Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 09, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 $0.001 per share | |
Trading Symbol | AWH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 112,067,034 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000926617 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 52,993,000 | $ 16,631,000 |
Accounts receivable | 1,073,000 | 865,000 |
Prepaid expenses and other current assets | 740,000 | 1,077,000 |
Inventories | 101,000 | 30,000 |
Total current assets | 54,907,000 | 18,603,000 |
Property and equipment, net | 546,000 | 583,000 |
Right-of-use assets | 376,000 | 406,000 |
Other assets | 13,000 | |
Total assets | 55,829,000 | 19,605,000 |
Current liabilities: | ||
Accounts payable | 1,436,000 | 1,103,000 |
Accrued liabilities | 3,900,000 | 3,618,000 |
Current portion long-term debt | 199,000 | 645,000 |
Short-term debt | 204,000 | 611,000 |
Lease liability | 52,000 | 23,000 |
Total current liabilities | 5,791,000 | 6,000,000 |
Non-current liabilities: | ||
Long-term debt | 2,818,000 | 3,477,000 |
Lease liability | 382,000 | 409,000 |
Total liabilities | 8,991,000 | 9,886,000 |
Commitments and contingencies (Note 3) | ||
Stockholders' equity: | ||
Common stock, par value $0.001 per share, 150,000,000 shares authorized at June 30, 2021 and December 31, 2020; 112,058,034 and 104,619,876 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 112,000 | 105,000 |
Additional paid-in capital | 499,786,000 | 449,680,000 |
Accumulated deficit | (453,060,000) | (440,066,000) |
Total stockholders' equity | 46,838,000 | 9,719,000 |
Total liabilities and stockholders' equity | $ 55,829,000 | $ 19,605,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 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 | 112,058,034 | 104,619,876 |
Common stock, shares outstanding | 112,058,034 | 104,619,876 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Revenue: | |||||
Revenue | $ 1,799 | $ 746 | $ 3,295 | $ 1,966 | |
Cost of revenue: | |||||
Cost of revenue | [1] | 1,103 | 593 | 1,996 | 1,393 |
Gross profit | 696 | 153 | 1,299 | 573 | |
Operating expenses: | |||||
Research and development | [1] | 1,471 | 380 | 2,343 | 775 |
Sales and marketing | [1] | 4,018 | 1,733 | 7,126 | 3,848 |
General and administrative | [1] | 3,279 | 1,866 | 5,788 | 3,576 |
Total operating expenses | 8,768 | 3,979 | 15,257 | 8,199 | |
Loss from operations | (8,072) | (3,826) | (13,958) | (7,626) | |
Interest income (expense), net | 3 | 1 | (21) | 9 | |
Other income (expense), net | 995 | (6) | 985 | 80 | |
Net loss | $ (7,074) | $ (3,831) | $ (12,994) | $ (7,537) | |
Net loss per share - basic and diluted | $ (0.06) | $ (0.04) | $ (0.12) | $ (0.08) | |
Weighted average common shares used to compute basic and diluted net loss per common share | 111,958,928 | 98,123,789 | 110,311,666 | 97,707,904 | |
Product [Member] | |||||
Revenue: | |||||
Revenue | $ 1,718 | $ 726 | $ 3,134 | $ 1,911 | |
Cost of revenue: | |||||
Cost of revenue | [1] | 825 | 458 | 1,473 | 1,123 |
Genetics [Member] | |||||
Revenue: | |||||
Revenue | 79 | 17 | 159 | 42 | |
Cost of revenue: | |||||
Cost of revenue | [1] | 278 | 131 | 523 | 261 |
Service [Member] | |||||
Revenue: | |||||
Revenue | 2 | 3 | 2 | 13 | |
Cost of revenue: | |||||
Cost of revenue | [1] | 4 | 9 | ||
Cost Of Revenue [Member] | |||||
Operating expenses: | |||||
Stock-based compensation expense | 53 | 28 | 87 | 53 | |
Research And Development [Member] | |||||
Operating expenses: | |||||
Stock-based compensation expense | 94 | 1 | 120 | 1 | |
Sales And Marketing [Member] | |||||
Operating expenses: | |||||
Stock-based compensation expense | 337 | 43 | 476 | 85 | |
General And Administrative [Member] | |||||
Operating expenses: | |||||
Stock-based compensation expense | $ 798 | $ 369 | $ 1,088 | $ 571 | |
[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, 2019 | 97,286,157 | |||
Balance at Dec. 31, 2019 | $ 97 | 430,802 | (422,161) | 8,738 |
Net loss | (7,537) | |||
Balance (in shares) at Jun. 30, 2020 | 100,525,090 | |||
Balance at Jun. 30, 2020 | $ 101 | 436,864 | (429,698) | 7,267 |
Balance (in shares) at Mar. 31, 2020 | 97,288,657 | |||
Balance at Mar. 31, 2020 | $ 97 | 431,072 | (425,867) | 5,302 |
Net loss | (3,831) | (3,831) | ||
Common stock issued in conjunction with exercise of stock options (in shares) | 247,625 | |||
Common stock issued in conjunction with exercise of stock options | 295 | 295 | ||
Common stock issued for restricted stock awards (in shares) | 178,470 | |||
Common stock issued for restricted stock awards | 121 | 121 | ||
Stock compensation charge | 320 | 320 | ||
Common stock issued in conjunction with warrant exercises (in shares) | 2,810,338 | |||
Common stock issued in conjunction with warrant exercises | $ 4 | 5,056 | 5,060 | |
Balance (in shares) at Jun. 30, 2020 | 100,525,090 | |||
Balance at Jun. 30, 2020 | $ 101 | 436,864 | (429,698) | 7,267 |
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 |
Balance (in shares) at Dec. 31, 2020 | 104,619,876 | |||
Balance at Dec. 31, 2020 | $ 105 | 449,680 | (440,066) | 9,719 |
Net loss | (12,994) | |||
Balance (in shares) at Jun. 30, 2021 | 112,058,034 | |||
Balance at Jun. 30, 2021 | $ 112 | 499,786 | (453,060) | 46,838 |
Balance (in shares) at Mar. 31, 2021 | 111,716,852 | |||
Balance at Mar. 31, 2021 | $ 112 | 498,199 | (445,986) | 52,325 |
Net loss | (7,074) | (7,074) | ||
Common stock issued in conjunction with exercise of stock options (in shares) | 305,090 | |||
Common stock issued in conjunction with exercise of stock options | 304 | 304 | ||
Common stock issued in conjunction with public offering, net of issuance costs | 1 | 1 | ||
Common stock issued for restricted stock awards (in shares) | 36,092 | |||
Common stock issued for restricted stock awards | 267 | 267 | ||
Stock compensation charge | 1,015 | 1,015 | ||
Balance (in shares) at Jun. 30, 2021 | 112,058,034 | |||
Balance at Jun. 30, 2021 | $ 112 | $ 499,786 | $ (453,060) | $ 46,838 |
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 | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (12,994) | $ (7,537) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Non-cash lease expense | 32 | |
Depreciation and amortization | 172 | 114 |
Stock-based compensation expense | 1,771 | 710 |
Loss on sale and disposal of property and equipment | 1 | 2 |
Forgiveness of PPP loan | (1,006) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (208) | 105 |
Prepaid expenses and other assets | 350 | (99) |
Inventories | (71) | (41) |
Accounts payable, accrued liabilities and other liabilities | 208 | (165) |
Net cash used in operating activities | (11,745) | (6,911) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (136) | (123) |
Net cash used in investing activities | (136) | (123) |
Cash flows from financing activities: | ||
Principal repayment of DECD loan | (99) | (96) |
Proceeds from issuance of common stock from exercise of stock options | 621 | 296 |
Proceeds from PPP loan | 1,006 | |
Proceeds from exercise of warrants | 5,060 | |
Proceeds from public offering | 48,236 | |
Payment of offering costs for public offering | (515) | |
Net cash provided by financing activities | 48,243 | 6,266 |
Net increase (decrease) in cash and cash equivalents | 36,362 | (768) |
Cash and cash equivalents, beginning of period | 16,631 | 11,703 |
Cash and cash equivalents, end of period | 52,993 | 10,935 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 38 | 18 |
Supplemental disclosure of noncash investing and financing activities: | ||
Net (decrease) increase in right-of-use assets | $ (30) | $ 11 |
Organization, Basis Of Presenta
Organization, Basis Of Presentation And Significant Accounting And Reporting Policies | 6 Months Ended |
Jun. 30, 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 June 30, 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”). In 2021, the Company began to enter into decentralized arrangements with large healthcare networks and large practices for its Aspira Synergy product. In the second quarter of 2021, the Company secured its first decentralized arrangement using the Aspira Synergy platform with one of the largest women’s care super groups in the U.S. 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 $ 453,060,000 . 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 $ 10,600,000 , 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 $ 47,700,000 , after deducting underwriting discounts and offering expenses. As discussed in Note 3, in March 2021, the Company applied for forgiveness of the PPP Loan, and, effective May 27, 2021, the SBA confirmed the waiver of the Company’s repayment of the PPP Loan. The Company remains subject to an audit of the PPP loan. The Company recognized a gain on forgiveness of debt of $ 1,005,767 , which is included in other income in the condensed consolidated statements of operations, and reduced long- and short-term indebtedness by the same amount. 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. Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation with no material effect on the consolidated financial statements. 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 June 30, 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 June 30, 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 and 2021, 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 was 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, was set to mature on May 1, 2022. The Company applied for forgiveness of the PPP Loan in March 2021, and, effective May 27, 2021, the SBA confirmed the waiver of the Company’s repayment of the PPP Loan. The Company recognized a gain on forgiveness of debt of $ 1,005,767 , which is included in other income in the condensed consolidated statements of operations, and reduced long- and short-term indebtedness by the same amount. The Company remains subject to an audit of the PPP loan. 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: June 30, December 31, 2021 2020 (in thousands) DECD loan, net of issuance costs $ 3,017 $ 3,116 PPP loan - 1,006 Total debt 3,017 4,122 Less: Current portion, net of issuance costs ( 199 ) ( 645 ) Total long-term debt, net of issuance costs $ 2,818 $ 3,477 As of June 30, 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 $ 17,000 . The insurance promissory note of $ 204,000 , as described below, is not included in the table, as the insurance promissory note is cancellable. Payments Due by Period (in thousands) Total 2021 2022 2023 2024 2025 Thereafter DECD Loan $ 3,034 $ 101 $ 204 $ 406 $ 452 $ 461 $ 1,410 Total $ 3,034 $ 101 $ 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 $ 204,000 and $ 611,000 as of June 30, 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 research and development services is located in Trumbull, Connecticut. In October 2020, the Company renewed the Austin, Texas lease for an additional one 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 and six months ended June 30, 2021 and 2020 is shown in the table below (in thousands ). Three Months Ended June, 30 Lease Cost Classification 2021 2020 Operating rent expense Cost of revenue $ 19 $ 18 Research and development 13 13 Sales and marketing 11 4 General and administrative 21 13 Variable rent expense Cost of revenue $ 1 $ 1 Research and development - - Sales and marketing 11 11 General and administrative 13 13 Six Months Ended June, 30 Lease Cost Classification 2021 2020 Operating rent expense Cost of revenue $ 38 $ 33 Research and development 26 24 Sales and marketing 22 10 General and administrative 42 27 Variable rent expense Cost of revenue $ 2 $ 4 Research and development - 1 Sales and marketing 23 22 General and administrative 26 27 Based on the Company’s leases as of June 30, 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 $ 45 2022 95 2023 106 2024 116 2025 123 2026 64 Total Operating Lease Payments 549 Less: Interest ( 115 ) Present Value of Lease Liabilities $ 434 Weighted- average lease term and discount rate were as follows: Weighted-average remaining lease term (in years) 5.0 Weighted-average discount rate 9.35 % 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 three months ended June 30, 2021 and 2020 totaled $ 69,000 and $ 30,000 , respectively, and royalty expense for the six months ended June 30, 2021 and 2020 totaled $ 126,000 and $ 76,000 , respectively, as recorded in cost of revenue in the condensed consolidated statements of operations. 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 | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity [Abstract] | |
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 June 30, 2021, 10,244,649 shares of Aspira common stock were subject to outstanding stock options, and 28,136 shares of Aspira common stock were subject to unvested restricted stock awards and a total of 3,828,216 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 During the three months ended June 30, 2021, the Company granted the following awards under the 2019 Plan: Grant Date Number of Shares Type of Award Exercise Price Fair Value / Share 5/6/2021 210,000 Options $ 4.92 $ 3.13 6/24/2021 313,000 Options $ 5.90 $ 3.73 523,000 The allocation of employee stock-based compensation expense by functional area for the three and six months ended June 30, 2021 and 2020 was as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Cost of revenue $ 48 $ 25 $ 78 $ 48 Research and development 93 1 118 1 Sales and marketing 325 43 465 80 General and administrative 316 293 488 494 Total $ 782 $ 362 $ 1,149 $ 623 |
Loss Per Share
Loss Per Share | 6 Months Ended |
Jun. 30, 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 10,272,785 and 8,465,903 potential shares of Aspira common stock as of June 30, 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 stock options and unvested restricted stock units. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies [Abstract] | |
Schedule of Long-term Debt | June 30, December 31, 2021 2020 (in thousands) DECD loan, net of issuance costs $ 3,017 $ 3,116 PPP loan - 1,006 Total debt 3,017 4,122 Less: Current portion, net of issuance costs ( 199 ) ( 645 ) Total long-term debt, net of issuance costs $ 2,818 $ 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 $ 3,034 $ 101 $ 204 $ 406 $ 452 $ 461 $ 1,410 Total $ 3,034 $ 101 $ 204 $ 406 $ 452 $ 461 $ 1,410 |
Expense Associated with Operating Leases | Three Months Ended June, 30 Lease Cost Classification 2021 2020 Operating rent expense Cost of revenue $ 19 $ 18 Research and development 13 13 Sales and marketing 11 4 General and administrative 21 13 Variable rent expense Cost of revenue $ 1 $ 1 Research and development - - Sales and marketing 11 11 General and administrative 13 13 Six Months Ended June, 30 Lease Cost Classification 2021 2020 Operating rent expense Cost of revenue $ 38 $ 33 Research and development 26 24 Sales and marketing 22 10 General and administrative 42 27 Variable rent expense Cost of revenue $ 2 $ 4 Research and development - 1 Sales and marketing 23 22 General and administrative 26 27 |
Future Lease Payments Related to Operating Leases | 2021 $ 45 2022 95 2023 106 2024 116 2025 123 2026 64 Total Operating Lease Payments 549 Less: Interest ( 115 ) Present Value of Lease Liabilities $ 434 |
Weighted-Average Lease Term and Discount Rate | Weighted-average remaining lease term (in years) 5.0 Weighted-average discount rate 9.35 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity [Abstract] | |
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 During the three months ended June 30, 2021, the Company granted the following awards under the 2019 Plan: Grant Date Number of Shares Type of Award Exercise Price Fair Value / Share 5/6/2021 210,000 Options $ 4.92 $ 3.13 6/24/2021 313,000 Options $ 5.90 $ 3.73 523,000 |
Allocation of Employee and Director Stock-Based Compensation Expense by Functional Area | Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Cost of revenue $ 48 $ 25 $ 78 $ 48 Research and development 93 1 118 1 Sales and marketing 325 43 465 80 General and administrative 316 293 488 494 Total $ 782 $ 362 $ 1,149 $ 623 |
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 | Jun. 30, 2021 | Jun. 30, 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 | $ (453,060,000) | $ (440,066,000) | ||||||||||
Net proceeds after deducting underwriting discounts and offering expenses | $ 48,236,000 | |||||||||||
Proceeds from exercise of warrants | $ 5,060,000 | |||||||||||
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 | |||||||||||
Gain recognized on forgiveness of debt | $ 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 ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)item | Jun. 30, 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 | 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 | 5 years | |||||||||
Insurance Promissory Notes [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Debt instrument interest rate | 3.88% | 4.49% | |||||||||
Aggregate principal amount outstanding | $ 204,000 | $ 204,000 | $ 611,000 | ||||||||
Notes payable number of monthly payment installment | item | 10 | ||||||||||
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 | 69,000 | $ 30,000 | 126,000 | $ 76,000 | |||||||
BBVA USA [Member] | CARES Act [Member] | PPP Loan [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Aggregate amount of loan | $ 1,005,767 | ||||||||||
Gain recognized on forgiveness of debt | 1,005,767 | ||||||||||
DECD [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Debt issuance costs | $ 17,000 | $ 17,000 | |||||||||
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 3,017 | $ 4,122 |
Less: Current portion, net of issuance costs | (199) | (645) |
Total long-term debt, net of issuance costs | 2,818 | 3,477 |
DECD Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 3,017 | 3,116 |
PPP Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,006 |
Commitments, Contingencies And
Commitments, Contingencies And Debt (Annual Amounts of Future Minimum Principal Payments Due Under Certain Contractual Obligations) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Other Commitments [Line Items] | |
Contractual obligation, 2021 | $ 101 |
Contractual obligation, 2022 | 204 |
Contractual obligation, 2023 | 406 |
Contractual obligation, 2024 | 452 |
Contractual obligation, 2025 | 461 |
Contractual obligation, Thereafter | 1,410 |
Total | 3,034 |
DECD Loan [Member] | |
Other Commitments [Line Items] | |
Contractual obligation, 2021 | 101 |
Contractual obligation, 2022 | 204 |
Contractual obligation, 2023 | 406 |
Contractual obligation, 2024 | 452 |
Contractual obligation, 2025 | 461 |
Contractual obligation, Thereafter | 1,410 |
Total | $ 3,034 |
Commitments And Contingencies_4
Commitments And Contingencies (Expense Associated with Operating Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cost Of Revenue [Member] | ||||
Operating rent expense | $ 19 | $ 18 | $ 38 | $ 33 |
Variable rent expense | 1 | 1 | 2 | 4 |
Research And Development [Member] | ||||
Operating rent expense | 13 | 13 | 26 | 24 |
Variable rent expense | 1 | |||
Sales And Marketing [Member] | ||||
Operating rent expense | 11 | 4 | 22 | 10 |
Variable rent expense | 11 | 11 | 23 | 22 |
General And Administrative [Member] | ||||
Operating rent expense | 21 | 13 | 42 | 27 |
Variable rent expense | $ 13 | $ 13 | $ 26 | $ 27 |
Commitments And Contingencies_5
Commitments And Contingencies (Future Lease Payments Related to Operating Leases) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2021 | $ 45 |
2022 | 95 |
2023 | 106 |
2024 | 116 |
2025 | 123 |
2026 | 64 |
Total Operating Lease Payments | 549 |
Less: Interest | (115) |
Present Value of Lease Liabilities | $ 434 |
Commitments And Contingencies_6
Commitments And Contingencies (Weighted-Average Lease Term and Discount Rate) (Details) | Jun. 30, 2021 |
Leases [Abstract] | |
Weighted-average remaining lease term (in years) | 5 years |
Weighted-average discount rate | 9.35% |
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 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Proceeds from exercise of warrants | $ 5,060,000 | |||||||||
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 | 3,828,216 | |||||||||
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 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 | 10,244,649 | |||||||||
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 | 28,136 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Awards Granted) (Details) - 2019 Stock Incentive Plan [Member] - $ / shares | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares | 523,000 | 2,659,900 |
1/28/2021 [Member] | Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of 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 | 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 | 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 | 75,988 | |
5/6/2021 [Member] | Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares | 210,000 | |
Exercise Price / Share | $ 4.92 | |
Fair Value / Share | $ 3.13 | |
6/24/2021 [Member] | Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares | 313,000 | |
Exercise Price / Share | $ 5.90 | |
Fair Value / Share | $ 3.73 |
Stockholders' Equity (Allocatio
Stockholders' Equity (Allocation of Employee and Director Stock-Based Compensation Expense by Functional Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cost Of Revenue [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 53 | $ 28 | $ 87 | $ 53 |
Research And Development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 94 | 1 | 120 | 1 |
Sales And Marketing [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 337 | 43 | 476 | 85 |
General And Administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 798 | 369 | 1,088 | 571 |
Employee Stock-Based Compensation [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 782 | 362 | 1,149 | 623 |
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 | 48 | 25 | 78 | 48 |
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 | 93 | 1 | 118 | 1 |
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 | 325 | 43 | 465 | 80 |
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 | $ 316 | $ 293 | $ 488 | $ 494 |
Loss Per Share (Details)
Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Potential Shares of Aspira Common Stock [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 10,272,785 | 8,465,903 |