Financial Performance - The company reported net losses of $10,245,922 and $8,961,815 for the years ended December 31, 2022 and 2021, respectively, with an accumulated deficit of $48,265,324 as of December 31, 2022[101]. - Total revenue for the year ended December 31, 2022, was $10,402,303, a decrease of 6.6% from $11,135,303 in 2021[365]. - The net loss for 2022 was $10,245,922, compared to a net loss of $8,961,815 in 2021, reflecting a 14.3% increase in losses[365]. - The accumulated deficit increased to $48,265,324 in 2022, compared to $38,019,402 in 2021, indicating a 27% increase in accumulated losses[362]. - Cash and cash equivalents decreased to $15,308,710 as of December 31, 2022, down 44.8% from $27,738,979 in 2021[362]. - Total operating expenses increased to $20,588,385 in 2022, up 20.5% from $17,060,549 in 2021[365]. - The company reported a basic and diluted net loss per share of $1.16 for 2022, compared to $2.09 for 2021[365]. - The company experienced a net cash outflow from financing activities of $3,421,359 in 2022, compared to a net inflow of $38,749,397 in 2021, indicating a shift in financing strategy[372]. Business Strategy and Growth - The growth strategy includes expanding the iSpecimen Marketplace platform and entering new lines of business, which requires significant investment[109]. - The company anticipates continued losses for the foreseeable future, which are expected to increase as investments in business growth continue[102]. - The company is investing in capabilities to support customer self-service in the iSpecimen Marketplace, but the timeline for full development remains uncertain[138]. - The company may pursue acquisitions or strategic alliances to expand offerings, but lacks experience in integrating such acquisitions, which could disrupt operations[182]. Customer and Revenue Concentration - Two customers represented approximately 14% and 12% of the company's revenue in 2022, indicating significant revenue concentration[110]. - For the year ended December 31, 2022, two customers represented 14% and 12% of the company's revenues, indicating a reliance on a limited customer base[136]. - The company relies on a limited number of customers for a significant portion of revenue, which could affect operational stability if major customers reduce or cancel orders[136]. Operational Risks - The company faces risks related to the COVID-19 pandemic, which could continue to impact business operations[113]. - The ongoing war between Russia and Ukraine negatively impacted the company's business, with approximately $1 million in purchase orders affected due to supply network shutdowns[161]. - Cybersecurity threats pose significant risks, and while prior attacks have not materially impacted financial results, future incidents could have adverse effects[126]. - The company may encounter material weaknesses in internal controls over financial reporting, which could affect the accuracy of financial results[105]. Compliance and Regulatory Risks - Compliance with data protection regulations, including HIPAA and GDPR, is critical, and failure to comply could result in fines and penalties[191][192]. - The company is subject to extensive federal, state, and local laws regarding environmental, health, and safety regulations, which could result in fines and penalties if not complied with[195]. - The company must adhere to the U.S. Export Administration Regulations and other trade sanctions, with non-compliance potentially resulting in severe penalties[202]. - The company may incur significant costs in maintaining regulatory compliance, which could divert management's attention from core business operations[198]. Financial Position and Capital Needs - The company may require additional capital in the future to fund operations and business growth[106]. - The company has federal net operating loss carryforwards (NOLs) of approximately $40.8 million, with $13 million expiring through 2037 and $27.8 million that can be carried forward indefinitely[178]. - The company has no committed external source of funds and may need to raise additional capital sooner than expected[227]. - The company’s ability to raise additional funds through equity or debt financing may be limited, affecting technology development and commercialization efforts[228]. Market and Competitive Environment - Competition from larger biospecimen providers with greater resources may adversely affect the company's ability to grow and compete effectively[167]. - An economic downturn could adversely affect the demand for the company's products and services, impacting revenue and profitability[171]. - High inflation rates have negatively affected the company's operating costs, particularly in employee salaries and supplies[173]. Shareholder and Governance Issues - Approximately 41.5% of the outstanding common stock is controlled by officers, directors, and principal stockholders holding more than 5% each, which may affect corporate governance and shareholder interests[215]. - The company has limited insurance coverage, which may not cover claims by third parties against its officers and directors[235]. - The company’s bylaws may impose additional litigation costs on stockholders, potentially discouraging lawsuits[222]. Technology and Operational Challenges - The company relies on its technology platform, and any defects or performance issues could disrupt operations and harm reputation[121]. - The lengthy adoption cycle for technology solutions at healthcare provider supply partners can take up to 18 months, potentially hindering rapid scaling and revenue growth[148]. - The company relies on third-party shipping services for specimen distribution, and any disruptions could lead to lost revenue and customer satisfaction issues[160].

iSpecimen Inc. (NASDAQ:ISPC) Q4 2022 Earnings Call Transcript March 14, 2023 8:30 AM ET Company Participants Allison Soss - Investor Relations-KCSA Strategic Communications Tracy Curley - Chief Executive Officer Benjamin Bielak - Chief Information Officer Eric Langlois - Chief Revenue Officer Conference Call Participants Matt Hewitt - Craig-Hallum Capital Group Allen Klee - Maxim Group Operator Good day, everyone and welcome to iSpecimen's Full Year 2022 Conference Call. At this time, participants will be i ...

Financial Data and Key Metrics Changes - iSpecimen reported revenue of $2.6 million for Q3 2022, a decrease from $2.7 million in Q3 2021, primarily due to declining sales of COVID-19 specimens [29] - Non-COVID revenue reached $2.3 million, accounting for 88% of total revenue, marking a 26% increase compared to the same period last year [31] - For the nine-month period ended September 30, 2022, revenue was approximately $7.4 million, down from $8.6 million in the same period last year, attributed to the impact of the Russia-Ukraine war and declining COVID-19 specimen sales [32] Business Line Data and Key Metrics Changes - Specimens accession decreased by 11% to 4,750 in Q3 2022 compared to 5,300 in Q3 2021 [29] - The average selling price per specimen increased by approximately $32 or 6% compared to the same prior year's period [30] - For the nine-month period, non-COVID-19 related specimens accounted for approximately $6.5 million, a 7% increase compared to the same prior year's period [34] Market Data and Key Metrics Changes - The macroeconomic environment remains uncertain due to high interest rates and potential recession concerns, impacting specimen transactions [27] - The company is closely monitoring the market health, particularly among small biotech and pharma customers, who are preserving cash while continuing research [48] Company Strategy and Development Direction - The company is focused on reducing supplier concentration and increasing utilization of its supplier network to enhance match rates and market depth [13][16] - A significant initiative to reorganize the sales approach is underway, with a renewed focus on the sales funnel to scale in a post-COVID-19 environment [17] - The company plans to launch a data-as-a-service pilot, expected to validate new revenue streams [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience through economic downturns and inflation impacts [28] - The company is excited about near and long-term prospects, actively pursuing multimillion-dollar business initiatives [11] - Management noted that while projects are smaller in value, customers are still engaging in research, indicating a cautious but ongoing commitment to their work [48] Other Important Information - The company increased cash spend for technology to approximately $1.2 million in Q3 2022, up from $592,000 in the same period last year, reflecting a commitment to technology investments [38] - General and administrative expenses rose to approximately $2.2 million in Q3 2022, primarily due to increased compensation and severance costs [44] Q&A Session Summary Question: Health of the biotech and pharma markets - Management noted that while projects are still being received, they are smaller in value as customers are preserving cash [48] Question: Ensuring no disruption during search capability enhancements - Management confirmed that enhancements are being tested in a separate environment to avoid disruption to ongoing business [49] Question: Biggest potential driver for growth and profitability - Management highlighted the revenue stream associated with data as a significant potential driver for growth, with a pilot expected by mid-next year [52]

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, 2022 ☐ 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) (State or other jurisdiction ...

iSpecimen Inc. (NASDAQ:ISPC) Q2 2022 Earnings Conference Call August 4, 2022 8:30 AM ET Company Participants Allison Soss - Senior Vice President of Investor Relations Christopher Ianelli - President & Chief Executive Officer Jill Mullan - Chief Operating Officer Tracy Curley - Chief Financial Officer Conference Call Participants Matt Hewitt - Craig-Hallum Capital Group Constantine Davides - EF Hutton James Lieberman - Revere Securities Operator Good day, everyone and welcome to iSpecimen Second Quarter 202 ...

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 June 30, 2022 ☐ 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) (State or other jurisdiction of i ...

| --- | --- | --- | --- | |-----------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | CONNECT. INNOVATE. | | | | | | | | | | | | | | | TRANSFORMING BIOSPECIMEN | | | | | PROCUREMENT An online marketplace for human biospecimens | | | | | May 2022 Investor Presentation | | | | Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Sec ...

iSpecimen Inc. (NASDAQ:ISPC) Q1 2022 Earnings Conference Call May 10, 2022 8:30 AM ET Company Participants Allison Soss - Investor Relations Christopher Ianelli - Chief Executive Officer and President Tracy Curley - Chief Financial Officer Jill Mullan - Chief Operating Officer Conference Call Participants Matthew Hewitt - Craig-Hallum Capital Group Constantine Davides - EF Hutton Operator Good day, everyone, and welcome to iSpecimen's First Quarter 2022 Conference Call. [Operator Instructions] This confere ...

Table of Contents For the Quarterly Period Ended March 31, 2022 ☐ 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) 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 Delaware 27-0480143 (I.R.S. Empl ...

For The Transition Period From To Commission file number: 001-40501 iSpecimen Inc. 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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) Delaware 27-0480143 (State of other jurisdiction of incorporation o ...