of revenues		-		187
Research and development expenses		2,327		2,353
General and administrative expenses		1,016		468
Financial income, net		201		162
Taxes on income		-		400
Net loss for the period	$	2,531	$	2,636
Loss per common share - basic and diluted	$	0.18	$	0.20
Weighted average common shares outstanding		14,239,346		13,205,971

Revenues

Revenues consist of proceeds related to the License Agreement that are recognized over the term of the License Agreement through June 2023.

Revenues for the three month period ended November 30, 2017 totaled $611,000, consistent with $610,000 for the three month period ended November 30, 2016.

Cost of revenues

Cost of revenues consists of royalties related to the License Agreement that will be paid over the term of the License Agreement in accordance with revenue recognition accounting and the Law for the Encouragement of Industrial Research, Development and Technological Innovation, 1984, as amended, including any regulations or tracks promulgated thereunder.

No cost of revenues was recognized during the three month period ended November 30, 2017 compared to cost of revenues of $187,000 for the three month period ended November 30, 2016. The decrease is due to no additional milestone payments having been received during the three month period ended November 30, 2017.

Research and development expenses

Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, employee benefits, costs of materials, supplies, the cost of services provided by outside contractors, including services related to our clinical trials, clinical trial expenses, the full cost of manufacturing drugs for use in research and preclinical development. All costs associated with research and development are expensed as incurred.

Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contractors. We outsource a substantial portion of our clinical trial activities, utilizing external entities such as contract research organizations, or CROs, independent clinical investigators, and other third-party service providers to assist us with the execution of our clinical studies.

Clinical activities which relate principally to clinical sites and other administrative functions to manage our clinical trials are performed primarily by CROs. CROs typically perform most of the start-up activities for our trials, including document preparation, site identification, screening and preparation, pre-study visits, training, and program management.

Clinical trial and pre-clinical trial expenses include regulatory and scientific consultants’ compensation and fees, research expenses, purchase of materials, cost of manufacturing of the oral insulin and exenatide capsules, payments for patient recruitment and treatment, as well as salaries and related expenses of research and development staff.

Research and development expenses for the three month period ended November 30, 2017 decreased by 1% to $2,327,000, from $2,353,000 for the three month period ended November 30, 2016. The decrease is mainly due to completion of our dose finding clinical trial and is partially offset by an increase in expenses related to progress in toxicology studies and preparations for our Phase IIb three-month clinical trial. Stock-based compensation costs for the three month period ended November 30, 2017 totaled $171,000, as compared to $136,000 during the three month period ended November 30, 2016. The increase is mainly attributable to awards granted to employees and a consultant during fiscal year 2017.

Government grants

In the three month periods ended November 30, 2017 and 2016, we did not recognize any research and development grants. As of November 30, 2017, we incurred liabilities to pay royalties to the Israel Innovation Authority of the Israeli Ministry of Economy & Industry of $533,000.

General and administrative expenses

General and administrative expenses include the salaries and related expenses of our management, consulting costs, legal and professional fees, travel expenses, business development costs, insurance expenses and other general costs.

General and administrative expenses for the three month period ended November 30, 2017 increased by 117% to $1,016,000 from $468,000 for the three month period ended November 30, 2016. The increase in costs related to general and administrative activities during the three month period ended November 30, 2017 is mainly attributable to an increase in stock-based compensation costs, consulting and travel expenses related to the relocation of our Chief Executive Officer to New York, where the Company has leased an office since September 2017. Stock-based compensation costs for the three month period ended November 30, 2017 totaled $352,000, as compared to $23,000 during the three month period ended November 30, 2016. The increase is mainly attributable to awards granted to employees and a consultant during fiscal year 2017.

Financial income, net

Net financial income increased by 24% from net income of $162,000 for the three month period ended November 30, 2016 to net income of $201,000 for the three month period ended November 30, 2017. The increase is mainly attributable to an increase in income from bank deposits and held to maturity bonds as a result of an increase in interest rates.

Taxes on income

No taxes on income were recognized for the three month period ended November 30, 2017 as compared to $400,000 for the three month period ended November 30, 2016. The decrease is due to a decrease in withholding tax deducted from milestone payments received related to the License Agreement that resulted from a decrease in such proceeds. The Company estimates that withholding tax will not be utilized in the next five years, and therefore it was deducted.

Other comprehensive income

Unrealized gains on available for sale securities for the three month period ended November 30, 2017 of $326,000, compared to losses of $63,000 for the three month period ended November 30, 2016, resulted from the increase in fair value of the ordinary shares of D.N.A Biomedical Solutions Ltd. that we hold.

Liquidity and capital resources

From inception through November 30, 2017, we have incurred losses in an aggregate amount of $59,027,000. During that period we have financed our operations through several private placements of our common stock, as well as public offerings of our common stock, raising a total of $60,309,000, net of transaction costs. During that period, we also received cash consideration of $5,810,000 from the exercise of warrants and options. We will seek to obtain additional financing through similar sources in the future, as needed. As of November 30, 2017, we had $1,258,000 of available cash, $32,772,000 of short-term and long-term bank deposits and $7,320,000 of marketable securities.

Management continues to evaluate various financing alternatives for funding future research and development activities and general and administrative expenses through fundraising in the public or private equity markets. Although there is no assurance that we will be successful with those initiatives, management believes that it will be able to secure the necessary financing as a result of future third party investments. Based on our current cash resources and commitments, we believe we will be able to maintain our current planned development activities and the corresponding level of expenditures for at least the next 12 months and beyond.

As of November 30, 2017, our total current assets were $19,135,000 and our total current liabilities were $5,124,000. On November 30, 2017, we had a working capital surplus of $14,011,000 and an accumulated loss of $59,027,000. As of August 31, 2017, our total current assets were $20,297,000 and our total current liabilities were $5,165,000. On August 31, 2017, we had a working capital surplus of $15,132,000 and an accumulated loss of $56,496,000. The decrease in working capital from August 31, 2017 to November 30, 2017 was primarily due to investment in long-term deposits and marketable securities.

During the three month period ended November 30, 2017, cash and cash equivalents decreased to $1,258,000 from the $3,969,000 reported as of August 31, 2017, which is due to the reasons described below.

Operating activities used cash of $2,728,000 in the three month period ended November 30, 2017, as compared to $1,498,000 provided in the three month period ended November 30, 2016. Cash used in operating activities in the three month period ended November 30, 2017 primarily consisted of net loss resulting from research and development and general and administrative expenses, as well as changes in deferred revenues due to the License Agreement and is partially offset by changes in stock-based compensation, while cash provided by operating activities in the three month period ended November 30, 2016 primarily consisted of changes in deferred revenues and is partially offset by net loss resulting from research and development and general and administrative expenses.

Investing activities used cash of $5,146,000 in the three month period ended November 30, 2017, as compared to $3,436,000 used in the three month period ended November 30, 2016. Cash used in investing activities in the three month periods ended November 30, 2017 and 2016 consisted primarily of the purchase of short-term and long-term bank deposits and marketable securities.

Financing activities provided cash of $5,160,000 in the three month period ended November 30, 2017, as compared to $320,000 that were provided in the three month period ended November 30, 2016. Financing activities in the three month period ended November 30, 2017 consisted of aggregate net proceeds of $4,230,000 from our issuance of 453,919 common stock under an At The Market Issuance Sales Agreement, dated April 2, 2015, or the Sales Agreement, with B. Riley FBR, Inc., as successor to FBR Capital Markets & Co., or FBR, as amended, and proceeds from exercise of warrants and options while financing activities in the three month period ended November 30, 2016 consisted of proceeds from the exercise of options. Pursuant to the Sales Agreement, we may, from time to time and at our option, issue and sell shares of our common stock having an aggregate offering price of up to $25,000,000 through FBR as sales agent, subject to certain terms and conditions. Any shares sold will be sold pursuant to our effective shelf registration statement on Form S-3 including a prospectus dated February 2, 2017, as supplemented by a prospectus supplement dated April 5, 2017. We will pay FBR a commission of 3.0% of the gross proceeds of the sale of any shares sold through FBR.

Off-balance sheet arrangements

As of November 30, 2017, we had no off-balance sheet arrangements that have had or that we expect would be reasonably likely to have a future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Significant Accounting Policies

Our significant accounting policies are described in the notes to the consolidated financial statements as of August 31, 2017 included in our Annual Report.

Planned Expenditures

We invest heavily in research and development, and we expect that in the upcoming years our research and development expenses will continue to be our major operating expense.

ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There has been no significant change in our exposure to market risk during the three month period ended November 30, 2017. For a discussion of our exposure to market risk, refer to Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” contained in our Annual Report.

ITEM 4 - CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of November 30, 2017. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the quarter ended November 30, 2017 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On November 1, 2017, we issued 2,500 shares of our common stock to Corporate Profile, LLC, or Corporate Profile, in payment of a portion of the consulting fee for investor relations services owed to Corporate Profile pursuant to a Stock Purchase Agreement and Letter Agreement, each dated May 3, 2017, between us and Corporate Profile.

On October 24, 2017, we issued 8,750 shares of our common stock to an investor resulting from his exercise of warrants purchased in connection with our 2012 private placement for a total exercise price of $52,500.

On November 14, 2017, we issued 6,399 shares of our common stock to an investor resulting from his exercise of warrants purchased in connection with our 2012 private placement for a total exercise price of $38,394.

We issued these shares pursuant to an exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.

ITEM 6 - EXHIBITS

Number		Exhibit
31.1*		Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.
31.2*		Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.
32.1**		Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350.
32.2**		Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350.
101.1*		The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended November 30, 2017, formatted in XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Comprehensive Loss, (iii) Condensed Consolidated Statement of Changes in Stockholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements.

___________________

*	Filed herewith
**	Furnished herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ORAMED PHARMACEUTICALS INC.

Date: January 11, 2018	By:	/s/ Nadav Kidron
		Nadav Kidron
		President and Chief Executive Officer

Date: January 11, 2018	By:	/s/ Hilla Eisenberg
		Hilla Eisenberg
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-31.1 2 f10q1117ex31-1_oramedpharma.htm CERTIFICATION

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Nadav Kidron, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Oramed Pharmaceuticals Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: January 11, 2018

/s/ Nadav Kidron

Nadav Kidron

President and Chief Executive Officer

EX-31.2 3 f10q1117ex31-2_oramedpharma.htm CERTIFICATION

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Hilla Eisenberg, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Oramed Pharmaceuticals Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: January 11, 2018

/s/ Hilla Eisenberg

Hilla Eisenberg

Chief Financial Officer

EX-32.1 4 f10q1117ex32-1_oramedpharma.htm CERTIFICATION

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the quarterly report of Oramed Pharmaceuticals Inc., or the Company, on Form 10-Q for the period ended November 30, 2017 as filed with the Securities and Exchange Commission on the date hereof, or the Report, I, Nadav Kidron, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, that to my knowledge:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: January 11, 2018	/s/ Nadav Kidron
	Nadav Kidron, President and Chief Executive Officer

EX-32.2 5 f10q1117ex32-2_oramedpharma.htm CERTIFICATION

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the quarterly report of Oramed Pharmaceuticals Inc., or the Company, on Form 10-Q for the period ended November 30, 2017 as filed with the Securities and Exchange Commission on the date hereof, or the Report, I, Hilla Eisenberg, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, that to my knowledge:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: January 11, 2018

/s/ Hilla Eisenberg

Hilla Eisenberg,

Chief Financial Officer

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<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 165.9pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">a.</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: justify; text-indent: 0px; font-stretch: normal;">General:</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.75in; text-indent: 0px; font-stretch: normal;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">1)</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Incorporation and operations</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Oramed Pharmaceuticals Inc. (collectively with its subsidiary, the “Company”, unless the context indicates otherwise) was incorporated on April 12, 2002, under the laws of the State of Nevada. From incorporation until March 3, 2006, the Company was an exploration stage company engaged in the acquisition and exploration of mineral properties. On February 17, 2006, the Company entered into an agreement with Hadasit Medical Services and Development Ltd. (“Hadasit”) to acquire the provisional patent related to an orally ingestible insulin capsule to be used for the treatment of individuals with diabetes. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On May 14, 2007, the Company incorporated a wholly-owned subsidiary in Israel, Oramed Ltd. (the “Subsidiary”), which is engaged in research and development. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On March 11, 2011, the Company was reincorporated from the State of Nevada to the State of Delaware. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On November 30, 2015, the Company entered into a Technology License Agreement with Hefei Tianhui Incubation of Technologies Co. Ltd. (“HTIT”) and on December 21, 2015, the parties entered into an Amended and Restated Technology License Agreement that was further amended by the parties on June 3, 2016 and July 24, 2016 (the “License Agreement”). According to the License Agreement, the Company granted HTIT an exclusive commercialization license in the territory of the People’s Republic of China, Macau and Hong Kong (the “Territory”), related to the Company’s oral insulin capsule, ORMD-0801 (the “Product”). Pursuant to the License Agreement, HTIT will conduct, at its own expense, certain pre-commercialization and regulatory activities with respect to the Subsidiary’s technology and ORMD-0801 capsule, and will pay to the Subsidiary (i) royalties of 10% on net sales of the related commercialized products to be sold by HTIT in the Territory (“Royalties”), and (ii) an aggregate of $37,500, of which $3,000 was payable immediately, $8,000 will be paid subject to the Company entering into certain agreements with certain third parties, and $26,500 will be paid upon achievement of certain milestones and conditions. In the event that the Company does not meet certain conditions, the Royalties rate may be reduced to a minimum of 8%. Following the final expiration of the Company’s patents covering the technology in the Territory in 2033, the Royalties rate may be reduced, under certain circumstances, to 5%. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The royalty payment obligation shall apply during the period of time beginning upon the first commercial sale of the Product in the Territory, and ending upon the later of (i) the expiration of the last-to-expire licensed patents in the Territory; and (ii) 15 years after the first commercial sale of the Product in the Territory (the “Royalty Term”). <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The License Agreement shall remain in effect until the expiration of the Royalty Term. The License Agreement contains customary termination provisions. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Among others, the Company’s involvement through the product submission date will include consultancy for the pre-commercialization activities in the Territory, as well as advisory services to HTIT on an ongoing basis. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The initial payment of $3,000 was received in January 2016. Following the achievement of certain milestones, the second and third payments of $6,500 and $4,000, respectively, were received in July 2016 and the fourth milestone payment of $4,000 was received in October 2016. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In addition, on November 30, 2015, the Company entered into a Stock Purchase Agreement with HTIT (the “SPA”). According to the SPA, the Company issued 1,155,367 shares of common stock to HTIT for $12,000. The transaction closed on December 28, 2015. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The License Agreement and the SPA were considered a single arrangement with multiple deliverables. The Company allocated the total consideration of $49,500 between the License Agreement and the SPA according to their fair value, as follows: $10,617 was allocated to the issuance of common stock (less issuance expenses of $23), based on the quoted price of the Company’s shares on the closing date of the SPA on December 28, 2015, and $38,883 was allocated to the License Agreement. Given the Company’s continuing involvement through the expected product submission (June 2023), amounts received relating to the License Agreement are recognized over the period from which the Company is entitled to the respective payment, and the expected product submission date using a time-based model approach over the periods that the fees are earned. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In July 2015, according to the letter of intent signed between the parties or their affiliates, HTIT’s affiliate paid the Subsidiary a non-refundable amount of $500 as a no-shop fee. The no-shop fee was deferred and the related revenue is recognized over the estimated term of the License Agreement. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Amounts that were allocated to the License Agreement as of November 30, 2017 aggregated $19,383, all of which were received through the balance sheet date. Through November 30, 2017, the Company recognized revenue in the amount of $3,708, and deferred the remaining amount of $15,675. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The following table summarizes the movement in deferred revenues balances for the three-month period ended November 30, 2017 and the year ended August 31, 2017: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="background-color: white;"> </td> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Three months ended November 30,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Year ended August 31,</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="background-color: white;"> </td> <td style="text-align: center;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="background-color: white;"> </td> <td> </td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1in; background-color: white;"> </td> <td style="text-align: left;">Deferred revenue at the beginning of period</td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 125px; text-align: right;">16,286</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 125px; text-align: right;">14,766</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="background-color: white;"> </td> <td style="text-align: left;">Amounts received</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-  </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,000</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="background-color: white;"> </td> <td style="text-align: left;">Amounts due to the Company</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-  </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(24</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="background-color: white;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;">Revenue recognized</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(611</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,456</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="background-color: white;"> </td> <td style="text-align: left;">Deferred revenue at the end of period</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15,675</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16,286</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="background-color: white;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;">Less – current deferred revenue portion</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,449</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,449</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="background-color: white;"> </td> <td style="text-align: left; padding-bottom: 4pt;">Non-current deferred revenue portion</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">13,226</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">13,837</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.75in; text-indent: 0px; font-stretch: normal;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">2)</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Development and liquidity risks</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company is engaged in research and development in the biotechnology field for innovative pharmaceutical solutions, including an orally ingestible insulin capsule to be used for the treatment of individuals with diabetes, and the use of orally ingestible capsules for delivery of other polypeptides, and has not generated significant revenues from its operations. Continued operation of the Company is contingent upon obtaining sufficient funding until it becomes profitable. Successful completion of the Company’s development programs and its transition to normal operations is dependent upon obtaining necessary regulatory approvals from the U.S. Food and Drug Administration prior to selling its products within the United States, obtaining foreign regulatory approvals to sell its products internationally, or entering into licensing agreements with third parties. There can be no assurance that the Company will receive regulatory approval of any of its product candidates, and a substantial amount of time may pass before the Company achieves a level of revenues adequate to support its operations, if at all. The Company also expects to incur substantial expenditures in connection with the regulatory approval process for each of its product candidates during their respective developmental periods. Obtaining marketing approval will be directly dependent on the Company’s ability to implement the necessary regulatory steps required to obtain marketing approval in the United States and in other countries. The Company cannot predict the outcome of these activities. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">b.</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: justify; text-indent: 0px; font-stretch: normal;">Loss per common share</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Basic and diluted net loss per common share are computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding for each period. Outstanding stock options, warrants and restricted stock units (“RSUs”) have been excluded from the calculation of the diluted loss per share because all such securities are anti-dilutive for all periods presented. The total number of common stock options, warrants and RSUs excluded from the calculation of diluted net loss was 1,424,029 and 2,470,494 for the three-month periods ended November 30, 2017 and 2016, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">a.</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: justify; text-indent: 0px; font-stretch: normal;">Condensed Consolidated Financial Statements Preparation</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The condensed consolidated financial statements included herein have been prepared in accordance with U.S. GAAP and on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2017 (the “2017 Form 10-K”). These condensed consolidated financial statements reflect all adjustments that are of a normal recurring nature and that are considered necessary for a fair statement of the results of the periods presented. Certain information and disclosures normally included in annual consolidated financial statements have been omitted in this interim period report pursuant to the rules and regulations of the Securities and Exchange Commission. Because the condensed consolidated interim financial statements do not include all of the information and disclosures required by U.S. GAAP for annual financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the 2017 Form 10-K. The results for interim periods are not necessarily indicative of a full fiscal year’s results. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">b.</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: justify; text-indent: 0px; font-stretch: normal;">Newly issued and recently adopted Accounting Pronouncements</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 (Topic 606) “Revenue from Contracts with Customers” that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle of this ASU is that an entity will recognize revenue upon the transfer of goods or services to customers in an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of the time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective in annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company will implement the guidance for the annual period ending on August 31, 2019. The Company is currently evaluating the impact of the guidance on its consolidated financial statements.

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 2 - COMMITMENTS:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">a.</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">In March 2011, the Subsidiary sold shares of its investee company, Entera Bio Ltd. (“Entera”) to D.N.A Biomedical Solutions Ltd. (“D.N.A”), retaining a 3% interest as of March 2011, which is accounted for as a cost method investment (amounting to $1). In consideration for the shares sold to D.N.A, the Company received, among other payments, 4,202,334 ordinary shares of D.N.A (see also note 4).</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As part of this agreement, the Subsidiary entered into a patent transfer agreement according to which the Subsidiary assigned to Entera all of its right, title and interest in and to the patent application that it has licensed to Entera since August 2010. Under this agreement, the Subsidiary is entitled to receive from Entera royalties of 3% of Entera’s net revenues (as defined in the agreement) and a license back of that patent application for use in respect of diabetes and influenza. As of November 30, 2017, Entera had not yet realized any revenues and had not paid any royalties to the Subsidiary.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In addition, as part of a consulting agreement with a third party, dated February 15, 2011, the Subsidiary is obliged to pay this third party royalties of 8% of the net royalties received in respect of the patent that was sold to Entera in March 2011.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">b.</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">On January 3, 2017, the Subsidiary entered into a lease agreement for its office facilities in Israel. The lease agreement is for a period of 60 months commencing October 1, 2016.</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The annual lease payment is New Israeli Shekel (“NIS”) 119,000 ($34) from October 2016 through September 2018 and NIS 132,000 ($38) from October 2018 through September 2021, and is linked to the increase in the Israeli consumer price index (“CPI”) (as of November 30, 2017, the future lease payments until the expiration of the lease agreement will be $142, based on the exchange rate as of November 30, 2017).<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: -0.3pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As security for its obligation under this lease agreement, the Company provided a bank guarantee in an amount equal to three monthly lease payments.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">c.</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">On March 3, 2016, the Subsidiary entered into an agreement with a vendor for process development and production of its capsules and on November 24, 2016, April 3, 2017 and July 10, 2017 into amendments to such agreement in an amount of up to Swiss Franc (“CHF”) 1,000,000 ($1,014), CHF 665,000 ($675) of which was recognized through November 30, 2017.</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">d.</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">On May 11, 2016, the Subsidiary entered into a Master Service Agreement with a vendor to retain its services for a pre-clinical toxicology trial for an oral GLP-1 analog capsule for type 2 diabetes patients. As consideration for its services, the Subsidiary will pay the vendor a total amount of $1,283 during the term of the engagement and based on achievement of certain milestones, of which $1,266 was recognized through November 30, 2017.</td></tr></table><p style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">e.</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">On June 13, 2016, the Subsidiary entered into a four-year service agreement with a third party and on December 19, 2016, this agreement and all of the third party rights and obligations thereunder were assigned to another third party. This agreement is required by the License Agreement as described in note 1 and will support the Company’s research and development. The Subsidiary is obligated to pay the third party a total amount of up to €2,360,000 ($2,722), of which €962,400 ($1,067) was recognized in research and development through November 30, 2017.</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">f.</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">On July 24, 2016, the Subsidiary entered into a General Technical Agreement with a vendor for the scale-up process development and production of one of its oral capsule ingredients in the amount of $4,300 that will be paid over the term of the engagement and based on the achievement of certain development milestones, $3,980 of which were recognized in research and development through November 30, 2017. This agreement is part of the requirements of the License Agreement as described in note 1.</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">g.</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">On February 21, 2017, the Subsidiary entered into an agreement with a vendor to retain its services for a pre-clinical toxicology trial for an oral insulin capsule for type 2 and type 1 diabetes patients. As consideration for its services, the Subsidiary will pay the vendor a total of up to $952 during the term of the engagement and based on achievement of certain milestones, of which $691 was recognized through November 30, 2017.</td></tr></table><p style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">h.</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">On May 3, 2017, the Company entered into a consulting agreement with a third party advisor for a period of one year, pursuant to which such advisor will provide investor relations services and will be entitled to receive a monthly cash fee and 10,000 shares of the Company’s common stock that will be issued in four equal quarterly installments commencing August 1, 2017. As of November 30, 2017, the Company had issued to such advisor 5,000 shares. The fair value of the shares at the grant date was $44.</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">i.</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">On June 5, 2017, the Subsidiary entered into a clinical research agreement with a vendor, for the conduct of its clamp clinical trial for an oral insulin capsule for type 1 diabetes patients. As consideration for its services, the Subsidiary will pay the vendor a total amount of $958 during the term of the engagement and based on achievement of certain milestones, $160 of which was recognized through November 30, 2017.</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">j.</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Grants from the Bio-Jerusalem Fund (“Bio-Jerusalem”)</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Subsidiary is committed to pay royalties to Bio-Jerusalem on proceeds from future sales at a rate of 4% and up to 100% of the amount of the grant received (Israeli CPI linked) at the total amount of $65. The Company received no grants from Bio-Jerusalem since fiscal year 2013.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Through November 30, 2017, total milestone payments received which are related to the funded project aggregated $17,500 and all related royalty expenses were recognized in cost of revenues in prior periods.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">k.</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Grants from the Israel Innovation Authority (“IIA”)</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Under the terms of the Company’s funding from the IIA, royalties of 3.5% are payable on sales of products developed from a project so funded, up to a maximum amount equaling 100%-150% of the grants received (dollar linked) with the addition of interest at an annual rate based on LIBOR.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">At the time the grants were received, successful development of the related projects was not assured.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The total amount that was received through November 30, 2017 was $2,194.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Through November 30, 2017, total milestone payments received which are related to the funded project aggregated $17,500. The royalty expenses were recognized in cost of revenues in prior periods and will be paid over the term of the License Agreement in accordance with the revenue recognized from the related project.</div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 78pt; color: #000000; text-transform: none; text-indent: -78pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 3 - FAIR VALUE:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 78pt; color: #000000; text-transform: none; text-indent: -78pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company measures fair value and discloses fair value measurements for financial assets and liabilities. Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 49.65pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"> </td><td style="padding: 0px; width: 109px; text-indent: 0px;">Level 1:</td><td style="padding: 0px; text-indent: 0px;">Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.</td></tr><tr style="vertical-align: top;"><td> </td><td style="padding: 0px; text-indent: 0px;"> </td><td style="padding: 0px; text-indent: 0px;"> </td></tr><tr style="vertical-align: top;"><td> </td><td style="padding: 0px; text-indent: 0px;">Level 2:</td><td style="padding: 0px; text-indent: 0px;">Observable prices that are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.</td></tr><tr style="vertical-align: top;"><td> </td><td style="padding: 0px; text-indent: 0px;"> </td><td style="padding: 0px; text-indent: 0px;"> </td></tr><tr style="vertical-align: top;"><td> </td><td style="padding: 0px; text-indent: 0px;">Level 3:</td><td style="padding: 0px; text-indent: 0px;">Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1.5in; color: #000000; text-transform: none; text-indent: -58.35pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of November 30, 2017, the assets or liabilities measured at fair value are comprised of available for sale equity securities (Level 1).<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 49.65pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 49.65pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of November 30, 2017, the carrying amount of cash and cash equivalents, short-term deposits and other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term maturities of these instruments.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 49.65pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of November 30, 2017, the carrying amount of long-term deposits approximates their fair values due to the stated interest rates which approximate market rates.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 49.65pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The fair value of held to maturity bonds as presented in note 4 was based on a Level 1 measurement.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 49.65pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The amounts funded in respect of employee rights are stated at cash surrender value which approximates its fair value.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 49.65pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">There were no Level 3 items for the three-month periods ended November 30, 2017 and 2016.</div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 4 - MARKETABLE SECURITIES:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.5in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company’s marketable securities include investments in equity securities of D.N.A and in held to maturity bonds.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">a.</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Composition:</td></tr></table><p style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">November 30, 2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">August 31, 2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td style="font-weight: bold;">Short-term:</td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 0.75in; background-color: white;"> </td><td style="text-align: left;">D.N.A (see b below)</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">1,322</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">996</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="text-align: left; padding-bottom: 1.5pt;">Held to maturity bonds (see c below)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,400</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,864</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="background-color: white;"> </td><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,722</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,860</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="font-weight: bold;">Long-term:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="background-color: white;"> </td><td style="text-align: left; padding-bottom: 4pt;">Held to maturity bonds (see c below)</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,598</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,151</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">b.</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">D.N.A</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The investment in D.N.A is reported at fair value, with unrealized gains and losses, recorded as a separate component of other comprehensive income in equity until realized. Unrealized losses that are considered to be other-than-temporary are charged to statement of operations as an impairment charge and are included in the consolidated statement of operations under impairment of available-for-sale securities.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The D.N.A ordinary shares are traded on the Tel Aviv Stock Exchange. The fair value of those securities is measured at the quoted prices of the securities on the measurement date.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of November 30, 2017, the Company owns approximately 6.9% of D.N.A’s outstanding ordinary shares.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The cost of the securities as of November 30, 2017 and August 31, 2017 is $595.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">c.</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Held to maturity securities</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The amortized cost and estimated fair value of held-to-maturity securities as of November 30, 2017, are as follows:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">November 30, 2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Amortized cost</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Gross unrealized losses</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"> Estimated fair value</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td>Short-term:</td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 0.75in; background-color: white;"> </td><td style="text-align: left;">Commercial bonds</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">1,359</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">(2</td><td style="width: 15px; text-align: left;">)</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">1,357</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="text-align: left;">Accrued interest</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">41</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">41</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="background-color: white;"> </td><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="padding-bottom: 1.5pt;">Long-term</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,598</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(27</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,571</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="background-color: white;"> </td><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5,998</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(29</td><td style="text-align: left; padding-bottom: 4pt;">)</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5,969</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of November 30, 2017, the contractual maturities of debt securities classified as held-to-maturity are as follows: after one year through two years, $4,598, and the yield to maturity rates vary between 1.40% to 1.90%.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The amortized cost and estimated fair value of held-to-maturity securities as of August 31, 2017, are as follows:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">August 31, 2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Amortized cost</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Gross unrealized losses</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"> Estimated fair value</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td>Short-term:</td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 0.75in; background-color: white;"> </td><td style="text-align: left;">Commercial bonds</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">1,823</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">  (1</td><td style="width: 15px; text-align: left;">)</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">1,822</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="text-align: left;">Accrued interest</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">41</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">41</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="background-color: white;"> </td><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="padding-bottom: 1.5pt;">Long-term</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,151</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,151</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="background-color: white;"> </td><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,015</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(1</td><td style="text-align: left; padding-bottom: 4pt;">)</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,014</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of August 31, 2017, the contractual maturities of debt securities classified as held-to-maturity are as follows: after one year through two years, $2,151 and the yield to maturity rates vary between 1.30% to 1.87%.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Held to maturity securities which will mature during the 12 months from the balance sheet date are included in short-term marketable securities. Held to maturity securities with maturity dates of more than one year are considered long-term marketable securities.</div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 5 - LONG-TERM DEPOSITS AND INVESTMENTS:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Composition:              <p style="margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">November 30,</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">August 31,</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 0.5in; background-color: white;"> </td><td style="text-align: left;">Bank deposits (1)</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 125px; text-align: right;">17,778</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 125px; text-align: right;">16,230</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="text-align: left;">Lease car deposits</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="background-color: white;"> </td><td style="padding-bottom: 1.5pt;">Investment</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">17,780</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">16,232</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 85.05pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">(1)</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Represents U.S. dollar bank deposits which carry fixed annual interest rates between 2.15% to 2.56%, with maturities of more than one year from the date of the condensed consolidated balance sheet. The latest maturity date is during the year ending August 31, 2020.</td></tr></table></div>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">a.</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: justify; text-indent: 0px; font-stretch: normal;">General:</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.75in; text-indent: 0px; font-stretch: normal;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">1)</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Incorporation and operations</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Oramed Pharmaceuticals Inc. (collectively with its subsidiary, the “Company”, unless the context indicates otherwise) was incorporated on April 12, 2002, under the laws of the State of Nevada. From incorporation until March 3, 2006, the Company was an exploration stage company engaged in the acquisition and exploration of mineral properties. On February 17, 2006, the Company entered into an agreement with Hadasit Medical Services and Development Ltd. (“Hadasit”) to acquire the provisional patent related to an orally ingestible insulin capsule to be used for the treatment of individuals with diabetes. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On May 14, 2007, the Company incorporated a wholly-owned subsidiary in Israel, Oramed Ltd. (the “Subsidiary”), which is engaged in research and development. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On March 11, 2011, the Company was reincorporated from the State of Nevada to the State of Delaware. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On November 30, 2015, the Company entered into a Technology License Agreement with Hefei Tianhui Incubation of Technologies Co. Ltd. (“HTIT”) and on December 21, 2015, the parties entered into an Amended and Restated Technology License Agreement that was further amended by the parties on June 3, 2016 and July 24, 2016 (the “License Agreement”). According to the License Agreement, the Company granted HTIT an exclusive commercialization license in the territory of the People’s Republic of China, Macau and Hong Kong (the “Territory”), related to the Company’s oral insulin capsule, ORMD-0801 (the “Product”). Pursuant to the License Agreement, HTIT will conduct, at its own expense, certain pre-commercialization and regulatory activities with respect to the Subsidiary’s technology and ORMD-0801 capsule, and will pay to the Subsidiary (i) royalties of 10% on net sales of the related commercialized products to be sold by HTIT in the Territory (“Royalties”), and (ii) an aggregate of $37,500, of which $3,000 was payable immediately, $8,000 will be paid subject to the Company entering into certain agreements with certain third parties, and $26,500 will be paid upon achievement of certain milestones and conditions. In the event that the Company does not meet certain conditions, the Royalties rate may be reduced to a minimum of 8%. Following the final expiration of the Company’s patents covering the technology in the Territory in 2033, the Royalties rate may be reduced, under certain circumstances, to 5%. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The royalty payment obligation shall apply during the period of time beginning upon the first commercial sale of the Product in the Territory, and ending upon the later of (i) the expiration of the last-to-expire licensed patents in the Territory; and (ii) 15 years after the first commercial sale of the Product in the Territory (the “Royalty Term”). <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The License Agreement shall remain in effect until the expiration of the Royalty Term. The License Agreement contains customary termination provisions. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Among others, the Company’s involvement through the product submission date will include consultancy for the pre-commercialization activities in the Territory, as well as advisory services to HTIT on an ongoing basis. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The initial payment of $3,000 was received in January 2016. Following the achievement of certain milestones, the second and third payments of $6,500 and $4,000, respectively, were received in July 2016 and the fourth milestone payment of $4,000 was received in October 2016. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In addition, on November 30, 2015, the Company entered into a Stock Purchase Agreement with HTIT (the “SPA”). According to the SPA, the Company issued 1,155,367 shares of common stock to HTIT for $12,000. The transaction closed on December 28, 2015. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The License Agreement and the SPA were considered a single arrangement with multiple deliverables. The Company allocated the total consideration of $49,500 between the License Agreement and the SPA according to their fair value, as follows: $10,617 was allocated to the issuance of common stock (less issuance expenses of $23), based on the quoted price of the Company’s shares on the closing date of the SPA on December 28, 2015, and $38,883 was allocated to the License Agreement. Given the Company’s continuing involvement through the expected product submission (June 2023), amounts received relating to the License Agreement are recognized over the period from which the Company is entitled to the respective payment, and the expected product submission date using a time-based model approach over the periods that the fees are earned. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In July 2015, according to the letter of intent signed between the parties or their affiliates, HTIT’s affiliate paid the Subsidiary a non-refundable amount of $500 as a no-shop fee. The no-shop fee was deferred and the related revenue is recognized over the estimated term of the License Agreement. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Amounts that were allocated to the License Agreement as of November 30, 2017 aggregated $19,383, all of which were received through the balance sheet date. Through November 30, 2017, the Company recognized revenue in the amount of $3,708, and deferred the remaining amount of $15,675. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The following table summarizes the movement in deferred revenues balances for the three-month period ended November 30, 2017 and the year ended August 31, 2017: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="background-color: white;"> </td> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Three months ended November 30,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Year ended August 31,</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="background-color: white;"> </td> <td style="text-align: center;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="background-color: white;"> </td> <td> </td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1in; background-color: white;"> </td> <td style="text-align: left;">Deferred revenue at the beginning of period</td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 125px; text-align: right;">16,286</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 125px; text-align: right;">14,766</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="background-color: white;"> </td> <td style="text-align: left;">Amounts received</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-  </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,000</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="background-color: white;"> </td> <td style="text-align: left;">Amounts due to the Company</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-  </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(24</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="background-color: white;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;">Revenue recognized</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(611</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,456</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="background-color: white;"> </td> <td style="text-align: left;">Deferred revenue at the end of period</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15,675</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16,286</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="background-color: white;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;">Less – current deferred revenue portion</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,449</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,449</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="background-color: white;"> </td> <td style="text-align: left; padding-bottom: 4pt;">Non-current deferred revenue portion</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">13,226</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">13,837</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.75in; text-indent: 0px; font-stretch: normal;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">2)</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Development and liquidity risks</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 1in; padding: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company is engaged in research and development in the biotechnology field for innovative pharmaceutical solutions, including an orally ingestible insulin capsule to be used for the treatment of individuals with diabetes, and the use of orally ingestible capsules for delivery of other polypeptides, and has not generated significant revenues from its operations. Continued operation of the Company is contingent upon obtaining sufficient funding until it becomes profitable. Successful completion of the Company’s development programs and its transition to normal operations is dependent upon obtaining necessary regulatory approvals from the U.S. Food and Drug Administration prior to selling its products within the United States, obtaining foreign regulatory approvals to sell its products internationally, or entering into licensing agreements with third parties. There can be no assurance that the Company will receive regulatory approval of any of its product candidates, and a substantial amount of time may pass before the Company achieves a level of revenues adequate to support its operations, if at all. The Company also expects to incur substantial expenditures in connection with the regulatory approval process for each of its product candidates during their respective developmental periods. Obtaining marketing approval will be directly dependent on the Company’s ability to implement the necessary regulatory steps required to obtain marketing approval in the United States and in other countries. The Company cannot predict the outcome of these activities.

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="background-color: white;"> </td> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Three months ended November 30,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Year ended August 31,</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="background-color: white;"> </td> <td style="text-align: center;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="background-color: white;"> </td> <td> </td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1in; background-color: white;"> </td> <td style="text-align: left;">Deferred revenue at the beginning of period</td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 125px; text-align: right;">16,286</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 125px; text-align: right;">14,766</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="background-color: white;"> </td> <td style="text-align: left;">Amounts received</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-  </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,000</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="background-color: white;"> </td> <td style="text-align: left;">Amounts due to the Company</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-  </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(24</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="background-color: white;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;">Revenue recognized</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(611</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,456</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="background-color: white;"> </td> <td style="text-align: left;">Deferred revenue at the end of period</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15,675</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16,286</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="background-color: white;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;">Less – current deferred revenue portion</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,449</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,449</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="background-color: white;"> </td> <td style="text-align: left; padding-bottom: 4pt;">Non-current deferred revenue portion</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">13,226</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">13,837</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table>

<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">November 30, 2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Amortized cost</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"></td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Gross unrealized losses</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Estimated fair value</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td>Short-term:</td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 0.75in; background-color: white;"> </td><td style="text-align: left;">Commercial bonds</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 125px; text-align: right;">1,359</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 125px; text-align: right;">(2</td><td style="width: 15px; text-align: left;">)</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 125px; text-align: right;">1,357</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="text-align: left;">Accrued interest</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">41</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">41</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="background-color: white;"> </td><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="padding-bottom: 1.5pt;">Long-term</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,598</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(27</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,571</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="background-color: white;"> </td><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5,998</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(29</td><td style="text-align: left; padding-bottom: 4pt;">)</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5,969</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 70.9pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">August 31, 2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Amortized cost</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Gross unrealized losses</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Estimated fair value</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td>Short-term:</td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 0.75in; background-color: white;"> </td><td style="text-align: left;">Commercial bonds</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 125px; text-align: right;">1,823</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 125px; text-align: right;">(1</td><td style="width: 15px; text-align: left;">)</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 125px; text-align: right;">1,822</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="text-align: left;">Accrued interest</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">41</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">41</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="background-color: white;"> </td><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="padding-bottom: 1.5pt;">Long-term</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,151</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,151</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="background-color: white;"> </td><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,015</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(1</td><td style="text-align: left; padding-bottom: 4pt;">)</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,014</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table></div>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">November 30,</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">August 31,</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 0.5in; background-color: white;"> </td><td style="text-align: left;">Bank deposits (1)</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 125px; text-align: right;">17,778</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 125px; text-align: right;">16,230</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="text-align: left;">Lease car deposits</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="background-color: white;"> </td><td style="padding-bottom: 1.5pt;">Investment</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">17,780</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">16,232</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 85.05pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.25in; text-indent: 0px; font-stretch: normal;">(1)</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Represents U.S. dollar bank deposits which carry fixed annual interest rates between 2.15% to 2.56%, with maturities of more than one year from the date of the condensed consolidated balance sheet. The latest maturity date is during the year ending August 31, 2020.</td></tr></table>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">November 30,</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">August 31,</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="background-color: white;"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 0.5in; background-color: white;"> </td><td style="text-align: left;">Accounts payable</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 125px; text-align: right;">1,582</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 125px; text-align: right;">571</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="text-align: left;">Payroll and related accruals</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">54</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">97</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="background-color: white;"> </td><td>Institutions</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">24</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">228</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="text-align: left;">Accrued liabilities</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">645</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,593</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="background-color: white;"> </td><td style="padding-bottom: 1.5pt;">Other</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">294</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">227</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="background-color: white;"> </td><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,599</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,716</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table>

15675000

4000000

24000

2456000

611000

3708000

0.10

37500000

3000000 8000000

26500000

3000000

6500000

4000000

23000

In the event that the Company does not meet certain conditions, the Royalties rate may be reduced to a minimum of 8%. Following the final expiration of the Company's patents covering the technology in the Territory in 2033, the Royalties rate may be reduced, under certain circumstances, to 5%.

P15Y0M0D

2470494

1424029

500000

17500000

0.03

4202334

0.08 0.03 0.04 0.035 1.00 1.50

1283000

952000

958000

691000

675000

665000000

1266000

160000

P60M

10000

5000

1.00

65000

44000

2194000

1014000

1000000000

4300000

3980000

The annual lease payment will be New Israeli Shekel ("NIS") 119,000 ($34) from October 2016 through September 2018 and NIS 132,000 ($38) from October 2018 through September 2021, and will be linked to the increase in the Israeli consumer price index ("CPI") (as of November 30, 2017, the future lease payments until the expiration of the lease agreement will be $142, based on the exchange rate as of November 30, 2017).

1000

996000

1322000

1864000

1400000

2151000

4598000

4015000

2151000

1823000

41000

5998000

4598000

1359000

41000

-1000

-29000

-27000

-2000

4014000

2151000

1822000

41000

5969000

4571000

1357000

41000

0.069

595000

0.0130 0.0187 0.0140 0.0190

Held to maturity securities with maturity dates of more than one year are considered long-term marketable securities.

16230000

17778000

1000 1000

1000

0.0215

0.0256

2020-08-31

571000

1582000

97000

54000

228000 24000

1593000

645000

227000

294000

2716000

2599000

0.030

456889

50000

The Consulting Agreements are both terminable by either party upon 140 days prior written notice. The Consulting Agreements, as amended, provide that KNRY will be reimbursed for reasonable expenses incurred in connection with performance of the Consulting Agreements and that the monthly consulting fee paid to the CEO and the CSO is NIS 127,570 ($35) and NIS 80,454 ($22), respectively.

35000

127570

22000

80454

332000

2900000

0.21

38883000 19383000

49500000

10617000

25000000

4256000

441000

2722000 2360000000 1067000 962400000 Represents an amount of less than $1. Represents U.S. dollar bank deposits which carry fixed annual interest rates between 2.15% to 2.56%, with maturities of more than one year from the date of the condensed consolidated balance sheet. The latest maturity date is during the year ending August 31, 2020.

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Under FAS 158, prepaid pension costs are no longer recognized in the statement of financial position. Note that there is a separate concept for noncurrent assets relating to defined benefit pension and other defined benefit postretirement plans for use under the recognition provisions of FAS 158. Property, Plant and Equipment, Net Property and equipment, net Property and equipment, net Assets, Noncurrent Total long-term assets Assets Total assets Liabilities and Equity [Abstract] LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities, Current [Abstract] CURRENT LIABILITIES: Accounts Payable and Accrued Liabilities, Current Accounts payable and accrued expenses Accounts payable and accrued expenses Deferred Revenue, Current Deferred revenues Deferred revenues Less - current deferred revenue portion Less - current deferred revenue portion Due to Related Parties, Current Payable to related parties Accounts payable and accrued expenses Accounts payable and accrued expenses - KNRY Liabilities, Current Total current liabilities Liabilities, Noncurrent [Abstract] LONG-TERM LIABILITIES: Deferred Revenue, Noncurrent Deferred revenues Deferred revenues Non-current deferred revenue portion Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent Employee rights upon retirement Liability for Uncertain Tax Positions, Noncurrent Provision for uncertain tax position Other Liabilities, Noncurrent Other liabilities Liabilities, Noncurrent Total long-term liabilities Commitments and Contingencies COMMITMENTS (note 2) Stockholders' Equity Attributable to Parent [Abstract] STOCKHOLDERS' EQUITY: Common Stock, Value, Issued Common stock, $0.012 par value (30,000,000 authorized shares; 14,307,890 and 13,668,530 shares issued and outstanding as of November 30, 2017 and August 31, 2017, respectively) Additional Paid in Capital, Common Stock Additional paid-in capital Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive income Retained Earnings (Accumulated Deficit) Accumulated loss Stockholders' Equity Attributable to Parent Total stockholders' equity BALANCE BALANCE Liabilities and Equity Total liabilities and stockholders' equity Common Stock, Par or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Outstanding Common stock, shares outstanding BALANCE, shares BALANCE, shares Income Statement [Abstract] Revenues REVENUES REVENUES Cost of Revenue COST OF REVENUES COST OF REVENUES (notes 6j, 6k) Research and Development Expense RESEARCH AND DEVELOPMENT EXPENSES, NET Research and development expense RESEARCH AND DEVELOPMENT EXPENSES, NET General and Administrative Expense GENERAL AND ADMINISTRATIVE EXPENSES General and Administrative Expense GENERAL AND ADMINISTRATIVE EXPENSES Operating Income (Loss) OPERATING LOSS OPERATING LOSS Other Nonoperating Income Financial income FINANCIAL INCOME FINANCIAL INCOME (note 9a) Financial income Other Nonoperating Expense Financial expenses FINANCIAL EXPENSES FINANCIAL EXPENSES (note 9b) Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest LOSS BEFORE TAXES ON INCOME Total LOSS BEFORE TAXES ON INCOME Loss before income taxes as reported in the consolidated statement of comprehensive loss LOSS BEFORE TAXES ON INCOME Income Tax Expense (Benefit) TAXES ON INCOME Taxes on income Income tax expenses (benefit), Total TAX BENEFIT (TAXES ON INCOME) (note 10c) Income tax expenses (benefit), Total Taxes on income (tax benefit) for the reported year Increase (decrease) in uncertain tax positions for the current year Net Income (Loss) Attributable to Parent NET LOSS Net loss NET LOSS FOR THE YEAR Net loss NET LOSS FOR THE PERIOD Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax UNREALIZED GAIN (LOSS) ON AVAILABLE FOR SALE SECURITIES UNREALIZED LOSS (GAIN) ON AVAILABLE FOR SALE SECURITIES Other Comprehensive Income (Loss), Net of Tax OTHER COMPREHENSIVE INCOME LOSS OTHER COMPREHENSIVE INCOME TOTAL OTHER COMPREHENSIVE LOSS (INCOME) TOTAL OTHER COMPREHENSIVE LOSS (GAIN) Comprehensive Income (Loss), Net of Tax, Attributable to Parent TOTAL COMPREHENSIVE LOSS FOR THE PERIOD TOTAL COMPREHENSIVE LOSS FOR THE PERIOD Earnings Per Share [Abstract] LOSS PER SHARE OF COMMON STOCK: Earnings Per Share, Basic and Diluted BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK Weighted Average Number of Shares Outstanding, Basic and Diluted WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Abstract] Statement [Table] Equity Components [Axis] Equity Component [Domain] Common Stock [Member] Common Stock Additional paid-in capital [Member] Additional paid-in capital Comprehensive Income [Member] Accumulated other comprehensive income Deficit accumulated during the development stage [Member] Accumulated loss Statement [Line Items] Shares, Outstanding BALANCE, Shares BALANCE, Shares Changes During Three Month Period [Abstract] CHANGES DURING THE THREE-MONTH PERIOD ENDED NOVEMBER 30, 2017: Stock Issued During Period, Value, Issued for Services SHARES ISSUED FOR SERVICES Common stock issued for services, value Stock Issued During Period, Shares, Issued for Services SHARES ISSUED FOR SERVICES, Shares Common stock issued for services, shares Stock Issued During Period, Value, New Issues ISSUANCE OF COMMON STOCK, NET Common stock offering price Aggregate of common stock shares, value Number of common stock issued ,value Stock Issued During Period, Shares, New Issues ISSUANCE OF COMMON STOCK, NET, Shares Number of common stock Aggregate of common stock, shares Number of common stock issued Stock Issued During Period Exercise Of Warrants And Options EXERCISE OF WARRANTS AND OPTIONS Stock issued during period exercise of warrants and options. Stock Issued During Period Exercise Of Warrants And Options Share EXERCISE OF WARRANTS AND OPTIONS, Shares Stock issued during period exercise of warrants and options share. STOCK BASED COMPENSATION STOCK-BASED COMPENSATION Stock Issued During Period, Shares, Share-based Compensation, Gross STOCK-BASED COMPENSATION, Shares CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract] Net Cash Provided by (Used in) Operating Activities [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments required to reconcile net loss to net cash provided by (used in) operating activities: Depreciation Depreciation Depreciation expenses Foreign Currency Transaction Gain (Loss), before Tax Exchange differences and interest on deposits and held to maturity bonds Share-based Compensation Stock-based compensation Stock based compensation Issuance of Stock and Warrants for Services or Claims Shares issued for services rendered Shares issued for services Increase (Decrease) in Operating Capital [Abstract] Changes in operating assets and liabilities: Increase (Decrease) in Prepaid Expenses other Current Assets and Related Parties Current The increase (decrease) during the period in the carrying value of prepaid expenses, other current assets and related parties reported as assets that are due to be disposed of within one year (or the normal operating cycle, if longer). Prepaid expenses and other current assets Increase (Decrease) in Accounts Payable, Related Parties Accounts payable, accrued expenses and related parties Increase (Decrease) in Deferred Revenue Deferred revenues Increase (Decrease) in Pension and Postretirement Obligations Liability for employee rights upon retirement Increase (Decrease) in Operating Liabilities Other liabilities Net Cash Provided by (Used in) Operating Activities Total net cash provided by (used in) operating activities Net Cash Provided by (Used in) Investing Activities [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES: Payments to Acquire Short-term Investments Purchase of short-term deposits Purchase of short-term deposits Payments to Acquire Long-term Investments Purchase of long-term deposits Payments to Acquire Held-to-maturity Securities Purchase of held to maturity securities Purchase of held to maturity securities Proceeds from Sale, Maturity and Collection of Short-term Investments Proceeds from sale of short-term deposits Proceeds from Sale of Held-to-maturity Securities Proceeds from maturity of held to maturity securities Net Cash Provided by (Used in) Investing Activities Total net cash used in investing activities Net Cash Provided by (Used in) Financing Activities [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Issuance of Common Stock Net proceeds from offering Proceeds from issuance of common stock Proceeds from issuance of common stock, net of issuance costs Proceeds From Stock Options And Warrants Exercised Proceeds from exercise of warrants and options The cash inflow associated with the amount received from holders exercising their stock options and warrants. Net Cash Provided by (Used in) Financing Activities Total net cash provided by financing activities Effect of Exchange Rate on Cash and Cash Equivalents EFFECT OF EXCHANGE RATE CHANGES ON CASH Cash and Cash Equivalents, Period Increase (Decrease) DECREASE IN CASH AND CASH EQUIVALENTS Supplemental Cash Flow Information [Abstract] SUPPLEMENTARY DISCLOSURE ON CASH FLOWS - Interest Received Interest received Interest received. Significant Accounting Policies [Abstract] Significant Accounting Policies [Text Block] SIGNIFICANT ACCOUNTING POLICIES Commitments [Abstract] Commitments and Contingencies Disclosure [Text Block] COMMITMENTS Fair Value [Abstract] Fair Value Disclosures [Text Block] FAIR VALUE Marketable Securities [Abstract] Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] MARKETABLE SECURITIES Short-Term Deposits/ Long-Term Deposits and Investments [Abstract] Long-term Debt [Text Block] LONG-TERM DEPOSITS AND INVESTMENTS Accounts Payable and Accrued Expenses [Abstract] Accounts Payable and Accrued Liabilities Disclosure [Text Block] ACCOUNTS PAYABLE AND ACCRUED EXPENSES Stockholders' Equity [Abstract] Stockholders' Equity Note Disclosure [Text Block] STOCKHOLDERS' EQUITY Related Parties - Transactions [Abstract] Related Party Transactions Disclosure [Text Block] RELATED PARTIES - TRANSACTIONS Subsequent Event [Abstract] Subsequent Events [Text Block] SUBSEQUENT EVENT General Accounting Policies [Policy Text Block] General Disclosure of accounting policy for general accounting. Earnings Per Share, Policy [Policy Text Block] Loss per common share Consolidation, Policy [Policy Text Block] Condensed Consolidated Financial Statements Preparation New Accounting Pronouncements, Policy [Policy Text Block] Newly issued and recently adopted Accounting Pronouncements Deferred Revenue, by Arrangement, Disclosure [Table Text Block] Schedule of activities for deferred revenues Marketable Securities [Table Text Block] Schedule of marketable securities include investments in equity securities Held-to-maturity Securities [Table Text Block] Schedule of amortized cost and estimated fair value of held-to-maturity securities Schedule of Long-term Debt Instruments [Table Text Block] Schedule of long-term deposits and investments Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] Schedule of accounts payable and accrued expenses Deferred Revenue Deferred revenue Deferred revenue at the beginning of period Deferred revenue at the end of period Deferred Revenue, Additions Amounts received Deferred Revenue, Refund Payments Amounts due to the Company Amounts due to the Company Deferred Revenue, Revenue Recognized Revenue recognized Recognize revenue Revenue recognized Consolidated Entities [Axis] Consolidated Entities [Domain] Subsidiaries [Member] HTIT [Member] Financial Instrument [Axis] Financial Instruments [Domain] Milestone One [Member] Second Milestone [Member] Milestone Two [Member] Third Milestone [Member] Milestone Four [Member] Forth milestone [Member] Category of Item Purchased [Axis] Long-term Purchase Commitment, Category of Item Purchased [Domain] Stock Purchase Agreement [Member] Stock Purchase Agreement [Member] Sales Agreement [Member] License Agreement [Member] License Agreement [Member] Significant Accounting Policies Textual [Abstract] Significant Accounting Policies (Textual) Royalties Percentage Percentages of royalties on net sales It represents royalties percentage. License Costs Aggregate license costs License Costs Payable License costs payable Carrying value as of the balance sheet date of obligations incurred and payable for the license. Agreement Payment Amount paid subject to the Company entering into certain agreements It represents amount paid subject to the entering into certain agreements. Accounts Payable, Other Payable upon achievement of certain milestones and conditions Revenue Recognition, Milestone Method, Revenue Recognized Milestone payment received Sale of Stock, Consideration Received Per Transaction Total consideration Sale of Stock, Consideration Received on Transaction Allocated to the issuance of common stock Payments of Stock Issuance Costs Issuance expenses Consideration Allocatedto License Agreement Value License Agreement value Consideration allocated to license agreement value. Artist Advances and Royalty Guarantees, Commitments Royalty commitment description Royalty Term Royalty term It represent royalty term for the reporting period. Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Securities excluded from the calculation of diluted net loss Non Refundable Fees Non-refundable amount Non refundable fees. Long-term Purchase Commitment [Table] Hadasit [Member] Consultant [Member] Advisor [Member] Clinical Research Organization Service Agreement [Member] Master Service Agreement [Member] First Master Service Agreement [Member] Master Service Agreement Two [Member] Second Master Service Agreement [Member] Master Service Agreement Three [Member] Third Master Service Agreement [Member] Master Service Agreement Four [Member] Fourth Master Service Agreement [Member] Proposal Agreement [Member] Proposal agreement member. General Technical Agreement [Member] General Technical Agreement [Member] General technical agreement member. Investment, Name [Axis] Investment, Name [Domain] Entera Bio [Member] Entera Bio [Member]. Related Party [Axis] Related Party [Domain] EX-101.PRE 14 ormp-20171130_pre.xml XBRL PRESENTATION FILE XML 15 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Nov. 30, 2017	Jan. 10, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	ORAMED PHARMACEUTICALS INC.
Entity Central Index Key	0001176309
Trading Symbol	ORMP
Amendment Flag	false
Current Fiscal Year End Date	--08-31
Document Type	10-Q
Document Period End Date	Nov. 30, 2017
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		14,370,930

XML 16 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Nov. 30, 2017	Aug. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 1,258	$ 3,969
Short-term deposits	14,992	13,293
Marketable securities	2,722	2,860
Restricted cash		16
Prepaid expenses and other current assets	163	159
Total current assets	19,135	20,297
LONG-TERM ASSETS:
Long-term deposits and investment	17,780	16,232
Marketable securities	4,598	2,151
Amounts funded in respect of employee rights upon retirement	14	14
Property and equipment, net	17	18
Total long-term assets	22,409	18,415
Total assets	41,544	38,712
CURRENT LIABILITIES:
Accounts payable and accrued expenses	2,599	2,716
Deferred revenues	2,449	2,449
Payable to related parties	76
Total current liabilities	5,124	5,165
LONG-TERM LIABILITIES:
Deferred revenues	13,226	13,837
Employee rights upon retirement	19	18
Provision for uncertain tax position	11	11
Other liabilities	423	443
Total long-term liabilities	13,679	14,309
COMMITMENTS (note 2)
STOCKHOLDERS' EQUITY:
Common stock, $0.012 par value (30,000,000 authorized shares; 14,307,890 and 13,668,530 shares issued and outstanding as of November 30, 2017 and August 31, 2017, respectively)	170	163
Additional paid-in capital	80,871	75,170
Accumulated other comprehensive income	727	401
Accumulated loss	(59,027)	(56,496)
Total stockholders' equity	22,741	19,238
Total liabilities and stockholders' equity	$ 41,544	$ 38,712

XML 17 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited)(Parenthetical) - $ / shares	Nov. 30, 2017	Aug. 31, 2017
Balance Sheets [Abstract]
Common stock, par value	$ 0.012	$ 0.012
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	14,307,890	13,668,530
Common stock, shares outstanding	14,307,890	13,668,530

XML 18 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2017	Nov. 30, 2016
Income Statement [Abstract]
REVENUES	$ 611	$ 610
COST OF REVENUES		187
RESEARCH AND DEVELOPMENT EXPENSES, NET	2,327	2,353
GENERAL AND ADMINISTRATIVE EXPENSES	1,016	468
OPERATING LOSS	2,732	2,398
FINANCIAL INCOME	222	186
FINANCIAL EXPENSES	21	24
LOSS BEFORE TAXES ON INCOME	2,531	2,236
TAXES ON INCOME		400
NET LOSS FOR THE PERIOD	2,531	2,636
UNREALIZED LOSS (GAIN) ON AVAILABLE FOR SALE SECURITIES	(326)	63
TOTAL OTHER COMPREHENSIVE LOSS (GAIN)	(326)	63
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	$ 2,205	$ 2,699
LOSS PER SHARE OF COMMON STOCK:
BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK	$ 0.18	$ 0.2
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK	14,239,346	13,205,971

XML 19 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 3 months ended Nov. 30, 2017 - USD ($)
$ in Thousands

Total

Common Stock

Additional paid-in capital

Accumulated other comprehensive income

Accumulated loss

BALANCE at Aug. 31, 2017

$ 19,238

$ 163

$ 75,170

$ 401

$ (56,496)

BALANCE, Shares at Aug. 31, 2017

13,668

CHANGES DURING THE THREE-MONTH PERIOD ENDED NOVEMBER 30, 2017:

SHARES ISSUED FOR SERVICES

^[1]

SHARES ISSUED FOR SERVICES, Shares

ISSUANCE OF COMMON STOCK, NET

4,230

$ 5

4,225

ISSUANCE OF COMMON STOCK, NET, Shares

454

EXERCISE OF WARRANTS AND OPTIONS

930

$ 2

928

EXERCISE OF WARRANTS AND OPTIONS, Shares

178

STOCK-BASED COMPENSATION

524

^[1]

524

STOCK-BASED COMPENSATION, Shares

NET LOSS

(2,531)

OTHER COMPREHENSIVE INCOME

326

BALANCE at Nov. 30, 2017

$ 22,741

$ 170

$ 80,871

$ 727

$ (59,027)

BALANCE, Shares at Nov. 30, 2017

14,308

[1]	Represents an amount of less than $1.

XML 20 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2017	Nov. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,531)	$ (2,636)
Adjustments required to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	1	1
Exchange differences and interest on deposits and held to maturity bonds	(71)	(112)
Stock-based compensation	524	158
Shares issued for services	24	17
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(4)	(232)
Accounts payable, accrued expenses and related parties	(41)	825
Deferred revenues	(611)	3,366
Liability for employee rights upon retirement	1
Other liabilities	(20)	111
Total net cash provided by (used in) operating activities	(2,728)	1,498
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short-term deposits	(2,039)	(1,000)
Purchase of long-term deposits	(3,540)	(3,000)
Purchase of held to maturity securities	(2,879)	(1,056)
Proceeds from sale of short-term deposits	2,455	1,320
Proceeds from maturity of held to maturity securities	857	300
Total net cash used in investing activities	(5,146)	(3,436)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs	4,230
Proceeds from exercise of warrants and options	930	320
Total net cash provided by financing activities	5,160	320
EFFECT OF EXCHANGE RATE CHANGES ON CASH	3	1
DECREASE IN CASH AND CASH EQUIVALENTS	(2,711)	(1,617)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	3,969	3,907
CASH AND CASH EQUIVALENTS AT END OF PERIOD	1,258	2,290
SUPPLEMENTARY DISCLOSURE ON CASH FLOWS -
Interest received	$ 133	$ 56

XML 21 R7.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies

3 Months Ended

Nov. 30, 2017

Significant Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES:

General:

Incorporation and operations

On May 14, 2007, the Company incorporated a wholly-owned subsidiary in Israel, Oramed Ltd. (the “Subsidiary”), which is engaged in research and development.

On March 11, 2011, the Company was reincorporated from the State of Nevada to the State of Delaware.

The License Agreement shall remain in effect until the expiration of the Royalty Term. The License Agreement contains customary termination provisions.

The following table summarizes the movement in deferred revenues balances for the three-month period ended November 30, 2017 and the year ended August 31, 2017:

	Three months ended November 30,			Year ended August 31,
	2017			2017

Deferred revenue at the beginning of period	$	16,286		$	14,766
Amounts received		-			4,000
Amounts due to the Company		-			(24	)
Revenue recognized		(611	)		(2,456	)
Deferred revenue at the end of period		15,675			16,286
Less – current deferred revenue portion		(2,449	)		(2,449	)
Non-current deferred revenue portion	$	13,226		$	13,837

Development and liquidity risks

Loss per common share

Condensed Consolidated Financial Statements Preparation

Newly issued and recently adopted Accounting Pronouncements

XML 22 R8.htm IDEA: XBRL DOCUMENT

Commitments

3 Months Ended

Nov. 30, 2017

Commitments [Abstract]

COMMITMENTS

NOTE 2 - COMMITMENTS:

On January 3, 2017, the Subsidiary entered into a lease agreement for its office facilities in Israel. The lease agreement is for a period of 60 months commencing October 1, 2016.

As security for its obligation under this lease agreement, the Company provided a bank guarantee in an amount equal to three monthly lease payments.

Grants from the Bio-Jerusalem Fund (“Bio-Jerusalem”)

Grants from the Israel Innovation Authority (“IIA”)

At the time the grants were received, successful development of the related projects was not assured.

The total amount that was received through November 30, 2017 was $2,194.

XML 23 R9.htm IDEA: XBRL DOCUMENT

Fair Value

3 Months Ended

Nov. 30, 2017

Fair Value [Abstract]

FAIR VALUE

NOTE 3 - FAIR VALUE:

	Level 1:	Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

	Level 2:	Observable prices that are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

	Level 3:	Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

As of November 30, 2017, the assets or liabilities measured at fair value are comprised of available for sale equity securities (Level 1).

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible.

As of November 30, 2017, the carrying amount of long-term deposits approximates their fair values due to the stated interest rates which approximate market rates.

The fair value of held to maturity bonds as presented in note 4 was based on a Level 1 measurement.

The amounts funded in respect of employee rights are stated at cash surrender value which approximates its fair value.

There were no Level 3 items for the three-month periods ended November 30, 2017 and 2016.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 24 R10.htm IDEA: XBRL DOCUMENT

Marketable Securities

3 Months Ended

Nov. 30, 2017

Marketable Securities [Abstract]

MARKETABLE SECURITIES

NOTE 4 - MARKETABLE SECURITIES:

The Company’s marketable securities include investments in equity securities of D.N.A and in held to maturity bonds.

Composition:

	November 30, 2017		August 31, 2017
Short-term:
D.N.A (see b below)	$	1,322	$	996
Held to maturity bonds (see c below)		1,400		1,864
	$	2,722	$	2,860
Long-term:
Held to maturity bonds (see c below)	$	4,598	$	2,151

D.N.A

The D.N.A ordinary shares are traded on the Tel Aviv Stock Exchange. The fair value of those securities is measured at the quoted prices of the securities on the measurement date.

As of November 30, 2017, the Company owns approximately 6.9% of D.N.A’s outstanding ordinary shares.

The cost of the securities as of November 30, 2017 and August 31, 2017 is $595.

Held to maturity securities

The amortized cost and estimated fair value of held-to-maturity securities as of November 30, 2017, are as follows:

	November 30, 2017
	Amortized cost		Gross unrealized losses			Estimated fair value
Short-term:
Commercial bonds	$	1,359	$	(2	)	$	1,357
Accrued interest		41		-			41

Long-term		4,598		(27	)		4,571
	$	5,998	$	(29	)	$	5,969

The amortized cost and estimated fair value of held-to-maturity securities as of August 31, 2017, are as follows:

	August 31, 2017
	Amortized cost		Gross unrealized losses			Estimated fair value
Short-term:
Commercial bonds	$	1,823	$	(1	)	$	1,822
Accrued interest		41		-			41

Long-term		2,151		-			2,151
	$	4,015	$	(1	)	$	4,014

XML 25 R11.htm IDEA: XBRL DOCUMENT

Long-Term Deposits and Investments

3 Months Ended

Nov. 30, 2017

Short-Term Deposits/ Long-Term Deposits and Investments [Abstract]

LONG-TERM DEPOSITS AND INVESTMENTS

NOTE 5 - LONG-TERM DEPOSITS AND INVESTMENTS:

Composition:

	November 30,		August 31,
	2017		2017

Bank deposits (1)	$	17,778	$	16,230
Lease car deposits		1		1
Investment		1		1
	$	17,780	$	16,232

(1)

XML 26 R12.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses

3 Months Ended

Nov. 30, 2017

Accounts Payable and Accrued Expenses [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 6 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

Composition:

	November 30,		August 31,
	2017		2017

Accounts payable	$	1,582	$	571
Payroll and related accruals		54		97
Institutions		24		228
Accrued liabilities		645		1,593
Other		294		227
	$	2,599	$	2,716

XML 27 R13.htm IDEA: XBRL DOCUMENT

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Nov. 30, 2017
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 7 - STOCKHOLDERS’ EQUITY: On April 2, 2015, the Company entered into an At The Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley FBR, Inc., as successor to FBR Capital Markets & Co. (“FBR”), as amended, pursuant to which the Company may, from time to time and at its option, issue and sell shares of its common stock having an aggregate offering price of up to $25,000 through FBR as its sales agent, subject to certain terms and conditions. Any shares sold will be sold pursuant to the Company’s effective shelf registration statement on Form S-3 including a prospectus dated February 2, 2017, as supplemented by a prospectus supplement dated April 5, 2017. The Company will pay FBR a commission of 3.0% of the gross proceeds of the sale of any shares sold through FBR. As of November 30, 2017, 456,889 shares were sold under the Sales Agreement for aggregate net proceeds of $4,256 and an additional 50,000 shares were subsequently sold during December 2017 for aggregate net proceeds of $441.

XML 28 R14.htm IDEA: XBRL DOCUMENT

Related Parties - Transactions	3 Months Ended
Related Parties - Transactions	Nov. 30, 2017
Related Parties - Transactions [Abstract]
RELATED PARTIES - TRANSACTIONS	NOTE 8 - RELATED PARTIES - TRANSACTIONS: On July 1, 2008, the Subsidiary entered into two consulting agreements with KNRY Ltd. (“KNRY”), an Israeli company owned by the Chief Scientific Officer (the “CSO”), whereby the Chief Executive Officer (the “CEO”) and the CSO, through KNRY, provide services to the Company (the “Consulting Agreements”). The Consulting Agreements are both terminable by either party upon 140 days prior written notice. The Consulting Agreements, as amended, provide that KNRY will be reimbursed for reasonable expenses incurred in connection with performance of the Consulting Agreements and that the monthly consulting fee paid to the CEO and the CSO is NIS 127,570 ($35) and NIS 80,454 ($22), respectively. In addition to the Consulting Agreement, based on a relocation cost analysis prepared by consulting company ORI - Organizational Resources International Ltd., the Company pays for certain direct costs and expenses incurred in connection with the relocation of the CEO to New York, up to an aggregate yearly amount of $332.

XML 29 R15.htm IDEA: XBRL DOCUMENT

Subsequent Event

3 Months Ended

Nov. 30, 2017

Subsequent Event [Abstract]

SUBSEQUENT EVENT

NOTE 9 - SUBSEQUENT EVENT:

On December 18, 2017, the Subsidiary entered into an agreement with a vendor for the process development and production of one of its oral capsule ingredients in the amount of $2,900.

XML 30 R16.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

3 Months Ended

Nov. 30, 2017

Significant Accounting Policies [Abstract]

General

General:

Incorporation and operations

On May 14, 2007, the Company incorporated a wholly-owned subsidiary in Israel, Oramed Ltd. (the “Subsidiary”), which is engaged in research and development.

On March 11, 2011, the Company was reincorporated from the State of Nevada to the State of Delaware.

The License Agreement shall remain in effect until the expiration of the Royalty Term. The License Agreement contains customary termination provisions.

The following table summarizes the movement in deferred revenues balances for the three-month period ended November 30, 2017 and the year ended August 31, 2017:

	Three months ended November 30,			Year ended August 31,
	2017			2017

Deferred revenue at the beginning of period	$	16,286		$	14,766
Amounts received		-			4,000
Amounts due to the Company		-			(24	)
Revenue recognized		(611	)		(2,456	)
Deferred revenue at the end of period		15,675			16,286
Less – current deferred revenue portion		(2,449	)		(2,449	)
Non-current deferred revenue portion	$	13,226		$	13,837

Development and liquidity risks

Loss per common share

Loss per common share

Condensed Consolidated Financial Statements Preparation

Condensed Consolidated Financial Statements Preparation

Newly issued and recently adopted Accounting Pronouncements

Newly issued and recently adopted Accounting Pronouncements

XML 31 R17.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Tables)

3 Months Ended

Nov. 30, 2017

Significant Accounting Policies [Abstract]

Schedule of activities for deferred revenues

	Three months ended November 30,			Year ended August 31,
	2017			2017

Deferred revenue at the beginning of period	$	16,286		$	14,766
Amounts received		-			4,000
Amounts due to the Company		-			(24	)
Revenue recognized		(611	)		(2,456	)
Deferred revenue at the end of period		15,675			16,286
Less – current deferred revenue portion		(2,449	)		(2,449	)
Non-current deferred revenue portion	$	13,226		$	13,837

XML 32 R18.htm IDEA: XBRL DOCUMENT

Marketable Securities (Tables)

3 Months Ended

Nov. 30, 2017

Marketable Securities [Abstract]

Schedule of marketable securities include investments in equity securities

	November 30, 2017		August 31, 2017
Short-term:
D.N.A (see b below)	$	1,322	$	996
Held to maturity bonds (see c below)		1,400		1,864
	$	2,722	$	2,860
Long-term:
Held to maturity bonds (see c below)	$	4,598	$	2,151

Schedule of amortized cost and estimated fair value of held-to-maturity securities

	November 30, 2017
	Amortized cost		Gross unrealized losses			Estimated fair value
Short-term:
Commercial bonds	$	1,359	$	(2	)	$	1,357
Accrued interest		41		-			41

Long-term		4,598		(27	)		4,571
	$	5,998	$	(29	)	$	5,969

	August 31, 2017
	Amortized cost		Gross unrealized losses			Estimated fair value
Short-term:
Commercial bonds	$	1,823	$	(1	)	$	1,822
Accrued interest		41		-			41

Long-term		2,151		-			2,151
	$	4,015	$	(1	)	$	4,014

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References + Details

XML 33 R19.htm IDEA: XBRL DOCUMENT

Long-Term Deposits and Investments (Tables)

3 Months Ended

Nov. 30, 2017

Short-Term Deposits/ Long-Term Deposits and Investments [Abstract]

Schedule of long-term deposits and investments

	November 30,		August 31,
	2017		2017

Bank deposits (1)	$	17,778	$	16,230
Lease car deposits		1		1
Investment		1		1
	$	17,780	$	16,232

(1)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

XML 34 R20.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Nov. 30, 2017

Accounts Payable and Accrued Expenses [Abstract]

Schedule of accounts payable and accrued expenses

	November 30,		August 31,
	2017		2017

Accounts payable	$	1,582	$	571
Payroll and related accruals		54		97
Institutions		24		228
Accrued liabilities		645		1,593
Other		294		227
	$	2,599	$	2,716

XML 35 R21.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Nov. 30, 2017	Aug. 31, 2017
Significant Accounting Policies [Abstract]
Amounts received		$ 4,000
Amounts due to the Company		(24)
Revenue recognized	(611)	(2,456)
Less - current deferred revenue portion	(2,449)	(2,449)
Non-current deferred revenue portion	$ 13,226	$ 13,837

- Definition

The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.

+ References + Details

- Definition

The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

+ References + Details

XML 36 R22.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands						3 Months Ended		12 Months Ended
	Oct. 31, 2016	Jul. 31, 2016	Jan. 31, 2016	Dec. 28, 2015	Nov. 30, 2015	Nov. 30, 2017	Nov. 30, 2016	Aug. 31, 2017	Jul. 31, 2015
Significant Accounting Policies (Textual)
Milestone payment received			$ 3,000
Number of common stock issued ,value						$ 4,230
Total consideration				$ 49,500
Recognize revenue						$ 611		$ 2,456
Securities excluded from the calculation of diluted net loss						1,424,029	2,470,494
Stock Purchase Agreement [Member]
Significant Accounting Policies (Textual)
Allocated to the issuance of common stock				10,617
Issuance expenses				23
License Agreement [Member]
Significant Accounting Policies (Textual)
License Agreement value				$ 38,883
Second Milestone [Member]
Significant Accounting Policies (Textual)
Milestone payment received		$ 6,500
Second Milestone [Member] \| License Agreement [Member]
Significant Accounting Policies (Textual)
License Agreement value						$ 19,383
Recognize revenue						3,708
Deferred revenue						$ 15,675
Third Milestone [Member]
Significant Accounting Policies (Textual)
Milestone payment received		$ 4,000
Forth milestone [Member]
Significant Accounting Policies (Textual)
Milestone payment received	$ 4,000
HTIT [Member]
Significant Accounting Policies (Textual)
Percentages of royalties on net sales						10.00%
Aggregate license costs						$ 37,500
License costs payable						3,000
Amount paid subject to the Company entering into certain agreements						8,000
Payable upon achievement of certain milestones and conditions						$ 26,500
Royalty commitment description						In the event that the Company does not meet certain conditions, the Royalties rate may be reduced to a minimum of 8%. Following the final expiration of the Company's patents covering the technology in the Territory in 2033, the Royalties rate may be reduced, under certain circumstances, to 5%.
Royalty term						15 years
Non-refundable amount									$ 500
HTIT [Member] \| Stock Purchase Agreement [Member]
Significant Accounting Policies (Textual)
Number of common stock issued					1,155,367
Number of common stock issued ,value					$ 12,000

XML 37 R23.htm IDEA: XBRL DOCUMENT

Commitments (Details) € in Thousands, SFr in Thousands, $ in Thousands								1 Months Ended			3 Months Ended
	May 03, 2017 shares	Oct. 01, 2016	Jun. 13, 2016 USD ($)	Jun. 13, 2016 EUR (€)	May 11, 2016 USD ($)	Mar. 03, 2016 USD ($)	Mar. 03, 2016 CHF (SFr)	Feb. 21, 2017 USD ($)	Jul. 24, 2016 USD ($)	Mar. 31, 2011 USD ($) shares	Nov. 30, 2017 USD ($) shares	Nov. 30, 2017 CHF (SFr) shares	Nov. 30, 2017 EUR (€) shares	Nov. 30, 2016 USD ($)	Feb. 15, 2011
Long-term Purchase Commitment [Line Items]
Commitments for consulting services								$ 952
Expense which was recognized											$ 691
Research and development expense											$ 2,327			$ 2,353
Office Building [Member]
Long-term Purchase Commitment [Line Items]
Operating lease term		60 months
Lessee, description											The annual lease payment will be New Israeli Shekel ("NIS") 119,000 ($34) from October 2016 through September 2018 and NIS 132,000 ($38) from October 2018 through September 2021, and will be linked to the increase in the Israeli consumer price index ("CPI") (as of November 30, 2017, the future lease payments until the expiration of the lease agreement will be $142, based on the exchange rate as of November 30, 2017).	The annual lease payment will be New Israeli Shekel ("NIS") 119,000 ($34) from October 2016 through September 2018 and NIS 132,000 ($38) from October 2018 through September 2021, and will be linked to the increase in the Israeli consumer price index ("CPI") (as of November 30, 2017, the future lease payments until the expiration of the lease agreement will be $142, based on the exchange rate as of November 30, 2017).	The annual lease payment will be New Israeli Shekel ("NIS") 119,000 ($34) from October 2016 through September 2018 and NIS 132,000 ($38) from October 2018 through September 2021, and will be linked to the increase in the Israeli consumer price index ("CPI") (as of November 30, 2017, the future lease payments until the expiration of the lease agreement will be $142, based on the exchange rate as of November 30, 2017).
Bio Jerusalem [Member]
Long-term Purchase Commitment [Line Items]
Total milestone payments received											$ 17,500
Royalty percentage											4.00%
Royalty percentage maximum percentage of grants received											100.00%	100.00%	100.00%
Grants received											$ 65
Israel Innovation Authority [Member]
Long-term Purchase Commitment [Line Items]
Total milestone payments received											$ 17,500
Royalty percentage											3.50%
Total grants received											$ 2,194
Israel Innovation Authority [Member] \| Minimum [Member]
Long-term Purchase Commitment [Line Items]
Royalty percentage											100.00%
Israel Innovation Authority [Member] \| Maximum [Member]
Long-term Purchase Commitment [Line Items]
Royalty percentage											150.00%
Entera Bio [Member] \| D.N.A. [Member]
Long-term Purchase Commitment [Line Items]
Ownership percentage retained										3.00%
Ordinary shares received \| shares										4,202,334
Royalty percentage										3.00%					8.00%
Cost method investment										$ 1
Advisor [Member]
Long-term Purchase Commitment [Line Items]
Commitments for consulting services											$ 958
Expense which was recognized											$ 160
Shares issued for services \| shares	10,000										5,000	5,000	5,000
Fair value of the shares issued											$ 44
First Master Service Agreement [Member]
Long-term Purchase Commitment [Line Items]
Commitments for consulting services					$ 1,283
Expense which was recognized											1,266
Fourth Master Service Agreement [Member]
Long-term Purchase Commitment [Line Items]
Commitments for service agreement			$ 2,722	€ 2,360,000
Expense which was recognized											1,067		€ 962,400
Proposal Agreement [Member]
Long-term Purchase Commitment [Line Items]
Expense which was recognized											675	SFr 665,000
Development and production on capsules						$ 1,014	SFr 1,000,000
General Technical Agreement [Member]
Long-term Purchase Commitment [Line Items]
Development and production on capsules									$ 4,300		$ 3,980

XML 38 R24.htm IDEA: XBRL DOCUMENT

Marketable Securities (Details) - USD ($) $ in Thousands	Nov. 30, 2017	Aug. 31, 2017
Short-term:
D.N.A (see b below)	$ 1,322	$ 996
Held to maturity bonds (see c below)	1,400	1,864
Marketable securities	2,722	2,860
Long-term:
Held to maturity bonds (see c below)	$ 4,598	$ 2,151

XML 39 R25.htm IDEA: XBRL DOCUMENT

Marketable Securities (Details 1) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Marketable Securities (Details 1) - USD ($) $ in Thousands	Nov. 30, 2017	Aug. 31, 2017
Marketable Securities, Current [Abstract]
Amortized cost	$ 5,998	$ 4,015
Gross unrealized losses	(29)	(1)
Estimated fair value	5,969	4,014
Long-term [Member]
Marketable Securities, Current [Abstract]
Amortized cost	4,598	2,151
Gross unrealized losses	(27)
Estimated fair value	4,571	2,151
Accrued interest [Member] \| Short-term [Member]
Marketable Securities, Current [Abstract]
Amortized cost	41	41
Gross unrealized losses
Estimated fair value	41	41
Commercial bonds [Member] \| Short-term [Member]
Marketable Securities, Current [Abstract]
Amortized cost	1,359	1,823
Gross unrealized losses	(2)	(1)
Estimated fair value	$ 1,357	$ 1,822

XML 40 R26.htm IDEA: XBRL DOCUMENT

Marketable Securities (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Nov. 30, 2017	Aug. 31, 2017
Marketable Securities (Textual)
Percentage of ownership interest	6.90%
Cost of securities	$ 595	$ 595
Marketable securities	$ 4,598	$ 2,151
Marketable securities maturity dates, description	Held to maturity securities with maturity dates of more than one year are considered long-term marketable securities.
Maximum [Member]
Marketable Securities (Textual)
Yield to cost rates	1.90%	1.87%
Minimum [Member]
Marketable Securities (Textual)
Yield to cost rates	1.40%	1.30%

XML 41 R27.htm IDEA: XBRL DOCUMENT

Long-Term Deposits and Investments (Details) - USD ($)
$ in Thousands

Nov. 30, 2017

Aug. 31, 2017

Short-Term Deposits/ Long-Term Deposits and Investments [Abstract]

Bank deposits

^[1]

$ 17,778

$ 16,230

Lease car deposits

Investment

Total long term deposits and investment

$ 17,780

$ 16,232

[1]	Represents U.S. dollar bank deposits which carry fixed annual interest rates between 2.15% to 2.56%, with maturities of more than one year from the date of the condensed consolidated balance sheet. The latest maturity date is during the year ending August 31, 2020.

XML 42 R28.htm IDEA: XBRL DOCUMENT

Long-Term Deposits and Investments (Details Textual)	12 Months Ended
Long-Term Deposits and Investments (Details Textual)	Aug. 31, 2017
Long Term Deposits (Textual)
Maturity date	Aug. 31, 2020
Maximum [Member]
Long Term Deposits (Textual)
Bank deposits interest rate	2.56%
Minimum [Member]
Long Term Deposits (Textual)
Bank deposits interest rate	2.15%

XML 43 R29.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Nov. 30, 2017	Aug. 31, 2017
Accounts Payable and Accrued Expenses [Abstract]
Accounts payable	$ 1,582	$ 571
Payroll and related accruals	54	97
Institutions	24	228
Accrued liabilities	645	1,593
Other	294	227
Total accounts payable and accrued expenses	$ 2,599	$ 2,716

XML 44 R30.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details Textual) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Apr. 02, 2015	Dec. 31, 2017	Nov. 30, 2017
Stockholders' Equity (Textual)
Percentage of commission	3.00%
Number of shares sold			456,889
Subsequent Event [Member]
Stockholders' Equity (Textual)
Number of shares sold		50,000
Net proceeds from offering		$ 441
Sales Agreement [Member]
Stockholders' Equity (Textual)
Common stock offering price	$ 25,000
Net proceeds from offering			$ 4,256

XML 45 R31.htm IDEA: XBRL DOCUMENT

Related Parties - Transactions (Details Textual) $ in Thousands		3 Months Ended
	Jul. 01, 2008	Nov. 30, 2017 USD ($)	Nov. 30, 2017 ILS (₪)
Relocation of CEO [Member]
Related Parties Transactions (Textual)
Consulting fee		$ 332
KNRY [Member]
Related Parties Transactions (Textual)
Consulting agreements, description	The Consulting Agreements are both terminable by either party upon 140 days prior written notice. The Consulting Agreements, as amended, provide that KNRY will be reimbursed for reasonable expenses incurred in connection with performance of the Consulting Agreements and that the monthly consulting fee paid to the CEO and the CSO is NIS 127,570 ($35) and NIS 80,454 ($22), respectively.
CEO [Member]
Related Parties Transactions (Textual)
Consulting fee		35	₪ 127,570
CSO [Member]
Related Parties Transactions (Textual)
Consulting fee		$ 22	₪ 80,454

XML 46 R32.htm IDEA: XBRL DOCUMENT

Subsequent Event (Details) - Subsequent Event [Member] - USD ($) $ in Thousands	1 Months Ended
	Dec. 22, 2017	Dec. 18, 2017
Subsequent Event (Textual)
Process development		$ 2,900
Federal corporate tax rate	21.00%

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Phase I

Phase II

Phase III

Timeline

ORMD-0801

oral insulin

Type 2 diabetes

Q1 ’14: Phase IIa completed

Q2 ’16: Phase IIb multi-center study completed

Q1 ’17: Phase IIa - dose finding study completed

Q1 ’18: Phase IIb 90-day multi-center study projected initiation (projected completion Q2 ’19)

Q4 ’19: Phase III study projected initiation (projected completion Q2 ’21)

Type 1 diabetes

Q3 ’14: Phase IIa study completed

Q1 ’18: Clamp study projected initiation (projected completion Q3 ’18)

Q4 ’19: Phase III projected initiation (projected completion Q2 ’21)

ORMD-0901

oral GLP-1

Type 2 diabetes

Q2 ’16: Phase Ib non-US study completed

Q1 ’18: Pharmacokinetics clinical study projected initiation (projected completion Q3 ’18)

H2 ’18: Phase II projected initiation (projected completion Q4 ’19)