Forian股份公司2025年年报

The Nasdaq Stock Market LLC Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file Indicate by check mark whether the registrant has submitted electronically; every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.0405 of this chapter) during the preceding 12 months (or for such shorter Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☒ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to Section240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Act). Yes☐No☒ As of June 30, 2025 (last business day of the registrant’s most recently completed second fiscal quarter), the aggregate marketvalue of the registrant’s common stock held by non-affiliates of the registrant was approximately $34 million based on the closing saleprice as reported on Nasdaq. Shares of voting stock held by each executive officer and director of the registrant, together with voting As of March 25, 2026, there were31,208,751 shares outstanding of the registrant’s common stock, including shares ofunvested restricted stock. Table of Contents DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Proxy Statement relating to the 2026 Annual Meeting of Stockholders are incorporated herein byreference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the TABLE OF CONTENTS PART IItem 1.Business4 Item 1A.Risk Factors11 Item 1B.Unresolved Staff Comments 21 Item 1C.Cybersecurity Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10‑K, including “Item 7. Management’s Discussion and Analysis of Financial Condition andResults of Operations,” contains forward-looking statements. All statements other than statements of historical facts contained in thisAnnual Report on Form 10-K, including statements regarding our future results of operations and financial position, business strategy,prospective products, product approvals, research and development costs, timing and likelihood of success, plans and objectives of In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,”“anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or thenegative of these terms or other similar expressions. The forward-looking statements in this Annual Report on Form 10‑K are onlypredictions. We have based these forward-looking statements largely on our current expectations and projections about future eventsand financial trends that we believe may affect our business, financial condition and results of operations. These forward-lookingstatements speak only as of the date of this Annual Report on Form 10‑K and are subject to a number of risks, uncertainties andassumptions described under the sections in this Annual Report on Form 10‑K titled “Risk Factors” and “Management’s Discussionand Analysis of Financial Condition and Results of Operations” and elsewhere in this Annual Report on Form 10‑K. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of As used in this Annual Report on Form 10-K, the terms “Forian,” “registrant,” the “Company,” “we,” “us,” and “our” meanForian Inc. and its subsidiaries unless the context indicates otherwise. PART I Item 1. Overview Forian is a leading provider of data science-drive