Form 8-K - Current report

 

 

 

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): May 7, 2024

 

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: [phone]

 

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 May 7, 2024, iSpecimen Inc., a Delaware corporation (the “Company”), issued a press release (“Earnings Release”) announcing its financial and operating results for the quarter ended March 31, 2024. 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 March 31, 2024 is unaudited. The Company also filed its unaudited financial statements for the quarter ended March 31, 2024 with its Quarterly Report on Form 10-Q on May 7, 2024.

 

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) 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 May 7, 2024 (“Earnings Call”) in which it discussed its first quarter of 2024 results. The Company issued a press release on April 25, 2024, providing information on how to access the Earnings Call. A replay of the Earnings Call is available through May 21, 2024, by calling 1+1-844-512-2921 (U.S. Toll Free) or [phone] (International). 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 May 2024 (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,” “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 Annual Report on Form 10-K for the year ended December 31, 2023 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.

 

(d)

Exhibits.

 

99.1	Press Release, dated May 6, 2024.
99.2	Investor Presentation, dated May 2024.
104	Cover Page Interactive Data File

 

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: May 7, 2024

 

	iSPECIMEN INC.
	By:	/s/ Tracy Curley
	Name:	Tracy Curley
		Title: Chief Executive Officer

 

 

 

 

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, Next Day Quotes, a program that expedites the biospecimen transaction process, which has helped elevate our market position and is expected to contribute meaningfully to our growth in 2024 and beyond,” said Tracy Curley, CEO of iSpecimen. “To transition our suppliers to Next Day Quotes, we have strategically refined our supplier network, deeply aligning and effectively engaging with our strongest suppliers to maximize their operational capabilities, while terminating relationships with suppliers unable to support the needs of our expanding customer base.”

 

“In the first quarter of 2024, 40% of all quotes provided to customers qualified as Next Day Quotes, compared to 34% in the fourth quarter of 2023 and 25% in the third quarter of 2023. This favorable quarter-over-quarter increase in Next Day Quotes was directly correlated to growth across all of our business lines. During the first quarter of 2024, 91% of prospective Next Day Quotes dollars converted to purchase orders, compared to 32% in the fourth quarter of 2023. As we continue to refine and strengthen our supplier network, I am confident transitioning a majority of our business into Next Day Quotes will result in stronger positioning for iSpecimen and result in greatly improved top- and bottom-line results over time,” concluded Ms. Curley.

 

First Quarter 2024 Highlights

 

●

As of March 31, 2024, iSpecimen had over 140 unique supplier organizations under contract, a reduction of 103 from 243 suppliers at December 31, 2023, a planned reduction related to the Company’s focus on building a higher quality of our supplier network;

●

As of March 31, 2024, over 600 unique customer organizations purchased from iSpecimen, an increase of 66 from 534 at the end of the first quarter 2023;

●

iSpecimen Marketplace had nearly 7,564 registered research and supplier users as of March 31, 2024, up approximately 9% from 6,918 as of March 31, 2023.

 

Recent Corporate Updates

 

●

iSpecimen and TriMetis Life Sciences Announce Strategic Partnership to help Transform Tissue-Based Research

 

Financial Results for First Quarter 2024

 

For the quarter ended March 31, 2024, revenue was approximately $2.29 million, compared to approximately $2.95 million for the quarter ended March 31, 2023. The reduction was primarily due to a decrease of 3,388 specimens, or approximately 39%, in specimen count, from 8,629 specimens during the quarter ended March 31, 2023 to 5,241 specimens during the quarter ended March 31, 2024. The effect of the decrease in specimen count was partially offset by an increase in the average selling price per specimen by approximately $95, or approximately 28%, from $342 in the first quarter of 2023 to approximately $437 in the first quarter of 2024.

 

 

 

 

For the quarter ended March 31, 2024, cost of revenue decreased by approximately $147,000, or approximately 13%, to approximately $1 million, compared to approximately $1.15 million for the quarter ended March 31, 2023. The decrease in cost of revenue was attributable to a 39% decrease in the number of specimens accessioned for the current period, compared to the same period in the prior year, partially offset by a $58, or 44%, increase in the average cost per specimen.

 

For the quarter ended March 31, 2024, general and administrative expenses increased by approximately $286,000 or approximately 16%, to approximately $2.10 million, compared to approximately $1.82 million for the quarter ended March 31, 2023. The increase was attributable to increases in professional fees of approximately $329,000, taxes and insurance of approximately $267,000, and bad debt expense of approximately $45,000, which were partially offset by decreases in compensation costs of approximately $250,000, general operating expenses of approximately $78,000, depreciation and amortization of approximately $23,000, and utilities and facilities expenses of approximately $4,000.

 

For the quarter ended March 31, 2024, the net loss was approximately $2.90 million, or ($0.32) per share, compared to a net loss of approximately $2.43 million, or ($0.27) per share, for the same period the prior quarter.

 

As of March 31, 2024, cash and cash equivalents, along with available-for-sale securities, were approximately $2.56 million, compared to approximately $5.01 million as of December 31, 2023.

 

On March 5, 2024, iSpecimen entered into an At the Market Offering Agreement, under which iSpecimen may issue and sell shares of its common stock from time to time for an aggregate offering price of up to $1.5 million, which shares, when issued, will be registered pursuant to its shelf registration statement. The Company may seek additional funding through public equity or other sources to fund further capital investments or for general corporate purposes.

 

Conference Call and Webcast Information

 

The Company will host a conference call and audio webcast on Tuesday, May 7, 2024, at 8:30 a.m. Eastern Time featuring remarks by Tracy Curley, CEO.

 

Event:	iSpecimen First Quarter 2024 Results Conference Call
Date:	Tuesday, May 7, 2024
Time:	8:30 a.m. Eastern Time
Dial in:	1-800-717-1738 (U.S. Toll Free) or 1-646-307-1865 (International)
Webcast:	https://viavid.webcasts.com/starthere.jsp?ei=1666705&tp_key=0ac1c8e17f

 

For interested individuals unable to join the conference call, a replay will be available through May 21, 2024, at [phone] (U.S. Toll Free) or [phone] (International). Participants must use the following code to access the replay of the call: 1170104. 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," "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 U.S. Securities and Exchange Commission, 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

[e-mail]

 

 

 

 

iSpecimen Inc.

Condensed Balance Sheets

 

		March 31, 2024				December 31, 2023
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	2,089,891			$	2,343,666
Available-for-sale securities			466,493				2,661,932
Accounts receivable – unbilled			1,978,144				2,212,538
Accounts receivable, net of allowance for doubtful accounts of $718,821 and $520,897 at March 31, 2024 and December 31, 2023, respectively			437,424				728,388
Prepaid expenses and other current assets			313,999				292,079
Total current assets			5,285,951				8,238,603
Property and equipment, net			120,873				127,787
Internally developed software, net			6,065,770				6,323,034
Other intangible assets, net			860,366				908,255
Operating lease right-of-use asset			153,340				193,857
Security deposits			27,601				27,601
Total assets		$	12,513,901			$	15,819,137
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	3,560,474			$	3,925,438
Accrued expenses			1,710,815				1,540,607
Operating lease current obligation			156,703				167,114
Deferred revenue			272,681				415,771
Total current liabilities			5,700,673				6,048,930
Operating lease long-term obligation			—				29,130
Total liabilities			5,700,673				6,078,060
Commitments and contingencies (See Note 8)
Stockholders’ equity
Common stock, $0.0001 par value, 200,000,000 shares authorized, 9,501,112 issued and 9,470,112 outstanding at March 31, 2024 and 9,114,371 issued and 9,083,371 outstanding at December 31, 2023			947				908
Additional paid-in capital			69,079,341				69,104,313
Treasury stock, 31,000 shares at March 31, 2024 and December 31, 2023, at cost			(172	)			(172	)
Accumulated other comprehensive income			41				840
Accumulated deficit			(62,266,929	)			(59,364,812	)
Total stockholders’ equity			6,813,228				9,741,077
Total liabilities and stockholders’ equity		$	12,513,901			$	15,819,137

 

 

 

 

iSpecimen Inc.

Condensed Statements of Operations and Comprehensive Loss

(Unaudited)

 

		Three Months Ended March 31,
		2024				2023
Revenue		$	2,289,993			$	2,950,197
Operating expenses:
Cost of revenue			1,000,006				1,146,912
Technology			911,967				834,407
Sales and marketing			665,941				962,169
Supply development			197,839				275,246
Fulfillment			410,854				455,531
General and administrative			2,103,906				1,818,355
Total operating expenses			5,290,513				5,492,620
Loss from operations			(3,000,520	)			(2,542,423	)
Other income, net
Interest expense			(4,465	)			(3,535	)
Interest income			30,498				114,263
Other income (expense), net			72,370				(117	)
Total other income, net			98,403				110,611
Net loss		$	(2,902,117	)		$	(2,431,812	)
Other comprehensive income (loss):
Net loss		$	(2,902,117	)		$	(2,431,812	)
Unrealized gain (loss) on available-for-sale securities			(799	)			18,843
Total other comprehensive income (loss)			(799	)			18,843
Comprehensive loss		$	(2,902,916	)		$	(2,412,969	)
Net loss per share - basic and diluted		$	(0.32	)		$	(0.27	)
Weighted average shares of common stock outstanding - basic and diluted			9,132,460				8,980,898

 

 

 

Exhibit 99.2

 

May 2024 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 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. 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 1,2 4. Strong revenue growth with an 8-year CAGR of 39% fueled by precision and regenerative medicine research 5. Plans to enhance existing platform and develop new service offering to increase revenue opportunities Investor Highlights >140 Healthcare Provider / Supplier Organizations >600 Customer Organizations 1,2 “Sources Cited” page 31

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 Patients Applications 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 4 > 1 Billion Patient encounters yearly in the U.S. where a specimen could be provided for research 3 > 800 Million banked specimens are in biorepository inventories worldwide 5 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 7 “Challenging” and “Inefficient” most common words used to describe biospecimen procurement process by researchers 7 10 years ago, 81% of researchers said they limit the scope of their work due to difficulties obtaining biospecimens 6

Biospecimen Supply Chain Challenges 7 -Difficult to Connect, Search and Compliantly Transact -Average time to develop relationships is 6-12 months ᶟ PROVIDERS CHALLENGE RESEARCHERS

iSpecimen Marketplace | Approach Demand Side Life Science Researchers Supply Side Providers

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

11 Agreements with 140+ Supplier Organizations ✔ Hospitals ✔ Clinics and Practice Groups ✔ Clinical Research Centers ✔ Clinical and Pathology Labs ✔ Biorepositories ✔ 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 • 74% CAGR – Registered Users (2015 - Q1 2024) • 36% CAGR – Marketplace Logins (2015 - 2023) • Approximately 7,500 Registered Research and Supplier Users as of March 31, 2024 Comprehensive Supplier & Researcher Networks Global Footprint United States Mexico United Kingdom Netherlands Germany Turkey Cyprus Romania Ukraine Armenia Georgia Nigeria Russian Federation India

Strategic Growth Initiatives 12

Enhance iSpecimen Marketplace Technology 13 Increased investment and ongoing advancements of iSpecimen Marketplace technology would enable: ● Improved integration with provider partners (our first patient data electronic record integrations) ● Improved iSpecimen Marketplace search and request capabilities ● Updated back-end architecture to support growth and scale, enhanced security, and us to prepare for a data-as-a-service pilot ● Utilization of insights provided by supplier and researcher interactions to evolve matchmaking capabilities

iSpecimen Product Roadmap* Revamp Customer Search Experience, Unify data, and Automate Matchmaking Enhance Supplier Experience though enablement, reporting and workflow. Expand Prospective search capabilities Continue to evolve Efficiencies, Matchmaking and Data. *iSpecimen will continue product evolution supporting constituents on all sides of our Marketplace as investment allows. 14

“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+ 15 1.2M + 15M+ 1M+ 640M +

Financial Overview 16

$700 $1,448 $3,067 $4,395 $4,298 $8,184 $11,135 $10,402 $9,928 $2,290 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 2024 Annual Revenue ($1,000) 2015 – 2023 ▲ 39% CAGR Revenue (2015 – 2023) Annual Revenue 17

Statement of Operations 18 iSpecimen Inc. Condensed Statement of Operations Three months ended March 31, 2024 2023 (unaudited) (unaudited) Revenue $2,289,993 $2,950,197 Operating expenses: Cost of revenue 1,000,006 1,146,912 Technology 911,967 834,407 Sales and marketing 665,941 962,169 Supply development 197,839 275,246 Fulfillment 410,854 455,531 General and administrative 2,103,906 1,818,355 Total operating expenses $5,290,513 $5,492,620 Loss from operations ($3,000,520) ($2,542,423) Other income (expense), net Interest expense (4,465) (3,535) Interest income 30,498 114,263 Other income (expense), net 72,370 (117) Total other income (expense), net $98,403 $110,611 Net loss ($2,902,117) ($2,431,812) Other comprehensive income: Net loss (2,902,117) (2,431,812) Unrealized gain (loss) on available-for-sale securities (799) 18,843 Total other comprehensive income (loss) ($799) $18,843 Comprehensive loss ($2,902,916) ($2,412,969) Net loss per share Basic and diluted ($0.32) ($0.27) Weighted average common shares outstanding Basic and diluted 9,132,460 8,980,898

Balance Sheet 19 iSpecimen Inc. Condensed Balance Sheet Information March 31, 2024 December 31, 2023 ASSETS Cash $2,089,891 $2,343,666 Investments-short term 466,493 2,661,932 Accounts receivable - unbilled 1,978,144 2,212,538 Accounts receivable, net of allowance for doubtful accounts 437,424 728,388 Prepaid expenses and other current assets 313,999 292,079 Tax credit receivable, net of current portion 0 0 Total current assets $5,285,951 $8,238,603 Property and equipment, net 120,873 127,787 Internally developed software, net 6,065,770 6,323,034 Other intangible assets, net 860,366 908,255 Operating lease right-of-use asset 153,340 193,857 Security deposits 27,601 27,601 Total assets $12,513,901 $15,819,137 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable 3,560,474 3,925,438 Accrued expenses 1,710,815 1,540,607 Operating lease - current obligation 156,703 167,114 Deferred revenue 272,681 415,771 Total current liabilities $5,700,673 $6,048,930 Operating lease long-term obligation 0 29,130 Total liabilities $5,700,673 $6,078,060 Common stock 947 908 Additional paid-in capital 69,079,341 69,104,313 Treasury stock (172) (172) Other comprehensive income 41 840 Accumulated deficit (62,266,929) (59,364,812) Total stockholders’ equity $6,813,228 $9,741,077 Total liabilities and stockholders’ equity $12,513,901 $15,819,137

Common Stock Information 20 iSpecimen Inc. Fully Diluted Shares Outstanding Diluted Shares of Common Stock Shares outstanding at March 31, 2024 9,470,112 Shares issuable upon vesting of RSUs 96,788 Shares issuable upon exercise of stock options 350,062 Shares issuable upon exercise of warrant to purchase common stock 102,500 Total diluted shares at March 31, 2024 10,019,462

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 (now Aitia), 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 21 Management Team 9 “Sources Cited” page 31 Mr. Langlois has been serving as Chief Revenue Officer since January 2023, prior to which 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, 3D 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 2 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 an 8-year CAGR of 39% fueled by precision and regenerative medicine research 5. Plans to enhance existing platform and develop new service offering to increase revenue opportunities Investor Highlights >140 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 [e-mail] Be a part of the biospecimen revolution

Appendix 24

PHASE 3 Expansion via the Online iSpecimen Marketplace 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 – 2024 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 700 Customers 140 Supplier Agreement 80+ Million Specimen Records 15+ Million Patient Records 47 FTEs $20.7M + $21M IPO + Private Placement 25 Strategic Evolution

iSpecimen Marketplace UI/UX Click Search to start searching for specimens 26

2 7 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 28

View Quote Request and Add More Specimens Request a Quote iSpecimen Marketplace UI/UX 29 Track and Manage Requests

30 Page Note Source Cited 4 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. 4 2 Global Marketing Insights, Precision Medicine Market Size By Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug 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, Competitive Market Share & Forecast, 2020-2026, Feb. 2020. and Regenerative Medicine Market Size, Share and Industry Analysis by Product (Cell Therapy, Gene Therapy, Tissue Engineering, Platelet Rich Plasma), By Application (Orthopaedics, Wound Care, Oncology), By Distribution Channel (Hospitals, Clinics) & Regional Forecast, 2019 – 2026. Fortune Business Insight, 2019. 6 3 Frost & Sullivan, Global Biobanking Market Landscape. May 20, 2020, page 357. 6 4 Centers for Disease Control, https://www.cdc.gov/nchs/data/ahcd/namcs_summary/2016_namcs_web_tables.pdf 6 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. 6 6 iSpecimen estimate based upon Henderson, G.E., Cadigan, R.J., Edwards, T.P. et al. Characterizing biobank organizations in the U.S.: results from a national survey, 2013; and Puchois, Comprehensive Biomarker Discovery and Validation for Clinical Application, 2013. 6 7 Holly A. Massett et al. Assessing the need for a standardized cancer HUman Biobank (caHUB): findings from a national survey with cancer researchers; JNCI Monographs, Volume 2011, Issue 42, June 2011. 7 8 Specimen Independent Researcher Survey, 2022. 22 9 All company names and logos appearing on this page are trademarks 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 with or endorsement by those companies of iSpecimen or the contents of this presentation. Sources Cited

Cover	May 07, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 07, 2024
Entity File Number	001-40501
Entity Registrant Name	iSpecimen Inc.
Entity Central Index Key	0001558569
Entity Tax Identification Number	27-0480143
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	450 Bedford Street
Entity Address, City or Town	Lexington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02420
City Area Code	781
Local Phone Number	301-6700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	ISPC
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false

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