iSpecimen Inc. 2025年季度报告

TABLE OF CONTENTS PARTI- FINANCIAL INFORMATION CASH FLOWS FROM OPERATING ACTIVITIES: CASH FLOWS FROM INVESTING ACTIVITIES: Capitalization of internally developed software—(275,486)Purchase of property and equipment—(9,136) CASH FLOWS FROM FINANCING ACTIVITIES: iSpecimenInc.Notesto Unaudited Condensed Financial Statements 1.NATURE OF BUSINESS AND BASIS OF PRESENTATION Business iSpecimen Inc. (“iSpecimen” or the “Company”) was incorporated in 2009 under the laws of the state of Delaware. The Company hasdeveloped and launched a proprietary online marketplace platform that connects medical researchers who need access to subjects,samples, and data, with hospitals, laboratories, and other organizations who have access to them. iSpecimen is a technology-drivencompany founded to address a critical challenge: how to connect life science researchers who need human biofluids, tissues, and livingcells (“biospecimens”) for their research, with biospecimens available (but not easily accessible) in healthcare provider organizations Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accountingprinciples in the United States of America (“GAAP”) as determined by Financial Accounting Standards Board (“FASB”) AccountingStandards Codification (“ASC”) for interim financial information, and, pursuant to the rules and regulations of Article 10 ofRegulation S-X of the Securities Act of 1933, as amended (the “Securities Act”), published by the Securities and ExchangeCommission (“SEC”) for interim financial statements. Accordingly, they do not include all of the information and footnotes requiredby GAAP for complete financial statements. In the opinion of management, the unaudited condensed financial statements reflect all Reverse Stock Split On October 9, 2023, the Company received a notification from Nasdaq that its Common Stock failed to maintain a minimum bid priceof $1.00over the previous30consecutive business days as required by the Listing Rules of The Nasdaq Stock Market. On July 19, 2024, the Company’s stockholders approved a proposal to amend the Company’s Fourth Amended and RestatedCertificate of Incorporation (the “Certificate of Incorporation”) to effect a reverse stock split of the Company’s issued and outstanding On August 19, 2024, the Company’s board of directors approved a one-for-twenty (1:20) reverse stock split of the Company’s issuedand outstanding shares of common stock (the “Reverse Stock Split”). On September 13, 2024, the Company filed with the Secretary ofState of the State of Delaware a Certificate of Amendment to the Company’s Certificate of Incorporation to effect the Reverse Stock On October 1, 2024, the Company received a notification from Nasdaq that the Staff has determined that for the last11consecutivebusiness days, from September 16, 2024 to September 30, 2024, the closing bid price of the Company’s Common Stock was $1.00per Except as otherwise indicated, all references to the Company’s common stock, share data, per share data and related information hasbeen adjusted for the Reverse Stock Split ratio of 1-for-20 as if they had occurred at the beginning of the earliest period presented. TheReverse Stock Split combined each20shares of our outstanding common stock and treasury shares into one share of common stockwithout any change in the par value per share, and the Reverse Stock Split correspondingly adjusted, among other things, the exercise iSpecimenInc.Notesto Unaudited Condensed Financial Statements Going Concern Uncertainty and Management’s Plan The Company has recognized recurring losses since inception. As of March 31, 2025, the Company had negative working capital of$3,391,716, an accumulated deficit of $73,521,013, cash and cash equivalents of $782,563, and accounts payable and accrued The future success of the Company is dependent on its ability to successfully obtain additional working capital and/or to ultimatelyattain profitable operations. During the three months ended March 31, 2025,the Company continued its efforts, which had begun in2023, to decrease its capital and operational expenditures by cutting costs and right sizing the Company through a reduction inworkforce while streamlining operations and rationalizing resources to focus on key market opportunities. The reductions in workforcesince January 1, 2023 through December 31, 2024, cumulatively resulted in an estimated reduction in monthly compensation costs ofapproximately146% and technology costs of approximately64% during the year December 31, 2024 when compared to the yearended December 31, 2023. During the first quarter of 2025, the reductions in workforce resulted in an estimated reduction in monthlycompensation costs of approximately93% and technology costs of approximately73% during the three months ended March 31, The Company may be unsuccessful in increasing its revenues or contain its operating expenses, or it