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 $4.2 Million as of March 31, 2026
Recent Strategic Wins Include Evexia Diagnostics Distribution Agreement, ROKIT Healthcare CKD License, and Commercial Launch of OneTest$(TM)$ 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 OneTest(TM) 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 OneTest(TM) for Longevity, a chronic disease risk assessment and
management solution built with IBM(1) 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 OneTest(TM) 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.
(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.
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 OneTest(TM) 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 OneTest(TM) for Cancer through Evexia's national network of healthcare practitioners. In the first quarter, we launched OneTest(TM) for Longevity, our chronic disease risk assessment solution built with IBM(1) 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 OneTest(TM) 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 OneTest(TM) 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. OneTest(TM) for Cancer is a multi-cancer early detection (MCED) blood test, and OneTest for Longevity(TM) 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.
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
20/20 BIOLABS, INC.
CONDENSED BALANCE SHEETS
(UNAUDITED)
March 31, December 31,
2026 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 OPERATIONS
(UNAUDITED)
Three Months Ended March 31,
--------------------------------
2026 2025
----------------- ------------
Revenues $ 353,375 $ 553,820
Cost of revenues 290,491 388,025
------------- -----------
Gross profit 62,884 165,795
Operating expenses:
Sales, general and
administrative 1,352,758 801,144
Research and development 153,482 136,831
------------- -----------
Total operating expenses 1,506,240 937,975
Operating loss (1,443,356) (772,180)
Other (expense) income:
Interest expense (267,008) (740)
Interest income 6,653 8,458
Loss on change in fair value
of warrant liability (148,766) -
Loss on issuance of
convertible note (322,359) -
Other expense, net - (115)
------------- -----------
Total other (expense) income (731,480) 7,603
Provision for income taxes - -
------------- -----------
Net loss (2,174,836) (764,577)
Dividend on preferred stock 54,192 -
------------- -----------
Net loss attributable to common
stockholders $ (2,120,644) $ (764,577)
============= ===========
Basic and diluted net loss per
common share $ (0.28) $ (0.16)
============= ===========
Weighted-average common shares
outstanding, basic and diluted 7,657,229 4,823,125
============= ===========
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 $ -
============= ===========
(END) Dow Jones Newswires
May 20, 2026 16:05 ET (20:05 GMT)