Oramed Pharmaceuticals : Other Report or Announcement

Filed Pursuant to Rule 424(b)(5) Registration No. 333-257926

PROSPECTUS SUPPLEMENT(to prospectus dated July 26, 2021)

Up to $75,000,000

COMMON STOCK

Oramed Pharmaceuticals Inc. has entered into an at the market offering agreement, dated March 18, 2024, or the ATM Agreement, with Rodman & Renshaw LLC ("Rodman") and StockBlock Securities LLC ("StockBlock"), each referred to as an Agent and together the Agents, relating to shares of our common stock, par value $0.012 per share, offered by this prospectus supplement. In accordance with the terms of the ATM Agreement, under this prospectus supplement and the accompanying prospectus, we may, through the Agents acting as agents or principals, from time to time offer and sell shares of our common stock having a maximum aggregate offering price of up to $75,000,000. Our prior equity distribution agreement with Cantor Fitzgerald & Co., or Cantor Fitzgerald, dated September 1, 2021, pursuant to which we sold shares of our common stock for a gross sales price of approximately $26.99 million, was terminated effective as of March 17, 2024.

Our common stock is listed on The Nasdaq Capital Market under the symbol "ORMP." On March 15, 2024, the last reported sale price of our common stock on The Nasdaq Capital Market was $2.92 per share. Our common stock is also listed on the Tel Aviv Stock Exchange, or TASE, under the symbol "ORMP."

Sales of shares of our common stock, if any, under this prospectus supplement and the accompanying prospectus may be made in sales deemed to be "at the market offerings" as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, or the Securities Act, including sales made directly on The Nasdaq Capital Market, or any other existing trading market for our common stock, sales made to or through a market maker in a transaction consummated other than on an exchange, or in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices.

Each Agent will act as a sales agent on a best efforts basis using commercially reasonable efforts consistent with its normal trading and sales practices subject to the terms and conditions of the ATM Agreement. There is no arrangement for funds to be received in any escrow, trust or similar arrangement. The offering pursuant to this prospectus supplement will terminate upon the earlier of (1) the sale of common stock pursuant to this prospectus supplement having an aggregate sales price of $75,000,000 and (2) the termination by us or the Agents of the ATM Agreement pursuant to its terms. We provide more information about how the shares of common stock will be sold in the section entitled "Plan of Distribution."

The compensation to each Agent for sales of shares of our common stock sold by that Agent pursuant to the ATM Agreement is an aggregate of up to 3.0% of the gross proceeds of the sales price per share. In connection with the sales of shares of our common stock on our behalf, each Agent will be deemed to be an "underwriter" within the meaning of the Securities Act, and the compensation of each Agent will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to each Agent with respect to certain liabilities, including liabilities under the Securities Act. Investing in our securities involves a high degree of risk. See "Risk Factors" on page S-3of this prospectus supplement and the corresponding sections in the accompanying prospectus, in our Annual Report on Form 10-Kfor our fiscal year ended December 31, 2023 and our subsequent filings with the SEC under the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are incorporated by reference into this prospectus supplement.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.

Rodman & Renshaw LLC

StockBlock Securities LLC

Prospectus Supplement dated March 18, 2024.

	TABLE OF CONTENTS
			Page
Prospectus Supplement
About this Prospectus Supplement			S-ii
Special Note Regarding Forward-Looking Information			S-iii
Prospectus Supplement Summary			S-1
The Offering			S-2
Risk Factors			S-3
Use of Proceeds			S-5
Dividend Policy			S-5
Plan of Distribution			S-5
Legal Matters			S-6
Experts			S-6
Where You Can Find More Information			S-7
Incorporation of Certain Documents by Reference			S-7
Prospectus			Page
About This Prospectus	1
Our Company	2
Risk Factors	3
Cautionary Statement Regarding Forward-Looking Statements	4
Use of Proceeds	5
The Securities We May Offer	6
Description of Capital Stock	7
Description of Warrants	10
Description of Units	12
Plan of Distribution	13
Legal Matters	16
Experts	16
Where You Can Find More Information	16
Incorporation of Documents by Reference	17

S-i

About this Prospectus Supplement

A registration statement on Form S-3 (File No. 333-257926) utilizing a "shelf" registration process relating to the securities described in this prospectus supplement were declared effective by the SEC on July 26, 2021. Under this "shelf" registration process, of which this offering is a part, we may, from time to time, sell our common stock, warrants and units.

This document is in two parts. The first part is this prospectus supplement, which describes the terms of this offering of shares of our common stock and also adds, updates and changes information contained in the accompanying prospectus and the documents incorporated therein by reference. The second part is the accompanying prospectus, which gives more general information, some of which may not apply to this offering. To the extent the information contained in this prospectus supplement differs or varies from the information contained in the accompanying prospectus or any document filed prior to the date of this prospectus supplement and incorporated herein by reference, the information in this prospectus supplement will govern. In addition, this prospectus supplement and the accompanying prospectus do not contain all of the information provided in the registration statements that we filed with the SEC. For further information about us, you should refer to those registration statements, which you can obtain from the SEC as described below under "Where You Can Find More Information."

You should rely only on the information contained in or incorporated by reference into this prospectus supplement and the accompanying prospectus. We have not, and the Agents have not, authorized anyone to provide you with information that is different. This prospectus supplement is not an offer to sell or solicitation of an offer to buy our securities in any circumstances under which the offer or solicitation is unlawful. We are offering to sell, and seeking offers to buy, our securities only in jurisdictions where offers and sales are permitted. You should not assume that the information we have included in this prospectus supplement or the accompanying prospectus is accurate as of any date other than the date of this prospectus supplement or the accompanying prospectus, respectively, or that any information we have incorporated by reference is accurate as of any date other than the date of the document incorporated by reference, regardless of the time of delivery of this prospectus supplement or of any of our securities. Our business, financial condition, results of operations and prospects may have changed since those dates.

Unless the context otherwise requires, all references in this prospectus supplement to "we," "our," "Oramed" and "us" refer to Oramed Pharmaceuticals Inc. and our wholly-owned subsidiaries. Our name and logo and the names of our products are our trademarks or registered trademarks.

The term "NIS" refers to New Israeli Shekels, the lawful currency of the State of Israel, and the terms "dollar," "USD" or "$" refer to U.S. dollars, the lawful currency of the United States. Our functional and presentation currency is the U.S. dollar.

S-ii

Special Note Regarding Forward-Looking Information

This prospectus supplement, the accompanying prospectus and the documents we incorporate by reference herein and therein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, regarding our business, clinical trials, clinical studies, financial condition, expenditures, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "planned expenditures," "believes," "seeks," "estimates," "consider" 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 prospectus supplement, the accompanying prospectus and the documents we incorporate by reference herein and therein. Additionally, statements concerning future matters are forward-looking statements. For example, this prospectus supplement states that the Agents may sell shares of our common stock having a maximum aggregate sales price of up to $75,000,000. In fact, such sales are subject to various conditions and contingencies as are customary in at the market offerings in the United States and may be impacted by market conditions. If these conditions are not satisfied, the specified contingencies do not occur or market conditions are not favorable, the Agents may sell fewer shares or none at all. This prospectus supplement also states that the proceeds will be used for expenses primarily related to general corporate purposes, including general working capital purposes. If our needs change, we may use the proceeds from the offering in other ways.

Although forward-looking statements in this prospectus supplement, the accompanying prospectus and the documents we incorporate by reference herein and therein reflect the good faith judgment of our management, such statements can only be based on facts and factors known by us as of such date. 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 "Risk Factors" herein, in the accompanying prospectus and in the documents we incorporate by reference herein and therein, as well as those discussed elsewhere in this prospectus supplement and the accompanying prospectus. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this prospectus supplement, the accompanying prospectus or the respective documents incorporated by reference herein or therein, as applicable. 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 such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.

S-iii

Prospectus Supplement Summary

This summary highlights information contained elsewhere or incorporated by reference into this prospectus supplement and the accompanying prospectus. This summary does not contain all of the information that you should consider before investing in our securities. You should carefully read this entire prospectus supplement and the accompanying prospectus, including the "Risk Factors" sections, on page S-3 of this prospectus supplement, page 3 of the accompanying prospectus and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as the financial statements and the other information incorporated by reference herein, before making an investment decision.

Overview

We are a pharmaceutical company engaged in the research and development of innovative pharmaceutical solutions with a technology platform that allows for the oral delivery of therapeutic proteins.

We have developed an oral dosage form intended to withstand the harsh environment of the stomach and effectively deliver active biological insulin or other proteins. The excipients in the formulation are not intended to modify the proteins chemically or biologically, and the dosage form is designed to be safe to ingest.

On January 11, 2023, we announced that the ORA-D-013-1 Phase 3 trial did not meet its primary or secondary endpoints. As a result, we terminated this trial and a parallel Phase 3, ORA-D-013-2 clinical trial. In 2023, we completed an analysis of the data from the ORA-D-013-1 Phase 3 trial and found that subpopulations of patients with pooled specific parameters, such as body mass index (BMI), baseline HbA1c and age, responded well to oral insulin. Based on this analysis, we are working on a protocol for a new Phase 3 clinical trial to be submitted to the U.S. Food and Drug Administration. We are additionally examining our existing pipeline and have commenced an evaluation process of potential strategic opportunities, with the goal of enhancing value for our stockholders.

Corporate Information

We were incorporated in the State of Nevada on April 12, 2002 and reincorporated from the State of Nevada to the State of Delaware on March 11, 2011. Since 2007, we have operated a wholly owned research and development subsidiary based in Israel called Oramed Ltd. Our principal offices are located at 1185 Avenue of the Americas, Third Floor, New York, New York 10036, our telephone number is [phone] and our website address is www.oramed.com. This website is not a part of this prospectus supplement or the accompanying prospectus and should not be deemed "filed" under the Exchange Act.

S-1

	The Offering
Issuer	Oramed Pharmaceuticals Inc.
Shares of our common stock offered	Shares having an aggregate offering price of up to $75,000,000.
Manner of offering	"At the market offering," as defined in Rule 415(a)(4) under the Securities Act, that may be made from time to
	time through the Agents, of shares of our common stock. Each Agent will make all sales using commercially
	reasonable efforts consistent with its normal trading and sales practices and applicable laws and regulations, on
	mutually agreeable terms between the Agents and us. The sales of shares of our common stock under this
	prospectus supplement, if any, may be made directly on The Nasdaq Capital Market, or through a market
	maker other than on an exchange. With our prior written consent, sales may also be made in negotiated
	transactions and/or any other method permitted by law. See "Plan of Distribution" on page S-5 of this
	prospectus supplement.
Use of proceeds	We intend to use the net proceeds from this offering, if any, for expenses primarily related to general corporate
	purposes, including general working capital purposes. We may use the proceeds to pursue strategic
	opportunities which include expanding our pipeline and investments in other companies. See "Use of
	Proceeds" on page S-5.
Risk factors	An investment in our common shares involve a high degree of risk. See "Risk Factors" on page S-3 of this
	prospectus supplement and page 3 of the accompanying prospectus and in our Annual Report on Form 10-K
	for the fiscal year ended December 31, 2023 and our subsequent filings with the SEC under the Exchange Act,
	which are incorporated by reference into this prospectus supplement, for a discussion of the risks you should
	carefully consider before deciding to invest in our securities.

Listing on The Nasdaq Capital Market and Tel Aviv Stock Exchange

Our common stock is listed on The Nasdaq Capital Market and the Tel Aviv Stock Exchange under the symbol "ORMP."

S-2

Risk Factors

An investment in our common stock involves significant risks. You should carefully consider the following risk factors, in addition to the risk factors contained in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as all of the information contained in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein or therein, as well as any amendment or update to our risk factors reflected in subsequent filings with the SEC, before you decide to invest in our common stock. Our business, prospects, financial condition and results of operations may be materially and adversely affected as a result of any of such risks. The value of our common stock could decline as a result of any of these risks. You could lose all or part of your investment in our common stock. Some of our statements in sections entitled "Risk Factors" are forward-looking statements. The risks and uncertainties we have described are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business, prospects, financial condition and results of operations.

Risks Related to this Offering

Management will have broad discretion as to the use of any proceeds from this offering, and we may not use the proceeds effectively.

Our management will have broad discretion with respect to the use of any proceeds of this offering, including for any of the purposes described in "Use of Proceeds." You will be relying on the judgment of our management regarding the application of any proceeds of this offering. The results and effectiveness of the use of proceeds are uncertain, and we could spend the proceeds in ways that you do not agree with or that do not improve our results of operations or enhance the value of our common stock. Our failure to apply these funds effectively could have a material adverse effect on our business, delay the development of our product candidates and cause the price of our common stock to decline.

It is not possible to predict the aggregate proceeds resulting from sales made under the ATM Agreement.

Subject to certain limitations in the ATM Agreement and compliance with applicable laws, we have the discretion to deliver a placement notice to the Agents at any time throughout the term of the ATM Agreement. The number of shares that are sold through the Agents after delivering a placement notice will fluctuate based on a number of factors, including the market price of our common stock during the sales period, any limits we may set with the Agents in any applicable placement notice and the demand for our common stock. Because the price per share of each share sold pursuant to the ATM Agreement will fluctuate over time, it is not currently possible to predict the aggregate proceeds to be raised in connection with sales under the ATM Agreement.

The common stock offered hereby will be sold in "at-the-market offerings" and investors who buy shares at different times will likely pay different prices.

Investors who purchase shares in this offering at different times will likely pay different prices, and accordingly may experience different levels of dilution and different outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices and number of shares sold in this offering. In addition, subject to the final determination by our board of directors or any restrictions we may place in any applicable placement notice, there is no minimum or maximum sales price for shares to be sold in this offering. Investors may experience a decline in the value of the shares they purchase in this offering as a result of sales made at prices lower than the prices they paid.

S-3

If you purchase our common stock in this offering, you may incur immediate and substantial dilution in the book value of your shares.

The offering price per share of common stock in this offering may exceed the net tangible book value per share of our common stock outstanding prior to this offering. Therefore, if you purchase common stock in this offering, you may pay a price per share that exceeds our as adjusted net tangible book value per share of common stock. Because the sales of the shares offered hereby will be made directly into the market, the prices at which we sell these shares will vary and these variations may be significant. Purchasers of the shares we sell, as well as our existing stockholders, will experience significant dilution if we sell shares at prices significantly below the price at which they invested.

We may sell additional shares of our common stock to fund our operations, which sales may occur during or immediately after sales pursuant to this offering are commenced, which would result in dilution to our stockholders.

In order to raise additional funds to support our operations, we may sell additional shares of our common stock, which would result in dilution to all our stockholders that may adversely impact our business. In particular, at any time, including during the pendency of this offering, we may sell additional shares of our common stock, other than pursuant to this offering, in amounts that may be material to us, which may be in amounts that are equal to or greater than the size of this offering, including, without limitation, through underwritten public offerings, privately negotiated transactions, block trades, or any combination of the above, subject, in certain circumstances, with the consent of the Agents. We cannot assure you that we will be able to sell shares or other securities in any other offering at a price per share that is equal to or greater than the price per share paid by investors in this offering, and investors purchasing shares or other securities in the future could have rights superior to existing stockholders. The price per share at which we sell additional shares of our common stock or other securities convertible into or exchangeable for our common stock in future transactions may be higher or lower than the price per share in this offering.

Sales of our common stock in this offering, or the perception that such sales may occur, could cause the market price of our common stock to fall.

We may issue and sell shares of our common stock for aggregate gross proceeds of up to $75,000,000 from time to time in connection with this offering. The issuance and sale from time to time of these new shares of common stock, or our ability to issue these new shares of common stock in this offering, could have the effect of depressing the market price of our common stock and impair our ability to raise capital through the sale of additional equity securities.

S-4

Use of Proceeds

We may offer and sell shares of our common stock having aggregate sales proceeds of up to $75,000,000 from time to time, before deducting the sales commissions and estimated offering expenses payable by us. However, we cannot guarantee if or when these net proceeds, if any, will be received. The amount of proceeds from this offering will depend upon the number of shares of our common stock sold, if any, and the market price at which they are sold. There can be no assurance that we will be able to sell any shares under or fully utilize the ATM Agreement with the Agents as a source of financing. Because there is no minimum offering amount required as a condition to close this offering, the net proceeds to us, if any, are not determinable at this time. We intend to use the net proceeds from this offering, if any, for expenses primarily related to general corporate purposes, including general working capital purposes. The amounts and timing of the expenditures may vary significantly depending on numerous factors. Pending the use of the net proceeds, we intend to invest the net proceeds in accordance with our investment policy, as amended from time to time. We may use the proceeds to pursue strategic opportunities which include expanding our pipeline and investments in other companies. We cannot provide any assurance that we will be able to carry out any potential investments we may identify.

Dividend Policy

We have never paid any cash dividends on our capital stock and do not anticipate paying any cash dividends on our common stock in the foreseeable future. We intend to retain any future earnings to fund ongoing operations and future capital requirements of our business. Any future determination to pay cash dividends will be at the discretion of our board of directors and will be dependent upon our financial condition, results of operations, capital requirements and such other factors as our board of directors deems relevant.

Plan of Distribution

We have entered into the ATM Agreement with Rodman and StockBlock, under which we may issue and sell from time to time shares of our common stock having an aggregate gross sales price of up to $75,000,000 through the Agents, acting as our sales agents for the offer and sale of the common stock.

Sales of our common stock, if any, will be made through ordinary brokers' transactions at market prices by methods deemed to be an "at-the-market offering" as defined in Rule 415 promulgated under the Securities Act, including sales made directly on The Nasdaq Capital Market, on any other existing trading market for our common stock, or to or through a market maker other than on an exchange. The Agents may also sell our common stock hereunder by any other method permitted by law, including in privately negotiated transactions.

Upon delivery of a placement notice to an Agent, such Agent may offer our common stock at prevailing market prices subject to the terms and conditions of the ATM Agreement on a daily basis or as otherwise agreed upon by us and the applicable Agent. We will designate the maximum amount of common stock to be sold through an Agent on a daily basis or otherwise determine such maximum amount together with the applicable Agent. Subject to the terms and conditions of the ATM Agreement, each Agent will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell on our behalf all of the shares of common stock requested to be sold by us. We may instruct an Agent not to sell common stock if the sales cannot be effected at or above the price designated by us in any such instruction. We or either Agent may suspend the offering of our common stock being made through the applicable Agent under the ATM Agreement upon proper notice to the other party and subject to other conditions.

We will pay each Agent commissions, in cash, for its services in acting as agent in the sale of our common stock. The aggregate cash compensation payable to each Agent shall be equal to up to 3.0% of the gross sales price per share of all shares sold through it as agent under the ATM Agreement. Because there is no minimum offering amount required as a condition to close this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time. We estimate that the total expenses of the offering payable by us, excluding commissions payable to the Agents under the ATM Agreement, will be approximately $65,000. We will report at least quarterly the number of shares of our common stock sold through the Agents under the ATM Agreement and the net proceeds to us.

S-5

Settlement for sales of common stock will occur on the second trading day, and on and after May 28, 2024, on the first trading day following the date on which any sales are made or any such shorter settlement cycle as may be in effect under Exchange Act Rule 15c6-1 from time to time, in return for payment of the net proceeds to us. Sales of our common stock as contemplated in this prospectus supplement will be settled through the facilities of The Depository Trust Company or by such other means as we and the applicable Agent may agree upon. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.

Each Agent will use its commercially reasonable efforts, consistent with its sales and trading practices, to solicit offers to purchase shares of common stock under the terms and subject to the conditions set forth in the ATM Agreement. In connection with the sales of our common stock on our behalf, each Agent will be deemed to be an "underwriter" within the meaning of the Securities Act, and the compensation to each Agent will be deemed to be underwriting commissions or discounts. We have also agreed in the ATM Agreement to provide indemnification and contribution to the Agents with respect to certain liabilities, including liabilities under the Securities Act.

The offering of our common stock pursuant to the ATM Agreement will terminate automatically upon the earlier of the sale of all shares of our common stock subject to the ATM Agreement or as otherwise permitted therein. We and either Agent may each terminate the ATM Agreement at any time upon five days' prior written notice.

Our common stock is listed on The Nasdaq Capital Market and the Tel Aviv Stock Exchange under the symbol "ORMP" and on the Tel Aviv Stock Exchange under the symbol "ORMP."

Each Agent and its affiliates may in the future provide various investment banking, commercial banking and other financial services for us and our affiliates, for which services they may in the future receive customary fees and expenses for these transactions. In addition, in the ordinary course of its various business activities, each Agent and its affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (which may include bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. Each Agent or its affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments. To the extent required by Regulation M, each Agent will not engage in any market making activities involving our common stock while the offering is ongoing under this prospectus supplement.

This prospectus supplement and the accompanying prospectus may be made available in electronic format on a website maintained by each Agent, and each Agent may distribute this prospectus supplement and the accompanying base prospectus electronically.

The foregoing does not purport to be a complete statement of the terms and conditions of the ATM Agreement. A copy of the ATM Agreement is included as an exhibit to our Current Report on Form 8-K that will be filed with the SEC and incorporated by reference into the registration statement of which this prospectus supplement and the accompanying base prospectus form a part. See "Where You Can Find More Information" and "Incorporation of Documents By Reference".

Legal Matters

The validity of the securities offered hereby will be passed upon for us by Sullivan & Worcester LLP, Boston, Massachusetts. The Agents are being represented in connection with this offering by Haynes and Boone, LLP, New York, New York.

Experts

The financial statements as of December 31, 2022 and 2023 and for each of the two years in the period ended December 31, 2023, incorporated in this prospectus supplement by reference to the Annual Report on Form 10-K for the year ended December 31, 2023 have been so incorporated in reliance on the report of Kesselman & Kesselman, Certified Public Accountants (Isr.), a member firm of PricewaterhouseCoopers International Limited, an independent registered public accounting firm, and given on the authority of said firm as experts in auditing and accounting.

S-6