iSpecimen Inc. Reports 75% Revenue Decline and $1M Net Loss in Latest Quarter

iSpecimen Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated revenue of $713,135, a substantial decrease of 75% compared to $2,863,679 in the same quarter of the previous year. For the first half of 2025, total revenue was $1,770,645, down 66% from $5,153,672 in the first half of 2024. The decline in revenue was attributed primarily to a 57% drop in specimen count, which fell from 5,918 to 2,533 specimens, and a decrease in the average selling price per specimen.

The company's operating expenses also decreased significantly, totaling $2,534,561 for the three months ended June 30, 2025, down 50% from $5,045,344 in the prior year. This reduction was driven by lower costs across various categories, including a 69% decrease in the cost of revenue and a 76% reduction in sales and marketing expenses. Despite these cuts, iSpecimen reported a net loss of $1,047,243 for the quarter, an improvement from a loss of $2,109,024 in the same period last year.

In terms of strategic developments, iSpecimen has been actively restructuring its operations to improve efficiency and reduce costs. The company has implemented a workforce reduction that has led to a significant decrease in monthly compensation and technology costs. Additionally, iSpecimen has focused on enhancing its iSpecimen Marketplace platform, which connects researchers with biospecimens, and has shifted its strategy to prioritize high-value suppliers. The company has also engaged in a supplier network refresh project, terminating agreements with less effective suppliers to streamline operations.

Operationally, iSpecimen's total assets decreased to $6,034,501 as of June 30, 2025, down from $9,350,230 at the end of 2024. The company reported a working capital deficit of $4,005,455 and an accumulated deficit of $74,568,256. As of the reporting date, iSpecimen had cash and cash equivalents of $588,775, a significant decline from $1,878,408 at the end of the previous fiscal year. The company continues to face challenges in generating sufficient revenue to meet its operational needs and has expressed uncertainty regarding its ability to continue as a going concern.

Looking ahead, iSpecimen's management is focused on improving sales and revenue while managing expenditures to enhance its financial position. The company is exploring additional working capital options and has initiated efforts to increase its market presence. However, management has acknowledged that certain elements of its operational plan are beyond its control, making it difficult to predict future outcomes. The company remains committed to its mission of accelerating life sciences research through its marketplace platform, despite the ongoing economic challenges.