Full Year 2025 Revenue of $2.0 Million, up 17% from 2024
Gross Profit Increased 68% in FY 2025 and Gross Margin Expanded 900 bps
State-Funded Firefighter Cancer Screening Program Expected to Drive Significant Revenue Growth in Q2 and Full Year 2026
Recent Nasdaq Listing Under Ticker Symbol “AIDX” and New Growth Initiatives Position 20/20 BioLabs for 2026 Expansion
GAITHERSBURG, Md., March 31, 2026 (GLOBE NEWSWIRE) -- 20/20 BioLabs, Inc. (Nasdaq: AIDX) (“20/20” or the “Company”), an early market entrant in AI powered laboratory-based blood tests for the early detection and prevention of cancers and chronic diseases, today reported its financial and operational results for the full year ended December 31, 2025.
Fourth Quarter & Subsequent 2026 Operational Highlights
- Revenue of $2.0 million for FY 2025, representing an increase of 17% over FY 2024.
- Deferred revenue totaled approximately $0.4 million as of December 31, 2025.
- Gross profit of $0.6 million for FY 2025, representing an increase of 68% over FY 2024. Gross margin was 29.6% in FY 2025, compared to 20.6% in FY 2024.
- Total operating expenses decreased 35% to $3.9 million in FY 2025 compared to $6.0 million in FY 2024.
- FY 2025 net loss improved 33% to ($3.7) million, compared to ($5.6) million in FY 2024.
- Net cash used in operating activities decreased to $1.9 million for FY 2025, compared to $2.6 million in FY 2024.
- Cash balance was $1.0 million as of December 31, 2025.
- Completed a $5.0 million private placement on February 19, 2026 under a preferred purchase agreement pursuant to which up to $40 million in capital may be raised in multiple tranches, subject to 20/20 Biolabs meeting certain conditions.
- $520,000 in funding from the Maryland Department of Health (MDH) for cancer screenings using OneTest ™ Multi-Cancer Early Detection (MCED) blood test awarded to 18 Maryland fire departments.
- Entered into an exclusive U.S. license agreement with ROKIT Healthcare to integrate advanced CKD prediction technology into its Longevity Test Program.
- Launched OneTest™ for Longevity blood test and chronic disease risk assessment and management solution built with IBM¹ AI capabilities.
- Provided an update on its patented protein tumor marker (PTM) based, machine learning (ML) derived multi-cancer early detection (MCED) methodology in the wake of several recent studies suggesting the expected value of this approach for earlier stage detection compared to stand-alone circulating tumor DNA (ctDNA) based MCEDs.
- The Medicare Multi-Cancer Early Detection Screening Act was signed into law on February 3, 2026, creating a pathway for Medicare reimbursement for MCEDs by 2028
- Commenced trading on the Nasdaq Capital Market under the ticker symbol “AIDX” on February 19, 2026.
¹IBM is acting as an information technology provider only. IBM does not purport to be engaged in the practice of medicine or any other professional clinical or licensed activity. IBM's offerings are not designed or intended to constitute protocols for delivering medical care; a substitute for professional medical advice, diagnosis, treatment or judgment; a drug, drug-adjunct technology, or drug development tool subject to quality system requirements; or medical device as defined under the laws of any jurisdiction.
Management Commentary
“The fourth quarter and full year 2025 delivered strong revenue growth, expanded gross margins, and lowered costs as we continued to build on our innovative product portfolio with the launch of OneTest™ for Longevity,” said Jonathan Cohen, Chief Executive Officer of 20/20 BioLabs. “Revenue was $2.0 million in the full year 2025, up 17% year over year, further validating our strategy to provide early detection that saves lives in the fast-growing Multi-Cancer Early Detection (MCED) market. Gross margin expanded 900 basis points to 29.6% in 2025, and operating expenses decreased 35% to $3.9 million, providing a line of sight toward profitability. We also reduced net cash used in operating activities to $1.9 million, reflecting the operating discipline we believe will be important as we scale the business. Combined with our recent listing on the Nasdaq and PIPE financing, we believe we are well positioned for substantial growth going forward.”
“Growth has been fueled primarily by our OneTest™ MCED blood test, which has been demonstrated to identify many cancer types at earlier stages than competing ctDNA based MCEDs in a large and growing market focused on earlier cancer detection. Most recently, 18 Maryland fire departments have been notified that they will collectively be awarded over $520,000 from the Maryland Department of Health to procure and administer OneTest™ MCED blood tests, representing an increase of approximately 225% in the number of OneTest MCEDs funded through the same program last year. We believe this state-funded screening initiative highlights the growing public sector support for our OneTest™ innovative cancer detection tools.”
“In February we launched the OneTest™ for Longevity solution to help individuals track chronic inflammation associated with several major chronic diseases in collaboration with DAISource. The product uses IBM watsonx.ai - an integrated AI application development studio - to calculate and display an individual's risk of being diagnosed with chronic diseases such as diabetes, dementia, and cardiovascular disease. The product also provides personalized, evidence-based dietary recommendations to help individuals lower their biomarker levels and associated disease risks.”
“Previously, we announced a license agreement with ROKIT to integrate their proprietary chronic kidney disease prediction algorithms into our Longevity platform. We are now in discussions with ROKIT Healthcare of Korea about making this test available in East Asia.”
“Looking ahead, we believe 2026 will be a breakout year for 20/20, driven by strong demand for our products in markets that include firefighting, veterans, occupational health and self-insured employers. As of December 31, 2025, deferred revenue totaled approximately $0.5 million, which we believe provides additional visibility to our revenue stream as we fulfill our obligations. With the OneTest™ for Longevity now available for purchase, we are also expanding sales efforts to new customer targets including a robust direct-to-consumer opportunity.”
“Following recent legislation establishing a pathway for Medicare coverage of MCEDs beginning in 2028, we plan to seek Medicare coverage for OneTest™ for Cancer, which we believe could further accelerate demand over time. We believe our improved gross margin profile, lower operating cost base, and recent access to capital have positioned the Company for growth while maintaining a focus on efficiency, a path to sustainable profitability, and long-term value for our shareholders,” concluded Cohen.
Full Year 2025 Financial Results
Total revenue for the year ended December 31, 2025 was $2.0 million, an increase of 17% compared to $1.8 million in the prior year period. The increase was due to increases in 20/20’s OneTest and CLIAx revenue streams.
Total cost of revenue for the year ended December 31, 2025 was $1.4 million, compared to $1.4 million in the prior year.
Gross profit for the year ended December 31, 2025 was $0.6 million, compared to $0.4 million in the prior year period. Gross margin was 29.6% in the full year 2025, compared to 20.6% in the prior year period, primarily due to a change in revenue mix, including increased profits from our higher margin BioCheck and CLIAX revenue streams.
Total operating expenses for the year ended December 31, 2025 were $3.9 million, compared to $6.0 million in the prior year period, primarily reflecting lower digital marketing spend and reduced research and development expenses following the completion of two key studies in 2024.
Net loss for the year ended December 31, 2025 improved by 33% to $3.7 million, compared to $5.6 million in the prior year period.
Net cash used in operating activities for the year ended December 31, 2025 was $1.9 million, compared to $2.6 million for the year ended December 31, 2024.
Cash totaled $1.0 million as of December 31, 2025, compared to $1.8 million as of December 31, 2024. Subsequent to December 31, 2025, on February 19, 2026, the Company completed a $5.0 million closing under a preferred purchase agreement that could provide up to $40 million in capital in multiple tranches, subject to 20/20 Biolabs meeting certain conditions.
About 20/20 BioLabs
20/20 BioLabs, Inc. (Nasdaq: AIDX) develops and commercializes AI-powered, laboratory-based blood tests for the early detection and prevention of cancers and chronic diseases. The Company offers two families of lab tests under the OneTest brand. OneTest™ for Cancer is a multi-cancer early detection (MCED) blood test, and OneTest for Longevity™, which measures inflammatory biomarkers, expected to launch in the first half of 2026. OneTest’s affordable, accurate, accessible tests can be conveniently utilized at home using new, upper arm capillary collection devices that avoid painful needles. Tests are run in its College of American Pathologists (CAP) accredited, Clinical Laboratory Improvement Amendments (CLIA) licensed laboratory in Gaithersburg, MD.
For more information visit https://2020biolabs.com.
Forward-Looking Statements
Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that it believes may affect its financial condition, results of operations, business strategy, and financial needs. Forward-looking statements can be identified by words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project,” “continue,” or the negative of these terms or other comparable expressions. Actual results may differ materially from those expressed or implied by such forward-looking statements. A number of factors could cause actual results to differ materially from those contained in these forward-looking statements, including, but not limited to, the risks described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form 10-K, as well as in our other reports filed or furnished from time to time with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur after the date of this release or to reflect the occurrence of unanticipated events, except as required by applicable law. Although the Company believes the expectations expressed in these forward-looking statements are reasonable, it cannot guarantee future results, and investors are cautioned that actual outcomes may differ materially from those anticipated.
Investor Relations
Chris Tyson
MZ Group
Direct: 949-491-8235
[email protected]
BALANCE SHEETS
DECEMBER 31, 2025 AND 2024
2025 2024 Assets Current assets: Cash and cash equivalents $1,025,987 $1,784,009 Accounts receivable, net 199,954 135,272 Inventory 116,217 47,164 Prepaid expenses and other current assets 128,975 67,780 Total current assets 1,471,133 2,034,225 License agreement, net 271,143 293,643 Property and equipment, net 56,677 116,669 Intangible assets, net 202,264 205,529 Right-of-use asset, net 605,289 772,385 Deferred offering costs 1,507,794 - Other assets 23,057 161,957 Total assets $4,137,357 $3,584,408 Liabilities and Stockholders’ equity Current liabilities: Accounts payable $868,545 $372,303 Accrued liabilities 785,784 346,622 Deferred revenue 414,871 470,451 Derivative liability 143,382 - Convertible note 74,611 - Operating lease liability – current 175,948 165,702 Total current liabilities 2,463,141 1,355,078 Long-term liabilities: Convertible notes payable, net 619,355 - Deferred revenue – long-term 41,816 50,000 Derivative liabilities – long-term 543,545 - Operating lease liability – long term 488,725 673,848 Total long-term liabilities 1,693,441 723,848 Total liabilities 4,156,582 2,078,926 Commitments and contingencies (Note 8) - - Stockholders’ equity: Series D preferred stock, $0.01 par value; 936,329 authorized; 101,565 and 62,441 shares issued and outstanding as of December 31, 2025 and 2024, respectively; liquidation preference of $362,169 1,016 624 Series C preferred stock, $0.01 par value; 3,340,909 authorized; 1,204,040 shares issued and outstanding as of December 31, 2025 and 2024; liquidation preference of $5,297,776 12,040 12,040 Series B preferred stock, $0.01 par value; 3,569,405 authorized; 1,471,487 shares issued and outstanding as of December 31, 2025 and 2024; liquidation preference of $5,194,349 14,715 14,715 Series A-2 preferred stock, $0.01 par value; 800,000 authorized; 442,402 shares issued and outstanding as of December 31, 2025 and 2024; liquidation preference of $1,442,231 4,424 4,424 Series A-1 preferred stock, $0.01 par value; 978,000 authorized; 651,465 shares issued and outstanding as of December 31, 2025 and 2024; liquidation preference of $1,999,998 6,515 6,515 Series A preferred stock, $0.01 par value; 1,303,000 authorized; 846,368 shares issued and outstanding as of December 31, 2025 and 2024; liquidation preference of $2,598,350 8,464 8,464 Common stock, $0.01 par value; 50,000,000 authorized; 5,442,249 and 4,823,125 shares issued and outstanding as of December 31, 2025 and 2024, respectively 54,422 48,231 Subscription receivable - (28,734)Additional paid-in capital 33,126,398 30,947,601 Accumulated deficit (33,247,219) (29,508,398)Total stockholders’ (deficit) equity (19,225) 1,505,482 Total liabilities and stockholders’ equity $4,137,357 $3,584,408
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
2025 2024 Revenues $2,045,133 $1,752,343 Cost of revenues 1,440,592 1,392,032 Gross profit 604,541 360,311 Operating expenses: Sales, general and administrative 3,342,843 4,759,587 Research and development 592,569 1,261,781 Loss on impairment of fixed assets - 16,356 Total operating expenses 3,935,412 6,037,724 Operating loss (3,330,871) (5,677,413) Other (expense) income: Interest expense (156,207) (12,646)Interest income 21,399 79,467 Change in fair value of derivative liabilities 7,737 - Loss on issuance of convertible note (280,764) - Other (expense) income, net (115) 58,925 Total other (expense) income (407,950) 125,746 Provision for income taxes - - Net loss $(3,738,821) $(5,551,667) Basic and diluted net loss per common share $(0.76) $(1.16)Weighted-average common shares outstanding, basic and diluted 4,930,287 4,800,524
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(3,738,821) $(5,551,667)Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 63,257 116,035 Stock based compensation 516,180 2,176,098 Amortization of license fees 22,500 22,500 Amortization of right-of-use assets, net of liabilities (7,781) (2,778)Amortization of debt discount 115,184 4,979 Change in fair value of derivative liability (7,737) - Loss on issuance of convertible note 280,764 - Loss on impairment of fixed assets - 16,356 Changes in operating assets and liabilities: Accounts receivable (64,682) (66,438)Inventory (69,052) 13,504 Prepaid expenses and other assets 77,705 215,002 Accounts payable 496,242 12,025 Accrued liabilities 419,263 172,352 Interest payable 41,023 7,667 Deferred revenue (63,765) 265,580 Net cash used in operating activities (1,919,720) (2,598,785) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible notes payable 988,472 - Proceeds from issuance of Series D preferred stock 192,338 293,333 Proceeds from issuance of pre-delivery shares 4,750 - Deferred offering costs (23,862) - Net cash provided by financing activities 1,161,698 293,333 Decrease in cash and cash equivalents (758,022) (2,305,452)Cash and cash equivalents, beginning of year 1,784,009 4,089,461 Cash and cash equivalents, end of year $1,025,987 $1,784,009 Supplemental disclosures of cash flow information: Cash paid for interest $- $- Cash paid for income taxes $- $- Non-cash disclosures of cash flow information: Deferred offering costs – issuance of common stock issued as offering costs $1,483,932 $- Derivative liabilities recognized as debt discounts $430,814 $- Conversion of convertible notes payable and accrued interest to common stock $- $241,811 Subscription receivable - Issuance of series D preferred $- $28,734 Officer forgiveness of accrued compensation $- $58,415