iSpecimen Inc.

Listed Company

ISPCCIK 0001558569NasdaqEmerging GrowthServices-Commercial Physical & Biological ResearchDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.93M

Net Income

$-10.49M

Total Assets

$9.53M

Equity

$3.09M

Shares Out

1.44M

Op. Cash Flow

$-4.24M

ISPC$2.09−94.98% · past yearDBEQ Basic

Daily closing prices

Business

iSpecimen Inc. is a technology-driven marketplace platform that connects life science researchers with human biospecimens and associated patient data sourced from a global network of healthcare providers and biobanks. The company operates a two-sided digital marketplace enabling researchers to search, select, and procure annotated biospecimens (biofluids, tissues, and cells) from both remnant clinical samples and research-consented collections. iSpecimen generates revenue by procuring specimens from healthcare supplier partners and distributing them to biopharmaceutical, diagnostic, and academic research customers across the Americas, Europe, and Asia, sharing revenue with suppliers on negotiated terms.

Summary from 10-K filed 2026-04-01

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	2	9	10	—	—
Cost of revenue	2	5	5	5	5
Technology	2	4	—	—	—
Sales and marketing	2	5	4	3	2
Supply development	246,979	537,888	1	801,125	573,913
Fulfillment	827,501	2	2	2	1
General and administrative	3	6	6	7	6
Total operating expenses	11	22	21	21	17
Loss from operations	−9	−13	−11	−10	−6
Interest expense	−1,949	−173,771	−16,001	—	—
Interest income	3,748	44,133	—	—	11,397
Interest and penalties on sales tax liability	−7,969	−46,303	−214,784	—	—
Other income (expense), net	−2	406,181	−39,104	9,778	−3
Total other income, net	−2	230,240	69,861	−59,840	−3
Net loss	−10	−12	−11	−10	−9
Unrealized loss on available-for-sale securities	—	−840	840	—	—
Total other comprehensive loss	—	−840	840	—	—
Comprehensive loss	−10	−12	−11	−10	—
Net loss per share - basic (in Dollars per share)	−2.28	−17.58	−24.55	−1.16	−2.09
Net loss per share - diluted (in Dollars per share)	−2.28	−17.58	−24.55	−1.16	−2.09
Weighted average shares of common stock outstanding - basic (in Shares)	5	710,852	452,067	9	4
Weighted average shares of common stock outstanding - diluted (in Shares)	5	710,852	452,067	9	4

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	7	2	2	15	28
Accounts receivable and other receivables, net of allowance for doubtful accounts of $646,067 and $620,433 at December 31, 2025 and 2024, respectively	48,298	1	728,388	2	3
Inventory	—	45,110	—	—	—
Prepaid expenses and other current assets	25,457	219,782	292,079	300,434	327,035
Total current assets	7	4	8	20	33
Property and equipment, net	25,543	93,563	127,787	225,852	32,781
Internally developed software, net	1	5	6	5	3
Intangible assets under development	1	—	—	—	—
Other intangible assets, net	—	716,700	908,255	—	—
Operating lease right-of-use asset	269,160	327,977	193,857	184,692	—
Security deposits	12,100	12,100	27,601	27,601	27,601
Total assets	10	9	16	25	36
Accounts payable	5	4	4	2	832,678
Accrued expenses	619,242	1	2	2	1
Operating lease current obligation	56,925	43,369	167,114	158,451	—
Deferred revenue	192,535	360,708	415,771	—	—
Total current liabilities	6	6	6	4	3
Operating lease long-term obligation	211,873	268,798	29,130	27,396	—
Total liabilities	6	6	6	4	6
Commitments and contingencies (See Note 9)	—	—	—	—	—
Common stock, $0.0001 par value, 200,000,000 shares authorized, 8,480,147 issued and 8,478,597 outstanding at December 31, 2025 and 1,698,454 issued and 1,696,904 outstanding at December 31, 2024	848	170	45	892	873
Additional paid-in capital	85	75	69	69	68
Treasury stock, 1,550 shares at December 31, 2025 and 2024, at cost	−172	−172	−172	−172	−172
Accumulated other comprehensive income	—	—	840	—	—
Accumulated deficit	−82	−72	−59	−48	−38
Total stockholders equity	3	3	10	20	30
Total liabilities and stockholders equity	10	9	16	25	36

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	21,266	249,675	459,666	678,613	622,064
Amortization of internally developed software	1	2	2	1	—
Amortization of other intangible assets	191,555	191,555	49,520	1	958,639
Depreciation of property and equipment	68,474	65,712	117,543	22,433	45,358
Bad debt expense	59,863	705,724	305,039	106,581	161,074
Write-off of other intangible assets	525,145	—	—	—	—
Write-off of accounts receivable unbilled	—	1	—	—	—
Write-off of accounts payable	−75,000	—	—	—	—
Write-off of internally developed software	2	327,387	—	—	—
Non-cash interest income related to accretion of discount on available-for-sale securities	—	−28,976	−177,294	—	—
Loss from sales of available-for-sale securities	—	680	—	—	—
Loss on disposal of property and equipment	—	58	—	—	—
Accounts receivable unbilled	—	505,931	115,251	—	—
Accounts receivable	1	−903,329	564,488	1	−2
Inventory	45,110	—	—	—	—
Prepaid expenses and other current assets	194,325	27,187	8,355	26,601	90,894
Operating lease right-of-use asset	58,817	127,006	157,192	148,431	—
Security deposit	—	15,501	—	—	—
Accounts payable	1	272,123	1	2	−959,754
Accrued expenses	−549,544	−371,821	9,369	521,435	198,893
Operating lease liability	−43,369	−120,203	−155,960	−147,276	—
Deferred revenue	−168,173	−55,063	283,436	—	—
Net cash used in operating activities	−4	−8	−6	−6	−11
Capitalization of intangible asset under development	−1	−653,288	−4	−3	−1
Purchase of property and equipment	−454	−31,546	−19,478	−215,504	−2,550
Purchase of leasehold improvements included in operating lease right-of-use asset	—	−25,000	—	—	—
Purchase of available-for-sale securities	—	−460,932	−13	—	—
Proceeds from sales and maturities of available-for-sale securities	—	3	11	—	—
Net cash provided by (used in) investing activities	−1	2	−7	−3	−1
Proceeds from issuance of common stock in connection with At the Market Offering Agreement	—	1	—	—	—
Proceeds from issuance of common stock in with Securities Purchase Agreement	4	398,442	—	—	2
Proceeds from pre-funded warrants	—	5	—	—	—
Proceeds from issuance of common stock in connection with private placement	2	—	—	—	21
Proceeds from issuance of Series C convertible preferred stock in connection with PIPE financing	6	—	—	—	—
Payment of offering costs in connection with the issuance of common stock in connection with At the Market Offering Agreement	—	−255,288	—	—	−2
Payment of offering costs in connection with the issuance of common stock in connection with pre-funded warrants and common shares	−1	−366,189	—	—	—
Repurchase of common stock purchase warrants exercisable under PIPE warrants	—	−52,500	—	—	—
Net cash provided by financing activities	10	6	70,889	−3	39
Net increase (decrease) in cash and cash equivalents	5	−465,258	−13	−12	27
Cash paid for interest	1,948	14,358	16,001	161,579	3
Non-cash amounts of lease liabilities reducing from terminating right-of-use assets	—	321,805	—	—	—
Non-cash adjustment to reduce lease liabilities and right-of-use assets due to lease termination	—	85,679	—	—	—
Stock issuance costs included in accounts payable and accrued expenses	—	7,023	—	—	—

Filings

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Frequently asked questions

What is iSpecimen Inc.'s CIK number?

iSpecimen Inc.'s SEC CIK number is 0001558569 (1558569). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find iSpecimen Inc.'s SEC filings?

All of iSpecimen Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

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