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MARPAI REPORTS FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS

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MARPAI EXHIBITS STRONG, ONGOING FINANCIAL IMPROVEMENT

TAMPA, Fla., March 26, 2025 /PRNewswire/ — Marpai, Inc. (“Marpai” or the “Company”) (OTCQX: MRAI), a technology platform company, which operates as a national Third-Party Administrator (TPA) through its subsidiaries and is transforming the $22 billion TPA market by offering affordable, intelligent, healthcare solutions to self-funded employer health plans, today announced the financial results for the fourth quarter and fiscal year 2024. The Company expects to hold a webcast to discuss the results on March 27, 2025.

Q4 2024 Financial Highlights:

Net revenues were $6.6 million in Q4 2024, a decrease of $0.4 million, or 6.0% lower than Q3 2024.Operating expenses were $5.3 million in Q4 2024, an increase of $0.3 million, or 5.1% higher than Q3 2024.Operating loss was $2.7 million in Q4 2024, an improvement of $0.4 million, or 12.2% lower than Q3 2024.Net loss was $1.2 million in Q4 2024, an improvement of $2.4 million, or 67.5% lower year over year.Basic and diluted earnings per share in Q4 2024 were ($0.08) an improvement of $0.22 per share compared to Q3 2024.

Full Year 2024 Highlights:

Net revenues for the fiscal year end December 31, 2024 were $28.2 million, down $9.0 million, or 24.2% lower year over year.Operating expenses for the fiscal year end December 31, 2024 were $31.2 million, an improvement of $9.7 million, or 23.7% lower year over year.Operating loss for the fiscal year end December 31, 2024 was $22.1 million, an improvement of $5.9 million, or 21.1% lower from the prior year.Net loss was $22.1 million, an improvement of $6.7 million, or 23.2% lower year over year.Basic and diluted earnings per share were ($1.92) an improvement of $2.22 per share year over year.

2024 Adjusted EBITDA:

Our Adjusted EBITDA is a supplemental performance measure of our operations for financial and operational decision-making and is used as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation, and amortization, excluding non-recurring transactions, and stock-based compensation.

Adjusted EBITDA for the year ended December 31, 2024 amounted to a loss of $9.1 million as compared to a loss of $20.2 million for the year ended December 31, 2023. The improved adjusted EBITDA loss was due to the actions taken throughout 2023 and 2024 to better utilize our resources and reduce our expenses.

A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP” Financial Measures.

“In a short span, Marpai’s team engineered an exceptional turnaround, dramatically reducing losses,” stated Damien Lamendola, CEO. “Now, we’re propelling the Company towards growth and profitability. We are continuing to streamline costs while deploying innovative services, including our recently announced Empara Member Engagement Portal. Looking ahead, we plan to introduce high-impact PBM-based products in the second half of 2025. We believe these actions will fuel revenue growth and position Marpai for profitability in 2025.”

Webcast and Conference Call Information

Marpai expects to host a conference call and webcast on Thursday, March 27, 2025, at 8:30 a.m. ET to present the Company’s operational and financial highlights for its fourth quarter and year ended December 31, 2024.

You may stream the call via the internet by following this link: https://app.webinar.net/p67nEeDyXjK The webcast replay will be available at the same URL within 2 hours of the end of the call. The replay of the call will be available within 2 hours of the end of the call until April 3, 2025 by calling 1-646-517-4150 or 1-888-660-6345 and entering the replay code, 17670 #.

About Marpai, Inc.

Marpai, Inc. (OTCQX: MRAI) is a technology platform company which operates subsidiaries that provide TPA and value-oriented health plan services to employers that directly pay for employee health benefits. Primarily competing in the $22 billion TPA sector serving self-funded employer health plans representing over $1 trillion in annual claims. Through its Marpai Saves initiative, the Company works to deliver the healthiest member population for the health plan budget. Operating nationwide, Marpai offers access to leading provider networks including Aetna and Cigna and all TPA services. For more information, visit www.marpaihealth.com , the content of which is not incorporated by reference into this press release. Investors are invited to visit https://ir.marpaihealth.com.

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “guidance,” “may,” “can,” “could”, “will”, “potential”, “should,” “goal” and variations of these words or similar expressions. For example, the Company is using forward-looking statements when it discusses current efforts to propel the Company towards growth and profitability, its plan to introduce high-impact PBM-based products in the second half of 2025, its belief that these actions will fuel revenue growth and position the Company for profitability by the close of 2025, its financial results and its commitment to operational and financial improvements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Marpai’s current expectations and speak only as of the date of this release. Actual results may differ materially from Marpai’s current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business. Except as required by law, Marpai does not undertake any responsibility to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

More detailed information about Marpai and the risk factors that may affect the realization of forward-looking statements is set forth in Marpai’s filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

Adjusted EBITDA is a supplemental performance measure of our operations for financial and operational decision-making and is used as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation, and amortization, excluding non-recurring transactions, and stock-based compensation. We believe these measures provide useful information to management and investors for analysis of our operating results.

MARPAI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

(in thousands, except share and per share data)

December 31, 2024

December 31, 2023

ASSETS:

Current assets:

Cash and cash equivalents

$                       764

$                          1,147

Restricted cash

8,468

12,345

Accounts receivable, net of allowance for credit losses of $1 and $25

837

1,124

Unbilled receivable

569

768

Due from buyer for sale of business unit

500

800

Prepaid expenses and other current assets

759

901

Total current assets

11,897

17,085

Property and equipment, net

—

611

Capitalized software, net

441

2,127

Operating lease right-of-use assets

296

2,373

Goodwill

—

3,018

Intangible assets, net

—

5,177

Security deposits 

229

1,267

Other long-term asset

15

22

Total assets

$                  12,878

$                        31,680

LIABILITIES AND STOCKHOLDERS’  DEFICIT

Current liabilities:

Accounts payable

$                    3,109

$                          4,649

Accrued expenses

2,585

2,816

Accrued fiduciary obligations

6,308

11,573

Deferred revenue

625

661

Current portion of operating lease liabilities

244

512

Current portion of convertible debentures, net

3,106

—

Other short-term liabilities

3,005

632

Total current liabilities

18,982

20,843

Other long-term liabilities

14,891

19,401

Convertible debentures, net of current portion

5,921

—

Operating lease liabilities, net of current portion

793

3,684

Deferred tax liabilities

—

1,190

Total liabilities

40,587

45,118

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ DEFICIT

Common stock, $0.0001 par value, 227,791,050 shares authorized; 14,237,176 issued
and outstanding at December 31, 2024 and 7,960,938 issued and outstanding at
December 31, 2023

1

1

Additional paid-in capital

71,124

63,307

Accumulated deficit

(98,834)

(76,746)

Total stockholders’ deficit

(27,709)

(13,438)

Total liabilities and stockholders’ deficit

$                  12,878

$                        31,680

 

MARPAI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

Year ended 

Three Months Ended 

December 31, 2024

December 31,
2023

December 31,
2024

December 31, 2023

Revenue

$                  28,173

$                        37,155

$        6,591

$     8,707

Costs and expenses

Cost of revenue (exclusive of depreciation and amortization
   shown separately below)

19,066

24,239

3,988

5,709

General and administrative

12,832

19,177

2,878

3,239

Sales and marketing

1,766

6,597

383

1,103

Information technology

4,697

5,834

1,089

1,059

Research and development

29

1,311

7

21

Depreciation and amortization

2,256

3,897

178

923

Impairment of goodwill and intangible assets

7,588

3,018

—

3,018

Facilities

1,305

2,472

108

554

Loss on disposal of assets

648

335

648

(15)

Loss (gain) on sale of business unit

73

(1,748)

—

(1,749)

Total costs and expenses

50,260

65,132

9,279

13,862

Operating loss

(22,087)

(27,977)

(2,688)

(5,155)

Other income (expenses)

Other income

396

488

36

258

Interest expense, net

(2,709)

(1,527)

(819)

(425)

Loss on debt extinguishment

(1,877)

—

(1,877)

—

Gain on forgiveness of other liability

3,000

—

3,000

—

Foreign exchange loss

(1)

(26)

2

6

Loss before provision for income taxes

(23,278)

(29,042)

(2,346)

(5,316)

Income tax expense

(1,190)

(290)

(1,190)

(290)

Net loss

$                (22,088)

$                      (28,752)

$      (1,156)

$    (5,026)

Net loss per share, basic & fully diluted

$                    (1.92)

$                          (4.14)

$        (0.08)

$      (0.65)

Weighted average common shares outstanding, basic and
   diluted

11,511,203

6,951,669

13,934,066

7,738,879

 

MARPAI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except share and per share data)

Year ended

December 31, 2024

December 31, 2023

Cash flows from operating activities:

Net loss

$                (22,088)

$                      (28,752)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

2,256

3,897

Loss on disposal of assets

648

335

Loss on sale of receivables

306

—

Share-based compensation

3,157

2,099

Warrant expense

—

242

Shares issued to vendors in exchange for services

—

79

Amortization of right-of-use asset

211

1,502

Impairment of goodwill and intangible assets

7,588

3,018

Loss/(gain) on sale of business unit

73

(1,749)

Gain on forgiveness of other liability

(3,000)

—

Loss on termination of lease

71

—

Non-cash interest expense

1,395

1,527

Amortization of debt discount and debt issuance costs

201

—

Loss on debt extinguishment

1,877

—

Deferred taxes

(1,190)

(290)

Changes in operating assets and liabilities:

Accounts receivable and unbilled receivable

486

(105)

Prepaid expense and other assets

142

732

Security deposit

138

27

Accounts payable

(1,540)

3,191

Accrued expenses

(231)

(2,497)

Accrued fiduciary obligations

(5,265)

2,548

Operating lease liabilities

(464)

(1,887)

Due To related party

—

(3)

Other liabilities

64

337

Other asset

7

—

Net cash used in operating activities

(15,158)

(15,749)

Cash flows from investing activities:

Proceeds from sale of business unit

227

1,000

Proceeds from disposal of property and equipment

—

27

Net cash provided by investing activities

227

1,027

Cash flows from financing activities:

Proceeds from issuance of common stock in a public offering, net

—

6,432

Payments to seller for acquisition

(631)

(1,663)

Proceeds from issuance of warrants

—

32

Proceeds from issuance of common stock in a private offering, net

4,660

295

Proceeds from issuance of convertible debentures

8,000

—

Proceeds from sale of future cash receipts on accounts receivable

1,509

—

Payments to buyer of receivables

(1,816)

—

Payments on convertible debentures

(420)

—

Payments of convertible debenture issuance costs

(631)

—

Net cash provided by financing activities

10,671

5,096

Net decrease in cash, cash equivalents and restricted cash

(4,260)

(9,626)

Cash, cash equivalents and restricted cash at beginning of period

13,492

23,118

Cash, cash equivalents and restricted cash at end of period

$                    9,232

$                        13,492

Reconciliation of cash, cash equivalents, and restricted cash reported in
   the condensed consolidated balance sheet

Cash and cash equivalents

$                       764

$                          1,147

Restricted cash

8,468

12,345

Total cash, cash equivalents and restricted cash shown in the condensed
   consolidated statement of cash flows

$                    9,232

$                        13,492

Supplemental disclosure of cash flow information

Cash paid for interest

$                    1,742

$                               —

Supplemental disclosure of non-cash activity investing and financing activities

Measurement period adjustment to Goodwill

$                         —

$                              198

 

MARPAI, INC. AND SUBSIDIARIES

Reconciliation of Net Loss to EBITDA, and Adjusted EBITDA 

(in thousands, except share and per share data)

Year ended

December 31, 2024

December 31, 2023

Net Loss

$                (22,088)

$                      (28,752)

Other income, net

(396)

(488)

Interest expense

2,709

1,527

Loss on debt extinguishment

1,877

—

Gain on forgiveness of other liability

(3,000)

—

Foreign exchange loss

1

26

Provision for taxes

(1,190)

(290)

Depreciation and amortization

2,256

3,897

EBITDA

$                (19,831)

$                      (24,080)

Impairment of goodwill and intangible assets

7,588

3,018

Loss on disposal of asset

648

335

Loss (gain) on sale of business unit

73

(1,748)

Stock-based compensation

2,465

2,294

Adjusted EBITDA

$                  (9,057)

$                      (20,181)

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/marpai-reports-fourth-quarter-and-full-year-2024-financial-results-302412484.html

SOURCE Marpai

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Kidney Patients Back Bipartisan Bill to Expand Disability Employment

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U.S. Representatives Hoyer and Sessions Lead AbilityOne Modernization Bill

Kidney Disease and Jobs are Focus of National Disability Employment Month

WASHINGTON, Oct. 23, 2026 /PRNewswire/ — The American Association of Kidney Patients (AAKP), the nation’s oldest and largest independent kidney patient advocacy organization, today announced plans to accelerate national grassroots patient advocacy in support of bipartisan legislation that will modernize the federal AbilityOne program. The American Procurement Improvement Act (APIA), H.R. 10443, is championed by U.S. Representatives Pete Sessions (R-TX) and Steny Hoyer (D-MD). AAKP defines kidney disease as both an American healthcare and workforce issue and fights to expand career opportunities and job protections for all Americans impacted by kidney disease, disabilities, and chronic diseases.

The AbilityOne program creates private sector employment opportunities for over 41,000 Americans with severe vision and other disabilities, including nearly 3,000 American Veterans. In FY 2025, the program generated nearly 48 million direct labor hours, an 8 percent increase and a significant measure of disability employment growth, with workers working and working more hours. AbilityOne delivered more than $4.7 billion in products and services to the Federal government in FY 2025 and drew discouraged workers into the U.S. labor force while supporting greater workforce participation, increasing economic independence, and self-sufficiency. The AbilityOne mission taps the underutilized workforce of people with significant disabilities to deliver high-quality, mission-essential products and services to federal agencies, including the U.S. Department of Defense and the U.S. Department of Homeland Security.

The APIA legislation removes outdated statutory barriers to hiring, retention, advancement, and movement into careers of choice, including emerging fields and new lines of business. It also modernizes federal procurement by aligning AbilityOne with contemporary procurement practices and streamlines procurement processes so the program can respond faster to emerging federal agency priorities. The APIA legislation protects taxpayer interests, strengthens program accountability and stewardship by preserving oversight, transparency, and worker protections while modernizing AbilityOne Commission authorities. The legislation is seen as an opportunity to improve federal procurement and strengthen the federal government’s domestic supplier base.

Over 36 million Americans live with kidney disease, over 600,000 are on dialysis, and nearly 100,000 are awaiting a kidney transplant. Further, interrelated cardiovascular, kidney, and metabolic diseases have impacted more than 25% of the adult population and are a leading cause of death. More broadly, the American Heart Association estimates that 90% of U.S. adults, or about 240 million people, have some degree of interconnected cardiovascular, kidney, or metabolic health conditions. For kidney patients dependent upon status-quo, in-center hemodialysis, burdensome thrice-weekly dialysis sessions force many patients, against their own choosing, into unemployment, disability, and dependency. AAKP believes dialysis-related unemployment, and the associated costs borne by families and taxpayers, is one of the media’s least-reported stories in legacy kidney care. AAKP’s policy agenda focuses on transplant readiness, more opportunities for organ transplants, more flexible, patient-centered home dialysis solutions, and stronger job protections for both kidney patients and living organ donors.

AAKP President Edward V. Hickey, III, a chronic kidney disease patient, stated, “AAKP strongly endorses the American Procurement Improvement Act (APIA) and expresses our deepest gratitude to Representatives Steny Hoyer and Peter Sessions for their bipartisan leadership and commitment to Americans managing disabilities and their efforts to secure meaningful employment opportunities with solid wages. People impacted by disability and chronic diseases face tremendous hurdles to continued employment and return to the workforce – especially America’s proud Veterans. This legislation reflects consensus language among stakeholders, including advocates, employers, and organized labor, and sends a very positive message, amid national economic concerns, that the voices and needs of disabled Americans and their families are heard and not forgotten by the U.S. Congress. We encourage Congress to step up and pass this legislation before the close of the year.” Hickey is a U.S. Marine Corps Veteran, a former senior congressional aide, and has served in appointed roles in two presidential administrations, including the U.S. Department of Commerce (DOC) and the U.S. Office of Personnel Management (OPM). At OPM, he was heavily involved in policy issues related to federal Veterans preference in civil service hiring and expanded federal job opportunities. He currently serves on the American Board of Internal Medicine’s (ABIM) Nephrology Specialty Board and as the Chair of the AAKP Veterans Health Initiative, the largest kidney health outreach program outside of the U.S. Department of Veterans Affairs.

October is National Disability Employment Month, and AAKP and its allies remind elected and appointed government leaders to address health and employment concerns that impact patients, families, and communities. Through multiple partnerships, AAKP leads the kidney community in providing kidney patients and transplant recipients, including Veterans, access to virtual job fairs and employment skills training opportunities. AAKP is currently sponsoring virtual job fairs, in partnership with CareerEco, on January 13, 2027, and May 18, 2027, that will service Veterans and military families. AAKP’s past collaborations have included webinars with Idealist and virtual disability and Veteran hiring fairs with Bender Consulting.

AAKP Vice President and Chair of Policy and Global Affairs Paul T. Conway, a 49-year kidney patient and 29-year transplant recipient, stated, “The AbilityOne program has supported private sector employment for people managing disabilities and chronic diseases for nearly ninety years and reflects the exceptional American values of self-reliance and independence. Representatives Steny Hoyer and Pete Sessions have consistently shown respect for the creativity, talents, and skills of disabled citizens and have dedicated their public careers to expanding job opportunities in the workforce and across the federal supply chain. The American Procurement Improvement Act increases accountability for taxpayer funds and will result in more well-paying jobs for Americans whose desire and capacity to work and contribute are underappreciated.” Conway is a former Chief of Staff for both the U.S. Department of Labor and the U.S. Office of Personnel Management and a former Deputy Secretary for Health and Human Resources for the Commonwealth of Virginia. He has overseen multiple federal and state disability employment, workforce training, and health service programs throughout his public career. He is the past Chair of the U.S. Food and Drug Administration’s Patient Engagement Advisory Committee (PEAC) and serves on the Observational Study Monitoring Board of the Kidney Precision Medicine Program (KPMP) administered by the National Institutes of Health, National Institute of Diabetes, Digestive and Kidney Diseases (NIH/NIDDK).

To advance the APIA, AAKP is working with former U.S. Representative Tony Coelho, Chair of the Partnership to Improve Patient Care as well as the Alliance for Expanding America’s Workforce. Along with AAKP, APIA is endorsed by over 60 national patient and disability organizations, labor unions and employers including the American Association of People with Disabilities, SEIU, Bender Consulting, National Council of SourceAmerica Employers, CEO Commission for Disability Employment, the Arc of the United States, National Organization on Disability, National Down Syndrome Society, National Disability Rights Network, National Federation of the Blind, Melwood Inc., WORK Inc., ORC Industries, Employment Source, Opportunity Center, Inc., PARC, ACHIEVE Human Services, Inc., Human Technologies, InspiriTec, PORTCO Inc, PRIDE Industries, Phoenix, Pueblo Diversified Industries, and the Association of People Supporting EmploymentFirst (APSE).

AAKP, alongside a broad and diverse coalition of patient organizations, transplant experts, and Congressional allies, is also working to secure passage of the Living Donor Protection Act (LDPA), S. 1552/H.R. 4582 and H.R. 4583, in 2026. The bipartisan bill protects living organ donors from job and insurance discrimination based solely on their decision to donate a kidney to save another life, barriers cited most often by potential organ donors. The bipartisan legislation is led by Senator Tom Cotton (R-AK) and Senator Kirsten Gillibrand (D-NY). It was voted out of the Senate HELP Committee on February 26, 2026, with full bipartisan support, the endorsement of AAKP, the larger kidney community, and the American Council of Life Insurance (ACLI).

In 2018, with bipartisan support from Congress and the Trump Administration, AAKP and transplant professionals worked with the U.S. Department of Labor’s (DOL) legal team and the DOL Wage and Hour Division to have DOL issue Family and Medical Leave Act (FMLA) protections for living organ donors, based on the original intent of the FMLA’s Congressional co-sponsors (click here to read the letter and click here to watch the video). Congressional passage of the LDPA in 2026 will codify the DOL’s 2018 FMLA job protections and prohibit insurers from discriminating against living donors. Increased living organ donation, improved transplant readiness among kidney patients, and greater opportunities for transplantation have been national goals for decades and were reinforced in 2019 through the Executive Order on Advancing American Kidney Health.

Follow AAKP on social media at @kidneypatient on Facebook, @kidneypatients on X, and @kidneypatients on Instagram, and visit https://aakp.org/ for more information. AAKP patient advocates advance bipartisan kidney policy including: passage of the bipartisan law modernizing the Organ Procurement and Transplantation Network (OPTN) (2023); lifetime transplant drug coverage for kidney patients (2020); the historic Executive Order on Advancing American Kidney Health signed by President Donald Trump (2019); job protections for living organ donors under the Family Medical Leave Act (FMLA) via the U.S. Department of Labor (2018); and Congressional approval of HIV positive organ transplants for HIV positive patients (2013).

MEDIA CONTACT:
Brendan LaCivita
National and Medical Media Specialist
blacivita@aakp.org
(813) 906-7740

View original content to download multimedia:https://www.prnewswire.com/news-releases/kidney-patients-back-bipartisan-bill-to-expand-disability-employment-302918393.html

SOURCE American Association of Kidney Patients

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BioVid Launches Mimetics™, AI Research Audiences Built on How Physicians Reason and Decide

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Modeling physician response patterns and behavior, showing an 80–90% match with real physicians on content, reasoning, and emotion. 

BRISTOL, Pa., Oct. 23, 2026 /PRNewswire/ — BioVid, a life science consultancy, today announced the launch of BioVid Mimetics™, a research platform that gives pharmaceutical teams mimetics: synthetic physician audiences modeled on how those audiences reason and decide. Its respondent models are grounded in BioVid’s proprietary MindSet Modeling™ program, large-scale, multi-specialty surveys of practicing physicians that measure the mindsets shaping how they process information, make judgments, and decide. The models are aligned with secondary data on clinical practice, moving beyond generic AI role-play to model the decision logic behind treatment choices.

Like a mimetic drug, each BioVid mimetic is tested against the original: real physicians.

Prescribing data shows what physicians choose, not why. Pharma teams now face more of those “why” questions than research budgets and timelines can absorb. BioVid Mimetics™ applies the social and behavioral science of clinical judgment to model how physicians interpret evidence, weigh benefit against risk, and decide when they know enough to act.

The name comes from pharmacology, where a mimetic earns trust by doing the work of the original molecule. Every BioVid mimetic is tested against that standard, bringing the firm’s long-standing commitment to science-based research to a new method.

“At BioVid, we’ve always believed that better commercial decisions start with a deeper understanding of human behavior,” said Peggy Hirtle, CEO of BioVid. “Our goal was never simply faster or cheaper respondents. It was to reflect how physicians actually reason, with the same scientific rigor clients already trust from BioVid. Mimetics is a new way to put human understanding to work, never a replacement for it.”

“A synthetic respondent can sound right and still reason wrong. The real test is whether it reasons the way the audience does,” said Marco Barcella, Executive Director, Product & Technology at BioVid. “Where the decision warrants, we run the same study with a human cohort and a mimetic cohort and compare the findings, the reasoning, and the mental and emotional responses directly. Clients see where mimetic findings hold and where human research should lead.”

In BioVid’s validation work to date, mimetic and human cohorts have shown an 80% to 90% match on content, reasoning, and emotion across thousands of parallel tests.

BioVid Mimetics™ is available off the shelf or tailored with a client’s own primary research. It supports message and concept testing, positioning, drivers and barriers, segmentation, and opportunity assessment, and includes:

Mimetic Respondents: Mimetic or hybrid studies, with mimetic fieldwork complete in one to two weeks after receipt of required inputs, followed by a full report and readout from BioVid’s research team.

Mimetic Segments App: Segments that client teams question directly, share materials with, and return to between research waves.

Client Customization: Models tailored with a client’s own research, segment profiles, and CRM data, exclusive to that client and firewalled from all others.

To learn more, visit www.biovid.com/mimetics. 

About BioVid

BioVid is a life science consultancy applying behavioral science and AI to commercial and market access strategy. Its offerings include the CIAIRA™ AI platform, Tumor Worlds™, and BioVid Mimetics™. BioVid is a recognized leader in new product demand estimation, commercial communication optimization, and customer and patient segmentation research.

Visit www.biovid.com.

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Sal Zerilli, PhD, Executive Director, Knowledge and Innovation, BioVid
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Egan-Jones Finds Steady CLO Credit Metrics as Interest Rates Turn Higher

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NEW YORK, Oct. 23, 2026 /PRNewswire/ — Egan-Jones released its monthly report on the collateralized loan obligation (CLO) market, finding that credit metrics across the deals it rates held steady even as interest rates and high-yield spreads moved higher in September. For investors, the publication sets these steadier portfolio measures against a tighter rate backdrop.

Among Egan-Jones’ measures, the weighted average rating score, a gauge of the default risk in a deal’s underlying loans where a lower score indicates stronger credit, has improved over the past year. The share of assets rated CCC+ or lower, the weakest tier of loan ratings, has been stable to slightly lower, with a median of 6.1%. As of September 2026, Egan-Jones rated 1,568 CLO deals.

The steadier metrics come as financing conditions shift. The 5-year Treasury yield rose 60 basis points to 5.09%, its highest close of 2026, and on September 16 the Federal Reserve raised rates by 25 basis points, its first increase since 2023. High-yield spreads widened to 312 basis points from their late-August low, while new CLO issuance totaled 91 deals ($38.2 billion), down 12.5% by count from a year earlier.

Higher rates cut both ways for CLOs, according to the analysis: coupons on the underlying loans reset upward, but so do the interest burdens of the borrowers. Egan-Jones points to rising loss severity on distressed exchanges and other selective defaults, and identifies software loans, pressured by concerns over disruption from artificial intelligence, as the weakest sector in CLO portfolios.

Egan-Jones also compares its ratings with those of other agencies across 20 deals, ranking the tranches where views differ most. On that comparison, Egan-Jones currently tends to take a more positive view of CLO credit quality than other credit rating agencies. A full sample rating report on MP CLO VIII, whose largest industry exposure is High Tech Industries at 15.9%, is included.

Taken together, the findings describe a market in which issuance has eased and borrowing costs are rising, while the credit profile of Egan-Jones-rated portfolios remains stable. Watching where pressures such as software exposure and loss severity are building may help investors assess CLO risk as the rate cycle turns.

About Egan-Jones Ratings
Egan-Jones, an NRSRO founded in 1995, offers timely and accurate credit ratings and proxy services.

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sales@egan-jones.com
+1 212 425 0460

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