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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.
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.
During the second quarter of 2023, iSpecimen Inc. reported a total revenue of $1,625,140, compared to $2,338,688 in the same period of 2022. Operating expenses amounted to $5,186,963, resulting in a loss from operations of $3,561,823. Other income (expense), net, contributed $78,209, partially offsetting the operating loss. This resulted in a net loss of $3,483,614 for the quarter.
The company reported changes in stockholders' equity, with common stock remaining at $906. There was no change in the treasury stock, which stood at $-172. Additional paid-in capital increased to $68,889,903. An accumulated other comprehensive income of $688 was recorded, and the accumulated deficit increased to $-54,180,750. In total, stockholders' equity was reported at $14,710,575.
Condensed Statements of Cash Flows
The cash flow statement reveals a net loss of $5,915,426, alongside adjustments, including stock-based compensation expense and amortization of internally developed software. The company reported net cash used in operating activities of $4,518,918. Investing activities showed capitalization of internally developed software and the purchase of property and equipment, while financing activities included proceeds from the exercise of stock options. The net decrease in cash and cash equivalents amounted to $13,304,210, with cash and cash equivalents at the end of the period totaling $2,004,500.
iSpecimen Inc. faces both challenges and opportunities as it navigates the evolving landscape of the life sciences industry. These financial results provide insight into the company's current position and its commitment to supporting medical research and innovation.