iSpecimen
ISPCNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $0.74 Prior regular-session close from the quote source.
- $0.64–$0.74 Regular-session low and high so far today.
- 95.6K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $0.64–$27.44 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own ISPC if iSpecimen is a high-risk turnaround whose value depends on proving that its biospecimen marketplace still solves a real procurement bottleneck for researchers before cash burn and dilution overwhelm shareholders.
ISPC price history
Loading recent earnings…
Investment thesis
What must happen next
Researchers will re-engage with iSpecimen’s single marketplace for compliant access to specimens and associated data rather than bypassing it through direct biobank, CRO, or specialty procurement channels.WeakeningMateriality: High
Item 1 profile description identifies the company’s mission as connecting researchers to subjects, specimens, and associated data through a global marketplace platform. If buyer liquidity returns, the platform has a reason to exist; if researchers bypass it, revenue recovery is unlikely regardless of cost cuts.
Watch: Large biopharma or diagnostics customers standardize procurement through direct hospital, biobank, or CRO relationships instead of marketplace intermediaries.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 profile description identifies the company’s mission as connecting researchers to subjects, specimens, and associated data through a global.
Open source ↗iSpecimen’s supplier and fulfillment network can provide access to specimens and data that are differentiated enough to earn an economic spread instead of commodity brokerage margins.WeakeningMateriality: High
Estimated GAAP annual gross profit was $5.2 million in FY2023 and $4.2 million in FY2024, implying the model had historically produced material gross profit before the FY2025 deterioration. Revenue without gross profit does not fund the platform; durable value requires scarce supply or workflow value that buyers will pay for.
Watch: Hospitals, biobanks, and CROs make comparable specimen catalogs searchable and contract directly with researchers, reducing iSpecimen’s intermediary value.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Estimated GAAP annual gross profit was $5.2 million in FY2023 and $4.2 million in FY2024, implying the model had historically.
Open source ↗Management can turn the marketplace from a bespoke, labor-heavy procurement operation into a scalable platform where incremental order volume narrows operating losses.HoldingMateriality: Medium
GAAP annual operating loss improved from $12.7 million in FY2024 to $9.0 million in FY2025, indicating cost actions may have reduced the expense base. If operating leverage appears, even a small revenue base could become more valuable; if every order requires high manual cost, scale will not rescue profitability.
Watch: Custom specimen requests continue to require manual project management, compliance review, and supplier coordination rather than automated marketplace matching.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating loss improved from $12.7 million in FY2024 to $9.0 million in FY2025, indicating cost actions may have.
Open source ↗The turnaround can be financed long enough for the marketplace to prove product-market fit without repeated capital raises that leave existing shareholders with little of the upside.HoldingMateriality: Medium
Cash and cash equivalents were $6.9 million at FY2025 year-end, up from $1.9 million at FY2024 year-end. For owners, survival is not enough: if the recovery is funded through highly dilutive equity or restrictive debt, business improvement may not translate into per-share value.
Watch: Equity markets demand discounted stock-and-warrant financings because the company remains loss-making and revenue has not recovered.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $6.9 million at FY2025 year-end, up from $1.9 million at FY2024 year-end.
Open source ↗
Full investment case & evidence
Loading the original research archive…
Original research
Researchers will re-engage with iSpecimen’s single marketplace for compliant access to specimens and associated data rather than bypassing it through direct biobank, CRO, or specialty procurement channels. If buyer liquidity returns, the platform has a reason to exist; if researchers bypass it, revenue recovery is unlikely regardless of cost cuts.
iSpecimen’s supplier and fulfillment network can provide access to specimens and data that are differentiated enough to earn an economic spread instead of commodity brokerage margins. Revenue without gross profit does not fund the platform; durable value requires scarce supply or workflow value that buyers will pay for.
Management can turn the marketplace from a bespoke, labor-heavy procurement operation into a scalable platform where incremental order volume narrows operating losses. If operating leverage appears, even a small revenue base could become more valuable; if every order requires high manual cost, scale will not rescue profitability.
The turnaround can be financed long enough for the marketplace to prove product-market fit without repeated capital raises that leave existing shareholders with little of the upside. For owners, survival is not enough: if the recovery is funded through highly dilutive equity or restrictive debt, business improvement may not translate into per-share value.
All standing thesis claims
Original report summary
iSpecimen is a high-risk turnaround whose value depends on proving that its biospecimen marketplace still solves a real procurement bottleneck for researchers before cash burn and dilution overwhelm shareholders.
Bull case and bear case
Bull case and bear case for iSpecimen
Where the evidence on iSpecimen disagrees: Mixed on the latest evidence (Nov 11, 2026). Of its 4 thesis points, 2 holding and 2 weakening.
Bull case: what the evidence supports
Management can turn the marketplace from a bespoke, labor-heavy procurement operation into a scalable platform where incremental order volume narrows operating losses.
The turnaround can be financed long enough for the marketplace to prove product-market fit without repeated capital raises that leave existing shareholders with little of the upside.
Bear case: what the evidence questions
Researchers will re-engage with iSpecimen’s single marketplace for compliant access to specimens and associated data rather than bypassing it through direct biobank, CRO, or specialty procurement channels.
iSpecimen’s supplier and fulfillment network can provide access to specimens and data that are differentiated enough to earn an economic spread instead of commodity brokerage margins.
Thesis-Break Engine
What has broken in iSpecimen’s thesis
Each break OptimistFi flagged on iSpecimen, dated — with what has historically followed the same kind of break across the market, not a forecast for iSpecimen.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
No assessed change was returned in this research window. That can reflect a quiet period or a coverage limit.
Risks / falsifiers
What could break the thesis
- Large biopharma or diagnostics customers standardize procurement through direct hospital, biobank, or CRO relationships instead of marketplace intermediaries.
- Hospitals, biobanks, and CROs make comparable specimen catalogs searchable and contract directly with researchers, reducing iSpecimen’s intermediary value.
- Custom specimen requests continue to require manual project management, compliance review, and supplier coordination rather than automated marketplace matching.
- Equity markets demand discounted stock-and-warrant financings because the company remains loss-making and revenue has not recovered.
ISPC news
Loading headlines…
Financial statements
ISPC income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
ISPC: quick answers
- What is ISPC's short interest?
- As of October 30, 2026, 305,211 ISPC shares were sold short, up 92.3% from the count before. At the stock's average daily volume that is 1.0 day to cover. FINRA publishes the count twice a month. ISPC short interest history