iSpecimen Inc.

There have been no material changes with respect to risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on April 1, 2026, except that investors should consider the following developments that occurred during the period covered by this Quarterly Report: (i) the Company’s revenue declined approximately 83% for the six months ended June 30, 2026 compared to the prior-year period; (ii) the Company effected a second reverse stock split at a ratio of 1-for-40 in April 2026 to regain or maintain compliance with Nasdaq’s minimum bid price requirement; (iii) the Company’s sales and marketing expenses increased approximately 245% for the six months ended June 30, 2026 compared to the prior-year period, primarily driven by advertising and promotion costs, while revenue continued to decline; and (iv) management has concluded that substantial doubt exists regarding the Company’s ability to continue as a going concern, and management’s plans to mitigate such doubt cannot be considered probable. These developments may amplify the risks described in the Company’s Annual Report on Form 10-K.