iSpecimen Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>iSpecimen Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

iSpecimen Inc. (ISPC) filed a Annual Report (10-K) with the SEC on March 13, 2024. iSpecimen Inc. filed its 2023 Form 10-K on March 13, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Commercial Physical & Biological Research. iSpecimen Inc. is incorporated in Delaware. The company's principal executive offices are located in Lexington, MA.

Why It Matters

For investors and stakeholders tracking iSpecimen Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of iSpecimen's financial performance, business operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. Understanding the details within this report, such as revenue segments, executive compensation, and risk disclosures, is essential for making informed investment decisions regarding iSpecimen Inc. (ISPC).

Risk Assessment

Risk Level: medium — iSpecimen Inc. shows moderate risk based on this filing. The company's financial health and operational risks are not explicitly detailed with specific figures in the provided text, necessitating a review of the full filing for a precise risk assessment.

Analyst Insight

Review the full 10-K filing for detailed financial statements, revenue breakdowns, and risk factor analysis to understand iSpecimen Inc.'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-13 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End Month/Day (Fiscal year end)

Key Players & Entities

• iSpecimen Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• March 13, 2024 (date) — Filing date
• Lexington, MA (location) — Business address city and state
• 781-301-6700 (phone) — Business phone number
• DE (state) — State of incorporation
• 8731 (sic_code) — Standard Industrial Classification code
• 001-40501 (filing_number) — SEC file number

FAQ

Industry Context

iSpecimen Inc. operates within the Commercial Physical & Biological Research industry, focusing on providing biological specimens and related services.

Regulatory Implications

The company is subject to SEC regulations as a publicly traded entity, requiring regular filings like the 10-K to disclose financial and operational information.

What Investors Should Do

1. Thoroughly review the financial statements and management's discussion and analysis (MD&A) in the 10-K for detailed insights into revenue, expenses, and profitability.
2. Examine the risk factors section to understand potential challenges and uncertainties facing iSpecimen Inc.
3. Investigate executive compensation details and stock incentive plans to assess management incentives and potential dilution.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-13: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted; a comparison to previous filings would require access to prior period data.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share ISPC The Nasdaq Stock Mar

Filing Documents

• ispc-20231231x10k.htm (10-K) — 2219KB
• ispc-20231231xex23d1.htm (EX-23.1) — 3KB
• ispc-20231231xex31d1.htm (EX-31.1) — 14KB
• ispc-20231231xex31d2.htm (EX-31.2) — 14KB
• ispc-20231231xex32d1.htm (EX-32.1) — 8KB
• ispc-20231231xex97d1.htm (EX-97.1) — 23KB
• ispc-20231231x10k001.jpg (GRAPHIC) — 11KB
• 0001558370-24-003129.txt (&nbsp;) — 8125KB
• ispc-20231231.xsd (EX-101.SCH) — 52KB
• ispc-20231231_cal.xml (EX-101.CAL) — 54KB
• ispc-20231231_def.xml (EX-101.DEF) — 221KB
• ispc-20231231_lab.xml (EX-101.LAB) — 478KB
• ispc-20231231_pre.xml (EX-101.PRE) — 408KB
• ispc-20231231x10k_htm.xml (XML) — 1143KB

Business

Item 1. Business 6

Risk Factors

Item 1A. Risk Factors 18

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 43

Cybersecurity

Item 1C. Cybersecurity 43

Properties

Item 2. Properties 43

Legal Proceedings

Item 3. Legal Proceedings 43

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44

Reserved

Item 6. Reserved 44

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 44

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 54

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 55

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 79

Controls and Procedures

Item 9A. Controls and Procedures 79

Other Information

Item 9B. Other Information 80

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 81 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 81

Executive Compensation

Item 11. Executive Compensation 86

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 96

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 99 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 100

Form10-K Summary

Item 16. Form10-K Summary 103 2 Table of Contents SPECIAL NOTE As used in this Annual Report on Form 10-K ("Annual Report"), unless the context otherwise requires, the terms the "Company," "iSpecimen," "we," "us," and "our" refer to iSpecimen Inc., a Delaware corporation. Each reference to a fiscal year in this Annual Report refers to the fiscal year ending in the calendar year indicated (for example, fiscal 2023 refers to the fiscal year ended December 31, 2023). CAUTIONARY STATEMENT This Annual Report contains 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"). These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks and uncertainties that could result in those differences include, but are not limited to, those discussed under Item 1A to Part I "Risk Factors" in this Annual Report. The forward-looking statements are made as of the date of this Annual Report, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. You should consult all of the information set forth in this Annual Report and the other information set forth from time to time in our reports filed with the Securities and Exchange Commission (the "SEC") pursuant to the Securities Act and the Exchange Act, including our reports on Forms 10-Q and 8-K. You can identify some of these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or oth

Business

Item 1. Business Our Mission, Vision, and Core Values iSpecimen's mission is to accelerate life science research, discovery and development with a global marketplace platform that connects researchers to subjects, specimens, and associated data. Our vision is to create an "Amazon-like" global Marketplace of patients, biospecimens, and data for research to improve the quality of human life. We implement employee programs that foster a company culture predicated on the core values of corporate and individual growth, results and accountability, team before self; a can-do positive attitude, and the perseverance to succeed. Overview iSpecimen is technology-driven company founded to address a critical challenge: how to connect life science researchers who need human biospecimens for their research, with the billions of biospecimens available (but not easily accessible) in healthcare provider organizations worldwide. Our ground-breaking iSpecimen Marketplace platform was designed to solve this problem and transform the biospecimen procurement process to accelerate medical discovery. The iSpecimen Marketplace brings new capabilities to a highly fragmented and inefficient biospecimen procurement market. Our technology consolidates the biospecimen buying experience in a single, online marketplace that brings together healthcare providers who have biospecimens and researchers across industry, academia, and government institutions who need them. We are seeking to be transformative in the world of biospecimen procurement. The iSpecimen Marketplace offers single-source access to millions of human biospecimens and patients across a diverse network of specimen providers quickly and compliantly, saving researchers time and money in their specimen procurement process while making it easier and more efficient for providers to get their specimens in the hands of researchers who need them. We have adopted many of the same ease-of-use characteristics of these business to consume

View Full Filing

View this 10-K filing on SEC EDGAR