MRAI on OTC

Marpai, Inc.

Most of our Clients are small and medium-sized companies as well as local government entities.³ From its latest annual report

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Last updated Oct 19, 2026.

Overview

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TickerMRAI on OTC¹
IndustryServices-Misc Health & Allied Services, NEC¹
HeadquartersTampa, Florida¹
Incorporated inDE²
Business address615 Channelside Drive, Suite 207, Tampa, Fl 33602²
Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company²

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Most of our Clients are small and medium-sized companies as well as local government entities.³ From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-74.9%Operating margin⁴

-91.5%Net margin⁴

-35.8%Revenue growth, 2025⁴

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costs

Research and development0¢$7.0K
Other costs100¢$18.1M

Out of $18.1M in revenue.⁴ The company lost money this year.

Financial statements

Revenue⁵⁶⁴$18.1M in 2025+27% since 2021

Operating income⁷⁵⁶⁸⁴-$13.6M in 2025+302% since 2020

Net income⁷⁵⁶⁸⁴-$16.6M in 2025+328% since 2020

Every line of the income statement as filed: the last 2 fiscal years, latest first.⁴

Period ending	2025-12-31	2024-12-31
Revenue	$18.1M	$28.2M
Cost of revenue (exclusive of depreciation and amortization shown separately below)	$13.3M	$19.1M
General and administrative	$11.1M	$12.8M
Sales and marketing	$1.1M	$1.8M
Information technology	$5.1M	$4.7M
Research and development	$7.0K	$29.0K
Depreciation and amortization	$381.0K	$2.3M
Impairment of goodwill and intangible assets		$7.6M
Facilities	$580.0K	$1.3M
Loss on disposal of assets	$19.0K	$648.0K
Loss on sale of business unit		$73.0K
Total costs and expenses	$31.7M	$50.3M
Operating loss	-$13.6M	-$22.1M
Other income, net	$227.0K	$396.0K
Interest expense	-$3.2M	-$2.7M
Loss on debt extinguishment		-$1.9M
Gain on forgiveness of other liability		$3.0M
Foreign exchange loss		-$1.0K
Loss before provision for income taxes	-$16.6M	-$23.3M
Income tax expense		-$1.2M
Net loss	-$16.6M	-$22.1M
Net loss per share, basic (in Dollars per share)	-$0.95	-$1.92
Net loss per share, diluted (in Dollars per share)	-$0.95	-$1.92
Weighted average number of shares of common stock, basic (in Shares)	17.4M shares	11.5M shares
Weighted average shares of common stock outstanding, diluted (in Shares)	17.4M shares	11.5M shares

Total assets⁷⁵⁶⁸⁴$10.9M in 2025+67% since 2020

Total liabilities⁷⁵⁶⁸⁴$43.5M in 2025+333% since 2020

Shareholders’ equity⁷⁵⁶⁸⁴-$32.6M in 2025+3629% since 2019

Cash⁷⁵⁶⁸⁴$133.0K in 2025−46% since 2019

Long-term debt⁷⁵⁶⁴$11.4M in 2025

Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$133.0K	$764.0K
Restricted cash	$8.8M	$8.5M
Accounts receivable, net of allowance for credit losses of $21 and $1	$697.0K	$837.0K
Unbilled receivables	$280.0K	$569.0K
Due from buyer for sale of business unit		$500.0K
Prepaid expenses and other current assets	$408.0K	$759.0K
Total current assets	$10.3M	$11.9M
Capitalized software, net	$60.0K	$441.0K
Operating lease right-of-use assets	$218.0K	$296.0K
Security deposits	$229.0K	$229.0K
Other long-term asset	$61.0K	$15.0K
Total assets	$10.9M	$12.9M
Accounts payable	$3.7M	$3.1M
Accrued expenses	$2.1M	$2.6M
Accrued fiduciary obligations	$8.5M	$6.3M
Deferred revenue	$89.0K	$625.0K
Current portion of operating lease liabilities	$264.0K	$244.0K
Current portion of convertible debentures, net	$3.0M	$3.1M
Other short-term liabilities	$8.0M	$3.0M
Total current liabilities	$25.7M	$19.0M
Other long-term liabilities	$11.4M	$14.9M
Convertible debentures, net of current portion	$5.8M	$5.9M
Operating lease liabilities, net of current portion	$528.0K	$793.0K
Total liabilities	$43.5M	$40.6M
Common stock, $0.0001 par value, 227,791,050 shares authorized; 24,035,610 issued and outstanding at December 31, 2025 and 14,237,176 issued and outstanding at December 31, 2024	$2.0K	$1.0K
Additional paid-in capital	$82.8M	$71.1M
Accumulated deficit	-$115.4M	-$98.8M
Total stockholders deficit	-$32.6M	-$27.7M	-$13.4M
Total liabilities and stockholders deficit	$10.9M	$12.9M
Accounts receivable, net of allowance for credit losses	$21.0K	$1.0K
Preferred stock, par value (in Dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in Shares)	2.0M shares	2.0M shares
Preferred stock, shares issued (in Shares)	0 shares	0 shares
Preferred stock, shares outstanding (in Shares)	0 shares	0 shares
Common stock, par value (in Dollars per share)	$0.00	$0.00
Common stock, shares authorized (in Shares)	227.8M shares	227.8M shares
Common stock, shares issued (in Shares)	24.0M shares	14.2M shares
Common stock, shares outstanding (in Shares)	24.0M shares	14.2M shares

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$133.0K	$764.0K
Restricted cash	$8.8M	$8.5M
Accounts receivable, net of allowance for credit losses of $21 and $1	$697.0K	$837.0K
Unbilled receivables	$280.0K	$569.0K
Due from buyer for sale of business unit		$500.0K
Prepaid expenses and other current assets	$408.0K	$759.0K
Total current assets	$10.3M	$11.9M
Capitalized software, net	$60.0K	$441.0K
Operating lease right-of-use assets	$218.0K	$296.0K
Security deposits	$229.0K	$229.0K
Other long-term asset	$61.0K	$15.0K
Total assets	$10.9M	$12.9M
Accounts payable	$3.7M	$3.1M
Accrued expenses	$2.1M	$2.6M
Accrued fiduciary obligations	$8.5M	$6.3M
Deferred revenue	$89.0K	$625.0K
Current portion of operating lease liabilities	$264.0K	$244.0K
Current portion of convertible debentures, net	$3.0M	$3.1M
Other short-term liabilities	$8.0M	$3.0M
Total current liabilities	$25.7M	$19.0M
Other long-term liabilities	$11.4M	$14.9M
Convertible debentures, net of current portion	$5.8M	$5.9M
Operating lease liabilities, net of current portion	$528.0K	$793.0K
Total liabilities	$43.5M	$40.6M
Common stock, $0.0001 par value, 227,791,050 shares authorized; 24,035,610 issued and outstanding at December 31, 2025 and 14,237,176 issued and outstanding at December 31, 2024	$2.0K	$1.0K
Additional paid-in capital	$82.8M	$71.1M
Accumulated deficit	-$115.4M	-$98.8M
Total stockholders deficit	-$32.6M	-$27.7M	-$13.4M
Total liabilities and stockholders deficit	$10.9M	$12.9M
Accounts receivable, net of allowance for credit losses	$21.0K	$1.0K
Preferred stock, par value (in Dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in Shares)	2.0M shares	2.0M shares
Preferred stock, shares issued (in Shares)	0 shares	0 shares
Preferred stock, shares outstanding (in Shares)	0 shares	0 shares
Common stock, par value (in Dollars per share)	$0.00	$0.00
Common stock, shares authorized (in Shares)	227.8M shares	227.8M shares
Common stock, shares issued (in Shares)	24.0M shares	14.2M shares
Common stock, shares outstanding (in Shares)	24.0M shares	14.2M shares

Cash from operations⁷⁵⁶⁸⁴-$7.5M in 2025+282% since 2020

Capital spending⁷⁵⁶$362.8K in 2022+1080% since 2020

Free cash flow⁷⁵⁶-$35.6M in 2022+1698% since 2020

Every line of the cash flow as filed: the last 2 fiscal years, latest first.⁴

Period ending	2025-12-31	2024-12-31
Net loss	-$16.6M	-$22.1M
Depreciation and amortization	$381.0K	$2.3M
Loss on disposal of assets	$19.0K	$648.0K
Provision for credit losses	$20.0K
Loss on sale of receivables		$306.0K
Share-based compensation	$3.6M	$3.2M
Shares issued to vendors in exchange for services	$1.1M
Amortization of right-of-use asset	$59.0K	$211.0K
Impairment of goodwill and intangible assets		$7.6M
Loss on sale of business unit		$73.0K
Gain on forgiveness of other liability		-$3.0M
Loss on lease termination		$71.0K
Non-cash interest expense	$1.8M	$1.4M
Amortization of debt premium and debt issuance costs, net	-$33.0K	$201.0K
Loss on debt extinguishment		$1.9M
Deferred taxes		-$1.2M
Accounts receivable and unbilled receivable	$409.0K	$486.0K
Prepaid expense and other assets	$351.0K	$142.0K
Security deposit		$138.0K
Accounts payable	$559.0K	-$1.5M
Accrued expenses	-$470.0K	-$231.0K
Accrued fiduciary obligations	$2.2M	-$5.3M
Operating lease liabilities	-$245.0K	-$464.0K
Other liabilities	-$596.0K	$64.0K
Other asset	-$46.0K	$7.0K
Net cash used in operating activities	-$7.5M	-$15.2M
Proceeds from sale of business unit	$500.0K	$227.0K
Net cash provided by investing activities	$500.0K	$227.0K
Payments to seller for acquisition	-$196.0K	-$631.0K
Proceeds from issuance of common stock and warrants in a private offering	$7.0M	$4.7M
Proceeds from issuance of convertible debentures	$3.0M	$8.0M
Proceeds from sale of future cash receipts on accounts receivable		$1.5M
Payments to buyer of receivables		-$1.8M
Payments on convertible debentures	-$3.0M	-$420.0K
Payments of convertible debenture issuance costs	-$162.0K	-$631.0K
Net cash provided by financing activities	$6.7M	$10.7M
Net decrease in cash, cash equivalents and restricted cash	-$281.0K	-$4.3M
Cash paid for interest	$1.5M	$1.7M

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Leadership

Who has led Marpai, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

Chief financial officer

Yoram Bibring2021

Chief operating officer

2025

Chief executive officerDamien Lamendola Nov 21, 2023 to now¹¹
Chief executive officerEdmundo Gonzalez Nov 2, 2021 to Sep 12, 2023¹²
Chief financial officerYoram Bibring Nov 2, 2021 to Nov 2, 2021¹³
Chief operating officerDallas Scrip May 21, 2025 to now¹⁴
Chief operating officerRonnie Brown Nov 2, 2021 to May 19, 2022¹⁵

Board members and other officers (16)

OfficerGonen Antebi Feb 2, 2023 to Feb 2, 2023¹⁶
OfficerLutz Finger Mar 3, 2022 to Dec 9, 2022¹⁷
Chief Revenue OfficerArt Hoath Nov 2, 2021 to Nov 2, 2021¹⁸
Cheif Financial OfficerYoram Bibring Dec 16, 2021 to Jan 5, 2023¹⁹
Board memberSagiv Shiv Feb 1, 2023 to now²⁰
Board memberMichael Charles Dendy Nov 13, 2023 to May 14, 2024²¹
Board memberJennifer Rosario Calabrese Dec 13, 2023 to now²²
Board memberRobert M. Pons Dec 13, 2023 to now²³
Board memberMohsen Moazami Mar 31, 2022 to May 29, 2024²⁴
Board memberEdmundo Gonzalez Nov 2, 2021 to Sep 12, 2023¹²
Board memberGonen Antebi Nov 2, 2021 to Jun 16, 2022²⁵
Board memberJane Cavalier Nov 2, 2021 to Dec 16, 2021²⁶
Board memberYaron Eitan Nov 2, 2021 to now²⁷
Board memberColleen Diclaudio Nov 3, 2021 to now²⁸
Board memberVincent Kane Nov 3, 2021 to Aug 18, 2022²⁹
Board memberDamien Lamendola Nov 4, 2021 to now³⁰

Timeline

Nov 21, 2023New chief executive Damien Lamendola becomes CEO¹¹
Nov 2, 2021New chief executive Edmundo Gonzalez becomes CEO¹²

Filings

323 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 90 major events, 124 insider forms, 29 large holders, 59 other. The latest 20:

Aug 13, 2026SCHEDULE 13D/A EDGAR
Aug 13, 2026SCHEDULE 13D EDGAR
Aug 13, 20263 EDGAR
Aug 13, 202610-Q QUARTERLY REPORT EDGAR
Jul 31, 20268-K CURRENT REPORT EDGAR
Jul 20, 20268-K CURRENT REPORT EDGAR
Jun 2, 20264 EDGAR
Jun 2, 20264 EDGAR
Jun 2, 20264 EDGAR
Jun 2, 20264 EDGAR
Jun 2, 20264 EDGAR
Jun 2, 20264 EDGAR
Jun 2, 20264 EDGAR
May 22, 20264 EDGAR
May 15, 202610-Q QUARTERLY REPORT EDGAR
May 1, 20268-K CURRENT REPORT EDGAR
Apr 8, 20264 EDGAR
Mar 25, 202610-K ANNUAL REPORT EDGAR
Mar 11, 20268-K CURRENT REPORT EDGAR
Feb 27, 2026SCHEDULE 13G/A EDGAR

The 323 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

68 open-market trades by officers, directors and large owners since October 2021: 60 buys and 8 sales. Grants, option exercises and gifts are left out.

Date	Who	Trade	Shares	Price	Value	Filing
Jun 2, 2026	Johnson Steve AndrewChief Financial Officer	Buy	1,100	$0.62	$682	Form 4
May 20, 2026	EITAN YARONDirector	Buy	10,000	$0.27	$2.7K	Form 4
Nov 7, 2025	EITAN YARONDirector	Buy	100,000	$1.00	$100.0K	Form 4
Nov 7, 2025	SHIV SAGIVDirector	Buy	50,000	$1.00	$50.0K	Form 4
Nov 7, 2025	PONS ROBERT MDirector	Buy	50,000	$1.00	$50.0K	Form 4
Oct 6, 2025	Cassel Ian J.10% owner	Sale	28,000	$1.63	$45.6K	Form 4
Sep 30, 2025	Lamendola DamienChief Executive Officer	Buy	147,058	$1.36	$200.0K	Form 4
Sep 10, 2025	Lamendola DamienChief Executive Officer	Buy	896,903	$1.06	$950.7K	Form 4
Aug 20, 2025	Cassel Ian J.10% owner	Sale	20,000	$1.42	$28.4K	Form 4
Aug 19, 2025	Cassel Ian J.10% owner	Sale	40,000	$1.40	$56.0K	Form 4
Aug 18, 2025	Cassel Ian J.10% owner	Sale	40,000	$1.40	$56.0K	Form 4
Aug 15, 2025	Cassel Ian J.10% owner	Sale	40,000	$1.40	$56.0K	Form 4
Aug 13, 2025	Cassel Ian J.10% owner	Sale	20,000	$1.43	$28.6K	Form 4
Jul 29, 2025	Lamendola DamienChief Executive Officer	Buy	371,470	$1.08	$401.2K	Form 4
Jul 17, 2025	Lamendola DamienChief Executive Officer	Buy	86,805	$1.15	$99.8K	Form 4
Dec 5, 2024	Powers John PaulPresident	Buy	10,000	$1.13	$11.3K	Form 4
Dec 5, 2024	Johnson Steve AndrewChief Financial Officer	Buy	5,000	$1.13	$5.7K	Form 4
Dec 5, 2024	EITAN YARONDirector	Buy	110,619	$1.13	$125.0K	Form 4
Aug 28, 2024	Lamendola DamienChief Executive Officer	Buy	1,351,351	$0.48	$648.6K	Form 4
May 29, 2024	Johnson Steve AndrewChief Financial Officer	Buy	3,500	$0.65	$2.3K	Form 4

All 68 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Calvin Steven MitchellSCHEDULE 13D/A, 2 filings Aug 13, 2026³¹
Intelligent Fanatics Capital Management LLCSCHEDULE 13G/A, 4 filings Oct 7, 2024 to Feb 27, 2026³²
Damien LamendolaSCHEDULE 13D/A, 12 filings Feb 1, 2022 to Oct 22, 2025³³
TALL PINES CAPITAL, LLCSCHEDULE 13G/A, 2 filings Jan 16, 2025 to Oct 21, 2025³⁴
Yaron EitanSC 13D/A, 5 filings Dec 21, 2021 to Dec 9, 2024³⁵
Altium Capital Management LLCSC 13G/A, 2 filings Apr 26, 2023 to Feb 13, 2024³⁶
Edmundo GonzalezSC 13D, 1 filing Dec 30, 2021³⁷
Eli DavidSC 13D, 1 filing Dec 21, 2021³⁸

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARMarpai, Inc. filings on SEC EDGAR
2
SEC EDGARMarpai, Inc. filings on SEC EDGAR
3
SEC EDGARMarpai, Inc. annual report, Item 1 (Business)
4
SEC EDGARMarpai, Inc. 10-K for fiscal 2025
5
SEC EDGARMarpai, Inc. 10-K for fiscal 2021
6
SEC EDGARMarpai, Inc. 10-K for fiscal 2022
7
SEC EDGARMarpai, Inc. 10-K for fiscal 2020
8
SEC EDGARMarpai, Inc. 10-K for fiscal 2023
9
SEC EDGARMarpai, Inc. 10-Q for fiscal 2026
10
SEC EDGARMarpai, Inc. 10-Q for fiscal 2026
11
SEC EDGARDamien Lamendola, Chief executive officer
12
SEC EDGAREdmundo Gonzalez, Chief executive officer
13
SEC EDGARYoram Bibring, Chief financial officer
14
SEC EDGARDallas Scrip, Chief operating officer
15
SEC EDGARRonnie Brown, Chief operating officer
16
SEC EDGARGonen Antebi, Officer
17
SEC EDGARLutz Finger, Officer
18
SEC EDGARArt Hoath, Chief Revenue Officer
19
SEC EDGARYoram Bibring, Cheif Financial Officer
20
SEC EDGARSagiv Shiv, Board member
21
SEC EDGARMichael Charles Dendy, Board member
22
SEC EDGARJennifer Rosario Calabrese, Board member
23
SEC EDGARRobert M. Pons, Board member
24
SEC EDGARMohsen Moazami, Board member
25
SEC EDGARGonen Antebi, Board member
26
SEC EDGARJane Cavalier, Board member
27
SEC EDGARYaron Eitan, Board member
28
SEC EDGARColleen Diclaudio, Board member
29
SEC EDGARVincent Kane, Board member
30
SEC EDGARDamien Lamendola, Board member
31
SEC EDGARCalvin Steven Mitchell SCHEDULE 13D/A on Marpai, Inc.
32
SEC EDGARIntelligent Fanatics Capital Management LLC SCHEDULE 13G/A on Marpai, Inc.
33
SEC EDGARDamien Lamendola SCHEDULE 13D/A on Marpai, Inc.
34
SEC EDGARTALL PINES CAPITAL, LLC SCHEDULE 13G/A on Marpai, Inc.
35
SEC EDGARYaron Eitan SC 13D/A on Marpai, Inc.
36
SEC EDGARAltium Capital Management LLC SC 13G/A on Marpai, Inc.
37
SEC EDGAREdmundo Gonzalez SC 13D on Marpai, Inc.
38
SEC EDGAREli David SC 13D on Marpai, Inc.