1st Quarter 2022 Report
April 25, 2022
Multi-Cancer Early Detection Testing Gains U.S. Government Focus as our Latest Results Published in Peer Reviewed Journal
In February President Joe Biden relaunched the federal government's cancer "moonshot" initiative, with the goal of cutting the death rate from cancer in half over the next 25 years. (The initiative is personal for Biden, who lost his son Beau to brain cancer in 2015 and first launched the initiative as vice president in 2016.) News sources report the relaunched initiative will aim to "study and evaluate multi-cancer detection (MCED) tests, like we did for COVID-19."

The U.S. National Cancer Institute recently issued a Request for Information to developers of MCEDs interested in participating in NCI sponsored large prospective trials of these tests. 20/20 submitted a response expressing interest in having OneTest included in these studies. We believe that OneTest is the only marketed MCED blood test priced below $200.

In March the latest scientific findings with our MCED test were published in the Journal Computers in Biology and Medicine. This article included what is believed to be the first showing that serial (repeat) testing using an MCED blood test and machine learning algorithm significantly improves diagnostic accuracy. (See Table 5)
20/20 CEO Calls for Greater Shareholder Trading and Liquidity Options at Congressional Forum
On April 5 the top Republican on the House Financial Services Committee, Rep. Patrick McHenry convened a roundtable on Capitol Hill celebrating the 10th anniversary of the JOBS Act which enabled equity crowdfunding under Regulations CF and A+. 20/20's CEO Jonathan Cohen was the only entrepreneur that raised capital through equity crowdfunding invited as a panelist. He was joined by SEC Commissioner Hester Peirce, AOL Co-founder Steve Case, AngelList CEO Kevin Laws, and Rodney Sampson of the100 Black Angels & Allies Fund.

The Roundtable can be heard here. Mr. Cohen's remarks on how 20/20 has benefited from the equity crowdfunding and the need for improved secondary trading by crowd investors can be heard at 46:40 and 1:29 respectively.
Quarterly Revenues Top $4 million
For the Quarter ending March 31, 2022, our revenue and net income was approximately $4.5 million and $2 million (unaudited) compared to the same quarter last year of $950,000 in revenue and a $550,000 net loss.

Covid-19 PCR testing accounted for over 90% of Q1'22 revenues, largely from contracts with schools throughout the State of Maryland. The company anticipates significant revenue declines in the second half of this year as demand for Covid PCR testing subsides. Profits derived from coronovirus testing are being deployed to fund the development and growth of other products. While sources for alternative lab test revenues are being pursued, the success and time required for these alternatives cannot be predicted at this time.

Note: the above revenue and profit calculations for Q1'22 have not yet been audited and may be modified following the audit.
Industry Veterans Join Company
During the 1st Quarter we expanded out team with the following new hires:

Anne Shiflett brings over 30 years of managerial, financial, and accounting experience to 20/20 Gene Systems as our Director of Finance. With her extensive life science experience in leading the financial management aspects of companies in diagnostics, drug development to contract research and contract development manufacturing organizations, she brings critical perspectives as a partner on the executive management team. Anne received a BBA in Accounting and an MBA in Business Management from Loyola College of Maryland and is a CPA.

Amy Colton joins our team as a Senior Sales Representative. She comes to 2020 Gene Systems with a diverse background of marketing/branding, design, and sales experience. Amy has spent the majority of her career launching flagship products for companies like Merck and Allergan, as well as several smaller diagnostics companies. 

Alexis Levy is a Senior Sales Representative at 20/20 GeneSystems, focused on the development and expansion of OneTest sales.  Prior to being named Senior Sales Representative, Alexis was Sales Manager at Alpha Biosciences, where she was responsible for overseeing the entirety of the company’s worldwide sales. Alexis brings with her over 13 years’ experience navigating both the biotech and sales industries. She attended Sweet Briar College where she earned a Bachelor of Science in Biology. 
Company to Explore Opportunities in Drug Testing Through Strategic Partnerships
It has been widely reported that teen overdose deaths continue to surge largely due to fentanyl-tainted counterfeit pills. This is part of a larger and continuing challenge of opioid abuse among all demographics creating rising demand for both human specimen testing (toxicology) and rapid field tests for suspicious substances.

To explore these opportunities we entered into a distribution agreement with the Israeli company IDenta (OTC:IDTA) on April 18, 2022 to offer to 20/20's BioCheck customers IDenta's rapid test kits for drugs of abuse and explosives.

Additionally, on April 14, 2022, we signed a lab-to-lab agreement with Beechtree Diagnostics which operates one of the country's leading toxicology labs. This will permit 20/20 to explore the market for urine testing for drugs of abuse which are widely administered by many employers, pain treatment clinics, and drug rehabilitation centers.

Both initiatives anticipate a 6-9 month pilot which will be expanded if these partnerships prove successful.
Conceptual hand writing showing Annual Meeting. Business photo showcasing Yearly gathering of an organization interested shareholders
Annual Shareholders Meeting -- June 22
20/20 will hold its Annual Meeting of its shareholders on Wednesday, June 22, 2022 at 5:00 p.m. ET. Shareholders should expect to receive formal notice of this meeting as well as proxy instructions in early May. The meeting will be virtual but we anticipate inviting a limited number of shareholders based in the Washington, D.C. area to a reception at our new facility located at 15810 Gaither Drive, Gaithersburg, Maryland.

Our previous Quarterly Reports and Press Releases may be downloaded here:
Financial Reports
In order to maintain our Reg. A+ Qualification we are required to file Annual and Semiannual Reports with the U.S. Securities & Exchange Commission (SEC) that include Financial Statements (the Annual Statement must be audited). Those reports may be accessed by entering "20/20 GeneSystems, Inc. at https://www.sec.gov/edgar/searchedgar/companysearch.html or by contacting [email protected]
Regulation A Offering and Forward Looking Statements
20/20 GeneSystems is offering securities through the use of an Offering Statement that has been qualified by the Securities and Exchange Commission under Tier II of Regulation A. A copy of the Final Offering Circular that forms a part of the Offering Statement may be obtained from: https://www.sec.gov/edgar/searchedgar/companysearch.html
A QUALIFIED OFFERING ONLY MEANS THAT THE COMPANY MAY MAKE SALES OF THE SECURITIES DESCRIBED BY THE OFFERING STATEMENT. IT DOES NOT MEAN THAT THE SEC HAS APPROVED, PASSED UPON THE MERITS OR PASSED UPON THE ACCURACY OR COMPLETENESS OF THE INFORMATION IN THE OFFERING STATEMENT.
THE OFFERING MATERIALS MAY CONTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO, AMONG OTHER THINGS, THE COMPANY, ITS BUSINESS PLAN AND STRATEGY, AND ITS INDUSTRY. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON THE BELIEFS OF, ASSUMPTIONS MADE BY, AND INFORMATION CURRENTLY AVAILABLE TO THE COMPANY’S MANAGEMENT. WHEN USED IN THE OFFERING MATERIALS, THE WORDS “ESTIMATE,” “PROJECT,” “BELIEVE,” “ANTICIPATE,” “INTEND,” “EXPECT” AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS, WHICH CONSTITUTE FORWARD-LOOKING STATEMENTS. THESE STATEMENTS REFLECT MANAGEMENT’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO REVISE OR UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER SUCH DATE OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.