Aspira Women's Health (AWH) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity File Number	001-34810
Entity Registrant Name	Aspira Women's Health Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0595156
Entity Address, Address Line One	12117 Bee Caves Road
Entity Address, Address Line Two	Building Three
Entity Address, Address Line Three	Suite 100
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78738
City Area Code	512
Local Phone Number	519-0400
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AWH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		111,946,449
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000926617
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 59,369	$ 16,631
Accounts receivable	952	865
Prepaid expenses and other current assets	981	1,077
Inventories	71	30
Total current assets	61,373	18,603
Property and equipment, net	533	583
Right-of-use assets	391	406
Other assets		13
Total assets	62,297	19,605
Current liabilities:
Accounts payable	1,587	1,103
Accrued liabilities	3,471	3,618
Current portion long-term debt	645	645
Short-term debt	408	611
Lease liability	37	23
Total current liabilities	6,148	6,000
Non-current liabilities:
Long-term debt	3,428	3,477
Lease liability	396	409
Total liabilities	9,972	9,886
Commitments and contingencies (Note 3)
Stockholders' equity:
Common stock, par value $0.001 per share, 150,000,000 shares authorized at March 31, 2021 and December 31, 2020; 111,716,852 and 104,619,876 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	112	105
Additional paid-in capital	498,199	449,680
Accumulated deficit	(445,986)	(440,066)
Total stockholders' equity	52,325	9,719
Total liabilities and stockholders' equity	$ 62,297	$ 19,605

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheets [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	111,716,852	104,619,876
Common stock, shares outstanding	111,716,852	104,619,876

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Revenue:
Revenue		$ 1,496	$ 1,220
Cost of revenue:
Cost of revenue	[1]	893	800
Gross profit		603	420
Operating expenses:
Research and development	[1]	872	395
Sales and marketing	[1]	3,108	2,115
General and administrative	[1]	2,509	1,710
Total operating expenses		6,489	4,220
Loss from operations		(5,886)	(3,800)
Interest income (expense), net		(24)	8
Other income (expense), net		(10)	86
Net loss		$ (5,920)	$ (3,706)
Net loss per share - basic and diluted		$ (0.05)	$ (0.04)
Weighted average common shares used to compute basic and diluted net loss per common share		108,661,712	97,287,461
Product [Member]
Revenue:
Revenue		$ 1,416	$ 1,185
Cost of revenue:
Cost of revenue	[1]	648	665
Genetics [Member]
Revenue:
Revenue		80	25
Cost of revenue:
Cost of revenue	[1]	245	130
Service [Member]
Revenue:
Revenue			10
Cost of revenue:
Cost of revenue	[1]		5
Cost Of Revenue [Member]
Operating expenses:
Stock-based compensation expense		34	25
Research And Development [Member]
Operating expenses:
Stock-based compensation expense		26
Sales And Marketing [Member]
Operating expenses:
Stock-based compensation expense		139	42
General And Administrative [Member]
Operating expenses:
Stock-based compensation expense		$ 290	$ 202
[1]	Non-cash stock-based compensation expense included in cost of revenue and operating expenses

Consolidated Statements Of Chan

Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance (in shares) at Dec. 31, 2019	97,286,157
Balance at Dec. 31, 2019	$ 97	$ 430,802	$ (422,161)	$ 8,738
Net loss			(3,706)	(3,706)
Common stock issued in conjunction with exercise of stock options (in shares)	2,500
Common stock issued in conjunction with exercise of stock options		1		1
Stock compensation charge		269		269
Balance (in shares) at Mar. 31, 2020	97,288,657
Balance at Mar. 31, 2020	$ 97	431,072	(425,867)	5,302
Balance (in shares) at Dec. 31, 2020	104,619,876
Balance at Dec. 31, 2020	$ 105	449,680	(440,066)	9,719
Net loss			(5,920)	(5,920)
Common stock issued in conjunction with exercise of stock options (in shares)	196,976
Common stock issued in conjunction with exercise of stock options		317		317
Common stock issued in conjunction with public offering, net of issuance costs (in shares)	6,900,000
Common stock issued in conjunction with public offering, net of issuance costs	$ 7	47,713		47,720
Stock compensation charge		489		489
Balance (in shares) at Mar. 31, 2021	111,716,852
Balance at Mar. 31, 2021	$ 112	$ 498,199	$ (445,986)	$ 52,325

Consolidated Statements Of Ch_2

Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Public Offering Of Common Stock [Member]
Stock issued, issuance costs	$ 0.5

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (5,920)	$ (3,706)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense	16
Depreciation and amortization	90	56
Stock-based compensation expense	489	269
Loss on sale and disposal of property and equipment	1	2
Changes in operating assets and liabilities:
Accounts receivable	(87)	(111)
Prepaid expenses and other assets	(94)	14
Inventories	(41)	(38)
Accounts payable, accrued liabilities and other liabilities	291	13
Net cash used in operating activities	(5,255)	(3,501)
Cash flows from investing activities:
Purchase of property and equipment	(41)	(23)
Net cash used in investing activities	(41)	(23)
Cash flows from financing activities:
Principal repayment of DECD loan	(3)	(48)
Proceeds from issuance of common stock from exercise of stock options	317	1
Proceeds from public offering	48,236
Payment of issuance costs for public offering	(516)
Net cash provided by (used in) financing activities	48,034	(47)
Net increase (decrease) in cash and cash equivalents	42,738	(3,571)
Cash and cash equivalents, beginning of period	16,631	11,703
Cash and cash equivalents, end of period	59,369	8,132
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	29	9
Supplemental disclosure of noncash investing and financing activities:
Net (decrease) increase in right-of-use assets	$ (15)	$ 1

Organization, Basis Of Presenta

Organization, Basis Of Presentation And Significant Accounting And Reporting Policies	3 Months Ended
	Mar. 31, 2021
Organization, Basis Of Presentation And Significant Accounting And Reporting Policies [Abstract]
Organization, Basis Of Presentation And Significant Accounting And Reporting Policies	1. ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING AND REPORTING POLICIES Organization Aspira Women’s Health Inc., formerly known as Vermillion, Inc. (“Aspira” and its wholly-owned subsidiaries are collectively referred to as the “Company ”) is incorporated in the state of Delaware, and is engaged in the business of developing and commercializing diagnostic tests for gynecologic disease. The Company currently markets and sells the following products and related services: (1) OVA1, a blood test designed to, in addition to a physician’s clinical assessment of a woman with a pelvic mass, identify women who are at high-risk of having a malignant ovarian tumor prior to planned surgery; (2) OVERA, a second-generation biomarker panel intended to maintain OVA1’s high sensitivity while improving specificity; (3) OVA1plus, a reflex offering, which uses OVA1 and OVERA as a confirmation for OVA1 intermediate range results and leverages the strengths of OVA1’s Multivariate Index Assay (“MIA”) sensitivity and OVERA’s (MIA2G) specificity and as a result reduces false elevations by over 40% ;; (4) Aspira GenetiX, a genetic test for gynecological cancer risk, with a core focus on female cancers, including breast, ovarian, endometrial, uterine and cervical cancers; and (5) Aspira Synergy, the Company’s new decentralized platform and cloud service technology. Through March 31, 2021, the Company’s product and related services revenue was limited to revenue generated by sales of OVA1, OVA1plus and Aspira GenetiX. The Company sells OVA1 and OVA1plus through Aspira’s wholly-owned Clinical Laboratory Improvement Amendments of 1988 (“CLIA”) certified clinical laboratory, Aspira Labs, Inc. (“ASPiRA LABS”).   Liquidity The Company has incurred significant net losses and negative cash flows from operations since inception, and as a result has an accumulated deficit of approximately $445,986 ,000. The Company also expects to incur a net loss and negative cash flows from operations for 2021. In December 2019, a novel strain of coronavirus was reported to have surfaced in Wuhan, China. The novel coronavirus has since spread to over 100 countries, including every state in the United States. In March 2020, the World Health Organization declared COVID-19, the disease caused by the novel coronavirus, a pandemic, and the United States declared a national emergency with respect to the coronavirus outbreak. This outbreak has severely impacted global economic activity, and many countries and many states in the United States have reacted to the outbreak by instituting quarantines, mandating business and school closures and restricting travel. In addition, many conventions and industry conferences have been canceled. As a result of the COVID-19 pandemic and actions taken to contain it, the Company’s test volume, and resulting revenue, decreased significantly in late March and the full month of April 2020 as fewer patients visited their physicians and elective surgeries were postponed as a result of closures. The Company saw some increases in its test volume towards the latter half of the second quarter and in the third quarter of 2020, and test volume trended back to pre-COVID-19 levels during the late third quarter 2020. In order to reduce the impact of limitations on visiting physician offices due to closures and quarantines, the Company implemented other mechanisms for reaching physicians such as virtual sales representative meetings and increased digital sales and marketing. Enrollment for future studies has been slower than originally planned due to the impact of current closures for some states. The full impact of the COVID-19 pandemic continues to evolve as of the date of this filing. As a result, the Company is unable to estimate the extent of the impact of the COVID-19 pandemic on its operations or liquidity. As discussed in Note 3, in March 2016, the Company 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 it may borrow up to $4,000,000 from the DECD. The loan may be prepaid at any time without premium or penalty. An initial disbursement of $2,000,000 was made to the Company on April 15, 2016 under the DECD Loan Agreement. On December 3, 2020, the Company received a disbursement of the remaining $2,000,000 under the DECD Loan Agreement, as the Company 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. On April 10, 2020, the Company received a stimulus check of approximately $89,000 from the U.S. Department of Health and Human Services pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). As discussed in Note 3, on May 1, 2020, the Company obtained a loan (the “PPP Loan”) from BBVA USA in the aggregate amount of $1,005,767 , pursuant to the Paycheck Protection Program (the “PPP”), which was established under the CARES Act, as administered by the U.S. Small Business Administration (the “SBA”). As discussed in Note 4, during June 2020, all of the warrants from the Company’s 2017 private placement were exercised. The Company received $5,058,608 in aggregate proceeds from the exercise of the warrants. As discussed in Note 4, on July 20, 2020, the Company completed a private placement of Aspira common stock, par value $0.001 per share, for net proceeds of $10.6 million, after deducting expenses related to the private placement. As discussed in Note 4, on February 8, 2021, the Company completed a public offering (the “2021 Offering”) resulting in net proceeds of approximately $47.7 million, after deducting underwriting discounts and offering expenses. As discussed in Note 3, in March 2021, the Company applied for forgiveness of the PPP Loan, but there is no assurance that all or a portion of the PPP Loan will be forgiven.  Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments necessary for the fair statement of results for the periods presented, have been included. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year or any other interim period.  The unaudited condensed consolidated financial statements and related disclosures have been prepared with the presumption that users of the interim unaudited condensed consolidated financial statements have read or have access to the audited consolidated financial statements for the preceding fiscal year. The condensed consolidated balance sheet at December 31, 2020 included in this report has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by GAAP. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in Aspira’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 31, 2021 (the “2020 Annual Report”).  The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimated results.  Significant Accounting and Reporting Policies Revenue Recognition Product Revenue – OVA1, OVERA and OVA1plus: The Company recognizes product revenue in accordance with the provisions of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Product revenue is recognized upon completion of the OVA1, OVERA or OVA1plus test and delivery of results to the physician based on estimates of amounts that will ultimately be realized. In determining the amount of revenue to be recognized for a delivered test result, the Company considers factors such as payment history and amount, payer coverage, whether there is a reimbursement contract between the payer and the Company, and any developments or changes that could impact reimbursement. These estimates require significant judgment by management as the collection cycle on some accounts can be as long as one year.  The Company also reviews its patient account population and determines an appropriate distribution of patient accounts by payer (i.e., Medicare, patient pay, other third-party payer, etc.) into portfolios with similar collection experience. The Company has elected this practical expedient that, when evaluated for collectability, results in a materially consistent revenue amount for such portfolios as if each patient account were evaluated on an individual contract basis. During the period ended March 31, 2021, there were no adjustments to estimates of variable consideration to derecognize revenue for services provided in a prior period. There were no impairment losses on accounts receivable recorded during the periods ended March 31, 2021 and 2020.  Genetics Revenue – Aspira GenetiX: Under ASC 606, the Company’s genetics revenue is recognized upon completion of the Aspira GenetiX test and delivery of results to the physician based on estimates of amounts that will ultimately be realized. In determining the amount of revenue to be recognized for a delivered test result, the Company considers factors such as payment history and amount, payer coverage, whether there is a reimbursement contract between the payer and the Company, and any developments or changes that could impact reimbursement. These estimates require significant judgment by management as the Company has limited experience with such factors relating to Aspira GenetiX. Service Revenue - The Company’s service revenue was generated by performing in vitro diagnostic (“IVD”) trial services for third-party customers. Measurement of progress on contracts with customers was generally based on the input measurement of cost incurred relative to the total expected costs to satisfy the performance obligation. The Company does not expect to have any significant service revenue going forward, as it largely wound down performing the ASPiRA IVD, Inc. (“ASPiRA IVD”) trial services in the fourth quarter of 2019. During 2020, the Company’s service revenue was limited to the fulfillment of one legacy IVD contract.  Recent Accounting Pronouncements In June 2016 , the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This update changes the impairment model from the currently used incurred loss methodology to an expected loss methodology, which will result in the more timely recognition of losses. The ASU 2016-13 is scheduled to be effective in 2023 for smaller reporting companies. The Company is currently assessing the impact of this standard on its consolidated financial statements.

Agreements With Quest Diagnosti

Agreements With Quest Diagnostics Incorporated	3 Months Ended
	Mar. 31, 2021
Agreements With Quest Diagnostics Incorporated [Abstract]
Agreements With Quest Diagnostics Incorporated	 2. AGREEMENTS WITH QUEST DIAGNOSTICS INCORPORATED  In March 2015, the Company reached an agreement with Quest Diagnostics, Inc. (“Quest Diagnostics”). Pursuant to this agreement, all OVA1 U.S. testing services for Quest Diagnostics customers were transferred to Aspira’s wholly-owned subsidiary, ASPiRA LABS, as of August 2015. Pursuant to this agreement, as amended as of March 11, 2020, Quest Diagnostics has continued to provide blood draw and logistics support by transporting specimens to ASPiRA LABS for testing in exchange for a market value fee. The purpose of the 2020 amendment was to extend the term of the Testing and Services Agreement from March 11, 2019 to March 11, 2023 and for the Company to pay an annual fee of $75,000 for the services of a part-time Quest Diagnostics project manager .

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies [Abstract]
Commitments And Contingencies	3. COMMITMENTS AND CONTINGENCIES Coronavirus Aid, Relief, and Economic Security (CARES) Act and PPP Loan  On May 1, 2020, the Company obtained the PPP Loan from BBVA USA in the aggregate amount of $1,005,767 . The application for these funds required the Company to, in good faith, certify that the described economic uncertainty at the time made the loan request necessary to support the ongoing operations of the Company. This certification further required the Company to consider its current business activity and its ability to access other sources of liquidity sufficient to support ongoing operations in a manner that was not significantly detrimental to the business. Under the terms of the CARES Act and the PPP Loan, all or a portion of the principal amount of the PPP Loan is subject to forgiveness so long as, over the 24-week period following the Company’s receipt of the proceeds of the PPP Loan, the Company used those proceeds for payroll costs, rent, utility costs or the maintenance of employee and compensation levels. The PPP Loan, which was granted pursuant to a promissory note, matures on May 1, 2022 . Any unforgiven portion of the PPP Loan bears interest at a rate of 1.000% per annum, payable monthly in equal installments commencing in August 2021. The Company applied for forgiveness of the PPP Loan in March 2021, but there is no assurance that all or a portion of the PPP Loan will be forgiven. The PPP Loan is subject to any new guidance and new requirements released by the Department of the Treasury.  Development Loan On March 22, 2016, the Company entered into the DECD Loan Agreement, pursuant to which the Company may borrow up to $4,000,000 from the DECD. The loan bears interest at a fixed rate of 2.0% per annum and requires equal monthly payments of principal and interest until maturity, which occurs on April 15, 2026 . As security for the loan, the Company has granted the DECD a blanket security interest in the Company’s personal and intellectual property. The DECD’s security interest in the Company’s intellectual property may be subordinated to a qualified institutional lender. The loan may be prepaid at any time without premium or penalty. An initial disbursement of $2,000,000 was made to the Company on April 15, 2016 under the DECD Loan Agreement. On December 3, 2020, the Company received a disbursement of the remaining $2,000,000 under the DECD Loan Agreement, as the Company 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.  Under the terms of the DECD Loan Agreement, the Company may be eligible for forgiveness of up to $1,500,000 of the principal amount of the loan if the Company achieves certain job creation and retention milestones by December 31, 2022. Conversely, if the Company is either unable to retain 25 full-time employees with a specified average annual salary for a consecutive two -year period or does not maintain the Company’s 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.  Long-term debt consisted of the following:     March 31, December 31,  2021 2020  (in thousands)  DECD loan $ 3,067 $ 3,116  PPP loan 1,006 1,006  Total debt 4,073 4,122  Less: Current portion (645) (645)  Total long-term debt 3,428 3,477  As of March 31, 2021, the annual amounts of future minimum principal payments due under certain of the Company’s contractual obligations are shown in the table below. Debt issuance costs for the DECD loan were $18,000 . Debt related to the PPP Loan of $1,006,000 and that certain insurance promissory note of $408,000 , as described below, are not included in the table below, as the PPP Loan’s forgiveness is pending a decision by the SBA as of the date of this filing, and the $408,000 insurance promissory note is cancellable.     Payments Due by Period  (in thousands) Total 2021 2022 2023 2024 2025 Thereafter  DECD Loan 3,084 151 204 406 452 461 1,410  Total $ 3,084 $ 151 $ 204 $ 406 $ 452 $ 461 $ 1,410  Insurance Notes During 2020 and 2019, the Company entered into insurance promissory notes for the payment of insurance premiums at an interest rate of 3.88% and 4.49% respectively, with an aggregate principal amount outstanding of approximately $408,000 and $611,000 as of March 31, 2021 and December 31, 2020, respectively. The amount outstanding could be substantially offset by the cancellation of the related insurance coverage which is classified in prepaid insurance. These notes are payable in ten monthly installments with maturity dates of October 1, 2021 and October 1, 2020, respectively.  Operating Leases The Company leases facilities to support its business of discovering, developing and commercializing diagnostic tests in the fields of gynecologic disease. The Company’s principal facility, including the CLIA laboratory used by ASPiRA LABS, is located in Austin, Texas, and the CLIA laboratory used for ASPiRA IVD services is located in Trumbull, Connecticut. In October 2020, the Company renewed the Austin, Texas lease for one additional year. The Company’s renewed lease expires on January 31, 2022 , with no automatic renewal or renewal option. In October 2015, the Company entered into a lease agreement for a facility in Trumbull, Connecticut. The lease required initial payments for the buildout of leasehold improvements to the office space, which were approximately $596,000 . In September 2020, the Company exercised the renewal option for its Trumbull, Connecticut lease. The Company’s renewed lease expires on June 30, 2026 , with a five year renewal option. The Company is not reasonably certain that it will exercise the five year renewal option beginning on July 1, 2026.  The expense associated with these operating leases for the three months ended March 31, 2021 and 2020 is shown in the table below (in thousands ).    Three Months Ended March, 31  Lease Cost Classification 2021 2020  Operating rent expense  Cost of revenue $ 19 $ 15  Research and development 13 11  Sales and marketing 11 6  General and administrative 21 14  Variable rent expense  Cost of revenue $ 1 $ 3  Research and development 0 1  Sales and marketing 12 11  General and administrative 13 14   Based on the Company’s leases as of March 31, 2021, the table below sets forth the approximate future lease payments related to operating leases with initial terms of one year or more (in thousands).     2021 $ 54  2022 95  2023 106  2024 116  2025 123  2026 64  Total Operating Lease Payments 558  Less: Interest (125)  Present Value of Lease Liabilities $ 433  Weighted- average lease term and discount rate were as follows:   Weighted-average remaining lease term (in years) 5.2  Weighted-average discount rate 9.36%  Non-cancelable Royalty Obligations The Company is a party to an amended research collaboration agreement with The Johns Hopkins University School of Medicine under which the Company licenses certain of its intellectual property directed at the discovery and validation of biomarkers in human subjects, including but not limited to clinical application of biomarkers in the understanding, diagnosis and management of human disease. Under the terms of the amended research collaboration agreement, Aspira is required to pay the greater of 4% royalties on net sales of diagnostic tests using the assigned patents or annual minimum royalties of $57,500 . Royalty expense for the periods ended March 31, 2021 and 2020 totaled $57,000 and $46,000 , respectively.  Contingent Liabilities  From time to time, the Company is involved in legal proceedings and regulatory proceedings arising from operations. The Company establishes reserves for specific liabilities in connection with legal actions that management deems to be probable and estimable. The Company is not currently a party to any proceeding, the adverse outcome of which would have a material adverse effect on the Company’s financial position or results of operations .

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity:
Stockholders' Equity	4. STOCKHOLDERS’ EQUITY  2020 Exercise of Warrants  On February 17, 2017, the Company issued certain warrants to purchase up to an aggregate of 2,810,338 shares of Aspira common stock at an exercise price of $1.80 per share in connection with a February 2017 private placement of Aspira common stock. The warrants were initially sold at a price of $0.125 per share of common stock underlying the warrants.  On June 1, 2020, following the 20th consecutive trading day for which the closing price per share of Aspira common stock, as reported on the Nasdaq stock market, exceeded the exercise price, the Company sent notice to the investors holding such warrants accelerating the expiration date of the warrants, in accordance with the terms thereof. Pursuant to the terms of the warrants, any portion of the warrants not exercised prior to such accelerated expiration date would become void and of no value.  As of June 9, 2020, all of the warrants were exercised. The Company issued 2,810,338 shares of Aspira common stock and received $5,060,000 in aggregate proceeds from the exercise of the warrants. As of the date of the issuance of these financial statements, there are no outstanding warrants for the purchase of Aspira common stock.  2020 Private Placement  On July 20, 2020, the Company completed a private placement pursuant to which certain investors purchased 3,150,000 shares of Aspira common stock at a price of $3.50 per share. Net proceeds of the private placement were $10.6 million, after deducting expenses related to the private placement of $384,000 . The sale of common stock qualified for equity treatment under GAAP.  2021 Public Offering  On February 4, 2021, the Company entered into an underwriting agreement (the “2021 Underwriting Agreement”) with William Blair & Company, L.L.C. and Truist Securities, Inc., as representatives of several underwriters (the “2021 Underwriters”), in connection with the underwritten public offering of 6,000,000 shares of Aspira common stock at a price to the public of $7.50 per share. The 2021 Underwriters purchased these 6,000,000 shares at the public offering price per share, less the underwriting discount of $0.4875 per share.  Under the 2021 Underwriting Agreement, the Company granted the 2021 Underwriters an option to purchase up to an additional 900,000 shares of Aspira common stock at the public offering price, less the underwriting discount of $0.4875 per share. On February 5, 2021, the 2021 Underwriters notified the Company that they were exercising this option in connection with the closing of the 2021 Offering. The 2021 Offering, including the additional 900,000 shares of Aspira common stock, closed on February 8, 2021 and resulted in net proceeds to the Company of approximately $47.7 million, after deducting underwriting discounts and offering expenses.  2019 Stock Incentive Plan At the Company’s 2019 annual meeting of stockholders, the Company’s stockholders approved the Vermillion, Inc. 2019 Stock Incentive Plan (the “2019 Plan”). The purposes of the 2019 Plan are (i) to align the interests of the Company’s stockholders and recipients of awards under the 2019 Plan by increasing the proprietary interest of such recipients in the Company’s growth and success; (ii) to advance the interests of the Company by attracting and retaining non-employee directors, officers, other employees, consultants, independent contractors and agents; and (iii) to motivate such persons to act in the long-term best interests of the Company and its stockholders. The 2019 Plan allows the Company to grant stock options, stock appreciation rights, restricted stock, restricted stock units and performance awards to participants.  Subject to the terms and conditions of the 2019 Plan, the initial number of shares authorized for grants under the 2019 Plan is 10,492,283 . To the extent an equity award granted under the 2019 Plan expires or otherwise terminates without having been exercised or paid in full, or is settled in cash, the shares of common stock subject to such award will become available for future grant under the 2019 Plan. As of March 31, 2021, 10,438,081 shares of Aspira common stock were subject to outstanding stock options, and 75,988 shares of Aspira common stock were subject to unvested restricted stock awards and a total of 3,946,874 shares of Aspira common stock were reserved for issuance under the 2019 Plan.  Stock-Based Compensation During the three months ended March 31, 2021, the Company granted the following awards under the 2019 Plan:   Grant Date Number of Shares Type of Award Exercise Price / Share Fair Value / Share  1/28/2021 262,000 Options $ 7.79 $ 4.95  3/19/2021 1,971,912 Options $ 7.40 $ 4.71  3/19/2021 350,000 Performance Options $ 7.40 $ 4.71  3/19/2021 75,988 Restricted Stock Units $ - $ -  2,659,900  The allocation of employee stock-based compensation expense by functional area for the three months ended March 31, 2021 and 2020 was as follows:   Three Months Ended  March 31,  (in thousands) 2021 2020  Cost of revenue $ 31 $ 23  Research and development 25 —  Sales and marketing 139 37  General and administrative 190 201  Total $ 385 $ 261 

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2021
Loss Per Share [Abstract]
Loss Per Share	5. LOSS PER SHARE The Company calculates basic loss per share using the weighted average number of shares of Aspira common stock outstanding during the period. Because the Company is in a net loss position, diluted loss per share is calculated using the weighted average number of shares of Aspira common stock outstanding and excludes the effects of 10,514,070 and 12,543,364 potential shares of Aspira common stock as of March 31, 2021 and 2020, respectively, that are anti-dilutive. Potential shares of Aspira common stock include incremental shares of Aspira common stock issuable upon the exercise of outstanding warrants, stock options and unvested restricted stock units.

Commitments And Contingencies (

Commitments And Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies [Abstract]
Schedule of Long-term Debt	   March 31, December 31,  2021 2020  (in thousands)  DECD loan $ 3,067 $ 3,116  PPP loan 1,006 1,006  Total debt 4,073 4,122  Less: Current portion (645) (645)  Total long-term debt 3,428 3,477 
Annual Amounts of Future Minimum Principal Payments Due Under Certain Contractual Obligations	  Payments Due by Period  (in thousands) Total 2021 2022 2023 2024 2025 Thereafter  DECD Loan 3,084 151 204 406 452 461 1,410  Total $ 3,084 $ 151 $ 204 $ 406 $ 452 $ 461 $ 1,410 
Expense Associated with Operating Leases	   Three Months Ended March, 31  Lease Cost Classification 2021 2020  Operating rent expense  Cost of revenue $ 19 $ 15  Research and development 13 11  Sales and marketing 11 6  General and administrative 21 14  Variable rent expense  Cost of revenue $ 1 $ 3  Research and development 0 1  Sales and marketing 12 11  General and administrative 13 14 
Future Lease Payments Related to Operating Leases	   2021 $ 54  2022 95  2023 106  2024 116  2025 123  2026 64  Total Operating Lease Payments 558  Less: Interest (125)  Present Value of Lease Liabilities $ 433 
Weighted-Average Lease Term and Discount Rate	  Weighted-average remaining lease term (in years) 5.2  Weighted-average discount rate 9.36% 

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity:
Schedule of Awards Granted	  Grant Date Number of Shares Type of Award Exercise Price / Share Fair Value / Share  1/28/2021 262,000 Options $ 7.79 $ 4.95  3/19/2021 1,971,912 Options $ 7.40 $ 4.71  3/19/2021 350,000 Performance Options $ 7.40 $ 4.71  3/19/2021 75,988 Restricted Stock Units $ - $ -  2,659,900 
Allocation of Employee and Director Stock-Based Compensation Expense by Functional Area	  Three Months Ended  March 31,  (in thousands) 2021 2020  Cost of revenue $ 31 $ 23  Research and development 25 —  Sales and marketing 139 37  General and administrative 190 201  Total $ 385 $ 261 

Organization, Basis Of Presen_2

Organization, Basis Of Presentation And Significant Accounting And Reporting Policies (Details) - USD ($)

Feb. 08, 2021

Dec. 03, 2020

Jul. 20, 2020

Jun. 09, 2020

Apr. 15, 2016

Jun. 30, 2020

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2020

May 01, 2020

Apr. 10, 2020

Mar. 22, 2016

Organization Consolidation And Summary Of Significant Accounting Policies [Line Items]

Minimum percentage reduction of false elevations by OVAL1plus

40.00%

Accumulated deficit

$ (445,986,000)

$ (440,066,000)

Net proceeds after deducting underwriting discounts and offering expenses

$ 48,236,000

Common stock, par value

$ 0.001

$ 0.001

2017 Private Placement [Member]

Organization Consolidation And Summary Of Significant Accounting Policies [Line Items]

Proceeds from exercise of warrants

$ 5,058,608

2020 Exercise of Warrants [Member]

Organization Consolidation And Summary Of Significant Accounting Policies [Line Items]

Proceeds from exercise of warrants

$ 5,060,000

2020 Private Placement [Member]

Organization Consolidation And Summary Of Significant Accounting Policies [Line Items]

Proceeds from private placement, net of issuance costs

$ 10,600,000

Common stock, par value

$ 0.001

Accounts Receivable [Member]

Organization Consolidation And Summary Of Significant Accounting Policies [Line Items]

Impairment losses

$ 0

$ 0

Common Stock [Member] | 2021 Underwriters Agreement [Member] | 2021 Public Offering [Member]

Organization Consolidation And Summary Of Significant Accounting Policies [Line Items]

Net proceeds after deducting underwriting discounts and offering expenses

$ 47,700,000

CARES Act [Member]

Organization Consolidation And Summary Of Significant Accounting Policies [Line Items]

Proceeds from stimulus check received pursuant to the CARES Act

$ 89,000

DECD [Member] | DECD Loan Agrement [Member]

Organization Consolidation And Summary Of Significant Accounting Policies [Line Items]

DECD maximum borrowing capacity

$ 4,000,000

Proceeds from development loan

$ 2,000,000

$ 2,000,000

DECD [Member] | DECD Loan Agrement [Member] | Loan Agreement Target Employment Milestone [Member]

Organization Consolidation And Summary Of Significant Accounting Policies [Line Items]

Proceeds from development loan

1,000,000

DECD [Member] | DECD Loan Agrement [Member] | Loan Agreement Required Revenue Target [Member]

Organization Consolidation And Summary Of Significant Accounting Policies [Line Items]

Proceeds from development loan

$ 1,000,000

BBVA USA [Member] | CARES Act [Member] | PPP Loan [Member]

Organization Consolidation And Summary Of Significant Accounting Policies [Line Items]

Aggregate amount of loan

$ 1,005,767

Agreements With Quest Diagnos_2

Agreements With Quest Diagnostics Incorporated (Details) $ in Thousands	Mar. 11, 2020USD ($)
Quest Diagnostics [Member]
Line of Credit Facility [Line Items]
Annual fee to services of Part-time Quest Diagnostics project manager	$ 75

Commitments And Contingencies_2

Commitments And Contingencies (Narrative) (Details)	Dec. 03, 2020USD ($)employee	Apr. 15, 2016USD ($)	Mar. 22, 2016USD ($)	Mar. 31, 2021USD ($)item	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	May 01, 2020USD ($)	Dec. 31, 2019	Oct. 31, 2015USD ($)
Austin, Texas Facility [Member]
Commitments And Contingencies [Line Items]
Lease expiration date				Jan. 31, 2022
Lease renewal term				1 year
Trumbull, Connecticut Facility [Member]
Commitments And Contingencies [Line Items]
Leasehold improvements									$ 596,000
Lease expiration date				Jun. 30, 2026
Lease renewal term				5 years
Insurance Promissory Notes [Member]
Commitments And Contingencies [Line Items]
Debt instrument interest rate						3.88%		4.49%
Aggregate principal amount outstanding				$ 408,000		$ 611,000
Cancelable insurance promissory note				$ 408,000
Notes payable number of monthly payment installment | item				10
CARES Act [Member] | PPP Loan [Member]
Commitments And Contingencies [Line Items]
Debt instrument carrying amount				$ 1,006,000
Johns Hopkins University School Of Medicine [Member]
Commitments And Contingencies [Line Items]
Percent of royalty paid				4.00%
Minimum royalty payment				$ 57,500
Royalty expense				$ 57,000	$ 46,000
BBVA USA [Member] | CARES Act [Member] | PPP Loan [Member]
Commitments And Contingencies [Line Items]
Aggregate amount of loan							$ 1,005,767
Maturity date				May 1, 2022
BBVA USA [Member] | CARES Act [Member] | PPP Loan [Member] | Unforgiven Portion Of PPP Loan [Member]
Commitments And Contingencies [Line Items]
Debt instrument interest rate				1.00%
DECD [Member]
Commitments And Contingencies [Line Items]
Debt issuance costs				$ 18,000
DECD [Member] | DECD Loan Agrement [Member]
Commitments And Contingencies [Line Items]
DECD maximum borrowing capacity			$ 4,000,000
Line of credit fixed interest rate			2.00%
Proceeds from development loan	$ 2,000,000	$ 2,000,000
Maximum loan forgiveness amount under loan agreement	$ 1,500,000
Number of full time employees expected to be retained under loan agreement | employee	25
Consecutive period full times employees with specified average annual salary under loan agreement	2 years
Percentage of penality on total loan fund included in loan agreement	5.00%
Maturity date				Apr. 15, 2026
DECD [Member] | DECD Loan Agrement [Member] | Loan Agreement Target Employment Milestone [Member]
Commitments And Contingencies [Line Items]
Proceeds from development loan	$ 1,000,000
DECD [Member] | DECD Loan Agrement [Member] | Loan Agreement Required Revenue Target [Member]
Commitments And Contingencies [Line Items]
Proceeds from development loan	$ 1,000,000

Commitments And Contingencies_3

Commitments And Contingencies (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 4,073	$ 4,122
Less: Current portion	(645)	(645)
Total long-term debt	3,428	3,477
DECD Loan [Member]
Debt Instrument [Line Items]
Total debt	3,067	3,116
PPP Loan [Member]
Debt Instrument [Line Items]
Total debt	$ 1,006	$ 1,006

Commitments, Contingencies And

Commitments, Contingencies And Debt (Annual Amounts of Future Minimum Principal Payments Due Under Certain Contractual Obligations) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Total debt	$ 4,073	$ 4,122
Contractual obligation, 2021	151
Contractual obligation, 2022	204
Contractual obligation, 2023	406
Contractual obligation, 2024	452
Contractual obligation, 2025	461
Contractual obligation, Thereafter	1,410
Total	3,084
DECD Loan [Member]
Other Commitments [Line Items]
Total debt	3,067	$ 3,116
Contractual obligation, 2021	151
Contractual obligation, 2022	204
Contractual obligation, 2023	406
Contractual obligation, 2024	452
Contractual obligation, 2025	461
Contractual obligation, Thereafter	1,410
Total	$ 3,084

Commitments And Contingencies_4

Commitments And Contingencies (Expense Associated with Operating Leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cost Of Revenue [Member]
Operating rent expense	$ 19	$ 15
Variable rent expense	1	3
Research And Development [Member]
Operating rent expense	13	11
Variable rent expense	0	1
Sales And Marketing [Member]
Operating rent expense	11	6
Variable rent expense	12	11
General And Administrative [Member]
Operating rent expense	21	14
Variable rent expense	$ 13	$ 14

Commitments And Contingencies_5

Commitments And Contingencies (Future Lease Payments Related to Operating Leases) (Details) $ in Thousands	Mar. 31, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	$ 54
2022	95
2023	106
2024	116
2025	123
2026	64
Total Operating Lease Payments	558
Less: Interest	(125)
Present Value of Lease Liabilities	$ 433

Commitments And Contingencies_6

Commitments And Contingencies (Weighted-Average Lease Term and Discount Rate) (Details)	Mar. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term (in years)	5 years 2 months 12 days
Weighted-average discount rate	9.36%

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($)	Feb. 08, 2021	Feb. 04, 2021	Jul. 20, 2020	Jun. 09, 2020	Feb. 17, 2017	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value							$ 0.001	$ 0.001
Net proceeds after deducting underwriting discounts and offering expenses							$ 48,236,000
2019 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation shares authorized for grants									10,492,283
Share based compensation shares reserved for issuance							3,946,874
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares issued							6,900,000
2020 Exercise of Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants issued to purchase common stock					2,810,338
Exercise price of warrants					$ 1.80
Proceeds from exercise of warrants				$ 5,060,000
Stock price per share					$ 0.125
Common stock shares issued				2,810,338
2017 Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from exercise of warrants						$ 5,058,608
2020 Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price per share			$ 3.50
Proceeds from private placement, net of issuance costs			$ 10,600,000
Expenses related to stock issuance			$ 384,000
Common stock, par value			$ 0.001
Common stock shares issued			3,150,000
2021 Public Offering [Member] | Common Stock [Member] | 2021 Underwriters Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price per share		$ 0.4875
Underwriting agreement, shares		6,000,000
Underwriting agreement, per share		$ 7.50
Common stock shares issued	900,000	6,000,000
Underwriting commitments additional shares offered		900,000
Net proceeds after deducting underwriting discounts and offering expenses	$ 47,700,000
Common Stock Subject to Outstanding Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation shares reserved for issuance							10,438,081
Common Stock Subject to Unvested Restricted Stock Awards [Member] | 2019 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation shares reserved for issuance							75,988

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Awards Granted) (Details) - 2019 Stock Incentive Plan [Member]	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares | shares	2,659,900
1/28/2021 [Member] | Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares | shares	262,000
Exercise Price / Share	$ 7.79
Fair Value / Share	$ 4.95
3/19/2021 [Member] | Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares | shares	1,971,912
Exercise Price / Share	$ 7.40
Fair Value / Share	$ 4.71
3/19/2021 [Member] | Performance Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares | shares	350,000
Exercise Price / Share	$ 7.40
Fair Value / Share	$ 4.71
3/19/2021 [Member] | Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares | shares	75,988

Stockholders' Equity (Allocatio

Stockholders' Equity (Allocation of Employee and Director Stock-Based Compensation Expense by Functional Area) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cost Of Revenue [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 34	$ 25
Research And Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	26
Sales And Marketing [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	139	42
General And Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	290	202
Employee Stock-Based Compensation [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	385	261
Employee Stock-Based Compensation [Member] | Cost Of Revenue [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	31	23
Employee Stock-Based Compensation [Member] | Research And Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	25
Employee Stock-Based Compensation [Member] | Sales And Marketing [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	139	37
Employee Stock-Based Compensation [Member] | General And Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 190	$ 201

Loss Per Share (Details)

Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Loss Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	10,514,070	12,543,364