iSpecimen Inc. Reports Net Loss of $5.9 Million in Q2 2023

iSpecimen Inc.(ISPC), a leading provider of life science solutions, has released its unaudited condensed financial statements for the second quarter of 2023. The data reveals a net loss of $5.9 million and revenue of $1.6 million, showcasing the company's financial performance over the past three months. As iSpecimen continues its mission to advance medical research and innovation, the financial results reflect the challenges and progress in the life sciences industry.

Condensed Balance Sheets

iSpecimen Inc. reported a significant decrease in its current assets, with cash and cash equivalents amounting to $2,004,500, down from $15,308,710 in December 31, 2022. Available-for-sale securities saw a substantial increase, totaling $6,209,491. The accounts receivable, both billed and unbilled, showed a decrease, while prepaid expenses and other current assets also reduced to $187,769. The company retained a tax credit receivable of $12,332. In total, current assets amounted to $10,971,293. Property and equipment decreased to $163,871, and internally developed software increased to $6,300,465. The operating lease right-of-use asset decreased to $107,115, and security deposits remained unchanged at $27,601. iSpecimen Inc.'s total assets for the quarter stand at $17,570,345.