ISPC

MKT CAP:$707641

iSpecimen Inc.

Market Cap

$707641

Healthcare·Medical - Diagnostics & Research·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$0.15-$0.13 (-47.17%)

Apr 22, 2026

Company Details

iSpecimen Inc. provides technology that connects life science researchers who need human biofluids, tissues, and living cells for their research with biospecimens available in healthcare provider organizations worldwide. Its cloud-based tec...

CEO

Katharyn Field

IPO Date

Jun 17, 2021

Website

ispecimen.com

Key Metrics TTM

Revenue

$2M

-79.2% YoY

Net Income

-$10M

EPS (Diluted)

-$3.82

Free Cash Flow

-$4M

Revenue / Share

$0.42

Gross Margin

1.2%

Operating Margin

-465.4%

Net Margin

-543.7%

FCF Margin

-219.9%

P/S

0.4x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

Q4 2025

Apr 1, 2026

$51.8K-96.5%EPS -$0.59

Q3 2025

Nov 17, 2025

$106.6K-96.0%EPS -$0.48

Q2 2025

Aug 14, 2025

$713.1K-75.1%EPS -$0.42

Q1 2025

May 19, 2025

$1M-53.8%EPS -$2.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$3M	$1M	-$2M
Q2 22	$2M	$1M	-$3M
Q3 22	$3M	$1M	-$3M
Q4 22	$3M	$2M	-$2M
Q1 23	$3M	$2M	-$3M
Q2 23	$2M	$771.5K	-$4M
Q3 23	$3M	$1M	-$2M
Q4 23	$3M	$1M	-$3M
Q1 24	$2M	$1M	-$3M
Q2 24	$3M	$1M	-$2M
Q3 24	$3M	$1M	-$2M
Q4 24	$1M	$151.4K	-$6M
Q1 25	$1M	$400.2K	-$2M
Q2 25	$713.1K	$269.0K	-$2M
Q3 25	$106.6K	-$98.0K	-$3M
Q4 25	$51.8K	-$547.1K	-$3M

Valuation

Quarter	P/S	P/E
Q1 22	3.2x	—
Q2 22	2.1x	—
Q3 22	1.5x	—
Q4 22	1.2x	—
Q1 23	1.1x	—
Q2 23	1.2x	—
Q3 23	0.5x	—
Q4 23	0.5x	—
Q1 24	0.3x	—
Q2 24	0.4x	—
Q3 24	0.3x	—
Q4 24	0.2x	—
Q1 25	0.1x	—
Q2 25	0.4x	—
Q3 25	0.9x	—
Q4 25	1.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$1M	-$2M
Q2 22	-$2M	-$2M
Q3 22	-$2M	-$3M
Q4 22	-$207.4K	-$2M
Q1 23	-$3M	-$4M
Q2 23	-$2M	-$3M
Q3 23	-$2M	-$3M
Q4 23	$345.1K	-$687.3K
Q1 24	-$2M	-$2M
Q2 24	-$2M	-$2M
Q3 24	-$1M	-$1M
Q4 24	-$3M	-$3M
Q1 25	-$1M	-$1M
Q2 25	-$192.2K	-$192.7K
Q3 25	-$2M	-$2M
Q4 25	-$916.9K	-$916.9K

Capital Expenditures

Quarter	CapEx
Q1 22	$339.2K
Q2 22	$1
Q3 22	$772.1K
Q4 22	$2M
Q1 23	$2M
Q2 23	$1M
Q3 23	$966.9K
Q4 23	$1M
Q1 24	$284.6K
Q2 24	$172.2K
Q3 24	$180.0K
Q4 24	$32.9K
Q1 25	$0
Q2 25	$454
Q3 25	$0
Q4 25	$3

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-15.0%	+24.8%
Q2 22	-19.5%	+11.1%
Q3 22	-5.0%	+36.1%
Q4 22	+16.2%	+12.3%
Q1 23	+17.1%	+12.6%
Q2 23	-30.5%	+5.3%
Q3 23	+7.5%	-12.5%
Q4 23	-13.0%	+6.7%
Q1 24	-22.4%	-3.7%
Q2 24	+76.2%	-2.7%
Q3 24	-4.2%	-12.2%
Q4 24	-42.7%	+34.3%
Q1 25	-53.8%	-49.0%
Q2 25	-75.1%	-49.8%
Q3 25	-96.0%	-32.8%
Q4 25	-96.5%	-62.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$184.2K	7.3%
Q2 22	$229.3K	9.8%
Q3 22	$219.9K	8.5%
Q4 22	$45.1K	1.5%
Q1 23	$120.6K	4.1%
Q2 23	$124.7K	7.7%
Q3 23	$106.3K	3.8%
Q4 23	$108.1K	4.2%
Q1 24	$93.9K	4.1%
Q2 24	$79.6K	2.8%
Q3 24	$65.1K	2.4%
Q4 24	$0	0.0%
Q1 25	$15.9K	1.5%
Q2 25	$1.8K	0.3%
Q3 25	$1.8K	1.7%
Q4 25	$1.8K	3.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$527.5K	$2M	$747.4K
Q2 22	$635.6K	$2M	$950.6K
Q3 22	$752.7K	$3M	$832.6K
Q4 22	$740.4K	$2M	$914.7K
Q1 23	$834.4K	$2M	$962.2K
Q2 23	$843.1K	$2M	$977.7K
Q3 23	$921.6K	$1M	$897.4K
Q4 23	$967.8K	$3M	$983.2K
Q1 24	$912.0K	$2M	$665.9K
Q2 24	$911.9K	$1M	$1M
Q3 24	—	$892.7K	$631.6K
Q4 24	$951.7K	$4M	$3M
Q1 25	$545.4K	$758.7K	$347.1K
Q2 25	$536.3K	$948.4K	$258.4K
Q3 25	—	$864.1K	$1M
Q4 25	—	$901.1K	$549.1K

Revenue Segments

Quarter	Shipping and other	Specimens	Product	Shipping and Handling
Q1 22	$146.3K	$2M	—	—
Q2 22	$130.9K	$2M	—	—
Q3 22	$75.1K	$3M	—	—
Q4 22	$93.5K	$3M	—	—
Q1 23	$237.8K	$3M	—	—
Q2 23	$103.0K	$2M	—	—
Q3 23	$137.4K	$3M	—	—
Q1 24	$153.9K	$2M	—	—
Q2 24	$28.2K	$3M	—	—
Q3 24	$35.0K	$3M	—	—
Q1 25	—	—	$977.0K	$80.5K
Q2 25	—	—	$671.7K	$41.4K
Q3 25	—	—	$95.8K	$10.8K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$26M	$0	$26M
Q2 22	$24M	$0	$24M
Q3 22	$21M	$0	$21M
Q4 22	$15M	$0	$15M
Q1 23	$4M	$7M	$11M
Q2 23	$2M	$6M	$8M
Q3 23	$3M	$3M	$6M
Q4 23	$2M	$3M	$5M
Q1 24	$2M	$466.5K	$3M
Q2 24	$2M	$0	$2M
Q3 24	$2M	$0	$2M
Q4 24	$2M	$0	$2M
Q1 25	$782.6K	$0	$782.6K
Q2 25	$588.8K	$0	$588.8K
Q3 25	$3M	$0	$3M
Q4 25	$7M	$0	$7M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	438K	+15.6%	+836.3%
Q2 22	441K	+0.6%	+447.3%
Q3 22	444K	+0.6%	+27.6%
Q4 22	445K	+0.3%	+17.6%
Q1 23	449K	+0.8%	+2.5%
Q2 23	452K	+0.6%	+2.4%
Q3 23	453K	+0.3%	+2.1%
Q4 23	454K	+0.1%	+1.9%
Q1 24	457K	+0.6%	+1.7%
Q2 24	567K	+24.2%	+25.5%
Q3 24	687K	+21.2%	+51.6%
Q4 24	711K	+3.5%	+56.6%
Q1 25	711K	0.0%	+55.7%
Q2 25	2M	+251.2%	+340.3%
Q3 25	6M	+133.9%	+749.8%
Q4 25	5M	-21.2%	+547.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$42.7K	59
Q2 22	$39.6K	59
Q3 22	$43.8K	59
Q4 22	$39.5K	75
Q1 23	$39.3K	75
Q2 23	$21.7K	75
Q3 23	$37.0K	75
Q4 23	$48.6K	53
Q1 24	$43.2K	53
Q2 24	$54.0K	53
Q3 24	$50.2K	53
Q4 24	$27.8K	53
Q1 25	$20.0K	53
Q2 25	$13.5K	53
Q3 25	$2.0K	53
Q4 25	$7.4K	7

Revenue / Employee