Aspira Women's Health Inc. · OTC:AWHL
Aspira Women's Health — Investor Presentation (December 2025)
35 slides from Aspira Women's Health's investor presentation, Dec 31, 2025
Slide 1: Investor Presentation
Investor Presentation OTCQX: AWHL
Slide 2: Forward-looking Statements
Forward -looking Statements This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts contained in this presentation, including statements regarding Aspira Women’s Health, Inc.’s (the “Company’s”
Slide 3: Experienced Women's Health Executive Team
Experienced Women’s Health Executive Team Mike Buhle Chief Executive Officer Brian Hungerford Chief Financial Officer Todd Pappas, PhD Chief Scientific Officer, VP of R&D and Lab Operations Michelle Snider SVP, Commercialization and Integration Matt Ramey SVP, Commercial & Corporate Accounts
Slide 4: Pipeline and combined addressable patient population
UNDER DEVELOPMENT PIPELINE PIPELINE COMMERCIALLY AVAILABLE COMMERCIALLY AVAILABLE UNDER DEVELOPMENT 1 200-400K patients proceed to surgery for an adnexal mass annually1 1.5M indeterminant masses annually2-4 Increases TAM 3M by including patients with genetic and familial risk5-8 6.5M women in the US
Slide 5: The Ovarian Cancer Diagnostic Dilemma
57% 31% 6% The Ovarian Cancer Diagnostic Dilemma 1. Momenimovahed Z, Tiznobaik A, Taheri S, Salehiniya H. Ovarian cancer in the world: epidemiology and risk factors. Int J Women's Health. 2019 Apr 30;11:287-299. doi: 10.2147/IJWH.S197604. PMID: 31118829; PMCID: PMC6500433. Presentation Stage 1 Stage
Slide 6: US Annual Statistic for Adnexal Masses
US Annual Statistic for Adnexal Masses 9.1 SURGERIES PER ONE ACTUAL MALIGNANCY IN THE US1 2.9 SURGERIES PER ONE MALIGNANCY – EUROPEAN IOTA STUDY1 U.S. rate of surgery per actual found malignancy is higher than European rate, suggesting that there is room to improve our preoperative assessments UNITE
Slide 7: A Test for Women for Every Adnexal Mass
Biomarkers (including CA-125), menopausal status, and ultrasound for a personalized risk score A Test for Women for Every Adnexal Mass 1. Through September 2025 2. Bristow, R. E., Smith, A., Zhang, Z., Chan, D. W., Crutcher, G., Fung, E. T., & Munroe, D. G. (2013). Ovarian malignancy risk stratifica
Slide 8: Superior Malignancy Risk Detection Compared to CA-125
Superior Malignancy Risk Detection Compared to CA -1251 1. Dunton,C.J.;Hutchcraft, M.L.; Bullock, R.G.; Northrop, L.E.; Ueland, F.R. Salvaging Detection of Early-Stage Ovarian Malignancies When CA125 Is Not Informative. Diagnostics2021,11,1440. https:// doi.org/10.3390/diagnostics11081440 112(1), 40
Slide 9: Competitive Analysis
COPYRIGHT © ASPIRA WOMEN'S HEALTH INC., 2025. ALL RIGHTS RESERVED. Competitive Analysis 54% Sensitivity in African Americans 83% in Caucasians2 ROMA 79% Sensitivity in African Americans 93% in Caucasians1 33% Sensitivity in African Americans ACOG Cutoff 74% in Caucasians CA-125 not validated for non
Slide 10: Surgery Reduction Rates
Surgery Reduction Rates overall reduction in avoidable adnexal mass surgeries reduction of surgical referrals among asymptomatic patients reduction of surgical referrals among premenopausal patients 62% 59% 77% A recent study indicates that using OvaWatch could have led to a potential reduction in:
Slide 11: Product Pipeline
Product Pipeline Ad vancing Wome n’s He alth d iag nostics b y inte g rating AI-p owe re d , multi-omic te chnolog y to e nhance risk asse ssme nt p e rformance and clinical utility
Slide 12: AI Enabled Breakthrough Multi-omic Approach
AI Enabled Breakthrough Multi -omic Approach Proteins miRNAs Metadata Increases performance in heterogeneous disease Multi-variate approach differentiates the disease across many variables Diverse biomarker kinetics support detection and monitoring utilities Analytical features of selected biomarker
Slide 13: MicroRNAs (MiRNA) as Complementary Biomarkers for Non-Invasive Diagnostics
MicroRNAs (MiRNA) as Complementary Biomarkers for Non -Invasive Diagnostics 1. Wang J, et al., J Cell Physiol. 2016 231(1):25-30. Advantages of MiRNA Detectable in all body fluids Stable at room temperature Simple to amplify and detect Current on-market tests use miRNAs for other diseases Can be cor
Slide 14: First-of-its-kind, AI-powered, non-invasive blood test for endometriosis
First-of-its-kind, AI -powered, non -invasive blood test for endometriosis
Slide 15: Solving for a Clinical Dilemma
Symptoms overlap with other conditions Lack of non-invasive diagnostic tools Dysmenorrhea, dyspareunia, infertility 4-11 yrs. from 1st symptoms to surgical diagnosis3 25-50% of women with infertility may have endometriosis2 Surgical procedure, laparoscopy, is required for diagnosis3 Laparoscopy does
Slide 16: Current vs New Patient & Provider Journey
Clinical Goal Delayed Clinical Presentation Ineffective Work -Up and Triaging Current Patient & Provider Journey Trial and Error of Medications Low-Yield Diagnostic and/or Therapeutic Laparoscopy New Patient & Provider Journey Clinical Symptoms (e.g. painful periods, heavy bleeding) Non -Invasive Wo
Slide 17: Total US Addressable Market: Endometriosis
6.3M women in the US are affected with Endometriosis 1 Total US Addressable Market 4.3M unique GYN visits for pelvic pain 2, 3 2M women suffer from infertility that could have endometriosis 4
Slide 18: Protein + miRNAs-based Assay for Diagnosis of Endometriosis
Protein + miRNAs -based Assay for Diagnosis of Endometriosis 4.3M unique GYN visits for pelvic pain 2, 3 2Mwomen suffer from infertility that could have endometriosis 4 High Positive Predictive Value (PPV) to “rule in” Endometriosis Continued robust clinical study providing samples to complete devel
Slide 19: Next-generation ovarian cancer assessment for adnexal mass, germline, and familial risk
First-of-its-kind , AI-powered next-g e ne ration ovarian cance r asse ssme nt for ad ne xal mass, g e rmline , and familial risk.
Slide 20: Next Generation Ova Suite Test With Expanded Indication
No Mass Mass Next Generation Ova Suite Test With Expanded Indication (Germline and Familial Risk) Low Risk Low Risk Route for active surveillance Elevated Risk Elevated Risk Ovarian cancer risk assessment for women with adnexal masses determined by initial clinical assessment as indeterminate or ben
Slide 21: Total US Addressable Market: Ovarian Cancer
Total US Addressable Market Approx. 350,000 have a known gene assoc. with ovarian cancer 7-9 4 million women total 1.5M women a year with Indeterminant Mass 4-6 2.1M women have a first degree relative diagnosed Ovarian Cancer 1-3
Slide 22: Protein + miRNAs-based Assay for Diagnosis of Ovarian Cancer
Protein + miRNAs -based Assay for Diagnosis of Ovarian Cancer 4.3M unique GYN visits for pelvic pain 2, 3 2Mwomen suffer from infertility that could have endometriosis 4 Aspira’s Advantages A promising new AI-enabled blood test to aid in the identification of ovarian cancer in women diagnosed with a
Slide 23: Intellectual Property and Licenses
Intellectual Property and Licenses Patent Portfolio Granted U.S. Patents 18 granted U.S. patents from 13 families, covering detection, risk assessment, diagnosis and analysis of ovarian, endometrial and breast cancers. Pending U.S. Patents 10 pending U.S. patents including endometriosis biomarkers a
Slide 24: Commercial & Financials
Commercial & Financials
Slide 25: Annual Volumes Ova1 and OvaWatch
Annual Volumes Ova1 and OvaWatch 785 New Providers 4,500 22,800 Unique Providers Total Volume by the numbers 2025
Slide 26: New Commercial Strategy
New Commercial Strategy IMPROVED TARGETING EXPENSES AND COLLECTIONS Integrated Delivery Networks Bottom up & top down in large systems. Improved triaging from primary Ob/Gyn to Gyn Oncs. Improved Data Analytics Focused in high-reimbursing markets. Shifting focus from volume growth to revenue growth.
Slide 27: Revenue vs. Commercial Opex and Commercial Salaries & Burden
Revenue vs. Commercial Opex and Commercial Salaries & Burden *Sales & Marketing Expenses includes all selling related departments (Marketing, Sales Management, Inside and Outside Sales and Reimbursement/Managed Markets) and the related burden. **Q4 numbers are projected 0 1000 2000 3000 4000 5000 Q1
Slide 28: Financial Performance Snapshot
Financial Performance Snapshot Balance Sheet as of September 30, 2025 Cash and cash equivalents: Long-term debt 1 $3.8M $1.1M 1. 2.0% interest rate, 2032 maturity Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q
Slide 29: Balance sheet and cap table as of September 30, 2025
Net Working Capital Total Assets Cash and Cash Equivalents Total Stockholder's Deficit $3,809 $1,626 $7,296 ($4,344) Options ( $1.19 WAEP) Common shares outstanding Warrants ($0.98 WAEP) 42,655,918 1,852,045 21,235,745 Diluted Shares Outstanding 65,743,708 Cap Table (as of September 30, 2025) Common
Slide 30: Contact Us
Contact Us investors@aspirawh.com
Slide 31: Appendix
Appendix
Slide 32: OvaSuite Market Access
OvaSuite Market Access 2024 CMS Clinical Lab Fee Schedule for OvaWatch and Ova1Plus Advantage $897 On Fee Schedule in 10 States
Slide 33: References
1. Moore, R. G., McMeekin, D. S., Brown, A. K., DiSilvestro, P., Miller, M. C., Allard, W. J., ... & Skates, S. J. (2009). A novel multiple marker bioassay utilizing HE4 and CA125 for the prediction of ovarian cancer in patients with a pelvic mass. Gynecologic oncology, 112(1), 40-46 2. Ueland, F. R
Slide 34: References
Slide 6 1. In the US, there are 9.1 surgeries per malignancy compared to the European International Ovarian Tumor Analysis center trials, where only 2.3 (oncology centers) and 5.9 (other centers) reported surgeries per malignancy. Slide 13 Victor Ambros and Gary Ruvkun were awarded the 2024 Nobel Pr
Slide 35: References
6. U.S. Census Bureau. (2019). Annual estimates of the resident population: April 1, 2010 to July 1, 2018 (PEPANNRES). Retrieved from https:// www2.census.gov/programs-surveys/popest/tables/2010-2018/state/totals/ PEPANNRES.pdf 7. About 10–15% of ovarian cancers are hereditary. BRCA1/2 carriers face
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