iSpecimen prices $5 million public offering at $1.30 per share

iSpecimen Inc. (Nasdaq: ISPC) announced on August 6, 2026 that it priced a public offering of approximately $5 million of common stock and pre-funded warrants at $1.30 per share. Pre-funded warrants are priced at $1.2999 each, which is the offering price less the $0.0001 exercise price. The offering is expected to close on August 7, 2026, subject to customary closing conditions.

Banks and advisors

E.F. Hutton & Co. is acting as the exclusive placement agent for the offering. Copies of the final prospectus, when available, may be obtained from E.F. Hutton & Co., 745 Fifth Avenue, 34th Floor & PH, New York, NY 10151. The release names no underwriter other than the placement agent, and it names no counsel to the company or to the placement agent.

The release states that it is not an offer to sell or a solicitation of an offer to buy the securities. It adds that no sale may take place in any state or jurisdiction where the offer would be unlawful before registration or qualification under that jurisdiction's securities laws.

The offering and its use of proceeds

The offering is being made under the company's registration statement on Form S-1, File No. 333-297001. The company first filed that statement with the SEC on June 24, 2026, and the SEC declared it effective on July 30, 2026. The offering is being made only by means of a prospectus that is part of the registration statement. The press release is dated August 6, 2026 and was furnished with an 8-K filed August 7, 2026. A preliminary prospectus has been filed. The final prospectus will be filed with the SEC and will be available on the SEC website.

The company intends to use the proceeds to repay outstanding liabilities, for potential acquisitions of assets or investments in businesses, products and technologies, and for marketing and advertising services. The remainder will go to working capital.

The company and its finances

iSpecimen describes itself as an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare specimen providers. Its cloud-based technology lets scientists search for specimens and patients across a federated partner network of hospitals, labs, biobanks, blood centers and other healthcare organizations.

The company's 10-K for 2025, filed April 1, 2026, reported revenue of $1.9 million, down from $9.3 million in 2024. The net loss was $10.5 million, compared with $12.5 million. Cash from operations was negative $4.2 million, against negative $8.3 million. Year-end cash and cash equivalents were $6.9 million at the end of 2025, compared with $1.9 million at the end of 2024. Research and development expense was $1.5 million in 2024.

The raise comes after revenue fell to $1.9 million from $9.3 million in the latest annual figures the company reported. The release does not say how many shares and pre-funded warrants will be sold, so the dilution cannot be stated. The first use of proceeds is repaying outstanding liabilities, which means part of the $5 million goes to creditors and not to growth, and marketing and advertising services are also on the list. The release gives no plan for restoring revenue, and it describes E.F. Hutton only as placement agent, not as an underwriter that commits to buy the securities.

The offering is expected to close on August 7, 2026, and the final prospectus is to be filed with the SEC. The release says its forward-looking statements speak only as of the date they are made and that the company does not intend to update them. It points to the risk factors in the company's SEC filings, which are available at www.sec.gov.

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