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Red Flags Detected

  • Going Concern (new) — Auditor raised substantial doubt about ability to continue as going concern due to recurring net losses and $71.9M accumulated deficit of $82,350,000,as of Dec 31, 2024.
  • Material Weakness (new) — Company identified material weakness in internal controls over sales tax compliance (documentation, calculation, collection, remittance); remediation ongoing since Q2 2023.

Partial Analysis Warning

One or more filing sections could not be analyzed because the AI response was not valid JSON. The rest of the report was generated normally, but this report may omit material changes from:

  • Notes: Section analysis failed; admin notified.
NASDAQ: ISPC iSpecimen Inc. 10-K

iSpecimen revenue collapses 79% to $1.9M; raises $5.7M in equity to extend runway

Filed April 1, 2026 · Period ending December 31, 2025 · Compared to 10-K Apr 14, 2025 · ~2 min read

Key Changes

  • high

    Revenue fell 79% year-over-year to $1.9 million as specimen count dropped 77% (23,139 → 5,425), signaling severe demand contraction. Company raised $5.7 million gross via two equity offerings in July 2025 to fund operations.

    MD&A: Revenue & Financing verify on EDGAR →
  • high

    Material weakness identified in sales tax controls (documentation, calculation, collection, remittance). External advisors engaged; remediation ongoing since Q2 2023. Management concluded disclosure controls ineffective as of Dec 31, 2024.

    Controls & Risk Factors verify on EDGAR →
  • high

    Going-concern warning persists: accumulated deficit reached $71.9M, net loss $12.5M in 2024. Cash burn improved 49% to $4.2M annually after 67% workforce-cost reduction, but runway remains under two years absent revenue recovery.

    Risk Factors & MD&A verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Source-verified from EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify