20/20 Biolabs, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K events20/20 Biolabs, Inc. is a micro-cap diagnostics company commercializing AI-powered blood tests for multi-cancer early detection, chronic disease risk, and legacy bioterror screening.
What they do
20/20 Biolabs develops and sells laboratory-based blood tests under its OneTest brand. OneTest for Cancer is its multi-cancer early detection (MCED) test; OneTest for Longevity measures inflammatory biomarkers for chronic disease risk. Tests are run in its CAP-accredited, CLIA-licensed lab in Gaithersburg, MD. The company also operates CLIAx, a shared CLIA lab for overseas diagnostics startups, and sells BioCheck, a field test kit for screening suspicious powders.
Revenue drivers
- OneTest for Cancer — Multi-cancer early detection blood test; accounted for ~88% of 2025 revenue and ~85% of 2024 revenue.
- BioCheck — Legacy field test kit for screening suspicious powders for bioterror agents; accounted for ~8% of 2025 revenue and ~10% of 2024 revenue.
- CLIAx — Shared CLIA laboratory services for overseas diagnostics startups; accounted for ~4% of 2025 revenue and ~5% of 2024 revenue.
- OneTest for Longevity — Chronic disease risk assessment launched February 2026; also marketed as 'OneTest for Workplace Wellness' to self-insured employers. Revenue contribution not yet separately disclosed for the full year 2025.
Recent performance
Q1 2026 revenue fell to $353,375 from $553,820 in Q1 2025, which the company attributed to timing of orders from larger customers. Annual revenue rose from $1.8M in 2024 to $2.0M in 2025, but net loss improved from -$5.6M to -$3.7M. Operating cash flow was -$1.9M in 2025 versus -$2.6M in 2024. Cash and equivalents stood at $4.2M as of March 31, 2026, up from $1.0M at December 31, 2025, following a $5.0M private placement and bridge financing. Deferred revenue was approximately $0.5M at quarter-end, up from $0.4M.
Strategy
Management plans to leverage state-funded firefighter cancer screening programs, particularly Maryland's, to drive revenue growth beginning in Q2 2026. They are pursuing Medicare coverage for OneTest for Cancer via the MCED Screening Coverage Act signed in February 2026. The company is broadening distribution through the Evexia Diagnostics agreement (covering over 40,000 practitioners) and the ROKIT Healthcare license for CKD prediction. The private placement facility provides access to up to $40M in capital, and the company completed a direct listing on Nasdaq on February 19, 2026.
Risks
- Sustained operating losses — The company has incurred losses since inception except for 2021-2022 COVID testing profits; expects continued losses and may need additional financing.
- Revenue concentration — OneTest for Cancer is ~88% of revenue, leaving the company dependent on a single product line.
- Customer timing volatility — Q1 2026 revenue fell significantly due to order timing from larger customers, indicating lumpy revenue expectations.
- Financing terms risk — Series E preferred stock carries a 9% annual dividend (15% upon default), senior liquidation preference, and conversion features that could dilute common shareholders.
Outlook
Management expects meaningful revenue growth in Q2 2026 from Maryland fire departments ordering OneTest for Cancer under the state-funded program. A second state firefighter program, comparable in size to Maryland's, is expected to use the company's MCED test and contribute meaningfully in future periods. The Medicare MCED coverage pathway is expected to begin in 2028. Further state appropriations for firefighter screening are anticipated in 2026 and 2027.