Monitor Nasdaq listing approval and final pricing. The company's ability to sustain thyroid test revenue growth and successfully develop new pancreatic/Barrett's tests will determine post-IPO valuation. Watch for any CMS reimbursement decisions on the new pancreatic test.
Executive Summary
Interpace Biosciences is filing Amendment No. 1 to its S-1 registration statement for a firm-commitment IPO of 3,100,000 shares at an estimated $6.00-$7.00 per share, with a concurrent application to uplist to Nasdaq. The company is a molecular diagnostics provider focused on thyroid cancer tests (ThyGeNEXT and ThyraMIRv2) after discontinuing its pancreatic test (PancraGEN) in May 2025 due to loss of CMS reimbursement. Net proceeds of ~$17.9M ($20.8M with over-allotment) will fund working capital, R&D for new pancreatic and Barrett's Esophagus tests, and potential acquisitions.
Key Financial Metrics
Key Facts
- Offering 3,100,000 shares at estimated $6.00-$7.00 per share; midpoint $6.50
- Net proceeds estimated at ~$17.9M ($20.8M with full over-allotment)
- Uplisting to Nasdaq Capital Market contingent on offering closing
- Thyroid test revenue (ThyGeNEXT + ThyraMIRv2) grew at 19.7% CAGR from 2022 to 2025, reaching $34.8M in 2025
- Thyroid-only business turned EBIT-positive in 2024 ($1.7M) and grew to $3.1M EBIT in 2025
- Two private equity funds (Ampersand 46.97%, 1315 Capital 31.87%) control ~79% of shares pre-offering
- Reverse stock split (1:5) effected August 27, 2026 to meet Nasdaq minimum bid price
- Cash and cash equivalents as of June 30, 2026: $2.688M; pro forma post-offering: $20.617M
- Accumulated deficit as of June 30, 2026: $(209.926)M
- Underwriter: Lake Street Capital Markets; 90-day lock-up for insiders and major holders
Financial Impact
Offering raises ~$17.9M net; post-offering cash increases from $2.688M to ~$20.617M; dilution of $2.03 per share for new investors at midpoint price
Risk Factors
- Nasdaq listing approval not guaranteed; offering contingent on conditional approval
- Concentration of control by two private equity funds (~79% pre-offering) may limit minority shareholder influence
- Dependence on single product line (thyroid tests) after PancraGEN discontinuation
- Development of new pancreatic and Barrett's tests faces significant uncertainty and may not generate revenue
- 79% of shares held by two funds may be sold after lock-up expiration, pressuring stock price
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001493152-26-045187 |
| Exhibit: ex107.htm | 0001493152-26-045187 |
| Exhibit: ex4-1.htm | 0001493152-26-045187 |
| Exhibit: ex5-1.htm | 0001493152-26-045187 |
| Exhibit: ex23-1.htm | 0001493152-26-045187 |
| Document: 0001493152-26-045187-index-headers.html | 0001493152-26-045187 |
| Document: 0001493152-26-045187-index.html | 0001493152-26-045187 |
| Document: 0001493152-26-045187.txt | 0001493152-26-045187 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 8-K | $5.27 $5.40 | ▲ +2.47% | ▲ +3.48% | $5.50 (+4.36%) |
Sep 30, 2026 26d ago | S-1/A | $6.39 $6.00 | ▼ −6.10% | ▼ −7.40% | $5.50 (−13.93%) |
Apr 1, 2026 29w ago | 8-K | $1.96 $2.30 | ▲ +17.47% | ▲ +13.85% | $5.50 (+180.90%) |
US Market Status
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