Aspira Women's Health Inc. (AWH): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the real operating engine behind Aspira Women's Health Inc. (AWH)'s push in AI-driven women's diagnostics, and honestly, after twenty years analyzing these plays, the current structure is telling. This isn't just about a test; it's a focused strategy selling non-invasive risk assessment-like OvaWatch with its 99% negative predictive value-directly into large health systems and Integrated Delivery Networks (IDNs). The near-term reality, based on their Q3 2025 figures, shows product revenue hitting about $7.0 million over nine months against total operating expenses of $11.1 million, which means every partnership and every sale from their small field team really counts. Keep reading below to see the full nine building blocks of their Business Model Canvas, detailing exactly how they plan to turn that proprietary bio-analytics IP into consistent, reimbursed revenue.

Aspira Women's Health Inc. (AWH) - Canvas Business Model: Key Partnerships

You're looking at how Aspira Women's Health Inc. builds out its commercial reach and scientific foundation through external alliances. These partnerships are defintely critical for scaling adoption of their OvaSuite^SM diagnostics.

Integrated Delivery Networks (IDNs) for test adoption

Aspira Women's Health Inc. has made a strategic pivot, heavily emphasizing relationships with large scale health care systems and Integrated Delivery Networks (IDNs) starting in the first quarter of 2025. This focus is intended to sharply improve efficiency and operating performance. For example, in the third quarter of 2025, this strategy was highlighted by the implementation of OvaSuite™ in a world-renowned IDN. This IDN is using the test to assist in refining Ovarian cancer risk assessment for O-RADS 4 patients, aiming to identify low-risk patients who do not need further imaging or referral to a gynecologic oncologist, thereby saving critical health system resources and costs.

Dorsata for access to 300+ women's health practices

The partnership with Dorsata, a leading clinical decision-support and provider workflow platform, officially launched its adnexal mass clinical decision support module on June 17, 2025. This move immediately offered Aspira Women's Health Inc. access to over 300+ women's health practices and more than 1.5 Million + new patients. Dorsata's platform already serves over 700+ providers across 20 states. This collaboration represents a 17.5% increase in provider access, adding 700 new providers to Aspira Women's Health Inc.'s reach. The integration is estimated to create approximately 28,000 new opportunities for test implementation annually, based on the estimated 1.2 million ovarian mass cases among US OBGYNs.

Before this integration, Aspira Women's Health Inc. was currently performing approximately 24,000 tests annually with 4,000 active prescribing providers.

Academic medical centers for clinical research and biomarker discovery

Aspira Women's Health Inc. continues to fuel its research and development pipeline through external validation and collaboration. The company has an ongoing Federal Government investment via the ARPA-H Sprint for Women's Health award, totaling $10 million, with a $1.5 million milestone payment received in March 2025. This funding is intended to accelerate the pipeline, which includes developing non-invasive diagnostics for endometriosis and enhancing ovarian cancer tests by combining microRNA and protein biomarkers with patient data.

Commercial and government payers (e.g., UnitedHealthcare, Medicare/Novitas) for reimbursement

Securing favorable payer coverage is essential for adoption. Aspira Women's Health Inc. has seen reimbursement momentum, including expanded Anthem coverage and Medicaid coverage for Ova1Plus® expanding to a total of 27 states as of the latest reported expansion. Furthermore, the 2023 Omnibus Spending Bill directed the Center for Medicare & Medicaid Services (CMS) to cover multi-marker tests for ovarian cancer. Aspira Women's Health Inc. noted in March 2024 that they would not be responsible for providing reimbursement rates until 2025.

The company has also focused on managing patient costs through a Patient Transparency Program, proactively assessing insurance and educating patients on testing costs prior to testing being performed.

Diagnostic laboratories and technology firms (e.g., Illumina, QIAGEN)

Aspira Women's Health Inc. leverages relationships with technology firms for its bio-analytical platform. The company's existing tests, Ova1® and Overa®, use the Roche Cobas 4000, 6000, and 8000 platforms for protein analysis. The strategy for 2025 and beyond includes looking at new in-licensing opportunities and channel partners that enable efficient revenue streams and digital integrations to enhance their portfolio.

Here's a quick look at the reach of the key platform partnership:

The company's focus on platform partnerships is cited as an example of how they expect to drive scalable growth in 2025, 2026, and for numerous years going forward. Total product revenue for the nine months ended September 30, 2025, was relatively flat year-over-year at approximately $6.983 million (Q3 $2.3M + Q2 $2.404M + Q1 $2.279M est. from $4.683M H1 + $2.3M Q3). The company also secured $3.06 million in equity capital in September 2025.

• Focus on large scale health care systems and IDNs as part of the Q1 2025 strategy reset.
• Dorsata partnership live as of June 2, 2025, for clinical workflow tool.
• Medicare coverage expansion directed by the 2023 Omnibus Spending Bill.
• ARPA-H award provides up to $10 million in Federal Government investment.

Aspira Women's Health Inc. (AWH) - Canvas Business Model: Key Activities

You're looking at the core engine of Aspira Women's Health Inc. (AWH) as they push through a strategic reset in late 2025. The key activities are all about refining the science, getting the product into the right hands efficiently, and making sure the economics work through reimbursement. Here's the quick math on what they're actively doing based on the nine months ended September 30, 2025, data.

Developing AI-powered gynecologic disease diagnostics

The development activity is now heavily focused on pipeline advancement while managing costs. Research and development expenses saw a reduction as part of the broader cost-cutting, but the focus remains on enhancing the AI-driven diagnostics.

• Research and development expenses decreased by $0.4 million for the nine months ended September 30, 2025, compared to the prior year period.
• The company is advancing its endometriosis development program, combining microRNA and protein biomarkers with patient data.
• The goal for the ovarian cancer pipeline is to further enhance sensitivity and specificity of current tests using microRNA and protein biomarkers.

Commercializing OvaSuite (Ova1Plus and OvaWatch) to clinicians

Commercialization is undergoing a significant pivot, prioritizing profitable revenue over sheer volume. This is reflected in the sales team structure and pricing strategy.

For the nine months ended September 30, 2025, Aspira Women's Health Inc. generated approximately $4.683 million in total product revenue, a 2.3% increase over the same period in 2024, driven by price increases despite lower volume.

The company is making a conscious shift to incentivize profitable revenue growth, evidenced by a compensation shift starting in the third quarter that incentivizes this over volume growth at any price plan. The third quarter of 2025 saw relatively flat total product revenues at $2.3 million compared to Q3 2024.

Managing a CLIA-certified lab (Aspira Labs) for test processing

Aspira Labs is the central processing hub, as tests like OvaWatch and Ova1Plus can only be performed there, even if collected elsewhere. This activity is tied directly to revenue generation and billing.

• Aspira Women's Health Inc. announced winning a Laboratory Service Contract with the University of Texas Medical Branch at Galveston on October 29, 2025.
• The self-pay rate for uninsured patients, or the responsibility for non-covered services, is generally set at $295 per test.
• The CLIA lab operation supports the billing function, where Aspira Labs, Inc. bills the insurance plan directly.

Securing and maintaining payer coverage and reimbursement

Reimbursement stability is crucial for the business model, especially after the company's delisting from Nasdaq in April 2025. The focus is on maximizing in-network coverage.

For Medicare patients meeting coverage requirements, the reimbursement rate for OvaWatch and Ova1 tests was set at $897, effective January 1, 2024. This rate is a key component of the revenue stream for that segment.

The gross margin improved to 64.1% for the nine months ended September 30, 2025, up from 58.4% in the same period in 2024, partly due to favorable adjustments to collection accruals and stronger profitability from the OvaWatch product line.

Focusing sales efforts on large-scale health systems/IDNs

The commercial model has been aggressively streamlined to focus on efficiency through large system integration, which is a major operational shift.

This focus is highlighted by a significant reduction in the field sales team size. The specialist field sales team delivered Q2 2025 results with only 7 full-time equivalent (FTE) representatives, compared to 19 FTEs in the same period of 2024.

This lean team achieved a 94% increase in sales per FTE for the first quarter of 2025 compared to Q1 2024.

The strategy emphasizes relationships with leading large-scale health care systems and Integrated Delivery Networks (IDNs). This was demonstrated in the third quarter of 2025 with the implementation of OvaSuite in a world-renowned IDN to refine O-RADS 4 patient risk assessment.

Total operating expenses for the nine months ended September 30, 2025, decreased by $5.7 million, or 34.0%, compared to the prior year, with selling expenses being a primary driver of this reduction, decreasing by $3.7 million.

Aspira Women's Health Inc. (AWH) - Canvas Business Model: Key Resources

You're looking at the core assets Aspira Women's Health Inc. (AWH) relies on to execute its strategy as of late 2025. These aren't just items on a balance sheet; they are the engine for their specialized diagnostics.

Proprietary AI-enhanced bio-analytics and algorithms

The foundation of Aspira Women's Health Inc.'s current and future value rests heavily on its intellectual property, specifically its AI-enhanced bio-analytics capabilities. This technology underpins their existing commercial tests and is central to their pipeline development.

• The company is aggressively working on the R&D timeline for ENDOInform™.
• Management expected to provide material updates on the ENDOInform™ project by the end of 2025.
• The associated $10 million ARPA-H contract for ENDOInform development was terminated following failure to meet Milestone 3 specifications.

FDA-cleared diagnostic tests (Ova1, Overa) and LDTs (OvaWatch)

The commercial portfolio is anchored by FDA-cleared tests and the Laboratory Developed Test (LDT), which are seeing pricing power despite volume shifts. These tests are marketed collectively as OvaSuite^SM.

Here are the pricing dynamics observed through the second quarter of 2025:

For the nine months ending September 30, 2025, the Average Unit Price (AUP) across the portfolio reached $408 per test. Still, the volume story is mixed; the total OvaSuite test volume decreased by 7.3% for the six months ending June 30, 2025, and declined by 6% (from 18,301 to 17,134 tests) for the nine months ending September 30, 2025.

CLIA-certified laboratory infrastructure (Aspira Labs)

While specific lab capacity numbers aren't public, operational efficiency metrics reflect the management of the testing infrastructure. The focus in 2025 has been on driving down costs associated with operations.

• Gross margins for the first half of 2025 (H1 2025) improved to 66.1%, up from 57.6% in H1 2024.
• Gross profit margin for the nine months ending September 30, 2025, was reported at 64.1%.
• Total operating expenses for H1 2025 were cut by 31% to $8.1 million.

The company managed a dramatic 41% reduction in its operating cash burn for the first six months of 2025.

Intellectual property and a biobank of specimens for R&D

The IP portfolio includes the foundation for Ova1^® and Overa^®, which together form the Ova1Plus^® reflex process. This IP base is what the R&D efforts, like the paused ENDOInform™ program, build upon. The company has over 10 years of experience in ovarian cancer risk assessment informing this IP.

Small, high-productivity specialist field sales team (7 FTEs in Q2 2025)

The sales force is a lean, high-leverage resource following a strategic pivot toward large healthcare systems and Integrated Delivery Networks (IDNs). This is where the productivity gains are most apparent.

The team size itself is a stark resource metric:

Selling expenses were reduced by $2.3 million in H1 2025, reflecting the leaner team structure. Finance: draft 13-week cash view by Friday.

Aspira Women's Health Inc. (AWH) - Canvas Business Model: Value Propositions

The core value proposition of Aspira Women's Health Inc. (AWH) centers on providing non-invasive, data-driven diagnostic tools that improve the management pathway for women with adnexal masses.

Non-invasive, blood-based ovarian cancer risk assessment

Aspira Women's Health Inc. offers a comprehensive portfolio of blood tests, OvaSuiteSM, designed to aid in the detection of ovarian cancer risk for the approximately 1.2 million American women diagnosed with an adnexal mass each year. The company reported total product revenues of $2.3 million for the third quarter of 2025, with gross margins reaching 64.1% for the nine months ended September 30, 2025.

OvaWatch: 99% negative predictive value for indeterminate masses

OvaWatch℠ is positioned for women where an initial clinical assessment indicates the mass is indeterminate or benign, supporting decisions where surgery may be premature or unnecessary. The test provides a negative predictive value of 99%.

Ova1Plus: Pre-surgical assessment of malignancy risk for adnexal masses

Ova1Plus® is a proprietary reflex process combining two FDA-cleared tests, Ova1® and Overa®, specifically for patients with adnexal masses that are planned for surgery. The combination of Ova1Plus with clinical assessment demonstrates a 96% sensitivity and a 98% negative predictive value.

The comparative performance against the standard CA-125 marker highlights the precision of Ova1Plus:

Improved patient outcomes through early, precise risk stratification

The value here is in refining the management plan before an invasive procedure. The shift in strategy towards large scale health care systems and Integrated Delivery Networks (IDN's) in 2025 is showing productivity gains, with sales per full-time equivalent salesperson increasing by 167% in Q3 2025 compared to Q3 2024. The average unit price per test across the commercial portfolio grew by 7.0% year-over-year in Q3 2025.

Key clinical differentiators include:

• Ova1Plus detects 59% more ovarian cancer risks missed by CA-125 alone.
• Ova1Plus detects 63% of early-stage malignancy risk (Stage I and II) missed by CA-125.
• OvaWatch provides a 99% negative predictive value.

Cost savings for health systems by reducing unnecessary specialist referrals

Precise risk stratification directly translates to resource optimization within health systems. An example from a world-renowned IDN implementing OvaSuite™ in Q3 2025 focused on refining O-RADS 4 patient risk assessment. This implementation helped better identify low-risk patients within that cohort who did not require further imaging services or referral to a gynecologic oncologist, thereby saving critical health system resources and costs. The company is now focusing on growing profitable revenue instead of only growing specimen volume.

Aspira Women's Health Inc. (AWH) - Canvas Business Model: Customer Relationships

Dedicated assistance and clinical support for IDN integration is a core focus following the Q1 2025 strategy reset. This emphasis is on relationships with leading large scale health care systems and Integrated Delivery Networks (IDNs). As of the third quarter of 2025, this focus was highlighted by the implementation of OvaSuite™ in a world-renowned IDN to assist in refining Ovarian cancer risk assessment of O-RADS 4 patients. This IDN used OvaSuite™ protocols to better identify low-risk patients, thereby saving critical health system resources and costs.

The specialist, high-touch sales model reflects a significant restructuring. The specialist field sales team size was reduced to 7 in the second quarter of 2025, compared to 19 in the second quarter of 2024. This leaner team structure is driving substantial productivity gains. Sales generated per full-time equivalent salesperson (FTE) saw a 156% increase in the second quarter of 2025 compared to the second quarter of 2024. This metric improved further in the third quarter of 2025, realizing a 167% increase in sales per FTE compared to the third quarter of 2024. Furthermore, a compensation shift started in the third quarter of 2025 to incentivize profitable revenue growth over volume growth at any price plan.

Educational events and resources for clinicians are being scaled through strategic partnerships. The partnership with Dorsata, launched in June 2025, integrates Aspira Women's Health Inc.'s OvaSuite tests into Dorsata's platform. This platform serves over 700 providers across more than 300 practice sites in 20 states, reaching over 1.5 million patients. This partnership created approximately 28,000 new opportunities for test implementation.

Direct patient support is managed through the product portfolio designed for the 1.2+ million American women diagnosed with an adnexal mass each year. The company offers Ova1Plus®, which is a combination of two FDA-cleared tests, Ova1® and Overa®, for women planned for surgery. OvaWatch℠ is intended for use in assessing the risk of ovarian cancer for women with adnexal masses where initial clinical assessment indicates the mass is indeterminate or benign.

Here's a quick look at the sales force efficiency metrics as of late 2025:

The reach through the Dorsata partnership as of mid-2025 includes:

• Providers served: Over 700
• Practice sites reached: Over 300
• States covered: 20
• Patients reached: Over 1.5 million
• New test implementation opportunities created: 28,000

The company is focused on delivering products that allow healthcare providers to stratify risk, facilitate early detection, and optimize treatment plans.

Aspira Women's Health Inc. (AWH) - Canvas Business Model: Channels

You're looking at how Aspira Women's Health Inc. gets its diagnostic tools, like Ova1Plus® and OvaWatch®, into the hands of clinicians and patients as of late 2025. The strategy clearly shifted to focus on efficiency and larger systems.

Specialist field sales team targeting physicians and IDNs

The direct sales channel saw a significant restructuring. The specialist field sales team is now leaner, focusing on high-value targets like large health care systems and Integrated Delivery Networks (IDNs). This change reflects a strategic pivot away from pure volume.

Here's a look at the team size and productivity metrics:

This smaller team delivered results, though the overall OvaSuite test volume saw a dip, which management attributed to this strategic reset.

Direct sample submission to Aspira Labs, Inc.

Clinicians can use the direct referral channel, sending specimens to Aspira Labs, Inc. for processing. Aspira Labs, Inc. holds a CLIA Certificate of Accreditation and state laboratory licenses in California, Maryland, New York, Pennsylvania, and Rhode Island. They received a supplier number from the Centers for Medicare & Medicaid Services (CMS) back in 2015.

Test volume data shows the direct lab channel's recent activity:

• OvaSuite tests performed decreased 5% for the three months ended September 30, 2025.
• Volume was 5,727 tests for the three months ended September 30, 2025.
• Volume was 6,001 product tests for the same period in 2024.
• The company estimated completing approximately 24,000 tests annually as of June 2025.

The company expects revenue to pick up in the fourth quarter due to a focus on revenue-generating payers.

Aspira Synergy platform for decentralized testing access

The Aspira Synergy platform is a key channel for decentralized testing access, allowing marketing of OvaSuite tests to laboratories. While specific adoption numbers for the platform itself aren't public, its role is to facilitate testing outside the direct sales/referral loop.

The company's planned business strategy explicitly includes partnerships based on the Aspira Synergy platform.

Strategic partnerships with healthcare practice networks (e.g., Dorsata)

Strategic partnerships are a major focus for accelerated adoption, exemplified by the collaboration with Dorsata. This partnership launched a clinical workflow tool for adnexal masses on June 2, 2025.

The reach through this specific partnership is substantial:

This partnership added a 17.5% boost to the total provider access pool at that time. It's a clear example of how Aspira Women's Health Inc. is using integrated software to drive channel efficiency.

Aspira Women's Health Inc. (AWH) - Canvas Business Model: Customer Segments

You're trying to map out exactly who Aspira Women's Health Inc. (AWH) is selling its OvaSuite diagnostics to as of late 2025. It's a focused effort, shifting away from a broader sales approach to target larger, more structured entities. Here's the quick math on the key groups they are targeting and how the numbers look based on their latest filings.

Gynecologists and gynecologic oncologists (primary prescribers)

These are the frontline clinicians who order the tests-OvaWatch and Ova1Plus-to manage patients presenting with adnexal masses. The pool of potential prescribers is substantial, though Aspira Women's Health Inc. is clearly streamlining its engagement efforts.

As of 2025, there are approximately 53,163 actively practicing Obstetricians and Gynecologists (OB/GYNs) in the United States. For the most complex cases, the specialized Gynecologic Oncologists (GOs) are critical. As of October 2025, the total number of oncologists tracked in the U.S. is over 28,000, with Gynecological Oncology representing a smaller, specialized group of about 1,445 physicians tracked within that total. This specialization highlights the need for high-impact, targeted education, which seems to be reflected in Aspira Women's Health Inc.'s reduced but seemingly more productive sales force.

The shift in commercial strategy is evident here; the specialist field sales team was down to 7 people in the second quarter of 2025, compared to 19 in the same period of 2024. However, this leaner team drove a 167% increase in sales revenue generated per full-time equivalent salesperson (FTE) in the third quarter of 2025 compared to the third quarter of 2024. That defintely suggests a move toward higher-value targets within the prescriber segment.

Women with adnexal masses (over 1.2 million US women annually)

This is the ultimate patient population that drives demand for OvaSuite. Aspira Women's Health Inc. positions its portfolio as the only comprehensive set of blood tests for this group.

The total addressable market is consistently cited as the 1.2+ million American women diagnosed with an adnexal mass each year. This is the raw volume that underpins the entire business case. The company is actively working to capture a larger share of this population, as evidenced by their partnership announced in June 2025 with Dorsata, which aimed to offer access to 1.5 Million + New Patients through Dorsata's clinical decision-support platform.

Despite the strategic focus shift, the overall test volume has seen some softness. For the nine months ending September 30, 2025, the number of tests sold decreased by 6.4% year-over-year, even as the average unit price (AUP) grew by 7.0% in the third quarter of 2025.

Large-scale health care systems and Integrated Delivery Networks (IDNs)

This segment represents the strategic pivot for Aspira Women's Health Inc. in 2025. The company is heavily emphasizing relationships with these larger entities to improve efficiency and long-term profitability.

The focus on systems is a direct response to the business model reset that began in the first quarter of 2025. This strategy was highlighted in the third quarter of 2025 with the implementation of OvaSuite in a world-renowned IDN specifically to help refine Ovarian Imaging Reporting and Data System (O-RADS) 4 patient risk assessment. Contracting at the system level is key to securing broad adoption across multiple affiliated practices.

Commercial insurance companies and government payers (Medicare)

Payer coverage dictates patient access and, ultimately, revenue realization. Aspira Women's Health Inc. works with payers to ensure their tests are covered, minimizing out-of-pocket costs for patients.

While specific 2025 coverage numbers aren't fully detailed, prior progress indicates the importance of this segment. In 2024, new Anthem contracts were reported to potentially add up to 16 million covered lives, and Medicaid coverage expanded to include fee schedules in nine states. For Medicare, reimbursement rates for MAAA (Multianalyte Assays with Algorithmic Analyses) CPT codes were extended through 2024, with the next evaluation scheduled for 2025.

The financial results show the commercial portfolio's AUP grew 11% year-over-year for Ova1Plus and 16% for OvaWatch in the second quarter of 2025, suggesting successful pricing power, likely supported by payer wins.

To keep track of where the revenue is coming from relative to the market size, here's a snapshot of the key figures we're tracking for late 2025:

You should keep an eye on the test volume trend. While AUP is up, the number of tests sold for the first nine months of 2025 was down 7.3% compared to the first nine months of 2024. That volume dip, alongside the sales team reduction, confirms the transitional nature of their current commercial model.

Finance: draft 13-week cash view by Friday.

Aspira Women's Health Inc. (AWH) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Aspira Women's Health Inc. (AWH) business model as of late 2025. Management has clearly been focused on aggressive cost containment, which shows up significantly in the year-to-date figures.

The total operating expenses for the nine months ended September 30, 2025, landed at $11.1 million. This is a substantial reduction from the $16.8 million reported for the same nine-month period last year, representing a 34.0% decrease overall. This drop is the result of targeted cuts across the board, which is exactly what you want to see when a company is resetting its commercial strategy.

Here is how the major operating expense categories shifted for the nine months ended September 30, 2025, compared to the prior year:

• Selling expenses saw a significant reduction of $3.7 million.
• General and administrative (G&A) costs were down by $1.7 million.
• Research and development (R&D) expenses were reduced by $0.4 million.

The primary driver for these reductions was headcount reductions and other cost containment measures across the organization.

When we look at the Cost of Revenue (COGS) for lab operations and materials, we can derive the total cost based on reported revenue and gross profit for the nine months ended September 30, 2025. With nine-month revenue at approximately $6.99 million and gross profit at approximately $4.5 million, the total Cost of Revenue for the nine months was approximately $2.49 million ($6.99 million minus $4.5 million). For the three months ended September 30, 2025, the Cost of product revenue was explicitly reported as $922,000.

The efficiency gains are also reflected in the gross margin performance. Gross margins for the nine months ended September 30, 2025, improved to 64.1%, up from 58.4% in the same period last year, with gross profit reaching approximately $4.5 million.

To give you a clearer picture of the expense components and their relative scale for the nine months ended September 30, 2025, based on the reported decreases:

G&A costs include personnel-related expenses, professional fees, and other infrastructure costs, such as legal, finance, and accounting expenses, which would encompass regulatory compliance costs.

Finance: review Q4 2025 expense run-rate against the nine-month annualized run rate by Tuesday.

Aspira Women's Health Inc. (AWH) - Canvas Business Model: Revenue Streams

The revenue streams for Aspira Women's Health Inc. are primarily derived from product sales of their diagnostic tests, supplemented by capital infusions from equity financing activities.

Product revenue is generated from the commercial portfolio, which includes non-invasive Ovarian cancer risk assessment diagnostics marketed as Ova1Plus and OvaWatch, together offered as OvaSuite.

The company has been strategically shifting focus towards growing profitable revenue, which includes efforts to maximize revenue realized from specimens performed by the lab, involving evaluation of payer contracts and billing practices.

Here are the key financial metrics related to revenue streams as of late 2025:

Capital raises represent a distinct, non-operational revenue stream used to support commercial activities and working capital. In September 2025, Aspira Women's Health Inc. secured significant funding:

• Private Investment in Public Equity (PIPE) amount: $2.95 million.
• Unsolicited warrant exercise proceeds: $112 thousand.
• Total equity capital infusion announced: $3.06 million.

The reimbursement component is tied directly to the product revenue stream, driven by payer contracts and coverage decisions, such as the Novitas Local Coverage Determination (LCD) for Medicare, which supports the utilization of their tests.

The company's focus on growing profitable revenue is highlighted by the change in the commercial model, emphasizing relationships with large scale health care systems and Integrated Delivery Networks (IDN's).

The product revenue for the third quarter of 2025 was relatively flat compared to the prior year's third quarter, which was $2.26 million, despite a significant reset in business model and market strategies beginning in the first quarter of 2025.