aibioAspira Women's Health takes $1,050,000 secured subordinated loan
Tickers AWHL
Aspira Women's Health signed a $1,050,000 secured subordinated note with Agile Lending, LLC as lead lender. The note matures January 26, 2027, and the company will use it to refinance an earlier January loan.
Key facts
- Company
- Aspira Women's Health Inc. (OTC: AWHL)
- News type
- Debt Financing
- Primary source
- SEC filing (Form 8-K)
Aspira Women's Health Inc. entered into a Subordinated Business Loan and Security Agreement on July 6, 2026 with Agile Lending, LLC, as lead lender, and Agile Capital Funding, LLC, as collateral agent. The agreement is dated as of July 1, 2026, according to the company's Form 8-K. The lenders agreed to make a secured term loan to the company and certain subsidiary co-borrowers. The 8-K, dated July 15, 2026 and signed by Chief Financial Officer John Strahley, says the note was issued in the principal amount of $1,050,000. The filing names no placement agent or financial advisor.
Terms of the loan
The note is a Subordinated Secured Promissory Note. It will include interest charges of $441,000 if all payments are made on time, and it matures on January 26, 2027. The note is expressly subordinated in right of payment to all senior indebtedness.
The company and its co-borrowers granted a continuing security interest in substantially all of their personal property, including goods, accounts, equipment, inventory, general intangibles and intellectual property, subject to customary exclusions. The collateral agent may file a financing statement only after an event of default. Events of default include payment defaults, certain covenant defaults, material adverse changes, certain liens, judgments and insolvency events. After a default, the lenders may accelerate the debt and repossess collateral.
The company will use the proceeds to refinance its debt related to a loan it received in January, and for general corporate purposes. The agreement includes customary affirmative and negative covenants, including restrictions on affiliate transactions. Certain financial covenant requirements were waived. The agreement is governed by Virginia law, with exclusive jurisdiction in Virginia courts.
The company's position
The 10-K filed April 1, 2026 says the company's current capital resources are not sufficient to fund its operations for the remainder of 2026. It says the company has been pursuing strategic alternatives and seeking to raise additional capital. Those statements are the company's own.
The company's shares moved from the Nasdaq to OTC markets in April 2025, after a Nasdaq Hearings Panel determined to delist them under Nasdaq Listing Rule 5550(b)(1). The 10-K says the common stock now trades on the OTC QX Best Market under the symbol AWHL.
The 10-K also says the U.S. Advanced Research Projects Agency for Health terminated its ENDOinform contract in June 2025, because the company did not meet the specifications of the third milestone. The company had received $2,000,000 in the fourth quarter of 2024 and $1,500,000 in the first quarter of 2025 under that contract. The 10-K says the loss of that funding removes a planned source of support for development and may delay the timeline to commercialize ENDOinform unless the award is reinstated or alternative financing is secured.
Revenue, losses and cash
The company's 10-K reports revenue of $343,000 for 2025, up from $4,000 for 2024. It reports a net loss of $12.8 million for 2025, against $13.1 million for 2024. Research and development expense was $2.9 million in 2025 and $3.3 million in 2024. Cash used in operations was $7.0 million in 2025, down from $12.1 million in 2024.
Cash and cash equivalents were $1.8 million at the end of 2024. The 8-K gives no cash balance, so the loan cannot be set against the company's cash at the time.
Earlier financing
The 10-K describes a March 2025 private placement of senior secured convertible promissory notes totaling about $1,365,000 with existing shareholders. The company exercised an option to convert all of those notes into units consisting of one share of common stock and warrants. A September 2025 amendment added amended warrants, with a fixed exercise price.
What comes next
The note matures on January 26, 2027, and the interest charges of $441,000 apply if payments are made on time. The 10-K says current capital resources are not sufficient to fund operations for the rest of 2026.