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 ...

Financial Data and Key Metrics Changes - For Q2 2024, the company generated revenues of approximately $2.9 million, a 76% increase from approximately $1.6 million in Q2 2023 [5][12] - The average selling price per specimen increased by $137 or 39%, from $347 in Q2 2023 to $484 in Q2 2024 [12] - Cash burn decreased from approximately $7.1 million in the first half of 2023 to $2.9 million in the first half of 2024, representing a 59% reduction [5][21] - As of June 30, 2024, cash and available-for-sale securities totaled $2.1 million, down from approximately $5 million at the end of 2023 [20] Business Line Data and Key Metrics Changes - The specimen count increased by 1,236 specimens or 26%, from 4,682 in Q2 2023 to 5,918 in Q2 2024 [12] - For the first half of 2024, the average selling price per specimen increased by $119 or 34%, from $343 to $462 [12] - The Next Day Quote program accounted for 44% of quotes provided to customers in Q2 2024, up from 38% in Q4 2023 [10] Market Data and Key Metrics Changes - The company has reduced its supplier network from 240 to 105 suppliers, focusing on quality and capabilities [26][27] - The percentage of Next Day Quotes converted to purchase orders was 58% in Q2 2024, indicating strong demand and operational efficiency [10][25] Company Strategy and Development Direction - The company is strategically reducing operational expenditures and focusing on key market opportunities to set the stage for revenue growth [5][21] - The Next Day Quote program is a key initiative aimed at improving customer response times and increasing conversion rates [10][30] - The company plans to continue expanding its customer and supplier base to enhance revenue generation [22] Management's Comments on Operating Environment and Future Outlook - The current macro environment remains challenging for researchers, with careful investment in projects [24] - Management believes that operational advancements will significantly contribute to future growth [30] - The company is actively seeking additional working capital and plans to achieve a cash-positive position through various financing options [21][22] Other Important Information - The company has welcomed a new Senior Vice President of Sales and Business Development to strengthen its leadership team [6] - Cost of revenue increased by approximately 67% in Q2 2024, attributed to a rise in specimen count and average cost per specimen [13][14] Q&A Session Summary Question: Can you describe the macro environment and customer sentiments regarding funding? - Management noted that researchers are cautious with investments but continue to pursue projects, emphasizing the importance of timely responses [24] Question: What is the internal target for the conversion rate of Next Day Quotes? - Management has an internal goal higher than the 58% conversion rate but does not provide specific guidance [25] Question: Are the suppliers able to fulfill requests effectively? - The company has streamlined its supplier network, resulting in improved capabilities and responsiveness from suppliers [26][28] Question: What are the metrics for unique customers and registered users? - Management did not have the specific numbers available during the call but promised to follow up [29]

Core Viewpoint - iSpecimen Inc. reported a significant revenue increase of 76% year-over-year, reaching approximately $2.86 million for the second quarter of 2024, driven by operational improvements and strategic initiatives [1][2]. Financial Performance - Revenue for the second quarter of 2024 was approximately $2.86 million, up from approximately $1.63 million in the same quarter of 2023, primarily due to a 26% increase in specimen count and a 39% rise in average selling price per specimen [4][5]. - For the first half of 2024, total revenue was approximately $5.15 million, compared to approximately $4.58 million for the same period in 2023, attributed to a 34% increase in average selling price per specimen [5]. - The net loss for the second quarter of 2024 was approximately $2.11 million, an improvement from a net loss of approximately $3.50 million in the second quarter of 2023 [9]. Operational Highlights - The company achieved a conversion rate of 58% for its Next Day Quotes program, which significantly contributed to exceeding internal revenue goals for Q2 2024 [3]. - iSpecimen had over 105 unique supplier organizations under contract as of June 30, 2024, down from 243 suppliers at the end of 2023, indicating a focus on building a higher quality supplier network [3]. - The company hired Brielan Smiechowski as the new Senior Vice President of Sales & Business Development, bringing over 15 years of experience in life sciences and healthcare [2]. Cost Management - Cost of revenue for the second quarter of 2024 increased by approximately $570,000, or 67%, due to a 26% increase in the number of specimens accessioned and a 32% rise in average cost per specimen [6]. - General and administrative expenses decreased by approximately $703,000, or 40%, for the second quarter of 2024 compared to the same period in the prior year [8]. Cash Position - As of June 30, 2024, iSpecimen had approximately $2.15 million in cash and available-for-sale securities, a decrease from approximately $5.01 million as of December 31, 2023 [10].

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].

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 ...

Exhibit 99.1 iSpecimen Reports Full Year 2023 Results LEXINGTON, Mass., March 14 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 twelve-month period ended December 31, 2023. "Throughout 2023, we advanced our objective to reach profitability, focusing on right-sizing our business and i ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-40501 iSpecimen Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or ...

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 September 30, 2023 ☐ 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 ...