Strategic Acquisition of Oratech
Completed equity-based acquisition of Oratech, gaining a protein oral delivery platform (including ORMD-0801 oral insulin expected to start Phase II). Transaction described as capital-efficient with minimal near-term operational burden and no material increase in operating expenses.
Strengthened Balance Sheet via Financing
Closed a $10.0 million convertible note financing and acquired approximately $6.5 million of cash with the Oratech transaction, increasing unrestricted cash and cash equivalents to $11.4 million from $2.2 million at year-end 2025 (net increase of $9.2 million).
ReWalk Sales Growth
ReWalk personal exoskeleton revenue increased 11% year-over-year to $1.6 million (from $1.3 million), driven by international sales, reimbursement expansion and distribution growth (Germany up ~25% quarter-over-quarter).
Expanded Reimbursement and Distribution
Progress on reimbursement access with Medicare Advantage coverage from Aetna, Humana and UnitedHealthcare and expanded distribution domestically and internationally, positioning the neurorehabilitation portfolio for long-term growth.
Operating Expense Improvements (Non-GAAP)
Adjusted operating expenses declined 12% year-over-year to $5.9 million (from $6.8 million), driven by improved productivity in sales & marketing, lower reimbursement-related costs and reduced R&D following completion of major programs.
Stable Adjusted Operating Loss and Lower Cash Burn
Non-GAAP adjusted operating loss remained unchanged year-over-year at $4.6 million despite lower revenue, and cash used in operating activities declined 33% to $3.7 million versus Q1 2025, reflecting improved operational efficiencies and working capital management.
New Product Addition — Upper Body Exoskeleton
Acquired an upper body exoskeleton technology targeting ~4.6 million stroke survivors; development work underway toward commercialization, complementing the ReWalk platform.