iSpecimen revenue collapses 85% to $156k as specimen volume, pricing both plunge; burns $4M cash

Filed May 18, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 19, 2025 · ~2 min read

Key Changes

• high

  Revenue fell 85% year-over-year to $156k on 61% fewer specimens (890 vs 2,309) and 62% lower average price per specimen ($175 vs $458), signaling severe demand deterioration beyond prior accounting changes.

  MD&A: Revenue verify on EDGAR →
• high

  Cash burned $4.1 million in Q1 2026 (vs $1.1M in Q1 2025), falling to $2.8M despite May equity raise of ~$2.5M at $5.12/share—third capital raise in 12 months following 1:40 reverse split in April.

  MD&A: Liquidity verify on EDGAR →
• high

  Sales and marketing expense surged 344% to $1.5M on $1.5M external campaign spend, reversing prior-year 48% cost cuts, as company attempts to reverse collapsing demand despite ongoing losses.

  MD&A: Operating Expenses verify on EDGAR →