Aspira Women's Health Inc. reported a net loss of $13.1 million for the fiscal year ending December 31, 2024, a decrease from the $16.7 million loss recorded in 2023. The company's total revenue for 2024 was $9.2 million, slightly up from $9.2 million in the previous year. The cost of product revenue decreased by 5% to $3.7 million, primarily due to reduced consulting costs and lab supplies, although this was partially offset by increased shipping costs. The gross profit for the year was $5.5 million, compared to $5.3 million in 2023.
In terms of operational changes, Aspira's research and development expenses fell by 19% to $3.3 million, attributed mainly to a reduction in employment-related costs and clinical trial expenses. Conversely, sales and marketing expenses rose by 4% to $8.1 million, driven by increased personnel costs and contracted sales team expenses. General and administrative expenses also saw a significant decline of 16%, totaling $10.3 million, due to lower employment-related and consulting costs. The company anticipates further reductions in these expenses in 2025 due to recent personnel changes.
Aspira's customer engagement metrics showed a positive trend, with the number of tests performed expected to grow, which may lead to a slight increase in product costs in 2025. The company has also been active in securing funding, raising approximately $11.1 million through various equity offerings and financing activities in 2024, compared to $5.2 million in 2023. This included a registered direct offering that generated about $5.6 million in gross proceeds. As of December 31, 2024, Aspira had cash and cash equivalents of $1.8 million, down from $2.6 million in 2023.
Looking ahead, Aspira faces significant challenges, including an accumulated deficit of approximately $531.4 million and a working capital deficit of $1.3 million. The company expects to continue incurring net losses and negative cash flows in 2025, necessitating additional capital raises through public or private equity offerings, debt financing, or collaborations. The management has expressed substantial doubt about the company's ability to continue as a going concern without securing further funding. The company is also navigating compliance issues with Nasdaq regarding its stock listing, having received notices related to market value and bid price deficiencies.
About Aspira Women's Health Inc.
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