Financial Data and Key Metrics Changes - Net revenues for Q3 2025 were $4 million, a decrease of $3 million or approximately 42% compared to Q3 2024 [5] - Operating expenses were $3.9 million, reflecting a $1.2 million or 24% improvement year-over-year [5] - Operating loss was $3.5 million, showing a $0.1 million or 2% improvement from Q3 2024 [5] - Net loss for the quarter was $3.0 million, an improvement of $0.1 million or 2% from Q3 2024 [5] - Basic and diluted loss per share was $0.20, improving by $0.10 per share from Q3 2024 [5] - The company had $450,000 in unrestricted cash on hand at the end of Q3 [6] Business Line Data and Key Metrics Changes - The company is focusing on self-funded health benefit programs, which are gaining popularity among employers due to cost savings [3] - Marpai Rx program is highlighted as a differentiating factor in winning new business [9] Market Data and Key Metrics Changes - The total addressable market for the TPA industry is over $150 billion, expected to grow by 123% by 2031 [4] - The growth is driven by rising healthcare costs, increasing employer-sponsored health plans, and technological advancements [4] Company Strategy and Development Direction - The company is consolidating claims processing into a single operating system to unlock significant cost savings [6] - The focus is on leveraging renewed efficiencies to capture market share and deliver long-term value [11] - The company aims to disrupt the $5.5 trillion U.S. healthcare market with a scalable platform [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future potential, citing a successful capital raise and strategic partnerships [6] - The organization is positioned to pivot from recovery to aggressive, sustainable growth [11] - The CEO emphasized a commitment to improving patient outcomes at lower costs [10] Other Important Information - The company completed a $3.9 million PIPE transaction to strengthen its financial position [6] - The rollout of the Empara Client Experience Tool is expected to enhance client retention and new business [8] Q&A Session Summary - There were no questions from participants during the Q&A session [12][13]

Financial Data and Key Metrics Changes - In Q2 2025, net revenues were $4.7 million, approximately 35% lower than Q2 2024 [9] - Operating expenses were $4.4 million, showing a 70% improvement compared to the previous year [10] - Operating loss was $3.6 million, a 71% improvement year-over-year [11] - Net loss for Q2 was $4.4 million, reflecting a 66% improvement from the same period last year [11] - Basic and diluted loss per share improved by $0.95 to $0.28 [11] Business Line Data and Key Metrics Changes - The company is focusing on exiting unprofitable legacy contracts, which contributed to the revenue decline [12] - Investments in new member engagement tools and system enhancements have increased costs but are expected to reduce costs and improve member experiences in the future [12] Market Data and Key Metrics Changes - The TPA industry has a total addressable market exceeding $150 billion, with a forecasted CAGR of 12.1% through 2031 [4] - The TPA market is highly fragmented, presenting opportunities for national independent TPAs like Marpay to scale [4] Company Strategy and Development Direction - Marpay is transitioning from a simple TPA to a technology-driven company, focusing on enhancing member experiences through innovations [16] - The relaunch of MarpayRx, a pharmacy benefit management platform, is expected to significantly reduce specialty drug costs for clients [7][16] - The company anticipates profitability in 2026 due to operational cost reductions and an expected net gain in lives [14] Management's Comments on Operating Environment and Future Outlook - Management believes the company is better positioned for substantial growth despite the revenue decline [16] - The upcoming busy season is expected to bring in significant business, with many employers renewing benefits at the start of the year [13] - A comprehensive update is expected in the next earnings call, with a focus on the progress of MarpayRx [14] Other Important Information - The company has transferred nearly 2,000 lives to the MarpayRx program as of August [14] - The management emphasizes a mission to reduce healthcare costs for self-funded employers while building a profitable enterprise [17] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating a lack of detailed interaction during the Q&A session [18]

Financial Data and Key Metrics Changes - Net revenues for Q1 2025 were $5.4 million, approximately 27% lower than Q1 2024 [3] - Operating expenses were $7.7 million, showing a 33% improvement over Q1 2024 [4] - Operating loss was $2.3 million, a 45% improvement over Q1 2024 [4] - Net loss was $3.1 million, representing a 29% improvement over Q1 2024 [4] - Basic and diluted earnings per share were a loss of $0.21, an improvement of $0.25 per share over Q1 2024 [4] Business Line Data and Key Metrics Changes - The company is focusing on margin-generating clients and managing lower-margin clients to drop off [3][4] - The TPA market in the U.S. is valued at $150 billion, with a forecasted annual growth of 12.1% through 2031 [8] Market Data and Key Metrics Changes - The company is positioned to partner with employers adopting self-funded health insurance, which is a growing trend due to rising healthcare inflation [5][6] - Employers can see savings of up to 10% by moving to a self-funded model managed by a TPA [6] Company Strategy and Development Direction - The core mission is to deliver affordable and intelligent healthcare solutions, with a strong pipeline of business for the second half of 2025 [10] - The company is focused on driving efficiencies and cost reductions to achieve profitability [11] - The appointment of Dallas Scripp as COO is part of the strategy to strengthen leadership and drive growth initiatives [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges faced in signing new business in Q1 but expects to win clients off-cycle and during the January cycle next year [14][18] - Confidence in achieving cash flow positivity by year-end is supported by ongoing cost reduction initiatives and operational efficiencies [20][21] Other Important Information - The rollout of the Empower member portal is on track to be completed by the end of Q2 2025, which aims to improve customer service and operational efficiency [10][24] Q&A Session Summary Question: Insights on new business sign-ups in Q1 - Management focused on turnaround efforts in 2024 and did not hire key sales personnel until May, impacting new business sign-ups [15][16] Question: Expectations for off-cycle client wins - Management confirmed expectations for off-cycle wins and a strong pipeline for the second half of 2025 [17][18] Question: Discussion on cash burn and cost reduction initiatives - Management highlighted ongoing rationalization of vendors and legacy contracts to reduce costs and improve operational efficiencies [20][21] Question: Details on the Empower portal - The Empower portal consolidates multiple applications into a single solution, enhancing user experience and reducing call center demands [22][24]