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iSpecimen Inc. (ISPC) filed an S-1 describing a marketplace that matches researchers with human biospecimens and related data. The company operates a technology-enabled bioprocurement marketplace that ingests and harmonizes supplier data, supports workflow and compliance, and sells a range of specimen products including remnant and research-use biofluids, tissues, and hematopoietic stem and immune cells.

Key facts disclosed include a 1-for-20 reverse stock split effective September 13, 2024; a $1.0 million short-term loan at 18% interest closed September 25, 2024; research-use specimens represented approximately 49% of revenue in 2024 (39% in 2023); one customer represented ~29% of revenue in 2024; the company reported an accumulated deficit and limited cash balances and has used debt and equity raises (including an ATM and a registered offering) to fund operations. The filing discloses litigation and a third-party platform outage in early 2025 that disrupted the marketplace and related settlement activity.

iSpecimen Inc. (ISPC) is soliciting votes for a virtual Special Meeting on September 26, 2025 at 10:00 a.m. ET to approve six proposals focused on capital structure and financing. The centerpiece is a board-authorized reverse stock split ranging from one-for-ten (1:10) to one-for-one hundred (1:100) intended to help meet Nasdaq's $1.00 minimum bid requirement. The board also seeks to increase authorized shares from 250,000,000 to 500,000,000, and to obtain shareholder approval under Nasdaq rules to permit future non-public financings and an equity line that may exceed 19.99% of outstanding stock. The company proposes to amend certain convertible securities to raise the conversion floor from 50% to 80% of VWAP, which may reduce shares issued on conversion. The proxy materials state a Record Date of July 25, 2025, note a 34% quorum, and list two different outstanding share counts in the filing (3,979,517 and 5,539,345), an inconsistency disclosed in the document. Proxy materials are available at proxyvote.com and distribution began on or about August 11, 2025.

iSpecimen Inc. (Nasdaq: ISPC) has filed Amendment No. 3 to its Form S-1 registration statement, signaling a forthcoming underwritten public offering of common stock and pre-funded warrants. The company plans to sell an unspecified number of shares and, for investors whose post-offering ownership would otherwise exceed 4.99% (optionally 9.99%), an equivalent number of pre-funded warrants priced at the offering price minus $0.0001 with a de-minimis $0.0001 exercise price. Both securities will be issued in a single closing on a firm-commitment basis led by WestPark Capital.

Key structural details:

• The final share count, public offering price, and gross proceeds will be determined at pricing; blanks remain in the filing.
• The company is a non-accelerated filer, smaller reporting company, and emerging growth company.
• Underwriter compensation includes customary cash fees plus up to $110,000 in reimbursable legal and out-of-pocket expenses.
• No listing is planned for the pre-funded warrants, limiting their secondary-market liquidity.

The filing emphasizes that the prospectus is preliminary, forward-looking statements are subject to risk, and no sales can occur until the SEC declares the registration effective.