iSpecimen Inc 2024年度报告

FORM10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31,2024 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto Commission file number:001-40501 iSpecimen Inc.(Exact name of registrant as specified in its charter) Registrant’s telephone number, including area code:(781)301-6700 Securities registered pursuant to Section 12(b) of the Act: TheNasdaqStock Market LLC Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reportingcompany☒Emerginggrowthcompany☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ Based on the closing price as reported on the Nasdaq Capital Market, the aggregate market value of the registrant’s common stockheld by non-affiliates on June 30, 2023 (the last business day of the Registrant’s most recently completed second fiscal quarter) wasapproximately $10,362,059. Shares of common stock held by executive officer and director and by each stockholder affiliated with adirector or an executive officer have been excluded from this calculation because such persons may be deemed to be affiliates. Thisdetermination of affiliate status is not necessarily a conclusive determination for other purposes. As of April 14, 2025, there were2,496,858shares of common stock, par value $0.0001 per share, of the registrant issued andoutstanding. Documents Incorporated by Reference Not applicable. TABLE OF CONTENTS PagePART IItem 1. Business1Item 1A. Risk Factors13Item 1B. Unresolved Staff Comments36Item 1C. Cybersecurity36Item 2. Properties37Item 3. Legal Proceedings37Item 4. Mine Safety Disclosures37PART IIItem 5. Market for Registrant’s Common Equity , Related Stockholder Matters and Issuer Purchases of Equity Securities38Item 6. Reserved38Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations38Item 7A. Quantitative and Qualitative Disclosures About Market Risk49Item 8. Financial Statements and Supplementary DataF-1Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure50Item 9A. Controls and Procedures50Item 9B. Other Information51Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections51PART IIIItem 10. Directors, Executive Officers and Corporate Governance52Item 11. Executive Compensation57Item 12. Security Ownership of Certain Beneficial Owners and Management and Related St