iSpecimen Inc. reported its financial results for the three and nine months ended September 30, 2024, showing mixed performance compared to the previous fiscal period. For the third quarter of 2024, the company generated revenue of $2.66 million, a decrease of 4% from $2.78 million in Q3 2023. However, for the nine-month period, revenue increased by 6% to $7.82 million, up from $7.35 million in the same period last year. The average selling price per specimen fell significantly by 39% in Q3 2024, while the specimen count rose by 58%, indicating a shift in pricing strategy.

Total operating expenses for Q3 2024 were $4.37 million, down from $4.97 million in Q3 2023, reflecting a 12% reduction. This trend continued over the nine-month period, with total operating expenses decreasing by 6% to $14.70 million from $15.65 million. The company reported a loss from operations of $1.71 million for Q3 2024, an improvement from a loss of $2.19 million in Q3 2023. The net loss for Q3 2024 was $1.44 million, compared to $2.11 million in the prior year, marking a 32% improvement.

iSpecimen's total assets decreased by 29% to $11.26 million as of September 30, 2024, down from $15.82 million at the end of 2023. Total stockholders' equity also saw a significant decline, dropping by 52% to $4.71 million. The company reported an accumulated deficit of approximately $65.82 million.

Strategically, iSpecimen has made substantial operational changes, including a 70% reduction in monthly compensation and technology costs since January 2023. The company has also shifted its focus from high-volume to high-value suppliers, terminating 155 supplier agreements during the nine months ended September 30, 2024. Additionally, a reverse stock split of 1-for-20 was approved and became effective on September 13, 2024, to comply with Nasdaq listing requirements, which the company regained compliance with on October 1, 2024.

In terms of financing, iSpecimen raised $1 million through a senior note payable and generated approximately $1.49 million from the issuance of common stock under an At the Market Offering Agreement. The company is actively working to improve liquidity and address financial obligations amid an industry-wide economic slowdown in life science research. Management's plans include generating additional revenues, deferring projects, and eliminating future operating expenses to mitigate ongoing financial challenges.