olivlawolivlaw

olivLaw · US equity research

iSpecimen Inc. ISPC

Services-Commercial Physical & Biological Research · SIC 8731 · Vertical: Services-Commercial Physical & Biological Research (SIC 8731)

0.84USD+6.71% · 1 dayClose 04 Nov 2026

iSpecimen operates an online marketplace that links life science researchers with biospecimen suppliers in hospital and laboratory networks. The company remains unprofitable, with a net loss of 10,487,532 USD in 2025 and an accumulated deficit of 82,350,149 USD, which makes financing and platform efficiency central questions now.

At the close of 04 Nov 2026, iSpecimen Inc. (ISPC) stock was 0.84 USD (+6.71% on the day), with market capitalisation 2.1 m USD, beta 1.35, 52-week range 0.79–26.96 USD. Latest reported quarter (Q2 2026): revenue of 151.9 k USD (−78.7% YoY), net income of -1.4 m USD, diluted EPS -0.98 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
2.1 m USD
shares as of 14 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -8.77 · TTM to 30 Jun 2026
E/P (TTM)
-1,040.50%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.35
Volatility (1y) 114%
52-week range
0.7926.96

Price history

Loading chart…

Technical reading

RSI (14)
35.8
weak (30–45)
Bollinger (20, 2)
0.71 – 1.14
in the lower half of the band · %B 0.32 · band width 46.9%
SMA 50 / 200
1.19 / 4.70
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.12 / -0.13
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

CompanyS&P 500vs S&P 500Vertical median
1 month−19.7%−1.1%−18.6 pp—
3 months−56.1%−0.5%−55.6 pp—
6 months−85.5%+4.4%−89.9 pp—
Year to date−91.9%+12.3%−104.2 pp—
1 year−96.8%+13.5%−110.3 pp+14.7%
3 years−99.8%+76.4%−176.2 pp+18.0%
5 years−100.0%+63.7%−163.7 pp—
Max drawdown (1y)
−97.1%
05 Nov 2025 → 03 Nov 2026
Max drawdown (5y)
−100.0%
29 Nov 2021 → 03 Nov 2026
Compound annual growth (5y)
−82.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
151.9 k USD
−78.7% YoY
Net income
-1.4 m USD
unavailable YoY
Diluted EPS
-0.98
unavailable YoY
net / operating
-896.9% / -897.1%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue2.7 m1.5 m1.1 m713.1 k106.6 k51.8 k156.0 k151.9 k
Cost of revenue1.6 m1.3 m609.4 k444.2 k204.6 k551.0 k84.4 k83.3 k
Operating income-1.7 m-5.8 m-1.6 m-1.8 m-2.8 m-2.7 m-2.5 m-1.4 m
Depreciation & amortisation542.8 k ≈548.0 k432.7 k432.7 k ≈457.7 k ≈407.7 k135.9 k201.5 k ≈
Interest expense7.4 k157.5 k1.9 k0 ≈21——
Net income-1.4 m-6.0 m-1.7 m-1.0 m-2.8 m-5.0 m-2.3 m-1.4 m
Diluted EPS-2.10-5.36 ≈-28.55-16.78-0.48-0.65 ≈-6.66-0.98
Operating cash flow-1.1 m ≈-3.6 m-1.1 m-192.2 k ≈-2.0 m ≈-916.9 k-3.4 m-689.6 k ≈
Capex14.5 k ≈7.9 k——0 ≈0——
Share repurchases0 ≈———————

≈ 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 year202020212022202320242025
Revenue8.2 m11.1 m10.4 m9.9 m9.3 m1.9 m
Revenue YoYunavailable+36.1%−6.6%−4.6%−6.4%−79.2%
Net income-4.7 m-9.0 m-10.2 m-11.1 m-12.5 m-10.5 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS-4.97-2.09-1.16-24.55-17.58-2.28
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailable
net %-56.8%-80.5%-98.5%-111.8%-134.5%-543.7%
Free cash flow-288.8 k-10.7 m-6.0 m-5.8 m-8.3 m-4.2 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
6.9 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
3.1 m USD
Total assets
9.5 m USD
Debt / equity
unavailable
Current ratio
1.12x
ROE
-327.8%
ROA
-111.1%
FCF margin
-219.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
9.9 m
2024
9.3 m
2025
1.9 m

SEC (XBRL)· 01 Apr 2026verified

Cost of revenue
2023
4.8 m
2024
5.1 m
2025
1.7 m

SEC (XBRL)· 01 Apr 2026verified

Gross profit
2023
5.2 m ≈
2024
4.2 m ≈
2025
215.7 k ≈

SEC (XBRL)· 01 Apr 2026derived

Research & development
2023
1.6 m
2024
1.5 m
2025
—

SEC (XBRL)· 14 Apr 2025verified

Operating income
2023
-11.2 m
2024
-12.7 m
2025
-9.0 m

SEC (XBRL)· 01 Apr 2026verified

Depreciation & amortisation
2023
2.1 m
2024
2.3 m
2025
1.7 m

SEC (XBRL)· 01 Apr 2026verified

EBITDA
2023
-9.1 m ≈
2024
-10.4 m ≈
2025
-7.2 m ≈

SEC (XBRL)· 01 Apr 2026derived

Interest expense
2023
16.0 k
2024
173.8 k
2025
1.9 k

SEC (XBRL)· 01 Apr 2026verified

Income tax
2023
—
2024
—
2025
—

SEC (XBRL)· 21 Mar 2023verified

Net income
2023
-11.1 m
2024
-12.5 m
2025
-10.5 m

SEC (XBRL)· 01 Apr 2026verified

Diluted EPS
2023
-24.55
2024
-17.58
2025
-2.28

SEC (XBRL)· 01 Apr 2026verified

Weighted average diluted shares
2023
452.1 k
2024
710.9 k
2025
4.6 m

SEC (XBRL)· 01 Apr 2026verified

Balance sheet · USD

Cash
2023
2.3 m
2024
1.9 m
2025
6.9 m

SEC (XBRL)· 01 Apr 2026verified

Receivables
2023
728.4 k
2024
1.4 m
2025
48.3 k

SEC (XBRL)· 01 Apr 2026verified

Inventories
2023
—
2024
45.1 k
2025
—

SEC (XBRL)· 01 Apr 2026verified

Current assets
2023
8.2 m
2024
3.6 m
2025
7.0 m

SEC (XBRL)· 01 Apr 2026verified

Property, plant & equipment, net
2023
127.8 k
2024
93.6 k
2025
25.5 k

SEC (XBRL)· 01 Apr 2026verified

Total assets
2023
15.8 m
2024
9.4 m
2025
9.5 m

SEC (XBRL)· 01 Apr 2026verified

Accounts payable
2023
3.9 m
2024
4.2 m
2025
5.4 m

SEC (XBRL)· 01 Apr 2026verified

Long-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 22 Mar 2022verified

Current liabilities
2023
6.0 m
2024
5.8 m
2025
6.2 m

SEC (XBRL)· 01 Apr 2026verified

Total liabilities
2023
6.1 m
2024
6.0 m
2025
6.4 m

SEC (XBRL)· 01 Apr 2026verified

Equity
2023
9.7 m †
2024
3.3 m †
2025
3.1 m †

SEC (XBRL)· 01 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
-5.8 m
2024
-8.3 m
2025
-4.2 m

SEC (XBRL)· 01 Apr 2026verified

Capex
2023
19.5 k
2024
31.5 k
2025
454

SEC (XBRL)· 01 Apr 2026verified

Free cash flow
2023
-5.8 m ≈
2024
-8.3 m ≈
2025
-4.2 m ≈

SEC (XBRL)· 01 Apr 2026derived

Investing cash flow
2023
-7.2 m
2024
2.0 m
2025
-1.0 m

SEC (XBRL)· 01 Apr 2026verified

Financing cash flow
2023
70.9 k
2024
5.8 m
2025
10.2 m

SEC (XBRL)· 01 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-79.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
-43.0%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-25.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
-98.0%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-1,762.1%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-2,020.0%
computed by olivLawTTM to 30 Jun 2026
Net margin
-2,449.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-1,502.1%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-968.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-170.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-491.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-4,833.0x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.8x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-7.0 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
454 USD
computed by olivLawFY 2025
Free cash flow
-7.0 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
154 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
1,776 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
2.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-1,040.5%
computed by olivLawTTM to 30 Jun 2026
P/B
1.2x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
4.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-329.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.84 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 2.1 m USD

Key indicators

Market capitalisation
2.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.2x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-968.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-2,449.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-79.2%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 14 Aug 2026
Source: SEC (XBRL)published 14 Aug 2026
verified 689derived 55

Score by group

33% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • 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

Multiple comparisons use the SIC vertical: Services-Commercial Physical & Biological Research (SIC 8731)

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: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-2,449.0%9 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-43.0%0 (on a fixed band)25%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-4,833.0x0 (on a fixed band)19%
Current ratio · Balance sheet0.8x2 (on a fixed band)13%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-329.9%0 (on a fixed band)25%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet1/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial9/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 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

iSpecimen Inc. (ISPC). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 1.9 m USD in 2025; YoY growth -79.2%; net margin -2,449.0%; ROE -968.5%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% 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

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Net margin: -2,449.0%
  • Revenue CAGR 3Y: -43.0%
  • Interest coverage: -4,833.0x
  • Current ratio: 0.8x
  • FCF yield: -329.9%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Commercial Physical & Biological Research (SIC 8731) · same industry (4-digit SIC) · compared with 11 companies

Multiples and returns vs the median

P/E
—
vertical median 67.6x
EV/EBITDA
—
vertical median 24.6x
P/S
4.6x
vertical median 4.2x
above median (+9.3%)
P/B
1.2x
vertical median 4.8x
below median (−74.8%)
ROE
-968.5%
vertical median 1.8%
below median (−52,830.9%)
Net margin
-2,449.0%
vertical median 1.0%
below median (−242,454.7%)
EBIT margin
-2,020.0%
vertical median 4.0%
below median (−50,630.2%)
Revenue YoY
-79.2%
vertical median -0.9%
below median
Net debt/EBITDA
—
vertical median 3.4x
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
IQVIqvia Holdings Inc.43.5 bn32.021.7%8.1%+5.9%+15% / +23%
INCYIncyte Corporation25.0 bn65.27.8%6.7%+21.2%+18% / +126%
MEDPMedpace Holdings, Inc.18.4 bn36.4117.9%18.2%+20.0%+11% / +143%
CRLCharles River Laboratories International, Inc.15.6 bn385.51.2%1.0%−0.9%+83% / +66%
ICLRICON plc15.6 bn70.02.5%2.8%+0.8%+10% / −24%
ABSIAbsci Corp1.8 bn—-57.7%-7,756.4%−38.2%+231% / +528%
OABIOmniab, Inc.755.6 m—-16.5%-108.1%−29.3%+186% / +18%
NRCNRC Health574.5 m95.9248.1%4.5%−4.0%+59% / −35%
ONMDOnemednet Corporation269.2 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%
ISPCiSpecimen Inc.2.1 m—-968.5%-2,449.0%−79.2%−97% / −100%

1- and 3-year price returns: for ISPC 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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
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
What moves the 3-year price the most

    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

    iSpecimen operates an online marketplace that links life science researchers with biospecimen suppliers in hospital and laboratory networks. The company remains unprofitable, with a net loss of 10,487,532 USD in 2025 and an accumulated deficit of 82,350,149 USD, which makes financing and platform efficiency central questions now 1.

    SWOT

    Strengths

    • The platform combines search, workflow, data and compliance capabilities in one integrated system 1.
    • The company has delivered specimens for thousands of projects since inception, showing operating experience 1.
    • The just-in-time model avoids the inventory risks that traditional biorepositories carry 1.

    Weaknesses

    • The company is unprofitable with a significant accumulated deficit, so reliance on external financing remains high 1.
    • Revenue is transactional rather than recurring, which makes forecasting difficult 1.
    • The company reported a material weakness in internal control over financial reporting related to sales tax 1.

    Opportunities

    • If data integration is completed, the platform could search more precisely and increase market liquidity 1.
    • Expansion into clinical trial recruitment, data as a product and SaaS could diversify revenue 1.
    • Automation and artificial intelligence could lower the platform's operating costs 1.

    Threats

    • Dependence on a small number of large customers makes revenue vulnerable to losing a single client 1.
    • Cuts in research budgets could slow demand for specimens 1.
    • Better-resourced competitors or new platforms could reduce the company's share of the market 1.

    Risks

    • Need for additional capitalhigh

      The company says it will need additional funding and cannot be certain it will obtain it on acceptable terms 1.

    • Going concern doubthigh

      The auditors included an explanatory paragraph on the company's ability to continue as a going concern, based on recurring losses and accumulated deficits 1.

    • Customer concentrationmedium

      A single customer accounted for a significant share of revenue in 2024 and 2025, and revenue varies from year to year 1.

    • Material weakness in internal controlmedium

      The company identified a weakness linked to sales tax, with remediation under way whose effectiveness is not yet proven 1.

    • International expansion riskslow

      Operating in several countries exposes the company to political change, different trade rules and currency fluctuations 1.

    Investment thesis

    What would need to be true (bull case)

    • If the platform succeeds in integrating patient data and automating workflows, it could become a more efficient tool for researchers and suppliers.
    • Experience delivering specimens across thousands of projects could support expansion into new business lines.
    • If research spending recovers, demand for specimens could grow quickly from the current customer base.

    What would break the thesis

    • The company could remain unprofitable for a long period, and the need for external financing could dilute existing shareholders.
    • Transactional revenue and dependence on a few large customers make results difficult to forecast.
    • Competition from better-resourced players could limit the platform's growth and margins.

    What to watch

    • Integration of specimen data into the new SalesStack platformnext 10-K
    • Revenue and customer trends after the May 2026 private placementQ3 2026
    • Remediation of the internal control weakness on sales taxnext 10-K
    • Confirmation of going concern status and the financing plan2027

    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

    iSpecimen, founded in 2009 and headquartered in Woburn, Massachusetts, develops the iSpecimen Marketplace, a platform that connects researchers to subjects, specimens and associated data 1. The platform receives de-identified data from electronic medical records and biobank systems, harmonizes it, and lets researchers search for specimens using their study criteria 1. The company handles marketing, sales, contracting and compliance on both sides of the marketplace, and earns revenue from specimen sales, with a share returned to suppliers 1.

    Segments

    Biospecimen sales

    Main revenue comes from procuring specimens from the supplier network and distributing them to researchers on a 'just in time' basis after an order is received 1. The company has derived substantially all revenue from this activity and has not yet charged fees for platform access 1.

    Data platform and workflows

    The platform covers search, supplier and customer workflows, data management and administrative and reporting functions 1. The company says the aim is to increase liquidity in the market and extend into data products, if investment allows 1.

    Market context

    The company describes the biospecimen procurement market as fragmented and inefficient, with samples held in hospitals and laboratories but hard for researchers to access 1. At year-end 2025 its network had data on 19 million patients and 105 million clinical specimen records, though not all data is yet integrated into the new platform 1.

    Trends

    • Slower research spendingheadwind

      The company notes its financial performance depends on research customers' spending, especially discretionary spending, and a recession could reduce demand for specimens 1. Management responded by repricing and reducing headcount, which could support efficiency if demand recovers 1.

    • Digitizing specimen procurementtailwind

      Moving the platform to a cloud-native architecture across AWS, GCP and Azure could reduce friction in supplier workflows 1. If data migration is completed, matching researcher needs to available supply could become more precise 1.

    • Access to capitalmixed

      The company raised money through private placements and public offerings in 2025 and 2026, but says it will need additional capital 12. If financing becomes costly, platform development could slow 1.

    • Patient data regulationmixed

      The company says de-identification and compliance with HIPAA and other rules on specimen use are essential to its model 1. International expansion could bring different legal requirements and added risk 1.

    Competitive position

    The analysed sources do not explicitly name direct competitors. The company does note that the attractiveness of a fast-moving market could draw rivals with greater resources, and that consolidation in the biospecimen industry could intensify competition 1.

    • Biospecimen suppliers and biobanks in the company's network

      Hospitals, laboratories and biobanks supply specimens to the platform; the relationship is partnership-based, but they compete indirectly for access to data 1.

    • Rival specimen procurement platforms

      The company warns that new third-party marketplace technology could make it easier for rivals to build their own platforms 1.

    • Consolidated biospecimen industry groups

      Consolidation in the industry could increase competitive pressure and the cost of pursuing new opportunities 1.

    • Medical data and clinical trial recruitment services

      The company intends to enter patient recruitment for clinical trials and data licensing, where it could meet established players 1.

    News & filings

    In the press

    The latest news item in our archive is from 13 Oct 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / iSpecimen Inc. · 01 Apr 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / iSpecimen Inc. · 14 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / iSpecimen Inc. · 06 Aug 2024

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.