Core Points - iSpecimen Inc. announced a public offering of approximately $5 million of common stock at a price of $3.00 per share [1] - The proceeds from the offering will be used for debt repayment, potential acquisitions, investments in businesses, products, technologies, and marketing services [1] - The offering is expected to close on October 31, 2024, subject to customary closing conditions [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 the search for biospecimens across a network of hospitals, labs, biobanks, and blood centers [5]

WOBURN, Mass., Sept. 26, 2024 (GLOBE NEWSWIRE) -- iSpecimen Inc. (Nasdaq: ISPC) ("iSpecimen" or the "Company"), an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare specimen providers, announced today that it has secured a $1 million loan agreement and subsequently appointed three new members to its Board of Directors. On September 25, 2024, iSpecimen closed a $1 million loan agreement with a lender which carries an interest rate of 1 ...

WOBURN, Mass., Sept. 11, 2024 (GLOBE NEWSWIRE) -- iSpecimen Inc. (Nasdaq: ISPC) ("iSpecimen" or the "Company"), an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare specimen providers, announced today that it will effect a reverse stock split of its issued and outstanding shares of common stock, par value $0.0001 per share, as well as any shares of common stock held by the Company in treasury, at a ratio of 1-for-20. The reverse stock ...

iSpecimen Inc. (NASDAQ:ISPC) Q2 2024 Earnings Conference Call August 6, 2024 8:30 AM ET Company Participants Phil Carlson - IR, KCSA Strategic Communications Tracy Curley - CEO and CFO Leslie Hoyt - VP, Operations Conference Call Participants Matt Hewitt - Craig-Hallum Capital Group Operator Good morning everyone and welcome to the iSpecimen Second Quarter 2024 Earnings Conference Call. At this time, participants are in a listen-only mode. A question-and-answer session will follow managements' remark. This ...

Exhibit 99.1 iSpecimen Reports Second Quarter 2024 Results Revenue increased 76% year-over-year to approximately $2.86 million Brielan Smiechowski Named SVP of Sales and Business Development LEXINGTON, Mass., August 6, 2024 – iSpecimen Inc. (Nasdaq: ISPC) ("iSpecimen" or the "Company"), an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare specimen providers, today reported its financial and operating results for the three and six mont ...

Revenue increased 76% year-over-year to approximately $2.86 million Brielan Smiechowski Named SVP of Sales and Business Development LEXINGTON, Mass., Aug. 06, 2024 (GLOBE NEWSWIRE) -- iSpecimen Inc. (Nasdaq: ISPC) ("iSpecimen" or the "Company"), an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare specimen providers, today reported its financial and operating results for the three and six month periods ended June 30, 2024. "iSpecimen' ...

Financial Performance - Revenue increased by approximately $1,239,000, or 76%, from approximately $1,625,000 for the three months ended June 30, 2023, to approximately $2,864,000 for the three months ended June 30, 2024 [114]. - Revenue for the six months ended June 30, 2024, increased by approximately $579,000, or 13%, from approximately $4,575,000 to approximately $5,154,000 [126]. - Specimen count increased by 1,236, or approximately 26%, from 4,682 specimens in the three months ended June 30, 2023, to 5,918 specimens in the three months ended June 30, 2024 [114]. - Average selling price per specimen increased by approximately $137, or 39%, from approximately $347 to approximately $484 during the same period [114]. Cost Management - Cost of revenue increased by approximately $570,000, or 67%, from approximately $854,000 to approximately $1,424,000 for the three months ended June 30, 2024 [115]. - Cost of revenue for the six months ended June 30, 2024, increased by approximately $423,000, or 21%, from approximately $2,001,000 to approximately $2,424,000 [127]. - Total technology expenditures decreased by approximately $951,000, or 47%, from approximately $2,035,000 to approximately $1,084,000 for the three months ended June 30, 2024 [116]. - Total technology expenditure for the six months ended June 30, 2024, decreased by approximately $2,137,000, or 48%, from approximately $4,409,000 to approximately $2,272,000 [128]. - General and administrative expenses decreased by approximately $703,000, or 40%, from approximately $1,758,000 to approximately $1,055,000 for the three months ended June 30, 2024 [122]. - General and administrative expenses decreased by approximately $311,000, or 9%, from approximately $3,470,000 for the six months ended June 30, 2023, to approximately $3,159,000 for the six months ended June 30, 2024 [135]. - Sales and marketing expenses increased by approximately $105,000, or 11%, from approximately $978,000 to approximately $1,083,000 for the three months ended June 30, 2024 [119]. - Sales and marketing expenses decreased by approximately $276,000, or 14%, from approximately $2,025,000 for the six months ended June 30, 2023, to approximately $1,749,000 for the six months ended June 30, 2024 [132]. - Supply development expenses decreased by approximately $280,000, or 45%, from approximately $615,000 for the six months ended June 30, 2023, to approximately $335,000 for the six months ended June 30, 2024 [133]. Operational Changes - The company closed a private placement offering on December 1, 2021, for gross proceeds of approximately $21 million, with net proceeds after expenses being significantly lower [94]. - As of June 30, 2024, the company issued 3,980,075 shares under an At the Market Offering Agreement, generating gross proceeds of approximately $1,494,000, with net proceeds of about $1,239,000 after offering costs [95]. - The company increased its allowance for doubtful accounts by $289,898 in 2023 due to liquidity issues among certain boutique life sciences customers [96]. - The company experienced a 45% reduction in compensation costs and a 66% reduction in technology costs by June 30, 2024, compared to January 1, 2023, due to workforce reductions [101]. - The company terminated over 100 supplier agreements as part of a supplier network refresh project, focusing on high-value suppliers that meet defined cost, quality, and speed requirements [101]. - The ongoing war between Russia and Ukraine initially impacted the company by approximately $1 million in purchase orders that could not be fulfilled due to supply network disruptions [99]. Cash Flow and Assets - Net cash flows used in operating activities improved by approximately $907,000, or 20%, from approximately $4,519,000 for the six months ended June 30, 2023, to approximately $3,612,000 for the six months ended June 30, 2024 [138]. - Net cash provided by investing activities was approximately $2,233,000 for the six months ended June 30, 2024, compared to a net cash used of approximately $8,856,000 for the six months ended June 30, 2023 [146]. - Net cash provided by financing activities increased significantly to approximately $1,187,000 for the six months ended June 30, 2024, from approximately $71,000 for the six months ended June 30, 2023 [147]. - As of June 30, 2024, total assets decreased by approximately $3,917,279, or 25%, to approximately $11,901,858 from approximately $15,819,137 as of December 31, 2023 [137]. Internal Controls and Compliance - As of June 30, 2024, the company's disclosure controls and procedures were deemed ineffective due to a material weakness in internal control over financial reporting [155]. - The company is implementing a remediation plan to address the identified material weakness, which includes engaging external tax advisors and implementing a sales tax software platform [156]. - The company has begun obtaining sales tax exemption letters and is actively collecting sales taxes from certain customers [156]. - Management has committed to enhancing internal controls and expects to successfully implement these processes, although the timeline for full remediation remains uncertain [156]. - There were no significant changes in the company's internal control over financial reporting during the six months ended June 30, 2024, except for the ongoing remediation efforts [157]. - The company reported the resignation of its Chief Information Officer, who also handled cybersecurity matters, with oversight now managed by the remaining members of the Risk Management Committee [161]. Strategic Initiatives - The company aims to leverage strategic business intelligence initiatives to better understand market needs and adjust its supplier network and marketing efforts accordingly [102]. - The company plans to reduce operational expenditures and streamline operations to improve financial position and ensure continued funding of operations [139]. - The company intends to rely on exemptions provided by the JOBS Act as an "emerging growth company" until it reaches total annual gross revenues of $1.235 billion or more, or until December 31, 2026 [153].

iSpecimen Inc. (NASDAQ:ISPC) Q1 2024 Earnings Conference Call May 7, 2024 8:30 AM ET Company Participants Phil Carlson - Investor Relations, KCSA Strategic Communications Tracy Curley - Chief Executive Officer & Chief Financial Officer Leslie Hoyt - Senior Vice President of Operations Conference Call Participants Matt Hewitt - Craig Hallum Capital Operator Good day everyone and welcome to iSpecimen's First Quarter 2024 Results Conference Call. [Operator Instructions] This conference call is being recorded. ...

Exhibit 99.1 iSpecimen Reports First Quarter 2024 Results LEXINGTON, Mass., May 7, 2024 – iSpecimen Inc. (Nasdaq: ISPC) ("iSpecimen" or the "Company"), an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare specimen providers, today reported its financial and operating results for the three-month period ended March 31, 2024. "iSpecimen made tremendous progress during the first quarter advancing our most promising operational initiative, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File No. 001-40501 iSpecimen Inc. (Exact name of registrant as specified in its charter) Delaware 27-0480143 (State or othe ...