Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 06, 2022 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 $0.001 per share | |
Trading Symbol | AWH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 112,209,064 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000926617 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 26,855 | $ 37,180 |
Accounts receivable | 1,136 | 1,027 |
Prepaid expenses and other current assets | 1,620 | 1,624 |
Inventories | 189 | 174 |
Total current assets | 29,800 | 40,005 |
Property and equipment, net | 480 | 464 |
Right-of-use assets | 331 | 346 |
Restricted cash | 250 | 250 |
Other assets | 14 | |
Total assets | 30,861 | 41,079 |
Current liabilities: | ||
Accounts payable | 1,298 | 1,501 |
Accrued liabilities | 4,035 | 5,299 |
Current portion of long-term debt | 223 | 201 |
Short-term debt | 519 | 779 |
Lease liability | 64 | 60 |
Total current liabilities | 6,139 | 7,840 |
Non-current liabilities: | ||
Long-term debt | 2,646 | 2,718 |
Lease liability | 332 | 349 |
Total liabilities | 9,117 | 10,907 |
Commitments and contingencies (Note 2) | ||
Stockholders' equity: | ||
Common stock, par value $0.001 per share, 150,000,000 shares authorized at March 31, 2022 and December 31, 2021; 112,141,741 and 112,138,741 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 112 | 112 |
Additional paid-in capital | 502,628 | 501,788 |
Accumulated deficit | (480,996) | (471,728) |
Total stockholders' equity | 21,744 | 30,172 |
Total liabilities and stockholders' equity | $ 30,861 | $ 41,079 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 112,141,741 | 112,138,741 |
Common stock, shares outstanding | 112,141,741 | 112,138,741 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue: | ||
Revenue | $ 1,893 | $ 1,496 |
Cost of revenue: | ||
Cost of revenue | 932 | 893 |
Gross profit | 961 | 603 |
Operating expenses: | ||
Research and development | 1,348 | 872 |
Sales and marketing | 4,497 | 3,108 |
General and administrative | 4,363 | 2,509 |
Total operating expenses | 10,208 | 6,489 |
Loss from operations | (9,247) | (5,886) |
Interest expense, net | (18) | (24) |
Other expense , net | (3) | (10) |
Net loss | $ (9,268) | $ (5,920) |
Net loss per share - basic and diluted | $ (0.08) | $ (0.05) |
Weighted average common shares used to compute basic and diluted net loss per common share | 112,139,038 | 108,661,712 |
Product [Member] | ||
Revenue: | ||
Revenue | $ 1,835 | $ 1,416 |
Cost of revenue: | ||
Cost of revenue | 857 | 655 |
Genetics [Member] | ||
Revenue: | ||
Revenue | 58 | 80 |
Cost of revenue: | ||
Cost of revenue | 75 | 238 |
Cost Of Revenue [Member] | ||
Operating expenses: | ||
Stock-based compensation expense | 52 | 34 |
Research And Development [Member] | ||
Operating expenses: | ||
Stock-based compensation expense | (4) | 26 |
Sales And Marketing [Member] | ||
Operating expenses: | ||
Stock-based compensation expense | 147 | 139 |
General And Administrative [Member] | ||
Operating expenses: | ||
Stock-based compensation expense | $ 643 | $ 290 |
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, 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-based compensation expense | 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, 2021 | 112,138,741 | |||
Balance at Dec. 31, 2021 | $ 112 | 501,788 | (471,728) | 30,172 |
Net loss | (9,268) | (9,268) | ||
Common stock issued in conjunction with exercise of stock options (in shares) | 3,000 | |||
Common stock issued in conjunction with exercise of stock options | 2 | 2 | ||
Stock-based compensation expense | 838 | 838 | ||
Balance (in shares) at Mar. 31, 2022 | 112,141,741 | |||
Balance at Mar. 31, 2022 | $ 112 | $ 502,628 | $ (480,996) | $ 21,744 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (9,268) | $ (5,920) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Non-cash lease expense | 2 | 16 |
Depreciation and amortization | 64 | 90 |
Stock-based compensation expense | 838 | 489 |
Loss on sale and disposal of property and equipment | 2 | 1 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (109) | (87) |
Prepaid expenses and other assets | 18 | (94) |
Inventories | (15) | (41) |
Accounts payable, accrued liabilities and other liabilities | (1,705) | 291 |
Net cash used in operating activities | (10,173) | (5,255) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (82) | (41) |
Net cash used in investing activities | (82) | (41) |
Cash flows from financing activities: | ||
Principal repayment of DECD loan | (72) | (3) |
Proceeds from issuance of common stock from exercise of stock options | 2 | 317 |
Proceeds from public offering | 48,236 | |
Payment of offering costs for public offering | (516) | |
Net cash (used in) provided by financing activities | (70) | 48,034 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (10,325) | 42,738 |
Cash, cash equivalents and restricted cash, beginning of period | 37,430 | 16,631 |
Cash, cash equivalents and restricted cash, end of period | 27,105 | 59,369 |
Reconciliation to Consolidated Balance Sheet: | ||
Cash and cash equivalents | 26,855 | 59,369 |
Restricted cash | 250 | |
Unrestricted and restricted cash and cash equivalents | 27,105 | 59,369 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 20 | 29 |
Supplemental disclosure of noncash investing and financing activities: | ||
Net decrease in right-of-use assets | $ (15) | $ (15) |
Organization, Basis Of Presenta
Organization, Basis Of Presentation And Significant Accounting And Reporting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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 intended as an aid to further assess the likelihood of malignancy in women with an ovarian adnexal mass for which surgery is planned when the physician’s independent clinical and radiological evaluation does not indicate malignancy; (2) OVERA, a second-generation biomarker reflex intended to maintain OVA1’s high sensitivity while improving specificity; (3) OVA1plus, a reflex offering which uses OVA1 as the primary test 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 hereditary gynecologic cancer risk, with a core focus on hereditary female reproductive cancers, including breast, ovarian, endometrial, uterine and cervical cancers; and (5) Aspira Synergy, the Company’s decentralized testing platform and cloud service for decentralized global access of both protein biomarker and hereditary genetic testing. The Company plans to make OVA1, OVERA, OVA1plus and Aspira GenetiX and future technology available through Aspira Synergy. The Company’s OVA1 test received FDA de novo classification in September 2009. OVA1 comprises instruments, assays, reagents, and the OVACALC software, which includes a proprietary algorithm that produces a risk score. The Company’s OVERA test, which includes an updated version of OVACALC, received FDA 510(k) clearance in March 2016. OVA1 and OVERA each use the Roche cobas 4000, 6000 and 8000 platforms for analysis of proteins. Through March 31, 2022, the Company’s product and related services revenue has been limited to revenue generated by sales of OVA1, OVA1plus and Aspira GenetiX. In 2021, the Company entered into decentralized arrangements with large healthcare networks and large practices for its Aspira Synergy platform offering specialty and genetic testing solutions. The modules available under Aspira Synergy include the Company’s flagship OVA1plus risk assessment, Genetics Carrier Screening, and Genetics Hereditary Cancer solutions. The Company has entered into four technology transfer agreements since the launch of Aspira Synergy. The first two agreements are with two of the nation’s largest and leading independent women’s healthcare groups which together include approximately 750 providers and serve approximately 950,000 patients annually. The other two agreements are with independent laboratories providing services across five states. In the fourth quarter of 2021, the Company started receiving specimens for accessioning related to its OVA1 Aspira Synergy product. Liquidity As of March 31, 2022 , the Company had $ 26,855,000 of cash and cash equivalents (excluding restricted cash of $ 250,000 ), an accumulated deficit of approximately ($ 480,996,000 ), and w orking capital of $ 23,661,000 . For the three months ended March 31, 2022, the Company incurred a net loss of ($ 9,268,000 ) and used cash in operations of ($ 10,173,000 ). The Company has incurred significant net losses and negative cash flows from operations since inception and the Company also expects to continue to incur a net loss and negative cash flows from operations for 2022. There can be no assurance that the Company will achieve or sustain profitability or positive cash flow from operations. The Company’s management believes that the Company’s cash and cash equivalents will be sufficient to fund its operations for the next twelve months from the issuance of the condensed consolidated financial statements. These condensed consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. While the Company believes that it has sufficient capital to fund its operations for the next twelve months, the Company is currently evaluating its capital needs beyond the next twelve months which may involve additional capital raises and/or other financing activities in order to continue to fund operations at current cash expenditure levels. The Company may take further action to protect its liquidity position, including in the event that the Company’s existing cash on hand is not sufficient to fund its operations, meet its capital requirements or satisfy its anticipated obligations as they become due . Such actions may include, but are not limited to: Raising capital through an equity offering either in the public markets or via a private placement offering (however, no assurance can be given that capital will be available on acceptable terms, or at all); Reducing executive bonuses or replacing cash compensation with equity grants; Reducing professional services and consulting fees and eliminating non-critical projects; Reducing travel and entertainment expenses; and Reducing, eliminating or deferring discretionary marketing programs. 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 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, Key Opinion Leader presentations, and increased digital sales and marketing. Patient enrollment for our planned clinical research studies has been slower than originally planned due to the impact of clinic closures and patients not seeking medical care in some states, which has led to delays in the completion of such studies. Given the uncertainties of the resurgence of the COVID-19 pandemic, the Company is unable to estimate the extent of the impact of the COVID-19 pandemic on its operations or liquidity. 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 notes 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, 2021 included in this report has been derived from the audited consolidated financial statements at that date but does not include all the information and notes 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, 2021 included in Aspira’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 31, 2022. 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 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 effect of any change made to an estimated input component and, therefore revenue recognized, would be recorded as a change in estimate at the time of the change. 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, 2022, 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, 2022 and 2021. 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. Recent Accounting Pronouncements In June 2016 , the Financial Accounting Standards Board issued Accounting Standard Update 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. This ASU 2016-13 is scheduled to be effective in 2023 for smaller reporting companies. The Company is in the process of evaluating the impact of this standard on its consolidated financial statements. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 2. COMMITMENTS AND CONTINGENCIES Coronavirus Aid, Relief, and Economic Security (CARES) Act and Paycheck Protection Program Loan On May 1, 2020, the Company obtained the Paycheck Protection Program loan (the “PPP Loan”) from BBVA USA in the aggregate amount of approximately $1,006,000. The Company applied for forgiveness of the PPP Loan in March 2021, and, effective May 27, 2021, the U.S. Small Business Administration confirmed the waiver of the Company’s repayment of the PPP Loan which was recognized as a gain in other income in 2021. The Company remains subject to an audit of the PPP loan. There is no assurance that the Company will not be required to repay all or a portion of the PPP Loan, as a result of any such audit. Loan Agreement On March 22, 2016, the Company entered into a loan agreement (as amended, the “DECD Loan Agreement”) with the State of Connecticut Department of Economic and Community Development (the “ DECD”), 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, 2022 2021 (in thousands) DECD loan, net of issuance costs $ 2,869 $ 2,919 Less: Current portion, net of issuance costs ( 223 ) ( 201 ) Total long-term debt, net of issuance costs $ 2,646 $ 2,718 As of March 31, 2022, the annual amounts of future minimum principal payments due under the Company’s contractual obligation are shown in the table below. Unamortized debt issuance costs for the DECD loan were $ 14,000 . Debt related to the insurance promissory note of $519,000, as described below, is not included in the following table due to the insurance promissory note being cancelable. Payments Due by Period (in thousands) Total 2022 2023 2024 2025 2026 Thereafter DECD Loan $ 2,883 $ 154 $ 406 $ 452 $ 461 $ 341 $ 1,069 Total $ 2,883 $ 154 $ 406 $ 452 $ 461 $ 341 $ 1,069 Insurance Notes During 2021, the Company entered into an insurance promissory note for the payment of insurance premiums at an interest rate of 3.74 %, with an aggregate principal amount outstanding of approximately $ 519,000 and $ 779,000 as of March 31, 2022 and December 31, 2021, respectively. This note is payable in ten monthly installments with a maturity date of October 1, 2022 and has no financial or operational covenants. 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 Clinical Laboratory Improvements Amendments of 1988 (“CLIA”) laboratory used by Aspira Labs, Inc., is located in Austin, Texas, and the CLIA laboratory used for research and development services is located in Trumbull, Connecticut. In October 2021, the Company renewed the Austin, Texas lease for one additional year. The Company’s renewed lease expires on January 31, 2023, with no automatic renewal or renewal option. The Company’s Texas lease has a term of 12 months. The Company recognized the lease payments in profit and loss on a straight-line basis over the term of the lease, and variable lease payments in the period in which the obligation for the payments was incurred. 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, 2022 and 2021 is shown in the table below (in thousands). Three Months Ended March 31, Lease Cost Classification 2022 2021 Operating rent expense Cost of revenue $ 20 $ 13 Research and development 7 9 Sales and marketing 9 11 General and administrative 16 18 Variable rent expense Cost of revenue $ 10 $ 7 Research and development 6 4 Sales and marketing 9 12 General and administrative 18 16 Based on the Company’s leases as of March 31, 2022, the table below sets forth the approximate future lease payments related to operating leases with initial terms of one year or more (in thousands). 2022 $ 73 2023 106 2024 116 2025 123 2026 64 Total Operating Lease Payments 482 Less: Interest ( 86 ) Present Value of Lease Liabilities $ 396 Weighted- average lease term and discount rate were as follows: Weighted-average remaining lease term (in years) 4.2 Weighted-average discount rate 9.33 % 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 March 31, 2022 and 2021 totaled $ 73,000 and $ 57,000 , respectively, as recorded in cost of revenue in the condensed consolidated statements of operations. Commercial Reorganization During the three months ended March 31, 2022, the Company executed a commercial reorganization resulting in the separation of a number of employees. The organizational changes resulted in the recording within the condensed consolidated statement of operations in sales and marketing, research and development and general and administrative expenses of one-time severance, separation, and settlement charges of approximately $ 1,284,000 . These amounts have been partially offset by insurance reimbursement of $ 523,000 , of which $ 162,000 has been received during the three months ended March 31, 2022 and $ 361,000 is included in Prepaid expenses and other current assets on the condensed consolidated balance sheet as of March 31, 2022. As of March 31, 2022, remaining unpaid estimated charges in the amount of $ 508,000 are included in Accrued liabilities on the condensed consolidated balance sheet and are expected to be paid within the next 12 months. 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, 2022 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 3. STOCKHOLDERS’ EQUITY 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 $ 47,720,000 , after deducting underwriting discounts and offering expenses of $ 516,000 . There was a change in estimate in the third quarter of 2021 in the amount of $ 138,000 relating to an expense reversal of offering costs. 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, 2022, 11,119,308 shares of Aspira common stock were subject to outstanding stock options, and 269,297 shares of Aspira common stock were subject to unvested restricted stock awards and a total of 2,589,507 shares of Aspira common stock were reserved for issuance under the 2019 Plan. Stock-Based Compensation During the three months ended March 31, 2022, the Company granted the following awards under the 2019 Plan. In addition, assumptions included in the fair value per share calculations were expected terms of one to four years , one to five year treasury interest rates of 1.38 % to 2.28 % and market close prices ranging from $ 1.04 to $ 1.08 . The Company recorded $ 334,000 in forfeitures for the three months ended March 31, 2022. Grant Date Number of Shares Type of Award Exercise Price / Share Fair Value / Share 1/28/2022 222,000 Options $ 1.08 $ 0.70 3/1/2022 5,000 Options $ 1.05 $ 0.31 3/31/2022 1,706,282 Options $ 1.04 $ 0.51 3/31/2022 269,297 Restricted Stock Units $ - $ - 2,202,579 The allocation of employee stock-based compensation expense by functional area for the three months ended March 31, 2022 and 2021 was as follows: Three Months Ended March 31, (in thousands) 2022 2021 Cost of revenue $ 46 $ 31 Research and development ( 30 ) 25 Sales and marketing 147 139 General and administrative 576 190 Total $ 739 $ 385 |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Loss Per Share [Abstract] | |
Loss Per Share | 4. 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 11,388,605 and 10,514,070 potential shares of Aspira common stock as of March 31, 2022 and 2021, 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. |
Organization, Basis Of Presen_2
Organization, Basis Of Presentation And Summary Of Significant Accounting And Reporting Policies (Policy) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Basis Of Presentation And Significant Accounting And Reporting Policies [Abstract] | |
Organization | 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 intended as an aid to further assess the likelihood of malignancy in women with an ovarian adnexal mass for which surgery is planned when the physician’s independent clinical and radiological evaluation does not indicate malignancy; (2) OVERA, a second-generation biomarker reflex intended to maintain OVA1’s high sensitivity while improving specificity; (3) OVA1plus, a reflex offering which uses OVA1 as the primary test 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 hereditary gynecologic cancer risk, with a core focus on hereditary female reproductive cancers, including breast, ovarian, endometrial, uterine and cervical cancers; and (5) Aspira Synergy, the Company’s decentralized testing platform and cloud service for decentralized global access of both protein biomarker and hereditary genetic testing. The Company plans to make OVA1, OVERA, OVA1plus and Aspira GenetiX and future technology available through Aspira Synergy. The Company’s OVA1 test received FDA de novo classification in September 2009. OVA1 comprises instruments, assays, reagents, and the OVACALC software, which includes a proprietary algorithm that produces a risk score. The Company’s OVERA test, which includes an updated version of OVACALC, received FDA 510(k) clearance in March 2016. OVA1 and OVERA each use the Roche cobas 4000, 6000 and 8000 platforms for analysis of proteins. Through March 31, 2022, the Company’s product and related services revenue has been limited to revenue generated by sales of OVA1, OVA1plus and Aspira GenetiX. In 2021, the Company entered into decentralized arrangements with large healthcare networks and large practices for its Aspira Synergy platform offering specialty and genetic testing solutions. The modules available under Aspira Synergy include the Company’s flagship OVA1plus risk assessment, Genetics Carrier Screening, and Genetics Hereditary Cancer solutions. The Company has entered into four technology transfer agreements since the launch of Aspira Synergy. The first two agreements are with two of the nation’s largest and leading independent women’s healthcare groups which together include approximately 750 providers and serve approximately 950,000 patients annually. The other two agreements are with independent laboratories providing services across five states. In the fourth quarter of 2021, the Company started receiving specimens for accessioning related to its OVA1 Aspira Synergy product. |
Liquidity | Liquidity As of March 31, 2022 , the Company had $ 26,855,000 of cash and cash equivalents (excluding restricted cash of $ 250,000 ), an accumulated deficit of approximately ($ 480,996,000 ), and w orking capital of $ 23,661,000 . For the three months ended March 31, 2022, the Company incurred a net loss of ($ 9,268,000 ) and used cash in operations of ($ 10,173,000 ). The Company has incurred significant net losses and negative cash flows from operations since inception and the Company also expects to continue to incur a net loss and negative cash flows from operations for 2022. There can be no assurance that the Company will achieve or sustain profitability or positive cash flow from operations. The Company’s management believes that the Company’s cash and cash equivalents will be sufficient to fund its operations for the next twelve months from the issuance of the condensed consolidated financial statements. These condensed consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. While the Company believes that it has sufficient capital to fund its operations for the next twelve months, the Company is currently evaluating its capital needs beyond the next twelve months which may involve additional capital raises and/or other financing activities in order to continue to fund operations at current cash expenditure levels. The Company may take further action to protect its liquidity position, including in the event that the Company’s existing cash on hand is not sufficient to fund its operations, meet its capital requirements or satisfy its anticipated obligations as they become due . Such actions may include, but are not limited to: Raising capital through an equity offering either in the public markets or via a private placement offering (however, no assurance can be given that capital will be available on acceptable terms, or at all); Reducing executive bonuses or replacing cash compensation with equity grants; Reducing professional services and consulting fees and eliminating non-critical projects; Reducing travel and entertainment expenses; and Reducing, eliminating or deferring discretionary marketing programs. 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 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, Key Opinion Leader presentations, and increased digital sales and marketing. Patient enrollment for our planned clinical research studies has been slower than originally planned due to the impact of clinic closures and patients not seeking medical care in some states, which has led to delays in the completion of such studies. Given the uncertainties of the resurgence of the COVID-19 pandemic, the Company is unable to estimate the extent of the impact of the COVID-19 pandemic on its operations or liquidity. |
Basis of Presentation | 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 notes 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, 2021 included in this report has been derived from the audited consolidated financial statements at that date but does not include all the information and notes 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, 2021 included in Aspira’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 31, 2022. 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. |
Revenue Recognition | 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 effect of any change made to an estimated input component and, therefore revenue recognized, would be recorded as a change in estimate at the time of the change. 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, 2022, 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, 2022 and 2021. 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016 , the Financial Accounting Standards Board issued Accounting Standard Update 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. This ASU 2016-13 is scheduled to be effective in 2023 for smaller reporting companies. The Company is in the process of evaluating the impact of this standard on its consolidated financial statements. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies [Abstract] | |
Schedule of Long-term Debt | March 31, 2022 2021 (in thousands) DECD loan, net of issuance costs $ 2,869 $ 2,919 Less: Current portion, net of issuance costs ( 223 ) ( 201 ) Total long-term debt, net of issuance costs $ 2,646 $ 2,718 |
Annual Amounts of Future Minimum Principal Payments Due Under Certain Contractual Obligations | Payments Due by Period (in thousands) Total 2022 2023 2024 2025 2026 Thereafter DECD Loan $ 2,883 $ 154 $ 406 $ 452 $ 461 $ 341 $ 1,069 Total $ 2,883 $ 154 $ 406 $ 452 $ 461 $ 341 $ 1,069 |
Expense Associated with Operating Leases | Three Months Ended March 31, Lease Cost Classification 2022 2021 Operating rent expense Cost of revenue $ 20 $ 13 Research and development 7 9 Sales and marketing 9 11 General and administrative 16 18 Variable rent expense Cost of revenue $ 10 $ 7 Research and development 6 4 Sales and marketing 9 12 General and administrative 18 16 |
Future Lease Payments Related to Operating Leases | 2022 $ 73 2023 106 2024 116 2025 123 2026 64 Total Operating Lease Payments 482 Less: Interest ( 86 ) Present Value of Lease Liabilities $ 396 |
Weighted-Average Lease Term and Discount Rate | Weighted-average remaining lease term (in years) 4.2 Weighted-average discount rate 9.33 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity [Abstract] | |
Schedule of Awards Granted | Grant Date Number of Shares Type of Award Exercise Price / Share Fair Value / Share 1/28/2022 222,000 Options $ 1.08 $ 0.70 3/1/2022 5,000 Options $ 1.05 $ 0.31 3/31/2022 1,706,282 Options $ 1.04 $ 0.51 3/31/2022 269,297 Restricted Stock Units $ - $ - 2,202,579 |
Allocation of Employee and Director Stock-Based Compensation Expense by Functional Area | Three Months Ended March 31, (in thousands) 2022 2021 Cost of revenue $ 46 $ 31 Research and development ( 30 ) 25 Sales and marketing 147 139 General and administrative 576 190 Total $ 739 $ 385 |
Organization, Basis Of Presen_3
Organization, Basis Of Presentation And Significant Accounting And Reporting Policies (Details) | 3 Months Ended | ||
Mar. 31, 2022USD ($)agreementitemstate | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Organization Consolidation And Summary Of Significant Accounting Policies [Line Items] | |||
Number of technology transfer agreements | agreement | 4 | ||
Cash and cash equivalents | $ 26,855,000 | $ 59,369,000 | $ 37,180,000 |
Restricted cash | 250,000 | 250,000 | |
Accumulated deficit | (480,996,000) | $ (471,728,000) | |
Working capital | 23,661,000 | ||
Net loss | (9,268,000) | (5,920,000) | |
Net cash used in operating activities | (10,173,000) | (5,255,000) | |
Receivable impairment | $ 0 | $ 0 | |
Agreement With Two Largest And Leading Independent Women’s Healthcare Groups [Member] | |||
Organization Consolidation And Summary Of Significant Accounting Policies [Line Items] | |||
Number of technology transfer agreements | agreement | 2 | ||
Number of providers | item | 750 | ||
Number of patients | item | 950,000 | ||
Agreement With Two Independent Laboratories [Member] | |||
Organization Consolidation And Summary Of Significant Accounting Policies [Line Items] | |||
Number of technology transfer agreements | agreement | 2 | ||
Number of states | state | 5 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) | Dec. 03, 2020USD ($) | Apr. 15, 2016USD ($) | Mar. 31, 2022USD ($)employee | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Oct. 31, 2015USD ($) |
Commitments And Contingencies [Line Items] | ||||||
Severance charge | $ 1,284,000 | |||||
Insurance reimbursement | 523,000 | |||||
Insurance reimbursement received | 162,000 | |||||
Insurance reimbursement not paid | 361,000 | |||||
Unpaid estimated charges | $ 508,000 | |||||
Austin, Texas Facility [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Operating lease term | 12 months | |||||
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 | |||||
DECD Loan [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Aggregate amount of loan | $ 4,000,000 | |||||
Debt instrument interest rate | 2.00% | |||||
Maturity date | Apr. 15, 2026 | |||||
Proceeds from 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 penalty on total loan fund included in loan agreement | 5.00% | |||||
DECD Loan [Member] | Loan Agreement Target Employment Milestone [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Proceeds from loan | 1,000,000 | |||||
DECD Loan [Member] | Loan Agreement Required Revenue Target [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Proceeds from loan | $ 1,000,000 | |||||
Insurance Promissory Notes [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Debt instrument interest rate | 3.74% | |||||
Aggregate principal amount outstanding | $ 519,000 | $ 779,000 | ||||
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 | 73,000 | $ 57,000 | ||||
DECD [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Unamortized debt issuance costs | $ 14,000 |
Commitments And Contingencies_3
Commitments And Contingencies (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Debt Instruments [Abstract] | |||
DECD loan. net of issuance costs | $ 2,869 | $ 2,919 | |
Less: Current portion, net of issuance costs | (223) | $ (201) | (201) |
Total long-term debt, net of issuance costs | $ 2,646 | $ 2,718 | $ 2,718 |
Commitments And Contingencies_4
Commitments And Contingencies (Annual Amounts of Future Minimum Principal Payments Due Under Certain Contractual Obligations) (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Other Commitments [Line Items] | |
Contractual obligation, 2022 | $ 154 |
Contractual obligation, 2023 | 406 |
Contractual obligation, 2024 | 452 |
Contractual obligation, 2025 | 461 |
Contractual obligation, 2026 | 341 |
Contractual obligation, Thereafter | 1,069 |
Total | 2,883 |
DECD Loan [Member] | |
Other Commitments [Line Items] | |
Contractual obligation, 2022 | 154 |
Contractual obligation, 2023 | 406 |
Contractual obligation, 2024 | 452 |
Contractual obligation, 2025 | 461 |
Contractual obligation, 2026 | 341 |
Contractual obligation, Thereafter | 1,069 |
Total | $ 2,883 |
Commitments And Contingencies_5
Commitments And Contingencies (Expense Associated with Operating Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cost Of Revenue [Member] | ||
Operating rent expense | $ 20 | $ 13 |
Variable rent expense | 10 | 7 |
Research And Development [Member] | ||
Operating rent expense | 7 | 9 |
Variable rent expense | 6 | 4 |
Sales And Marketing [Member] | ||
Operating rent expense | 9 | 11 |
Variable rent expense | 9 | 12 |
General And Administrative [Member] | ||
Operating rent expense | 16 | 18 |
Variable rent expense | $ 18 | $ 16 |
Commitments And Contingencies_6
Commitments And Contingencies (Future Lease Payments Related to Operating Leases) (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2022 | $ 73 |
2023 | 106 |
2024 | 116 |
2025 | 123 |
2026 | 64 |
Total Operating Lease Payments | 482 |
Less: Interest | (86) |
Present Value of Lease Liabilities | $ 396 |
Commitments And Contingencies_7
Commitments And Contingencies (Weighted-Average Lease Term and Discount Rate) (Details) | Mar. 31, 2022 |
Leases [Abstract] | |
Weighted-average remaining lease term (in years) | 4 years 2 months 12 days |
Weighted-average discount rate | 9.33% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 08, 2021 | Feb. 04, 2021 | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Net proceeds after deducting underwriting discounts and offering expenses | $ 48,236 | |||||
Offering cost | $ 516 | |||||
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 | 2,589,507 | |||||
Interest rate, maximum | 2.28% | |||||
Interest rate, minimum | 1.38% | |||||
Forfeitures amount | $ 334 | |||||
Maximum [Member] | 2019 Stock Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected lives (years) | 4 years | |||||
Treasury interest rate term | 5 years | |||||
Market close prices | $ 1.08 | |||||
Stock options granted, average exercise price | $ 1.08 | |||||
Minimum [Member] | 2019 Stock Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected lives (years) | 1 year | |||||
Treasury interest rate term | 1 year | |||||
Market close prices | $ 1.04 | |||||
Stock options granted, average exercise price | $ 1.04 | |||||
Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock shares issued | 6,900,000 | |||||
2021 Public Offering [Member] | Restatement Adjustment [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Offering cost | $ (138) | |||||
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 | |||||
Expenses related to stock issuance | $ 516 | |||||
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 | $ 47,720 | |||||
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 | 11,119,308 | |||||
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 | 269,297 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Awards Granted) (Details) - 2019 Stock Incentive Plan [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares | shares | 2,202,579 |
1/28/2022 [Member] | Options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares | shares | 222,000 |
Exercise Price / Share | $ 1.08 |
Fair Value / Share | $ 0.70 |
3/1/2022 [Member] | Options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares | shares | 5,000 |
Exercise Price / Share | $ 1.05 |
Fair Value / Share | $ 0.31 |
3/31/2022 [Member] | Options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares | shares | 1,706,282 |
Exercise Price / Share | $ 1.04 |
Fair Value / Share | $ 0.51 |
3/31/2022 [Member] | Restricted Stock Units (RSUs) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares | shares | 269,297 |
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, 2022 | Mar. 31, 2021 | |
Cost Of Revenue [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 52 | $ 34 |
Research And Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | (4) | 26 |
Sales And Marketing [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 147 | 139 |
General And Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 643 | 290 |
Employee Stock-Based Compensation [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 739 | 385 |
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 | 46 | 31 |
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 | (30) | 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 | 147 | 139 |
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 | $ 576 | $ 190 |
Loss Per Share (Details)
Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Potential Shares of Aspira Common Stock [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 11,388,605 | 10,514,070 |