Here are a couple of analogies for iSpecimen:

• Think of it as an Amazon for medical research samples and data.

• It's like an eBay for human biospecimens.

• iSpecimen Marketplace Platform: A cloud-based online marketplace that connects life science researchers with healthcare organizations providing access to human biospecimens, subjects, and data.

iSpecimen (ISPC) sells primarily to other companies and institutions. Its major customers fall into the following categories:

• Biopharmaceutical companies
• In vitro diagnostic companies
• Government/academic institutions

Katharyn Field, Chief Executive Officer, President, Secretary, and Treasurer

Ms. Field was appointed Chief Executive Officer, Secretary, and Treasurer of iSpecimen on November 7, 2025, and continues to serve as President, a role she assumed on February 28, 2025. Her background includes extensive experience in strategy consulting and executive leadership across both private and public sectors. Ms. Field is currently the CEO and Chairman of Halo Collective Inc., a cannabis company, a position she has held since May 2019. She also serves as an Executive Director at Akanda Corporation, a medical cannabis company, since June 2022, and as a director of Virpax Pharmaceuticals, Inc., a preclinical-stage pharmaceutical company, since July 2024. In 2014, Ms. Field played a pivotal role in the procurement, build-out, and sale of one of the original vertically integrated licensed medical marijuana treatment centers in Florida. She previously operated a strategy consulting practice focused on cannabis and served as Executive Vice President of Corporate Development at MariMed from 2018 to 2019. Her career also includes prominent positions at The White House, The Brookings Institution, and Bain & Company. Ms. Field holds an MBA in Economics from Columbia Business School and a BA in Public Policy with honors from Stanford University.

Yuying Liang, Chief Financial Officer

Mr. Liang was appointed Chief Financial Officer of iSpecimen on December 13, 2024. He is a certified public accountant (CPA) with significant experience in corporate accounting, financial reporting, and CFO services. Mr. Liang has provided financial leadership and strategic guidance to numerous public and private companies across various sectors.

Eric Langlois, Chief Revenue Officer

Mr. Langlois was appointed Chief Revenue Officer in January 2023. He joined iSpecimen in 2016 and previously served as the Senior Vice President of Sales and Business Development, during which time he led the company to 3,000 percent revenue growth. Prior to joining iSpecimen, Mr. Langlois served as Global Head of Sales for The Reprocell Group, where he was responsible for integrating sales teams across four portfolio companies focused on cellular reprogramming, stem cells, 3D cell culture, genomics, and biospecimens. He has over 25 years of experience in life science research, having held senior sales roles at companies such as Genomics Collaborative, SeraCare Life Sciences, SeqWright, and BioServe. Mr. Langlois holds a BS in Biotechnology/Biochemistry from Worcester Polytechnic Institute.

Annette Arnold, Senior Vice President, Sales & Business Development

Ms. Arnold is responsible for driving and managing all aspects of iSpecimen's sales and business development efforts. She brings over 20 years of experience excelling in sales within the biospecimen market, applying her strategic vision, negotiation skills, and management expertise. She plays a crucial role in developing the company's supply partner network to meet growing customer demand.

Carly Lejnieks, Senior Vice President, Marketing

Ms. Lejnieks and her team focus on presenting iSpecimen's unique offerings to life science customers who require streamlined and compliant solutions for procuring human biospecimens. She has over 20 years of experience leading marketing strategies, integrated programs, and high-growth initiatives for organizations in the life science industry. Before joining iSpecimen, Ms. Lejnieks worked as a marketing consultant for more than a decade, serving clients in the healthcare and life science sectors.

The key risks to iSpecimen's business are primarily centered around its financial viability and the sustainability of its core operations.

1. Financial Solvency and Going Concern Doubt: iSpecimen faces a severe liquidity crisis and operational challenges, marked by a dramatic decline in revenue and significant net losses. The company's Q3 2025 report showed a 96% year-over-year revenue plummet and a widening net loss. Management has expressed substantial doubt about the company's ability to continue as a going concern, underscored by a low current ratio and insufficient cash runway.
2. Significant Revenue Contraction and Lack of Sustainable Business Model: The core biospecimen marketplace model has experienced a near-total collapse in revenue, raising serious questions about its effectiveness and long-term viability. The company also relies on a relatively small number of customers for a substantial portion of its revenue and does not operate on a recurring revenue model, making its income streams unstable and highly susceptible to changes in demand or customer attrition.
3. High Volatility and Shareholder Dilution Risk: iSpecimen's stock price has been highly volatile. Recent and planned issuances of shares, including a significant number registered for resale from Series C preferred conversions, pose a substantial risk of diluting existing shareholder value and exerting downward pressure on the stock price. This also impacts the company's ability to maintain its Nasdaq listing.

Expected Drivers of Future Revenue Growth for iSpecimen (ISPC)

• Expansion of AI-Driven Capabilities: iSpecimen recently launched an AI agent designed to revolutionize biospecimen matching, indicating a strategic focus on leveraging artificial intelligence. The company plans to further expand its AI features to include automated monitoring and validation of regulatory submissions, enhance automation of high-compliance and data-intensive workflows, and improve intelligent lead qualification and outreach management. These advancements are expected to streamline operations and enhance the efficiency and appeal of its marketplace.
• Increased Demand and Diversification of Biospecimen Offerings: iSpecimen is experiencing growing interest from clients seeking a broader range of specimen types, including FFPE (formalin-fixed paraffin-embedded) and fresh frozen (FF) tissue. The company has also demonstrated its capability for rapid procurement, such as successfully collecting 500 influenza swab samples in a short timeframe for a customer research project, which has led to ongoing engagement for future respiratory sampling needs. This expansion in offerings and demonstrated responsiveness are anticipated to attract and retain more customers.
• Digital Transformation and Marketplace Optimization: Recent announcements include the completion of "Milestone 2: System Integration and Marketplace Activation" in February 2026, as part of iSpecimen's digital transformation initiatives. Enhancements to its proprietary online marketplace platform, which connects researchers with human biofluids, tissues, and living cells, are expected to improve user experience, increase operational efficiency, and facilitate greater transaction volume.
• Penetration of the Growing Contract Research Services Market: iSpecimen's core business operates within the broader contract research services market for biospecimens, a sector projected to reach $13.5 billion by 2032 with a compound annual growth rate (CAGR) of 13.3%. Despite current financial challenges, the underlying large and expanding market for biospecimen procurement represents a significant long-term opportunity for the company to capture increased market share.

• iSpecimen completed its initial public offering (IPO) in June 2021, issuing 2,250,000 shares of common stock at $8.00 per share, resulting in gross proceeds of $18,000,000.
• The company experienced substantial share dilution, with the number of shares outstanding increasing by 76.4% in Q3 2025 and by 915% over the prior year.
• In 2025, iSpecimen undertook equity raises totaling approximately $5.75 million, which included a $3,999,574 underwritten offering and a $1,749,998 private placement. A private placement announced on December 30, 2025, introduced more shares into the market for approximately $5.5 million through the issuance of Series C Convertible Preferred Stock.

• In June 2021, iSpecimen raised $18,000,000 in gross proceeds from its initial public offering.
• The company announced a private placement of approximately $5.5 million on December 30, 2025.
• During 2025, iSpecimen secured approximately $5.75 million through an underwritten offering and a private placement.

• iSpecimen reported minimal capital expenditures, with $32,000 in CapEx consuming most of its -$8.3 million in operating cash flow.
• In Q3 2025, the company recorded $0 in capital expenditures.
• The net proceeds from the 2021 IPO were earmarked for various corporate expenses, including technology development, sales and marketing, supply development, and customer acquisition.