Financial Performance - Revenue decreased by approximately $2,555,000, or 96%, from approximately $2,662,000 for the three months ended September 30, 2024, to approximately $107,000 for the three months ended September 30, 2025[208]. - Specimen count decreased by 8,181, or approximately 97%, from 8,461 specimens in the three months ended September 30, 2024, to 280 specimens in the three months ended September 30, 2025[208]. - Revenue decreased by approximately $5,938,000, or 76%, from approximately $7,816,000 for the nine months ended September 30, 2024 to approximately $1,877,000 for the nine months ended September 30, 2025, primarily due to a decrease of 14,498 specimens, or approximately 74%[219]. - Cost of revenue decreased by approximately $2,673,000, or 67%, from approximately $3,979,000 for the nine months ended September 30, 2024 to approximately $1,306,000 for the nine months ended September 30, 2025, attributed to a 74% decrease in the number of specimens delivered[221]. - Net loss increased by approximately $1,340,795, or 93%, from $1,439,853 for the three months ended September 30, 2024, to $2,780,648 for the three months ended September 30, 2025[207]. Operating Expenses - Total operating expenses decreased by approximately $1,430,526, or 33%, from $4,367,340 for the three months ended September 30, 2024, to $2,936,814 for the three months ended September 30, 2025[207]. - Total operating expenses decreased by approximately $6,535,923, or 44%, from approximately $14,703,197 for the nine months ended September 30, 2024 to approximately $8,167,274 for the nine months ended September 30, 2025[218]. - General and administrative expenses decreased by approximately $1,481,000, or 37%, from approximately $4,052,000 for the nine months ended September 30, 2024 to approximately $2,571,000 for the nine months ended September 30, 2025[227]. - Fulfillment costs decreased by approximately $597,000, or 46%, from approximately $1,293,000 for the nine months ended September 30, 2024 to approximately $696,000 for the nine months ended September 30, 2025[226]. - Technology expenses decreased by approximately $946,000, or 37%, from approximately $2,579,000 for the nine months ended September 30, 2024 to approximately $1,633,000 for the nine months ended September 30, 2025[222]. Cash Flow and Financing - Cash and cash equivalents increased by approximately $904,350, or 48%, from approximately $1,878,408 as of December 31, 2024 to approximately $2,782,758 as of September 30, 2025[229]. - Net cash flows used in operating activities decreased by approximately $1,367,347, or 29%, from approximately $4,691,032 for the nine months ended September 30, 2024 to approximately $3,323,685 for the nine months ended September 30, 2025[229]. - Net cash provided by financing activities was approximately $5,228,000 for the nine months ended September 30, 2025, including $1,750,000 from PIPE financing and $4,000,000 from Underwritten financing[239]. Market and Operational Challenges - iSpecimen Inc. faced operational challenges due to the Russian-Ukrainian war, impacting approximately $1 million in purchase orders and leading to delays and margin reductions[185]. - Inflation has negatively impacted employee salaries and supply costs, although the costs of specimens have not been significantly affected due to long-term vendor contracts[242][243]. - The company has not experienced material supply chain issues affecting transportation, allowing timely deliveries during the nine months ended September 30, 2025[241]. Strategic Initiatives - iSpecimen Marketplace automates the procurement process, allowing researchers to efficiently find and manage specimens, enhancing operational efficiency for both researchers and biospecimen providers[159][161]. - The company is focused on enhancing pricing strategies and operational efficiencies to address current market conditions and improve liquidity[183][184]. - The company intends to rely on exemptions provided by the JOBS Act, remaining an "emerging growth company" until certain revenue or debt thresholds are met[248]. Stock and Securities - A reverse stock split of 1-for-20 was approved and became effective on September 13, 2024, allowing the company to regain compliance with Nasdaq listing requirements[171][172]. - The company raised gross proceeds of $4,998,464 from a public offering on October 31, 2024, with net proceeds of approximately $4,632,275 after offering costs[176][177]. - The company generated gross proceeds of $1,749,998 from a private placement on July 31, 2025, with net proceeds of approximately $1,649,998 after offering costs[166][167]. - The company issued 199,004 shares under an ATM agreement for gross proceeds of approximately $1,494,000 during the year ended December 31, 2024, resulting in net proceeds of approximately $1,239,000 after costs[168]. - iSpecimen Inc. entered into a Note Purchase Agreement for a loan of $1,000,000 with an interest rate of 18% per annum, which was fully paid off by October 31, 2024[174][175].

Core Viewpoint - iSpecimen Inc. is pursuing a strategic initiative to integrate digital assets into its business model, aiming to establish a corporate treasury reserve of up to $200 million based on the Solana blockchain ecosystem [1][2]. Group 1: Strategic Initiative - The company has been approached by several cryptocurrency-related companies since announcing its intentions, presenting opportunities in tokenized real-world assets and highly ranked cryptocurrencies [2]. - iSpecimen is refining its approach to build a digital asset treasury, recognizing various opportunities while considering the acquisition of Locked Solana [3]. Group 2: Treasury Program Details - The planned treasury program includes purchasing SOL (the native token of the Solana network), including Locked SOL, through over-the-counter transactions with reputable cryptocurrency institutions [5]. - The company intends to fund the treasury program primarily from capital that may be raised over time [4]. Group 3: Investment Strategy - The company plans to deliver shareholder value through a buy and HODL strategy, purchasing locked SOL at a discount and staking Solana to increase yields for shareholders in the long term [6]. - A small percentage of the Solana holding will be allocated for spot trading to allow for diversification [6].

Core Insights - iSpecimen Inc. has successfully completed Milestone 1 in its digital transformation journey with Salestack Solutions, marking a significant step towards operational efficiency and scalability [1][3]. Group 1: Digital Transformation and Infrastructure - The completion of Milestone 1 involved enhancing the legacy iSpecimen Marketplace® infrastructure with Salestack's cloud-native architecture, which is expected to deliver immediate value [2]. - The modernized digital backbone of the iSpecimen Marketplace® is designed to ensure reliability, scalability, and faster time-to-market [2][4]. Group 2: Future Plans and Benefits - The successful completion of Milestone 1 positions iSpecimen to advance to Milestone 2, which will focus on integrating all parts of the business to create end-to-end efficiency across operations, customer engagement, and data management [3]. - The company anticipates unlocking greater efficiencies and enhancing marketplace capabilities as it progresses through the next milestones, aiming to create significant long-term value for shareholders, partners, and customers [4]. Group 3: Technical Enhancements - The new infrastructure includes features such as Infrastructure-as-Code (IaC) for automation and security, unified storage and workflows to reduce silos, and a future-ready foundation for seamless integration with major cloud providers [7]. - Key improvements from the new architecture include enhanced reliability through a resilient multi-cloud setup, improved security with automated safeguards, and accelerated innovation with faster development cycles [8].

Financing Activities - iSpecimen Inc. closed a private placement offering on December 1, 2021, for gross proceeds of approximately $21 million, after deducting $1.4 million for underwriting discounts and commissions [164]. - The company entered into an At the Market Offering Agreement on March 5, 2024, allowing for the issuance of shares with an aggregate offering price of up to $1,500,000, resulting in net proceeds of approximately $1,239,000 after offering costs [165]. - On September 19, 2024, iSpecimen Inc. secured a loan of $1,000,000 with an interest rate of 18% per annum, which was fully paid off by October 31, 2024 [171][172]. - The company raised approximately $4,998,464 in a public offering on October 31, 2024, with plans to use the net proceeds for debt repayment, potential acquisitions, and working capital [173]. Stock and Compliance - A reverse stock split of 1-for-20 was approved and became effective on September 13, 2024, allowing the company to regain compliance with Nasdaq listing requirements [168][169]. Revenue and Sales Performance - Revenue decreased by approximately $2,151,000, or 75%, from approximately $2,864,000 for the three months ended June 30, 2024, to approximately $713,000 for the three months ended June 30, 2025 [202]. - Revenue decreased by approximately $3,383,000, or 66%, from approximately $5,154,000 for the six months ended June 30, 2024 to approximately $1,771,000 for the six months ended June 30, 2025 [213]. - Average selling price decreased by approximately $202, or 42%, from approximately $484 in the three months ended June 30, 2024, to approximately $282 in the three months ended June 30, 2025 [203]. - Average selling price decreased by approximately $96, or 21%, from approximately $462 to approximately $366 during the same period [214]. - Specimen count decreased by 3,385, or approximately 57%, from 5,918 specimens in the three months ended June 30, 2024, to 2,533 specimens in the three months ended June 30, 2025 [202]. - Specimen count decreased by 6,317, or approximately 57%, from 11,159 specimens in the six months ended June 30, 2024 to 4,842 specimens in the six months ended June 30, 2025 [213]. Expenses and Cost Management - Cost of revenue decreased by approximately $980,000, or 69%, from approximately $1,424,000 for the three months ended June 30, 2024, to approximately $444,000 for the three months ended June 30, 2025 [204]. - Technology expenses decreased by approximately $376,000, or 41%, from approximately $912,000 for the three months ended June 30, 2024, to approximately $536,000 for the three months ended June 30, 2025 [205]. - Sales and marketing expenses decreased by approximately $825,000, or 76%, from approximately $1,083,000 for the three months ended June 30, 2024, to approximately $258,000 for the three months ended June 30, 2025 [207]. - Fulfillment costs decreased by approximately $185,000, or 43%, from approximately $433,000 for the three months ended June 30, 2024, to approximately $248,000 for the three months ended June 30, 2025 [209]. - General and administrative expenses decreased by approximately $107,000, or 10%, from approximately $1,055,000 for the three months ended June 30, 2024, to approximately $948,000 for the three months ended June 30, 2025 [210]. - Total operating expenses decreased by approximately $5,105,000, or 49%, from approximately $10,336,000 for the six months ended June 30, 2024 to approximately $5,231,000 for the six months ended June 30, 2025 [212]. Financial Position and Cash Flow - Cash and cash equivalents decreased by approximately $1,290,000, or 69%, from approximately $1,878,000 as of December 31, 2024 to approximately $589,000 as of June 30, 2025 [224]. - Working capital deficit increased by approximately $1,823,000, or 84%, from approximately $2,182,000 to approximately $4,005,000 [224]. - Net cash used in operating activities decreased by approximately $2,324,000, or 64%, from approximately $3,612,000 for the six months ended June 30, 2024 to approximately $1,288,000 for the same period in 2025 [224]. - Net cash provided by financing activities was approximately $1,187,000 for the six months ended June 30, 2024, consisting of approximately $1,494,000 from common stock issuance and offset by approximately $308,000 in offering costs and stock repurchase [235]. Operational Challenges - The ongoing Russian-Ukrainian war impacted the company's supply chain, causing delays and increased costs due to the unavailability of suppliers in those regions [179][180]. - Inflation has negatively impacted employee salaries, which constitute a significant portion of operating costs, but the costs of supplies have not significantly affected the company's results [237]. - Long-term contracts with vendors have mitigated the impact of inflation on specimen costs, which include revenue sharing plans [238]. - The company experienced an increase in shipping costs during the six months ended June 30, 2025, although timely deliveries were maintained due to the small size of packages shipped [236]. Strategic Initiatives - iSpecimen Inc. is actively reevaluating pricing strategies and enhancing internal communications to improve sales efficiency amid challenging economic conditions [177]. - The company aims to retain and grow researcher and supplier usage of its iSpecimen Marketplace to support biospecimen procurement and explore adjacent business opportunities [162]. - The company continues to focus on improving liquidity to address financial obligations and mitigate adverse effects from economic downturns in life science research [178]. - The company terminated 180 supplier agreements during the year ended December 31, 2024, as part of its "supplier network refresh project" [186]. Accounting and Regulatory Matters - There have been no material changes in critical accounting policies and procedures during the six months ended June 30, 2025 [240]. - The company has elected not to "opt out" of the extended transition period under the JOBS Act, allowing it to adopt new accounting standards at the same time as private companies [242]. - The company intends to rely on certain exemptions provided by the JOBS Act, including reduced reporting requirements and auditor's attestation reports [243]. - The company will remain classified as an "emerging growth company" until it meets specific revenue or debt thresholds, or until December 31, 2026 [243]. Loss and Income - Net loss improved by approximately $2,306,000, or 46%, from a net loss of approximately $5,011,000 to approximately $2,705,000 for the same period [212]. - Other income, net, increased by approximately $583,000, or 341%, from approximately $171,000 to approximately $754,000 for the six months ended June 30, 2025 [223].

Core Points - iSpecimen Inc. closed a private placement for approximately $1.75 million in gross proceeds, intended for marketing and working capital [1][2][3] - The company issued 1,559,828 shares of common stock at a price of $1.122 per share [2] - WestPark Capital, Inc. acted as the exclusive placement agent for the offering [3] Financial Details - The net proceeds will be allocated as follows: $500,000 for marketing and advertising services, with the remainder for working capital and general corporate purposes [1] - The offering closed on August 4, 2025 [2] Company Overview - iSpecimen operates an online marketplace connecting scientists with healthcare specimen providers for medical research [6] - The company utilizes proprietary cloud-based technology to facilitate the search for biospecimens across a network of healthcare organizations [6]

Core Points - iSpecimen Inc. has entered into a securities purchase agreement with accredited investors for approximately $1.75 million in gross proceeds [1][2] - The company plans to allocate $500,000 of the net proceeds for marketing and advertising services, with the remainder designated for working capital and general corporate purposes [1] - The offering will consist of 1,559,828 shares of common stock priced at $1.122 per share, expected to close around August 1, 2025 [2][3] Company Overview - iSpecimen operates an online marketplace connecting scientists with healthcare specimen providers for medical research [6] - The company utilizes proprietary, cloud-based technology to facilitate the search for biospecimens across a network of hospitals, labs, and other healthcare organizations [6]

Company Overview - iSpecimen Inc. operates an online global marketplace connecting scientists with healthcare specimen providers for medical research [6] - The company utilizes proprietary cloud-based technology to facilitate the search for biospecimens and patients across a network of healthcare organizations [6] Recent Offering - On July 25, 2025, iSpecimen announced the closing of an underwritten public offering of 5,714,283 shares at a price of $0.70 per share, generating approximately $4 million in gross proceeds [2][3] - The offering was conducted on a firm commitment basis, with WestPark Capital, Inc. serving as the Sole Book-Runner [3] Use of Proceeds - The net proceeds from the offering will be allocated as follows: $1.5 million for marketing and advertising services from IR Agency LLC, $1 million for an initial milestone payment to Sales Stack Solutions Corp., and the remainder for working capital and general corporate purposes [3] Regulatory Compliance - The securities offered are pursuant to a registration statement on Form S-1, which was declared effective by the SEC on July 23, 2025 [4]

Core Viewpoint - iSpecimen Inc. announced a public offering of 5,714,283 shares at a price of $0.70 per share, aiming to raise approximately $4 million in gross proceeds before expenses [2][3]. Group 1: Offering Details - The public offering is expected to close on July 25, 2025, pending customary closing conditions [2]. - The net proceeds from the offering will be allocated as follows: $1.5 million for marketing and advertising services, $1 million for an initial milestone payment to Sales Stack Solutions Corp., and the remainder for working capital and general corporate purposes [3]. Group 2: Company Overview - iSpecimen operates an online marketplace connecting scientists with healthcare providers for biospecimens needed in medical research, utilizing proprietary cloud-based technology [6].

Core Viewpoint - iSpecimen Inc. has successfully closed a public offering of 5,714,283 shares at a price of $0.70 per share, raising approximately $4 million in gross proceeds before expenses [1][2]. Group 1: Offering Details - The public offering was conducted on a firm commitment basis, with WestPark Capital, Inc. serving as the Sole Book-Runner [2]. - The offering price was set at $0.70 per share, resulting in gross proceeds of around $4 million [1][2]. Group 2: Use of Proceeds - The company plans to allocate $1,500,000 for marketing and advertising services from IR Agency LLC [2]. - An initial milestone payment of $1,000,000 will be made under a definitive agreement with Sales Stack Solutions Corp. [2]. - The remaining funds will be used for working capital and general corporate purposes [2]. Group 3: Company Overview - iSpecimen operates an online marketplace connecting scientists with healthcare providers for biospecimens needed in medical research [5]. - The company utilizes proprietary, cloud-based technology to facilitate searches for specimens and patients across a network of healthcare organizations [5].

Core Viewpoint - iSpecimen Inc. has announced a public offering of 5,714,283 shares at a price of $0.70 per share, aiming to raise approximately $4 million in gross proceeds before expenses [1][2]. Group 1: Offering Details - The public offering is priced at $0.70 per share, with expected gross proceeds of around $4 million [1]. - The offering is set to close on July 25, 2025, pending customary closing conditions [1]. - WestPark Capital, Inc. is acting as the Sole Book-Runner for the offering [2]. Group 2: Use of Proceeds - The company plans to allocate $1,500,000 for marketing and advertising services from IR Agency LLC [2]. - An initial milestone payment of $1,000,000 will be made to Sales Stack Solutions Corp. [2]. - Remaining funds will be used for working capital and general corporate purposes [2]. Group 3: Company Overview - iSpecimen operates an online marketplace connecting scientists with healthcare specimen providers for medical research [5]. - The company utilizes proprietary cloud-based technology to facilitate searches for biospecimens across a network of healthcare organizations [5].