Aspira Women's Health Inc.
For the period ended Jun 30, 2025. Filed Aug 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 13, 2025
AWHL$0.430.0%Stored close · as of Sep 19, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-19.
0001641172-25-011399
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0001493152-25-011865
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 91 previous paragraphs and 93 current paragraphs.
55 unchanged; 26 reworded; 6 added; 10 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Change in fair value of Warrant Liabilities. For the three months ended June 30, 2025, there was a net increase in the fair value of warrant liabilities of $624,000. The increase was due to the increase in our stock price during the quarter. For the three months ended June 30, 2024, there was a net decrease in fair value of $889,000. The change in fair value during the three months ended June 30, 2024 was primarily due to a decrease in our stock price during the quarter.
Current report
Results of Operations – Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Current report
Research and Development Expenses. Research and development expenses for the six months ended June 30, 2025 decreased by $181,000, or 10%, compared to the same period in 2024. This decrease was primarily due to a decrease in consulting costs of $327,000 and personnel costs of $156,000, partially offset by an increase in clinical trial costs of $381,000.
Current report
Sales and Marketing Expenses. Sales and marketing expenses for the six months ended June 30, 2025 decreased by $2,261,000, or 56%, compared to the same period in 2024. This decrease was primarily due to decreased personnel costs of $1,246,000, costs related to our contracted sales team of $472,000, travel costs of $315,000, other marketing costs of $174,000 and subscriptions of $125,000, partially offset by consulting costs of $111,000.
Current report
General and Administrative Expenses. General and administrative expenses for the six months ended June 30, 2025 decreased by $1,152,000, or 20%, compared to the same period in 2024. This decrease was primarily due to a decrease in personnel costs of $1,287,000 and legal fees of $604,000, partially offset by an increase in audit fees of $290,000, consulting costs of $283,000, and public company costs of $263,000.
Current report
Change in fair value of Warrant Liabilities. For the six months ended June 30, 2025, there was a net increase in the fair value of warrant liabilities on the balance sheet of $1,180,000. The increase was due to the addition of new warrants in the amount of $1,477,000, offset by a decrease of $297,000 related to a decrease in our stock price during the year. For the six months ended June 30, 2024, there was a net decrease in fair value of $1,140,000. The change in fair value during the three months ended June 30, 2024 was primarily due to a decrease in our stock price during the quarter.
Removed paragraphs (10)
Previous report
Change in fair value of Warrant Liabilities. The fair value of the warrant liabilities as of March 31, 2025, and December 31, 2024 was $616,000 and $60,000, respectively. This represents the change in fair value of warrants of $556,000. The increase consisted of the addition of warrants valued at $1,477,000, offset by the change in warrant value due to the decrease in our stock price during the quarter.
Previous report
The loan may be prepaid at any time without premium or penalty. An initial disbursement of $2,000,000 was made to us on April 15, 2016 under the DECD Loan Agreement. On December 3, 2020, we received a disbursement of the remaining $2,000,000 under the DECD Loan Agreement, as we had achieved the target employment milestone necessary to receive an additional $1,000,000 under the DECD Loan Agreement and the DECD determined to fund the remaining $1,000,000 under the DECD Loan Agreement after concluding that the required revenue target would likely have been achieved in the first quarter of 2020 in the absence of the impacts of COVID-19.
Previous report
In connection with a private placement offering of common stock and warrants we completed in May 2013, we entered into a stockholders agreement which, among other things, granted two of the primary investors in that offering the right to participate in any future equity offerings by the Company on the same price and terms as other investors. In addition, the stockholders agreement prohibits us from taking certain material actions without the consent of at least one of the two primary investors in that offering. These material actions include:
Previous report
The foregoing rights terminate for a primary investor when that investor ceases to beneficially own less than 50% of the shares and warrants (taking into account shares issued upon exercise of the warrants), in the aggregate, that were purchased at the closing of the 2013 private placement. We believe that the rights of one of the primary investors have so terminated.
Previous report
On February 10, 2023, we entered into a Controlled Equity Offering Sales Agreement with Cantor, as agent, pursuant to which we may offer and sell, from time to time, through Cantor, shares of our common stock, par value $0.001 per share, having an aggregate offering price of up to $12.5 million. In connection with the Direct Offering on July 24, 2023, we delivered written notice to Cantor on July 19, 2023 that it was suspending the prospectus supplement, dated February 10, 2023, related to our common stock issuable under the Cantor Sales Agreement. We will not make any sales of common stock pursuant to the Cantor Sales Agreement unless and until a new prospectus supplement is filed with the SEC. The Cantor Sales Agreement remains in full force and effect during the suspension.
Previous report
Under the 2023 Equity Line of Credit Agreement, on any business day after March 28, 2023 selected by us over the 36-month term of the 2023 Equity Line of Credit Agreement (each, a “Purchase Date”), we may direct Lincoln Park to purchase up to 6,667 shares of common stock on such Purchase Date (a “Regular Purchase”); provided, however, that (i) a Regular Purchase may be increased to up to 13,333 shares, if the closing sale price per share of the common stock on The Nasdaq Capital Market is not below $7.50 on the applicable Purchase Date; (ii) a Regular Purchase may be increased to up to 16,666 shares, if the closing sale price per share of the common stock on The Nasdaq Capital Market is not below $11.25 on the applicable Purchase Date; and (iii) a Regular Purchase may be increased to up to 20,000 shares, if the closing sale price per share of the common stock on The Nasdaq Capital Market is not below $15.00 on the applicable Purchase Date. In any case, Lincoln Park’s maximum obligation under any single Regular Purchase will not exceed $1,000,000. The above-referenced share amount limitations and closing sale price thresholds are subject to adjustment for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction as provided in the 2023 Equity Line of Credit Agreement. The purchase price per share for each such Regular Purchase will be equal to the lesser of:
Previous report
We also have the right to direct Lincoln Park, on any business day on which we have properly submitted a Regular Purchase notice for the maximum amount we are then permitted to sell to Lincoln Park in such Regular Purchase, to purchase an additional amount of the common stock (an “Accelerated Purchase”) of additional shares based on criteria established in the 2023 Equity Line of Credit Agreement. An Accelerated Purchase, which is at our sole discretion, may be subject to additional requirements and discounts if certain conditions are met as defined in the 2023 Equity Line of Credit Agreement.
Previous report
The issuance of the Purchase Shares had been previously registered pursuant to our effective shelf registration statement on Form S-3 (File No. 333-252267) (the “Old Registration Statement”), and the related base prospectus included in the Registration Statement, as supplemented by a prospectus supplement filed on March 28, 2023, that has expired. On April 22, 2024, we filed a registration statement on Form S-3 (File No. 333-278867) (the “Registration Statement”), and the related base prospectus included in the Registration Statement, that was declared effective by the SEC on April 25, 2024.
Previous report
The Convertible Notes, which are convertible into units consisting of one share of common stock and 2.25 warrants (the “March 2025 Warrants”), will be our senior, secured obligations. Interest will accrue and be payable on a quarterly basis in kind at the applicable federal rate. We had the option to convert the Convertible Notes into units at the Conversion Price if the sum of the gross proceeds from the sale of the Convertible Notes and the gross proceeds from the sale of any shares of common stock and warrants by us subsequent to the March 2025 Private Placement equaled or exceeded $4 million, which occurred on March 11, 2025. On March 12, 2025, the Convertible Notes were converted into 5,465,850 shares and warrants to purchase 12,298,177 shares.
Previous report
In addition, the Purchasers of the Convertible Notes were granted certain customary registration rights with respect to the shares of common stock and shares of common stock underlying the March 2025 Warrants.
Reworded paragraphs (26)
Previous wording
Our Ova1 test received FDAde novo classification in September 2009. Ova1 comprises instruments, assays, reagents, and the OvaCalc software, which includes a proprietary algorithm that produces a risk score. Our Overa test, which includes an updated version of OvaCalc, received FDA 510(k) clearance in March 2016. Ova1, Overa and OvaWatch each use the Roche Cobas 4000, 6000 and 8000 platforms for analysis of proteins. Revenue from these sources is included in the results of operations in total revenue for the three months ended March 31, 2025.
Current wording
Our Ova1 test received FDAde novo classification in September 2009. Ova1 comprises instruments, assays, reagents, and the OvaCalc software, which includes a proprietary algorithm that produces a risk score. Our Overa test, which includes an updated version of OvaCalc, received FDA 510(k) clearance in March 2016. Ova1, Overa and OvaWatch each use the Roche Cobas 4000, 6000 and 8000 platforms for analysis of proteins. Revenue from these sources is included in the results of operations in total revenue for the three and six months ended June 30, 2025.
Previous wording
In the first quarter of 2025, the Company realized a 94% increase in sales per full-time equivalent salesperson, compared to the first quarter of 2024.
Current wording
In the first quarter of 2025, we rebalanced the salesforce to align with profitable markets. This rebalance resulted in a reduction of field sales representatives in non-profitable markets. Under the rebalanced field team, we realized a 156% increase in sales per full-time equivalent salesperson in the second quarter of 2025, when compared to the second quarter of 2024.
Previous wording
On March 28, 2025, we received $1,500,000 from ARPA-H.
Current wording
On June 9, 2025, we received notice from ARPA-H that ARPA-H and the assigned managing contractor, VentureWell, have determined that we had not met the specifications of Milestone 3, and have therefore elected to terminate the contract award. We will continue to work on the design, development and commercial launch of this test.
Previous wording
Product Revenue. Product revenue was $2,279,000 for the three months ended March 31, 2025, compared to $2,153,000 for the same period in 2024. Revenue for Aspira Labs is recognized when the Ova1, Overa, Ova1Plus or OvaWatch test is completed based on estimates of what we expect to ultimately realize. The 6% product revenue increase is due to an increase in AUP, offset by a decrease in OvaSuite test volume compared to the prior year.
Current wording
Product Revenue. Product revenue was $2,404,000 for the three months ended June 30, 2025, compared to $2,423,000 for the same period in 2024. Revenue for Aspira Labs is recognized when the Ova1, Overa, Ova1Plus or OvaWatch test is completed based on estimates of what we expect to ultimately realize. The 1% product revenue decrease is due to a decrease in OvaSuite test volume compared to the prior year, partially offset by an increase in AUP.
Previous wording
The number of OvaSuite tests performed decreased 2.6% to 5,679 during the three months ended March 31, 2025, compared to 5,829 product tests for the same period in 2024. This decrease is a result of our reduced field sales headcount. We expect revenue to increase in the second quarter due to our focus on revenue generating payers.
Current wording
The number of OvaSuite tests performed decreased 11% to 5,728 during the three months ended June 30, 2025, compared to 6,471 product tests for the same period in 2024. This decrease is a result of our reduced field sales headcount. We expect revenue to increase in the second quarter due to our focus on revenue generating payers.
Previous wording
Gross Profit Margin. Gross profit margin for product revenue increased to 68.5% for the three months ended March 31, 2025, compared to 56.4% for the same period in 2024.
Current wording
Gross Profit Margin. Gross profit margin for product revenue increased to 63.8% for the three months ended June 30, 2025, compared to 58.6% for the same period in 2024.
Previous wording
Research and Development Expenses. Research and development expenses represent costs incurred to develop our technology and carry out clinical studies, and include personnel-related expenses, regulatory costs, reagents and supplies used in research and development laboratory work, infrastructure expenses, contract services and other outside costs. Research and development expenses for the three months ended March 31, 2025 increased by $67,000, or 7%, compared to the same period in 2024. This increase was primarily due to the purchase of tissue samples for $273,000, offset by a decrease in consulting costs of $126,000 and personnel costs of $75,000. We expect research and development expenses to increase over the second quarter of 2025, as a result of our focus on the product pipeline and the ARPA-H project.
Current wording
Research and Development Expenses. Research and development expenses represent costs incurred to develop our technology and carry out clinical studies, and include personnel-related expenses, regulatory costs, reagents and supplies used in research and development laboratory work, infrastructure expenses, contract services and other outside costs. Research and development expenses for the three months ended June 30, 2025 decreased by $248,000, or 26%, compared to the same period in 2024. This decrease was primarily due to a decrease in consulting costs of $151,000, personnel costs of $81,000 and lab supplies of $62,000, partially offset by an increase in clinical trial costs of $8,000. We expect research and development expenses to increase modestly over the third quarter of 2025, as a result of our focus on the product pipeline.
Previous wording
Sales and Marketing Expenses. Our sales and marketing expenses consist primarily of personnel-related expenses, education and promotional expenses. These expenses include the costs of educating physicians and other healthcare professionals regarding our products. Sales and marketing expenses also include the costs of sponsoring continuing medical education, medical meeting participation, and dissemination of scientific and health economic publications. Sales and marketing expenses for the three months ended March 31, 2025 decreased by $803,000, or 43%, compared to the same period in 2024. This decrease was primarily due to decreased personnel costs of $236,000, costs related to our contracted sales team of $233,000 and travel costs of $123,000. We expect sales and marketing expenses to remain flat during the second quarter of 2025.
Current wording
Sales and Marketing Expenses. Our sales and marketing expenses consist primarily of personnel-related expenses, education and promotional expenses. These expenses include the costs of educating physicians and other healthcare professionals regarding our products. Sales and marketing expenses also include the costs of sponsoring continuing medical education, medical meeting participation, and dissemination of scientific and health economic publications. Sales and marketing expenses for the three months ended June 30, 2025 decreased by $1,458,000, or 68%, compared to the same period in 2024. This decrease was primarily due to decreased personnel costs of $915,000, costs related to our contracted sales team of $234,000, travel costs of $192,000 and other marketing costs of $131,000, partially offset by increased consulting costs of $117,000. We expect sales and marketing expenses to remain flat during the third quarter of 2025.
Previous wording
General and Administrative Expenses. General and administrative expenses consist primarily of personnel-related expenses, professional fees and other costs, including legal, finance and accounting expenses and other infrastructure expenses. General and administrative expenses for the three months ended March 31, 2025 decreased by $388,000, or 12%, compared to the same period in 2024. This decrease was primarily due to a decrease in personnel costs of $783,000 and legal fees of $184,000, offset by an increase in audit fees of $265,000, consulting costs of $232,000 and public company costs of $117,000. We expect general and administrative expenses to decrease during the second quarter of 2025 as a result of decreases in our consulting and public company costs.
Current wording
General and Administrative Expenses. General and administrative expenses consist primarily of personnel-related expenses, professional fees and other costs, including legal, finance and accounting expenses and other infrastructure expenses. General and administrative expenses for the three months ended June 30, 2025 decreased by $764,000, or 28%, compared to the same period in 2024. This decrease was primarily due to a decrease in personnel costs of $606,000 and legal fees of $420,000, offset by an increase in consulting costs of $226,000. We expect general and administrative expenses to decrease during the third quarter of 2025 as a result of decreases in our consulting and public company costs.
Previous wording
***Cost of Revenue – Product.***Cost of product revenue was $719,000 for the three months ended March 31, 2025 compared to $939,000 for the same period in 2024, representing a decrease of $220,000, or 23%, due primarily to decreased personnel costs and a one time credit related to phlebotomy expenses, offset by an increase in consulting costs.
Current wording
***Cost of Revenue – Product.***Cost of product revenue was $1,589,000 for the six months ended June 30, 2025 compared to $1,941,000 for the same period in 2024, representing a decrease of $352,000, or 18%, due primarily to decreased personnel costs and a one-time credit related to phlebotomy expenses, partially offset by an increase in consulting costs.
Previous wording
Change in fair value of Convertible Notes. The change in fair value of Convertible Notes for the three months ended March 31, 2025 was $170,000, which was the gain recognized upon the conversion of the Convertible Notes.
Current wording
Change in fair value of Convertible Notes. The change in fair value of Convertible Notes for the six months ended June 30, 2025 was $170,000, which was the gain recognized upon the conversion of the Convertible Notes.
Previous wording
Loss upon issuance of Convertible Notes carried at fair value. The loss upon issuance of Convertible Notes carried at fair value for the three months ended March 31, 2025 was $1,198,000. This represents an immediate loss recognized by the Company upon the issuance of the Convertible Notes.
Current wording
Loss upon issuance of Convertible Notes carried at fair value. The loss upon issuance of Convertible Notes carried at fair value for the six months ended June 30, 2025 was $1,198,000. This represents an immediate loss recognized by the Company upon the issuance of the Convertible Notes.
Previous wording
We have incurred significant net losses and negative cash flows from operations since inception, and as a result have an accumulated deficit of approximately $533,250,000 as of March 31, 2025. We also expect to incur a net loss and negative cash flows from operations for the remainder of 2025. Working capital levels may not be sufficient to fund operations as currently planned through the next twelve months, absent a significant increase in revenue over historic revenue or additional financing. Given the above conditions, there is substantial doubt about our ability to continue as a going concern within one year after the date these consolidated interim financial statements are filed.
Current wording
We have incurred significant net losses and negative cash flows from operations since inception, and as a result have an accumulated deficit of approximately $535,916,000 as of June 30, 2025. We also expect to incur a net loss and negative cash flows from operations for the remainder of 2025. Working capital levels may not be sufficient to fund operations as currently planned through the next twelve months, absent a significant increase in revenue over historic revenue or additional financing. Given the above conditions, there is substantial doubt about our ability to continue as a going concern within one year after the date these consolidated interim financial statements are filed.
Previous wording
In March 2016, we entered into a loan agreement (as amended on March 7, 2018 and April 3, 2020, the “DECD Loan Agreement”) with the State of Connecticut Department of Economic and Community Development (the “DECD”), pursuant to which we may borrow up to $4,000,000 from the DECD.
Current wording
In March 2016, we entered into a loan agreement (as amended on March 7, 2018 and April 3, 2020, the “DECD Loan Agreement”) with the State of Connecticut Department of Economic and Community Development (the “DECD”), pursuant to which we borrowed $4,000,000 from the DECD.
Previous wording
Under the terms of the DECD Loan Agreement, we would be eligible for forgiveness of up to $1,500,000 of the principal amount of the loan if we had achieved certain job creation and retention milestones by December 31, 2022. On June 26, 2023, we were notified by the DECD that we had satisfied all job creation and retention requirements under the loan agreement to receive forgiveness of $1,000,000. If we fail to maintain our Connecticut operations through March 22, 2026, the DECD may require early repayment of a portion or all of the loan plus a penalty of 5% of the total funded loan. For additional information, see Note 4 to our unaudited condensed consolidated financial statements.
Current wording
Under the terms of the DECD Loan Agreement, we were eligible for forgiveness of $1,000,000 of the principal amount of the loan after achieving certain job creation and retention milestones. If we fail to maintain our Connecticut operations through March 22, 2026, the DECD may require early repayment of a portion or all of the loan plus a penalty of 5% of the total funded loan. For additional information, see Note 4 to our unaudited condensed consolidated financial statements. If we choose to repay the loan early, it may be done at any time without premium or penalty.
Previous wording
During the three months ended March 31, 2025 and 2024, we sold 0 and 111,369 shares under the 2023 Equity Line of Credit Agreement, respectively for gross proceeds of approximately $0 and $400,000, respectively. Over the life of the 2023 Equity Line of Credit Agreement through May 12, 2025, we sold 1,310,517 shares for gross proceeds of approximately $3,078,000. We incurred approximately $326,000 of costs related to the execution of the 2023 Equity Line of Credit Agreement, all of which are reflected in the unaudited condensed consolidated financial statements. Of the total costs incurred, approximately $258,000 was paid in common stock to Lincoln Park for a commitment fee and $30,000 was paid for Lincoln Park expenses. These transaction costs were included in other expense in our consolidated statement of operations for the year ended December 31, 2023. We incurred approximately $0 and $40,000 for legal fees during the three months ended March 31, 2025 and 2024, respectively, and included the costs in general and administrative expenses on its consolidated statement of operations. Under the terms of the Warrant Inducement Agreement, we agreed not to sell shares under the 2023 Equity Line of Credit Agreement for six months from the effective date of the Form S-3, which was September 3, 2024. As of May 12, 2025, the remaining availability under the 2023 Equity Line of Credit Agreement was $1,700,000 of shares of common stock that can be sold to Lincoln Park under the 2023 Equity Line of Credit Agreement, subject to the terms of the 2023 Equity Line of Credit Agreement.
Current wording
During the three and six months ended June 30, 2025, we sold no shares under the 2023 Equity Line of Credit Agreement, respectively. During the three and six months ended June 30, 2024, we sold 475,986 and 587,355 shares under the 2023 Equity Line of Credit Agreement, respectively; resulting in gross proceeds of approximately $1,100,000 and $1,500,000, respectively. Over the life of the 2023 Equity Line of Credit Agreement through August 8, 2025, we sold 1,310,517 shares for gross proceeds of approximately $3,078,000. We incurred approximately $326,000 of costs related to the execution of the 2023 Equity Line of Credit Agreement, all of which are reflected in the unaudited condensed consolidated financial statements. Of the total costs incurred, approximately $258,000 was paid in common stock to Lincoln Park for a commitment fee and $30,000 was paid for Lincoln Park expenses. These transaction costs were included in other expense in our consolidated statement of operations for the year ended December 31, 2023. We incurred approximately $0 and $40,000 for legal fees during the six months ended June 30, 2025 and 2024, respectively, and included the costs in general and administrative expenses on its consolidated statement of operations. Under the terms of the Warrant Inducement Agreement, we agreed not to sell shares under the 2023 Equity Line of Credit Agreement for six months from the effective date of the Form S-3, which was September 3, 2024. As of May 12, 2025, the remaining availability under the 2023 Equity Line of Credit Agreement was $1,700,000 of shares of common stock that can be sold to Lincoln Park under the 2023 Equity Line of Credit Agreement; however, as we are no longer traded on Nasdaq, we do not have access to this facility.
Previous wording
On January 24, 2024, we entered into a securities purchase agreement (the “2024 Direct Offering Agreement”), with several investors relating to the issuance and sale of 1,371,000 shares of its common stock, par value $0.001 per share, and pre-funded warrants to purchase 200,000 shares of common stock (the “Pre-Funded Warrants”), in a registered direct offering, together with accompanying warrants to purchase 1,571,000 shares of common stock (the “Purchase Warrants”, and together with the Pre-Funded Warrants, the “2024 Warrants”) in a concurrent private placement (the “Concurrent Private Offering” and together with the registered direct offering, the “2024 Direct Offering”). Our gross proceeds from the 2024 Direct Offering were approximately $5.6 million, before deducting placement agent fees and other estimated expenses of $694,000 payable by us.
Current wording
On January 24, 2024, we entered into a securities purchase agreement (the “2024 Direct Offering Agreement”), with several investors relating to the issuance and sale of 1,371,000 shares of its common stock, par value $0.001 per share, and pre-funded warrants to purchase 200,000 shares of common stock (the “Pre-Funded Warrants”), in a registered direct offering, together with accompanying warrants to purchase 1,571,000 shares of common stock (the “Purchase Warrants”, and together with the Pre-Funded Warrants, the “2024 Warrants”) in a concurrent private placement (the “Concurrent Private Offering” and together with the registered direct offering, the “2024 Direct Offering”). Our gross proceeds from the 2024 Direct Offering were approximately $5.6 million, before deducting placement agent fees and other expenses of $694,000 payable by us.
Previous wording
The Purchase Warrants have an exercise price of $4.13 per share and will be exercisable beginning six months after issuance and will expire 5 years from the initial exercise date.
Current wording
The Purchase Warrants have an exercise price of $4.13 per share and will expire 5 years from the initial issuance date.
Previous wording
The Company met the first milestone for payment in the fourth quarter of 2024 and received a payment of $2,000,000. The second milestone was met during the first quarter of 2025 and the Company received a payment of $1,500,000.
Current wording
We met the first milestone for payment in the fourth quarter of 2024 and received a payment of $2,000,000. The second milestone was met during the first quarter of 2025 and we received a payment of $1,500,000. On June 9, 2025, we received notice from ARPA-H that ARPA-H and the assigned managing contractor, VentureWell, have determined that we had not met the specifications of the third milestone, and have therefore elected to terminate the ENDOinform development program contract.
Previous wording
On March 5, 2025, we entered into a securities purchase agreement with certain existing accredited shareholders (“the “Purchasers”) for the issuance and sale in a private placement (the “March 2025 Private Placement”) of an aggregate gross principal amount of $1,365,500 in the form of Senior Secured Convertible Promissory Notes (the “Convertible Notes”).
Current wording
On March 5, 2025, we entered into a securities purchase agreement with certain existing accredited shareholders (“the “Purchasers”) for the issuance and sale in a private placement (the “March 2025 Private Placement”) of an aggregate gross principal amount of $1,365,500 in the form of Senior Secured Convertible Promissory Notes (the “Convertible Notes”). On March 12, 2025, the Convertible Notes were converted into 5,465,850 shares and warrants to purchase 12,298,177 shares (the “March 2025 Warramts”).
Previous wording
As mentioned, we have incurred significant net losses and negative cash flows from operations since inception, and we expect to continue to incur a net loss and negative cash flows from operations in 2023. At March 31, 2025 we had an accumulated deficit of $533,250,000 and stockholders’ deficit of $60,000. As of March 31, 2025, we had $3,312,000 of cash and cash equivalents, $3,791,000 of current liabilities, and working capital of $1,600,000. There can be no assurance that we will achieve or sustain profitability or positive cash flow from operations. While we expect to grow revenue through Aspira Labs, there is no assurance of our ability to generate substantial revenues and cash flows from Aspira Labs’ operations. We expect revenue from our products to be our only material, recurring source of cash in 2025.
Current wording
As mentioned, we have incurred significant net losses and negative cash flows from operations since inception, and we expect to continue to incur a net loss and negative cash flows from operations in 2025. At June 30, 2025 we had an accumulated deficit of $535,916,000 and stockholders’ deficit of $2,685,000. As of June 30, 2025, we had $1,545,000 of cash and cash equivalents, $4,098,000 of current liabilities, and working deficit of $412,000. There can be no assurance that we will achieve or sustain profitability or positive cash flow from operations. While we expect to grow revenue through Aspira Labs, there is no assurance of our ability to generate substantial revenues and cash flows from Aspira Labs’ operations. We expect revenue from our products to be our only material, recurring source of cash in 2025.
Previous wording
Net cash used in operating activities was $3,102,000 for the three months ended March 31, 2025, resulting primarily from the net loss reported of $1,853,000, which includes changes in prepaid assets of $297,000 and $103,000 in stock based compensation expense, offset by changes in the fair value of warrant liabilities of $921,000, changes in accrued liabilities of $792,000, changes in accounts payable of $722,000, changes in other liabilities of $229,000, change in the fair value of Convertible Notes carried at fair value and changes in accounts receivable of $110,000.
Current wording
Net cash used in operating activities was $4,836,000 for the six months ended June 30, 2025, resulting primarily from the net loss reported of $4,519,000, which includes the loss upon issuance of convertible notes carried at fair value of $1,198,000, changes in prepaid assets of $426,000, non-cash lease expense of $122,000 and $119,000 in stock based compensation expense, offset by changes in accrued liabilities of $616,000, changes in other liabilities of $459,000, changes in accounts payable of $430,000, changes in the fair value of warrant liabilities of $297,000, changes in accounts receivable of $288,000 and a change in the fair value of Convertible Notes carried at fair value and changes in accounts receivable of $170,000.
Previous wording
Net cash used in operating activities was $4,431,000 for the three months ended March 31, 2024, resulting primarily from the net loss reported of $4,629,000, which includes non-cash expenses in the amount of $382,000 related to changes in accounts payable, stock compensation expense of $362,000 and $55,000 related to changes in prepaid expense offset by changes in other liabilities of $254,000, $251,000 relating to a change in fair value of warrant fair value, changes in accounts receivable of $72,000 and changes in accrued liabilities of $66,000.
Current wording
Net cash used in operating activities was $8,172,000 for the six months ended June 30, 2024, resulting primarily from the net loss reported of $8,159,000, which includes non-cash expenses in the amount of $682,000 related to changes in accounts payable, stock compensation expense of $484,000 and $379,000 related to changes in prepaid expense offset by $1,140,000 relating to a change in fair value of warrant fair value and changes in other liabilities of $520,000.
Previous wording
Net cash used in investing activities was $0 and $20,000 for the three months ended March 31, 2025 and 2024, respectively, which consisted of property and equipment purchases.
Current wording
Net cash used in investing activities was $0 and $35,000 for the six months ended June 30, 2025 and 2024, respectively, which consisted of property and equipment purchases.
Previous wording
Net cash provided by financing activities was $4,195,000 for the three months ended March 31, 2025, stemming primarily from the at the market offering resulting in net proceeds of $3,337,000 and from convertible notes resulting in gross proceeds of $916,000, in addition to principal payments on the DECD loan.
Current wording
Net cash provided by financing activities was $4,612,000 for the six months ended June 30, 2025, stemming primarily from the at the market offering resulting in net proceeds of $3,337,000 and from convertible notes resulting in gross proceeds of $916,000, in addition to principal payments on the DECD loan.
Previous wording
Net cash provided by financing activities was $5,269,000 for the three months ended March 31, 2024, stemming primarily from a registered direct offering resulting in net proceeds of $4,869,000, after deducting placement agent costs and other expenses of $694,000 and an equity line of credit offering of $400,000.
Current wording
Net cash provided by financing activities was $6,314,000 for the six months ended June 30, 2024, stemming primarily from a registered direct offering resulting in net proceeds of $4,830,000, after deducting placement agent costs and other expenses of $733,000 and an equity line of credit offering of $1,501,000.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
***Cost of Revenue – Product.***Cost of product revenue was $870,000 for the three months ended June 30, 2025 compared to $1,002,000 for the same period in 2024, representing a decrease of $132,000, or 13%, due primarily to decreased personnel and postage costs.
Current report — wording carried from elsewhere
The selected summary financial and operating data of the Company for the six months ended June 30, 2025 and 2024 were as follows.
Current report — wording carried from elsewhere
Product Revenue. Product revenue was $4,683,000 for the six months ended June 30, 2025, compared to $4,576,000 for the same period in 2024. The 2% product revenue increase is due to an increase in AUP, offset by a decrease in OvaSuite test volume compared to the prior year.
Current report — wording carried from elsewhere
The number of OvaSuite tests performed decreased 7.3% to 11,407 during the six months ended June 30, 2025, compared to 12,300 product tests for the same period in 2024. This decrease is a result of our reduced field sales headcount.
Current report — wording carried from elsewhere
The volume and AUP for the six months ended June 30, 2025 and 2024 were as follows.
Current report — wording carried from elsewhere
Gross Profit Margin. Gross profit margin for product revenue increased to 66.1% for the six months ended June 30, 2025, compared to 57.6% for the same period in 2024.