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Aspira Women's Health Inc. (AWH+4.50%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a slight increase in product revenue to $2,257,000 from $2,217,000 in the same quarter of the previous year. This increase is attributed to higher OvaSuite test volume.
Cost of product revenue was $902,000, representing 40% of sales, compared to 41% in the same quarter of the previous year. This decrease in cost ratio is due to reduced lab supplies and personnel costs.
The company reported a gross profit of $1,355,000 for the quarter, compared to $1,307,000 in the previous year, with the increase attributed to higher sales volume.
Research and development expenses decreased to $908,000 from $998,000, primarily due to a reduction in personnel costs.
Sales and marketing expenses increased to $2,143,000 from $1,702,000, mainly due to increased personnel and contracted sales team costs.
General and administrative expenses decreased to $2,048,000 from $2,723,000, primarily due to reduced personnel and legal expenses.
Net loss for the quarter was $3,547,000, down from $4,706,000 in the previous year. This improvement is attributed to reduced operating expenses.
The company has an accumulated deficit of approximately $530,009,000 and a working capital deficit of approximately $1,353,000 as of September 30, 2024.
Aspira is exploring various strategies to improve its liquidity position, including raising capital through equity or debt offerings and reducing certain expenses.
The company received a deficiency letter from Nasdaq (NDAQ+1.07%) regarding its market value of listed securities and minimum bid price, with deadlines to regain compliance set for December 30, 2024, and April 15, 2025, respectively.
Aspira was selected by ARPA-H for a $10 million funding award over two years to develop a multi-marker blood test for endometriosis detection, with the first milestone payment expected in the fourth quarter of 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aspira Women's Health Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.