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iSpecimen (NASDAQ:ISPC) said on Wednesday that it had terminated about 20% of its workforce, effective immediately, to cut costs and drive profitability.
Shares of the Lexington, Massachusetts based company fell nearly 2% in extended trading. Its shares have sunk nearly 53% YTD.
The company, which operates an online marketplace for human biospecimens, said that it expects monthly expenses related to headcount, and other monthly operational costs, to fall about 29% and 52%, respectively, compared to the average monthly costs for the first eight months of the year.
“We remain committed to becoming cash flow neutral and then cash flow positive as quickly as possible,” said chief executive Tracy Curley in a statement.
