olivLaw · US equity research
20/20 BioLabs, Inc. AIDX
Services-Testing Laboratories · SIC 8734 · Vertical: Engineering, research and management services (SIC 873x)
20/20 BioLabs develops AI-powered laboratory blood tests for early detection of cancers and chronic diseases, and its OneTest for Cancer product accounts for nearly all of its revenue. In the second quarter of 2026, revenue rose 36.5% to 0.7 million USD, an early sign of commercial traction at a company still small and reliant on new financing.
At the close of 04 Nov 2026, 20/20 BioLabs, Inc. (AIDX) stock was 0.23 USD (−0.48% on the day), with market capitalisation 2.9 m USD, beta 0.71, 52-week range 0.21–23.85 USD. Latest reported quarter (Q2 2026): revenue of 730.6 k USD (+36.5% YoY), net income of -1.5 m USD, diluted EPS -0.26 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 32.4
- weak (30–45)
- Bollinger (20, 2)
- 0.17 – 0.38
- in the lower half of the band · %B 0.29 · band width 77.8%
- SMA 50 / 200
- 0.41 / unavailable
- MACD (12, 26, 9)
- -0.05 / -0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −34.6% | −1.1% | −33.5 pp | — |
| 3 months | −48.0% | −0.5% | −47.5 pp | — |
| 6 months | −83.5% | +4.4% | −87.9 pp | — |
| Year to date | unavailable | +12.3% | unavailable | — |
| 1 year | unavailable | +13.5% | unavailable | +12.8% |
| 3 years | unavailable | +76.4% | unavailable | −5.6% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|
| Revenue | 553.8 k | 535.1 k | 353.4 k | 730.6 k |
| Cost of revenue | 388.0 k | 371.8 k | 290.5 k | 425.8 k |
| Gross profit | 165.8 k | 163.3 k | 62.9 k | 304.7 k |
| Research & development | 136.8 k | 194.1 k | 153.5 k | 257.6 k |
| SG&A | 801.1 k | 814.8 k | 1.4 m | 1.3 m |
| Operating income | -772.2 k | -845.7 k | -1.4 m | -1.2 m |
| Depreciation & amortisation | 17.8 k | 15.5 k ≈ | 12.3 k | 12.3 k ≈ |
| Interest expense | 740 | 935 | 267.0 k | 272.2 k |
| Net income | -764.6 k | -840.9 k | -2.2 m | -1.5 m |
| Diluted EPS | -0.16 | -0.17 | -0.28 | -0.26 |
| Operating cash flow | -488.3 k | -534.1 k ≈ | -1.3 m | -605.5 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 1.8 m | 2.0 m |
| Revenue YoY | unavailable | +16.7% |
| Net income | -5.6 m | -3.7 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -1.16 | -0.76 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -316.8% | -182.8% |
| Free cash flow | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- -19.2 k USD
- Total assets
- 4.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.60x
- ROE
- unavailable
- ROA
- -96.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.8 m | 2.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 1.4 m | 1.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 360.3 k | 604.5 k | SEC (XBRL)· 31 Mar 2026verified |
| Research & development | 1.3 m | 592.6 k | SEC (XBRL)· 31 Mar 2026verified |
| SG&A | 4.8 m | 3.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -5.7 m | -3.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 116.0 k | 63.3 k | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -5.6 m ≈ | -3.3 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 12.6 k | 156.2 k | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -5.6 m | -3.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -1.16 | -0.76 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 4.8 m | 4.9 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 1.8 m | 1.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 135.3 k | 200.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 47.2 k | 116.2 k | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 2.0 m | 1.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 116.7 k | 56.7 k | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 205.5 k | 202.3 k | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 3.6 m | 4.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 372.3 k | 868.5 k | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 1.4 m | 2.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 2.1 m | 4.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 1.5 m † | -19.2 k † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -2.6 m | -1.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 293.3 k | 1.2 m | SEC (XBRL)· 31 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.9 m USD
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -285.0% | 21 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -6.3x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 2.0x | 99 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial21/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
20/20 BIOLABS, INC. (AIDX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.0 m USD in 2025; YoY growth 16.7%; net margin -285.0%; ROE -589.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
What contradicts it
- Net margin: -285.0%
- Interest coverage: -6.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Engineering, research and management services (SIC 873x) · same industry group (3-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IQVIqvia Holdings Inc. | 43.5 bn | 32.0 | 21.7% | 8.1% | +5.9% | +15% / +23% |
| INCYIncyte Corporation | 25.0 bn | 65.2 | 7.8% | 6.7% | +21.2% | +18% / +126% |
| MEDPMedpace Holdings, Inc. | 18.4 bn | 36.4 | 117.9% | 18.2% | +20.0% | +11% / +143% |
| ULSUL Solutions Inc. | 16.0 bn | 31.6 | 35.4% | 16.1% | +6.4% | −13% / unavailable |
| CRLCharles River Laboratories International, Inc. | 15.6 bn | 385.5 | 1.2% | 1.0% | −0.9% | +83% / +66% |
| ICLRICON plc | 15.6 bn | 70.0 | 2.5% | 2.8% | +0.8% | +10% / −24% |
| NEONeogenomics, Inc. | 2.2 bn | — | -3.9% | -4.1% | +10.1% | +42% / −6% |
| ABSIAbsci Corp | 1.8 bn | — | -57.7% | -7,756.4% | −38.2% | +231% / +528% |
| OABIOmniab, Inc. | 755.6 m | — | -16.5% | -108.1% | −29.3% | +186% / +18% |
| NRCNRC Health | 574.5 m | 95.9 | 248.1% | 4.5% | −4.0% | +59% / −35% |
| ONMDOnemednet Corporation | 269.2 m | — | — | -584.2% | +111.4% | −75% / −89% |
| MXCTMaxCyte, Inc. | 143.5 m | — | -20.4% | -114.8% | −14.5% | −21% / −71% |
| BIAFbioAffinity Technologies, Inc. | 23.7 m | — | -1,860.2% | -257.3% | −34.2% | −87% / −100% |
| AIDX20/20 Biolabs, Inc. | 2.9 m | — | -589.6% | -285.0% | +16.7% | unavailable / unavailable |
| ISPCiSpecimen Inc. | 2.1 m | — | -968.5% | -2,449.0% | −79.2% | −95% / −100% |
1- and 3-year price returns: for AIDX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
20/20 BioLabs develops AI-powered laboratory blood tests for early detection of cancers and chronic diseases, and its OneTest for Cancer product accounts for nearly all of its revenue. In the second quarter of 2026, revenue rose 36.5% to 0.7 million USD 3, an early sign of commercial traction at a company still small and reliant on new financing.
SWOT
Strengths
- The core product is priced below rivals, can be collected from capillary blood, and runs in an in-house CAP- and CLIA-accredited laboratory 1.
- Revenue growth in the second quarter of 2026 and a higher gross margin point to scale benefits in the laboratory 3.
- The mix of firefighter programs and corporate clients provides repeat order flow 3.
Weaknesses
- The company depends almost entirely on one product, so results are sensitive to its success or failure 1.
- The company has recorded repeated net losses and relies on outside financing, and its continuity depends on access to capital 12.
- The longevity test and other newer components are not yet commercially proven, and some features are still in development 1.
Opportunities
- Medicare coverage of MCED tests, planned from 2028, could significantly expand the addressable market 1.
- New states and institutions could fund firefighter screening, which could speed up test volumes 1.
- The CLIAx laboratory could attract diagnostics start-ups and widen the company's offer through acquisitions or partnerships 1.
Risks
- Going concernhigh
The company has said its operations depend on revenue growth exceeding spending and on external financing, and a lack of funding could seriously affect operations 1.
- Single-product concentrationhigh
Dependence on OneTest for Cancer means any problem with acceptance, pricing or regulation could have a major effect on revenue 1.
- Clinical acceptancemedium
Evidence for protein-based tests comes largely from East Asian data and ongoing studies, and acceptance by US regulators is not assured 1.
- Dilution and convertible instrumentsmedium
Convertible preferred stock and its terms could lead to significant dilution if the share price falls 23.
- Dependence on government programslow
Delays or cuts in state funding for firefighter screening could reduce test volumes and revenue 13.
Investment thesis
What would need to be true (bull case)
- If Medicare covers MCED tests from 2028 and state programs expand, test volumes could rise quickly and gross margin could keep improving 13.
- Its accessible price and at-home collection could attract a broad customer base if clinical evidence strengthens 1.
- Eliminating convertible debt and raising new funds could give the company time to build its commercial base 23.
What would break the thesis
- If Medicare coverage is delayed or does not materialize, growth could stay limited to local programs and small clients 1.
- Repeated net losses and the need for new capital could lead to further dilution for shareholders 12.
- Larger competitors could adopt or surpass protein-based technology, which could erode the company's advantage 1.
What to watch
- Trend in OneTest revenue and gross marginQ3 2026
- New state firefighter programs and corporate orders2026
- Status of financing and convertible preferred stock after the standstill periodQ4 2026
- Progress toward Medicare coverage of MCED tests2028
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company operates under the OneTest brand with two lab test families. OneTest for Cancer is a multi-cancer early detection (MCED) test, while OneTest for Longevity measures inflammatory biomarkers and was launched in February 2026 1. Tests are run in its CAP-accredited, CLIA-licensed laboratory in Gaithersburg, MD, which also hosts CLIAx, a shared lab for diagnostics start-ups. The name changed to 20/20 Biolabs on March 19, 2025 1.
Revenue comes mainly from direct test sales to consumers, state-funded screening programs and corporate clients. In fiscal 2025, OneTest for Cancer made up approximately 88% of revenue 1, and in the second quarter of 2026 OneTest represented 95.3% of total revenue 3, showing growing concentration on the MCED product.
The company also keeps a legacy line, BioCheck, a field kit for screening suspicious powders, which made up a small share of revenue in 2025 1. Medium-term strategy depends on MCED adoption and possible Medicare coverage, for which a statutory pathway was signed into law in February 2026 1.
Segments
OneTest for Cancer
The MCED test is the main revenue driver and grew 47.1% in the second quarter of 2026 3. The standard version is priced under 200 USD against 950 USD for Galleri, according to the company 1.
OneTest for Longevity
The longevity test, launched in February 2026, is in early commercial rollout, and demand and the subscription model are not yet proven 1. The company also started a retail pilot in grocery stores 3.
CLIAx and BioCheck
CLIAx offers shared laboratory capacity for start-ups, while BioCheck is a legacy line with a small share of revenue 1.
Market context
The MCED testing market is at an early stage, with few products sold in the US. The company says the Medicare MCED screening law could open coverage starting in 2028 1. State and FEMA-funded firefighter screening programs are a key segment 1.
The market is competitive, with ctDNA-based tests and other approaches. Adoption by physicians and payers remains uncertain, and clinical evidence is still developing 1.
Trends
- Medicare MCED coverage lawtailwind
The law signed in February 2026 opens a path to Medicare coverage of MCED tests from 2028, which could expand access if clinical acceptance is confirmed 1.
- Funding for firefighter programstailwind
Several states and FEMA reimburse MCED tests for firefighters, and more funding could support volumes 13.
- Reliance on outside financingheadwind
The company has raised capital through convertible preferred stock and convertible notes, and continuity depends on further financing rounds 12.
- Circulating tumor DNA testsmixed
Recent results from ctDNA-based tests have raised questions about their performance in early stages, which could favor protein-based tests, though the evidence remains incomplete 1.
Competitive position
The main named competitor is Galleri, a ctDNA-based MCED test that costs far more per test 1. The company argues its protein-based tests are more affordable and can be collected at home 1.
Other players include university labs and larger biotech companies that could develop cheaper or more accurate tests, and the company acknowledges it cannot directly benchmark all competitors 1.
- Grail (Galleri)
ctDNA-based MCED test and the most visible competitor in the US, cited as much more expensive 1.
- University and academic laboratories
Active research on multi-cancer detection tests with potential to yield cheaper alternatives 1.
- Well-financed diagnostics companies
Larger firms can invest more in development and commercialization, per the filing's assessment 1.
- Alternative longevity testing providers
Labs measuring telomeres, methylation or the microbiome, and many labs offering C-reactive protein testing 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Proxy statement21 Oct 2026
- Current report18 Sept 2026Shareholder vote
- Current report10 Sept 2026Delisting notice
- Current report02 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report19 Aug 2026Shareholder vote
- Current report17 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report05 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report22 Jul 2026Material agreement · Delisting notice · Financial statements and exhibits
- Current report01 Jul 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / 20/20 BioLabs, Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / 20/20 BioLabs, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / 20/20 BioLabs, Inc. · 17 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.