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].

Financial Transactions - The company 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 [150]. - 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 [151]. - A public offering on October 29, 2024, resulted in gross proceeds of approximately $4,998,464, intended for debt repayment and potential acquisitions [159]. - The company entered into a Purchase Agreement on September 19, 2024, for a loan of $1,000,000 with an interest rate of 18% per annum, which was paid off on October 31, 2024 [157][158]. 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 [154][155]. Revenue and Expenses - Revenue decreased by approximately $1,232,000, or 54%, from approximately $2,290,000 for the three months ended March 31, 2024, to approximately $1,058,000 for the three months ended March 31, 2025, primarily due to a decrease of 2,932 specimens, or approximately 56% [188]. - Cost of revenue decreased by approximately $343,000, or 34%, from approximately $1,000,000 for the three months ended March 31, 2024, to approximately $657,000 for the three months ended March 31, 2025 [190]. - Technology expenses decreased by approximately $367,000, or 40%, from approximately $912,000 for the three months ended March 31, 2024, to approximately $545,000 for the three months ended March 31, 2025 [191]. - Sales and marketing expenses decreased by approximately $319,000, or 48%, from approximately $666,000 for the three months ended March 31, 2024, to approximately $347,000 for the three months ended March 31, 2025 [193]. - General and administrative expenses decreased by approximately $1,345,000, or 64%, from approximately $2,104,000 for the three months ended March 31, 2024, to approximately $759,000 for the three months ended March 31, 2025 [196]. - Total operating expenses decreased by approximately $2,594,614, or 49%, from approximately $5,290,513 for the three months ended March 31, 2024, to approximately $2,695,899 for the three months ended March 31, 2025 [187]. Operational Performance - Loss from operations improved by approximately $1,362,131, or 45%, from a loss of $3,000,520 for the three months ended March 31, 2024, to a loss of $1,638,389 for the three months ended March 31, 2025 [187]. - The company capitalized approximately $0 of internally developed software costs during the three months ended March 31, 2025, compared to approximately $275,000 for the same period in 2024, reflecting a 100% decrease [192]. - Other income decreased by approximately $118,000, or 120%, from an income of approximately $98,000 for the three months ended March 31, 2024, to an expense of approximately $20,000 for the three months ended March 31, 2025 [197]. Cash Flow and Working Capital - Cash and cash equivalents decreased by approximately $1,095,845, or 58%, from $1,878,408 as of December 31, 2024, to $782,563 as of March 31, 2025 [198]. - Working capital deficit increased by approximately $1,209,228, or 55%, from $(2,182,488) to $(3,391,716) during the same period [198]. - Net cash flows used in operating activities improved by approximately $976,518, or 47%, from $(2,072,363) for the three months ended March 31, 2024, to $(1,095,845) for the three months ended March 31, 2025 [198]. - The company reported a net loss of approximately $1,658,000 for the three months ended March 31, 2025, compared to a net loss of approximately $2,902,000 for the same period in 2024 [202]. - The company has an accumulated deficit of approximately $73,521,000 as of March 31, 2025 [199]. Strategic Initiatives - The company is reevaluating pricing and enhancing internal communications to address current market conditions and improve operational efficiency [163]. - The company achieved a reduction in monthly compensation costs of approximately 93% and technology costs of approximately 73% during the first quarter of 2025 compared to the same period in 2024 [199]. - The company terminated 180 supplier agreements during the year ended December 31, 2024, as part of its "supplier network refresh project" to focus on high-value suppliers [172]. Market Conditions - The ongoing Russian-Ukrainian war negatively impacted the company’s supply chain, causing delays and affecting margins due to the unavailability of suppliers in those regions [165]. - The company has experienced negative effects of inflation, particularly affecting employee salaries and supply costs, but long-term contracts have mitigated significant impacts on specimen costs [211][212]. - Management's plans to continue as a going concern include generating additional revenues and deferring certain projects, but there is no assurance of success in these efforts [201]. Company Mission - The company’s mission is to accelerate life sciences research through a global marketplace platform, focusing on growth and scalability [167].

Financial Performance - The company reported net losses of $12,497,805 and $11,099,488 for the years ended December 31, 2024 and 2023, respectively, with an accumulated deficit of $71,862,617 as of December 31, 2024[99]. - The company anticipates continued losses in the foreseeable future as it invests in business growth, with future net losses dependent on the rate of expense growth and revenue generation[100]. - The company's revenue is transactional and not recurring, making it difficult to predict future revenue trends[112]. - The company has incurred losses from sales tax obligations due to failure to collect taxes on taxable sales in prior years, which could materially affect its financial condition[171]. - The company may need to raise additional funds sooner than expected, potentially through equity offerings or debt financings, which could result in dilution to existing stockholders[217]. - The company's quarterly revenue has historically fluctuated, making it difficult to forecast and meet investor expectations[219]. - The stock price has been volatile, trading between $2.17 and $579.60 since the IPO, which may affect investors' ability to sell shares at or above the purchase price[221]. Customer and Revenue Concentration - One customer accounted for approximately 29% of the company's revenue in 2024, highlighting significant revenue concentration risks[112]. - During the year ended December 31, 2024, one customer represented 29% of the company's revenues, while in 2023, one customer represented 25% of revenue[133]. - Approximately 52% of revenue in 2024 was derived from specimens procured from existing sample inventories, which may become obsolete due to regulatory changes or shifts in researcher requirements[153]. Operational Challenges - The company identified a material weakness in internal control over financial reporting, which could lead to misstatements in financial statements if not remediated[103]. - The company has initiated several remediation measures to address the identified material weakness in internal controls, including engaging external tax advisors and implementing a sales tax software platform[106]. - The lengthy adoption cycle for technology solutions at healthcare provider supply partners can take up to 18 months, potentially hindering rapid revenue growth[147]. - The company may face significant challenges in managing growth, which could strain financial, technical, and operational resources[170]. International Operations and Compliance - As of December 31, 2024, the company had customers in 23 countries and supply sites in 11 countries, indicating ongoing international expansion efforts[114]. - The company faces risks associated with international operations, including compliance with varying laws and regulations, which could adversely affect its business[114]. - Non-compliance with international laws related to biohazards and imports/exports may lead to significant legal expenses and reputational risks[190]. - Compliance with export and import regulations is critical, as violations could lead to substantial civil or criminal penalties[194]. Technology and Development - The company is investing in technology development for the iSpecimen Marketplace, but there is no assurance that these investments will yield significant revenues or profits[122]. - The iSpecimen Marketplace currently requires assistance from sales personnel for specimen requests, limiting scalability and profitability[134]. - In fiscal year 2024, the company incurred $3,530,291 in technology expenses and capitalized $653,288 for internally developed software[120]. Risks and Liabilities - The company faces significant risks related to cybersecurity threats, which could impact its financial results and reputation[125]. - The company bears credit risk with customers, as it may provide products and services without guaranteed payment[131]. - The company may face legal and financial exposure due to potential breaches of security measures, impacting customer trust and business operations[124]. - The company faces risks related to product safety and liability due to the hazardous nature of specimens handled[197]. - Changes in demand for the company's products and services could adversely affect profitability, particularly due to economic downturns or changes in the disease landscape[130]. Regulatory and Compliance Costs - The company is subject to significant legal and financial compliance costs due to public company regulations, which may strain resources and divert management's attention[226]. - The company must comply with data protection regulations, including HIPAA and GDPR, which could result in fines and operational challenges if not adhered to[185][186]. - The company must maintain compliance with various federal, state, and local laws to avoid operational disruptions and legal challenges[193]. Capital Structure and Financing - The company has federal net operating loss carryforwards (NOLs) of approximately $62.40 million, with $13 million expiring through 2037 and $49.40 million available for indefinite carryforward[172]. - The company has no limit on the amount of debt it may incur, which could increase financial risk and leverage[175]. - The company may issue shares to finance acquisitions, potentially diluting stockholder ownership, especially if stock prices are low or volatile[174]. - The company is subject to various restrictive covenants in financing arrangements, which could limit operational flexibility and lead to defaults if not complied with[178]. Governance and Ownership - The concentration of ownership among directors and principal stockholders may delay or prevent changes in control, potentially affecting stockholder interests[208]. - The company’s certificate of incorporation allows the board to issue up to 50,000,000 shares of preferred stock, which could complicate third-party control attempts[209]. - The company may face challenges in attracting and retaining qualified directors and officers due to increased compliance costs and regulatory requirements[232].

Core Insights - iSpecimen Inc. has secured suppliers for human metapneumovirus (hMPV) specimens in response to rising concerns about potential outbreaks similar to COVID-19 [1][4] - The demand for hMPV specimens is increasing due to the virus's ability to cause severe illness, particularly in vulnerable populations, and the absence of a vaccine [2][3] - iSpecimen's strategic partnerships and technology position it well to meet the anticipated demand for high-quality biospecimens for research and vaccine development [4][5] Company Overview - iSpecimen operates an online marketplace connecting scientists with healthcare providers to access human biospecimens for medical research [5] - The company utilizes proprietary cloud-based technology to facilitate specimen searches across a network of hospitals, labs, and biobanks [5]