Rocket Doctor Further Expands Maryland Access by ~ 250,000 Additional Members Through New In-Network Agreement

• Latest Announcement (April 21, 2026): Rocket Doctor AI expanded its Maryland network by approximately 250,000 members through a new in-network agreement with a major national payer.
• Total Reach: Total covered lives in Maryland now stand at approximately 3.2 million across Commercial and Medicare Advantage lines.
• Service Scope: Includes primary care, chronic disease management, preventive care, and virtual urgent care under the AHEAD healthcare model transition.
• Agreement Terms: Recurring 12-month basis commencing April 27, 2026, with a 90-day mutual termination clause.
• Context: This follows the April 14 announcement of ~2 million additional members in Maryland via a state entity agreement and the April 8 launch of patient care services in the state.
• Management Quote: Dr. William Cherniak (Co-Founder and CEO) emphasizes expanding access to high-quality longitudinal care across Maryland.

• Incremental Growth: The news represents an incremental update to the expansion trajectory announced on April 14, 2026. It confirms execution of the U.S. payer strategy but does not introduce new financial terms or unexpected catalysts.
• Revenue Lag Risk: Payer contracts often have significant lag times between signing and revenue recognition. The company reported Q3 2025 revenue of only C$529,123 against a net loss of C$3.5M. While the addressable market has grown to ~21 million members nationwide (per April 14 news), actual monetization remains unproven at scale.
• Consistency with Expectations: The expansion aligns with previous announcements regarding U.S. growth in California, New York, and Maryland. It is not a surprise but rather validation of the stated strategy.
• Capital Implications: No new financing was announced alongside this news. Given the burn rate (C$3.5M loss in Q3 2025), continued operational expansion without immediate revenue ramp increases dilution risk or capital raise necessity within the next 6 months.

• Business Model: AI-powered digital health platform connecting patients with board-certified physicians for primary care, chronic disease management, and mental health services via virtual/hybrid models.
• Flagship Project: The "Global Library of Medicine" (GLM), an AI-driven clinical decision support system integrated into the physician workflow to reduce intake time and improve diagnostic accuracy.
• Geographic Focus: Primarily Canada (Alberta, Ontario) and expanding rapidly in the U.S. (California, New York, Maryland).
• Strategic Partnerships: Includes agreements with major national insurers, state entities (Maryland), and academic institutions (Toronto Metropolitan University).