20/20 BioLabs (AIDX) grows 2025 revenue 17% and narrows annual net loss
Rhea-AI Filing Summary
20/20 BioLabs, Inc. reported full year 2025 results with revenue of $2.0 million, up 17% from 2024. Gross profit rose to $0.6 million and gross margin expanded to 29.6% from 20.6%, helped by a higher mix of BioCheck and CLIAX revenue.
Operating expenses fell to $3.9 million from $6.0 million, improving the net loss to $3.7 million from $5.6 million. Cash was $1.0 million at year-end 2025, and in February 2026 the company closed a $5.0 million tranche under a preferred purchase agreement that could total up to $40 million. Management highlights a state-funded firefighter cancer screening program, deferred revenue of about $0.5 million, the launch of OneTest for Longevity and a recent Nasdaq listing as positioning the company for 2026 growth.
Positive
- None.
Negative
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Insights
20/20 BioLabs shows modest growth, better margins, but remains loss-making.
20/20 BioLabs delivered 2025 revenue of $2.0 million, up 17%, with gross margin improving to 29.6%. This suggests early commercial traction in its OneTest product lines while still operating at a small scale.
Cost discipline was notable: operating expenses dropped to $3.9 million from $6.0 million, reducing net loss to $3.7 million. However, the balance sheet shows total liabilities of $4.2 million against a small stockholders’ deficit as of December 31, 2025, highlighting a leveraged capital structure.
Liquidity risk is partially mitigated by year-end cash of $1.0 million plus a $5.0 million closing under a preferred purchase agreement that could reach $40 million. Future disclosures will clarify how effectively this capital and state-funded screening programs translate into sustained revenue growth and progress toward profitability.
8-K Event Classification
Key Figures
Key Terms
Multi-Cancer Early Detection (MCED) medical
deferred revenue financial
preferred purchase agreement financial
derivative liabilities financial
convertible notes payable financial
PIPE financing financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 1, 2026 (
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging Growth Company
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.
| Item 2.02 | Results of Operations and Financial Condition. |
On March 31, 2026, 20/20 Biolabs, Inc. (the “Company”) issued a press release regarding its financial results for the year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information furnished with this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description of Exhibit | |
| 99.1 | Press Release issued on March 31, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: April 1, 2026 |
20/20 BIOLABS, INC. |
| /s/ Jonathan Cohen | |
| Name: Jonathan Cohen | |
| Title: Chief Executive Officer |
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Exhibit 99.1
20/20 BioLabs Reports Full Year 2025 Financial Results and Recent Operational Progress
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 — 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. |
| ¹ | IBM 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. |
| ● | 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. |
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.
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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
AIDX@mzgroup.us
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20/20 BIOLABS, INC.
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 | ||||
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20/20 BIOLABS, INC.
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 | sv | |||||
| 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 | ||||||
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20/20 BIOLABS, INC.
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 | ||||
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