Forian Inc. Special Meeting Summary Company Overview - **Company Name**: Forian Inc. - **Stock Symbol**: NasdaqCM:FORA - **Meeting Date**: January 08, 2026 - **Meeting Type**: Extraordinary General Meeting Key Points Meeting Proceedings - The meeting was called to order by Max Wygod, CEO and Chairman, at 12:00 PM ET, with several board members and executives present [2][4] - Stockholders were informed that questions could be submitted online, but only relevant questions would be addressed [3] Voting and Proposals - A quorum was established with 31,072,252 shares of common stock issued and outstanding, allowing the meeting to proceed [5] - The first proposal was to re-domicile the company from Delaware to Maryland, requiring a majority vote for approval [6] - The polls for voting on Proposal One were opened and closed at 12:06 PM ET, with the proposal receiving the affirmative vote of a majority of the voting power of the outstanding shares [8] Results and Conclusion - Proposal One was approved, negating the need for Proposal Two regarding adjournment to solicit additional proxies [8] - The final certified results of the vote will be reported in a Form 8-K to be filed with the SEC and posted on the company’s website [8] Additional Information - The meeting included a certified list of stockholders provided by Broadridge, ensuring transparency in the voting process [5] - The agenda and rules of conduct were made available on the virtual stockholder meeting website for convenience [4]

Core Insights - Forian Inc. is facing significant financial challenges with a negative Return on Invested Capital (ROIC) of -13.42% and a ROIC to Weighted Average Cost of Capital (WACC) ratio of -1.52, indicating it is not generating returns above its cost of capital [1][6] Company Performance - Forian Inc. has a ROIC of -13.42% and a WACC of 8.81% [1] - The ROIC to WACC ratio for Forian is -1.52, showing underperformance in generating returns [1][6] Peer Comparison - Ikena Oncology, Inc. has a ROIC of -36.02% and a WACC of 6.18%, resulting in a ROIC to WACC ratio of -5.83 [2] - Finch Therapeutics Group, Inc. reports a ROIC of -38.62% against a WACC of 6.18%, leading to a ratio of -6.25 [2] - NeuroPace, Inc. has a ROIC of -20.32% and a WACC of 12.43%, resulting in a ROIC to WACC ratio of -1.63, indicating it is relatively closer to breaking even [3] - Eledon Pharmaceuticals, Inc. has a ROIC of -75.00% and a WACC of 7.50%, leading to a ROIC to WACC ratio of -10.00 [4] - Werewolf Therapeutics, Inc. reports a ROIC of -87.96% against a WACC of 9.55%, resulting in a ratio of -9.21 [4] Industry Overview - The industry is facing widespread challenges, with all mentioned companies struggling to generate returns that exceed their cost of capital [5][6] - NeuroPace, Inc. shows the most potential for improvement among its peers, with the least negative ROIC to WACC ratio of -1.63 [5][6]

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Core Viewpoint - Forian Inc. is set to discuss its third quarter 2025 financial results, including a revenue outlook for the full year 2025, during a conference call with key executives participating [1]. Financial Performance - The management will provide an estimate of its full year 2025 revenue outlook, emphasizing the challenges in accurately predicting future financial performance due to various assumptions and internal estimates [2]. - There is a significant risk that actual results could differ materially from the outlook provided, highlighting the uncertainty in financial forecasting [2]. Forward-Looking Statements - Any forward-looking statements made during the call represent the company's views as of the date of the call, with no obligation to update them except as required by law [3]. - The company will use terms such as estimates, projected, expect, and anticipate to identify forward-looking statements related to future growth and performance [3].

Financial Data and Key Metrics Changes - Forian reported Q3 2025 revenue of $7.76 million, a 66% increase year over year, driven by the Kyber Data Science acquisition and growth in health economics and outcomes research projects [6][10] - The net loss for the quarter was $151,000, compared to a net loss of $205,000 in the prior year, indicating improved operating leverage [8][11] - Adjusted EBITDA for Q3 2025 was $471,000, up from $186,000 in the same quarter last year, reflecting higher revenues and improved operational performance [8][12] - The company ended the period with $28.2 million in cash and marketable securities and $29.2 million in working capital [12] Business Line Data and Key Metrics Changes - The acquisition of Kyber contributed approximately $2 million, or 43%, to the revenue growth, with the remainder coming from organic growth in the life sciences data business [11] - Forian's Data Factory continues to be a critical differentiator, integrating data from various sources to provide a unified view of the healthcare ecosystem [7] Market Data and Key Metrics Changes - Life science companies are increasingly using Forian's data to understand real-world therapy performance and support evidence generation for regulators and payers [6] - Health service organizations and financial clients are leveraging Forian's data to monitor utilization trends and forecast demand [7] Company Strategy and Development Direction - Forian aims to strengthen its position in healthcare analytics and real-world evidence generation, focusing on creating scalable products that deliver differentiated insights [9] - The company plans to continue investing in long-term data relationships and new offerings to enhance its analytical capabilities [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year 2025 revenue near the high end of the previously communicated range of $28 million to $30 million, reflecting a growth of 39%-49% over the previous year [8][14] - The company remains focused on driving sustainable growth and enhancing profitability in the evolving market for real-world data and analytics [9] Other Important Information - The company does not intend to discuss updates related to the previously announced take-private offer during this call [5] Q&A Session Summary - No questions were asked during the Q&A session, and the call concluded without further inquiries [15]

Q3 2025 Financial Results Revenue and Adjusted EBITDA | | | | ($000's) Three Months Ended September 30, | | | | | ($000's) Nine Months Ended September 30, | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | Period-over- | | | | | Period-over | | | 2025 | | 2024 | | Period % | | 2025 | 2024 | | Period % | | | Unaudited | | Unaudited | | Change | | Unaudited | Unaudited | | Change | | Revenue | $ | 7,762 | $ | 4,686 | 66% | $ | 22,294 | $ | 14,341 | 55% | | Net loss | $ | (15 ...

Revenue Performance - Revenues for the three months ended September 30, 2025, were $7,762,183, an increase of $3,075,871 (65.6%) compared to $4,686,312 for the same period in 2024, primarily due to the acquisition of Kyber and organic growth [153]. - Revenues for the nine months ended September 30, 2025, were $22,294,439, an increase of $7,953,648 (55.5%) compared to $14,340,791 for the same period in 2024, driven by the Kyber acquisition and organic growth [162]. - Revenue for the three months ended September 30, 2025, was $7,762,183, compared to $4,686,312 for the same period in 2024 [181]. - Revenue for the nine months ended September 30, 2025, reached $22,294,439, up from $14,340,791 in 2024 [181]. Cost and Expenses - Cost of revenues for the three months ended September 30, 2025, was $3,753,561, an increase of $2,350,641 (167.5%) compared to $1,402,920 for the same period in 2024, mainly due to the Kyber acquisition and higher licensing expenses [154]. - Cost of revenues for the nine months ended September 30, 2025, was $10,113,352, an increase of $5,200,157 (105.9%) compared to $4,913,195 for the same period in 2024, attributed to the Kyber acquisition and increased processing expenses [163]. - Research and development expenses for the three months ended September 30, 2025, were $676,172, an increase of $384,210 (131.4%) compared to $291,962 for the same period in 2024, primarily due to the Kyber acquisition [155]. - Sales and marketing expenses for the three months ended September 30, 2025, were $1,461,348, an increase of $504,365 (52.7%) compared to $956,983 for the same period in 2024, driven by the Kyber acquisition and increased compensation [156]. - General and administrative expenses for the three months ended September 30, 2025, were $2,118,273, a decrease of $739,911 (25.9%) compared to $2,858,184 for the same period in 2024, mainly due to lower stock compensation expenses [157]. Profitability and Loss - Gross profit as a percentage of revenues decreased to 52% for the three months ended September 30, 2025, down from 70% for the same period in 2024 [154]. - Net loss for the three months ended September 30, 2025, was $151,220, compared to a net loss of $204,907 for the same period in 2024, reflecting an improvement in financial performance [152]. - Adjusted EBITDA for the three months ended September 30, 2025, was $470,645, an increase of $284,729 compared to $185,916 for the same period in 2024 [182]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $1,010,940, reflecting an increase of $642,405 from $368,535 in the prior year [183]. Cash Flow and Financing - Net cash used in operating activities decreased to $336,017 for the nine months ended September 30, 2025, from $1,467,084 in 2024, a reduction of $1,131,067 [186]. - Net cash provided by investing activities increased to $7,838,178 for the nine months ended September 30, 2025, compared to cash used of $730,177 for the same period in 2024, reflecting a change of $8,568,355 [187]. - Net cash used in financing activities rose to $7,432,200 for the nine months ended September 30, 2025, an increase of $6,294,163 from $1,138,037 in the prior year [188]. - The company expects to fund future operations and acquisitions through cash flow from operations, available cash, marketable securities, debt financing, and equity issuances [184]. - As of September 30, 2025, the company's cash and marketable securities totaled $28,225,038, with no remaining outstanding principal on the convertible notes [184]. - The company redeemed $18,881,466 in outstanding principal and interest on its convertible notes during 2024 and $6,840,000 in 2025 [184]. Accounting and Compliance - The company evaluates its estimates related to revenues, stock-based compensation, income taxes, business combinations, and allowance for credit losses on an ongoing basis [190]. - The company utilizes judgment to determine performance obligations in contracts and assess revenue recognized under variable revenue arrangements [194]. - The company has implemented all new applicable accounting pronouncements, which did not have any material impact on the financial statements [203]. - The FASB issued ASU 2023-09, effective after December 15, 2024, requiring additional disclosures related to income taxes paid and rate reconciliation [200]. - The FASB issued ASU 2024-03, effective after December 15, 2026, requiring additional disclosures about income statement expenses [201]. - The FASB issued ASU 2025-05, effective after December 15, 2025, introducing a practical expedient for measuring credit losses on accounts receivable [202]. - The company is currently evaluating the impact of new accounting standards on its consolidated financial statements and related disclosures [200]. - As an "emerging growth company," the company is utilizing the extended transition period for implementing new or revised accounting standards under the JOBS Act [204].

Financial Performance - Forian reported third quarter 2025 revenue of $7.76 million, a 66% increase from $4.69 million in the same period last year[3]. - The net loss for the quarter was $151,220, a 26% improvement compared to a net loss of $204,907 in the prior year[3]. - Adjusted EBITDA for the quarter was $470,645, representing a 153% increase from $185,916 in the prior year[3]. - Revenue for the three months ended September 30, 2025, was $7,762,183, representing a 65.5% increase compared to $4,686,312 for the same period in 2024[26]. - Net loss for the nine months ended September 30, 2025, was $(1,052,289), a significant improvement from $(3,970,781) in the same period of 2024, indicating a reduction of approximately 73%[26]. - Adjusted EBITDA for the three months ended September 30, 2025, was $470,645, compared to $185,916 for the same period in 2024, reflecting a growth of 153%[26]. Cash and Assets - Cash, cash equivalents, and marketable securities totaled $28.2 million as of September 30, 2025[4]. - Total current assets decreased from $44.46 million at December 31, 2024, to $39.37 million at September 30, 2025[11]. - Cash and cash equivalents at the end of the period were $4,660,622, up from $2,707,688 at the end of the same period in 2024[26]. Liabilities and Expenses - Total liabilities decreased from $17.12 million at December 31, 2024, to $10.17 million at September 30, 2025[11]. - Stock-based compensation expense for the nine months ended September 30, 2025, was $2,672,104, down from $4,873,593 in the same period of 2024, a decrease of approximately 45%[26]. - The company recorded a depreciation and amortization expense of $155,586 for the nine months ended September 30, 2025, compared to $23,405 in the same period of 2024, indicating a significant increase due to capital expenditures[26]. Cash Flow - Cash used in operating activities for the nine months ended September 30, 2025, was $(336,017), a notable improvement from $(1,467,084) in the same period of 2024[26]. - The company incurred $(6,840,000) in cash used to redeem convertible notes during the financing activities for the nine months ended September 30, 2025[26]. - The company experienced a net cash inflow from investing activities of $7,838,178 for the nine months ended September 30, 2025, contrasting with a cash outflow of $(730,177) in the same period of 2024[26]. Business Development - Forian expects full year 2025 revenue to be at the higher end of the previously reported range of $28 to $30 million[4]. - The company achieved significant growth in health economics and outcomes research, supported by new information integrations and expanded project scopes[4]. - Forian advanced partnerships with large health and pharma services companies to enhance real-world data coverage[4]. - New data-driven financial analytics offerings were introduced, securing key contracts for continued market penetration[4].

Core Points - VerticalScope Holdings Inc. will release its third quarter 2025 financial results on November 5, 2025, after market close [1] - A conference call and webcast to discuss the financial results will take place on November 6, 2025, at 8:00 a.m. ET [1] Company Overview - VerticalScope, founded in 1999 and headquartered in Toronto, operates a cloud-based digital platform for online enthusiast communities [3] - The company has built a portfolio of over 1,200 online communities and approximately 100 million monthly active users [3]