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MRAI on OTC

Marpai, Inc.

Marpai, Inc. is an American misc health and allied services company based in Tampa.1 Its shares trade on OTC under the symbol MRAI.1

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Last updated Oct 21, 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

  • 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
0$10.0M$20.0M$30.0M$40.0M2021: $14.2M$14.2M20212022: $24.3M$24.3M2022+71%2023: $37.2M$37.2M2023+53%2024: $28.2M$28.2M2024−24%2025: $18.1M$18.1M2025−36%
Operating income75684-$13.6M in 2025+302% since 2020
-$30.0M-$20.0M-$10.0M02020: -$3.4M-$3.4M20202021: -$15.9M-$15.9M2021+371%2022: -$27.0M-$27.0M2022+70%2023: -$28.0M-$28.0M2023+4%2024: -$22.1M-$22.1M2024−21%2025: -$13.6M-$13.6M2025−39%
Net income75684-$16.6M in 2025+328% since 2020
-$30.0M-$20.0M-$10.0M02020: -$3.9M-$3.9M20202021: -$16.0M-$16.0M2021+313%2022: -$26.5M-$26.5M2022+66%2023: -$28.8M-$28.8M2023+9%2024: -$22.1M-$22.1M2024−23%2025: -$16.6M-$16.6M2025−25%

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

Period ending2025-12-312024-12-31
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 shares11.5M shares
Weighted average shares of common stock outstanding, diluted (in Shares)17.4M shares11.5M shares

Compare Marpai, Inc. with another company

Corporate structure

Marpai, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Marpai, Inc.

  • Calvin Steven Mitchell Filed SCHEDULE 13D/A on Marpai, Inc., latest Aug 13, 2026 (2 filings since Aug 13, 2026)
  • Intelligent Fanatics Capital Management LLC Filed SCHEDULE 13G/A on Marpai, Inc., latest Feb 27, 2026 (4 filings since Oct 7, 2024)
  • Damien Lamendola Filed SCHEDULE 13D/A on Marpai, Inc., latest Oct 22, 2025 (12 filings since Feb 1, 2022)
  • TALL PINES CAPITAL, LLC Filed SCHEDULE 13G/A on Marpai, Inc., latest Oct 21, 2025 (2 filings since Jan 16, 2025)
  • Yaron Eitan Filed SC 13D/A on Marpai, Inc., latest Dec 9, 2024 (5 filings since Dec 21, 2021)
  • Altium Capital Management LLC Filed SC 13G/A on Marpai, Inc., latest Feb 13, 2024 (2 filings since Apr 26, 2023)
  • Edmundo Gonzalez Filed SC 13D on Marpai, Inc., latest Dec 30, 2021
  • Eli David Filed SC 13D on Marpai, Inc., latest Dec 21, 2021
  • Marpai, Inc. Tampa, Florida

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Marpai, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$3.8M4 Dec 31, 2025$7.1M4 Dec 31, 2024−45.9%
Property and equipment, net$04 Dec 31, 2025$04 Dec 31, 2024
Operating-lease assets (leased space)$218.0K4 Dec 31, 2025$296.0K4 Dec 31, 2024−26.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$133.0K4 Dec 31, 2025$764.0K4 Dec 31, 2024−82.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, net$60.0K4 Dec 31, 2025$441.0K8 Dec 31, 2024−86.4%

Properties, in its own words

Our principal executive and administrative offices are located at 615 Channelside Drive, Suite 207, Tampa, Florida, and consist of leased office space, which will expire in June 2026. Our base rent is approximately $3 thousand per month, subject to annual adjustments.

We lease an additional 10,725 square feet of corporate office space in Chicago, Illinois, a lease we assumed with the acquisition of Maestro Health. Rent is approximately $26 thousand per month. The current lease will expire in September 2028.

The rest of Item 2

For the fiscal year ended December 31, 2025, we recognized a net lease expense in the amount of $387 thousand.

We believe that the current office space is adequate to meet our needs.

Item 2 of the 10-K filed Mar 25, 2026.3

Leadership

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

Chief executive

  1. Edmundo Gonzalez2021–2023
  2. Damien Lamendola2023–now

Chief financial officer

  1. Yoram Bibring2021

Chief operating officer

  1. Ronnie Brown2021–2022
  2. Dallas Scrip2025–now
2025
Board members and other officers (16)

Timeline

  1. Jul 31, 20268-K Entered a material agreement; Unregistered sale of shares; Bylaws or fiscal year changed31
  2. Jul 20, 20268-K Entered a material agreement; Other events32
  3. May 1, 20268-K Entered a material agreement33
  4. Mar 11, 20268-K Entered a material agreement; New debt or obligation34
  5. Feb 13, 20268-K Entered a material agreement; New debt or obligation35
  6. Jan 23, 20268-K Executive or director change36
  7. Dec 23, 20258-K Entered a material agreement; Unregistered sale of shares37
  8. Nov 12, 20258-K Entered a material agreement; Unregistered sale of shares38
  9. Nov 12, 20258-K Results of operations39
  10. Oct 20, 20258-K Bylaws or fiscal year changed40
  11. Oct 6, 20258-K Entered a material agreement; Unregistered sale of shares41
  12. Sep 16, 20258-K Entered a material agreement; Unregistered sale of shares42
  13. Nov 21, 2023New chief executive Damien Lamendola becomes CEO11
  14. Nov 2, 2021New chief executive Edmundo Gonzalez becomes CEO12

Calendar

When it reported results

  1. Nov 12, 2025Reported quarterly or annual results39
  2. Aug 13, 2025Reported quarterly or annual results43
  3. May 14, 2025Reported quarterly or annual results44
  4. Mar 27, 2025Reported quarterly or annual results45
  5. Nov 12, 2024Reported quarterly or annual results46
  6. Aug 7, 2024Reported quarterly or annual results47
  7. May 9, 2024Reported quarterly or annual results48
  8. Mar 26, 2024Reported quarterly or annual results49

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

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:

  1. Aug 13, 2026SCHEDULE 13D/A EDGAR
  2. Aug 13, 2026SCHEDULE 13D EDGAR
  3. Aug 13, 20263 EDGAR
  4. Aug 13, 202610-Q QUARTERLY REPORT EDGAR
  5. Jul 31, 20268-K CURRENT REPORT EDGAR
  6. Jul 20, 20268-K CURRENT REPORT EDGAR
  7. Jun 2, 20264 EDGAR
  8. Jun 2, 20264 EDGAR
  9. Jun 2, 20264 EDGAR
  10. Jun 2, 20264 EDGAR
  11. Jun 2, 20264 EDGAR
  12. Jun 2, 20264 EDGAR
  13. Jun 2, 20264 EDGAR
  14. May 22, 20264 EDGAR
  15. May 15, 202610-Q QUARTERLY REPORT EDGAR
  16. May 1, 20268-K CURRENT REPORT EDGAR
  17. Apr 8, 20264 EDGAR
  18. Mar 25, 202610-K ANNUAL REPORT EDGAR
  19. Mar 11, 20268-K CURRENT REPORT EDGAR
  20. 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.

DateWhoTradeSharesPriceValueFiling
Jun 2, 2026Johnson Steve AndrewChief Financial OfficerBuy1,100$0.62$682Form 4
May 20, 2026EITAN YARONDirectorBuy10,000$0.27$2.7KForm 4
Nov 7, 2025EITAN YARONDirectorBuy100,000$1.00$100.0KForm 4
Nov 7, 2025SHIV SAGIVDirectorBuy50,000$1.00$50.0KForm 4
Nov 7, 2025PONS ROBERT MDirectorBuy50,000$1.00$50.0KForm 4
Oct 6, 2025Cassel Ian J.10% ownerSale28,000$1.63$45.6KForm 4
Sep 30, 2025Lamendola DamienChief Executive OfficerBuy147,058$1.36$200.0KForm 4
Sep 10, 2025Lamendola DamienChief Executive OfficerBuy896,903$1.06$950.7KForm 4
Aug 20, 2025Cassel Ian J.10% ownerSale20,000$1.42$28.4KForm 4
Aug 19, 2025Cassel Ian J.10% ownerSale40,000$1.40$56.0KForm 4
Aug 18, 2025Cassel Ian J.10% ownerSale40,000$1.40$56.0KForm 4
Aug 15, 2025Cassel Ian J.10% ownerSale40,000$1.40$56.0KForm 4
Aug 13, 2025Cassel Ian J.10% ownerSale20,000$1.43$28.6KForm 4
Jul 29, 2025Lamendola DamienChief Executive OfficerBuy371,470$1.08$401.2KForm 4
Jul 17, 2025Lamendola DamienChief Executive OfficerBuy86,805$1.15$99.8KForm 4
Dec 5, 2024Powers John PaulPresidentBuy10,000$1.13$11.3KForm 4
Dec 5, 2024Johnson Steve AndrewChief Financial OfficerBuy5,000$1.13$5.7KForm 4
Dec 5, 2024EITAN YARONDirectorBuy110,619$1.13$125.0KForm 4
Aug 28, 2024Lamendola DamienChief Executive OfficerBuy1,351,351$0.48$648.6KForm 4
May 29, 2024Johnson Steve AndrewChief Financial OfficerBuy3,500$0.65$2.3KForm 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.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Damien LamendolaChief Executive Officer and Director69$36258
2024Steve JohnsonChief Financial Officer55$39$25058
2024John PowersPresident and Chief Operating Officer57$150$22858
2024Gonen AntebiChief Operating Officer$3658
2023Lutz FingerPresident, Product and Development$203$1.6K58
2023Gonen AntebiChief Operating Officer$298$40558
2023Edmundo GonzalezChief Executive Officer and Director$29258
2023Yoram BibringChief Financial Officer$223$28958

SEC filer profile

How Marpai, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMarpai, Inc.1
  • CIK0001844392
  • Employer ID (EIN)86-19162313
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)8090 Services-Misc Health & Allied Services, NEC1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address615 Channelside Drive, Suite 207, Tampa, FL 336021
  • Phone646-303-34831
  • Shares outstanding26,829,834 as of Aug 13, 202610
  • Public float$9.7M as of Jun 30, 20253
  • AuditorUHY LLP, Melville, New York PCAOB ID 1195; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceFeb 12, 20211
  • Filings338 in all: 4 (97), 8-K (88), 3 (22), 10-Q (15), CORRESP (14), SC 13D/A (13), UPLOAD (11), S-1/A (8)1
    All 40 form types

    144 (6), 10-K (5), DEF 14A (5), 4/A (4), EFFECT (4), S-1 (4), SC 13D (4), SCHEDULE 13G/A (4), FWP (3), PRE 14A (3), SCHEDULE 13D/A (3), 424B5 (2), 8-K/A (2), S-8 (2), SCHEDULE 13G (2), 10-K/A (1), 25-NSE (1), 3/A (1), 424B4 (1), 8-A12B (1), ARS (1), CERT (1), DEFR14A (1), DRS (1), DRS/A (1), DRSLTR (1), NT 10-Q (1), RW (1), S-3 (1), SC 13G (1), SC 13G/A (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 25, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Jul 3, 2025
    Latest 8-K (8-K) Jul 31, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, par value $0.0001MRAINONE

From the cover page of the 10-K filed Mar 25, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Marpai, Inc. names in Item 1A of its 10-K filed Mar 25, 2026: 32 risks under these headings, as written.3

  • The consolidated financial statements for the year ended December 31, 2025, include an explanatory paragraph in our independent registered public accounting firm’s audit report stating that there are conditions that raise substantial doubt about our ability to continue as a going concern.
  • In the past we have had a high annual customer attrition rate. The loss, termination, or renegotiation of any contract with our current Clients could have a material adverse effect on our financial conditions and operating results.
  • We are party to several disputes and lawsuits, and we may be subject to liabilities arising from these and similar disputes in the future.
  • We are subject to regulatory approvals in the various states we operate and the failure to obtain or renew such regulatory approvals or licenses may adversely affect our business.
  • We operate in a highly competitive industry, and the size of our target market may not remain as large as we anticipate.
  • We rely on healthcare benefits brokers and consultants as our principal sales channel, and some of these companies are large and have no allegiance to us. If we do not satisfy their employer clients, they may direct clients to other TPAs.
  • Our pricing may change over time and our ability to price our services competitively will affect our results of operations and our ability to attract or retain Clients.
  • Our sales cycles can be long and unpredictable, and our sales efforts require a considerable investment of time and expense. If our sales cycle lengthens or we invest substantial resources pursuing unsuccessful sales opportunities, our results of operations and growth would be harmed.
  • Because we generally recognize revenues ratably over the term of the contract for our services, a significant downturn in our business may not be reflected immediately in our results of operations, which increases the difficulty of evaluating our future financial performance.
  • The success and growth of our business depends upon our ability to continuously innovate and develop new products and technologies.
  • Failure by our Clients to obtain proper permissions and waivers may result in claims against us or may limit or prevent our use of data, which could harm our business.
  • If our security measures are breached or unauthorized access to client data is otherwise obtained, our product and service offerings may be perceived as not being secure, Clients may reduce or stop the use of our services, and we may incur significant liabilities.
The other 20 risks
  • We may acquire other companies or technologies, which could divert our management’s attention, result in dilution of our stockholders, and otherwise disrupt our operations and we may have difficulty integrating any such acquisitions successfully or realizing the anticipated benefits therefrom, any of which could have an adverse effect on our business, financial condition, and results of operations.
  • Our existing Senior Secured Convertible Debentures issued to JGB Collateral LLC subjects us to financial covenants and other restrictions that could adversely affect our liquidity, operational flexibility and financial condition.
  • Risks Related to Protecting Our Technology and Intellectual Property
  • We rely on Internet infrastructure, bandwidth providers, data center providers, other third parties, and our own systems for providing services to our users, and any failure or interruption in the services provided by these third parties or our own systems could expose us to litigation, potentially require us to issue credits to our Clients, and negatively impact our relationships with Members or Clients, adversely affecting our brand and our business.
  • We employ third-party licensed software and software components for use in or with our member guidance program, and the inability to maintain these licenses or the presence of errors in the software we license could limit the functionality of our member guidance program and result in increased costs or reduced service levels, which would adversely affect our business.
  • Any failure to protect our intellectual property rights could impair our ability to protect our proprietary technology and our brand.
  • We may not be able to adequately defend against piracy of intellectual property in foreign jurisdictions.
  • Our Member guidance program utilizes open-source software, and any failure to comply with the terms of one or more of these open-source licenses could adversely affect our business.
  • Risks Related to Conducting our Business Under a Complex and Evolving Set of Governmental Regulations
  • Government regulation of the healthcare industry creates risks and challenges with respect to our compliance efforts and our business strategies.
  • The healthcare regulatory and political framework is uncertain and evolving.
  • Our business could be adversely impacted by changes in laws and regulations related to the Internet or changes in access to the Internet generally.
  • Risks Related to Operating as a Public Emerging Growth Company
  • The requirements of being a public company may strain our resources, divert management’s attention, and affect our ability to attract and retain executive management and qualified board members.
  • Risks Related to Our Common Stock
  • Our issuance of additional capital stock in connection with financing, acquisitions, investments, the 2021 Plan, the 2024 Plan or otherwise will dilute all other stockholders.
  • We do not intend to pay dividends on our common stock and, consequently, the ability of common stockholders to achieve a return on investment will depend on the appreciation, if any, in the price of our common stock.
  • The market price of our common stock may be volatile and may decline regardless of our operating performance, and you may lose all or part of your investments.
  • Our bylaws designate a state or federal court located within the State of Delaware as the exclusive forum for certain litigation that may be initiated by our stockholders, which could limit stockholders’ ability to obtain a favorable judicial forum for disputes with us.
  • Our Amended and Restated Certificate of Incorporation provides that derivative actions brought on our behalf, actions against our directors, officers, employees, or agent for breach of fiduciary duty and certain other actions may be brought only in the Court of Chancery in the State of Delaware and the stockholders shall be deemed to have consented to this choice of forum provision, which may have the effect of discouraging lawsuits against our directors, officers, other employees or agents.
  • Effective May 29, 2024, our common stock was suspended from trading on Nasdaq and our common stock commenced trading on the OTCQX.
  • FINRA sales practice requirements may limit a stockholder’s ability to buy and sell our stock.
  • Our common stock is currently deemed to be “penny stock”, which makes it more difficult for investors to sell their shares.

Legal proceedings

We are subject to litigation arising in the ordinary course of our business. Although the results of litigation and claims are inherently unpredictable and uncertain, we are not currently a party to any legal proceedings the outcome of which, if determined adversely to us, are believed to, either individually or taken together, material to our business, results of operations, cash flows or financial condition. Certain legal proceedings to which we are currently a party are detailed below.

CMS/Zelis Litigation

By letter dated September 3, 2020, the CMS notified Marpai Administrators of a complaint alleging that Marpai Administrators uses a clearinghouse (“Zelis”) that charges a percentage-based fee for Electronic Funds Transfer (“EFT”) transactions, which potentially violates HIPAA, 45 CFR 162.923(a).

CMS has indicated that the issue of providers being charged to conduct standard transactions is an industry-wide concern, and that CMS is investigating the issue. During the investigation, and until a decision is made, CMS advises that the complaint will remain open. It is in a review status and will not escalate or require additional information from Marpai Administrators at this time. CMS has advised it will contact Marpai Administrators if there are any questions or changes. There are no outstanding deadlines or next steps currently.

The opening of Item 3, Legal Proceedings.3

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