iSpecimen (ISPC) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Sep. 30, 2021
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-40501
Entity Registrant Name	iSpecimen Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0480143
Entity Address, Address Line One	450 Bedford Street,
Entity Address, City or Town	Lexington,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02420
City Area Code	781
Local Phone Number	301-6700
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	ISPC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,996,758
Entity Central Index Key	0001558569
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash	$ 9,790,732	$ 695,909
Accounts receivable - unbilled	1,750,744	652,761
Accounts receivable, net of allowance for doubtful accounts of $141,952 and $108,096 at September 30, 2021 and December 31, 2020, respectively	2,718,682	1,526,392
Prepaid expenses and other current assets	459,321	417,929
Tax credit receivable, current portion	179,376	179,376
Total current assets	14,898,855	3,472,367
Property and equipment, net	44,749	75,589
Internally developed software, net	2,650,867	2,634,139
Security deposits	27,601	27,601
Total assets	17,622,072	6,209,696
Current liabilities:
Accounts payable	351,424	1,792,432
Accrued expenses	1,025,136	810,910
Accrued interest	7,510	3,696,944
Convertible notes payable, related parties, net of unamortized debt discount and debt issuance costs		5,490,811
Derivative liability for embedded conversion features on convertible notes payable		2,373,000
Bridge notes payable, net of debt issuance costs		4,589,228
Bridge notes payable, related parties		1,905,000
Note payable, current portion		604,109
Deferred revenue	718,723	873,254
Total current liabilities	2,102,793	22,135,688
Note payable, net of current portion		178,899
Term loan	3,428,380
Total liabilities	5,531,173	22,314,587
Commitments and contingencies
Total convertible preferred stock		11,173,076
Stockholders' equity (deficit)
Common stock, $0.0001 par value, 200,000,000 shares authorized, 6,996,758 issued, and 6,965,758 outstanding at September 30, 2021, and 16,000,000 shares authorized, 967,213 issued and 936,213 outstanding at December 31, 2020	697	94
Additional paid-in capital	48,059,389	1,779,698
Treasury stock, 31,000 shares at September 30, 2021 and December 31, 2020, at cost	(172)	(172)
Accumulated deficit	(35,969,015)	(29,057,587)
Total stockholders' equity (deficit)	12,090,899	(27,277,967)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	17,622,072	6,209,696
Series B Convertible Preferred Stock
Current liabilities:
Total convertible preferred stock	0	7,999,997
Series A-1 Convertible Preferred Stock
Current liabilities:
Total convertible preferred stock	0	561,041
Series A Convertible Preferred Stock
Current liabilities:
Total convertible preferred stock	$ 0	$ 2,612,038

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Accounts receivable, allowance for doubtful accounts	$ 141,952	$ 108,096
Common stock, par value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	200,000,000	16,000,000
Common Stock, Shares, Issued	6,996,758	967,213
Common Stock, Shares, Outstanding	6,965,758	936,213
Treasury Stock, Shares	31,000	31,000
Series B Convertible Preferred Stock
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	3,200,000	3,200,000
Temporary Equity, Shares Issued	0	572,465
Temporary Equity, Shares Outstanding	0	572,465
Series A-1 Convertible Preferred Stock
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	556,550	556,550
Temporary Equity, Shares Issued	0	100,365
Temporary Equity, Shares Outstanding	0	100,365
Series A Convertible Preferred Stock
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	3,427,871	3,427,871
Temporary Equity, Shares Issued	0	618,182
Temporary Equity, Shares Outstanding	0	618,182

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Statements of Operations
Revenue	$ 2,718,534	$ 2,250,147	$ 8,586,217	$ 5,466,375
Operating expenses:
Cost of revenue	913,833	903,862	4,026,680	2,032,111
Technology	543,581	413,381	1,315,331	1,131,695
Sales and marketing	513,107	506,641	1,690,085	1,305,897
Supply development	171,595	133,007	383,864	395,200
Fulfillment	399,145	241,785	955,516	642,140
General and administrative	1,636,346	774,550	4,144,989	1,431,262
Total operating expenses	4,177,607	2,973,226	12,516,465	6,938,305
Loss from operations	(1,459,073)	(723,079)	(3,930,248)	(1,471,930)
Other expense, net
Interest expense	(75,922)	(469,477)	(2,062,548)	(1,517,697)
Change in fair value of derivative liability on convertible notes		(54,000)	(271,000)	(76,000)
Change in fair value of derivative liability on bridge notes and bridge notes, related parties			1,582,700
Gain (loss) on extinguishment of bridge notes and bridge notes, related parties			(2,740,425)
Loss on extinguishment of convertible notes and convertible notes, related parties			(260,185)
Gain on extinguishment of note payable			788,156
Other expense, net	(21,687)		(21,756)	6,691
Interest income	3,659	87	3,878	396
Other expense, net	(93,950)	(523,390)	(2,981,180)	(1,586,610)
Net loss before benefit from income taxes	(1,553,023)	(1,246,469)	(6,911,428)	(3,058,540)
Net loss	$ (1,553,023)	$ (1,246,469)	$ (6,911,428)	$ (3,058,540)
Net loss per share
Basic and diluted (in dollar per share)	$ (0.22)	$ (1.33)	$ (2.17)	$ (3.27)
Weighted average common shares outstanding
Basic and diluted (in shares)	6,960,330	936,213	3,190,060	936,213

Condensed Statements of Changes

Condensed Statements of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($)	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit	Series B Convertible Preferred Stock	Series A-1 Convertible Preferred Stock	Series A Convertible Preferred Stock	Total
Balance at the beginning at Dec. 31, 2019					$ 7,999,997	$ 561,041	$ 2,612,038
Balance at the beginning (in shares) at Dec. 31, 2019					572,465	100,365	618,182
Balances at the end at Mar. 31, 2020					$ 7,999,997	$ 561,041	$ 2,612,038
Balances at the end (in shares) at Mar. 31, 2020					572,465	100,365	618,182
Balance at the beginning at Dec. 31, 2019	$ 94	$ (172)	$ 1,686,832	$ (24,405,503)				$ (22,718,749)
Balance at the beginning (in shares) at Dec. 31, 2019	936,213	31,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense			22,045					22,045
Net loss				(1,637,979)				(1,637,979)
Balance at the end at Mar. 31, 2020	$ 94	$ (172)	1,708,877	(26,043,482)				(24,334,683)
Balance at the end (in shares) at Mar. 31, 2020	936,213	31,000
Balance at the beginning at Dec. 31, 2019					$ 7,999,997	$ 561,041	$ 2,612,038
Balance at the beginning (in shares) at Dec. 31, 2019					572,465	100,365	618,182
Balances at the end at Sep. 30, 2020					$ 7,999,997	$ 561,041	$ 2,612,038
Balances at the end (in shares) at Sep. 30, 2020					572,465	100,365	618,182
Balance at the beginning at Dec. 31, 2019	$ 94	$ (172)	1,686,832	(24,405,503)				(22,718,749)
Balance at the beginning (in shares) at Dec. 31, 2019	936,213	31,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of principal and accrued interest of convertible notes and bridge notes into common stock upon initial public offering								16,392,344
Net loss								(3,058,540)
Balance at the end at Sep. 30, 2020	$ 94	$ (172)	1,767,430	(27,464,043)				(25,696,691)
Balance at the end (in shares) at Sep. 30, 2020	936,213	31,000
Balance at the beginning at Mar. 31, 2020					$ 7,999,997	$ 561,041	$ 2,612,038
Balance at the beginning (in shares) at Mar. 31, 2020					572,465	100,365	618,182
Balances at the end at Jun. 30, 2020					$ 7,999,997	$ 561,041	$ 2,612,038
Balances at the end (in shares) at Jun. 30, 2020					572,465	100,365	618,182
Balance at the beginning at Mar. 31, 2020	$ 94	$ (172)	1,708,877	(26,043,482)				(24,334,683)
Balance at the beginning (in shares) at Mar. 31, 2020	936,213	31,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense			29,287					29,287
Net loss				(174,092)				(174,092)
Balance at the end at Jun. 30, 2020	$ 94	$ (172)	1,738,164	(26,217,574)				(24,479,488)
Balance at the end (in shares) at Jun. 30, 2020	936,213	31,000
Balances at the end at Sep. 30, 2020					$ 7,999,997	$ 561,041	$ 2,612,038
Balances at the end (in shares) at Sep. 30, 2020					572,465	100,365	618,182
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense			29,266					29,266
Net loss				(1,246,469)				(1,246,469)
Balance at the end at Sep. 30, 2020	$ 94	$ (172)	1,767,430	(27,464,043)				(25,696,691)
Balance at the end (in shares) at Sep. 30, 2020	936,213	31,000
Balance at the beginning at Dec. 31, 2020					$ 7,999,997	$ 561,041	$ 2,612,038	11,173,076
Balance at the beginning (in shares) at Dec. 31, 2020					572,465	100,365	618,182
Balances at the end at Mar. 31, 2021					$ 7,999,997	$ 561,041	$ 2,612,038
Balances at the end (in shares) at Mar. 31, 2021					572,465	100,365	618,182
Balance at the beginning at Dec. 31, 2020	$ 94	$ (172)	1,779,698	(29,057,587)				(27,277,967)
Balance at the beginning (in shares) at Dec. 31, 2020	936,213	31,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense			22,036					22,036
Net loss				(3,963,491)				(3,963,491)
Balance at the end at Mar. 31, 2021	$ 94	$ (172)	1,801,734	(33,021,078)				(31,219,422)
Balance at the end (in shares) at Mar. 31, 2021	936,213	31,000
Balance at the beginning at Dec. 31, 2020					$ 7,999,997	$ 561,041	$ 2,612,038	11,173,076
Balance at the beginning (in shares) at Dec. 31, 2020					572,465	100,365	618,182
Balances at the end at Sep. 30, 2021					$ 0	$ 0	$ 0
Balances at the end (in shares) at Sep. 30, 2021					0	0	0
Balance at the beginning at Dec. 31, 2020	$ 94	$ (172)	1,779,698	(29,057,587)				(27,277,967)
Balance at the beginning (in shares) at Dec. 31, 2020	936,213	31,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of principal and accrued interest of convertible notes and bridge notes into common stock upon initial public offering								16,392,344
Net loss								(6,911,428)
Balance at the end at Sep. 30, 2021	$ 697	$ (172)	48,059,389	(35,969,015)				12,090,899
Balance at the end (in shares) at Sep. 30, 2021	6,965,758	31,000
Balance at the beginning at Mar. 31, 2021					$ 7,999,997	$ 561,041	$ 2,612,038
Balance at the beginning (in shares) at Mar. 31, 2021					572,465	100,365	618,182
Convertible preferred Stock
Conversion of redeemable convertible preferred stock into common stock upon initial public offering					$ (7,999,997)	$ (561,041)	$ (2,612,038)
Conversion of redeemable convertible preferred stock into common stock upon initial public offering (in shares)					(572,465)	(100,365)	(618,182)
Balances at the end at Jun. 30, 2021					$ 0	$ 0	$ 0
Balances at the end (in shares) at Jun. 30, 2021					0	0	0
Balance at the beginning at Mar. 31, 2021	$ 94	$ (172)	1,801,734	(33,021,078)				(31,219,422)
Balance at the beginning (in shares) at Mar. 31, 2021	936,213	31,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock into common stock upon initial public offering	$ 129		11,172,947					11,173,076
Conversion of redeemable convertible preferred stock into common stock upon initial public offering (in shares)	1,291,012
Conversion of principal and accrued interest of convertible notes and bridge notes into common stock upon initial public offering	$ 205		16,392,139					16,392,344
Conversion of principal and accrued interest of convertible notes and bridge notes into common stock upon initial public offering (shares)	2,049,043
Issuance of common stock in connection with public offering	$ 225		17,999,775					18,000,000
Issuance of common stock in connection with public offering (in shares)	2,250,000
Offering costs in connection with public offering			(2,339,816)					(2,339,816)
Issuance of common stock through exercise of stock options	$ 4		39,629					39,633
Issuance of common stock through exercise of stock options (in shares)	39,461
Share-based compensation expense			28,374					28,374
Net loss				(1,394,914)				(1,394,914)
Balance at the end at Jun. 30, 2021	$ 657	$ (172)	45,094,782	(34,415,992)				10,679,275
Balance at the end (in shares) at Jun. 30, 2021	6,565,729	31,000
Balances at the end at Sep. 30, 2021					$ 0	$ 0	$ 0
Balances at the end (in shares) at Sep. 30, 2021					0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with public offering over-allotment option exercise	$ 34		2,497,467					2,497,501
Issuance of common stock in connection with public offering over-allotment option exercise (in shares)	337,500
Issuance of common stock in exchange for services			12,500					12,500
Issuance of common stock in exchange for services (in shares)	2,000
Issuance of common stock through exercise of warrants	$ 2		990					992
Issuance of common stock through exercise of warrants (in shares)	17,889
Issuance of warrants in connection with debt			49,072					49,072
Issuance of common stock through exercise of stock options			4,761					4,761
Issuance of common stock through exercise of stock options (in shares)	4,761
Share-based compensation expense (in shares)	37,879
Share-based compensation expense	$ 4		399,817					399,821
Net loss				(1,553,023)				(1,553,023)
Balance at the end at Sep. 30, 2021	$ 697	$ (172)	$ 48,059,389	$ (35,969,015)				$ 12,090,899
Balance at the end (in shares) at Sep. 30, 2021	6,965,758	31,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (6,911,428)	$ (3,058,540)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	450,231	80,598
Common shares issued in exchange for services	12,500
Amortization of internally developed software	714,444	599,425
Depreciation of property and equipment	33,390	33,563
Bad debt expense	33,856
Amortization of discount and debt issuance costs on convertible notes	1,088	141,628
Amortization of debt issuance costs on note payable	3,277
Amortization of discount on bridge notes	869,600
Change in fair value of derivative liabilities	(1,311,700)	76,000
Loss on extinguishment on bridge notes	2,740,425
Loss on extinguishment of convertible notes	260,185
Gain on extinguishment on note payable	(788,156)
Change in operating assets and liabilities:
Accounts receivable	(1,226,146)	(924,827)
Accounts receivable - unbilled	(1,097,983)	130,813
Prepaid expenses and other current assets	(41,392)	(6,970)
Tax credit receivable		104,624
Accounts payable	(1,441,008)	474,263
Accrued expenses	214,226	129,644
Accrued interest	(1,709,579)	1,374,139
Deferred revenue	(154,531)	581,912
Net cash used in operating activities	(9,348,701)	(263,728)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(2,550)	(1,006)
Capitalization of internally developed software	(731,172)	(864,921)
Net cash used in investing activities	(733,722)	(865,927)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of bridge notes payable	500,000	1,250,000
Proceeds from issuance of note payable	3,500,000	783,008
Proceeds from exercise of stock options		0
Proceeds from issuance of common stock in connection with public offering	18,000,000
Payment of offering costs in connection with the issuance of common stock in connection with public offering	(2,339,816)
Proceeds from exercise of warrants	992
Proceeds from issuance of over-allotment shares of common stock , net of transaction costs of $202,499	2,497,501
Payment of principal to bridge note holders	(3,000,000)
Payment of debt issuance costs in connection with note payable	(25,825)
Net cash provided by financing activities	19,177,246	2,033,008
Net increase in cash	9,094,823	903,353
Cash at beginning of period	695,909	53,893
Cash at end of period	9,790,732	$ 957,246
Supplemental disclosure of cash flow information:
Cash paid for interest	2,824,032
Supplemental disclosure of non-cash investing and financing activities:
Conversion of redeemable convertible preferred stock into common stock	11,173,076
Conversion of convertible notes and accrued interest into common stock	6,748,729
Conversion of bridge notes and accrued interest into common stock	4,717,646
Issuance of common stock warrants as offering costs in connection with public offering of common stock	374,400
Issuance of common stock warrants in connection with Term Loan	$ 49,072

Condensed Statements of Cash _2

Condensed Statements of Cash Flows (Parenthetical)	9 Months Ended
	Sep. 30, 2021USD ($)
Condensed Statements of Cash Flows
Transaction costs	$ 202,499

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2021
NATURE OF BUSINESS AND BASIS OF PRESENTATION
NATURE OF BUSINESS AND BASIS OF PRESENTATION	1. NATURE OF BUSINESS AND BASIS OF PRESENTATION Business iSpecimen Inc. (“iSpecimen” or the “Company”) was incorporated in 2009 under the laws of the state of Delaware. The Company has developed and launched a proprietary online marketplace platform that connects medical researchers who need access to subjects, samples, and data, with hospitals, laboratories, and other organizations who have access to them. iSpecimen is a technology-driven company founded to address a critical challenge: how to connect life science researchers who need human biofluids, tissues, and living cells (“biospecimens”) for their research, with biospecimens available (but not easily accessible) in healthcare provider organizations worldwide. The Company’s proprietary platform - the iSpecimen Marketplace platform is designed to help solve this problem and transform the biospecimen procurement process to accelerate medical discovery. The Company is headquartered in Lexington, Massachusetts and its principal market is North America. The Company operates as one operating and reporting segment. Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as determined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial information, and, pursuant to the rules and regulations of Article 10 of Regulation S-X of the Securities Act of 1933, as amended (the “Securities Act”), published by the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results of operations for the periods presented. They may not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s final prospectus dated June 16, 2021, pursuant to Rule 424(b) under the Securities Act , as amended (the “Prospectus”). The results of operations for any interim periods are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period. On March 30, 2021, the Company effected a 1-for-5.545 Initial Public Offering On June 21, 2021, the Company consummated its initial public offering (“IPO”) in which the Company issued and sold 2,250,000 shares of its common stock at a public offering price of $8.00 per share, for aggregate gross proceeds of $18 million. The net proceeds from the IPO were $15.7 million after deducting underwriting discounts of $1.7 million and other offering costs of $0.6 million. The shares of common stock commenced trading on the Nasdaq Stock Market LLC on June 17, 2021 under the ticker symbol “ISPC.” On July 1, 2021, the Company sold an additional 337,500 shares of its common stock, pursuant to the underwriters’ full exercise of the overallotment option, at a public offering price of $8.00 per share, for aggregate gross proceeds of $2.7 million. In aggregate, the Company received approximately $18.2 million after deducting for all underwriting discounts of $1.9 million and other offering costs of $0.6 million. Upon closing of the IPO, all of the then-outstanding shares of redeemable convertible preferred stock automatically converted into common stock at a ratio of 1:1, resulting in the issuance of 1,291,012 shares of common stock. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding. Upon closing of the IPO, the Company converted all $5.5 million of its outstanding principal and all unpaid and accrued interest of approximately $1.3 million of the Convertible Notes (as defined below) into 1,206,614 shares of common stock at a conversion price of $5.60 per share. The Company incurred an approximately $0.3 million loss on conversion of the Convertible Notes during the nine months ended September 30, 2021. As of September 30, 2021, there were no Convertible Notes or Bridge Notes outstanding. Additionally, upon closing of the IPO, the Company converted $4 million of its outstanding principal and accrued and unpaid interest of approximately $0.7 million of the Bridge Notes (as defined below), as amended, into 842,429 shares of common stock at a conversion price of $5.60 per share. During the three months ended September 30, 2021, the Company paid off the remaining principal balance of $3.0 million on the Bridge Notes and accrued interest of $64,110. Liquidity and Going Concern The Company has recognized recurring losses and at September 30, 2021, the Company had working capital of $12,796,062, an accumulated deficit of $35,969,015, cash of $9,790,732 and accounts payable and accrued expenses of $1,376,560. On August 13, 2021, the Company entered into a loan agreement (the "Term Loan") and as a result, received proceeds of $3.5 million. This funding was used to pay the remaining balance of $3.0 million on the Bridge Notes. As of September 30, 2021, there were no Bridge Notes outstanding. Management believes that the Company’s existing cash and cash equivalents, which include the net proceeds from the IPO and the proceeds of the Term Loan, will allow the Company to continue its operations for at least the next 12 months from the date these financial statements are issued and therefore the conditions raising substantial doubt raised in prior periods has been alleviated. As a result of recurring losses, the continued viability of the Company beyond November 2022 may be dependent on its ability to continue to raise additional capital to finance its operations. Impact of the COVID-19 Pandemic the Company's Operations In December 2019, the novel coronavirus SARS-Cov2, or COVID-19 outbreak, was reported to have surfaced in China. On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency due to the risks to the international community as the virus spread globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The Company is subject to the risks arising from the COVID-19 outbreak’s social and economic impacts on the healthcare services industry. The Company's management believes that the social and economic impacts could have a significant impact on future financial condition, liquidity, and results of operations, which include but are not limited to the following: (i) restrictions on in-person activities arising from shelter-in-place, or similar isolation orders; (ii) inability to source specimens from the Company's suppliers arising from shelter-in-place, or similar isolation orders; (iii) reduced capacity if personnel are infected or quarantined; (iv) decline in researcher demand for specimens; and (v) deteriorating economic conditions, such as increased unemployment rates and recessionary conditions. The COVID-19 outbreak has continued to impact the Company’s operations during the nine months ended September 30, 2021. In response to the COVID-19 outbreak, the Company initially implemented measures to help stabilize revenue as well as measures to reduce costs. To stabilize revenue, the Company added COVID-19 samples to its product line to support growing research in this area and also implemented mobile phlebotomy to more easily access research subjects. While research continues in this area, through September 2021, specimen requests for COVID-19 samples are declining, when compared to the same period in 2020. Given the evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company expects this matter to continue to have an impact on its results of operations, financial condition, and liquidity. However, the extent of the financial impact and the duration cannot be reasonably estimated at this time.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. The Company’s significant accounting policies and recent accounting standards are summarized in Note 2 of the Company’s financial statements for the year ended December 31, 2020. There were no significant changes to these accounting policies during the nine months ended September 30, 2021. Use of Estimates The preparation of the Company’s unaudited interim condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company utilizes certain estimates in the determination of the fair value of its warrants, deferred tax valuation allowances, revenue recognition, share-based compensation, derivative liabilities for embedded conversion features, and accrued expenses amongst others. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates. Off-Balance Sheet Risk and Concentrations of Credit Risk The Company has no significant off-balance sheet risks, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Cash accounts are maintained at financial institutions that potentially subject the Company to concentrations of credit risk. At September 30, 2021 and December 31, 2020, substantially all of the Company’s cash was deposited in accounts at one financial institution. The Company maintains its cash deposits, which at times may exceed the federally insured limits, with a reputable financial institution and, accordingly, the Company believes such funds are subject to minimal credit risk. Concentration of credit risk with respect to accounts receivable is typically related to customers who account for a significant portion of revenue. During the three months ended September 30, 2021, one customer represented approximately 16% of the Company’s revenues. During the three months ended September 30, 2020, two customers represented approximately 10% and 32% of the Company’s revenues. During the nine months ended September 30, 2021, one customer represented approximately 10% of the Company’s revenues. During the nine months ended September 30, 2020, two customers represented approximately 21% and 15% of the Company’s revenues. As of September 30, 2021, three customers each represented accounts As of September 30, 2021, three customers represented 23%, 17%, and 13%, respectively, of the Company’s unbilled accounts receivable balance. As of September 30, 2020, there were no customers with unbilled accounts receivable balances in excess of 10% of the total. During the three months ended September 30, 2021 and 2020, revenue attributable to customers located in foreign countries represented approximately 4% and 6% of revenue, respectively. During the nine months ended September 30, 2021 and 2020, revenue attributable to customers located in foreign countries represented approximately 5% and 6% of revenue, respectively. As of September 30, 2021 and 2020, accounts receivable attributable to customers located in foreign countries represented approximately 4% and 8% of accounts receivable, respectively. As of September 30, 2021 and 2020, accounts receivable-unbilled attributable to customers located in foreign countries represented approximately 5% and 12% of accounts receivable-unbilled, respectively. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: ● Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. ● Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. ● Level 3 — Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. For certain financial instruments, including cash, accounts receivable, and accounts payable, the carrying amounts approximate their fair values as of September 30, 2021 and December 31, 2020 because of their short-term nature. The liability in connection with conversion features included within certain of the Company’s Convertible Notes and Bridge Notes was classified as a derivative liability for embedded conversion features on the balance sheets and were considered to be a Level 3 liability. Deferred Initial Public Offering Costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred initial public offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Should the equity issuance be abandoned, the deferred initial public offering costs would be expensed immediately as a charge to operating expenses in the consolidated statement of operations. On June 21, 2021, the Company consummated its IPO; accordingly, the Company recognized deferred initial public offering costs of approximately $0.6 million as a reduction from gross proceeds associated with the IPO through additional paid-in capital in the accompanying condensed consolidated balance sheet. The Company recorded approximately $2.3 million of offering costs in additional paid-in capital in connection with the IPO. Accordingly, there were no deferred offering costs as of September 30, 2021. The Company had approximately $265,000 of deferred offering costs related to the IPO which were recorded in other current assets on the balance sheet as of December 31, 2020. Derivative Liability for Embedded Conversion Features The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates its convertible instruments to determine if those contracts or embedded components of those contracts qualify as derivatives to be accounted for separately. In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other bifurcated embedded derivative instruments in the convertible instrument, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. The result of this accounting treatment is that the fair value of the embedded derivative is recorded as a liability and marked-to-market each balance sheet date, with the change in fair value recorded in the statements of operations as other income or expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Revenue Recognition and Accounts Receivable The Company recognizes revenue using the five step approach as follows: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) we satisfy the performance obligations. The Company generates revenue by procuring various specimens from hospitals, laboratories, and other supply sites, for the Company’s medical research customers using the Company’s proprietary software, the iSpecimen Marketplace, to identify, locate, and ultimately validate the required specimens to the Company’s customers’ requested specifications. The Company’s performance obligation is to procure a specimen meeting the customer specification(s) from a supplier, on a “best efforts” basis, for the Company’s customer at the agreed price per specimen as indicated in the customer contract with the Company. The Company does not currently charge suppliers or customers for the use of the Company’s proprietary software. Each customer will execute a material and data use agreement with the Company or agrees to online purchase terms, each of which includes terms such as specimen and data use, shipment terms, payment and cancellation terms. These are then supplemented by purchase orders that specify specimen requirements including detailed inclusion/exclusion criteria, quantities to be collected, and pricing. Collectively, these customer agreements represent the Company’s contracts with its customer. Generally, contracts have fixed unit pricing. For certain specimen orders, a refundable customer deposit may be required prior to order fulfillment depending on project set-up requirements, presented as deferred revenue. The Company expects to recognize the deferred revenue within the next twelve months. Specimen collections occur at supply sites within the Company’s network. “Collection” is when the specimen has been removed, or “collected” from the patient or donor. A specimen is often collected specifically for a particular Company order. Once collected, the specimen is assigned by the supplier to the Company and control of the specimen passes to the Company. “Accession” is the process whereby a collected specimen and associated data are registered and assigned in the iSpecimen Marketplace to a particular customer order, which can occur while a specimen is at the supplier site or while at the Company site and is when control of the specimen passes to the customer. Suppliers may ship specimens to the Company or directly to the customer, if specimens must be delivered within a short time period (less than 24 hours after collection) or shipping to the Company is not practical. The Company has evaluated principal versus agent considerations as part of the Company’s revenue recognition policy. The Company has concluded that it acts as principal in the arrangement as it manages the procurement process from beginning to end and determines which suppliers will be used to fulfill an order, usually take physical possession of the specimens, set prices for the specimens, and bear the responsibility for customer credit risk. The Company recognizes revenue over time, as the Company has created an asset with no alternative use to the Company which has an enforceable right to payment for performance completed to date. At contract inception, the Company reviews a contract, and related order upon receipt, to determine if the specimen ordered has an alternative use by us. Generally, specimens ordered do not have an alternative future use to the Company and the performance obligation is satisfied when the related specimens are accessioned. The Company uses an output method to recognize revenue for specimens with no alternative future use. The output is measured based on the number of specimens accessioned. In the rare circumstances where specimens do have an alternative future use, the Company's performance obligation is satisfied at the time of shipment. Customers are typically invoiced upon shipment. Depending on the quantity of specimens ordered, it may take several accounting periods to completely fulfill a purchase order. In other words, there can be multiple invoices issued for a single purchase order, reflecting the specimens being accessioned over time. However, specimens are generally shipped as soon as possible after they have been accessioned. Once a specimen that has no alternative future use, and for which the Company has an enforceable right to payment, has been accessioned, the Company records the offset to revenue in accounts receivable -- unbilled. Once the specimen has been shipped and invoiced, a reclassification is made from accounts receivable -- unbilled to accounts receivable. Customers are generally given fourteen days from the receipt of specimens to inspect the specimens to ensure compliance with specifications set forth in the purchase order documentation. Customers are entitled to either receive replacement specimens or receive reimbursement of payments made for such specimens. The Company has a nominal history of returns for nonacceptance of specimens delivered. When this has occurred, the Company has given the customer a credit for the returns. The Company has not recorded a returns allowance. The following table summarizes the Company’s revenue for the following periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2021 2020 2021 2020 Specimens – contracts with customers ​ $ 2,671,655 ​ $ 2,223,057 ​ $ 8,448,164 ​ $ 5,408,012 Shipping and other ​ 46,879 ​ 27,090 ​ ​ 138,053 ​ ​ 58,363 Revenue ​ $ 2,718,534 ​ $ 2,250,147 ​ $ 8,586,217 ​ $ 5,466,375 ​ The Company carries its accounts receivable at the invoiced amount less an allowance for doubtful accounts. On a periodic basis, the Company evaluates its accounts receivable to determine if an allowance for doubtful accounts is necessary, based on economic conditions and each customer’s payment history. Receivables are written off when deemed uncollectible, with any future recoveries recorded as income when received. As of September 30, 2021 and December 31, 2020, the Company had an allowance for doubtful accounts of $141,952 and $108,096, respectively. The Company applies the practical expedient to account for shipping and handling activities as fulfillment cost rather than as a separate performance obligation. Shipping and handling costs incurred are included in cost of revenue. Restricted Stock Units (RSUs) The Company recognizes share-based compensation expense from restricted stock units (RSUs) ratably over the specified vesting period. The fair value of RSUs is determined to be the closing share price of the Company's common stock on the grant date. Common Stock Warrants The Company accounts for common stock warrants as either equity instruments or liabilities, depending on the specific terms of the warrant agreement. The warrants shall be classified as a liability if 1) the underlying shares are classified as liabilities or 2) the entity can be required under any circumstances to settle the warrant by transferring cash or other assets. The measurement of equity-classified nonemployee share-based payments is generally fixed on the grant date and are considered compensatory. For additional discussion on warrants, see Note 9. Net Loss Per Share Basic net loss per share is calculated by dividing net loss applicable to common stockholders by the weighted- average number of shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting the weighted-average number of shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculation, the potential impact of shares to be issued upon conversion of Series A, Series A-1 and Series B preferred stock, stock options, and warrants to purchase common stock are considered to be common stock equivalents, but have been excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive for all periods presented. Therefore, basic and diluted net loss per share applicable to common stockholders were the same for all periods presented. The table below provides common stock equivalents excluded from diluted net loss per share for the following periods: ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ 2021 2020 Shares issuable upon conversion of preferred stock — ​ 1,291,012 Shares issuable upon vesting of RSUs 284,267 ​ — Shares issuable upon exercise of stock options ​ 269,770 ​ 253,575 Shares issuable upon exercise of Lender Warrant to purchase common stock 12,500 ​ 23,309 Shares issuable upon exercise of Underwriter Warrants to purchase common stock 90,000 ​ — ​ Recent Accounting Standards From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. The JOBS Act permits an emerging growth company such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. The Company has elected not to “opt out” of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company will adopt the new or revised standard at the time private companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company.

FACTORING OF ACCOUNTS RECEIVABL

FACTORING OF ACCOUNTS RECEIVABLE	9 Months Ended
	Sep. 30, 2021
FACTORING OF ACCOUNTS RECEIVABLE
FACTORING OF ACCOUNTS RECEIVABLE	3. On January 1, 2021 the Company entered into a factoring agreement (the “Factoring Agreement”) with Versant Funding LLC (“Versant”), in which the Company agreed to sell a minimum of $1.2 million of its accounts receivable without recourse, and which the Company granted Versant a security interest in substantially all of the Company’s assets, in accordance with the terms of the Factoring Agreement. On June 30, 2021, the Company terminated the Factoring Agreement paying Versant $139,374 in settlement of its balance payable to Versant pursuant to the Factoring Agreement. Upon termination of the Factoring Agreement, all future payments of accounts receivable shall be made directly to the Company. During the three months ended September 30, 2021, the Company received notice from Versant regarding an additional amount owed in relation to past factored receivables, resulting in a $214,497 payment to Versant. During the nine months ended September 30, 2021, net receivables sold under the Factoring Agreement was approximately $3.4 million. Without recourse indicates that the Company assigns and transfers its rights, title, and interest in and to the accounts receivable to Versant, meaning that the Company will not be liable to repay all or any portion of the advance amount if any portion of the accounts receivable is not paid by our customer(s). Information on accounts receivable identified for factoring are provided and verified by Versant prior to being accepted for factoring. Pursuant to the Factoring Agreement, the factoring fees range from 2.5% to 15% of the purchase price of the accounts receivable based on the age of the accounts receivable when collected. The Company is also charged for certain reimbursable administrative fees incurred on its behalf for the management of the program. In connection with the Factoring Agreement, the Company entered into a security agreement, granting to Versant a security interest in substantially all of the Company’s assets to secure our obligations under the Factoring Agreement. The sales of accounts receivable in accordance with the factoring arrangements are recognized as a reduction of accounts receivable, net in the balance sheet. Factoring fees paid under these arrangements totaled approximately $214,497 for the three months ended September 30, 2021, and $471,396 for the nine months ended September 30,2021 which were recorded in general and administrative expenses in the condensed statements of operations.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2021
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	4. Property and equipment, net consisted of the following at the dates indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ ​ ​ Website ​ $ 107,926 ​ $ 105,376 Computer equipment and purchased software ​ 84,589 ​ 84,589 Equipment ​ 35,449 ​ 35,449 Furniture and fixtures ​ 87,184 ​ 87,184 Leasehold improvements ​ 24,935 ​ 24,935 Total property and equipment ​ 340,083 ​ 337,533 Accumulated depreciation ​ (295,334) ​ (261,944) Total property and equipment, net ​ $ 44,749 ​ $ 75,589 ​ Depreciation expense for property and equipment was $11,130 and $4,883 for the three months ended September 30, 2021 and 2020, respectively, and $33,390 and $33,563 for the nine months ended September 30, 2021 and 2020, respectively.

INTERNALLY DEVELOPED SOFTWARE,

INTERNALLY DEVELOPED SOFTWARE, NET	9 Months Ended
	Sep. 30, 2021
INTERNALLY DEVELOPED SOFTWARE, NET
INTERNALLY DEVELOPED SOFTWARE, NET	5. During the nine months ended September 30, 2021 and 2020, the Company capitalized $731,172 and $864,921, respectively, of internally developed software costs in connection with the development and continued enhancement of the technology platform and web interfaces. Capitalized costs primarily consist of payroll and payroll-related costs for the Company’s employees. The Company recognized $242,860 and $179,168 of amortization expense associated with capitalized internally developed software costs during the three months ended September 30, 2021 and 2020, respectively. The Company recognized $714,444 and $599,425 of amortization expense associated with capitalized internally developed software costs during the nine months ended September 30, 2021 and 2020, respectively.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2021
DEBT
DEBT	6. Note Payable In May 2020, the Company applied for and received $783,008 in unsecured loan funding from the Paycheck Protection Program (the “PPP Loan”), established pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and administered by the U.S. Small Business Administration (“SBA”). Under the terms of the promissory note (the “PPP Note”) and the PPP Loan, interest accrued on the outstanding principal at the rate of 1% per annum. Interest expense under the PPP Loan amounted to $0 and $1,961 for the three months ended September 30, 2021 and 2020, respectively. Interest expense under the PPP Loan amounted to $279 and $2,518 for the nine months ended September 30, 2021 and 2020, respectively. The Company received full forgiveness of all outstanding principal of, and accrued and unpaid interest on the PPP Loan as of January 13, 2021. The forgiveness of the PPP Loan qualified for debt extinguishment and as a result, the outstanding principal and accrued and unpaid interest on the PPP Loan was recorded as a net gain on extinguishment of the PPP Loan totaling $788,156 for the nine months ended September 30, 2021 and the debt was eliminated from the Company’s balance sheet. Related Party Convertible Notes Payable During 2017 and 2018, the Company issued Related Party Convertible Promissory Notes (the “Convertible Notes”) to related parties totaling $5,500,000. The Convertible Notes bear interest at a rate of six percent (6%) per annum, without compounding. The Convertible Notes are convertible into shares of the Company’s preferred stock, upon the following: (i) a new permanent equity financing yielding gross proceeds of in excess of $10,000,000, including conversion of the outstanding principal of the Convertible Notes (a “Qualified Equity Financing”), (ii) achievement of positive free cash flow from operations on a quarterly basis for the two consecutive quarters ending 90 days prior to the maturity date, (iii) an acquisition, or (iv) upon election of the holders of the majority of the aggregate principal outstanding (the “Majority Lenders”). Preferred stock issued on conversion shall be shares of the Company’s stock that have substantially the same rights and preferences as the Company’s Series B Preferred Stock or that which is issued in such Qualified Equity Financing, depending on the applicable conversion event. During 2021, there have been no changes to the conversion prices which are detailed in the Company’s audited financial statements for the years ended December 31, 2020 and 2019. The conversion rate shall be equal to the issue price of the IPO Stock less a thirty percent ( 30 )% discount. The maturity date on the Convertible Notes is the earliest occurrence of (i) the closing of a Qualified Equity Financing, (ii) the date upon which prepayment by the Company occurs with the consent of the Majority Lenders, (iii) the date upon which the Convertible Notes are otherwise converted into equity securities, or (iv) March 31, 2020. In March 2020, the Majority Lenders elected to extend the maturity date through September 30, 2020. On October 1, 2020, the maturity date was further extended to March 31, 2021. On March 8, 2021, the maturity date was further extended to June 30, 2021. The Company has determined that the terms related to the Qualified Equity Financing conversion and acquisition conversion features (collectively, the “Embedded Conversion Features”) were determined to not be clearly and closely related to the Convertible Note host instrument and meet the definition of a derivative. Therefore, the Embedded Conversion Features were bifurcated from the Convertible Notes and separately measured at fair value. The derivative liability has been subsequently marked-to-market each reporting period with changes in fair value recognized in the statement of operations (see Note 7). Interest expense on the Convertible Notes totaled $0 and $83,178 for the three months ended September 30, 2021 and 2020, respectively. Interest expense on the Convertible Notes totaled $156,411 and $247,726 for the nine months ended September 30, 2021 and 2020, respectively. Unamortized debt issuance costs on the Convertible Notes totaled $0 and $9,189 at September 30, 2021 and December 31, 2020, respectively. Debt discounts on the Convertible Notes totaled $0 and $0 as of September 30, 2021 and December 31, 2020, respectively. During the nine months ended September 30, 2021 and 2020, amortization of debt discounts amounted to $1,088 and $141,628, respectively. Conversion of Convertible Notes Payable In connection with the consummation of the IPO, the Company converted all $5,491,663 of its outstanding principal and all unpaid and accrued interest of $1,257,066 of the Convertible Notes into 1,206,614 shares of common stock on June 21, 2021 at a conversion price of $5.60 per share. As of September 30, 2021, there were no Convertible Notes outstanding. The Company incurred an approximate $260,000 loss on conversion of the Convertible Notes during the nine months ended September 30, 2021. Bridge Financing During 2020, 2019, and 2018, the Company issued certain Secured Promissory Notes (the “Bridge Notes”) to new investors and existing stockholders in an amount of $6,500,000 in order to finance the Company’s interim working capital needs. Of this amount, $1,905,000 was issued to related parties (“Related Party Bridge Notes”). The Bridge Notes, including the Related Party Bridge Notes, have identical terms. On April 16, 2021 and May 20, 2021, the Company issued additional Related Party Bridge Notes to related parties in the aggregate amount of $500,000 in order to finance the Company's working capital needs. The terms of the notes are identical to the Amended Bridge Notes (see further details below). The Bridge Notes bear interest at a rate of twenty-four percent (24%) per annum, without compounding. The Bridge Notes and all accrued interest are due and payable on the earliest occurrence of (i) a Qualified Equity Financing, (ii) the sale of the Company, (iii) prepayment by the Company, or (iv) December 31, 2019, which was subsequently extended to June 30, 2020. In June 2020, the Bridge Notes were amended to further extend the maturity date through September 30, 2020. On October 1, 2020, the Company amended the Bridge Notes to extend the maturity date to March 31, 2021 and to increase the interest rate from 24% to 30% after October 1, 2020. On March 15, 2021, the Company entered into an Amendment to the Bridge Notes and the maturity date was further extended to April 30, 2021. The Bridge Notes will be repayable upon demand of the Majority Lenders of the Bridge Notes at any time on or after the maturity date. The Bridge Notes are senior in right of payment and priority to any Convertible Debt and subordinated to any Senior Debt. The investors that hold the Bridge Notes are granted a security interest in substantially all assets of the Company (“Collateral”). On March 15, 2021, the Company entered into a Fifth Amendment (the “Amendment”) to the Note Subscription Agreements and Secured Promissory Notes. The Bridge Notes are hereafter referred to as the “Amended Bridge Notes”. The terms of the Amendment are as follows: Maturity Date The Amended Bridge Notes shall bear interest, on a non-compounding basis, at a rate of thirty percent (30%) per annum from and after October 1, 2020, due on maturity on the earlier of (i) the closing of an initial public offering yielding gross proceeds in excess of $18,000,000, exclusive of any existing Convertible Notes (a “Qualified IPO”), (ii) the sale of the Company, (iii) prepayment by the Company, or (iv) April 30, 2021. The Majority Lenders may, with the approval of the Company, elect to extend the maturity date one or more times, at their discretion. On April 28, 2021, the maturity date was further extended to May 31, 2021. On May 12, 2021, the maturity date was further extended to June 30, 2021. Elective Conversion Upon a Qualified IPO The holders of the Amended Bridge Notes may voluntarily elect, at any time prior the maturity date and up to March 19, 2021, to convert 50% or more of the outstanding unpaid principal plus any amount of outstanding unpaid interest at the time of the Qualified IPO, into the same class or series of securities of the Company to be offered and issued in the Qualified IPO (the “IPO Stock”). The conversion rate shall be equal to the issue price of the IPO Stock less a thirty percent (30%) discount (“the Elective Conversion Stock”). The elective conversion amount shall be deducted from the amount of principal and interest outstanding in order to arrive at an adjusted principal and interest repayment amount. The sum of the amounts being converted on the Amended Bridge Notes shall first convert the outstanding principal and then the outstanding interest second. Repayment of Adjusted Outstanding Interest and Principal Upon a Qualified IPO If a Qualified IPO is consummated prior to the maturity date, and the holders have not voluntarily converted, the Company shall make a cash payment to the holders of the Amended Bridge Notes equal to the greater of either the total adjusted outstanding interest or one and one-half times ( 1.50 Repayments shall first be applied to the adjusted outstanding interest due in cash to the holders of the Amended Bridge Notes . The residual value shall be next applied to the adjusted outstanding principal (the “Principal Repayment Proceeds”). The remaining cash repayment shall be calculated by multiplying the Principal Repayment Proceeds by a fraction, the numerator of which is equal to the adjusted principal repayment amount of such note holder, and the denominator of which is equal to the total adjusted outstanding principal to all note holders. In no event shall any cash payment be made to any note holder exceed the sum of the adjusted interest repayment amount plus the adjusted principal repayment amount for such note holder. Automatic Conversion or Debt Extension Any remaining unpaid principal, calculated by subtracting the Principal Repayment Proceeds from the total adjusted outstanding principal (the “Automatic Principal Conversion Amount”), shall then automatically convert into IPO Stock at a rate equal to the issue price of the IPO Stock less a ten percent (10%) discount (that is, at a rate of ninety percent (90%) of the issue price of the IPO Stock; such discounted IPO Stock; the “Automatic Conversion Stock”). If the Company is unable to repay at least twenty-five percent (25%) of the total adjusted outstanding principal of the Amended Bridge Notes (“the “Principal Repayment Floor”), then no Automatic Conversion Stock shall be issued and the total adjusted outstanding principal on the Amended Bridge Notes shall remain on the books of the Company under their existing Bridge Notes which shall automatically be amended to (i) have their interest rates adjusted to a rate of fifteen percent (15%) per annum and (ii) have their maturity date set to a date that is eighteen (18) months from the date of the Qualified IPO. Amended Bridge Notes Embedded Conversion Features The Company has determined that the terms related to the elective and automatic conversion features (collectively, the “Amended Bridge Notes Embedded Conversion Features”) were determined to not be clearly and closely related to the Amended Bridge Notes host instrument and meet the definition of a derivative. Therefore, the Amended Bridge Notes Embedded Conversion Features were bifurcated from the Amended Bridge Notes and separately measured at fair value. The derivative liability has been subsequently marked-to- market each reporting period with changes in fair value recognized in the statement of operations. The Amended Bridge Notes Embedded Conversion Features were initially recorded as a component of the loss on debt extinguishment with an offset to the derivative liability at fair value. No related discount will be recorded on the Amended Bridge Notes, and the derivative liability will not be amortized using the effective interest rate over the term of the Amended Bridge Notes. Debt Extinguishment The Company evaluated the terms of the March 15, 2021 Amendment. This evaluation included analyzing whether there are significant and consequential changes to the economic substance of the Bridge Notes. If the change is deemed insignificant then the change is considered a debt modification, whereas if the change is substantial the change is reflected as a debt extinguishment. A modification or an exchange that adds or eliminates a substantive conversion option as of the conversion date would always be considered substantial and require extinguishment accounting. The addition of the elective and mandatory conversion options, as described above, would be considered substantive based on the likelihood of the option being exercised in the near future in connection with a Qualified IPO event. Accordingly, the Company accounted for the amendment of the Notes as an extinguishment of the original Bridge Notes. As a result, the Company recorded a loss on extinguishment of $2,740,425. The extinguishment loss also included a write-off of unamortized debt issuance costs of approximately $5,700. Additionally, the Company recorded a discount on the Amended Bridge Notes of approximately $869,600, which was amortized through interest expense over the life of the Amended Bridge Notes (i.e., March 15, 2021 through April 30, 2021). Interest expense on the Bridge Notes, including $5,876 and $48,371 of related party interest expense, totaled $54,247 and $382,521 for the three months ended September 30, 2021 and 2020, respectively. Interest expense on the Bridge Notes, including $320,469 and $694,189 of related party interest expense, totaled $1,014,657 and $1,123,890 for the nine months ended September 30, 2021 and 2020, respectively. Unamortized debt issuance costs on the Bridge Notes totaled $0 and $7,222 as of September 30, 2021 and 2020, respectively. Amortization of the debt discount on the Amended Bridge Notes totaled approximately $0 and $0 for the three months ended September 30, 2021 and 2020, respectively. Amortization of the debt discount on the Amended Bridge Notes totaled approximately $869,600 and $136,185 for the nine months ended September 30, 2021 and 2020, respectively. Conversion of Bridge Notes Upon the completion of the IPO, the Company converted $4,000,000 of its outstanding principal and accrued interest of $717,646 of the Bridge Notes, as amended, into 842,429 shares of common stock at a conversion price of $5.60 per share. The Company recognized a gain on the conversion of $9,746. The conversion of the Amended Bridge Notes and Convertible Notes upon the consummation of the IPO resulted in an increase in total stockholder’s equity of $16,392,344. The components of this non-cash transaction are as follows for the nine months ended September 30, 2021: ​ ​ ​ ​ ​ Write off of derivative liability relating to the Convertible Notes $ 2,644,000 Extinguishment of Convertible Notes principal ​ 5,486,199 Accrued and unpaid interest on the Convertible Notes ​ 1,257,066 Accumulated amortization on debt issuance costs ​ 33,035 Loss on extinguishment of Convertible Notes ​ 260,185 Write off of debt issuance costs ​ (27,573) Write off of derivative liability relating to the Bridge Notes ​ 2,031,300 Extinguishment of Bridge Notes principal ​ 4,000,000 Accrued and unpaid interest on the Bridge Notes ​ 717,646 Gain on extinguishment of Bridge Notes ​ (9,514) Total conversion of Convertible Notes and Bridge Notes into common stock ​ $ 16,392,344 ​ During the three months ended September 30, 2021, the Company paid off remaining principal of $3,000,000 and accrued interest of $64,110. As of September 30, 2021, there were no Bridge Notes outstanding. Term Loan On August 13, 2021 (the "Closing Date"), the Company entered into a Loan and Security Agreement with Western Alliance Bank (the “Lender”) in the amount of $3,500,000 for working capital needs (the “Term Loan”). The Company has the option to request an additional advance in the amount of $1,500,000, which the Company has not yet borrowed as of September 30, 2021. The additional advance of $1,500,000 is available to the Company during the "Draw Period," which is defined in the Term Loan as the "period commencing on the Closing Date and ending the earlier to occur of (a) February 13, 2023, and (b) an Event of Default." The Term Loan bears interest at a rate equal to three-quarters of one percent (0.75%) above the Prime Rate. As of September 30, 2021, the interest rate on the Term Loan is 4.00% which is equal to 0.75% above the Prime Rate of 3.25%. Interest is due and payable on the tenth ( 10 30 The Company shall have the option to prepay all, but not less than all, of the outstanding loan balance, provided the Company a) delivers written notice to the financial institution of their election to prepay such Term Loan at least ten (10) days prior to such prepayment and b) pay, on the date of such prepayment, (1) all outstanding principal with respect to the Term Loan, plus accrued but unpaid interest, plus (2) all fees (including any late fee), and other sums, including bank expenses, if any, that shall have become due and payable. The Lender which holds the Term Loan is granted a security interest in substantially all assets of the Company (“Collateral”). The Term Loan contains certain covenants that the Company considers usual and customary for an agreement of this type for comparable commercial borrowers, and as of September 30, 2021 we were in compliance with all Term Loan covenants. Interest expense on the Term Loan totaled $18,399 and $0 for the three and nine months ended September 30, 2021 and 2020, respectively. Debt issuance costs totaled $74,897, comprised of a warrant to purchase 12,500 shares of common stock issued to the Lender with a fair value of $49,072, Unamortized debt issuance costs on the Term Loan totaled $71,620 and $0 at September 30, 2021 and December 31, 2020, respectively.

FAIR VALUE OF DERIVATIVE LIABIL

FAIR VALUE OF DERIVATIVE LIABILITIES	9 Months Ended
	Sep. 30, 2021
FAIR VALUE OF DERIVATIVE LIABILITIES
FAIR VALUE OF DERIVATIVE LIABILITIES	7. Financial liabilities measured at fair value on a recurring basis are summarized below and disclosed on the Company’s balance sheets as of the following dates indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at September 30, 2021 ​ Total Level 1 Level 2 Level 3 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liability on convertible notes payable, related parties ​ $ — ​ $ — ​ $ — ​ $ — Derivative liability on bridge notes payable and bridge notes payable, related parties ​ — ​ — ​ — ​ $ — Total liabilities ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value at December 31, 2020 ​ Total Level 1 Level 2 Level 3 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liability on convertible notes payable, related parties ​ $ 2,373,000 ​ $ — ​ $ — ​ $ 2,373,000 Total liabilities ​ $ 2,373,000 ​ $ — ​ $ — ​ $ 2,373,000 ​ The table below provides a summary of the changes in fair value of the derivative liabilities measured on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance, beginning of period ​ $ 2,373,000 ​ $ 2,214,000 Derivative liability on bridge notes payable and bridge notes payable, related parties ​ 3,614,000 ​ — (Gain) loss included in earnings ​ (1,311,700) ​ 76,000 Write off of derivative liabilities in connection with debt conversion ​ ​ (4,675,300) ​ ​ — Balance, end of period (unaudited) ​ $ — ​ $ 2,290,000 ​ Derivative Liability on Convertible Notes Payable, Related Parties The Embedded Conversion Features are separately measured at fair value, with changes in fair value recognized in current operations. The Company used a scenario-based analysis to estimate the fair value of the Embedded Conversion Features at issuance of the Convertible Notes. The scenario-based analysis estimates the fair value of the Convertible Notes based on the probability-weighted present value of expected future investment returns, considering each of the possible outcomes available to the noteholders, including various IPO, settlement, equity financing, corporate transaction and dissolution scenarios. Estimating fair values of Embedded Conversion Features requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. Because the Embedded Conversion Features are initially and subsequently carried at fair values, the Company’s income will reflect the volatility in these estimate and assumption changes. The original values of the Embedded Conversion Features were recorded as a derivative liability with the offset as a debt discount to the Convertible Notes which was amortized over the original term of the Convertible Notes. The derivative liability on the Related Party Convertible Notes was written-off on June 21, 2021, upon the conversion of the Convertible Notes to common stock in connection with the consummation of the IPO. Immediately prior to the IPO, the derivative liability was marked to fair value resulting in a loss of $117,000 for the three months ended June 30, 2021. Derivative Liability on Bridge Notes Payable and Bridge Notes Payable, Related Parties The Embedded Conversion Features are separately measured at fair value, with changes in fair value recognized in current operations. The Company used a scenario-based analysis to estimate the fair value of the Embedded Conversion Features at issuance of the Amended Bridge Notes. The scenario-based analysis estimates the fair value of the Amended Bridge Notes based on the probability-weighted present value of expected future investment returns, considering each of the possible outcomes available to the noteholders, including various IPO, and settlement scenarios. Estimating fair values of Embedded Conversion Features requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. Because the Embedded Conversion Features are initially and subsequently carried at fair values, the Company’s income will reflect the volatility in these estimate and assumption changes. The Amended Bridge Notes Embedded Conversion Features were initially recorded as a component of the loss on debt extinguishment with an offset to the derivative liability at fair value. No related discount will be recorded on the Amended Bridge Notes, and the derivative liability will not be amortized using the effective interest rate over the term of the Amended Bridge Notes. The derivative liability balance on the Amended Bridge Notes payable of $2,031,300 was written off on June 21, 2021, upon the conversion of the Amended Bridge Notes to common stock in connection with the consummation of the IPO, as the Amended Bridge Notes did not contain any further conversion features subsequent to the IPO. Immediately prior to the IPO, the derivative liability was marked to fair value. A portion of the Bridge Note holders did not elect to convert at the IPO, as a result, the Company recorded a gain of $ 1,630,700 for the three months ended June 30, 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	8. Leases The Company leases its office space in Lexington, Massachusetts under a non-cancelable operating lease that was entered into in September 2012 and most recently amended on April 10, 2017. The lease requires monthly rental payments, presented by year in the table below, which escalate during the lease term and expires on February 28, 2024. The difference between straight-line rent expense and rent paid is immaterial as of September 30, 2021. ​ ​ ​ ​ ​ Year Ending December 31, Operating Leases 2021 (remaining) ​ $ 40,353 2022 ​ 163,158 2023 ​ 165,254 2024 ​ 27,601 Total ​ $ 396,366 ​ Rent expense for the three months ended September 30, 2021 and 2020 amounted to $46,261 and $13,276, respectively. Rent expense for the nine months ended September 30, 2021 and 2020 amounted to $113,341, and $82,794, respectively. Legal Proceedings From time to time the Company is involved in litigation, claims, and other proceedings arising in the ordinary course of business. Such litigation and other proceedings may include, but are not limited to, actions relating to employment law and misclassification, intellectual property, commercial or contractual claims, or other consumer protection statutes. Litigation and other disputes are inherently unpredictable and subject to substantial uncertainties and unfavorable resolutions could occur. As of September 30, 2021, there was no material litigation against the Company.

CONVERTIBLE PREFERRED STOCK AND

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT	9 Months Ended
	Sep. 30, 2021
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT	9. Immediately following the closing of the IPO, pursuant to the Company’s fourth amended and restated certificate of incorporation, the Company’s authorized capital is 250,000,000 shares, of which (1) 200,000,000 shares are common stock, par value $0.0001 per share and (2) 50,000,000 are preferred stock, par value $0.0001 per share, which may, at the sole discretion of the Company’s board of directors be issued in one or more series. Redeemable Convertible Preferred Stock Upon the consummation of the IPO, 1,291,012 shares of outstanding preferred stock automatically converted into 1,291,012 shares of common stock. As of September 30, 2021, there were no shares of preferred stock outstanding. Common Stock The Company issued 2,250,000 shares of common stock in connection with the IPO during the nine months ended September 30, 2021. Additionally, the Company issued 1,206,614 shares of common stock in connection with the conversion of all the Convertible Notes and accrued interest and 842,429 shares of common stock in connection with the conversion of $4.7 million of the outstanding principal and accrued interest on the Bridge Notes. On July 1, 2021, the Company issued and sold 337,500 additional shares of common stock, pursuant to the underwriters' exercise of its overallotment option, at a public offering price of $8.00 per share, for aggregate gross proceeds of $2.7 million. The net proceeds from the overallotment were $2.5 million after deducting underwriting discounts of $0.2 million. Inclusive of the underwriters' option to purchase additional shares, the Company received approximately $18.2 million in net proceeds from the IPO, after deducting underwriting discounts of $1.9 million and other offering costs of $0.6 million. On August 1, 2021, the Company issued 2,000 shares of common stock in exchange for investor relations services. The shares of common stock had a fair value of $6.25 per share for a total aggregate value of $12,500. Underwriter Warrants In connection with the Company’s underwriting agreement with ThinkEquity, the Company entered into a warrant agreement to purchase up to 90,000 shares of common stock, par value $0.0001 (the “Underwriter Warrant”). The Underwriter Warrant is exercisable at a per share exercise price of $10.00, and is exercisable at any time and from time to time, in whole or in part, during the four- and one-half year Warrants During the three and nine months ended September 30, 2021, the warrant holders exercised 17,889 warrants to purchase common stock, resulting in the issuance of 17,889 shares of common stock for total proceeds of $992. As of September 30, 2021, 5,420 warrants expired, and were not exercised. Lender Warrant In connection with the Term Loan entered into on August 13, 2021, the Company issued a Lender Warrant to purchase 12,500 shares of common stock to the Lender. The Lender Warrant is exercisable at a per share exercise price of $8.00 , and is exercisable at any time on or after August 13, 2021 through August 12, 2031. The Company determined that the Lender Warrant is equity-classified. As of September 30, 2021, The Lender Warrant had not been exercised, and has a weighted average exercise price of $8.00 and a remaining weighted average time to expiration of 9.87 years . ​ The following assumptions were used to estimate the fair value of warrants granted using the Black-Scholes-Merton option pricing model during the nine months ended September 30: ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Assumptions: ​ Risk-free interest rate 0.90% - 1.30 % — % Expected term (in years) 5.00 - 10.00 — ​ Expected volatility 61% - 69 % — % Expected dividend yield — % — % ​ A summary of warrant activity during the is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Options ​ Weighted Average ​ Contractual Term ​ Outstanding Exercise Price in Years Balance at December 31, 2020 23,309 ​ $ 0.06 0.75 Granted 102,500 ​ $ 9.76 5.34 Exercised (17,889) ​ $ 0.06 — Expired (5,420) ​ $ 0.06 — Balance at September 30, 2021 102,500 ​ $ 9.76 5.34 ​

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2021
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	10. Stock Options As of September 30, 2021, there were 99,493 and 188,455 shares available for future grants under the Company’s 2013 Stock Incentive Plan and 2021 Stock Incentive Plan, respectively. The following assumptions were used to estimate the fair value of stock options granted using the Black- Scholes-Merton option pricing model during the nine months ended September 30: ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Assumptions: ​ Risk-free interest rate 0.47% – 0.66 % 1.35% – 1.41 % Expected term (in years) 5.81 – 5.89 5.57 – 6.14 ​ Expected volatility 49.83% – 49.98 % 43.11% – 43.91 % Expected dividend yield — % — % ​ A summary of stock option activity under the Plans is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ Options ​ Weighted Average ​ Contractual Term Aggregate ​ Outstanding Exercise Price in Years Intrinsic Value Balance at December 31, 2020 251,847 ​ $ 1.00 8.06 ​ $ 89,100 Granted 70,164 ​ $ 5.74 9.64 ​ ​ 140,436 Exercised (44,222) ​ $ 1.00 — ​ ​ — Cancelled/forfeited (8,019) ​ $ 1.00 — ​ ​ — Balance at September 30, 2021 269,770 ​ $ 2.27 8.03 ​ $ 1,103,834 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options exercisable at September 30, 2021 207,481 ​ $ 1.00 7.54 ​ $ 867,665 ​ The aggregate intrinsic value in the table above represents the difference between the Company’s stock price as of the balance sheet date and the exercise price of each in-the-money option on the last day of the period. The total intrinsic value of stock options exercised was approximately $23,019 and $213,813 an during the three and nine months ended September 30, 2021, respectively. The weighted-average grant date fair value of stock options issued in the nine months ended September 30, 2021 and 2020 was $3.94 and $0.72, respectively. The Company recorded $399,821 and $29,287 of compensation expense for the three months ended September 30, 2021 and 2020, respectively. The Company recorded $450,231 and $80,598 of compensation expense for nine months ended September 30, 2021 and 2020, respectively. A total of $261,676 of unamortized compensation expense at September 30, 2021, will be recognized over the remaining requisite service period of 0.9 years. During the first nine months of 2021 and 2020, the Company received proceeds of $44,390 and $0 from the exercise of stock options, respectively. 2021 Stock Incentive Plan On June 16, 2021, the Company adopted the iSpecimen Inc. 2021 Stock Incentive Plan (“the 2021 Plan”). The 2021 Plan was adopted to enhance our ability to attract, retain and motivate employees, officers, directors, consultants and advisors by providing such persons with equity ownership opportunities and performance-based incentives. The 2021 Plan authorizes options, restricted stock, restricted stock units and other stock-based awards. The Company’s Board of Directors, or any committee to which the Board of Directors delegates such authority, has the sole discretion in administering, interpreting, amending or accelerating the 2021 Plan. Awards may be made under the 2021 Plan for up to 608,000 shares of the Company’s common stock, and the 2021 Plan was made effective with the completion of the IPO. During the three months ended September 30, 2021, 419,545 equity awards were issued from the 2021 Plan. Restricted Stock Units During the three months ended September 30, 2021, the Company granted 120,250 restricted stock units to employees, resulting in expense of $48,957 recorded in general and administrative expense. These restricted stock units are subject to one-year cliff vesting, with 25% of the restricted stock units vesting on the first anniversary of issuance. The remaining restricted stock units vest quarterly over a three-year period. As of September 30, 2021, unrecognized stock-based compensation expense related to the unvested restricted stock units was $734,521 which the Company expects to recognize on a straight-line basis over a weighted average period of approximately 3.76 years. During July 2021, the Company granted 189,396 restricted stock units to members of the executive team, resulting in expense of $293,588 recorded in general and administrative expense. These restricted stock units are subject to a four-year vesting period, with 20% of the units vesting immediately upon issuance. The remaining restricted stock units vest annually over a four-year period. As of September 30, 2021, unrecognized stock-based compensation expense related to the unvested restricted stock units was $907,182 which the Company expects to recognize on a straight-line basis over a weighted average period of approximately 3.77 years. During July 2021, the Company granted 12,500 restricted stock units to board directors, resulting in expense of $13,083 recorded in general and administrative expense. These restricted stock units vest quarterly over a one-year period. As of September 30, 2021, unrecognized stock-based compensation expense related to the unvested restricted stock units was $65,417 which the Company expects to recognize on a straight-line basis over a weighted average period of approximately 0.83 years. ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Shares ​ Grant Date Fair Value Unvested balance at January 1, 2020 — ​ $ — Granted 322,146 ​ 6.40 Vested (37,879) ​ (6.34) Unvested balance at December 31, 2020 284,267 ​ $ 6.41 ​ Performance Stock Units During July 2021, the Company issued 47,349 performance stock units to four members of the executive team pursuant to each executive's employment agreement executed in connection with the IPO. The performance stock units are subject to certain performance obligations relating to certain revenue and cost of revenue metrics to be determined at the beginning of each fiscal year within the four-year vesting period. As of September 30, 2021, it was not probable that the Company would achieve the targets pursuant to the metrics in each of the executives' employment agreements, and therefore no stock compensation expense was recognized for the three and nine months ended September 30, 2021.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2021
INCOME TAXES
INCOME TAXES	11. As of September 30, 2021, the Company had federal net operating loss carryforwards of approximately $28,400,000 of which approximately $13,000,000 expire at various periods through 2037 and approximately $15,400,000 can be carried forward indefinitely. As of September 30, 2021, the Company had state net operating loss carryforwards of approximately $21,300,000 that expire at various periods through 2041. At September 30, 2021, the Company had federal and state tax credits of approximately $800,000 available for future periods that expire at various periods through 2041. The Company has recorded a full valuation allowance against net deferred income tax assets due to a history of losses generated since inception.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	12. SUBSEQUENT EVENTS Pursuant to the 2021 Plan, the Company granted 12,000 restricted stock units to employees during October 2021. Each restricted stock unit represents the right to receive one share of the Company’s common stock, subject to the terms and conditions set forth in the restricted stock unit award agreement and the 2021 Plan. The restricted stock units vest as follows: 25% from the one year anniversary of the vesting start date, and then the remainder of the shares will time-vest quarterly beginning fifteen months after the vesting start date and then every three months thereafter, through the fourth yearly anniversary of the vesting start date.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates	Use of Estimates The preparation of the Company’s unaudited interim condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company utilizes certain estimates in the determination of the fair value of its warrants, deferred tax valuation allowances, revenue recognition, share-based compensation, derivative liabilities for embedded conversion features, and accrued expenses amongst others. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates.
Off-Balance Sheet Risk and Concentrations of Credit Risk	Off-Balance Sheet Risk and Concentrations of Credit Risk The Company has no significant off-balance sheet risks, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Cash accounts are maintained at financial institutions that potentially subject the Company to concentrations of credit risk. At September 30, 2021 and December 31, 2020, substantially all of the Company’s cash was deposited in accounts at one financial institution. The Company maintains its cash deposits, which at times may exceed the federally insured limits, with a reputable financial institution and, accordingly, the Company believes such funds are subject to minimal credit risk. Concentration of credit risk with respect to accounts receivable is typically related to customers who account for a significant portion of revenue. During the three months ended September 30, 2021, one customer represented approximately 16% of the Company’s revenues. During the three months ended September 30, 2020, two customers represented approximately 10% and 32% of the Company’s revenues. During the nine months ended September 30, 2021, one customer represented approximately 10% of the Company’s revenues. During the nine months ended September 30, 2020, two customers represented approximately 21% and 15% of the Company’s revenues. As of September 30, 2021, three customers each represented accounts As of September 30, 2021, three customers represented 23%, 17%, and 13%, respectively, of the Company’s unbilled accounts receivable balance. As of September 30, 2020, there were no customers with unbilled accounts receivable balances in excess of 10% of the total. During the three months ended September 30, 2021 and 2020, revenue attributable to customers located in foreign countries represented approximately 4% and 6% of revenue, respectively. During the nine months ended September 30, 2021 and 2020, revenue attributable to customers located in foreign countries represented approximately 5% and 6% of revenue, respectively. As of September 30, 2021 and 2020, accounts receivable attributable to customers located in foreign countries represented approximately 4% and 8% of accounts receivable, respectively. As of September 30, 2021 and 2020, accounts receivable-unbilled attributable to customers located in foreign countries represented approximately 5% and 12% of accounts receivable-unbilled, respectively.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: ● Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. ● Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. ● Level 3 — Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. For certain financial instruments, including cash, accounts receivable, and accounts payable, the carrying amounts approximate their fair values as of September 30, 2021 and December 31, 2020 because of their short-term nature. The liability in connection with conversion features included within certain of the Company’s Convertible Notes and Bridge Notes was classified as a derivative liability for embedded conversion features on the balance sheets and were considered to be a Level 3 liability.
Deferred Initial Public Offering Costs	Deferred Initial Public Offering Costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred initial public offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Should the equity issuance be abandoned, the deferred initial public offering costs would be expensed immediately as a charge to operating expenses in the consolidated statement of operations. On June 21, 2021, the Company consummated its IPO; accordingly, the Company recognized deferred initial public offering costs of approximately $0.6 million as a reduction from gross proceeds associated with the IPO through additional paid-in capital in the accompanying condensed consolidated balance sheet. The Company recorded approximately $2.3 million of offering costs in additional paid-in capital in connection with the IPO. Accordingly, there were no deferred offering costs as of September 30, 2021. The Company had approximately $265,000 of deferred offering costs related to the IPO which were recorded in other current assets on the balance sheet as of December 31, 2020.
Derivative Liability for Embedded Conversion Features	Derivative Liability for Embedded Conversion Features The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates its convertible instruments to determine if those contracts or embedded components of those contracts qualify as derivatives to be accounted for separately. In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other bifurcated embedded derivative instruments in the convertible instrument, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. The result of this accounting treatment is that the fair value of the embedded derivative is recorded as a liability and marked-to-market each balance sheet date, with the change in fair value recorded in the statements of operations as other income or expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity.
Revenue Recognition and Accounts Receivable	Revenue Recognition and Accounts Receivable The Company recognizes revenue using the five step approach as follows: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) we satisfy the performance obligations. The Company generates revenue by procuring various specimens from hospitals, laboratories, and other supply sites, for the Company’s medical research customers using the Company’s proprietary software, the iSpecimen Marketplace, to identify, locate, and ultimately validate the required specimens to the Company’s customers’ requested specifications. The Company’s performance obligation is to procure a specimen meeting the customer specification(s) from a supplier, on a “best efforts” basis, for the Company’s customer at the agreed price per specimen as indicated in the customer contract with the Company. The Company does not currently charge suppliers or customers for the use of the Company’s proprietary software. Each customer will execute a material and data use agreement with the Company or agrees to online purchase terms, each of which includes terms such as specimen and data use, shipment terms, payment and cancellation terms. These are then supplemented by purchase orders that specify specimen requirements including detailed inclusion/exclusion criteria, quantities to be collected, and pricing. Collectively, these customer agreements represent the Company’s contracts with its customer. Generally, contracts have fixed unit pricing. For certain specimen orders, a refundable customer deposit may be required prior to order fulfillment depending on project set-up requirements, presented as deferred revenue. The Company expects to recognize the deferred revenue within the next twelve months. Specimen collections occur at supply sites within the Company’s network. “Collection” is when the specimen has been removed, or “collected” from the patient or donor. A specimen is often collected specifically for a particular Company order. Once collected, the specimen is assigned by the supplier to the Company and control of the specimen passes to the Company. “Accession” is the process whereby a collected specimen and associated data are registered and assigned in the iSpecimen Marketplace to a particular customer order, which can occur while a specimen is at the supplier site or while at the Company site and is when control of the specimen passes to the customer. Suppliers may ship specimens to the Company or directly to the customer, if specimens must be delivered within a short time period (less than 24 hours after collection) or shipping to the Company is not practical. The Company has evaluated principal versus agent considerations as part of the Company’s revenue recognition policy. The Company has concluded that it acts as principal in the arrangement as it manages the procurement process from beginning to end and determines which suppliers will be used to fulfill an order, usually take physical possession of the specimens, set prices for the specimens, and bear the responsibility for customer credit risk. The Company recognizes revenue over time, as the Company has created an asset with no alternative use to the Company which has an enforceable right to payment for performance completed to date. At contract inception, the Company reviews a contract, and related order upon receipt, to determine if the specimen ordered has an alternative use by us. Generally, specimens ordered do not have an alternative future use to the Company and the performance obligation is satisfied when the related specimens are accessioned. The Company uses an output method to recognize revenue for specimens with no alternative future use. The output is measured based on the number of specimens accessioned. In the rare circumstances where specimens do have an alternative future use, the Company's performance obligation is satisfied at the time of shipment. Customers are typically invoiced upon shipment. Depending on the quantity of specimens ordered, it may take several accounting periods to completely fulfill a purchase order. In other words, there can be multiple invoices issued for a single purchase order, reflecting the specimens being accessioned over time. However, specimens are generally shipped as soon as possible after they have been accessioned. Once a specimen that has no alternative future use, and for which the Company has an enforceable right to payment, has been accessioned, the Company records the offset to revenue in accounts receivable -- unbilled. Once the specimen has been shipped and invoiced, a reclassification is made from accounts receivable -- unbilled to accounts receivable. Customers are generally given fourteen days from the receipt of specimens to inspect the specimens to ensure compliance with specifications set forth in the purchase order documentation. Customers are entitled to either receive replacement specimens or receive reimbursement of payments made for such specimens. The Company has a nominal history of returns for nonacceptance of specimens delivered. When this has occurred, the Company has given the customer a credit for the returns. The Company has not recorded a returns allowance. The following table summarizes the Company’s revenue for the following periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2021 2020 2021 2020 Specimens – contracts with customers ​ $ 2,671,655 ​ $ 2,223,057 ​ $ 8,448,164 ​ $ 5,408,012 Shipping and other ​ 46,879 ​ 27,090 ​ ​ 138,053 ​ ​ 58,363 Revenue ​ $ 2,718,534 ​ $ 2,250,147 ​ $ 8,586,217 ​ $ 5,466,375 ​ The Company carries its accounts receivable at the invoiced amount less an allowance for doubtful accounts. On a periodic basis, the Company evaluates its accounts receivable to determine if an allowance for doubtful accounts is necessary, based on economic conditions and each customer’s payment history. Receivables are written off when deemed uncollectible, with any future recoveries recorded as income when received. As of September 30, 2021 and December 31, 2020, the Company had an allowance for doubtful accounts of $141,952 and $108,096, respectively. The Company applies the practical expedient to account for shipping and handling activities as fulfillment cost rather than as a separate performance obligation. Shipping and handling costs incurred are included in cost of revenue.
Restricted Stock Units (RSUs)	Restricted Stock Units (RSUs) The Company recognizes share-based compensation expense from restricted stock units (RSUs) ratably over the specified vesting period. The fair value of RSUs is determined to be the closing share price of the Company's common stock on the grant date.
Common Stock Warrants	Common Stock Warrants The Company accounts for common stock warrants as either equity instruments or liabilities, depending on the specific terms of the warrant agreement. The warrants shall be classified as a liability if 1) the underlying shares are classified as liabilities or 2) the entity can be required under any circumstances to settle the warrant by transferring cash or other assets. The measurement of equity-classified nonemployee share-based payments is generally fixed on the grant date and are considered compensatory. For additional discussion on warrants, see Note 9.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing net loss applicable to common stockholders by the weighted- average number of shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting the weighted-average number of shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculation, the potential impact of shares to be issued upon conversion of Series A, Series A-1 and Series B preferred stock, stock options, and warrants to purchase common stock are considered to be common stock equivalents, but have been excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive for all periods presented. Therefore, basic and diluted net loss per share applicable to common stockholders were the same for all periods presented. The table below provides common stock equivalents excluded from diluted net loss per share for the following periods: ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ 2021 2020 Shares issuable upon conversion of preferred stock — ​ 1,291,012 Shares issuable upon vesting of RSUs 284,267 ​ — Shares issuable upon exercise of stock options ​ 269,770 ​ 253,575 Shares issuable upon exercise of Lender Warrant to purchase common stock 12,500 ​ 23,309 Shares issuable upon exercise of Underwriter Warrants to purchase common stock 90,000 ​ —
Recent Accounting Standards	Recent Accounting Standards From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. The JOBS Act permits an emerging growth company such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. The Company has elected not to “opt out” of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company will adopt the new or revised standard at the time private companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of entity's revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2021 2020 2021 2020 Specimens – contracts with customers ​ $ 2,671,655 ​ $ 2,223,057 ​ $ 8,448,164 ​ $ 5,408,012 Shipping and other ​ 46,879 ​ 27,090 ​ ​ 138,053 ​ ​ 58,363 Revenue ​ $ 2,718,534 ​ $ 2,250,147 ​ $ 8,586,217 ​ $ 5,466,375
Schedule of common stock equivalents excluded from diluted net loss per share	​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ 2021 2020 Shares issuable upon conversion of preferred stock — ​ 1,291,012 Shares issuable upon vesting of RSUs 284,267 ​ — Shares issuable upon exercise of stock options ​ 269,770 ​ 253,575 Shares issuable upon exercise of Lender Warrant to purchase common stock 12,500 ​ 23,309 Shares issuable upon exercise of Underwriter Warrants to purchase common stock 90,000 ​ —

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2021
PROPERTY AND EQUIPMENT, NET
Summary of property and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ ​ ​ Website ​ $ 107,926 ​ $ 105,376 Computer equipment and purchased software ​ 84,589 ​ 84,589 Equipment ​ 35,449 ​ 35,449 Furniture and fixtures ​ 87,184 ​ 87,184 Leasehold improvements ​ 24,935 ​ 24,935 Total property and equipment ​ 340,083 ​ 337,533 Accumulated depreciation ​ (295,334) ​ (261,944) Total property and equipment, net ​ $ 44,749 ​ $ 75,589

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2021
DEBT
Schedule of components of convertible notes and bridge notes of non-cash transaction	​ ​ ​ ​ ​ Write off of derivative liability relating to the Convertible Notes $ 2,644,000 Extinguishment of Convertible Notes principal ​ 5,486,199 Accrued and unpaid interest on the Convertible Notes ​ 1,257,066 Accumulated amortization on debt issuance costs ​ 33,035 Loss on extinguishment of Convertible Notes ​ 260,185 Write off of debt issuance costs ​ (27,573) Write off of derivative liability relating to the Bridge Notes ​ 2,031,300 Extinguishment of Bridge Notes principal ​ 4,000,000 Accrued and unpaid interest on the Bridge Notes ​ 717,646 Gain on extinguishment of Bridge Notes ​ (9,514) Total conversion of Convertible Notes and Bridge Notes into common stock ​ $ 16,392,344

FAIR VALUE OF DERIVATIVE LIAB_2

FAIR VALUE OF DERIVATIVE LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2021
FAIR VALUE OF DERIVATIVE LIABILITIES
Summary of financial liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at September 30, 2021 ​ Total Level 1 Level 2 Level 3 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liability on convertible notes payable, related parties ​ $ — ​ $ — ​ $ — ​ $ — Derivative liability on bridge notes payable and bridge notes payable, related parties ​ — ​ — ​ — ​ $ — Total liabilities ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value at December 31, 2020 ​ Total Level 1 Level 2 Level 3 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liability on convertible notes payable, related parties ​ $ 2,373,000 ​ $ — ​ $ — ​ $ 2,373,000 Total liabilities ​ $ 2,373,000 ​ $ — ​ $ — ​ $ 2,373,000
Summary of the changes in fair value of the derivative liabilities measured on a recurring basis using significant unobservable inputs (Level 3)	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance, beginning of period ​ $ 2,373,000 ​ $ 2,214,000 Derivative liability on bridge notes payable and bridge notes payable, related parties ​ 3,614,000 ​ — (Gain) loss included in earnings ​ (1,311,700) ​ 76,000 Write off of derivative liabilities in connection with debt conversion ​ ​ (4,675,300) ​ ​ — Balance, end of period (unaudited) ​ $ — ​ $ 2,290,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2021
COMMITMENTS AND CONTINGENCIES
Summary of monthly rental payments, presented by year	​ ​ ​ ​ ​ Year Ending December 31, Operating Leases 2021 (remaining) ​ $ 40,353 2022 ​ 163,158 2023 ​ 165,254 2024 ​ 27,601 Total ​ $ 396,366

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2021
SHARE-BASED COMPENSATION
Summary of assumptions used to estimate the fair value of stock options granted using the Black-Scholes-Merton option pricing model	​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Assumptions: ​ Risk-free interest rate 0.47% – 0.66 % 1.35% – 1.41 % Expected term (in years) 5.81 – 5.89 5.57 – 6.14 ​ Expected volatility 49.83% – 49.98 % 43.11% – 43.91 % Expected dividend yield — % — %
Summary of summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ Options ​ Weighted Average ​ Contractual Term Aggregate ​ Outstanding Exercise Price in Years Intrinsic Value Balance at December 31, 2020 251,847 ​ $ 1.00 8.06 ​ $ 89,100 Granted 70,164 ​ $ 5.74 9.64 ​ ​ 140,436 Exercised (44,222) ​ $ 1.00 — ​ ​ — Cancelled/forfeited (8,019) ​ $ 1.00 — ​ ​ — Balance at September 30, 2021 269,770 ​ $ 2.27 8.03 ​ $ 1,103,834 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options exercisable at September 30, 2021 207,481 ​ $ 1.00 7.54 ​ $ 867,665

NATURE OF BUSINESS AND BASIS _2

NATURE OF BUSINESS AND BASIS OF PRESENTATION (Details)	Aug. 13, 2021USD ($)	Jul. 01, 2021USD ($)$ / sharesshares	Jun. 21, 2021USD ($)$ / sharesshares	Mar. 30, 2021	Sep. 30, 2021USD ($)$ / shares	Jun. 30, 2021USD ($)	Sep. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Aug. 01, 2021$ / shares	Dec. 31, 2020USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of Reporting Units							1
Reverse stock split ratio				0.18
Offering price | $ / shares										$ 6.25
Issuance of common stock in connection with public offering						$ 18,000,000
Other offering costs							$ 2,339,816
Number of convertible preferred shares outstanding | shares			0
Outstanding principal of convertible notes, converted			$ 5,500,000				$ 4,000,000
Accrued interest			$ 1,300,000		$ 64,110
Number of shares issued upon conversion | shares			1,206,614				842,429
Conversion price | $ / shares			$ 5.60		$ 5.60		$ 5.60
Convertible Notes outstanding					$ 0		$ 0
Payment of remaining principal balance					3,000,000		3,000,000
Working capital deficit					12,796,062		12,796,062
Accumulated deficit					(35,969,015)		(35,969,015)				$ (29,057,587)
Cash					9,790,732		9,790,732				$ 695,909
Accounts payable and accrued expenses					1,376,560		1,376,560
Remaining Balance Of Bridge Notes	$ 3,000,000
Proceeds from loans	$ 3,500,000
Bridge Note Outstanding							$ 0
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold | shares			2,250,000				2,250,000
Offering price | $ / shares			$ 8
Issuance of common stock in connection with public offering			$ 18,000,000
Net proceeds		$ 18,200,000	15,700,000
Other offering costs			$ 600,000
Conversion of redeemable convertible preferred stock into common stock upon initial public offering (in shares) | shares			1,291,012
Number of shares issued upon conversion | shares							1,206,614
Underwriting Discounts		$ 1,900,000	$ 1,700,000
Overallotment
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold | shares		337,500
Offering price | $ / shares		$ 8
Issuance of common stock in connection with public offering		$ 2,700,000
Net proceeds		18,200,000
Other offering costs		$ 600,000
Accrued interest							$ 700,000
Convertible Notes to related parties
Subsidiary, Sale of Stock [Line Items]
Outstanding principal of convertible notes, converted			5,491,663					$ 5,500,000	$ 5,500,000
Accrued interest			$ 1,257,066
Number of shares issued upon conversion | shares			1,206,614
Conversion price | $ / shares			$ 5.60
Convertible Notes outstanding					0		0
Loss on conversion of notes					$ 260,000		$ 300,000
Interest rate								6.00%	6.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - customer	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Concentration Risk [Line Items]
Number of Customers			1	2	1
Concentration risk (as a percent)						2.00%
Customer One
Concentration Risk [Line Items]
Number of Customers	1
Customer Three
Concentration Risk [Line Items]
Number of Customers	3
Revenue | Customer concentration | Customer One
Concentration Risk [Line Items]
Concentration risk (as a percent)			16.00%	10.00%	10.00%	21.00%
Revenue | Customer concentration | Customer Two
Concentration Risk [Line Items]
Concentration risk (as a percent)				32.00%		15.00%
Revenue | Geographic concentration
Concentration Risk [Line Items]
Concentration risk (as a percent)			4.00%	6.00%	5.00%	6.00%
Account receivable | Credit concentration | Customer One
Concentration Risk [Line Items]
Concentration risk (as a percent)	12.00%	13.00%
Account receivable | Credit concentration | Customer Two
Concentration Risk [Line Items]
Concentration risk (as a percent)	12.00%
Account receivable | Credit concentration | Customer Three
Concentration Risk [Line Items]
Concentration risk (as a percent)	12.00%
Account receivable | Geographic concentration
Concentration Risk [Line Items]
Concentration risk (as a percent)			4.00%	8.00%
Accounts receivable-unbilled
Concentration Risk [Line Items]
Number of Customers	0
Percentage of unbilled excess accounts receivable	10.00%
Accounts receivable-unbilled | Customer Three
Concentration Risk [Line Items]
Number of Customers	3
Accounts receivable-unbilled | Credit concentration | Customer One
Concentration Risk [Line Items]
Concentration risk (as a percent)	23.00%
Accounts receivable-unbilled | Credit concentration | Customer Two
Concentration Risk [Line Items]
Concentration risk (as a percent)	17.00%
Accounts receivable-unbilled | Credit concentration | Customer Three
Concentration Risk [Line Items]
Concentration risk (as a percent)	13.00%
Accounts receivable-unbilled | Geographic concentration
Concentration Risk [Line Items]
Concentration risk (as a percent)			5.00%	12.00%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ADDITIONAL INFORMATION (Details)	9 Months Ended
	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of days from the receipt of specimens to inspect the specimens to ensure compliance	14 days

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition and Accounts Receivable (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 2,718,534	$ 2,250,147	$ 8,586,217	$ 5,466,375
Specimens
Disaggregation of Revenue [Line Items]
Revenue	2,671,655	2,223,057	8,448,164	5,408,012
Shipping and other
Disaggregation of Revenue [Line Items]
Revenue	$ 46,879	$ 27,090	$ 138,053	$ 58,363

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for doubtful accounts (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Allowance for doubtful accounts	$ 141,952	$ 108,096

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred initial public offering costs (Details) - USD ($)	Jun. 21, 2021	Sep. 30, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Deferred initial public offering costs	$ 2,300,000
Deferred offering costs	$ 600,000	$ 0	$ 265,000

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Shares issuable upon conversion of preferred stock (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Shares issuable upon conversion of preferred stock	0	1,291,012
Shares issuable upon vesting of RSUs	284,267	0
Shares issuable upon exercise of stock options	269,770	253,575
Shares issuable upon exercise of Lender Warrant to purchase common stock	12,500	23,309
Shares issuable upon exercise of Underwriter Warrants to purchase common stock	90,000	0

FACTORING OF ACCOUNTS RECEIVA_2

FACTORING OF ACCOUNTS RECEIVABLE (Details) - Versant - USD ($)	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2021	Jan. 01, 2021
FACTORING OF ACCOUNTS RECEIVABLE
Minimum accounts receivable without recourse, the entity has agreed to sell				$ 1,200,000
Total receivables sold under the Factoring Agreement		$ 3,400,000	$ 3,400,000
Payments made for termination of factoring agreement	$ 139,374
Additional amount of Factoring Accounts Receivable		214,497	214,497
Factoring fees paid		$ 214,497	$ 471,396
Minimum
FACTORING OF ACCOUNTS RECEIVABLE
Factoring fees (as a percent)			2.50%
Maximum
FACTORING OF ACCOUNTS RECEIVABLE
Factoring fees (as a percent)			15.00%

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	$ 340,083		$ 340,083		$ 337,533
Accumulated depreciation	(295,334)		(295,334)		(261,944)
Total property and equipment, net	44,749		44,749		75,589
Depreciation expense	11,130	$ 4,883	33,390	$ 33,563
Website
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	107,926		107,926		105,376
Computer equipment and purchased software
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	84,589		84,589		84,589
Equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	35,449		35,449		35,449
Furniture and fixtures
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	87,184		87,184		87,184
Leasehold improvements
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	$ 24,935		$ 24,935		$ 24,935

INTERNALLY DEVELOPED SOFTWARE_2

INTERNALLY DEVELOPED SOFTWARE, NET (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
INTERNALLY DEVELOPED SOFTWARE, NET
Internally developed software capitalized			$ 731,172	$ 864,921
Amortization expense	$ 242,860	$ 179,168	$ 714,444	$ 599,425

DEBT (Details)

DEBT (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
DEBT
Proceeds from issuance of note payable				$ 3,500,000	$ 783,008
Gain on extinguishment of note payable				788,156
PPP Loan
DEBT
Proceeds from issuance of note payable	$ 783,008
Interest expense		$ 0	$ 1,961	$ 279	2,518
Gain on extinguishment of note payable					$ 788,156

DEBT - Related Party Convertibl

DEBT - Related Party Convertible Notes Payable (Details) - Convertible Notes to related parties	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)item
DEBT
Bearing interest rate							6.00%	6.00%
Minimum gross proceeds from equity financing required for conversion of debt							$ 10,000,000	$ 10,000,000
Number of consecutive quarters for achievement of positive free cash flow from operations required for conversion of debt | item							2	2
Term prior to maturity date for achievement of positive free cash flow from operations required for conversion of debt							90 days	90 days
Interest expense	$ 0	$ 83,178	$ 156,411	$ 247,726
Unamortized debt issuance costs	0		0		$ 9,189
Debt discounts	$ 0		0		$ 0
Amortization of debt discounts			$ 1,088	$ 141,628
Conversion rate					30.00%	30.00%

DEBT - Conversion of Convertibl

DEBT - Conversion of Convertible Notes Payable (Details) - USD ($)	Jun. 21, 2021	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2018	Dec. 31, 2017
DEBT
Outstanding principal of convertible notes, converted	$ 5,500,000		$ 4,000,000
Accrued interest	$ 1,300,000	$ 64,110
Number of shares issued upon conversion	1,206,614		842,429
Conversion price	$ 5.60	$ 5.60	$ 5.60
Convertible Notes outstanding		$ 0	$ 0
Convertible Notes to related parties
DEBT
Outstanding principal of convertible notes, converted	$ 5,491,663			$ 5,500,000	$ 5,500,000
Accrued interest	$ 1,257,066
Number of shares issued upon conversion	1,206,614
Conversion price	$ 5.60
Convertible Notes outstanding		0	0
Loss on conversion of notes		$ 260,000	$ 300,000

DEBT - Bridge Financing (Detail

DEBT - Bridge Financing (Details)	9 Months Ended
	Sep. 30, 2021USD ($)	May 20, 2021USD ($)	Apr. 16, 2021USD ($)	Dec. 31, 2020USD ($)	Oct. 01, 2020	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Bridge Notes
DEBT
Face amount of debt				$ 6,500,000		$ 6,500,000	$ 6,500,000
Interest rate	15.00%				30.00%
Minimum gross proceeds from equity financing required for conversion of debt	$ 18,000,000
Percentage of outstanding unpaid principal, holders may elect to convert	50.00%
Discount rate on issue price of stock in elective conversion stock	30.00%
Number of times of third party loan proceeds	1.50
Related Party Bridge Notes
DEBT
Face amount of debt		$ 500,000	$ 500,000	$ 1,905,000		$ 1,905,000	$ 1,905,000
Minimum | Bridge Notes
DEBT
Interest rate					24.00%
Maximum | Bridge Notes
DEBT
Interest rate					30.00%

DEBT - Bridge Financing - Autom

DEBT - Bridge Financing - Automatic Conversion or Debt Extension (Details) - Bridge Notes	9 Months Ended
	Sep. 30, 2021	Oct. 01, 2020
DEBT
Discount rate on issue price of stock in automatic conversion stock	10.00%
Rate on issue price of stock in automatic conversion stock	90.00%
Minimum percentage of repayments of total adjusted outstanding principal for automatic conversion	25.00%
Interest rate	15.00%	30.00%
Maturity term	18 months

DEBT - Bridge Financing - Debt

DEBT - Bridge Financing - Debt Extinguishment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
DEBT
Gain (loss) on extinguishment of debt			$ 788,156
Write-off of unamortized debt issuance costs			27,573
Bridge Notes
DEBT
Gain (loss) on extinguishment of debt			(2,740,425)
Write-off of unamortized debt issuance costs			5,700
Discount which will be amortized through interest expense	$ 869,600		869,600
Interest expense	54,247	$ 382,521	1,014,657	$ 1,123,890
Related party interest expense	5,876	48,371	320,469	694,189
Unamortized debt issuance costs	0	7,222	0	7,222
Amortization of the debt discount	$ 0	$ 0	$ 869,600	$ 136,185

DEBT - Bridge Financing - Initi

DEBT - Bridge Financing - Initial Public Offering (Details) - USD ($)	Jun. 21, 2021	Sep. 30, 2021	Sep. 30, 2021	Oct. 01, 2020
DEBT
Outstanding principal of convertible notes, converted	$ 5,500,000		$ 4,000,000
Accrued interest of convertible notes, converted	$ 1,300,000	$ 64,110
Number of shares issued upon conversion	1,206,614		842,429
Conversion price	$ 5.60	$ 5.60	$ 5.60
Payment of remaining principal balance		$ 3,000,000	$ 3,000,000
Bridge Notes
DEBT
Outstanding principal of convertible notes, converted			4,000,000,000,000
Accrued interest of convertible notes, converted			$ 717,646
Number of shares issued upon conversion			842,429
Conversion price		$ 5.60	$ 5.60
Gain on conversion			$ 9,746
Interest rate		15.00%	15.00%	30.00%
Maturity term			18 months
Payment of remaining principal balance		$ 3,000,000,000,000
Accrued interest			$ 717,646
Bridge notes outstanding		$ 0	$ 0

DEBT - Bridge Financing - Compo

DEBT - Bridge Financing - Components of non-cash transaction (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Accumulated amortization on debt issuance costs		$ 33,035
Write off of debt issuance cost		(27,573)
Total conversion of Convertible Notes and Bridge Notes into common stock	$ 16,392,344	16,392,344	$ 16,392,344
Convertible Notes
Debt Instrument [Line Items]
Write off of derivative liability relating to the Convertible Notes		2,644,000
Extinguishment of Convertible Notes principal		5,486,199
Accrued and unpaid interest on the Convertible Notes		1,257,066
Loss on extinguishment of Convertible Notes		260,185
Bridge Notes
Debt Instrument [Line Items]
Write off of derivative liability relating to the Convertible Notes		2,031,300
Extinguishment of Convertible Notes principal		4,000,000
Accrued and unpaid interest on the Convertible Notes		717,646
Loss on extinguishment of Convertible Notes		(9,514)
Write off of debt issuance cost		$ (5,700)

DEBT - Term Loan (Details)

DEBT - Term Loan (Details) - USD ($)	Mar. 10, 2023	Aug. 13, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Proceeds from term loan					$ 3,500,000	$ 783,008
Interest expense			$ 75,922	$ 469,477	$ 2,062,548	$ 1,517,697
Warrant to purchase common stock shares issued					12,500	23,309
Issuance of common stock warrants in connection with Term Loan					$ 49,072
Fees paid					$ 25,825
Prime rate
Debt Instrument [Line Items]
Interest rate on the loan			3.25%		3.25%
Basis spread rate					0.75%
Term Loan
Debt Instrument [Line Items]
Unused borrowing amount			$ 1,500,000		$ 1,500,000
Interest rate on the loan			4.00%		4.00%
Calendar day to pay interest					10 days
Calendar day to pay principal	30 months
Interest expense			$ 18,399	0	$ 18,399	$ 0
Amortization of the debt issuance costs related to the Term Loan, included in interest expense			3,277	$ 0	3,277	$ 0
Unamortized debt issuance costs			$ 71,620		$ 71,620		$ 0
Equal to
Debt Instrument [Line Items]
Interest rate on the loan			0.75%		0.75%
Lender
Debt Instrument [Line Items]
Debt issuance costs			$ 74,897		$ 74,897
Warrant to purchase common stock shares issued					12,500
Issuance of common stock warrants in connection with Term Loan					$ 49,072
Fees paid					$ 25,825
Lender | Term Loan
Debt Instrument [Line Items]
Proceeds from term loan		$ 3,500,000

FAIR VALUE OF DERIVATIVE LIAB_3

FAIR VALUE OF DERIVATIVE LIABILITIES - Derivative liabilities (Details) - Recurring - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Liabilities:
Derivative liability	$ 0
Convertible notes payable, related parties
Liabilities:
Derivative liability	0	$ 2,373,000
Bridge Notes
Liabilities:
Derivative liability	0
Level 1
Liabilities:
Derivative liability	0
Level 1 | Convertible notes payable, related parties
Liabilities:
Derivative liability	0	0
Level 1 | Bridge Notes
Liabilities:
Derivative liability	0
Level 2
Liabilities:
Derivative liability	0
Level 2 | Convertible notes payable, related parties
Liabilities:
Derivative liability	0	0
Level 2 | Bridge Notes
Liabilities:
Derivative liability	0
Level 3
Liabilities:
Derivative liability	0
Level 3 | Convertible notes payable, related parties
Liabilities:
Derivative liability	0	$ 2,373,000
Level 3 | Bridge Notes
Liabilities:
Derivative liability	$ 0

FAIR VALUE OF DERIVATIVE LIAB_4

FAIR VALUE OF DERIVATIVE LIABILITIES - Changes in fair value of the derivative liabilities measured on a recurring basis (Details) - Derivative Financial Instruments, Liabilities [Member] - Level 3 - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 2,373,000	$ 2,214,000
Derivative liability on bridge notes payable and bridge notes payable, related parties	3,614,000	0
(Gain) loss included in earnings	(1,311,700)	76,000
Write off of derivative liabilities in connection with debt conversion	(4,675,300)	0
Balance, end of period	$ 0	$ 2,290,000

FAIR VALUE OF DERIVATIVE LIAB_5

FAIR VALUE OF DERIVATIVE LIABILITIES - Additional Information (Details) - Initial Public Offering - USD ($)	Jun. 21, 2021	Jun. 30, 2021
Convertible notes payable, related parties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on derivative liability of fair value		$ 117,000
Bridge Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on derivative liability of fair value		$ 1,630,700
Write off of derivative liability relating to the Convertible Notes	$ 2,031,300

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating Leases
2021 (remaining)	$ 40,353		$ 40,353
2022	163,158		163,158
2023	165,254		165,254
2024	27,601		27,601
Total	396,366		396,366
Rent expense	$ 46,261	$ 13,276	$ 113,341	$ 82,794

CONVERTIBLE PREFERRED STOCK A_2

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (Details) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT
Number of shares authorized	250,000,000
Common stock, shares authorized	200,000,000	16,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000
Preferred stock, par value	$ 0.0001

CONVERTIBLE PREFERRED STOCK A_3

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - Redeemable Convertible Preferred Stock - (Details) - shares	Sep. 30, 2021	Jun. 21, 2021	Sep. 30, 2020
Class of Stock [Line Items]
Convertible preferred stock, shares issued upon conversion	0		1,291,012
Initial Public Offering
Class of Stock [Line Items]
Outstanding preferred stock	0	1,291,012
Convertible preferred stock, shares issued upon conversion		1,291,012

CONVERTIBLE PREFERRED STOCK A_4

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - Common Stock - (Details) - USD ($)	Aug. 01, 2021	Jul. 01, 2021	Jun. 21, 2021	Sep. 30, 2021	Sep. 30, 2021
Class of Stock [Line Items]
Aggregate gross proceeds					$ 18,000,000
Number of shares issued upon conversion			1,206,614		842,429
Shares issued in exchange for investor relation services (in shares)	2,000
Share price	$ 6.25
Shares issued in exchange for investor relation services	$ 12,500			$ 12,500
Other offering costs					$ 2,339,816
Bridge Notes
Class of Stock [Line Items]
Number of shares issued upon conversion					842,429
Initial Public Offering
Class of Stock [Line Items]
Number of shares issued and sold			2,250,000		2,250,000
Underwriting discounts		$ 1,900,000
Number of shares issued upon conversion					1,206,614
Other offering costs		600,000
Net proceeds		$ 18,200,000	$ 15,700,000
Share price			$ 8
Other offering costs			$ 600,000
Initial Public Offering | Convertible Notes
Class of Stock [Line Items]
Number of shares issued upon conversion					842,429
Initial Public Offering | Bridge Notes
Class of Stock [Line Items]
Outstanding principal and accrued interest converted					$ 4,700,000
Overallotment
Class of Stock [Line Items]
Number of shares issued and sold		337,500
Net proceeds from issuance of shares		$ 2,500,000
Aggregate gross proceeds		2,700,000
Underwriting discounts		200,000
Net proceeds		$ 18,200,000
Share price		$ 8
Other offering costs		$ 600,000

CONVERTIBLE PREFERRED STOCK A_5

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - Underwriter Warrants (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Warrants exercisable term	9 years 10 months 13 days
Equity issuance costs	$ 2,339,816
Underwriter Warrants
Class of Warrant or Right [Line Items]
Warrants to purchase shares of common stock	90,000
Common stock, par value	$ 0.0001
Exercise price of warrant	$ 10
Warrants exercisable term	4 years 6 months
Commencing term from effective date of registration statement	180 days
Equity issuance costs	$ 400,000

CONVERTIBLE PREFERRED STOCK A_6

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - Warrants (Details) - USD ($)	Aug. 13, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Class of Warrant or Right [Line Items]
Weighted average time to expiration		9 years 10 months 13 days	9 years 10 months 13 days
Issuance of common stock through exercise of warrants		$ 992
Warrant to purchase common stock shares issued			12,500	23,309
Warrants other than Underwriter Warrants
Class of Warrant or Right [Line Items]
Warrants to purchase shares of common stock		17,889	17,889
Exercise price of warrant		$ 8	$ 8
Issuance of common stock through exercise of warrants (in shares)			17,889
Issuance of common stock through exercise of warrants			$ 992
Number of warrants expired and unexercised			5,420
Warrant to purchase common stock shares issued	12,500

CONVERTIBLE PREFERRED STOCK A_7

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - Estimate the fair value of warrants granted (Details)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Assumptions used to estimate the fair value of warants granted
Risk-free interest rate, minimum	0.47%	1.35%
Risk-free interest rate, maximum	0.66%	1.41%
Expected volatility, minimum	49.83%	43.11%
Expected volatility, maximum	49.98%	43.91%
Expected dividend yield	0.00%	0.00%
Warrant [Member]
Assumptions used to estimate the fair value of warants granted
Risk-free interest rate, minimum	0.90%
Risk-free interest rate, maximum	1.30%
Expected term (in years)		0 years
Expected volatility, minimum	61.00%
Expected volatility, maximum	69.00%
Minimum
Assumptions used to estimate the fair value of warants granted
Expected term (in years)	5 years 9 months 21 days	5 years 6 months 25 days
Minimum | Warrant [Member]
Assumptions used to estimate the fair value of warants granted
Expected term (in years)	5 days
Maximum
Assumptions used to estimate the fair value of warants granted
Expected term (in years)	5 years 10 months 20 days	6 years 1 month 20 days
Maximum | Warrant [Member]
Assumptions used to estimate the fair value of warants granted
Expected term (in years)	10 years

CONVERTIBLE PREFERRED STOCK A_8

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - Warrant activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Options Outstanding
Balance at the beginning
Balance at the end	269,770
Warrant [Member]
Options Outstanding
Balance at the beginning	23,309
Granted	102,500
Exercised	(17,889)
Expired	(5,420)
Balance at the end	102,500	23,309
Weighted Average Exercise Price
Balance at the beginning (in dollars per share)	$ 0.06
Granted (in dollars per share)	9.76
Exercised (in dollars per share)	0.06
Expired (in dollars per share)	0.06
Balance at the end (in dollars per share)	$ 9.76	$ 0.06
Weighted Average Remaining Contractual Term (in years)
Weighted Average Remaining Contractual Term (in years)	5 years 4 months 2 days	9 months
Granted (in years)	5 years 4 months 2 days

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details)	Sep. 30, 2021shares
2013 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	99,493
2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	188,455

SHARE-BASED COMPENSATION - Esti

SHARE-BASED COMPENSATION - Estimate the fair value of stock options (Details)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Assumptions used to estimate the fair value of stock options granted
Risk-free interest rate, minimum	0.47%	1.35%
Risk-free interest rate, maximum	0.66%	1.41%
Expected volatility, minimum	49.83%	43.11%
Expected volatility, maximum	49.98%	43.91%
Expected dividend yield	0.00%	0.00%
Minimum
Assumptions used to estimate the fair value of stock options granted
Expected term (in years)	5 years 9 months 21 days	5 years 6 months 25 days
Maximum
Assumptions used to estimate the fair value of stock options granted
Expected term (in years)	5 years 10 months 20 days	6 years 1 month 20 days

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock option activity (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Options Outstanding
Balance at the beginning
Balance at the end	269,770
2013 Stock Incentive Plan
Options Outstanding
Balance at the beginning	251,847
Granted	70,164
Exercised	(44,222)
Cancelled/forfeited	(8,019)
Balance at the end	269,770	251,847
Options exercisable at the end	207,481
Weighted Average Exercise Price
Balance at the beginning (in dollars per share) | $ / shares	$ 1
Granted (in dollars per share) | $ / shares	5.74
Exercised (in dollars per share) | $ / shares	1
Cancelled/forfeited (in dollars per share) | $ / shares	1
Balance at the end (in dollars per share) | $ / shares	2.27	$ 1
Options exercisable at the end (in dollars per share) | $ / shares	$ 1
Weighted Average Remaining Contractual Term (in years)
Weighted Average Remaining Contractual Term (in years)	8 years 10 days	8 years 21 days
Granted (in years)	9 years 7 months 20 days
Options exercisable at the end (in years)	7 years 6 months 14 days
Share Based Compensation Arrangement By Share Based Payment Award Options Aggregate Intrinsic Value
Aggregate Intrinsic Value (in dollars) | $	$ 1,103,834	$ 89,100
Aggregate Granted Intrinsic Value (in dollars) | $	140,436
Options exercisable at the end (in dollars) | $	$ 867,665

SHARE-BASED COMPENSATION - Outs

SHARE-BASED COMPENSATION - Outstanding principal and all unpaid and accrued interest (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
SHARE-BASED COMPENSATION
Total intrinsic value of stock options exercised	$ 23,019		$ 213,813
Weighted-average grant date fair value			$ 3.94	$ 0.72
Compensation expense	399,821	$ 29,287	$ 450,231	$ 80,598
Unamortized compensation expense	$ 261,676		$ 261,676
Unamortized compensation expense recognized over the remaining requisite service period			10 months 24 days
Proceeds from exercise of stock options				$ 0

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($)	Jul. 21, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		$ 399,821	$ 29,287	$ 450,231	$ 80,598
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued	47,349
Share-based Payment Arrangement, Expense		$ 0		$ 0
2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		608,000		608,000
Number of shares issued				419,545

INCOME TAXES (Details)

INCOME TAXES (Details)	Sep. 30, 2021USD ($)
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 28,400,000
Net operating loss carryforwards, subject to expiration	13,000,000
Net operating loss carryforwards, carried forward indefinitely	15,400,000
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 21,300,000

INCOME TAXES - Federal and stat

INCOME TAXES - Federal and state tax credits (Details)	Sep. 30, 2021USD ($)
INCOME TAXES
Federal and state tax credits	$ 800,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event - 2021 Stock Incentive Plan	1 Months Ended
	Oct. 31, 2021shares
Subsequent Event [Line Items]
Percentage of vesting	25.00%
Restricted Stock Units
Subsequent Event [Line Items]
Shares granted	12,000