Lifeward Ltd. Announces Fourth Quarter and Full-Year 2025 Financial Results; Strategic Oramed Transaction Approved

Key Highlights

• Shareholder approval for strategic Oramed transaction; Lifeward gains new oral protein delivery technology platform.
• Operational efficiency improved significantly in 2025:
  • GAAP operating expenses down 25% year-over-year.
  • Non-GAAP operating expenses (excluding one-time impairment) down 12% year-over-year.
• Net loss narrowed substantially:
  • Q4 net loss decreased 65% to \$5.3 million (\$3.60 per share) from \$15.3 million (\$20.82 per share) in Q4 2024.
  • Full-year net loss down 31% to \$19.9 million (\$17.16 per share) from \$28.9 million (\$39.96 per share) in 2024.
• Non-GAAP adjusted net loss:
  • Q4: increased to \$4.2 million (\$2.85 per share) from \$3.3 million (\$4.54 per share) in Q4 2024.
  • Full year: narrowed 5% to \$15.4 million (\$13.23 per share) from \$16.2 million (\$22.33 per share) in 2024.
• Revenue and Gross Profit:
  • Q4 revenue: \$5.1 million.
  • 2025 revenue: \$17.4 million.
  • Q4 gross profit: \$1.1 million; FY gross profit: \$8.4 million.
• Cash Position: \$2.2 million in unrestricted cash and cash equivalents as of December 31, 2025.
• Upcoming Catalysts:
  • Strategic Oramed transaction closing expected soon, providing further capital infusions.
  • Conference call to discuss results and outlook hosted on March 18, 2026.
• Reverse Share Split: All per-share amounts reflect a 1-for-12 reverse share split effective February 24, 2026.

Detailed Report

Strategic Transaction and Platform Expansion

Lifeward Ltd. (“Lifeward” or the “Company”) has received shareholder approval for a strategic transaction with Oramed, through which Lifeward will acquire a new oral protein delivery technology platform. This development marks a major milestone in the Company’s transition into a diversified biomedical innovation company and is expected to provide new growth opportunities and enhance the Company’s clinical portfolio. The transaction is anticipated to close pending the satisfaction of customary closing conditions. Upon closing, Lifeward plans to secure additional funding through a convertible note with Oramed and another investor, strengthening its liquidity position.

Operational Efficiency and Cost Improvements

Lifeward executed significant cost-saving measures in 2025, resulting in a 25% reduction in GAAP operating expenses year-over-year. Excluding one-time impairment charges, non-GAAP operating expenses decreased 12%. These measures demonstrate the Company’s commitment to operational discipline and set a foundation for sustainable growth and a path to positive cash flow.

Management expects these operational efficiencies to continue into 2026, even as the Company increases its investment in R&D to advance new products to market.

Financial Performance: Narrowing Losses, Stable Revenue

• Q4 2025:
  • Operating loss: \$5.1 million, down 66% from \$15.2 million in Q4 2024 (primarily due to a \$9.8 million impairment charge in Q4 2024).
  • Non-GAAP adjusted operating loss: \$4.0 million, up from \$3.3 million in Q4 2024.
  • Net loss: \$5.3 million (\$3.60 per share), compared to \$15.3 million (\$20.82 per share) in Q4 2024.
  • Non-GAAP adjusted net loss: \$4.2 million (\$2.85 per share), compared to \$3.3 million (\$4.54 per share) in Q4 2024.
  • Revenue: \$5.1 million.
  • Gross profit: \$1.1 million.
• Full-Year 2025:
  • Net loss: \$19.9 million (\$17.16 per share), down from \$28.9 million (\$39.96 per share) in 2024.
  • Non-GAAP adjusted net loss: \$15.4 million (\$13.23 per share), compared to \$16.2 million (\$22.33 per share) in 2024.
  • Revenue: \$17.4 million; Gross profit: \$8.4 million.
• Cash and Liquidity: As of December 31, 2025, unrestricted cash and cash equivalents stood at \$2.2 million. The Company expects to strengthen its liquidity upon completion of the Oramed transaction and associated convertible note financing.

Strategic Initiatives and Outlook

Lifeward is executing on initiatives to increase direct-to-patient engagement, expand capital equipment sales to institutional customers, and enhance payer and reimbursement capabilities. The Company continues to emphasize strengthening reimbursement as a key strategy to improve patient access and support wider adoption of its neuro-rehabilitation products. These efforts are expected to drive growth in the coming quarters.

The Company will host a conference call to discuss these results and its outlook on March 18, 2026 at 8:30 a.m. E.D.T., with a webcast available for 30 days on its website.

Share Structure Update

Investors should note that all share and per-share data for 2025 and 2024 have been retroactively adjusted to reflect the 1-for-12 reverse share split completed on February 24, 2026. This is a significant capital event that may impact trading dynamics and valuation metrics.

Non-GAAP Financial Measures

The Company supplements its GAAP financial results with non-GAAP measures (e.g., adjusted net loss), which exclude non-cash and non-recurring items such as share-based compensation and acquisition costs. These measures are intended to provide investors with a clearer view of underlying operating performance, though they are not substitutes for GAAP results.

What Investors Should Watch

• Potential Price-Moving Events:
  • Completion of the Oramed transaction and infusion of additional capital.
  • Commercialization and integration of the newly acquired oral protein delivery technology.
  • Continued improvements in operational efficiency and movement towards positive cash flow.
  • Impact of the reverse share split on stock liquidity and investor perception.
• Risks:
  • Low cash at year-end highlights the importance of closing the Oramed transaction and securing further funding.
  • Execution risk in delivering on strategic initiatives and managing ongoing losses until positive cash flow is achieved.

Contact & Conference Details

Conference Call: March 18, 2026, 8:30 a.m. E.D.T.
Webcast: https://edge.media-server.com/mmc/p/yc9qmwr7

Contact: Almog Adar, Chief Financial Officer
Email: [email protected], [email protected]

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Forward-looking statements in this summary are based on management’s expectations and subject to risks and uncertainties. Actual results may differ materially from those expressed or implied. Investors should review official filings and consult with a financial advisor before making investment decisions. Lifeward Ltd. undertakes no obligation to update forward-looking statements except as required by law.

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