iSpecimen (ISPC) investor relations material

Executive summary

• Revenue for 2025 was $1.93M, down 79% from $9.29M in 2024, driven by a 77% decrease in specimen count and an 11% drop in average selling price per specimen.

• Net loss for 2025 was $10.49M, a 16% improvement from $12.50M in 2024, reflecting significant cost reductions across all operating expenses.

• The company implemented major cost-cutting measures, reducing workforce compensation costs by 67% and technology costs by 25% year-over-year.

• Cash and cash equivalents increased to $6.88M at year-end 2025, up from $1.88M in 2024, primarily due to equity financings.

• There is substantial doubt about the company's ability to continue as a going concern due to recurring losses and accumulated deficits.

Financial highlights

• Cost of revenue decreased 64% to $1.90M in 2025, in line with lower specimen volumes.

• Operating expenses fell 50% to $10.91M in 2025, with reductions in technology, sales and marketing, supply development, fulfillment, and G&A.

• Cash used in operations was $4.24M in 2025, improved from $8.26M in 2024.

• The company raised $10.24M in financing in 2025, including PIPE, underwritten, and private placement offerings.

• Working capital at year-end 2025 was $723K, with an accumulated deficit of $82.35M.

Outlook and guidance

• Management is focused on improving profitability, increasing revenues, and securing additional financing to address going concern risks.

• Strategic initiatives include a shift to high-value suppliers, operational streamlining, and a new account-based sales approach.

• The company plans to continue cost containment and leverage business intelligence to drive revenue growth.