ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
||
(State of Other Jurisdiction of incorporation or Organization)
|
(I.R.S. Employer Identification No.)
|
|
||
(Address of principal executive offices)
|
(Zip code)
|
Title of Each Class
|
Trading Symbol(s)
|
Name Of Each Exchange
On Which Registered
|
||
|
|
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
|
Smaller reporting company
|
Emerging growth company
|
Page
|
||
PART I
|
||
Item 1.
|
4 | |
Item 1A.
|
10 | |
Item 1B.
|
21 | |
Item 1C.
|
21 | |
Item 2.
|
22 | |
Item 3.
|
23 | |
Item 4.
|
23 | |
PART II
|
||
Item 5.
|
23 | |
Item 6.
|
24 | |
Item 7.
|
24 | |
Item 7A.
|
33 | |
Item 8.
|
34 | |
Item 9.
|
65 | |
Item 9A.
|
65 | |
Item 9B.
|
67 | |
Item 9C.
|
67 | |
PART III
|
||
Item 10.
|
67 | |
Item 11.
|
67 | |
Item 12.
|
68 | |
Item 13.
|
68 | |
Item 14.
|
68 | |
PART IV
|
||
Item 15.
|
68 | |
Item 16.
|
70 |
Item 1. |
Business
|
• |
the delivery of evidence-based insight into the safety and efficacy of ethical pharmaceuticals and emerging therapies to pharmaceutical manufacturers, physicians, caregivers, payers and patients with credible
evidence to improve patient care and health outcomes;
|
• |
the empowerment of regulators to more-granularly assess the safety, health, social and economic outcomes associated with all therapeutic options as the cannabis market scales and emerging therapies are adopted
as mainstream therapeutic alternatives; and
|
• |
the creation of new standards for product and treatment classification in emerging therapeutic markets where no existing or widely adopted standards exist today.
|
• |
Flexible and scalable approach to privacy-focused analytics software and solutions. Our solutions are purpose-built and delivered in an analytics-ready form to address
the needs of stakeholders across the patient journey. We can provide client-centric deliverables that address a specific need that may be satisfied with linked healthcare data, SDoH data and other permutations of integrated offerings. The
ability to offer a unified data asset due to our linkage and data factory capabilities allows for a deeper analysis with less human and processing costs, human agency, and time in precuring the disparate data sources. Our technology and
processes allow quick, flexible and accurate delivery, which differentiates our offerings larger incumbents that have longer contracting, pricing, and rigid delivery systems.
|
• |
Deep domain expertise. Our knowledge base in large transactional database platforms, commercial analytics, consumer and physician marketing, market access and healthcare
economics and pharmacoeconomics in healthcare enables us to develop solutions that address the unique demands of the industries we serve. Through the incorporation of industry best practices into solutions that are curated for our
stakeholders, our customers enjoy enhanced analytical solutions to drive their informed business decisions. Across various disciplines, our team has deep industry expertise in life sciences that translates into solutions by design that
enable our clients to solve problems unique to their sector.
|
• |
Diverse customer base. Our customer base extends across to a broad range of stakeholders within the healthcare industry carrying the mission to better understand and
improve the patient journey. This diverse customer set offers us a uniquely informed point of view from each customer vantage point of how our solutions can best assist in optimizing performance. While we serve the continuum of healthcare
ecosystem as clients, we have only started to penetrate pharmaceuticals. We believe there our products are uniquely suited for large pharma service and other companies servicing the life sciences market today and will be increasingly
attractive to pharmaceutical clients as our product offerings continues to evolve. Our information services team is defined by the innovative spirit of allowing the problems our healthcare customers face to shape the solutions that are
best for our customers.
|
• |
Large integrated longitudinal database and technology. Our data factory processes, integrates, deidentifies and standardizes
medical, hospital and pharmacy claims datasets along with point of sale data, consumer behavior and demographic-level data and other datasets to produce a longitudinal database that encompass the vast majority of the U.S. population. We
will continue to invest in and integrate unique data sources to further strengthen and differentiate our solutions.
|
• |
Innovate and advance our platform and services. We have a history of technological innovation, and plan to release new features
and upgrades on a regular basis. We intend to continue making significant investments in all information products, reporting and analytics solutions, database architecture and data science talent to further differentiate our products and
increase sales. In improving our ability to integrate with partners, we enable ourselves to capitalize on new data and services that add value to our customers and create further differentiation of our data assets and proprietary
offerings.
|
• |
Drive growth by acquiring new customers. We believe that nearly all organizations that discover, develop, produce and market healthcare products or services must embrace
data driven analytics to compete effectively. As such, the opportunity to continue growing our customer base is significant.
|
• |
Increase usage and upsell within our existing customer base. We plan to continue investing in sales and marketing, with a focus on cross selling additional information
solutions to deliver more value to and expand our relationships with our customers, leading to scale and operating leverage for our business. Many of our customers buy data or information products from different sources, and have an
ability to buy more from us as we bring new offerings to market.
|
• |
Leverage our products into new markets. Our information solutions provide innovative benefits to life sciences, payer and provider
customers as well as consulting and service providers to these customers. We believe there is significant opportunity to deploy the use of linked proprietary solutions in adjacent industries, such as media, government as well as the
financial services markets.
|
• |
Expand our data and strategic partner network. Our information products are derived partly from data acquired from strategic data
partners. As part of our growth strategy, we may seek to acquire assets, data-driven products or companies that are synergistic with our business and add value to our data assets and offering sets.
|
• |
Grow offerings through selective investments and acquisitions. We may seek out companies and opportunities that complement our
core strengths and can help us expand our capabilities, reach and impact. Our approach is deliberate and strategic, ensuring that each investment or acquisition is thoroughly vetted and aligned with our long-term goals.
|
Item 1A. |
Risk Factors
|
• |
the failure to predict market demand accurately in terms of product functionality and to supply offerings that meet this demand in a timely fashion;
|
• |
product defects, errors or failures or our inability to satisfy customer service level requirements;
|
• |
negative publicity or negative private statements about the security, performance or effectiveness of our platforms or product enhancements;
|
• |
delays in releasing to the market new offerings or enhancements to existing offerings;
|
• |
the introduction or anticipated introduction of competing platforms or functionalities by competitors;
|
• |
the inability of our platforms or product enhancements to scale and perform to meet customer demands; and
|
• |
receiving qualified or adverse opinions in connection with security or penetration testing, certifications or audits, such as those related to IT controls and security standards and frameworks or compliance.
|
• |
changes in stock market analyst recommendations or earnings estimates regarding our common stock, other companies comparable to us or companies in the industries we serve;
|
• |
actual or anticipated fluctuations in our operating results or future prospects;
|
• |
reaction to our public announcements;
|
• |
strategic actions taken by us or our competitors, such as any contemplated business separation, acquisitions or restructurings;
|
• |
adverse conditions in the financial market or general U.S. or international economic conditions, including those resulting from war, incidents of terrorism and responses to such events; and
|
• |
sales of common stock by us, members of our management team or significant stockholders.
|
Item 1B. |
Unresolved Staff Comments
|
Item 1C. |
Cybersecurity
|
Item 2. |
Properties
|
Item 4. |
Mine Safety Disclosure
|
Item 5. |
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
Period
|
(a) Total Number
of Shares (or Unit)
Purchased
|
(b) Average Price
Paid per Share (or
Unit)
|
(c) Total Number
of Shares (or
Units) Purchased
as Part of Publicly
Announced Plans
or Programs
|
(d) Maximum
Number (for
Approximate
Dollar Value) of
Shares (or Units)
that May Yet Be
Purchased Under
the Plans or
Programs
|
||||||||||||
October 1, 2023 through October 31, 2023
|
1,604,676
|
$
|
2.15
|
-
|
-
|
|||||||||||
November 1, 2023 through November 30, 2023
|
-
|
-
|
-
|
-
|
||||||||||||
December 1, 2023 through December 31, 2023
|
-
|
-
|
-
|
-
|
Item 6. |
[Reserved]
|
Item 7. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
For the Years Ended December
31,
|
||||||||
2023
|
2022
|
|||||||
Revenues
|
$
|
20,481,330
|
$
|
16,418,141
|
||||
Costs and Expenses
|
||||||||
Cost of revenues
|
5,477,032
|
5,049,701
|
||||||
Research and development
|
1,407,580
|
4,009,769
|
||||||
Sales and marketing
|
4,884,267
|
3,949,026
|
||||||
General and administrative
|
13,633,193
|
16,879,858
|
||||||
Separation expenses
|
599,832
|
5,417,043
|
||||||
Depreciation and amortization
|
74,438
|
65,554
|
||||||
Operating loss from continuing operations
|
$
|
(5,595,012
|
)
|
$
|
(18,952,810
|
)
|
• |
Depreciation and Amortization. Depreciation and amortization expense is a non-cash expense relating to capital expenditures and intangible assets arising from acquisitions
that are expensed on a straight-line basis over the estimated useful life of the related assets. The Company excludes depreciation and amortization expense from Adjusted EBITDA because management believes that (i) the amount of such
expenses in any specific period may not directly correlate to the underlying performance of the business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of
previously acquired tangible and intangible assets. Accordingly, management believes that this exclusion assists management and investors in making period-to-period comparisons of operating performance. Investors should note that the use
of tangible and intangible assets contributed to revenue in the periods presented and will contribute to future revenue generation and should also note that such expense will recur in future periods.
|
• |
Stock-Based Compensation Expense. Stock-based compensation expense is a non-cash expense arising from the grant of stock-based awards to employees. Management believes that
excluding the effect of stock-based compensation from Adjusted EBITDA assists management and investors in making period-to-period comparisons in the Company’s operating performance because (i) the amount of such expenses in any specific
period may not directly correlate to the underlying performance of business operations and (ii) such expenses can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in
connection with acquisitions. Stock-based compensation expense includes certain separation expenses related to the vesting of stock options. Effective February 10, 2023, the Company’s Chief Executive Officer, President and Class II member
of the Board of Directors resigned. In connection with the resignation, the Company entered into a separation agreement providing for, among other things, accelerated vesting of 106,656 unvested restricted shares of the Company common
stock. Stock based compensation expense for 2023 includes $349,832 related to the accelerated vesting of stock, which is recognized in separation expenses in the consolidated statements of operations.
On March 2, 2022, the Company and the former chief executive officer and the former chief financial officer of Helix mutually agreed not to renew special advisor agreements. Per the terms of the agreements, options to purchase 366,166
shares of common stock continued to vest according to their original terms through March 2, 2023, and unvested stock options to purchase 732,332 shares of common stock were forfeited. The advisors were not required to perform services to
the Company beyond the non-renewal date of March 2, 2022. As a result, management recorded $5,417,043 of stock compensation expenses during March 2022 related to the options that vested through the
twelve months ending March 2, 2023, which is recognized in separation expenses in the consolidated statements of operations. Management believes that excluding stock-based compensation from Adjusted EBITDA assists management and investors
in making meaningful comparisons between the Company’s operating performance and the operating performance of other companies that may use different forms of employee compensation or different valuation methodologies for their stock-based
compensation. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in
future periods. Investors should also note that such expenses will recur in the future.
|
• |
Interest Expense. Interest expense is associated with the convertible notes entered into on September 1, 2021 in the amount of $24,000,000 (the “Notes”). The Notes are due on
September 1, 2025, and accrue interest at an annual rate of 3.5%. Management excludes interest expense from Adjusted EBITDA (i) because it is not directly attributable to the performance of business
operations and, accordingly, its exclusion assists management and investors in making period-to-period comparisons of operating performance and (ii) to assist management and investors in making comparisons to companies with different
capital structures. Investors should note that interest expense associated with the Notes will recur in future periods.
|
• |
Investment Income. Investment income is associated with the level of marketable debt securities and other interest-bearing accounts in which we invest. Interest and
investment income can vary over time due to changes in interest rates and level of investments. Management excludes interest and investment income from Adjusted EBITDA (i) because these items are not
directly attributable to the performance of business operations and, accordingly, their exclusion assists management and investors in making period-to-period comparisons of operating performance and (ii) to assist management and investors
in making comparisons to companies with different capital structures. Investors should note that interest income will recur in future periods.
|
• |
Other Items. The Company engages in other
activities and transactions that can impact net income (loss). In the periods reported, these other items included (i) change in fair value of warrant liability relating to warrants assumed in the acquisition of Helix; (ii) gain on sale
of investment relating to the sale of a minority equity interest; (iii) gain on debt redemption which relates to a gain on the early retirement of a portion of the convertible notes (for further discussion, refer to “Note 10 – Warrant
Liability” and “Note 12 – Convertible Notes” in the Notes to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K) and (iv) litigation related expenses. Litigation related expenses relate
to certain litigation related to entities acquired in the Helix merger (for further discussion, refer to “Item 3. Legal Proceedings” and “Note 18 – Commitments and Contingencies” in the Notes to the Consolidated Financial Statements
included in Part II, Item 8 of this Annual Report on Form 10-K). Management excludes these other items from Adjusted EBITDA because management believes these activities or transactions are not directly attributable to the performance of
business operations and, accordingly, their exclusion assists management and investors in making period-to-period comparisons of operating performance. Investors should note that some of these other items may recur in future periods.
|
• |
Severance expenses. Effective February 10, 2023, the Company’s Chief Executive Officer, President and Class II member of the Board of Directors resigned. In connection with
the resignation, the Company entered into a separation agreement providing for, among other things, (i) salary continuation for twelve months and (ii) accelerated vesting of 106,656 unvested restricted shares of the Company common stock.
Severance expenses for the year ended December 31, 2023 includes $250,000 related to the salary continuation. Managements excludes these other items from Adjusted EBITDA because management believes these costs are not recurring and not directly attributable to the performance of business operations and, accordingly, their exclusion assists management and investors in making period-to-period
comparisons of operating performance. In addition, the Company records normal course of business severance expenses in the operating expense line item related to our employees’ activities.
|
• |
Income tax expense. Management excludes the income tax expense from Adjusted EBITDA (i) because management believes that the income tax expense is not directly attributable to
the underlying performance of business operations and, accordingly, its exclusion assists management and investors in making period-to-period comparisons of operating performance and (ii) to assist management and investors in making
comparisons to companies with different tax attributes.
|
For the Years Ended December 31,
|
||||||||
2023
|
2022
|
|||||||
Revenue
|
$
|
20,481,330
|
$
|
16,418,141
|
||||
Net Income (loss) from continuing operations
|
1,733,430
|
(19,191,990
|
)
|
|||||
Depreciation and amortization
|
74,438
|
65,554
|
||||||
Stock based compensation expense
|
6,573,969
|
11,920,575
|
||||||
Change in fair value of warrant liability
|
(3,984
|
)
|
(364,687
|
)
|
||||
Interest and investment income
|
(2,327,974
|
)
|
(266,213
|
)
|
||||
Interest expense
|
834,785
|
846,100
|
||||||
Gain on sale of investment
|
(5,805,858
|
)
|
—
|
|||||
Gain on debt redemption
|
(111,151
|
)
|
—
|
|||||
Severance expense
|
250,000
|
—
|
||||||
Litigation related expenses
|
1,032,985
|
258,872
|
||||||
Income tax expense
|
85,740
|
23,980
|
||||||
Adjusted EBITDA - continuing operations
|
$
|
2,336,380
|
$
|
(6,707,809
|
)
|
For the Years Ended December 31,
|
||||||||
2023
|
2022
|
|||||||
Net cash provided by (used in) operating activities - continuing operations
|
$
|
787,893
|
$
|
(6,071,014
|
)
|
|||
Net cash provided by (used in) investing activities - continuing operations
|
7,119,943
|
(4,797,267
|
)
|
|||||
Net cash used in financing activities - continuing operations
|
(4,601,518
|
)
|
(100,528
|
)
|
||||
Net increase in cash and cash equivalents - continuing operations
|
$
|
3,306,318
|
$
|
(10,968,809
|
)
|
Item 7A. |
Quantitative and Qualitative Disclosures About Market Risk
|
Report of Independent Registered Accounting Firm (PCAOB ID#
) |
35 |
Consolidated Balance Sheets as of December 31, 2023 and 2022
|
36 |
Consolidated Statements of Operations for the Years Ended December 31, 2023 and 2022
|
37 |
Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2023 and 2022
|
38 |
Consolidated Statements of Cash Flows for the Years Ended December 31, 2023 and 2022
|
39 |
Notes to Consolidated Financial Statements
|
40 |
December 31,
|
December 31,
|
|||||||
2023 |
2022 |
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Marketable securities
|
|
|
||||||
Accounts receivable
|
|
|
||||||
Proceeds receivable from sale of discontinued operations, net
|
||||||||
Contract assets
|
|
|
||||||
Prepaid expenses
|
|
|
||||||
Other current assets |
||||||||
Current assets of discontinued operations
|
||||||||
Total current assets
|
|
|
||||||
Property and equipment, net
|
||||||||
Right of use assets, net | ||||||||
Deposits and other assets
|
|
|
||||||
Non-current assets of discontinued operations
|
||||||||
Total assets
|
$
|
|
$
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
|
|
||||||
Accrued expenses
|
|
|
||||||
Short-term operating lease liabilities
|
||||||||
Warrant liability
|
||||||||
Deferred revenues
|
|
|
||||||
Current liabilities of discontinued operations
|
||||||||
Total current liabilities
|
|
|
||||||
Long-term liabilities:
|
||||||||
Other long-term liabilities
|
||||||||
Convertible notes payable, net of debt issuance costs (Note 12) ($
|
||||||||
Non-current liabilities of discontinued operations
|
||||||||
Total long-term liabilities
|
||||||||
Total liabilities
|
||||||||
Commitments and contingencies (Note 18)
|
||||||||
Stockholders’ equity:
|
||||||||
Preferred Stock; par value $
|
|
|
||||||
Common Stock; par value $
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
Total stockholders’ equity
|
|
|
||||||
Total liabilities and stockholders’ equity
|
$
|
|
$
|
|
For the Years Ended December 31, |
||||||||
|
2023
|
2022
|
||||||
Revenue
|
$ | $ | ||||||
|
||||||||
Costs and Expenses:
|
||||||||
Cost of revenues
|
|
|
||||||
Research and development
|
|
|
||||||
Sales and marketing
|
|
|
||||||
General and administrative | ||||||||
Separation expenses
|
||||||||
Depreciation and amortization | ||||||||
Total costs and expenses | ||||||||
Operating loss From Continuing Operations |
(
|
)
|
(
|
)
|
||||
|
||||||||
Other Income (Expense):
|
||||||||
Change in fair value of warrant liability
|
|
|
||||||
Interest and investment income
|
|
|
||||||
Gain on sale of investment
|
||||||||
Interest expense | ( |
) | ( |
) | ||||
Gain on debt redemption
|
||||||||
Total other income, net | ( |
) | ||||||
Income (loss) from continuing operations before income taxes
|
|
(
|
)
|
|||||
Income tax expense
|
( |
) | ( |
) | ||||
Income (loss) from continuing operations, net of tax
|
( |
) | ||||||
Loss from discontinued operations
|
( |
) | ( |
) | ||||
Gain on sale of discontinued operations
|
||||||||
Income tax effect on discontinued operations
|
( |
) | ||||||
Income (loss) from discontinued operations, net of tax
|
( |
) | ||||||
Net Income (Loss) | $ | $ | ( |
) | ||||
Net income (loss) per share:
|
||||||||
Basic
|
||||||||
Continuing operations
|
$ | $ | ( |
) | ||||
Discontinued operations
|
$ | $ | ( |
) | ||||
Net income (loss) per share - basic
|
$ | $ | ( |
) | ||||
|
||||||||
Diluted
|
||||||||
Continuing operations
|
$ | $ | ( |
) | ||||
Discontinued operations
|
$ | $ | ( |
) | ||||
Net income (loss) per share - diluted
|
$ | $ | ( |
) | ||||
Weighted-average shares outstanding - basic
|
|
|
||||||
Weighted-average shares outstanding - diluted
|
Preferred Stock
|
Common Stock
|
|||||||||||||||||||||||||||
Shares
|
Par Value @ $0.001 per share
|
Shares
|
Par Value @ $0.001 per share
|
Additional Paid In Capital
|
Accumulated Deficit
|
Stockholders’ Equity
|
||||||||||||||||||||||
Balance at January 1, 2023
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||||||||||
Vesting of Restricted Stock and Stock Awards, net of shares surrendered for taxes
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||
Repurchase and retirement of common stock, net of excise taxes
|
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Issuance of Forian common stock upon exercise of stock options
|
|
|
|
|
(
|
)
|
|
|
||||||||||||||||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net income
|
—
|
|
—
|
|
|
|
|
|||||||||||||||||||||
Balance at December 31, 2023
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Preferred Stock
|
Common Stock
|
|||||||||||||||||||||||||||
Shares
|
Par Value @ $0.001 per share
|
Shares
|
Par Value @ $0.001 per share
|
Additional Paid In Capital
|
Accumulated Deficit
|
Stockholders’ Equity
|
||||||||||||||||||||||
Balance at January 1, 2022
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||||||||||
Vesting of Restricted Stock and Stock Awards, net of shares surrendered for taxes
|
( |
) | ( |
) | ||||||||||||||||||||||||
Issuance of Forian common stock upon exercise of stock options
|
|
|
|
|
(
|
)
|
|
|
||||||||||||||||||||
Issuance of Forian common stock upon exercise of warrants
|
( |
) | ||||||||||||||||||||||||||
Stock-based compensation expense
|
||||||||||||||||||||||||||||
Net loss
|
—
|
|
—
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Balance at December 31, 2022
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
For the Years Ended December 31,
|
||||||||
2023
|
2022
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
|||
Less: Income (loss) from discontinued operations
|
( |
) | ||||||
Income (loss) from continuing operations
|
( |
) | ||||||
|
||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating
activities:
|
||||||||
Depreciation and amortization
|
|
|
||||||
Amortization on right of use asset
|
|
|
||||||
Amortization of debt issuance costs
|
|
|
||||||
Amortization of discount - proceeds from sale of discontinued operations
|
( |
) | ||||||
Accrued interest on convertible notes
|
|
|
||||||
Accretion of discounts on marketable securities
|
(
|
)
|
(
|
)
|
||||
Gain on sale of investment
|
(
|
)
|
|
|||||
Gain on debt redemption
|
( |
) | ||||||
Stock-based compensation expense
|
|
|
||||||
Change in fair value of warrant liability
|
(
|
)
|
(
|
)
|
||||
Change in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(
|
)
|
(
|
)
|
||||
Contract assets
|
|
(
|
)
|
|||||
Prepaid expenses
|
(
|
)
|
|
|||||
Changes in lease liabilities during the year
|
(
|
)
|
|
|||||
Deposits and other assets
|
(
|
)
|
|
|||||
Accounts payable
|
(
|
)
|
(
|
)
|
||||
Accrued expenses
|
|
|
||||||
Deferred revenues
|
(
|
)
|
|
|||||
Other liabilities
|
||||||||
Net cash provided by (used in) operating activities - continuing operations
|
( |
) | ||||||
Net cash used in operating activities - discontinued operations
|
( |
) | ( |
) | ||||
Net cash provided by (used in) operating activities
|
|
(
|
)
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Additions to property and equipment
|
(
|
)
|
(
|
)
|
||||
Purchase of marketable securities
|
(
|
)
|
(
|
)
|
||||
Sale and maturity of marketable securities
|
|
|
||||||
Proceeds from sale of investment
|
||||||||
Net cash from sale of discontinued operations
|
|
(
|
)
|
|||||
Net cash provided by (used in) investing activities - continuing operations
|
( |
) | ||||||
Net cash used in investing activities - discontinued operations
|
( |
) | ||||||
Net cash provided by (used in) investing activities
|
|
(
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Payments on notes payable and financing arrangements
|
|
(
|
)
|
|||||
Payment of employee withholding tax related to restricted stock units
|
( |
) | ( |
) | ||||
Repurchase of common stock
|
(
|
)
|
|
|||||
Cash used to redeem convertible notes
|
(
|
)
|
|
|||||
Net cash used in financing activities - continuing operations
|
(
|
)
|
(
|
)
|
||||
Net cash used in financing activities
|
(
|
)
|
(
|
)
|
||||
Net change in cash
|
|
(
|
)
|
|||||
|
||||||||
Cash and cash equivalents, beginning of period
|
|
|
||||||
|
||||||||
Cash and cash equivalents, end of period
|
$
|
|
$
|
|
||||
|
||||||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for taxes
|
$
|
|
$
|
|
Note 1 |
BUSINESS ORGANIZATION AND NATURE OF OPERATIONS
|
Note 2 |
BASIS OF PRESENTATION
|
Note 3 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
Contract Assets
|
Contract
Liability
|
|||||||||||||||
Costs of
obtaining
contracts
|
Unbilled
revenue
|
Total
|
Deferred
Revenue
|
|||||||||||||
Balance at January 1, 2022
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Beginning deferred revenue balance recognized during the period
|
|
|
|
(
|
)
|
|||||||||||
Net change due to timing of billings, payments and recognition
|
|
|
|
|
||||||||||||
Balance at December 31, 2022
|
|
|
|
|
||||||||||||
Beginning deferred revenue balance recognized during the period
|
( |
) | ||||||||||||||
Net change due to timing of billings, payments and recognition
|
( |
) | ( |
) | ( |
) | ||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ |
December 31, 2023
|
December 31, 2022
|
|||||||
Estimated next
|
$ |
|
$ |
|
||||
|
|
|||||||
Total
|
$ |
|
$ |
|
Note 4 |
DISCONTINUED
OPERATIONS
|
December 31, 2022
|
||||
Carrying amounts of assets associated with Helix Businesses included as part of discontinued operations:
|
||||
Cash and cash equivalents
|
$
|
|
||
Accounts receivable, net
|
|
|||
Prepaid expenses
|
|
|||
Current assets of discontinued operations
|
$
|
|
||
Property and equipment, net
|
$
|
|
||
Intangible assets, net
|
|
|||
Goodwill
|
|
|||
Right of use assets, net
|
|
|||
Deposits and other assets
|
|
|||
Non-current assets of discontinued operations
|
$
|
|
||
Carrying amounts of liabilities associated with Helix Businesses included as part of discontinued operations:
|
||||
Accounts payable
|
$
|
|
||
Accrued expenses
|
|
|||
Short-term operating lease liabilities
|
|
|||
Deferred revenues
|
|
|||
Current liabilities of discontinued operations
|
$
|
|
||
Long-term operating lease liabilities
|
|
|||
Non-current liabilities of discontinued operations
|
$
|
|
For the Years Ended December 31,
|
||||||||
2023
|
2022
|
|||||||
Income and expense line items related to Helix Businesses:
|
||||||||
Revenues:
|
||||||||
Information and Software
|
$
|
|
$
|
|
||||
Services
|
|
|
||||||
Other
|
|
|
||||||
Total revenues
|
|
|
||||||
Costs and Expenses:
|
||||||||
Cost of revenues
|
|
|
||||||
Research and development
|
|
|
||||||
Sales and marketing
|
|
|
||||||
General and administrative
|
|
|
||||||
Depreciation and amortization
|
|
|
||||||
Total costs and expenses
|
|
|
||||||
Loss from discontinued operations for Helix Businesses
|
(
|
)
|
(
|
)
|
||||
Other Income (Expense):
|
||||||||
Interest and investment income
|
|
|
||||||
Interest expense
|
|
(
|
)
|
|||||
Foreign currency related gains, net
|
|
|
||||||
Total other income, net
|
|
|
||||||
Net loss from discontinued operations for Helix Businesses before income taxes
|
(
|
)
|
(
|
)
|
||||
Gain on sale of discontinued operations
|
|
|
||||||
Income tax expense
|
(
|
)
|
|
|||||
Net gain (loss) from discontinued operations, net of tax for Helix Businesses
|
$
|
|
$
|
(
|
)
|
Note 5 |
MARKETABLE SECURITIES
|
2023
|
2022
|
|||||||
United States Treasury Bills
|
||||||||
Amortized Cost
|
$
|
|
$
|
|
||||
Fair Market Value
|
$
|
|
$
|
|
Note 6 |
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
Note 7 |
PROPERTY AND EQUIPMENT, NET
|
|
2023
|
2022
|
||||||
Personal computing equipment
|
$
|
|
$
|
|
||||
Office equipment and capitalized software
|
||||||||
Total
|
||||||||
Less: Accumulated depreciation
|
(
|
)
|
(
|
)
|
||||
Property and equipment, net
|
$
|
|
$
|
|
Note 8
|
DEPOSITS AND OTHER ASSETS |
Note 9 |
ACCRUED EXPENSES
|
2023
|
2022
|
|||||||
Employee compensation |
||||||||
Information Contracts (see Note 3 - Vendors and Licensors)
|
$
|
|
$
|
|
||||
Accrued expenses
|
|
|
||||||
Total
|
$
|
|
$
|
|
Note 10 |
WARRANT LIABILITY |
As of December 31, 2023 |
As of December 31, 2022
|
|||||||
Fair value of Company’s common stock
|
$ |
$
|
|
|||||
Dividend yield
|
||||||||
Expected volatility
|
|
|
||||||
Risk free interest rate
|
|
|
||||||
Expected life (years)
|
|
|||||||
Exercise price
|
$ |
$
|
|
|||||
Fair value of financial instruments - warrants
|
$ |
$
|
|
Amount
|
||||
Balance as of January 1, 2023
|
$
|
|
||
Change in fair value of warrant liability | ( |
) | ||
Balance as of December 31, 2023 |
$ |
|
Amount |
|||
Balance as of January 1, 2022 |
$ | |||
Change in fair value of warrant liability
|
(
|
)
|
||
Balance as of December 31, 2022
|
$
|
|
Note 11 |
OTHER LONG-TERM LIABILITIES |
Note 12 |
CONVERTIBLE NOTES
|
December 31, 2023
|
December 31, 2022
|
|||||||
Principal outstanding
|
$
|
|
$
|
|
||||
Add: accrued interest
|
|
|
||||||
Less: unamortized debt issuance costs
|
(
|
)
|
(
|
)
|
||||
Convertible note payable, net of debt issuance costs
|
$
|
|
$
|
|
December 31, 2023 | December 31, 2022 | |||||||
Fair value of Company’s common stock
|
$
|
|
$
|
|
||||
Dividend yield
|
|
|
|
|
||||
Expected volatility
|
|
|
|
|
||||
Risk Free interest rate
|
|
|
|
|
||||
Expected life (years) remaining
|
|
|
||||||
Exercise price
|
$
|
|
$
|
|
Note 13 |
STOCK-BASED COMPENSATION
|
Number of Restricted
Shares and Units |
Weighted Average
Grant Date Fair Value
Per Share
|
|||||||
Unvested at January 1, 2022 |
$ | |||||||
Issued
|
|
|
||||||
Vested
|
(
|
)
|
|
|||||
Canceled
|
( |
) | ||||||
Unvested at December 31, 2022
|
|
|
||||||
Issued
|
|
|
||||||
Vested
|
(
|
)
|
|
|||||
Canceled
|
( |
) | ||||||
Unvested at December 31, 2023
|
|
$
|
|
2023 |
2022
|
|||||||
Exercise Price
|
$ |
$
|
|
|||||
Fair value of Company common stock
|
$ |
$
|
|
|||||
Dividend yield
|
||||||||
Expected volatility
|
|
|||||||
Risk Free interest rate
|
|
|||||||
Expected life (years) remaining
|
|
Shares Underlying
Options
|
Weighted Average
Exercise Price
|
Weighted Average
Remaining
Contractual Term
(in years)
|
||||||||||
Outstanding at January 1, 2022
|
|
$
|
|
|
||||||||
Granted
|
|
$
|
|
|
||||||||
Exercised
|
(
|
)
|
$
|
|
|
|||||||
Forfeited and expired
|
(
|
)
|
$
|
|
|
|||||||
Outstanding at December 31, 2022
|
|
$
|
|
|
||||||||
Granted | $ | |||||||||||
Exercised | ( |
) | $ | |||||||||
Forfeited and expired | ( |
) | $ | |||||||||
Outstanding at December 31, 2023 | $ | |||||||||||
Vested options at December 31, 2023
|
|
$
|
|
|
For the Years Ended December 31,
|
||||||||
2023
|
2022
|
|||||||
Services
|
$
|
|
$
|
|
||||
Research and development
|
|
|
||||||
Sales and marketing
|
|
|
||||||
General and administrative
|
|
|
||||||
Separation expenses |
||||||||
Subtotal | ||||||||
Discontinued operations | ( |
) | ||||||
Total
|
$
|
|
$
|
|
Note 14 |
NET INCOME (LOSS) PER SHARE
|
For the Years Ended December 31,
|
||||||||
2023
|
2022
|
|||||||
Net income (loss):
|
||||||||
Income (loss) from continuing operations
|
$
|
|
$
|
(
|
)
|
|||
Income (loss) from discontinued operations
|
|
(
|
)
|
|||||
Net Income (loss)
|
$
|
|
$
|
(
|
)
|
|||
Basic income (loss) from continuing operations per share attributable to common shareholders:
|
$
|
|
$
|
(
|
)
|
|||
Basic income (loss) from discontinued operations per share:
|
|
(
|
)
|
|||||
Net income (loss) per common share
|
$
|
|
$
|
(
|
)
|
|||
Diluted net loss per share:
|
||||||||
Income (loss) from continuing operations
|
|
(
|
)
|
|||||
Income from continuing operation after the effect of assumed conversions
|
$
|
|
$
|
(
|
)
|
|||
Income (loss) from discontinued operations
|
$
|
|
$
|
(
|
)
|
|||
Weighted average common shares outstanding - basic and diluted
|
|
|
||||||
Plus: Dilutive effect of restricted stock awards and stock options – treasury stock method
|
|
|
||||||
Weighted average common shares outstanding assuming dilution
|
|
|
||||||
Diluted income (loss) from continuing operations per common share
|
|
(
|
)
|
|||||
Diluted income (loss) from discontinued operations per common share
|
|
(
|
)
|
|||||
Net income (loss) per common share
|
$
|
|
$
|
(
|
)
|
For the Years Ended December 31,
|
||||||||
2023 |
2022 |
|||||||
Potentially dilutive securities: |
||||||||
Warrants
|
||||||||
Stock options
|
||||||||
Convertible notes
|
||||||||
Unvested restricted stock awards and units
|
|
|
||||||
Total
|
Note 15
|
RELATED PARTY
TRANSACTIONS
|
Note 16
|
INCOME TAXES
|
For the Years Ended December 31,
|
||||||||
2023 | 2022 | |||||||
United States
|
$ |
$
|
(
|
)
|
||||
Foreign
|
|
|||||||
Total loss before provision for income taxes
|
$ |
$
|
(
|
)
|
For the Years Ended December 31,
|
||||||||
2023 |
2022
|
|||||||
Current:
|
||||||||
Federal
|
$ |
$ |
|
|||||
State
|
|
|||||||
Foreign
|
|
|||||||
$ |
$
|
|
||||||
Deferred:
|
||||||||
Federal
|
||||||||
State
|
||||||||
Foreign
|
||||||||
Total
|
$ |
$
|
|
For the Years Ended December 31,
|
||||||||
2023 |
2022
|
|||||||
Income tax expense (benefit) at federal statutory rate
|
|
|
||||||
Nondeductible/nontaxable items
|
( |
|||||||
Stock-based compensation
|
|
|
||||||
Gain on sale of operations |
|
|||||||
State taxes
|
|
|
||||||
Rate change
|
( |
(
|
|
|||||
True-up and other
|
( |
(
|
|
|||||
Valuation
allowance |
( |
( |
||||||
Income tax expense
|
(
|
|
As of December 31,
|
||||||||
2023
|
2022
|
|||||||
Deferred tax assets
|
||||||||
Allowance for credit losses
|
$
|
|
$
|
|
||||
Reserves
|
|
|
||||||
Accrued expenses
|
|
|
||||||
Lease liability
|
|
|
||||||
Stock compensation
|
|
|
||||||
Depreciation
|
|
|
||||||
Amortization
|
|
|
||||||
Capitalized Sec. 174 expenses
|
|
|
||||||
Net operating loss carry forwards
|
|
|
||||||
Deferred income tax assets
|
$
|
|
$
|
|
||||
Valuation allowance
|
(
|
)
|
(
|
)
|
||||
Total net deferred income tax assets
|
$
|
|
$
|
|
||||
Prepaid expenses
|
(
|
)
|
(
|
)
|
||||
Unrealized FX gain/ loss
|
(
|
)
|
(
|
)
|
||||
Installment sale receivable
|
(
|
)
|
|
|||||
Right-of-use asset
|
(
|
)
|
(
|
)
|
||||
Deferred income tax liability
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Net deferred taxes
|
$
|
|
$
|
|
Note 17 | LEASES |
For the Years Ended December 31,
|
||||||||
2023
|
2022
|
|||||||
Cash used in operating leases
|
$
|
|
$
|
|
December 31, 2023 | December 31, 2022 | |||||||
Right of use assets, net
|
$
|
|
$
|
|
||||
Short-term operating lease liabilities
|
$
|
|
$
|
|
||||
Long-term operating lease liabilities
|
|
|
||||||
Total lease liabilities
|
$
|
|
$
|
|
||||
Weighted average remaining lease term (in years)
|
|
|
||||||
Weighted average discount rate
|
|
|
|
|
For the Years Ended December 31,
|
||||||||
2023
|
2022
|
|||||||
Operating lease expense
|
$
|
|
$
|
|
||||
Short-term lease expense
|
|
|
|
|
||||
Total operating lease costs
|
$
|
|
$
|
|
December 31, 2023
|
||||
2024
|
$
|
|
||
Less imputed interest
|
(
|
)
|
||
Total
|
$
|
|
Note 18 |
COMMITMENTS AND CONTINGENCIES
|
December 31, 2023
|
||||
Year ending December 31, 2024
|
$ |
|
||
Year ending December 31, 2025
|
|
|||
Year ending December 31, 2026
|
|
|||
Thereafter
|
|
|||
$
|
|
Note 19 |
SUBSEQUENT EVENTS
|
Item 9. |
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
Item 9A. |
Controls and Procedures
|
• |
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets;
|
• |
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
are being made only in accordance with authorizations of our management and directors; and
|
• |
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements.
|
• |
we did not have properly designed general information technology controls surrounding logical access, change management, and vendor application management.
|
Item 9B. |
Other Information
|
Item 9C. |
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
|
Item 10. |
Directors, Executive Officers and Corporate Governance
|
Item 11. |
Executive Compensation
|
Item 12. |
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
Item 13. |
Certain Relationships and Related Transactions, and Director Independence
|
Item 14. |
Principal Accountant Fees and Services
|
Item 15. |
Exhibits and Financial Statement Schedules
|
(a) |
The following documents are filed or furnished as part of this Form 10-K:
|
1. |
Financial Statements
|
2. |
Financial Statement Schedules
|
3. |
Exhibits
|
Exhibit
Number
|
Description
|
|
Agreement and Plan of Merger, dated as of October 16, 2020, by and among Helix Technologies, Inc., Forian Inc., DNA Merger Sub, Inc. and Medical Outcomes Research Analytics, LLC (incorporated by reference to Appendix
A of the Company’s Form S-4 (Reg. No. 333-250938) filed with the SEC on November 24, 2020, as amended on December 31, 2020, January 19, 2021, February 1, 2021 and February 9, 2021).
|
||
Amendment to Agreement and Plan of Merger dated December 30, 2020, by and among Helix Technologies, Inc., Forian Inc., DNA Merger Sub, Inc. and Medical Outcomes Research Analytics, LLC (incorporated by reference to
Exhibit 2.2 of the Company’s Form S-4 (Reg. No. 333-250938) filed with the SEC on November 24, 2020, as amended on December 31, 2020, January 19, 2021, February 1, 2021 and February 9, 2021).
|
||
Equity Interest Contribution Agreement (incorporated by reference to Exhibit 2.4 of the Company’s Current Report on Form 8-K filed with the SEC on March 3, 2021).
|
||
Stock Purchase Agreement, dated February 10, 2023, by and among Helix Technologies, Inc., Bio-Tech Medical Software, Inc. and BT Assets Group, Inc. (incorporated by reference to Exhibit 2.1 of the Company’s Current
Report on Form 8-K filed with the SEC on February 13, 2023).
|
||
Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 of the Company’s Form S-4 (Reg. No. 333-250938) filed with the SEC on November 24, 2020, as amended on December 31, 2020,
January 19, 2021, February 1, 2021 and February 9, 2021).
|
Bylaws of the Registrant (incorporated by reference to Exhibit 3.2 of the Company’s Form S-4 (Reg. No. 333-250938) filed with the SEC on November 24, 2020, as amended on December 31, 2020, January 19, 2021, February
1, 2021 and February 9, 2021).
|
||
Description of Registrant’s Securities (incorporated by reference to Exhibit 4.1 of the Company’s Annual Report on Form 10-K, for the year ended December 31, 2021, filed with the SEC on March 31, 2021).
|
||
Forian Inc. 2020 Equity Incentive Plan (incorporated by reference to Exhibit 4.3 of the Company’s Form S-8 (Reg. No. 333-268470) filed with the SEC on November 18, 2022.
|
||
License Agreement, dated June 30, 2019 (portions of this exhibit (indicated by asterisks) have been redacted in compliance with Regulation S-K Item 601(b)(10)(iv) (incorporated by reference to Exhibit 10.2 of the
Company’s Form S-4 (Reg. No. 333-250938) filed with the SEC on November 24, 2020, as amended on December 31, 2020, January 19, 2021, February 1, 2021, February 9, 2021 and December 20, 2023).
|
||
Offer Letter, dated March 25, 2020, by and between MOR and Max Wygod.
|
||
Offer Letter, dated March 25, 2020, by and between MOR and Adam Dublin.
|
||
Employment Agreement, dated August 1, 2019, by and between MOR and Daniel Barton.
|
||
Employment Agreement, dated March 1, 2021, by and between the Registrant and Edward Spaniel, Jr.
|
||
Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on March 3, 2021).
|
||
Helix TCS, Inc. 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 4.4 of the Company’s Form S-8 filed with the SEC on March 5, 2021).
|
||
Bio-Tech Medical Software, Inc. 2014 Stock Incentive Plan (incorporated by reference to Exhibit 10.32 of Helix’s Form 8-K filed with the SEC on June 5, 2018).
|
||
Form of Securities Purchase Agreement, dated April 12, 2021, entered into between the Company and each of the Investors and the Affiliates (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on
Form 8-K filed with the SEC April 13, 2021).
|
||
Employment Agreement, dated as of September 2, 2021, by and between the Company and Michael Vesey (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the SEC September 2,
2021).
|
||
Form of Note Purchase Agreement, dated September 1, 2021, by and between the Company and the Investors (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed with the SEC
November 15, 2021).
|
||
Separation Agreement, dated February 10, 2023, by and between the Company and Daniel Barton (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the SEC on February 13,
2023).
|
||
License Agreement, dated February 10, 2023, by and among the Company, Helix Technologies, Inc., BT Assets Group, Inc. and Bio-Tech Medical Software, Inc. (incorporated by reference to Exhibit 10.1 of the Company’s
Current Report on Form 8-K filed with the SEC on February 13, 2023).
|
||
Forian Inc. Insider Trading Policy.
|
||
List of Subsidiaries
|
||
Consent of Marcum LLP
|
||
Certification of Chief Executive Officer Pursuant to Rule 13a‑15(e) or Rule 15d‑15(e)
|
||
Certification of Chief Financial Officer Pursuant to Rule 13a‑15(e) or Rule 15d‑15(e)
|
||
Certification of Chief Executive Officer and Chief Financial Officer of Periodic Report Pursuant to 18 U.S.C. Section 1350
|
||
Forian Inc. Incentive Compensation Recoupment Policy.
|
||
101.INS
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document ).
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase.
|
|
104
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
|
* |
Filed with this Annual Report on Form 10‑K.
|
+ |
Indicates management contract or compensatory plan.
|
Item 16. |
Form 10‑K Summary
|
FORIAN INC.
|
||
By:
|
/s/ Max Wygod | |
Max Wygod
|
||
Chief Executive Officer
|
Signature
|
Title
|
|
/s/ Max Wygod |
Executive Chairman and Chief Executive Officer
|
|
Max Wygod
|
(Principal Executive Officer)
|
|
/s/ Michael Vesey |
Chief Financial Officer
|
|
Michael Vesey
|
(Principal Financial Officer and Principal Accounting Officer)
|
|
/s/ Mark Adler, M.D. |
Director
|
|
Mark Adler, M.D.
|
||
/s/ Ian Banwell |
Director
|
|
Ian Banwell
|
||
/s/ Adam Dublin |
Director and Chief Strategy Officer
|
|
Adam Dublin
|
||
/s/ Jennifer Hajj |
Director
|
|
Jennifer Hajj
|
||
/s/ Shahir Kassam-Adams |
Director
|
|
Shahir Kassam-Adams
|
||
/s/ Stanley Trotman, Jr. |
Director
|
|
Stanley Trotman, Jr.
|
||
/s/ Alyssa Varadhan |
Director
|
|
Alyssa Varadhan
|
||
/s/ Kristiina Vuori, M.D., Ph.D. |
Director
|
|
Kristiina Vuori, M.D., Ph.D.
|
||
/s/ Martin Wygod |
Director
|
|
Martin Wygod
|