SEC Form 424B4 filed by iSpecimen Inc.
PRE-FUNDED WARRANTS TO PURCHASE 1,533,852 SHARES OF COMMON STOCK
1,533,852 SHARES OF COMMON STOCK ISSUABLE UPON THE EXERCISE OF THE PRE-FUNDED WARRANTS
| | |
Per Share
|
| |
Total(2)
|
| ||||||
Public Offering Price
|
| | | $ | 3.00 | | | | | $ | 4,998,464 | | |
Placement Agent fees(1)
|
| | | $ | 0.12 | | | | | $ | 199,938 | | |
Proceeds, before expenses, to us
|
| | | $ | 2.88 | | | | | $ | 4,798,526 | | |
| | |
Page
|
| |||
| | | | ii | | | |
| | | | 1 | | | |
| | | | 13 | | | |
| | | | 15 | | | |
| | | | 16 | | | |
| | | | 42 | | | |
| | | | 43 | | | |
| | | | 44 | | | |
| | | | 45 | | | |
| | | | 51 | | | |
| | | | 56 | | | |
| | | | 59 | | | |
| | | | 64 | | | |
| | | | 64 | | | |
| | | | 64 | | | |
| | | | 65 | | |
| | |
June 30,
2024 |
| |
December 31,
2023 |
| ||||||
Americas
|
| | | | 70.01% | | | | | | 64.87% | | |
Europe, Middle East and Africa
|
| | | | 28.41% | | | | | | 23.08% | | |
Asia Pacific
|
| | | | 1.58% | | | | | | 12.05% | | |
| | |
June 30,
2024 |
| |
December 31,
2023 |
| ||||||
Americas
|
| | | | 85.79% | | | | | | 89.93% | | |
Europe, Middle East and Africa
|
| | | | 12.54% | | | | | | 9.10% | | |
Asia Pacific
|
| | | | 1.67% | | | | | | 0.97% | | |
Per Share
Warrants
| | |
Years Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2024
|
| |
2023
|
| ||||||||||||
| | | | | | | | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Revenue
|
| | | $ | 9,928,184 | | | | | $ | 10,402,303 | | | | | $ | 5,153,672 | | | | | $ | 4,575,339 | | |
Total operating expenses
|
| | | | 21,097,533 | | | | | | 20,588,385 | | | | | | 10,335,857 | | | | | | 10,679,584 | | |
Loss from operations
|
| | | | (11,169,349) | | | | | | (10,186,082) | | | | | | (5,182,185) | | | | | | (6,104,245) | | |
Other income (expense), net
|
| | | | 69,861 | | | | | | (59,840) | | | | | | 171,044 | | | | | | 188,819 | | |
Net loss
|
| | | $ | (11,099,488) | | | | | $ | (10,245,922) | | | | | $ | (5,011,141) | | | | | $ | (5,915,426) | | |
Net loss per share – basic and diluted
|
| | | $ | (24.55) | | | | | $ | (23.17) | | | | | $ | (9.79) | | | | | $ | (13.13) | | |
Weighted average shares of common stock outstanding – basic and diluted
|
| | | | 452,189 | | | | | | 442,235 | | | | | | 511,827 | | | | | | 450,582 | | |
| | |
June 30, 2024
|
| |||
| | |
(unaudited)
|
| |||
Balance Sheet Data: | | | | | | | |
Cash
|
| | | $ | 2,151,243 | | |
Working capital(1)
|
| | | | (577,321) | | |
Total assets
|
| | | | 11,901,858 | | |
Total liabilities
|
| | | | 5,812,574 | | |
Accumulated deficit
|
| | | | (64,375,953) | | |
Total stockholders’ equity
|
| | | | 6,089,284 | | |
| | |
As of June 30, 2024
(Unaudited) |
| |
Pro Forma as
Adjusted(1) |
| ||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| ||||||||||||
Cash
|
| | | $ | 2,151,243 | | | | | $ | 3,011,223(2) | | | | | $ | 7,644,749(3) | | |
Accounts receivable
|
| | | $ | 892,814 | | | | | $ | 993,510 | | | | | $ | 993,510 | | |
Accrued expense
|
| | | $ | 1,319,201 | | | | | $ | 1,171,240 | | | | | $ | 1,171,240 | | |
Debt
|
| | | $ | — | | | | | $ | 859,980 | | | | | $ | 859,980 | | |
Stockholders’ equity | | | | | | | | | | | | | | | | | | | |
Common stock, par value $0.0001, 200,000,000 shares authorized; 829,527, 829,527 and 2,496,193 shares outstanding on an actual basis, pro forma basis and on a pro forma, adjusted basis, respectively
|
| | | $ | 83 | | | | | $ | 83 | | | | | $ | 250 | | |
Additional paid-in capital
|
| | | $ | 70,465,326 | | | | | $ | 70,465,326 | | | | | $ | 75,098,684 | | |
Treasury stock, 1,550 shares, at cost
|
| | | $ | (172) | | | | | $ | (172) | | | | | $ | (172) | | |
Accumulated deficit
|
| | | $ | (64,375,953) | | | | | $ | (64,127,296) | | | | | $ | (64,127,296) | | |
Total stockholders’ equity
|
| | | $ | 6,089,284 | | | | | $ | 6,337,941 | | | | | $ | 10,971,467 | | |
Total capitalization
|
| | | $ | 11,901,858 | | | | | $ | 12,862,534 | | | | | $ | 17,496,060 | | |
Name
|
| |
Age
|
| |
Position
|
|
Tracy Curley | | |
62
|
| | Chief Executive Officer, Chief Financial Officer, Treasurer and Director | |
John L. Brooks III | | |
73
|
| | Director | |
Katharyn (Katie) Field | | |
41
|
| | Chairperson and Director | |
Avtar Dhaliwal | | |
30
|
| | Director | |
Richard J. Paolone | | |
34
|
| | Director | |
| | |
Per Share
|
| |
Per
Pre-Funded Warrant |
| |
Total
|
| |||||||||
Public offering price
|
| | | $ | 3.00 | | | | | $ | 2.9999 | | | | | $ | 4,998,464 | | |
Placement agent fees (4%)
|
| | | $ | 0.12 | | | | | $ | 0.119996 | | | | | $ | 199,938 | | |
Proceeds, before expenses, to us
|
| | | $ | 2.88 | | | | | $ | 2.879904 | | | | | $ | 4,798,526 | | |
PRE-FUNDED WARRANTS TO PURCHASE 1,533,852 SHARES OF
COMMON STOCK
1,533,852 SHARES OF COMMON STOCK ISSUABLE UPON THE
EXERCISE OF THE PRE-FUNDED WARRANTS