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ISPC

iSpecimen Inc.

ISPC

iSpecimen Inc. • NASDAQ
$0.42 ▼ -13.11% (-0.06)
Market Cap $2.33 M
52w High $4.66
52w Low $0.39
Dividend Yield 0%
P/E -0.05
Volume 3.27M
Outstanding Shares 5.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $106.592K ▼ $2.732M ▲ $-2.781M ▼ -2.609K% ▼ $-0.48 ▼ $-2.357M ▼
Q2-2025 $713.135K ▼ $2.09M ▲ $-1.047M ▲ -146.851% ▲ $-0.42 ▲ $-614.511K ▲
Q1-2025 $1.058M ▼ $2.039M ▼ $-1.658M ▲ -156.821% ▲ $-2.33 ▲ $-1.205M ▲
Q4-2024 $1.476M ▼ $5.992M ▲ $-6.047M ▼ -409.812% ▼ $-8.51 ▼ $-5.295M ▼
Q3-2024 $2.662M $2.813M $-1.44M -54.09% $-2.1 $-889.71K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.783M ▲ $8.998M ▲ $5.925M ▲ $3.073M ▲
Q2-2025 $588.775K ▼ $6.035M ▼ $5.413M ▲ $621.973K ▼
Q1-2025 $782.563K ▼ $6.843M ▼ $5.175M ▼ $1.669M ▼
Q4-2024 $1.878M ▲ $9.35M ▼ $6.039M ▼ $3.311M ▼
Q3-2024 $1.752M $11.264M $6.55M $4.715M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.781M ▼ $-2.036M ▼ $-1M ▼ $5.23M ▲ $2.194M ▲ $-2.036M ▼
Q2-2025 $-1.047M ▲ $-192.234K ▲ $-454 ▼ $-1.1K ▼ $-193.788K ▲ $-192.688K ▲
Q1-2025 $-1.658M ▲ $-1.096M ▲ $0 ▲ $0 ▼ $-1.096M ▼ $-1.096M ▲
Q4-2024 $-6.047M ▼ $-3.433M ▼ $-73.06K ▲ $3.632M ▲ $126.554K ▲ $-3.466M ▼
Q3-2024 $-1.44M $-1.079M $-179.951K $859.98K $-399.389K $-1.259M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $0 ▲$0 ▲$0 ▲$0 ▲
Shipping and Handling
Shipping and Handling
 $0 ▲$0 ▲$0 ▲$0 ▲
Shipping and other
Shipping and other
 $0 ▲$0 ▲$0 ▲$0 ▲
Specimens
Specimens
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been very small and has not shown meaningful growth over the past several years. The company consistently spends more on operating costs than it brings in, leading to ongoing operating and net losses. Margins are thin, and there is no sign yet of scale or profitability in the historical figures. The extremely negative earnings per share reflect both the small business size and share count changes, rather than any recent surge in performance.

Balance Sheet

Balance Sheet The balance sheet is very lean, with a small asset base and only a modest amount of equity left. Cash levels have declined over time and now appear quite limited, narrowing the financial cushion. The company currently carries little to no debt, which reduces financial pressure from lenders, but the small equity base and thin resources highlight a fragile financial position that depends heavily on future funding or improved business performance.

Cash Flow

Cash Flow The business has been using, rather than generating, cash from its operations for several years. Free cash flow has been consistently negative, even though capital spending is minimal, which means the core operations are the source of the cash drain. This pattern suggests an early-stage or restructuring business that still needs either additional capital or a clear path to scaling revenue and reducing costs to become self-sustaining.

Competitive Edge

Competitive Edge iSpecimen is positioned as a niche technology player in the biospecimen market, trying to modernize an inefficient, fragmented industry. Its online marketplace and data integration capabilities differentiate it from traditional biobanks that rely on their own inventories. The main strengths are its two‑sided network of providers and researchers, its data-rich platform, and the potential for network effects as more users join. However, the company is still small, competing in a space with established relationships and alternative suppliers, so its long‑term competitive strength will depend on whether it can deepen its network, maintain quality and compliance, and translate its technology edge into steady, recurring demand.

Innovation and R&D

Innovation and R&D The company’s strategy is heavily technology-driven: a cloud-based marketplace, advanced search tools, and deep integration of de-identified clinical data. It is investing in areas like oncology specimens, genomic sequencing partnerships, and potential data-driven services such as trial recruitment. These initiatives show a strong innovation mindset and an attempt to build a defensible data and platform moat. At the same time, moves like exploring a cryptocurrency-focused treasury are unconventional and add strategic complexity and uncertainty on top of the core R&D and platform build-out.

Summary

Overall, iSpecimen looks like a small, innovation-focused healthcare technology company with an interesting platform concept but a challenging financial profile. The business model aims to solve real pain points in specimen sourcing through a digital marketplace and data integration, which could create network effects and data-based advantages if adoption scales. On the other hand, revenue is still very modest, losses are ongoing, cash resources are thin, and the company’s future depends on its ability to grow volumes, control costs, and possibly secure additional funding. The story is one of high strategic ambition in technology and data, set against a currently fragile financial foundation and execution risk in a competitive, highly regulated niche.

NEWS

September 4, 2025 · 4:05 PM UTC

iSpecimen Approached by Crypto Currency Companies for $200 Million Treasury Discussions

Read more