Financial Performance - Q4 2024 net revenues were $6.6 million, a decrease of $0.4 million, or 6.0% lower than Q3 2024[5] - Full year 2024 net revenues were $28.2 million, down $9.0 million, or 24.2% lower year over year[5] - Adjusted EBITDA for the year ended December 31, 2024 amounted to a loss of $9.1 million, an improvement from a loss of $20.2 million in 2023[4] - Net loss for the fiscal year was $22.1 million, an improvement of $6.7 million, or 23.2% lower year over year[5] - Basic and diluted earnings per share in Q4 2024 were ($0.08), an improvement of $0.22 per share compared to Q3 2024[5] - Net loss for the year ended December 31, 2024, was $22,088,000, an improvement from a net loss of $28,752,000 in 2023, representing a 23.3% reduction[22] - Adjusted EBITDA for the year ended December 31, 2024, was $(9,057,000), compared to $(20,181,000) in 2023, indicating a significant improvement of 55.1%[25] Operating Expenses and Cash Flow - Operating expenses for the fiscal year ended December 31, 2024 were $31.2 million, an improvement of $9.7 million, or 23.7% lower year over year[5] - Cash flows from operating activities resulted in a net cash used of $15,158,000 for 2024, slightly better than $15,749,000 in 2023[22] - Total cash, cash equivalents, and restricted cash at the end of the period decreased to $9,232,000 from $13,492,000 at the beginning of the period, reflecting a decrease of 31.7%[22] - Cash paid for interest in 2024 was $1,742,000, compared to no interest paid in 2023[23] Assets and Liabilities - Marpai's total current assets decreased to $11.9 million as of December 31, 2024, down from $17.1 million in 2023[18] - Total liabilities decreased to $40.6 million as of December 31, 2024, down from $45.1 million in 2023[18] Impairment and Depreciation - Impairment of goodwill and intangible assets increased to $7,588,000 in 2024 from $3,018,000 in 2023, indicating a rise of 151.5%[25] - Depreciation and amortization expenses decreased to $2,256,000 in 2024 from $3,897,000 in 2023, a reduction of 42.0%[25] Financing Activities - Proceeds from the issuance of convertible debentures amounted to $8,000,000 in 2024, with additional net cash provided by financing activities totaling $10,671,000[22] - The company reported a loss on debt extinguishment of $1,877,000 in 2024, with no such loss reported in 2023[25] Business Strategy - The company plans to introduce high-impact PBM-based products in the second half of 2025 to drive revenue growth[7] - The company is focused on streamlining costs while deploying innovative services, including the Empara Member Engagement Portal[7] Business Unit Sale - The company generated $227,000 from the sale of a business unit in 2024, down from $1,000,000 in 2023[22]

Core Insights - Marpai, Inc. is taking significant steps to transform self-funded employer health plans through a strategic collaboration with Empara, a healthcare technology innovator, and the rollout of Empara's Health Engagement Platform [1][2] Group 1: Company Overview - Marpai operates in the $22 billion Third-Party Administrator (TPA) market, focusing on self-funded employer health plans that account for over $1 trillion in annual claims [3] - The company aims to enhance the healthcare experience by consolidating multiple fragmented tools into a unified platform that provides intuitive access to benefits for plan members and administrators [2][3] Group 2: Strategic Initiatives - The integration of Empara's platform is expected to drive operational improvements and enhance benefit utilization, ultimately empowering users to manage their health interactions and costs more effectively [2][3] - Marpai anticipates having the full platform operational by the end of the second quarter of 2025, indicating a commitment to rapid implementation of these changes [3]

Core Viewpoint - Health In Tech has announced a strategic collaboration with Vitable and MARPAI to introduce a competitively priced self-funded health plan, aiming to enhance affordability and efficiency in healthcare access [1][3]. Company Overview - Health In Tech is an Insurtech platform company utilizing third-party AI technology to streamline processes in the healthcare industry, focusing on vertical integration, process simplification, and automation [5]. - Vitable offers a hybrid Direct Primary Care health plan that provides easy access to primary care and mental health services, targeting the under- and uninsured workforce [6]. - Marpai, Inc. operates in the TPA sector, providing value-oriented health plan services to employers, competing in a market worth $22 billion [7]. Collaboration Details - The collaboration aims to leverage Vitable's Direct Primary Care model and MARPAI's self-funded health plans to deliver competitive quotes through Health In Tech's eDIYBS platform [2][4]. - Vitable's enhanced primary care plan includes in-person and virtual access, mental health programs, free prescription drugs, and lab work, all under a low monthly fee with $0 out-of-pocket costs for members [2][6]. - The partnership is expected to improve member satisfaction and healthcare cost containment, with a focus on delivering comprehensive care [3][4].

Company Overview - Marpai, Inc. operates as a national Third-Party Administrator (TPA) in the $22 billion TPA market, focusing on affordable healthcare solutions for self-funded employer health plans [1][6] - The company aims to transform the TPA market by providing intelligent healthcare solutions and has a significant presence in managing over $1 trillion in annual claims [6] Recent Funding - Marpai announced an additional funding of $5,000,000 from JGB Collateral LLC, intended for growth initiatives and general working capital [1][5] - The company previously entered into a Securities Purchase Agreement to sell Senior Secured Convertible Debentures totaling $11,830,000 for a purchase price of $11,000,000 [2] - Amendments to the Purchase Agreement allowed for an additional $5,376,000 in Debentures, with $2,000,000 already delivered and $3,000,000 held in escrow pending certain conditions [3][4] Management Commentary - The CEO of Marpai expressed satisfaction with the ongoing relationship with JGB and emphasized that the proceeds will support growth initiatives and enhance working capital [5]

Core Insights - Marpai, Inc. is transforming the $22 billion Third-Party Administrator (TPA) market by providing affordable and intelligent healthcare solutions for self-funded employer health plans [1][4] - The company has secured several significant new accounts for 2025, including clients from the restaurant, hospital, and housing industries, which collectively represent thousands of employee lives [2][3] - Marpai is on track for expected break-even performance in early 2025 due to new sales and ongoing cost efficiencies [3] Company Overview - Marpai operates as a national TPA through its subsidiaries, focusing on value-oriented health plan services for employers that directly pay for employee health benefits [4] - The company competes in a sector that serves self-funded employer health plans, which account for over $1 trillion in annual claims [4] - Marpai's initiatives, such as Marpai Saves, aim to deliver healthier member populations while managing health plan budgets [4] Sales and Growth Strategy - The addition of a new sales team in early 2024 has enabled Marpai to target new business and renewals effectively, traditionally focused on January 1st [2] - The company has reported successful client acquisitions, including a 4,000-employee restaurant group and a 6,000-employee hospital group, set to transition in 2025 [2][3] - Marpai's CEO highlighted the sales team's success in leveraging the Marpai Saves initiative to provide immediate value to targeted industries [3]

Revenue Performance - Total revenue for the three months ended September 30, 2024, was $7.0 million, a decrease of 19.7% from $8.7 million in the same period of 2023[110] - For the nine months ended September 30, 2024, total revenue was $21.6 million, down 24.1% from $28.4 million in 2023[111] Cost and Expenses - Cost of revenue for the three months ended September 30, 2024, was $5.0 million, a decrease of 11.6% from $5.7 million in 2023[113] - General and administrative expenses for the three months ended September 30, 2024, were $2.8 million, down 43.6% from $5.0 million in 2023[115] - General and administrative expenses decreased to $10.0 million for the nine months ended September 30, 2024, down from $15.9 million for the same period in 2023, a reduction of approximately 37.7%[116] - Sales and marketing expenses for the nine months ended September 30, 2024, were $1.4 million, a decrease of 74.5% from $5.5 million in the same period in 2023[118] - Information technology expenses decreased to $3.6 million for the nine months ended September 30, 2024, compared to $4.8 million for the same period in 2023, a reduction of 25%[120] - Research and development expenses fell to $22 thousand for the nine months ended September 30, 2024, down from $1.3 million in the same period in 2023, a decrease of approximately 98.3%[122] - The company reported a significant decrease in research and development expenses, down 97.4% to $7,000 for the three months ended September 30, 2024[108] - Depreciation and amortization expenses decreased to $2.1 million for the nine months ended September 30, 2024, from $3.0 million in the same period in 2023, a reduction of approximately 30%[124] Operating Performance - Operating loss for the three months ended September 30, 2024, was $(3.1) million, a 56.5% improvement from $(7.0) million in 2023[108] - Net loss for the three months ended September 30, 2024, was $(3.6) million, a 51.2% improvement from $(7.3) million in 2023[108] Strategic Initiatives - The company is exploring strategic alternatives to maximize shareholder value, including potential mergers or sales[105] - The company plans to adapt its approach to better serve customer needs amid evolving market conditions[110] Financial Position - As of September 30, 2024, the company had an accumulated deficit of approximately $97.7 million and unrestricted cash and cash equivalents of approximately $830 thousand[128] - Net cash used in operating activities totaled $10.3 million for the nine months ended September 30, 2024, a decrease of $5.0 million compared to $15.3 million for the same period in 2023[138] - The company raised $8.6 million from financing activities during the nine months ended September 30, 2024, an increase of approximately 32.6% compared to $6.4 million in the same period in 2023[139] Impairment and Interest - The company recorded a goodwill and intangible asset impairment charge of $7.6 million in June 2024 due to continued operating losses and negative cash flows[125] - Interest expense increased to $1.9 million for the nine months ended September 30, 2024, compared to $1.1 million for the same period in 2023, an increase of approximately 71.8%[127] Stock Listing - The company transitioned its common stock listing from Nasdaq to OTCQX effective May 29, 2024[103]

Powers will share his expertise at the following events: 1. HCAA TPA University (July 15-17, St. Louis) Premier event for third-party administrators and self-funded industry professionals Focus: Winning in the Transparent Marketplace: The Ethical Administrator https://www.hcaa.org 2. SIIA National Conference (October 8-10, Phoenix, AZ) Showcasing cutting-edge strategies and technologies in employee benefits and healthcare. Focus: Healthcare is Fixed. Join us to replicate the fixes. https://rosettafest.org A ...

As filed with the Securities and Exchange Commission on May 30, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 MARPAI INC. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorporation or organization) Copies to: Ron Ben-Bassat, Esq. Sullivan & Worcester LLP 1251 Avenue of the Americas New York, NY 10020 Telephone: (212) 660-5000 Facsimile: (212) 660-3001 Approximate date of ...

NEW YORK, May 29, 2024 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX:OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Marpai, Inc. (OTCQX:MRAI), an independent national Third-Party Administration (TPA) company, has qualified to trade on the OTCQX® Best Market. Marpai, Inc. previously traded on NASDAQ. Marpai, Inc. begins trading today on OTCQX under the symbol "MRAI." U.S. investors can find current financial disclosure and Real-Time Level 2 quot ...

Marpai (NASDAQ:MRAI) stock is taking a beating on Tuesday as investors prepare for the company's shares to be delisted tomorrow. Marpai alerted investors that it is withdrawing from a hearing with the Nasdaq Exchage's officials. This will result in shares of MRAI stock being delisted from the Nasdaq Capital Market at the start of trading on Wednesday. This has the company planning to transfer its shares to the OTCQX Market after the delisting. Marpai notes that it will continue to be required to file period ...