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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13
OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date
of earliest event reported): November 2, 2023
iSpecimen
Inc.
(Exact name of registrant
as specified in its charter)
| Delaware |
|
001-40501 |
|
27-0480143 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
450
Bedford Street
Lexington,
MA
02420 |
| (Address of principal executive offices, including zip code) |
Registrant’s telephone
number, including area code: (781) 301-6700
Not Applicable
(Former name or former
address, if changed since last report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
symbol(s) |
|
Name
of each exchange on which
registered |
| Common
Stock, par value $0.0001 per share |
|
ISPC |
|
The Nasdaq
Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company x
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 2.02. |
Results of Operations and Financial Condition. |
On November 2, 2023, iSpecimen
Inc., a Delaware corporation (the “Company”), issued a press release (“Earnings Release”) announcing its financial
and operating results for the quarter ended September 30, 2023. A copy of the press release is furnished as Exhibit
99.1 to this Current Report on Form 8-K. You are advised that financial information in the Earnings Release for the quarter ended
September 30, 2023 is unaudited. The Company also filed its unaudited financial statements for the quarter ended September 30, 2023 with
its Quarterly Report on Form 10-Q on November 2, 2023.
The Earnings Release contains
certain statements and information that speak to the Company’s expectations or predictions of the future. These statements and information
may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such
forward-looking statements are subject to risks and uncertainties, many of which are beyond the Company’s control, which could cause
the Company’s actual results to differ materially from those expressed in or implied by these statements. Please see the Company’s
disclosures regarding risk factors and forward-looking statements in its filings with the Securities and Exchange Commission (the “SEC”)
(including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q, and most recent Annual Report on Form 10-K, as amended) for
a discussion of the known material factors that could cause the Company’s actual results to differ materially from those indicated
or implied by such forward-looking statements.
The information in this Item
2.02 and Exhibit 99.1 attached hereto will not be deemed “filed” for purposes
of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor will it be deemed incorporated by reference
in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 7.01. |
Regulation FD Disclosure. |
The Company also held a conference
call and audio webcast at 8:30 a.m. Eastern Time on November 2, 2023 (“Earnings Call”) in which it discussed its third quarter
2023 results. The Company issued a press release on October 23, 2023, providing information on how to access the Earnings Call. A replay
of the Earnings Call is available through November 16, 2023, by calling 1-844-512-2921 (toll free) or 1-412-317-6671 (for international
callers). An archived version of the Earnings Call will also be available on the Company’s Investor Relations site at https://investors.ispecimen.com/presentations/.
During the Earnings Call, the Company provided an investor presentation, dated November 2023 (the “Presentation”), which is
attached hereto as Exhibit 99.2 and incorporated by reference herein. The Presentation
will also be posted on the Company’s website and can be accessed at https://investors.ispecimen.com/.
The Company expressly disclaims any obligation to update the Presentation, or any other information posted on or available through its
website, and cautions that the information set forth therein is only accurate as of the date indicated on such materials. The inclusion
of any data or statements in the Presentation (or available on or through the Company’s website) does not signify that such information
is considered material.
The information in this Item
7.01 and Exhibit 99.2 attached hereto will not be deemed “filed” for purposes
of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor will it be deemed incorporated by reference
in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Forward-Looking Statements
This Current Report on Form
8-K may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act.
Such forward-looking statements are characterized by future or conditional verbs such as “may,” “will,” “expect,”
“intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words.
You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections
of future results of operations or financial condition or state other forward-looking information. Such statements are only predictions
and the Company’s actual results may differ materially from those anticipated in these forward-looking statements.
There may be events in the
future that the Company is not able to accurately predict or control. Factors that may cause such differences include, but are not limited
to, those discussed under risk factors in the Company’s Amendment No. 1 to the Annual Report on Form 10-K/A for the year ended December
31, 2022 and other filings filed with the SEC, including the uncertainties associated with the Company’s lack of profitability,
its continued capital needs, its lack of a long operating history, its growth strategy, inflation and recession and its impact on the
business, Russia’s war with Ukraine and its impact on the operations, its technology development plans, and the regulatory environment
in which it operates. Forward-looking statements speak only as of the date they are made. The Company does not assume any obligation to
update forward-looking statements as circumstances change. The Company gives no assurance that it will achieve its expectations.
You may access the Company’s
SEC filings by visiting SEC’s website at http://www.sec.gov. This Current Report
on Form 8-K does not constitute an offer or invitation for the sale or purchase of securities or to engage in any other transaction with
the Company or its affiliates. The information in this Current Report on Form 8-K is not targeted at the residents of any particular country
or jurisdiction and is not intended for distribution to, or use by, any person in any jurisdiction or country where such distribution
or use would be contrary to local law or regulation.
| Item 9.01. |
Financial Statements and Exhibits. |
Portions of this report may constitute “forward-looking
statements” as defined by federal law. Although the Company believes any such statements are based on reasonable assumptions, there
is no assurance that actual outcomes will not be materially different. Additional information about issues that could lead to material
changes in the Company’s performance is contained in the Company’s filings with the SEC.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Dated: November 2, 2023
| |
iSPECIMEN INC. |
|
| |
|
|
|
| |
By: |
/s/ Tracy Curley |
|
| |
|
Name: Tracy Curley |
|
| |
|
Title: Chief Executive Officer |
|
Exhibit 99.1
iSpecimen Reports
Third Quarter 2023 Financial and Operating Results
Sequential Quarterly Revenue Growth of 75%
Driven by Enhanced Operational Efficiencies of iSpecimen Marketplace and Rollout of New Business Initiatives
LEXINGTON, Mass., November 2, 2023
– 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 nine month periods ended September 30, 2023.
Q3 2023 Financial Results & Recent
Operational Highlights
| ● | Revenue of $2.8 million for the three-month period
ended September 30, 2023, compared to $2.6 million for the same period in 2022. Revenue increased $1.2 million, or 75% sequentially,
from $1.6 million in Q2 2023; |
| ● | For the third quarter 2023, iSpecimen
experienced a 122% increase in the conversion of quotes to purchase orders, compared to the blended quarterly average of the prior four
quarters; |
| ● | As of September 30, 2023, unique supplier
organizations under agreement were 234, compared to 217 as of September 30, 2022; |
| ● | As of September 30, 2023, unique customer
organizations who purchased from iSpecimen was 603, up from 480, an increase of 26%, compared to September 30, 2022; |
| ● | As of September 30, 2023, iSpecimen Marketplace
had 7,326 registered research and supplier users, up from 6,353, or 15%, compared to September 30, 2022. |
Tracy Curley, Chief Executive Officer of iSpecimen,
stated, “Our third quarter results highlight the success of our efforts to improve operational efficiencies. I am extremely encouraged
by the positive turnaround of our results in the third quarter compared to the second quarter, which combined with our recent cost cutting
initiatives, adds to my belief that we are on track with our target to become cash flow neutral by year end.”
Curley added, “One of the most impactful
initiatives we completed in the third quarter of 2023 was the rollout of our Next-Day Quote Program. This effort has been successful in
expediting the biospecimen procurement process, resulting in greatly improved order fulfillment levels, as evidenced by a significant
increase in conversions from quote to purchase orders during the third quarter. I am confident that iSpecimen will continue to benefit
from the improvements we’ve made to drive efficiencies and increase revenue opportunities throughout our business.”
“Finally, we made strong progress advancing
our Cancer Sequencing Procurement Program during the third quarter, which is a key revenue enhancing project for iSpecimen. As one of
a select number of companies capable of offering large-scale, on-demand cancer sequenced specimens, we are seeing tremendous interest
for these high-demand specimens and believe we can play an integral role in supporting the advancement of cancer research with this program.
We are encouraged by our operational and financial progress, as well as the increasing strength of the core business and prospects of
our Cancer Sequencing Program. We are assuredly much stronger and far better positioned for success than we were at the beginning of the
year,” concluded Curley.
Q3 2023 iSpecimen Business Developments
| ● | Thirteen
New Biospecimen Suppliers Added to iSpecimen’s Proprietary Provider Network |
| ● | iSpecimen
Introduces New Marketplace Functionality to Streamline Access to Clinical Remnant Samples
for Researchers |
| ● | iSpecimen
Enhances Proprietary Marketplace Platform to Streamline Biospecimen Matchmaking for Researchers
and Providers |
| ● | iSpecimen
Launches New Virtual Cancer Sequencing Procurement Program |
| ● | iSpecimen
Announces Organizational Changes to Enhance Operational Efficiencies and Drive Profitability |
| ● | iSpecimen
Expands Provider Network to Enhance Support for Women’s Health Research |
| ● | iSpecimen
Launches Next-Day Quote Service for Medical Researchers and Biospecimen Providers |
Subsequent Operational Highlights
| ● | iSpecimen
Expands Proprietary Provider Network to Help Advance Infectious Disease Research |
Financial Results for the Three and Nine Month
Periods Ended September 30, 2023
Revenue increased 8% to $2.8 million for the third
quarter of 2023, compared to $2.6 million for the third quarter of 2022, and increased 75% compared to $1.6 million for the second quarter
of 2023. The increase in the third quarter ended September 30, 2023 was primarily attributable to an increase of 527 specimens, or
11%, in specimen count to 5,367 specimens, compared with 4,840 specimens in the three months ended September 30, 2022. The effect
of the increase in specimen count was partially offset by a change in the specimen mix which caused the average selling price per specimen
to decrease 3% to $518 per specimen for the three months ended September 30, 2023, compared with $534 per specimen of the same period
in 2022.
For the nine-month period ended September 30,
2023, iSpecimen reported revenue of $7.35 million, compared to $7.44 million during the same period last year. The slight decrease in
revenue was primarily attributable to an 11% decrease in average selling price per specimen to $394, compared to $444 per specimen in
the nine months ended September 30, 2022. The decrease in average selling price per specimen was offset by an 11% increase, or 18,678
specimens accessioned, compared to 16,768 specimens accessioned in the nine months ended September 30, 2022.
Cost of revenue increased by $211,000, or 18%,
to $1.4 million for the nine-month period ended September 30, 2023, compared to $1.2 million in the third quarter of 2022, which
was attributable to a $15 per specimen, or 6%, increase in the average cost per specimen and an 11% increase in the number of specimens
accessioned for the current period, compared to the same period in the prior year.
Cost of revenue for the
nine-month period ended September 30, 2023, was $3.39 million, compared to $3.35 million for the same period in 2022. The slight
increase was attributable to an 11% increase in the number of specimens accessioned during the nine months ended September 30, 2023,
over the same period in the prior year. This increase was offset by an $18 per specimen, or 9%, decrease in the average cost per specimen,
impacted by the specimen mix, during the nine-month period ended September 30, 2023, compared to the same period in 2022.
General and administrative expenses for the three
months ended September 30, 2023, decreased by $1.1 million or 51%, to approximately $1.1 million, compared to $2.2 million for the
same period in the prior year. For the nine-month period ended September 30, 2023, general and administrative expenses decreased
by $1.1 million, or 20%, to approximately $4.5 million, compared to approximately $5.6 million during the same period in the prior year.
Net loss was $2.1 million, or $(0.23) per share,
for the third quarter of 2023, compared to a net loss of $3.1 million, or $(0.35) per share for the third quarter of 2022. For the first
nine months of 2023, net loss was approximately $8.0 million, or $(0.89) per share, compared to a net loss of approximately $8.1 million,
or $(0.92) per share for the first nine months of 2022.
Through the first nine months of 2023, the Company
had a cash burn of $9.7 million, primarily comprised of $6.2 million for operating expenses and $3.5 million of investments to further
develop the iSpecimen Marketplace technology, with plans to invest at a lower level in the remainder of the year.
As of September 30, 2023, iSpecimen had approximately
$2.7 million of cash and cash equivalents and approximately $2.9 million of available-for-sale securities, or $5.6 million combined, as
of September 30, 2023, compared to a cash balance of approximately $15.3 million as of December 31, 2022.
For more information on our financial results
and other information relating to iSpecimen for the third quarter of 2023, including the Company’s unaudited financial statements
for the three-month period ended September 30, 2023, please see the Company’s Report on Form 10-Q for the Quarterly Period
ended September 30, 2023, which will be filed with the Securities and Exchange Commission (“SEC”) on its Edgar database
on today, November 2, 2023.
Conference Call and Webcast Information
The Company will host a conference call and audio webcast today, November 2,
2023 at 8:30 a.m. Eastern Time featuring remarks by Tracy Curley, CEO.
| Event: |
iSpecimen Third Quarter 2023 Results Conference Call |
| Date: |
Thursday, November 2, 2023 |
| Time: |
8:30 a.m. Eastern Time |
| Live Call: |
+1-888-886-7786 (U.S. Toll Free) or +1-416-764-8658 (International) |
| Webcast: |
https://viavid.webcasts.com/starthere.jsp?ei=1638322&tp_key=9fc5429911 |
For interested individuals unable to join the
conference call, a replay will be available through November 16, 2023, at +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International).
Participants must use the following code to access the replay of the call: 68130784. An archived version of the webcast will also be
available on iSpecimen’s Investor Relations site: https://investors.ispecimen.com/presentations/.
About iSpecimen
iSpecimen (Nasdaq: ISPC) offers an online marketplace
for human biospecimens, connecting scientists in commercial and non-profit organizations with healthcare providers that have access to
patients and specimens needed for medical discovery. Proprietary, cloud-based technology enables scientists to intuitively search for
specimens and patients across a federated partner network of hospitals, labs, biobanks, blood centers and other healthcare organizations.
For more information, please visit www.ispecimen.com.
Forward Looking Statements
This press release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as "may," "will,"
"expect," "intend," "anticipate," “believe," "estimate" and "continue" or
similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which
contain projections of future results of operations or financial condition or state other forward-looking information.
Forward-looking statements are predictions,
projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject
to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in
this press release, including but not limited to the risk factors contained in the Company's filings with the SEC, which are available
for review at www.sec.gov. Forward-looking statements speak only as of the date they are made. New risks and uncertainties arise over
time, and it is not possible for the Company to predict those events or how they may affect the Company. If a change to the events and
circumstances reflected in the Company's forward-looking statements occurs, the Company's business, financial condition and operating
results may vary materially from those expressed in the Company's forward-looking statements.
Readers are cautioned not to put undue reliance
on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements,
whether as a result of new information, future events or otherwise.
For further information, please contact:
Investor Contact
KCSA Strategic Communications
Phil Carlson / Erika Kay
iSpecimen@kcsa.com
Media Contacts
KCSA Strategic Communications
Raquel Cona / Shana Marino
ispecimen@kcsa.com
iSpecimen Inc.
Condensed Balance Sheets
| | |
September 30, 2023 | | |
December 31, 2022 | |
| | |
| (Unaudited) | | |
| | |
| ASSETS | |
| | | |
| | |
| Current assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 2,721,568 | | |
$ | 15,308,710 | |
| Available-for-sale securities | |
| 2,940,967 | | |
| — | |
| Accounts receivable – unbilled | |
| 1,425,434 | | |
| 2,327,789 | |
| Accounts receivable, net of allowance for doubtful accounts of $474,052 and $230,999 at September 30, 2023 and December 31, 2022, respectively | |
| 1,705,643 | | |
| 1,597,915 | |
| Prepaid expenses and other current assets | |
| 320,613 | | |
| 300,434 | |
| Tax credit receivable | |
| 12,332 | | |
| 140,873 | |
| Total current assets | |
| 9,126,557 | | |
| 19,675,721 | |
| Property and equipment, net | |
| 146,205 | | |
| 225,852 | |
| Internally developed software, net | |
| 6,575,811 | | |
| 4,503,787 | |
| Operating lease right-of-use asset | |
| 233,805 | | |
| 184,692 | |
| Other non-current assets | |
| 212,718 | | |
| 27,601 | |
| Total assets | |
$ | 16,295,096 | | |
$ | 24,617,653 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | 2,280,164 | | |
$ | 2,459,063 | |
| Accrued expenses | |
| 1,027,960 | | |
| 1,531,238 | |
| Operating lease current obligation | |
| 162,054 | | |
| 158,451 | |
| Deferred revenue | |
| 46,910 | | |
| 132,335 | |
| Total current liabilities | |
| 3,517,088 | | |
| 4,281,087 | |
| Operating lease long-term obligation | |
| 72,288 | | |
| 27,396 | |
| Total liabilities | |
| 3,589,376 | | |
| 4,308,483 | |
| | |
| | | |
| | |
| Commitments and contingencies (See Note 8) | |
| | | |
| | |
| | |
| | | |
| | |
| Stockholders’ equity | |
| | | |
| | |
| Common stock, $0.0001 par value, 200,000,000 shares authorized, 9,105,044 issued, and 9,074,044 outstanding at September 30, 2023 and 8,956,808 issued and 8,925,808 outstanding at December 31, 2022 | |
| 907 | | |
| 892 | |
| Additional paid-in capital | |
| 68,996,195 | | |
| 68,573,774 | |
| Treasury stock, 31,000 shares at September 30, 2023 and December 31, 2022, at cost | |
| (172 | ) | |
| (172 | ) |
| Accumulated other comprehensive income | |
| 641 | | |
| — | |
| Accumulated deficit | |
| (56,291,851 | ) | |
| (48,265,324 | ) |
| Total stockholders’ equity | |
| 12,705,720 | | |
| 20,309,170 | |
| Total liabilities and stockholders’ equity | |
$ | 16,295,096 | | |
$ | 24,617,653 | |
iSpecimen Inc.
Condensed Statements of Operations and Comprehensive
Loss
(Unaudited)
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Revenue | |
$ | 2,777,751 | | |
$ | 2,583,412 | | |
$ | 7,353,090 | | |
$ | 7,440,760 | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | |
| Cost of revenue | |
| 1,392,534 | | |
| 1,181,562 | | |
| 3,393,079 | | |
| 3,347,392 | |
| Technology | |
| 921,580 | | |
| 752,704 | | |
| 2,599,086 | | |
| 1,915,877 | |
| Sales and marketing | |
| 897,433 | | |
| 832,625 | | |
| 2,972,757 | | |
| 2,530,619 | |
| Supply development | |
| 186,176 | | |
| 166,058 | | |
| 801,038 | | |
| 590,508 | |
| Fulfillment | |
| 471,735 | | |
| 516,637 | | |
| 1,363,427 | | |
| 1,480,425 | |
| General and administrative | |
| 1,102,373 | | |
| 2,234,885 | | |
| 4,522,028 | | |
| 5,620,393 | |
| Total operating expenses | |
| 4,971,831 | | |
| 5,684,471 | | |
| 15,651,415 | | |
| 15,485,214 | |
| | |
| | | |
| | | |
| | | |
| | |
| Loss from operations | |
| (2,194,080 | ) | |
| (3,101,059 | ) | |
| (8,298,325 | ) | |
| (8,044,454 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other income (expense), net | |
| | | |
| | | |
| | | |
| | |
| Interest expense | |
| (4,465 | ) | |
| (58,591 | ) | |
| (11,535 | ) | |
| (138,912 | ) |
| Interest income | |
| 67,362 | | |
| 60,812 | | |
| 292,506 | | |
| 87,347 | |
| Other income (expense), net | |
| 20,082 | | |
| 3,148 | | |
| (9,173 | ) | |
| 9,778 | |
| Total other income (expense), net | |
| 82,979 | | |
| 5,369 | | |
| 271,798 | | |
| (41,787 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net loss | |
$ | (2,111,101 | ) | |
$ | (3,095,690 | ) | |
$ | (8,026,527 | ) | |
$ | (8,086,241 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other comprehensive income: | |
| | | |
| | | |
| | | |
| | |
| Net loss | |
$ | (2,111,101 | ) | |
$ | (3,095,690 | ) | |
$ | (8,026,527 | ) | |
$ | (8,086,241 | ) |
| Unrealized (loss) gain on available-for-sale securities | |
| (47 | ) | |
| — | | |
| 641 | | |
| — | |
| Total other comprehensive (loss) income | |
| (47 | ) | |
| — | | |
| 641 | | |
| — | |
| Comprehensive loss | |
$ | (2,111,148 | ) | |
$ | (3,095,690 | ) | |
$ | (8,025,886 | ) | |
$ | (8,086,241 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net loss per share - basic and diluted | |
$ | (0.23 | ) | |
$ | (0.35 | ) | |
$ | (0.89 | ) | |
$ | (0.92 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average shares of common stock outstanding - basic and diluted | |
| 9,065,319 | | |
| 8,878,888 | | |
| 9,029,732 | | |
| 8,822,423 | |
Exhibit 99.2
November 2023 Investor Presentation Nasdaq: ISPC The Online Marketplace for Human Biospecimens Transforming Biospecimen Procurement
This presentation may contain forward - looking statements within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended . Such forward - looking statements are characterized by future or conditional verbs such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words . You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward - looking information . Such statements are only predictions and our actual results may differ materially from those anticipated in these forward - looking statements . We believe that it is important to communicate future expectations to investors . However, there may be events in the future that we are not able to accurately predict or control . Factors that may cause such differences include, but are not limited to, those discussed under Risk Factors in our filings filed with the Securities and Exchange Commission (the "SEC"), including the uncertainties associated with our lack of profitability, our continued capital needs, our lack of a long operating history, our growth strategy, the uncertain effect of geopolitical developments, our technology development plans, and the regulatory environment in which we operate . We do not assume any obligation to update forward - looking statements as circumstances change . Certain market data information in this presentation is based on management's estimates . We obtained the industry, market and competitive position data used throughout this presentation from internal estimates and research as well as from industry publications and research, surveys and studies conducted by third parties . We believe our estimates to be accurate as of the date of this presentation . However, this information may prove to be inaccurate because of the method by which we obtained some of the data for our estimates or because this information cannot always be verified due to the limits on the availability and reliability of raw data, and the nature of the data gathering process . You may access our SEC filings by visiting the SEC’s website at http : //www . sec . gov . This presentation does not constitute an offer or invitation for the sale or purchase of securities or to engage in any other transaction with us or our affiliates . The information in this presentation is not targeted at the residents of any particular country or jurisdiction and is not intended for distribution to, or use by, any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation . 2 Forward - Looking Statements
Our Vision To transform the biospecimen industry with an online marketplace connecting researchers to patients, biospecimens, and data, through our global network. 3
4 1. Similar to Amazon, iSpecimen has developed an online marketplace to seamlessly connect researchers with healthcare providers and supplier organizations 2. First mover advantage that addresses an inefficient and fragmented global biospecimen supply chain that is poised to be disrupted by an online solution 3. $3B - $4B global biospecimen market growing at 10 - 15% per year 4. Strong revenue growth with a 7 - year CAGR of 48% fueled by precision and regenerative medicine research 5. Plans to enhance existing platform and develop new service offering to increase revenue opportunities Investor Highlights >230 Healthcare Provider / Supplier Organizations >600 Customer Organizations
Biospecimens are Essential for Life Science R&D Basic Research Biomarker Identification & Validation Drug Discovery & Development Diagnostics Discovery & Validation Biofluids Solid Tissue Stem & Immune Cells Plasma, Serum, Urine, Saliva Industry Academia Government 5 Lung, Breast, Colon, Brain Bone Marrow, Blood, Tonsils, Lymph Nodes Applications Patients SUPPLY SIDE HEALTHCARE PROVIDERS DEMAND SIDE LIFE SCIENCE RESEARCHERS Biospecimens Data Organizations Medical Record
Biospecimen Supply Chain Challenges Providers miss revenue and research opportunities > 3 Billion clinical specimens are discarded annually worldwide 5 > 1 Billion Patient encounters yearly in the U.S. where a specimen could be provided for research 4 > 800 Million banked specimens are in biorepository inventories worldwide 6 6 Researchers limit their work … in 2022, 78% of researchers said they find it difficult - to - extremely difficult to find the type and quantity of specimens they need 8 “Challenging” and “Inefficient” most common words used to describe biospecimen procurement process by researchers 8 10 years ago, 81% of researchers said they limit the scope of their work due to difficulties obtaining biospecimens 7 4,5,6,7,8 “Sources Cited” page 28
Biospecimen Supply Chain Challenges 7 - Difficult to Connect, Search and Compliantly Transact - Average time to develop relationships is 6 - 12 months ᶟ 3 “Sources Cited” page 28 PROVIDERS RESEARCHERS CHALLENGE
The iSpecimen Marketplace Solution 8 - iSpecimen Customer Base: 70% of the Top 20 Pharma Companies and IVD Companies Worldwide PROVIDERS RESEARCHERS SOLUTION
Full - Service Procurement Offering - Connect Suppliers with Researchers - Manage the Entire Procurement Process SPECIMEN SEARCH & SELECTION SPECIMEN LOGISTICS SPECIMEN MANAGEMENT DATA MANAGEMENT STUDY/ORDER MANAGEMENT SUPPLIER SITE TRAINING COLLECTION KIT BUILDING COMPLIANCE MANAGEMENT STUDY DESIGN & SPECIFICATION CONTRACTING 9 iSpecimen Services
Advance Scientific Discovery Support research mission and advance diagnostic, therapeutic and vaccine research Monetize Banked Biospecimens Instantly connect to a global network of researchers in search for biospecimens Ensure Compliance Protect the privacy and security of patient information Accelerate Research Search for specimens anytime, anywhere, through easy - to - use online marketplace Save Time and Money Instantly connect to global network of specimen providers Reduce Risk Manage contracting and regulatory compliance Providers… Researchers… 10 iSpecimen Value Proposition
Global Footprint United States Dominican Republic United Kingdom Jamaica Germany Spain France Mexico Ukraine Netherlands Georgia Venezuela Bulgaria Turkey Russian Federation Romania India Armenia Peru 11 Agreements with 230+ Supplier Organizations ✔ 1,000+ Hospitals ✔ 1,000s of Clinics and Practice Groups ✔ 150+ Clinical Research Centers ✔ 60+ Clinical and Pathology Labs ✔ 55+ Biorepositories ✔ 8 Blood Centers Growing Researcher Adoption ✔ 600+ Buyside Customers ✔ Work with 70% of Top - 20 Pharma and IVD Companies in the World ✔ Cumulatively delivered 175,000+ Specimens Across 2,400+ Projects • 79% CAGR – Registered Users (2015 - 2023) • 42% CAGR – Marketplace Logins (2015 - 2023) • Approximately 7,300 Registered Research and Supplier Users as of September 30, 2023 Comprehensive Supplier & Researcher Networks
Strategic Growth Initiatives 12
Enhance iSpecimen Marketplace Technology 13 Increased investment and ongoing advancements of iSpecimen Marketplace technology: ● Improve integration with provider partners (first patient data electronic record integrations) ● Improve iSpecimen Marketplace search and request capabilities ● Update back - end architecture to support growth and scale, enhance security and prepare data - as - a - service pilot ● Utilize insights provided by supplier and researcher interactions to evolve matchmaking capabilities
2023 – 2025 iSpecimen Product Roadmap 2023 Revamp Customer Search Experience, Unify data, and Automate Matchmaking 2024 Enhance Supplier Experience though enablement, reporting and workflow. Expand Prospective search capabilities 2025 Continue to evolve Efficiencies, Matchmaking and Data. iSpecimen is committed to continual product evolution supporting constituents on all sides of our Marketplace 14
Revenue Enhancement Opportunities 15 ● Sequencing ○ We believe iSpecimen will be the first company in industry to offer on - demand sequenced cancer specimens for research on a large scale, utilizing our extensive supplier network and leveraging the Marketplace platform. ○ Successfully launched first sequencing pilot and marketing campaign was launched on October 2023 ○ This opportunity has the prospects of being even larger than our core business and will enable us to become cash flow positive ● iSpecimen project coordinators embedded at select supplier sites ○ Facilitate improved specimen feasibility, identification, coordination, utilization, and fulfillment ○ We have numerous sites that are in various stages of contract negotiations and deployment, with embedded coordinators in place with four site. ○ We will continue to add more to sites where the business opportunities are substantial. ● Remnant revenue enhancing project ○ Improving internal operational processes and creating a line of business structure through significant integration with supplier sites ○ Executing new marketing campaigns for remnants to create new revenue channel ○ Exciting technology advancements to accelerate our remnant business
“Utilization of sample data for research and for monetization is the next key value driver for the biobanks.” - Frost & Sullivan, Global Biobanking Market Landscape Capitalize on Growing Data Asset Banked Specimen Records Patient Records Medical Condition Records Clinical Specimen Records Laboratory Test Records Millions of Unique Specimen and Patient Records provide a competitive advantage and differentiator now and available for future adjacent opportunities such as patient search, clinical trial recruitment, and data licensing. 80M+ 16 1.2M + 15M+ 1M+ 640M + 1
Financial Overview 17
$700 $1,448 $3,067 $4,395 $4,298 $8,184 $11,135 $10,402 $7,353 2015 2016 2017 2018 2019 2020 2021 2022 9M23 Annual Revenue ($000) 2015 – Q2 2023 (Unaudited) ▲ 47% CAGR Revenue (2015 – 2022) Annual Revenue 18
Statement of Operations 19 iSpecimen Inc. Condensed Statement of Operations Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Revenue $ 7,353,090 $ 7,440,760 $ 2,777,751 $ 2,583,412 Operating expenses: Cost of revenue 3,393,079 3,347,392 1,392,534 1,181,562 Technology 2,599,086 1,915,877 921,580 752,704 Sales and marketing 2,972,757 2,530,619 897,433 832,625 Supply development 801,038 590,508 186,176 166,058 Fulfillment 1,363,427 1,480,425 471,735 516,637 General and administrative 4,522,028 5,620,393 1,102,373 2,234,885 Total operating expenses 15,651,415 15,485,214 4,971,831 5,684,471 Loss from operations (8,298,325) (8,044,454) (2,194,080) (3,101,059) Other expense, net Interest expense (11,535) (138,912) (4,465) (58,591) Interest income 292,506 87,347 67,362 60,812 Other income (expense), net (9,173) 9,778 20,082 3,148 Total other income (expense), net 271,798 (41,787) 82,979 5,369 Net loss $ (8,026,527) $ (8,086,241) $ (2,111,101) $ (3,095,690) Other comprehensive income: Unrealized gain (loss) on available-for-sale securities $ 641 $ — $ (47) $ — Total other comprehensive income 641 — (47) — Comprehensive loss $ (8,025,886) $ (8,086,241) $ (2,111,148) $ (3,095,690) Net loss per share Basic and diluted $ (0.89) $ (0.92) $ (0.23) $ (0.35) Weighted average common shares outstanding Basic and diluted 9,029,732 8,822,423 9,065,319 8,878,888
Balance Sheet 20 iSpecimen Inc. Condensed Balance Sheet Information September 30, 2023 December 31, 2022 (unaudited) ASSETS Cash $ 2,721,568 $ 15,308,710 Investments-short term 2,940,967 — Accounts receivable - unbilled 1,425,434 2,327,789 Accounts receivable, net of allowance for doubtful accounts 1,705,643 1,597,915 Prepaid expenses and other current assets 320,613 300,434 Tax credit receivable, net of current portion 12,332 140,873 Total current assets 9,126,557 19,675,721 Property and equipment, net 146,205 225,852 Internally developed software, net 6,575,811 4,503,787 Operating lease right-of-use asset 233,805 184,692 Other non-current assets 212,718 27,601 Total assets $ 16,295,096 $ 24,617,653 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,280,164 $ 2,459,063 Accrued expenses 1,027,960 1,531,238 Operating lease - current obligation 162,054 158,451 Deferred revenue 46,910 132,335 Total current liabilities 3,517,088 4,281,087 Operating lease long-term obligation 72,288 27,396 Total liabilities 3,589,376 4,308,483 Common stock 907 892 Additional paid-in capital 68,996,195 68,573,774 Treasury stock (172) (172) Other comprehensive income 641 — Accumulated deficit (56,291,851) (48,265,324) Total stockholders’ equity 12,705,720 20,309,170 Total liabilities and stockholders’ equity $ 16,295,096 $ 24,617,653 3
Common Stock Information 21 iSpecimen Inc. Fully Diluted Shares Outstanding Diluted Shares of Common Stock Shares outstanding at September 30, 2023 9,074,044 Shares issuable upon vesting of RSUs 129,077 Shares issuable upon exercise of stock options 300,909 Shares issuable upon exercise of warrants to purchase common stock 1,415,000 Total diluted shares at September 30, 2023 10,919,030
Tracy Curley | Chief Executive Officer, Chief Financial Officer and Treasurer Ms . Curley brings three decades of experience in public accounting and corporate finance for both publicly traded companies and emerging companies like iSpecimen and joined iSpecimen in August 2020 . She came to iSpecimen after over a decade with national accounting firms such as CohnReznick where she focused on serving clients in the middle markets . During her time as a partner in public accounting firms, she was responsible for creating and leading teams to provide audit and consulting services to a growing clientele of private and public emerging growth companies primarily in the technology and life sciences industries . Ms . Curley received her Master of Accountancy and Bachelor of Science in Business Administration with a concentration in accounting from Kansas State University . She also attended the United States Military Academy . She is a certified public accountant licensed in the Commonwealth of Massachusetts . Benjamin Bielak | Chief Information Officer and Secretary Mr . Bielak has been serving as our Chief Information Officer since June 2018 . He served as the Chief Information Officer at GNS Healthcare, a leading casual machine learning product and services company, from January 2017 to May 2018 and as Director of Academic Technology at Harvard University, from February 2015 to January 2017 . Prior to his work at GNS and Harvard, Mr . Bielak was the Chief Information Officer at Dovetail Health from November 2006 to April 2014 . He previously held roles as Manager of Development and Integration at Boston Medical Center and Senior Manager of Technology at Sapient, a global services company, from December 1997 to July 2005 . Mr . Bielak holds a Masters of Business Administration degree from Bentley University, where his studies focused on change management, and a master’s degree from Boston University in computer science . Eric Langlois | Chief Revenue Officer 22 Management Team 9 “Sources Cited” page 28 Mr . Langlois has been serving as Chief Revenue Officer since January 2023 . Prior he served as iSpecimen’s SVP of Sales and Business Development since arriving in January of 2016 . Prior to joining iSpecimen, Mr . Langlois served as Global Head of Sales for The Reprocell Group helping to integrate sales teams driven by the demands of integrating four portfolio companies with products and services in Cellular Reprogramming, Stem Cells, 3 D cell culture, genomics, and biospecimens . Prior to that, he held rapidly increasing positions from Regional Sales Manager to VP of Sales with Genomics Collaborative, SeraCare Life Sciences, SeqWright, and BioServe . Mr . Langlois has amassed 25 years of experience in life science research going from bench laboratory science into business development and executive management . Mr . Langlois holds a BS in Biotechnology/Biochemistry from Worcester Polytechnic Institute .
2 3 1. Similar to Amazon, iSpecimen has developed an online marketplace to seamlessly connect researchers with healthcare providers and supplier organizations 2. First mover advantage that addresses an inefficient and fragmented global biospecimen supply chain that is poised to be disrupted by an online solution 3. $3B - $4B global biospecimen market growing at 10 - 15% per year 4. Strong revenue growth with a 7 - year CAGR of 48% fueled by precision and regenerative medicine research 5. Plans to enhance existing platform and develop new service offering to increase revenue opportunities Investor Highlights >230 Healthcare Provider / Supplier Organizations >600 Customer Organizations
Sign up for a free iSpecimen Marketplace account at iSpecimen.com Contact us. iSpecimen Inc. 450 Bedford Street Lexington, MA 02420 investors@ispecimen.com Be a part of the biospecimen revolution
Appendix 25
PHASE 3 Expansion via the Online iSpecimen Marketplace Œ START UP Company Ideation and Self - Funding PHASE 1 Proof of Concept PHASE 2 Critical Mass of Suppliers and Early Customer Adoption �� � 2010 – 2011 2012 – 2013 2014 – 2017 2018 – 2023 0 Customers 1 Supplier Agreement 0 Specimen Records 0 Patient Records 0 FTEs $500K Friends and Family Covert. Debt 1 Customer 3 Supplier Agreements 2+ Million Specimen Records 400+ Thousand Patient Records 7 FTEs $2.5M Series A 140+ Customers 60+ Supplier Agreement 26+ Million Specimen Records 5+ Million Patient Records 33 FTEs $8M Series B 600+ Customers 230+ Supplier Agreement 80+ Million Specimen Records 15+ Million Patient Records 54 FTEs $20.7M + $21M IPO + Private Placement 26 Strategic Evolution
iSpecimen Marketplace UI/UX Click Search to start searching for specimens 27
2 8 iSpecimen Marketplace UI/UX Use search bar to quickly find specimens that match search criteria
Refine Search Results Using Sliders and Check Boxes iSpecimen Marketplace UI/UX 29
View Quote Request and Add More Specimens Request a Quote iSpecimen Marketplace UI/UX 30 Track and Manage Requests
31 Page Note Source Cited 7 1 iSpecimen estimates based on In Vitro Diagnostics Market Size, Share & Trends Analysis Report By Product, By Application, By Technology (Immunochemistry, Molecular Diagnostics) By End - use, By Region, And Segment Forecasts, 2021 – 2027. Grandview Research, January 2021; and World Preview 2020,Outlook to 2026. EvaluatePharma, July 2020. 7 2 Global Marketing Insights, Precision Medicine Market Size By Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Dr ug Discovery, Companion Diagnostics), By Application (Oncology, Immunology, CNS, Respiratory), By End - use (Pharmaceutical Companies , Diagnostic Companies, Healthcare IT companies), Industry Analysis Report, Regional Outlook, Application Potential, Competitiv e M arket Share & Forecast, 2020 - 2026, Feb. 2020. and Regenerative Medicine Market Size, Share and Industry Analysis by Product (Cell Therapy, Gene Therapy, Tissue Engineering, Pl ate let Rich Plasma), By Application (Orthopaedics, Wound Care, Oncology), By Distribution Channel (Hospitals, Clinics) & Regional Fo rec ast, 2019 – 2026. Fortune Business Insight, 2019. 8 3 Frost & Sullivan, Global Biobanking Market Landscape. May 20, 2020, page 357 . 9 4 Centers for Disease Control, https://www.cdc.gov/nchs/data/ahcd/namcs_summary/2016_namcs_web_tables.pdf 9 5 iSpecimen estimates based upon American Association of Clinical Chemistry US lab test data cited at https://www.360dx.com/research - funding/aacc - calls - congress - fund - clinical - lab - training - programs, 2020; and Clinical Lab Services, Global Market Trajectory and Analytics; Global Industry Analysts report, 2020. 9 6 iSpecimen estimate based upon Henderson, G.E., Cadigan, R.J., Edwards, T.P. et al. Characterizing biobank organizations in th e U .S.: results from a national survey, 2013; and Puchois, Comprehensive Biomarker Discovery and Validation for Clinical Application, 20 13. 9 7 Holly A. Massett et al. Assessing the need for a standardized cancer HUman Biobank (caHUB): findings from a national survey w ith cancer researchers; JNCI Monographs, Volume 2011, Issue 42, June 2011. 9 8 Specimen Independent Researcher Survey, 2022. 19 9 All company names and logos appearing on this page are trademarks Ƞ or registered® trademarks of their respective holders. Use and appearance in this presentation of such trademarks (excluding iSpecimen®) do not imply or assert any form of affiliation wit h or endorsement by those companies of iSpecimen or the contents of this presentation. Sources Cited
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