(MENAFN- GlobeNewsWire - Nasdaq) State-Funded Firefighter Cancer Screening Programs Expected to Drive Meaningful Revenue Growth Beginning in Q2 2026 $5.0 Million Private Placement Strengthens Cash Position to $4.2 Million as of March 31, 2026
Recent Strategic Wins Include Evexia Diagnostics Distribution Agreement, ROKIT Healthcare CKD License, and Commercial Launch of OneTestTM for Longevity
GAITHERSBURG, Md., May 20, 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, reported its financial and operational results for the first quarter ended March 31, 2026.
First Quarter & Subsequent 2026 Operational Highlights
Revenue of $0.4 million for Q1 2026, as compared to $0.6 million for Q1 2025. The decline was primarily due to the timing of orders from several larger customers in Q1 2026 that have ordered, or are expected to order, in Q2 or Q3 of 2026. Q2 revenue is expected to benefit from Maryland fire departments seeking the Company's OneTestTM Multi-Cancer Early Detection (“MCED”) blood test through Maryland's state-funded firefighter cancer screening grant program. Deferred revenue increased to approximately $0.5 million as of March 31, 2026, compared to $0.4 million as of December 31, 2025, providing additional visibility into upcoming revenue recognition. Cash and cash equivalents totaled $4.2 million as of March 31, 2026, compared to $1.0 million as of December 31, 2025, reflecting net proceeds from the Company's recent capital raises. Subsequent to quarter-end, the Company received notice that a second state firefighter cancer screening program comparable in size to the Maryland program intends to use the Company's MCED test. If completed as expected, the program is anticipated to contribute meaningfully to revenue in future periods. Additional details are expected to be announced in the near term. Commenced trading on the Nasdaq Capital Market under the ticker symbol“AIDX” on February 19, 2026, marking 20/20's transition to a publicly listed company. Completed a $5.0 million private placement on February 19, 2026, under a preferred purchase agreement pursuant to which up to $40.0 million in capital may be raised in multiple tranches, subject to 20/20 meeting certain conditions. Entered into an exclusive U.S. license agreement with ROKIT Healthcare to integrate advanced chronic kidney disease (“CKD”) prediction technology into the Company's Longevity Test Program. Launched OneTestTM for Longevity, a chronic disease risk assessment and management solution built with IBM1 watsonx.ai capabilities, expanding the Company's product portfolio beyond multi-cancer detection. Provided an update on the Company's patented protein tumor marker based, machine learning derived MCED methodology in support of recent studies suggesting the expected value of this approach for earlier-stage detection compared to stand-alone circulating tumor DNA based MCEDs. Subsequent to quarter-end, on April 7, 2026, 20/20 was selected by Evexia Diagnostics to offer OneTestTM for Cancer through Evexia's national network of over 40,000 healthcare practitioners. 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.
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
Chief Executive Officer Jonathan Cohen commented,“The first quarter of 2026 was a transformational period for 20/20, marked by our direct listing on the Nasdaq Capital Market, a $5.0 million private placement under a facility that may provide up to $35 million of additional capital, and important commercial and clinical milestones across both of our OneTestTM product families.”
“We are also executing a clear strategy to broaden distribution and product reach. In April, we were selected by Evexia Diagnostics to offer OneTestTM for Cancer through Evexia's national network of healthcare practitioners. In the first quarter, we launched OneTestTM for Longevity, our chronic disease risk assessment solution built with IBM1 watsonx.ai capabilities. We are now in discussions with ROKIT Healthcare of Korea about extending the Longevity test platform across East Asia under our recently announced license agreement integrating their CKD prediction technology.”
“With the Medicare Multi-Cancer Early Detection Screening Act now signed into law, we believe a clear federal pathway is emerging for MCED reimbursement beginning in 2028. We plan to seek Medicare coverage for OneTestTM for Cancer, supported in part by outcome data from having screened over 25,000 firefighters to date. We believe Medicare coverage would significantly expand access to OneTestTM for Cancer and substantially increase the Company's addressable market in the United States. Our improved capital position, expanding product portfolio, and growing list of public- and private-sector customers position 20/20 for what we expect to be a year of significant revenue growth and operational progress,” concluded Cohen.
Chief Financial Alan Bergman added,“While first quarter revenue of $0.4 million was down year-over-year, the decrease was driven almost entirely by the timing and seasonal ordering patterns of a number of our larger legacy customers, as well as the release of funds from the State of Maryland to its fire departments. Commercial interest in and ordering of our MCED test continues to increase, and we closed more customer agreements in Q1 2026 than in the prior-year period. Subsequent to quarter-end, we also received notice that a second state firefighter cancer screening program comparable in size to the Maryland program intends to use our MCED test, which we expect to contribute to revenue in future periods. Based on our current pipeline and expected fulfillment of state-funded firefighter screening orders, we expect revenue to rebound during the second quarter and remain encouraged by the level of demand we are seeing across our core OneTest programs.”
First Quarter 2026 Financial Results
Total revenue for the three months ended March 31, 2026 was $0.4 million, compared to $0.6 million in the prior year period.
Total cost of revenue for the three months ended March 31, 2026 was $0.3 million, compared to $0.4 million in the prior year period.
Gross profit for the three months ended March 31, 2026 was $0.1 million, compared to $0.2 million in the prior year period. Gross margin was 17.8% in Q1 2026, compared to 29.9% in the prior year period, reflecting a shift in product mix and lower absorption of fixed laboratory costs at the lower revenue base.
Total operating expenses for the three months ended March 31, 2026 were $1.5 million, compared to $0.9 million in the prior year period. The increase was primarily attributable to higher sales, and general and administrative expenses associated with the Company's transition to a Nasdaq-listed public company. Research and development expenses were $0.2 million in Q1 2026, compared to $0.1 million in the prior year period.
Total other expense, net was $0.7 million for the three months ended March 31, 2026, compared to other income, net, of less than $0.1 million in the prior year period. Total other expense, net, in the current quarter principally reflected a $0.3 million non-cash loss on issuance of convertible notes, $0.3 million of interest expense, and a $0.1 million non-cash loss on the change in fair value of warrant liabilities.
Net loss for the three months ended March 31, 2026 was $2.2 million, compared to $0.8 million in the prior year period.
Cash and cash equivalents totaled $4.2 million as of March 31, 2026, compared to $1.0 million as of December 31, 2025. The increase in cash reflected $5.0 million in gross proceeds from the Company's February 2026 private placement of Series E convertible preferred stock, along with proceeds from the issuance of convertible promissory notes, partially offset by cash used in operating activities and offering costs.
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. OneTestTM for Cancer is a multi-cancer early detection (MCED) blood test, and OneTest for LongevityTM measures inflammatory biomarkers and is now commercially available. 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 the Company's College of American Pathologists (CAP) accredited, Clinical Laboratory Improvement Amendments (CLIA) licensed laboratory in Gaithersburg, MD.
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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 , 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
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20/20 BIOLABS, INC.
CONDENSED BALANCE SHEETS
(UNAUDITED)
|
| | March 31,
2026 | | | December 31,
2025 | |
| | | | | | |
| Assets | | | | | | |
| Current assets: | | | | | | |
| Cash and cash equivalents | | $ | 4,219,099 | | | $ | 1,025,987 | |
| Accounts receivable, net | | | 201,481 | | | | 199,954 | |
| Inventory | | | 104,523 | | | | 116,217 | |
| Prepaid expenses and other current assets | | | 175,174 | | | | 128,975 | |
| Total current assets | | | 4,700,277 | | | | 1,471,133 | |
| License agreement, net | | | 265,518 | | | | 271,143 | |
| Property and equipment, net | | | 45,187 | | | | 56,677 | |
| Intangible asset, net | | | 206,801 | | | | 202,264 | |
| Right-of-use assets, net | | | 562,507 | | | | 605,289 | |
| Deferred financing costs | | | - | | | | 1,507,794 | |
| Other assets | | | 23,057 | | | | 23,057 | |
| Total assets | | $ | 5,803,347 | | | $ | 4,137,357 | |
| | | | | | | | |
| Liabilities and Stockholders' equity | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Accounts payable | | $ | 980,486 | | | $ | 868,545 | |
| Accrued liabilities | | | 598,335 | | | | 785,784 | |
| Accrued dividends - Series E convertible preferred stock | | | 54,192 | | | | - | |
| Deferred revenue | | | 450,667 | | | | 414,871 | |
| Derivative liability – current | | | - | | | | 143,382 | |
| Convertible note | | | 306,716 | | | | 74,611 | |
| Operating lease liability – current | | | 189,649 | | | | 175,948 | |
| Total current liabilities | | | 2,580,045 | | | | 2,463,141 | |
| | | | | | | | |
| Long-term liabilities: | | | | | | | | |
| Convertible notes payable, net | | | - | | | | 619,355 | |
| Deferred revenue – long-term | | | 37,055 | | | | 41,816 | |
| Derivative liabilities – long-term | | | - | | | | 543,545 | |
| Operating lease liability – long term | | | 429,122 | | | | 488,725 | |
| Total long-term liabilities | | | 466,177 | | | | 1,693,441 | |
| | | | | | | | |
| Total liabilities | | | 3,046,222 | | | | 4,156,582 | |
| | | | | | | | |
| Commitments and contingencies (Note 9) | | | | | | | - | |
| | | | | | | | |
| Contingently redeemable convertible preferred stock: | | | | | | | | |
| Series E convertible preferred stock, $0.01 par value; 45,000 authorized; 5,000 and 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively; liquidation preference of $5,494,500 | | | 204,239 | | | | - | |
| | | | | | | | |
| Stockholders' equity (deficit): | | | | | | | | |
| Series D preferred stock, $0.01 par value; 936,329 authorized; 0 and 101,565 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | | | - | | | | 1,016 | |
| Series C preferred stock, $0.01 par value; 3,340,909 authorized; 0 and 1,204,040 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | | | - | | | | 12,040 | |
| Series B preferred stock, $0.01 par value; 3,569,405 authorized; 0 and 1,471,487 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | | | - | | | | 14,715 | |
| Series A-2 preferred stock, $0.01 par value; 800,000 authorized; 0 and 442,402 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | | | - | | | | 4,424 | |
| Series A-1 preferred stock, $0.01 par value; 978,000 authorized; 0 and 651,465 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | | | - | | | | 6,515 | |
| Series A preferred stock, $0.01 par value; 1,303,000 authorized; 0 and 846,368 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | | | - | | | | 8,464 | |
| Common stock, $0.01 par value; 50,000,000 authorized; 10,442,960 and 5,442,249 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | | | 104,430 | | | | 54,422 | |
| Additional paid-in capital | | | 37,870,511 | | | | 33,126,398 | |
| Accumulated deficit | | | (35,422,055 | ) | | | (33,247,219 | ) |
| Total stockholders' (deficit) equity | | | 2,552,886 | | | | (19,225 | ) |
| Total liabilities, contingently redeemable preferred stock and stockholders' equity | | $ | 5,803,347 | | | $ | 4,137,357 | |
20/20 BIOLABS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
| | Three Months Ended March 31, | |
| | 2026 | | | 2025 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | |
| Net loss | | $ | (2,174,836 | ) | | $ | (764,577 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | |
| Depreciation and amortization | | | 12,306 | | | | 17,825 | |
| Stock based compensation | | | 128,440 | | | | 129,650 | |
| Amortization of license fees | | | 5,625 | | | | 5,625 | |
| Amortization of right-of-use assets, net of liabilities | | | (3,120 | ) | | | (1,838 | ) |
| Amortization of debt discount | | | 240,370 | | | | - | |
| Issuance of shares for services | | | 100,000 | | | | - | |
| Change in fair value of derivative liability | | | 148,766 | | | | - | |
| Loss on issuance of convertible note | | | 322,359 | | | | - | |
| Changes in operating assets and liabilities: | | | | | | | | |
| Accounts receivable | | | (1,527 | ) | | | 5,610 | |
| Inventory | | | 11,694 | | | | (20,866 | ) |
| Prepaid expenses and other assets | | | (46,199 | ) | | | (64,259 | ) |
| Accounts payable | | | 111,941 | | | | 111,092 | |
| Accrued liabilities | | | (202,448 | ) | | | 129,413 | |
| Interest payable | | | 26,634 | | | | 740 | |
| Deferred revenue | | | 31,035 | | | | (36,708 | ) |
| Net cash used in operating activities | | | (1,288,960 | ) | | | (488,293 | ) |
| | | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | |
| Purchases of intangible assets, including patents | | | (5,354 | ) | | | - | |
| Net cash used in investing activities | | | (5,354 | ) | | | - | |
| | | | | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | |
| Proceeds from issuance of convertible notes payable | | | 250,000 | | | | 70,000 | |
| Proceeds from issuance of Series D preferred stock | | | - | | | | 192,338 | |
| Proceeds from issuance of Series E preferred stock | | | 5,000,000 | | | | - | |
| Offering costs | | | (762,574 | ) | | | - | |
| Net cash provided by financing activities | | | 4,487,426 | | | | 262,338 | |
| | | | | | | | |
| Increase (decrease) in cash and cash equivalents | | | 3,193,112 | | | | (225,955 | ) |
| Cash and cash equivalents, beginning of year | | | 1,025,987 | | | | 1,784,009 | |
| Cash and cash equivalents, end of year | | $ | 4,219,099 | | | $ | 1,558,054 | |
| | | | | | | | |
| Supplemental disclosures of cash flow information: | | | | | | | | |
| Cash paid for interest | | $ | - | | | $ | - | |
| Cash paid for income taxes | | $ | - | | | $ | - | |
| | | | | | | | |
| Non-cash disclosures of cash flow information: | | | | | | | | |
| Conversion of preferred stock to common stock | | $ | 47,174 | | | $ | - | |
| Deferred offering costs – issuance of common stock and warrants as offering costs | | $ | 3,654,057 | | | $ | - | |
| Accrued dividends on Series E preferred stock | | $ | 54,192 | | | $ | - | |
| Derivative liabilities recognized as debt discounts | | $ | 541,199 | | | $ | - | |
| Derivative liabilities reclassified to equity | | $ | 1,361,306 | | | $ | - | |
| Conversion of convertible notes payable and accrued interest to common stock | | $ | 834,812 | | | $ | - | |
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