The company's financial position has deteriorated significantly, with total assets falling from $15.8M in 2023Q4 to $6.6M in 2026Q1, while accumulated losses have pushed retained earnings to -$84.6M.
| Total Current Assets | 3.48M | 6.95M | 3.59M | 8.24M | 19.68M | 32.95M | 3.47M | 1.58M | 2.3M |
| Cash & Short-Term Investments | 2.82M | 6.88M | 1.88M | 5.01M | 15.31M | 27.74M | 695.91K | 53.89K | 1.13M |
| Cash Only | 2.82M | 6.88M | 1.88M | 2.34M | 15.31M | 27.74M | 695.91K | 53.89K | 1.13M |
| Short-Term Investments | 0 | 0 | 0 | 2.66M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 132.85K | 48.3K | 1.44M | 2.94M | 3.93M | 4.88M | 2.36M | 1.39M | 1.03M |
| Days Sales Outstanding | 59.91 | 9.14 | 56.75 | 108.12 | 137.75 | 160.04 | 105.19 | 118.26 | 85.2 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54.91K | 47.29K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | 9.42 | 7.31 |
| Other Current Assets | 532.19K | 25.46K | 264.89K | 292.08K | 140.87K | 0 | 0 | 79.23K | 0 |
| Total Non-Current Assets | 3.13M | 2.58M | 5.76M | 7.58M | 4.94M | 2.77M | 2.74M | 2.63M | 1.74M |
| Property, Plant & Equipment | 277.05K | 294.7K | 421.54K | 321.64K | 410.54K | 32.78K | 75.59K | 119.92K | 149.1K |
| Fixed Asset Turnover | 3.27x | 6.55x | 22.04x | 30.87x | 25.34x | 339.69x | 108.27x | 35.84x | 29.48x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.84M | 1M | 5.33M | 7.23M | 4.5M | 2.71M | 2.63M | 2.31M | 1.44M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 179.52K | 127K |
| Other Non-Current Assets | 12.1K | 1.28M | 12.1K | 27.6K | 27.6K | 27.6K | 27.6K | 207.12K | 154.6K |
| Total Assets | 6.61M | 9.53M | 9.35M | 15.82M | 24.62M | 35.72M | 6.21M | 4.21M | 4.04M |
| Asset Turnover | 0.13x | 0.20x | 0.99x | 0.63x | 0.42x | 0.31x | 1.32x | 1.02x | 1.09x |
| Asset Growth % | -70.9% | 1.94% | -40.89% | -35.74% | -31.08% | 475.22% | 47.34% | 4.2% | - |
| Total Current Liabilities | 5.6M | 6.23M | 5.77M | 6.05M | 4.28M | 2.51M | 22.14M | 15.76M | 11.3M |
| Accounts Payable | 4.71M | 5.36M | 4.2M | 3.93M | 2.46M | 832.68K | 1.79M | 737.79K | 696.91K |
| Days Payables Outstanding | 1.31K | 1.03K | 288.93 | 297.24 | 188.68 | 57.9 | 182.47 | 126.55 | 107.67 |
| Short-Term Debt | 59.03K | 0 | 0 | 0 | 0 | 0 | 12.59M | 10.59M | 6.97M |
| Deferred Revenue (Current) | 701.84K | 192.53K | 360.71K | 415.77K | 0 | 654.75K | 873.25K | 2.22M | 864.91K |
| Other Current Liabilities | 643.5K | 0 | 0 | 0 | 132.34K | 0 | 2.37M | 2.21M | 2.77M |
| Current Ratio | 0.62x | 1.12x | 0.62x | 1.36x | 4.60x | 13.15x | 0.16x | 0.10x | 0.20x |
| Quick Ratio | 0.62x | 1.12x | 0.62x | 1.36x | 4.60x | 13.15x | 0.16x | 0.10x | 0.20x |
| Cash Conversion Cycle | -1.25K | - | - | - | - | - | - | 1.12 | -15.17 |
| Total Non-Current Liabilities | 195.96K | 211.87K | 268.8K | 29.13K | 27.4K | 3.42M | 11.35M | 11.17M | 11.17M |
| Long-Term Debt | 195.96K | 0 | 0 | 0 | 0 | 3.42M | 178.9K | 0 | 0 |
| Capital Lease Obligations | 452.78K | 211.87K | 268.8K | 29.13K | 27.4K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 11.17M | 0 | 0 |
| Total Liabilities | 5.8M | 6.44M | 6.04M | 6.08M | 4.31M | 5.93M | 33.49M | 26.93M | 22.47M |
| Total Debt | 254.99K | 268.8K | 312.17K | 196.24K | 185.85K | 3.42M | 12.77M | 10.59M | 6.97M |
| Net Debt | -2.56M | -6.61M | -1.57M | -2.15M | -15.12M | -24.32M | 12.07M | 10.54M | 5.84M |
| Debt / Equity | 0.31x | 0.09x | 0.09x | 0.02x | 0.01x | 0.11x | - | - | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.30x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | -5375.89x | -57.58x | -47.09x | -41.88x | -3.26x | -1.22x | -1.83x | -3.51x |
| Total Equity | 814.04K | 3.09M | 3.31M | 9.74M | 20.31M | 29.79M | -27.28M | -22.72M | -18.42M |
| Equity Growth % | -182.55% | -6.73% | -66.01% | -52.04% | -31.83% | 209.21% | -20.07% | -23.31% | - |
| Book Value per Share | 238.51 | 26.84 | 186.32 | 861.89 | 1837.10 | 2916.17 | -23314.50 | -19417.73 | -15733.35 |
| Total Shareholders' Equity | 814.04K | 3.09M | 3.31M | 9.74M | 20.31M | 29.79M | -27.28M | -22.72M | -18.42M |
| Common Stock | 2.97K | 848 | 170 | 908 | 892 | 873 | 94 | 537 | 537 |
| Retained Earnings | -84.63M | -82.35M | -71.86M | -59.36M | -48.27M | -38.02M | -29.06M | -24.41M | -19.75M |
| Treasury Stock | -172 | -172 | -172 | -172 | -172 | -172 | -172 | -172 | -172 |
| Accumulated OCI | 0 | 0 | 0 | 840 | 0 | 0 | 0 | 0 | -159.83K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency distress
According to recent SEC filings, iSpecimen's current ratio has deteriorated significantly, falling from 1.36 in 2023Q4 to a precarious 0.62 in 2026Q1, which indicates that the company's ability to cover short-term obligations with existing liquid assets is increasingly compromised by persistent operational cash burn.
The decline in the current ratio suggests that the company is struggling to maintain sufficient working capital to support its ongoing operations. Investors should monitor the cash runway closely, as the current liquidity profile appears insufficient to sustain the business without further external financing or a drastic reduction in overhead.
As reported in financial statements, iSpecimen's equity base has contracted from $9.7M in 2023Q4 to $814.0K in 2026Q1, a trend primarily driven by the relentless accumulation of losses, which reached -$84.6M in retained earnings as of the most recent quarter.
The rapid depletion of shareholder equity highlights the company's inability to achieve profitability, effectively consuming the capital base provided by investors. This trajectory suggests that the company may be approaching a point where equity could turn negative, potentially triggering concerns regarding long-term solvency.
Based on iSpecimen's reported figures, the company's asset composition is heavily skewed by intangible assets, with goodwill fluctuating significantly and currently standing at $2.8M, which represents a substantial portion of the $6.6M total asset base as of 2026Q1.
The presence of significant goodwill on a balance sheet characterized by declining revenue and negative margins warrants further investigation into potential impairment risks. If the underlying business units fail to generate expected returns, these intangible assets may require write-downs, further pressuring the already fragile equity position.
Data from historical filings indicates that iSpecimen's balance sheet has weakened consistently over the last ten quarters, with total assets declining from $15.8M in 2023Q4 to $6.6M in 2026Q1, reflecting a broader trend of asset liquidation and capital depletion.
The consistent contraction across key balance sheet metrics suggests that the company is struggling to maintain its operational scale. This downward trajectory appears to be a direct consequence of the company's inability to align its cost structure with its transactional revenue model, signaling a high degree of business risk.
Quick answers to the most common questions about buying ISPC stock.
As of 2025, iSpecimen Inc. (ISPC) had total assets of $9.5M including $7.0M in current assets.
iSpecimen Inc. (ISPC) carries total debt of $0.3M, offset by $6.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
iSpecimen Inc. (ISPC) has total shareholders' equity (book value) of $3.1M ($26.84 book value per share). Book value represents the net worth of the company belonging to common stock holders.
iSpecimen Inc. (ISPC) reported a current ratio of 1.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.