Forian Inc.

Listed Company

FORACIK 0001829280NasdaqEmerging GrowthServices-Computer Processing & Data PreparationDelawareFY ends Dec 31

Period

FY 2025

Revenue

$30.26M

Net Income

$-2.87M

Total Assets

—

Equity

—

Shares Out

31.24M

Op. Cash Flow

$2.89M

Business

Forian Inc. provides data science–driven information and analytics solutions to the life sciences, healthcare and financial services industries. It offers subscription and services-based products including data management, proprietary enriched information, Real World Evidence (RWE), commercial and market access analytics, and custom reports built on a HIPAA‑compliant, de‑identified longitudinal database and cloud-based data factory. Its business is organized around clinical analytics, commercial analytics and technology platform solutions and serves service providers and end users. Forian primarily addresses the U.S. healthcare market via multi‑year licenses, direct sales and partner distribution channels.

Summary from filing dated 2025-04-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	30	20	21	16	17
Cost of revenues	14	7	5	5	5
Research and development	3	1	1	4	9
Sales and marketing	6	4	5	4	4
General and administrative	9	13	13	17	23
Litigation settlements and related expenses	0	669,955	1	—	—
Depreciation and amortization	207,722	63,389	74,438	65,554	2
Strategic review and transaction related expenses	1	756,743	0	—	—
Total costs and expenses	34	27	26	35	44
Operating Loss	−4	−7	−5	−19	−28
Change in fair value of warrant liability	0	563	3,984	364,687	878,481
Interest and investment income	1	2	2	266,213	6,809
Gain on sale of investment	0	80,694	6	0	—
Interest expense	−142,351	−708,933	−834,785	—	—
Gain on bargain purchase	0	1	0	—	—
Gain on debt redemption	0	283,059	111,151	0	—
Total other income, net	1	3	7	−215,200	1
Net loss before income taxes	−3	−4	2	−19	−27
Income tax expense	−227,972	−66,583	−85,740	−23,980	−22,511
Net loss	−3	−4	12	−26	−27
Basic net loss per common share (in Dollars per share)	−0.09	−0.12	0.36	−0.81	−0.9
Diluted net loss per common share (in Dollars per share)	−0.09	−0.12	0.36	−0.81	−0.9
Weighted-average shares outstanding - basic (in Shares)	31	31	32	32	30
Weighted-average shares outstanding - diluted (in Shares)	31	31	32	32	30

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2023 2023-06-30
Cash and cash equivalents	13	5	6	5	3
Marketable securities	19	30	42	44	38
Accounts receivable, net	6	4	3	3	4
Contract assets, net	2	3	3	3	3
Prepaid expenses	990,910	1	1	870,328	968,130
Other current assets	2	2	3	369,616	700,300
Total current assets	43	44	59	60	56
Property and equipment, net	29,428	46,652	76,085	86,238	96,836
Intangible assets, net	1	1	0	—	—
Right of use assets, net	12,137	35,560	10,664	15,810	20,836
Deposits and other assets	531,027	1	2	201,630	164,369
Total assets	44	47	60	60	57
Accounts payable	4	982,665	161,590	259,792	921,542
Accrued expenses and other current liabilities	5	4	4	5	5
Short-term operating lease liabilities	12,137	23,423	10,664	15,810	20,836
Deferred revenues	5	4	2	3	3
Convertible notes payable, net of debt issuance costs (Note 11) ($0 and $6,000,000 in principal as of December 31, 2025 and December 31, 2024 was held by a related party. Refer to Note 14)	0	7	0	—	—
Total current liabilities	14	17	7	7	9
Other long-term liabilities	0	512,137	1	—	—
Total long-term liabilities	0	512,137	26	25	26
Total liabilities	14	17	33	32	35
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred Stock; par value $0.001; 5,000,000 Shares authorized; 0 issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	—	—
Common Stock; par value $0.001; 95,000,000 Shares authorized; 31,072,251 issued and outstanding as of December 31, 2025 and 31,010,788 issued and outstanding as of December 31, 2024	31,073	31,011	30,920	32,489	32,452
Additional paid-in capital	83	80	74	76	74
Accumulated deficit	−53	−50	−46	−48	−52
Total stockholders equity	30	30	28	28	22
Total liabilities and stockholders equity	44	47	60	60	57

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	207,722	63,389	74,438	65,554	2
Amortization on right of use asset	23,423	21,980	21,896	1,627	223,047
Amortization of debt issuance costs	3,555	5,333	5,333	5,333	1,778
Amortization of discount - proceeds from sale of discontinued operations	0	−20,712	−389,288	0	—
Interest accrued on convertible notes	138,796	703,600	829,452	840,767	280,000
Accretion of discounts on marketable securities	−1	−2	−2	−265,443	—
Provision for credit losses	132,025	225,000	0	250,239	227,838
Stock-based compensation expense	3	7	7	12	9
Change in fair value of warrant liability	0	−563	−3,984	−364,687	−878,481
Accounts receivable	−2	−856,719	−763,903	−775,451	−2
Contract assets	65,464	64,097	579,133	−1	−840,062
Prepaid expenses	120,324	75,933	−241,447	2,382	−681,884
Lease liabilities	−23,423	−33,381	−21,896	28,911	−248,561
Deposits and other assets	679,628	963,710	−2	496,485	−705,735
Accounts payable	3	821,075	−154,521	−131,368	−204,413
Accrued expenses	842,028	−331,990	552,587	548,634	2
Deferred revenues	763,507	203,118	−356,278	2	496,448
Other liabilities	−500,000	−488,599	1	0	—
Net cash provided by operating activities	3	282,827	728,818	−9	−17
Purchase of marketable securities	−83	−152	−144	−56	−35
Sale and maturity of marketable securities	96	166	121	51	34
Proceeds from sale of investment	0	80,694	6	0	—
Cash from acquisition	0	1	0	0	1
Net cash from sale of discontinued operations	0	2	24	−17,906	—
Net cash provided by investing activities	13	17	7	−6	−1
Tax payments related to shares withheld for vested restricted stock units	−263,661	−132,591	−191,465	−87,406	0
Repurchase of common stock	−412,944	−292,900	—	—	—
Cash used to redeem convertible notes	−7	−19	−960,000	0	—
Net cash used in financing activities	−8	−19	−5	−100,528	36
Net change in cash and cash equivalents	8	−1	3	−15	18
Cash paid (received) for taxes	220,764	−2	4	18,444	0
Cash paid for interest	840,000	2	—	0	724

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