8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 17, 2022

iSpecimen Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-40501	27-0480143
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

450 Bedford Street
Lexington, MA 02420

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (781) 301-6700

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	ISPC	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

On February 17, 2022, iSpecimen Inc., a Delaware corporation (the “Company”) issued a press release (“Earnings Release”) announcing its financial and operating results for the fiscal year ended December 31, 2021. A copy of the press release is furnished as Exhibit 99.1 to this Current Report. You are advised that financial information in the Earnings Release for the fiscal year ended December 31, 2021 is based on preliminary uuaudited financial statements prepared by management. Accordingly, such financial information may be subject to change and while the Company does not expect there to be any material changes, any variation between the financial information provided in the Earnings Release and actual results may be material. The Company expects to file its audited financial statements for the fiscal year ended December 31, 2021 with its 2021 Annual Report on Form 10-K on or before March 31, 2022.

The Earnings Release contains certain statements and information that speak to the Company’s expectations or predictions of the future. These statements and information may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements are subject to risks and uncertainties, many of which are beyond the Company’s control, which could cause the Company’s actual results to differ materially from those expressed in or implied by these statements. Please see the Company’s disclosures regarding risk factors and forward-looking statements in its filings with the Securities and Exchange Commission (the “SEC”) (including Current Reports on Form 8-K, Quarterly Reports on Form 10-Q, and Annual Report on Form 10-K) for a discussion of the known material factors that could cause the Company’s actual results to differ materially from those indicated or implied by such forward-looking statements.

The information in this Item 2.02 and Exhibit 99.1 attached hereto will not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section, nor will it be incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

The Company held a conference call on February 17, 2022 (“Earnings Call”) in which it discussed its fourth quarter 2021 and fiscal year 2021 results. During the Earnings Call the Company provided an investor presentation, dated February 2022 (the “Presentation”), which is attached hereto as Exhibit 99.2 and incorporated by reference herein. The Presentation has also been posted on the Company’s website and can be accessed at https://investors.ispecimen.com/. The Company expressly disclaims any obligation to update the Presentation or any other information posted on or available through its website, and cautions that the information set forth therein is only accurate as of the date indicated on such materials. The inclusion of any data or statements in the Presentation (or available on or through the Company’s website) does not signify that such information is considered material.

The information in this Item 7.01 and Exhibit 99.2 attached hereto will not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor will it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

Forward-Looking Statement

This Current Report on Form 8-K may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Such forward-looking statements are characterized by future or conditional verbs such as “may,” “will,” “expect,” “intend,” “anticipate,” believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. Such statements are only predictions and the Company’s actual results may differ materially from those anticipated in these forward-looking statements.

There may be events in the future that the Company is not able to accurately predict or control. Factors that may cause such differences include, but are not limited to, those discussed under risk factors in the Company’s registration statement and other filings filed with the SEC, including the uncertainties associated with the Company’s lack of profitability, its continued capital needs, its lack of a long operating history, its growth strategy, the COVID-19 pandemic and its continued impact on the business, its technology development plans, and the regulatory environment in which it operates. Forward-looking statements speak only as of the date they are made. The Company does not assume any obligation to update forward-looking statements as circumstances change. The Company gives no assurance that it will achieve its expectations.

You may access the Company’s SEC filings by visiting SEC’s website at http://www.sec.gov. This Current Report does not constitute an offer or invitation for the sale or purchase of securities or to engage in any other transaction with the Company or its affiliates. The information in this Current Report is not targeted at the residents of any particular country or jurisdiction and is not intended for distribution to, or use by, any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press Release, dated February 17, 2022.
99.2	Investor Presentation, dated February 2022.
104	Cover Page Interactive Data File

Portions of this report may constitute “forward-looking statements” as defined by federal law. Although the Company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Additional information about issues that could lead to material changes in the Company’s performance is contained in the Company’s filings with the SEC.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 17, 2022

iSPECIMEN INC.
By:	/s/ Christopher Ianelli
	Name: Christopher Ianelli
	Title: Chief Executive Officer and President

EX-99.1

Exhibit 99.1

iSpecimen Reports Full Year 2021 Financial Results

- Record FY 2021 Revenue of $11.1 Million, Surpassing FY 2020 Revenue of $8.2 Million by 36% -

LEXINGTON, MA, February 17, 2021 – iSpecimen Inc. (Nasdaq: ISPC) (“iSpecimen” or the “Company”), an online marketplace for human biospecimens, today reported its financial results for the three and twelve-month periods ended December 31, 2021.

“iSpecimen achieved significant milestones in 2021. During the year, we successfully closed our IPO and began trading on the NASDAQ, raised $21 million in a private placement to advance the development of our Marketplace platform and expanded our supplier network,” said Christopher Ianelli, MD, PhD, CEO and President of iSpecimen. “Collectively, these milestones and accomplishments will help iSpecimen advance its efforts to address the highly fragmented global biospecimen procurement challenge, as well as strategically position the Company for further growth.”

Dr. Ianelli added, “Throughout 2022, we expect to further develop the iSpecimen Marketplace platform by expanding our supplier network, investing in technology and datasets, and assessing opportunities to alleviate supply constraints. At the same time, we are prepared to pursue accretive growth opportunities.”

FY 2021 Financial & Operational Highlights

· Revenue increased 36% to $11.1 million for the FY 2021, compared to $8.2 million for FY 2020.

· FY 2021 revenue mix comprised of $8.0 million of non-COVID-19 related revenue, or 72% of revenue, and $3.1 million of COVID-19 related revenue, or 28% of revenue, compared to the same period a year ago with a revenue mix of 57% of non-COVID-19 related revenue and 43% of COVID-19 related revenue

· Unique supplier organizations under agreement were 200 as of December 31, 2021, an increase from 181 as of December 31, 2020.

· Unique customer organizations with purchases totaled 415 as of December 31, 2021, an increase of 26% from 330 at the end of 2020.

· iSpecimen Marketplace had more than 5,000 registered research and supplier users as of December 31, 2021, up 33% year-over-year.

Recent Corporate Updates

· Contracted by U.S. Government and private researchers to supply critical human biospecimens to support new advanced research on COVID-19 seeking insights on its transmissibility, variants, outcomes, and testing validity among multiple population segments.

· Raised $21 million in a private placement in December 2021. The Company is well positioned to accelerate growth through both organic and inorganic growth strategies.

· Expanded supplier network of human biospecimens to help advance research in neurological disorders. iSpecimen has added more than a dozen sample providers to its network of suppliers that provide access to banked or custom collections of biospecimens such as cerebrospinal fluid, other biofluids, or cells to help advance CNS research.

· Expanded its global provider network footprint, with roughly 25% of new suppliers added in 2021 coming from outside the United States.

· Enhanced COVID-19 research with the addition of a reference lab in New York to provide sequenced specimens to detect variants. The expansion of its supplier capabilities support commercial and government customers focused on COVID-19 research, including analyzing the Omicron and Delta variants.

Financial Results for the Full Year 2021

Revenue for the full year 2021 increased 36% to $11.1 million, compared to $8.2 million during the full year 2020. The increase in revenue was primarily attributable to the success of our maturing sales team. For the full year 2021, non-COVID-19 related revenue was approximately $8.0 million, or 72% of revenue, compared to approximately $4.7 million, or 57% of our revenue for the comparable 2020 period. For the full year 2021, COVID-19 related revenue was approximately $3.1 million, or 28% of revenue, compared to approximately $3.5 million, or 43% of our revenue for the comparable period in 2020.

Cost of revenue was $5.2 million for the full year 2021, compared to $3.6 million for the full year 2020. This was attributable to a 56% increase in the average cost per specimen offset by a 6% decrease in the number of specimens accessioned during the same current twelve-month period over the same prior year period.

General and administrative expenses were $5.6 million, compared to $2.4 million during the same period last year. The increase in costs were primarily attributable to becoming a public company, including director and officer insurance, as well as increased costs in all other general and administrative areas such as human resources, outsourced information technology and software licenses, loss on sale of accounts receivable and allowance for doubtful accounts.

Net loss was approximately $9.0 million for the full year 2021, compared to net loss of over $4.7 million for the same period in 2020.

Cash was approximately $27.7 million as of December 31, 2021.

*The financial information presented in this press release is based on preliminary unaudited financial statements prepared by management, for the year ended December 31, 2021, and is fully qualified by the section in this press release entitled ‘Disclaimer Regarding Financial Information.’

Conference Call and Webcast Information

The Company will host a conference call and audio webcast today, Thursday, February 17^th at 8:30 a.m. Eastern Time featuring remarks by Christopher Ianelli, MD, PhD, CEO and President, Tracy Curley, CFO and Treasurer, and Jill Mullan, COO and Secretary.

Event:	iSpecimen Full Year 2021 Results Conference Call
Date:	Thursday, February 17, 2022
Time:	8:30 a.m. Eastern Time
Live Call:	+1-877-425-9470 (U.S. Toll Free) or + 1-201-389-0878 (International)
Webcast:	https://viavid.webcasts.com/starthere.jsp?ei=1526504&tp_key=09d0a0a925

For interested individuals unable to join the conference call, a replay will be available through March 3, 2022, at +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International). Participants must use the following code to access the replay of the call: 13726694. An archived version of the webcast will also be available on iSpecimen’s Investor Relations site: https://ispecimen.irpass.com/.

About iSpecimen

iSpecimen offers an online marketplace for human biospecimens, connecting life scientists in commercial and non-profit organizations with healthcare providers that have access to patients and specimens needed for medical discovery. Proprietary, cloud-based technology enables scientists to intuitively search for specimens and patients across a federated partner network of hospitals, labs, biobanks, blood centers, and other healthcare organizations. For more information about iSpecimen, please visit www.ispecimen.com.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as “may,” “will,” “expect,” “intend,” “anticipate,” believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risks factors contained in the Company’s filings with the Securities and Exchange Commission, which are available for review at www.sec.gov. Forward-looking statements speak only as of the date they are made. New risks and uncertainties arise over time, and it is not possible for the Company to predict those events or how they may affect the Company. If a change to the events and circumstances reflected in the Company’s forward-looking statements occurs, the Company’s business, financial condition and operating results may vary materially from those expressed in the Company’s forward-looking statements.

Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Disclaimer Regarding Financial Information

The financial information presented in this press release is based on preliminary, unaudited financial statements prepared by management, for the year ended December 31, 2021. Accordingly, such financial information may be subject to change. All information contained in this press release will be qualified with reference to the audited financial results for the year ended December 31, 2021, which will be released on or before March 31, 2022, and will be posted on www.SEC.gov. While the Company does not expect there to be any material changes to the financial information provided in this press release, any variation between the Company’s actual results and the preliminary financial information set forth herein may be material.

For further information, please contact:

Investor Contact

KCSA Strategic Communications

Allison Soss

iSpecimen@kcsa.com

Media Contact

KCSA Strategic Communications

Caitlin Kasunich / Raquel Cona

iSpecimen@kcsa.com

iSpecimen Inc.

BALANCE SHEETS

	December 31, 2021			December 31,
	(Unaudited)			2020
ASSETS
Current assets:
Cash	$	27,738,979		$	695,909
Accounts receivable - unbilled		1,739,020			652,761
Accounts receivable, net of allowance for doubtful accounts of $269,170 and $108,096 at December 31, 2021 and December 31, 2020, respectively		3,002,442			1,526,392
Prepaid expenses and other current assets		327,035			417,929
Tax credit receivable, current portion		140,873			179,376
Total current assets		32,948,349			3,472,367
Property and equipment, net		32,781			75,589
Internally developed software, net		2,710,867			2,634,139
Security deposits		27,601			27,601
Total assets	$	35,719,598		$	6,209,696
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	832,678		$	1,792,432
Accrued expenses		1,009,803			810,910
Accrued interest		8,167			3,696,944
Convertible notes payable, related parties, net of unamortized debt discount and debt issuance costs		-			5,490,811
Derivative liability for embedded conversion features on convertible notes payable		-			2,373,000
Bridge notes payable, net of debt issuance costs		-			4,589,228
Bridge notes payable, related parties		-			1,905,000
Note payable, current portion		-			604,109
Deferred revenue		654,746			873,254
Total current liabilities		2,505,394			22,135,688
Note payable, net of current portion		-			178,899
Term loan		3,422,616			-
Total liabilities		5,928,010			22,314,587
Commitments and contingencies
Series B convertible preferred stock, $0.0001 par value, 3,200,000 shares authorized, 0 and 572,465 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively		-			7,999,997
Series A-1 convertible preferred stock, $0.0001 par value, 556,550 shares authorized, 0 and 100,365 issued and outstanding at December 31, 2021 and December 31, 2020, respectively		-			561,041
Series A convertible preferred stock, $0.0001 par value, 3,427,871 shares authorized, 0 and 618,182 issued and outstanding at December 31, 2021 and December 31, 2020, respectively		-			2,612,038
Total convertible preferred stock		-			11,173,076
Stockholders' equity (deficit)
Common stock, $0.0001 par value, 200,000,000 shares authorized, 8,764,479 issued, and 8,733,479 outstanding at December 31, 2021, and 16,000,000 shares authorized, 967,213 issued and 936,213 outstanding at December 31, 2020		873			94
Additional paid-in capital		67,810,289			1,779,698
Treasury stock, 31,000 shares at December 31, 2021 and December 31, 2020, at cost		(172	)		(172	)
Accumulated deficit		(38,019,402	)		(29,057,587	)
Total stockholders' equity (deficit)		29,791,588			(27,277,967	)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$	35,719,598		$	6,209,696

iSpecimen Inc.

STATEMENTS OF OPERATIONS

	Year ended December 31,
	2021			2020
	(Unaudited)
Revenue	$	11,135,303		$	8,184,106
Operating expenses:
Cost of revenue		5,249,013			3,585,477
Technology		1,837,882			1,465,348
Sales and marketing		2,422,743			1,783,563
Supply development		573,913			497,182
Fulfillment		1,363,522			859,643
General and administrative		5,613,476			2,399,273
Total operating expenses		17,060,549			10,590,486
Loss from operations		(5,925,246	)		(2,406,380	)
Other expense, net
Interest expense		(2,102,681	)		(2,096,795	)
Change in fair value of derivative liability on convertible notes		(271,000	)		(159,000	)
Change in fair value of derivative liability on bridge notes and bridge notes, related parties		1,582,700			-
Gain (loss) on extinguishment of bridge notes and bridge notes, related parties		(2,740,425	)		-
Loss on extinguishment of convertible notes and convertible notes, related parties		(260,185	)		-
Gain on extinguishment of note payable		788,156			-
Other income		-			9,654
Other expense, net		(44,531	)		-
Interest income		11,397			437
Other expense, net		(3,036,569	)		(2,245,704	)
Net loss before benefit from income taxes		(8,961,815	)		(4,652,084	)
Benefit from income taxes		-			-
Net Loss	$	(8,961,815	)	$	(4,652,084	)
Net loss per share
Basic and diluted	$	(2.09	)	$	(4.97	)
Weighted average common shares outstanding
Basic and diluted		4,287,424			936,213

EX-99.2

Exhibit 99.2

CONNECT. INNOVATE. February 2022 Investor Presentation ( through Q4 2021) TRANSFORMING BIOSPECIMEN PROCUREMENT An online marketplace for human biospecimens

This presentation may contain forward - looking statements within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended . Such forward - looking statements are characterized by future or conditional verbs such as “may,” “will,” “expect,” “intend,” “anticipate,” believe,” “estimate” and “continue” or similar words . You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward - looking information . Such statements are only predictions and our actual results may differ materially from those anticipated in these forward - looking statements . We believe that it is important to communicate future expectations to investors . However, there may be events in the future that we are not able to accurately predict or control . Factors that may cause such differences include, but are not limited to, those discussed under Risk Factors in our registration statement and other filings filed with the Securities and Exchange Commission (the "SEC"), including the uncertainties associated with our lack of profitability, our continued capital needs, our lack of a long operating history, our growth strategy, the COVID - 19 pandemic and its continued impact on the business, our technology development plans, and the regulatory environment in which we operate . We do not assume any obligation to update forward - looking statements as circumstances change . Certain market data information in this presentation is based on management's estimates . We obtained the industry, market and competitive position data used throughout this presentation from internal estimates and research as well as from industry publications and research, surveys and studies conducted by third parties . We believe our estimates to be accurate as of the date of this presentation . However, this information may prove to be inaccurate because of the method by which we obtained some of the data for our estimates or because this information cannot always be verified due to the limits on the availability and reliability of raw data, and the nature of the data gathering process . You may access our SEC filings by visiting SEC’s website at http : //www . sec . gov . This presentation does not constitute an offer or invitation for the sale or purchase of securities or to engage in any other transaction with us or our affiliates . The information in this presentation is not targeted at the residents of any particular country or jurisdiction and is not intended for distribution to, or use by, any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation . Forward - Looking Statements 2

Christopher Ianelli, MD PhD | Chief Executive Officer, President, and Director Dr . Ianelli has been serving as our Chief Executive Officer, President, and Director since founding iSpecimen in July 2009 . Dr . Ianelli served as Chief Executive Officer of Abkine Pharmaceuticals, Inc . Dr . Ianelli served as Managing Director at Leerink Partners (formerly Leerink Swann), a leading healthcare and life science investment bank, where he managed the expansion and delivery of services and directed strategy to develop new healthcare data and information assets for the firm from August 2003 to March 2008 . Prior to that, Dr . Ianelli was a co - founder and Managing Director of Boston Medical & Scientific Advisors, a healthcare investment research firm . Dr . Ianelli received his Bachelor of Science degree in Biological Sciences from University of Lowell and both his Ph . D . in Immunology and his M . D . from Tufts University . He completed his residency training, including a year as Chief Resident, in Pathology at Brigham & Women’s Hospital and Harvard Medical School . Jill Mullan | Chief Operating Officer, Secretary, and Director Ms . Mullan h as been serving as our Chief Operating Officer since August 2013 , Secretary since November 2012 , Treasurer from February 2017 to June 2021 , and Director since October 2014 . She joined the Company in 2010 as the Vice President of Marketing . From 2003 to 2010 , she was a marketing and business strategy consultant to various technology - based companies including EMC, AppNeta, and Planon Software . From 2000 to 2003 , Ms . Mullan was on the founding team and Director of Marketing at Storigen Systems, a provider of distributed storage networks . She was also employed at Avid Technology from 1996 to 2000 , most recently as a Director of Product Marketing and Management with product responsibility for Avid’s editing product line . Prior to that, she worked at IBM, MIPS, and Hewlett Packard . She graduated with distinction from Cornell University with a Bachelor of Science in electrical engineering and received a Masters of Business Administration from Stanford University with a focus on entrepreneurship and marketing . Tracy Curley | Chief Financial Officer and Treasurer Ms . Curley brings three decades of experience in public accounting and corporate finance for both publicly traded companies and emerging companies like iSpecimen and joined iSpecimen in August 2020 . She came to iSpecimen after over a decade with national accounting firms such as CohnReznick where she focused on serving clients in the middle markets . During her time as a partner in public accounting firms, she was responsible for creating and leading teams to provide audit and consulting services to a growing clientele of private and public emerging growth companies primarily in the technology and life sciences industries . Ms . Curley received her Master of Accountancy and Bachelor of Science in Business Administration with a concentration in accounting from Kansas State University . She also attended the United States Military Academy . She is a certified public accountant licensed in the Commonwealth of Massachusetts . Benjamin Bielak | Chief Information Officer Mr . Bielak has been serving as our Chief Information Officer since June 2018 . He served as the Chief Information Officer at GNS Healthcare, a leading casual machine learning product and services company, from January 2017 to May 2018 and as Director of Academic Technology at Harvard University, from February 2015 to January 2017 . Prior to his work at GNS and Harvard, Mr . Bielak was the Chief Information Officer at Dovetail Health from November 2006 to April 2014 . He previously held roles as Manager of Development and Integration at Boston Medical Center and Senior Manager of Technology at Sapient, a global services company, from December 1997 to July 2005 . Mr . Bielak holds a Masters of Business Administration degree from Bentley University, where his studies focused on change management, and a master’s degree from Boston University in computer science . Management Team 3

Investor Highlights 4 ~200 Healthcare Provider / Supplier Organizations ~400 Customer Organizations 1. Early - stage opportunity with a first mover advantage 2. $3B - $4B global biospecimen market growing at 10 - 15% per year 1 3. Unique two - sided marketplace disrupting the biospecimen procurement process 4. Strong revenue growth with a 6 - year CAGR of 59% 5. Growing data asset that’s a key enabler and differentiator 1 “Sources Cited” page 28

Accelerate scientific discovery in an online marketplace that empowers researchers to instantly search for and gain access to patients, biospecimens, and data across a global network of healthcare providers Our Vision 5

Human Biospecimens are Essential for Life Science R&D Basic Research Biomarker Identification & Validation Drug Discovery & Development Diagnostics Discovery & Validation Biofluids Solid Tissue Stem & Immune Cells Plasma, Serum, Urine, Saliva Industry Academia Government 6 Lung, Breast, Colon, Brain Bone Marrow, Blood, Tonsils, Lymph Nodes Applications Patients SUPPLY HEALTHCARE PROVIDERS DEMAND LIFE SCIENCE RESEARCHERS Biospecimens Data Organizations Medical Record

10 - 15% Annual Growth Fueled by precision and regenerative medicine research 2 Disconnected Market Participants in Need of a Marketplace Solution With an Inefficient Supply Chain Manual processes plus fragmentation make it ripe for an online marketplace solution Large and Inefficient Biospecimen Market $3 - $4 Billion Worldwide yearly spend on human biospecimen procurement 1 7 1, 2 “Sources Cited” page 28

Market Inefficiencies PROVIDER RESEARCHER Scientist / Informaticist Procurem ent Legal & Compliance IT / Informaticist Scientist & Informaticist Legal & Compliance IT / Informaticist Researcher & Procurement Legal & Compliance Principal Investigator & Specimen Operations PATIENTS PROVIDERS RESEARCHERS 8 Difficulties Connecting, Searching, and Compliantly Transacting 6 - 12 months on average to develop relationships, requiring the involvement of many stakeholders 3 3 “Sources Cited” page 28

Inefficiencies Lead to Losses Providers miss revenue and research opportunities > 3 Billion clinical specimens are discarded annually worldwide 5 > 1 Billion Patient encounters yearly in the U.S. where a specimen could be provided for research 4 > 800 Million banked specimens are in biorepository inventories worldwide 6 9 Researchers limit their work … in 2022, 79% of researchers said they find it difficult - to - extremely difficult to find the type and quantity of specimens they need 8 “Challenging” and “Inefficient” most common words used to describe biospecimen procurement process by researchers 8 10 years ago, 81% of researchers said they limit the scope of their work due to difficulties obtaining biospecimens 7 4,5,6,7,8 “Sources Cited” page 28

The iSpecimen Marketplace Solution 10 PROVIDER Procurement Principal Investigator / Operations IT / Informaticist PATIENTS Legal & Compliance IT / Informaticist Researcher & Procurement Legal & Compliance Principal Investigator & Specimen Operations Scientist & Informaticist Blood / Pheresi s Centers Clinical Labs Biorepositories Pathology Labs RESEARCH PATHWAY CLINICAL PATHWAY Industry Academia Government RESEARCHERS An Online Platform That Instantly Connects Researchers to a Global Network of Patients, Biospecimens, and Data to Accelerate Time to Discovery Saves months in the average biospecimen procurement process PROVIDERS Healthcare Data

Full - Service Procurement We Not Only Connect Suppliers and Customers, but We Also Manage the Entire Procurement Process Click to See the Overview Video SPECIMEN SEARCH & SELECTION SPECIMEN LOGISTICS SPECIMEN MANAGEMENT DATA MANAGEMENT STUDY/ORDER MANAGEMENT SUPPLIER SITE TRAINING COLLECTION KIT BUILDING COMPLIANCE MANAGEMENT STUDY DESIGN & SPECIFICATION CONTRACTING 11 https://pages.ispecimen.com/rs/473 - GLR - 825/images/ISPCintro.mp4

Suppliers and Researchers Benefit Advance Discovery Suppor t research mission and advance diagnostic, therapeutic, and vaccine research Increase Revenue Instantly connect to a global network of researchers Ensure Compliance On a platform that protects the privacy and security of patient information Accelerate Research Search for specimens anytime, anywhere, through our easy - to - use online marketplace Save Money Instantly connect to a global network of specimen providers Reduce Risk On a platform that manages contracting and regulatory compliance Providers… Researchers… 12

13 34 66 102 147 181 200 2015 2016 2017 2018 2019 2020 2021 Growing Supplier Adoption 1000+ Hospitals Also includes three Healthcare Information Exchanges 58% CAGR Number of Suppliers (2015 - 2021) WORLDWIDE COVERAGE United States United Kingdom Germany France Ukraine Georgia Bulgaria Russian Federation India Peru Dominican Republic Jamaica Spain Mexico Netherlands Cumulative Supplier Organizations Under Agreement 2015 – 2021 Unique Supplier Organizations Provide Access to: 000’s Clinics and Practice Groups ~55 Biorepositories ~140 Clinical Research Centers ~55 Clinical and Pathology Labs 7 Blood Centers 13

$700 $1,448 $3,067 $4,395 $4,298 $8,184 $11,135 2015 2016 2017 2018 2019 2020 2021 Cumulative Customer Organizations with Purchases 2015 – 2021 61% CAGR Customers (2015 – 2021) Revenue ($000) - Unaudited 2015 - 18, 21 2015 – 2021 59% CAGR Revenue (2015 – 2021) Growing Researcher Adoption 70% of the Top 20 Pharma Companies and 70% of the Top 20 IVD Companies Worldwide are iSpecimen customers are iSpecimen customers >165,000+ Specimens Across >2,200 Projects delivered to our customers 14 24 69 135 172 230 330 415 2015 2016 2017 2018 2019 2020 2021

80 118 668 1,587 2,681 3,871 5,218 2015 2016 2017 2018 2019 2020 2021 Cumulative Researcher and Supplier Marketplace Users 2015 – 2021 101% CAGR Registered Users (2015 – 2021) Growing Marketplace Adoption ~4,400 Unique searches performed by researchers in the iSpecimen Marketplace in 2021 ~65% % of suppliers in the iSpecimen Marketplace with specimen requests in 2021 15 Annual Researcher and Supplier Marketplace Logins* 2015 – 2021 50% CAGR Marketplace Logins (2015 – 2021) 2,214 7,237 9,518 16,962 21,009 27,221 24,847 2015 2016 2017 2018 2019 2020 2021 *Researcher logins grew by 7% in 2021 while supplier logins dropped by 9% due to pandemic slowdowns at healthcare provider pa rtn ers

“Utilization of sample data for research and for monetization is the next key value driver for the biobanks.” - Frost & Sullivan, Global Biobanking Market Landscape Growing Data Asset Banked Specimen Records Patient Records Medical Condition Records Clinical Specimen Records Laboratory Test Records Millions of Unique Specimen and Patient Records provide a competitive advantage and differentiator now and available for future adjacent opportunities such as patient search, clinical trial recruitment, and data licensing. 75 M+ 16 1 M+ 14 M+ 890K 600M

Statements of Operations 17 2021 2020 (Unaudited) Revenue $ 11,135,303 $ 8,184,106 Operating expenses Cost of revenue 5,249,013 3,585,477 Technology 1,837,882 1,465,348 Sales and marketing 2,422,743 1,783,563 Supply development 573,913 497,182 Fulfillment 1,363,522 859,643 General and administrative 5,613,476 2,399,273 Total operating expenses 17,060,549 10,590,486 Loss from operations (5,925,246) (2,406,380) Other income (expense), net Interest expense (2,102,681) (2,096,795) Change in fair value of derivative liability on convertible notes (271,000) (159,000) Change in fair value of derivative liability on bridge notes 1,582,700 - Gain (loss) on extinguishment of bridge notes and bridge notes (2,740,425) - Loss on extinguishment of convertible notes and convertible notes (260,185) - Gain on extinguishment of note payable 788,156 - Other income - 9,654 Other expense, net (44,531) - Interest income 11,397 437 Other expense, net (3,036,569) (2,245,704) Net loss before benefit from income taxes (8,961,815) (4,652,084) Benefit from income taxes - - Net loss $ (8,961,815) $ (4,652,084) Year ended December 31,

Balance Sheet 18

19 Fully Diluted Shares of Common Stock Outstanding Diluted Common Shares Shares outstanding at December 31, 2021 8,733,479 Shares issuable upon vesting of RSUs 285,542 Shares issuable upon exercise of stock options 257,717 Shares issuable upon exercise of Lender Warrant to purchase common stock 12,500 Shares issuable upon exercise of Underwriter Warrants to purchase common stock 90,000 Shares issuable upon exercise of PIPE Warrants to purchase common stock 1,312,500 Total diluted shares at December 31, 2021 10,691,738

Investor Summary 20 ~200 Healthcare Provider / Supplier Organizations ~400 Customer Organizations 1. Early - stage opportunity with a first mover advantage 2. $3B - $4B global biospecimen market growing at 10 - 15% per year 3. Unique two - sided marketplace disrupting the biospecimen procurement process 4. Strong revenue growth with a 6 - year CAGR of 59% 5. Growing data asset that’s a key enabler and differentiator

CONNECT. INNOVATE. Sign up for free iSpecimen Marketplace account at www.ispecimen.com CONTACT US iSpecimen Inc. 450 Bedford Street Lexington, MA 02420 investors@ispecimen.com ispecimen.com

Appendix 22

Strategic Evolution PHASE 3 Expansion via the Online iSpecimen Marketplace Ƞ START UP Company Ideation and Self - Funding PHASE 1 Proof of Concept PHASE 2 Critical Mass of Suppliers and Early Customer Adoption 2010 – 2011 2012 – 2013 2014 – 2017 2018 – 2021 0 Customers 1 Supplier Agreement 0 Specimen Records 0 Patient Records 0 FTEs $500K Friends and Family Covert. Debt 1 Customer 3 Supplier Agreements 2+ Million Specimen Records 400+ Thousand Patient Records 7 FTEs $2.5M Series A 140+ Customers 60+ Supplier Agreement 26+ Million Specimen Records 5+ Million Patient Records 33 FTEs $8M Series B 400+ Customers 200 Supplier Agreement 75+ Million Specimen Records 14+ Million Patient Records 59 FTEs $20.7M + $21M IPO + Private Placement 23

iSpecimen Marketplace UI/UX Use Pulldowns to Enter Three High Level Search Criteria Tissue Search Example 24

to View Initial Results View Case Cards to See Specimens that Meet Criteria 25 iSpecimen Marketplace UI/UX

Refine Search Results Using Sliders and Check Boxes Add Specimens to the Cart iSpecimen Marketplace UI/UX 26

View Cart and Add More Specimens Request a Quote iSpecimen Marketplace UI/UX 27 Track and Manage Requests

28 Page Note Source Cited 7 1 iSpecimen estimates based on In Vitro Diagnostics Market Size, Share & Trends Analysis Report By Product, By Application, By Technology (Immunochemistry, Molecular Diagnostics) By End - use, By Region, And Segment Forecasts, 2021 – 2027. Grandview Research, January 2021; and World Preview 2020,Outlook to 2026. EvaluatePharma, July 2020. 7 2 Global Marketing Insights, Precision Medicine Market Size By Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics), By Application (Oncology, Immunology, CNS, Respiratory), By End - use (Pharmaceutical Companies, Diagnostic Companies, Healthcare IT companies), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026, Feb. 2020. and Regenerative Medicine Market Size, Share and Industry Analysis by Product (Cell Therapy, Gene Therapy, Tissue Engineering, Platelet Rich Plasma), By Application (Orthopaedics, Wound Care, Oncology), By Distribution Channel (Hospitals, Clinics) & Re gio nal Forecast, 2019 – 2026. Fortune Business Insight, 2019. 8 3 Frost & Sullivan, Global Biobanking Market Landscape. May 20, 2020, page 357 . 9 4 Centers for Disease Control, https://www.cdc.gov/nchs/data/ahcd/namcs_summary/2016_namcs_web_tables.pdf 9 5 iSpecimen estimates based upon American Association of Clinical Chemistry US lab test data cited at https://www.360dx.com/research - funding/aacc - calls - congress - fund - clinical - lab - training - programs, 2020; and Clinical Lab Services, Global Market Trajectory and Analytics; Global Industry Analysts report, 2020. 9 6 iSpecimen estimate based upon Henderson, G.E., Cadigan, R.J., Edwards, T.P. et al. Characterizing biobank organizations in th e U .S.: results from a national survey, 2013; and Puchois, Comprehensive Biomarker Discovery and Validation for Clinical Application, 2013. 9 7 Holly A. Massett et al. Assessing the need for a standardized cancer HUman Biobank (caHUB): findings from a national survey w ith cancer researchers; JNCI Monographs, Volume 2011, Issue 42, June 2011. 9 8 Specimen Independent Researcher Survey, 2022. Sources Cited

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Cover	Feb. 17, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 17, 2022
Entity File Number	001-40501
Entity Registrant Name	iSpecimen Inc.
Entity Central Index Key	0001558569
Entity Tax Identification Number	27-0480143
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	450 Bedford Street
Entity Address, City or Town	Lexington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02420
City Area Code	781
Local Phone Number	301-6700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	ISPC
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false