iSpecimen Inc. reported a net loss of $12.5 million for the fiscal year ending December 31, 2024, an increase of 13% from the previous year's loss of $11.1 million. The company's revenue decreased by approximately 6%, from $9.93 million in 2023 to $9.29 million in 2024. This decline was attributed to a write-off of unbilled revenue, despite a slight increase in the average selling price per specimen. The total number of specimens delivered also fell by 0.7%, from 24,565 to 24,397.
The company's operational expenses rose to $22 million, a 4% increase from $21.1 million in 2023. Notably, costs associated with sales and marketing surged by 25%, reflecting a strategic push to enhance market presence. Conversely, supply development expenses saw a significant decrease of 48%, indicating a shift in focus towards more efficient supplier engagement. iSpecimen's total assets decreased by 37% to $9.35 million, while total stockholders' equity fell by 59% to $3.31 million, raising concerns about the company's financial stability.
In terms of strategic developments, iSpecimen has been actively restructuring its operations, including a reduction in workforce and a focus on high-value suppliers. The company has also implemented a next-day quote system to improve customer engagement and conversion rates. As of December 31, 2024, iSpecimen had 24 employees, down from 53 the previous year, reflecting its efforts to streamline operations. The company has also engaged in various financing activities, including a $1 million loan agreement and an at-the-market offering that generated approximately $1.5 million in gross proceeds.
Looking ahead, iSpecimen faces significant challenges, including a substantial working capital deficit of $2.18 million and an accumulated deficit of $71.86 million. The company has expressed doubts about its ability to continue as a going concern, emphasizing the need for additional capital to sustain operations. Management's plans to address these issues include enhancing revenue through strategic initiatives and reducing operational costs. However, the company acknowledges that many factors influencing its financial performance are beyond its control, making future outcomes uncertain.
About iSpecimen Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.