Financial Performance - Total revenue for the year ended December 31, 2024, was $9,182,000, a slight increase of $28,000 or 0.3% compared to $9,154,000 in 2023[305] - The net loss for the year ended December 31, 2024, was $13,094,000, a decrease of $3,596,000 or 22% compared to a net loss of $16,690,000 in 2023[305] - Other income increased by $1,386,000 in 2024, primarily due to a one-time federal government award of $2,000,000[315] - The accumulated deficit as of December 31, 2024, was approximately $531,397,000, with expectations of incurring a net loss in 2025[303] Expenses - Cost of product revenue decreased by $189,000 or 5% to $3,703,000 in 2024, primarily due to reduced consulting costs and lab supplies[307] - Research and development expenses decreased by $769,000 or 19% to $3,266,000 in 2024, mainly due to lower employment-related expenses and clinical trial costs[308] - Sales and marketing expenses increased by $334,000 or 4% to $8,146,000 in 2024, driven by costs related to the contracted sales team and increased personnel costs[310] - General and administrative expenses decreased by $1,922,000 or 16% to $10,345,000 in 2024, attributed to reductions in employment-related expenses and consulting costs[311] Cash Flow - Net cash used in operating activities was $12,113,000 for the year ended December 31, 2024, primarily due to a net loss of $13,094,000 and changes in fair value of warrant liabilities totaling approximately $1,346,000[318] - Net cash used in operating activities was $15,894,000 for the year ended December 31, 2023, resulting from a net loss of $16,690,000 and the forgiveness of a DECD loan of $1,000,000[319] - Net cash provided by financing activities was $11,064,000 for the year ended December 31, 2024, mainly from a registered direct offering with net proceeds of $4,830,000[321] - Net cash provided by financing activities was $5,216,000 for the year ended December 31, 2023, primarily from a registered direct offering with net proceeds of $4,119,000[322] Future Outlook - The company plans to continue expanding access to its tests among Medicaid patients and advocate for legislation to enhance product adoption[295] - The company expects to raise additional capital through public or private equity offerings, debt financing, collaborations, or licensing arrangements to continue operations through 2025 and beyond[328] - The company expects to incur a net loss and negative cash flows from operations in 2025[369] - The company expects revenue from its products to be its only material, recurring source of cash in 2025[368] Share Issuance - For the year ended December 31, 2023, the company sold 472,312 shares for gross proceeds of approximately $1,578,000 under the 2023 Equity Line of Credit Agreement[345] - In 2024, the company sold 949,574 shares under the same agreement for gross proceeds of approximately $1,900,000, totaling 1,310,517 shares and approximately $3,078,000 over the agreement's life[346] - The company issued 1,650,473 shares at an offering price of $2.75 per share, generating gross proceeds of approximately $4.7 million from the 2023 Direct Offering[349] - The 2024 Direct Offering generated gross proceeds of approximately $5,563,000 from the issuance of 1,368,600 shares at an offering price of $3.50 per share[352] - The company sold 1,073,050 shares under the 2024 At the Market Offering for gross proceeds of approximately $903,000 during the year ended December 31, 2024[360] - The company raised approximately $1,909,000 from the 2024 Private Placement Offering by issuing 1,248,529 shares and accompanying warrants[357] Licensing and Collaborations - The company entered into a licensing agreement with Harvard's Dana-Farber Cancer Institute, with an initial license fee of $75,000 and potential royalty payments of up to $1,350,000 based on regulatory approvals and commercialization milestones[336] - Royalty expenses for the years ended December 31, 2024, and 2023 totaled $293,000 and $324,000, respectively, related to a research collaboration agreement[333] Financial Position - The company has significant NOL carryforwards as of December 31, 2024, which are subject to a full valuation allowance due to a history of operating losses[323] - The company incurred an accumulated deficit of $531,397,000 and a stockholders' deficit of $2,563,000 as of December 31, 2024[368] - The company has $1,769,000 in cash and cash equivalents and $5,468,000 in current liabilities as of December 31, 2024[368]
Aspira Women’s Health (AWH) - 2024 Q4 - Annual Report