Company Summary: iSpecimen Inc.

Business Overview

• Core Business: iSpecimen operates a technology-driven marketplace platform that connects life science researchers with healthcare providers and specimen sources worldwide to procure human biospecimens and associated data.
• Platform Functionality:
  • Consolidates biospecimen buying experience into an online marketplace.
  • Enables search, matchmaking, and procurement of de-identified samples using healthcare data.
  • Automates workflows from inquiry to invoice.
  • Handles marketing, sales, contracting, and compliance functions.
  • Features include guided search, filters, cart, order tracking, and quote request.

Platform Data & Capabilities

• As of December 31, 2024:
  • Over 7,925 registered users across more than 3,006 unique domains.
  • Platform has compiled de-identified healthcare data:
    • ~19 million patient records
    • 105 million clinical specimen records
    • 1.4 million banked specimens
    • 1.2 million medical conditions
  • Nearly 162,252 logins and 19,295 specimen searches; resulting in over 3,098 quotes.

Supply Chain & Partnerships

• Approximate 76 healthcare organizations and biospecimen providers globally.
• Locations include hospitals, clinics, labs, biobanks, blood centers, research sites, and cadaveric donation centers across 11 countries.
• Key supply environments:
  • Clinical labs (~11 sites)
  • Pathology labs (~2 sites)
  • Biorepositories (~16 sites)
  • Blood donor centers (~2 sites)
  • Cadaveric centers (~1 site)
  • Clinical research centers (~44 sites)

Customer Base

• As of December 31, 2024:
  • Approximately 765 customers.
  • Main segments: biopharmaceutical companies, in vitro diagnostic companies, government/academic institutions.
• Geographical Distribution:
  • U.S. (mainly): 85.13%
  • Europe, Middle East, Africa: 12.71%
  • Asia Pacific: 2.16%
• Notable customer:
  • During 2024, one customer accounted for about 29% of revenue.
• Total specimens distributed:
  • Over 240,000 specimens since inception.
  • Customers in 23 countries.

Revenue & Income

• 2024 Revenue: Approximately $9.29 million (down 6% from 2023).
• 2024 Net Loss: Approximately $12.50 million (net loss increased compared to 2023).
• Revenue primarily from annotations and procurement of:
  • Biofluids (e.g., blood, plasma, serum, urine, saliva)
  • Tissues (fresh, fixed, cryopreserved, FFPE slides)
  • Hematopoietic stem and immune cells (bone marrow, cord blood, PBMCs)
  • NGS-sequenced tissues
• No current charges for platform use; revenue from specimen procurement and distribution:
  • Revenue shares vary between 20%-50% with suppliers.
• Operating expenses (2024):
  • Total approximately $22 million including costs of revenue, technology, sales & marketing, supply development, fulfillment, and G&A.
• Income:
  • Operating loss of roughly $12.7 million.
  • Net loss of approximately $12.5 million.

Business Development & Financial Activities

• Financing:
  • December 2021 private placement raised $21 million (all repurchased in 2024).
  • March 2024 ATM offering: raised ~$1.24 million net.
  • September 2024 debt financing: $1 million loan, paid off in October.
  • October 2024 public offering: raised ~$4.99 million, including pre-funded warrants.
• Stock & Shares:
  • Outstanding shares (April 14, 2025): Not specified, but reserved 93,475 shares for stock options.
  • Market: Listed on Nasdaq (symbol: ISPC).
  • Total stockholders’ equity as of December 31, 2024: approximately $4 million.
• Employees:
  • As of December 31, 2024: 24 employees.
  • As of December 31, 2023: 53 employees.
  • Staff focuses on R&D, sales, marketing, operations, supply management, and admin, mainly based in Woburn, Massachusetts, with some remote personnel.