Aspira Women's Health Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsAspira Women's Health Inc. is a commercial-stage diagnostics company selling AI-powered blood tests for ovarian cancer and developing an endometriosis test, currently facing going-concern risk with limited cash.
What they do
Aspira Women's Health Inc. develops and commercializes non-invasive, AI-powered diagnostic tests for gynecologic diseases, primarily ovarian cancer. Its product portfolio, OvaSuite, includes Ova1Plus and OvaWatch, and it operates a CLIA-certified laboratory in Texas via its subsidiary Aspira Labs, Inc. The company is also developing pipeline tests for endometriosis (ENDOinform) and ovarian cancer risk (OVAinform). It markets primarily to gynecologists and healthcare providers in the U.S.
Revenue drivers
- Ova1Plus — The company's lead commercial test, used to aid in ovarian cancer diagnosis in women with adnexal masses. It generates the majority of test revenue; management emphasizes its performance compared to CA-125.
- OvaWatch — Commercially available test for monitoring adnexal masses through periodic testing. Addressable market estimated at 2-4 million tests per year based on 1.5 million women presenting with an indeterminate mass.
- Distribution partners (Quest Diagnostics and BioReference Health) — Collaborations with these partners contribute to test volume and revenue, though specific figures are not provided.
Recent performance
Revenue has remained flat at $9.2 million annually for 2023, 2024, and 2025. The company continues to incur significant net losses, though losses improved from -$29.9 million in 2022 to -$12.8 million in 2025. Quarterly revenue declined slightly from $2.3 million in Q3 2025 to $2.0 million in Q2 2026. As of June 30, 2026, cash and equivalents were $477,000, with total assets of $4.4 million and shareholder equity of -$7.3 million. The company reported 22,515 tests performed in 2025, down from 24,305 in 2024.
Strategy
Management plans to broaden commercial focus beyond ovarian cancer to include other gynecologic diseases, particularly endometriosis, with a non-invasive test (ENDOinform). The company intends to expand OvaWatch monitoring and OVAinform to asymptomatic women at elevated risk, increasing addressable market to 4 million women. It also aims to expand access to Medicaid patients, pursue legislation and professional society guideline adoption, and develop decentralized arrangements for its Aspira Synergy platform. The company is pursuing strategic alternatives and seeking additional capital to fund operations beyond 2026.
Risks
- Going concern — Substantial doubt about ability to continue as a going concern; current capital resources are insufficient to fund operations for the remainder of 2026.
- Cash and liquidity — Cash and equivalents of only $477,000 as of June 30, 2026, with negative shareholder equity and significant accumulated deficit.
- Declining test volume — Test volumes fell from 24,305 in 2024 to 22,515 in 2025, reflecting potential market or competitive pressures.
- Funding risk — Need to raise additional capital may dilute shareholders or fail, and the company's ability to secure financing is uncertain.
Outlook
Management expects to incur a net loss and negative operating cash flows in 2026. The company plans to continue commercializing existing tests and advancing pipeline products, with a priority on raising capital to sustain operations. No specific launch dates or revenue guidance are provided.