iSpecimen (ISPC) Registration Filing summary

Company overview and business model

• Operates a technology-driven global marketplace platform connecting researchers with human biospecimens and associated data for life science research, leveraging a B2C-style user experience for B2B procurement.

• Platform integrates data from healthcare providers, biobanks, and labs, enabling researchers to search, request, and manage biospecimen procurement efficiently.

• Revenue is generated by procuring specimens from a network of healthcare providers and distributing them to research clients, with flexible revenue-sharing models for suppliers.

• As of December 31, 2024, the platform had over 7,925 registered users, 76 supply partners in 11 countries, and had distributed more than 240,000 specimens to 765 customers in 23 countries.

• The company is exploring adjacent opportunities such as data-as-a-product, SaaS, and clinical trial patient recruitment.

Financial performance and metrics

• Aggregate market value of outstanding common stock held by non-affiliates is approximately $11.1 million as of October 3, 2025.

• Common stock last traded at $0.817 per share on October 20, 2025.

• No securities have been sold under the current shelf registration in the past 12 months.

• One customer accounted for 29% of total revenue in 2024, indicating some customer concentration risk.

Use of proceeds and capital allocation

• Net proceeds will be used for general corporate purposes, including platform development, sales and marketing, supplier expansion, operations, and working capital.

• A portion of proceeds is allocated to a digital asset treasury program focused on Solana (SOL) as part of a long-term balance sheet diversification strategy.

• May also use proceeds for acquisitions or investments in complementary businesses, products, or technologies, though no current commitments exist.