AWHL DEF 14A
Aspira Women's Health Inc. (AWHL)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No. )
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| ☐ | Preliminary Proxy Statement |
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☒ | Definitive Proxy Statement |
| ☐ | Definitive Additional Materials |
| ☐ | Soliciting Material under §240.14a-12 |
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| ☒ | No fee required. |
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| ☐ | Fee paid previously with preliminary materials. |
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| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
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ASPIRA WOMEN’S HEALTH INC.
12117 Bee Caves Road, Building III, Suite 100
Austin, Texas 78738
(512) 519-0410
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON JUNE 17, 2026
Dear Stockholder:
NOTICE IS HEREBY GIVEN that the 2026 Annual Meeting of Stockholders (the “Annual Meeting”) of Aspira Women’s Health Inc., a Delaware corporation (the “Company”), will be held on Wednesday, June 17, 2026 at 8:00 a.m. (Central Time) at the offices of Winston & Strawn LLP, 800 Capitol Street, Suite 2400 Houston, TX 77002.
The Annual Meeting will be held for the following purposes:
| 1. | To elect as directors the six nominees named in the proxy statement to serve for a one-year term expiring at the 2027 annual meeting of stockholders and until their successors are elected and qualified (Proposal 1); |
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| 2. | To hold an advisory vote to approve the compensation of the Company’s Named Executive Officers as disclosed in the proxy statement (Proposal 2); |
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| 3. | To approve an amendment to the Aspira Women’s Health Inc. 2019 Stock Incentive Plan (the “2019 Plan”) (Proposal 3); |
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| 4. | To ratify the selection of BDO USA, P.C. as the Company’s independent registered public accounting firm for the year ending December 31, 2026 (Proposal 4); and |
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| 5. | To transact such other business as properly may be brought before the Annual Meeting or any adjournment or postponement thereof. |
The foregoing items of business are more fully described in the proxy statement accompanying this Notice.
The Board of Directors of the Company has fixed the close of business on April 20, 2026 as the record date for determining the stockholders entitled to receive notice of, and to vote at, the Annual Meeting or any adjournment or postponement thereof. A complete list of the stockholders entitled to vote at the Annual Meeting, as well as during the ten days prior to the Annual Meeting, will be available for examination by any stockholder for any purpose germane to the Annual Meeting during the Annual Meeting or by contacting the Corporate Secretary at (512) 519-0410 in order to arrange a viewing of the list during ordinary business hours, at our principal place of business, during the period of ten days prior to the Annual Meeting.
If You Plan to Attend
Please note that space limitations make it necessary to limit attendance of the Annual Meeting to our stockholders. Registration and seating will begin at 7:30 a.m. Shares of common stock can be voted at the Annual Meeting only if the holder thereof is present in person or by valid proxy.
For admission to the Annual Meeting, each stockholder may be asked to present valid picture identification, such as a driver’s license or passport, and proof of stock ownership as of the record date, such as the enclosed proxy card or a brokerage statement reflecting stock ownership. Cameras, recording devices and other electronic devices
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will not be permitted at the Annual Meeting. If you do not plan on attending the Annual Meeting, please vote, date and sign the proxy card and return it. Even if you do plan to attend the Annual Meeting, we recommend that you vote your shares at your earliest convenience in order to ensure your representation at the Annual Meeting. Your vote is very important.
YOUR VOTE IS IMPORTANT. IN ORDER TO ENSURE YOUR REPRESENTATION AT THE ANNUAL MEETING, YOU ARE URGED TO VOTE BY INTERNET OR TELEPHONE TODAY OR REQUEST A PROXY CARD TO SIGN, DATE AND RETURN BY MAIL AS SOON AS POSSIBLE.
All stockholders are cordially invited to attend the Annual Meeting. Even if you plan to attend the Annual Meeting, you are urged to vote by Internet, telephone or request a proxy card to sign, date and return by mail in order to ensure your representation at the Annual Meeting. Any stockholder attending the Annual Meeting may change his or her vote and vote online even if that stockholder has voted previously.
Austin, Texas April 24, 2026 | By Order of the Board of Directors |
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| /s/ John Fraser |
| John Fraser Chairperson of the Board |
Important Notice Regarding the Availability of Proxy Materials for the Stockholder Meeting to be held on June 17, 2026
The proxy statement and the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 will be available at www.aspirawh.com or www.proxyvote.com.
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TABLE OF CONTENTS
ASPIRA WOMEN’S HEALTH INC.
12117 Bee Caves Road, Building III, Suite 100
Austin, Texas 78738
PROXY STATEMENT
Annual Meeting of Stockholders to be Held on June 17, 2026
INFORMATION ABOUT THE ANNUAL MEETING AND VOTING
General
This proxy statement is being furnished in connection with the solicitation of proxies by the Board of Directors (the “Board”) of Aspira Women’s Health Inc., a Delaware corporation (“Aspira,” the “Company,” “we,” “us” or “our”), for use at our 2026 annual meeting of stockholders (the “Annual Meeting”) to be held on Wednesday, June 17, 2026 at 8 a.m. (Central Time) at the offices of Winston & Strawn LLP, 800 Capitol Street, Suite 2400 Houston, TX 77002. Our principal executive offices are located at 12117 Bee Caves Road, Building III, Suite 100, Austin, Texas 78738, and our telephone number is (512) 519-0410.
Whether or not you expect to attend the Annual Meeting in person, we urge you to vote your shares at your earliest convenience. This will ensure the presence of a quorum at the Annual Meeting. Promptly voting your shares will save the Company the expenses and extra work of additional solicitation. Submitting your proxy now will not prevent you from voting your shares at the Annual Meeting if you desire to do so, as your proxy is revocable at your option. Your vote is important, so please act today!
Electronic Delivery of Proxy Materials
In accordance with U.S. Securities and Exchange Commission (the “SEC”) rules and regulations, instead of mailing a printed copy of our proxy materials to each stockholder of record or beneficial owner, this year we will furnish proxy materials, which include this proxy statement and the accompanying proxy card, Notice of the Annual Meeting and our Annual Report on Form 10-K for the year ended December 31, 2025, to our stockholders over the Internet unless otherwise instructed by the stockholder. If you received a Notice of Internet Availability of Proxy Materials by mail and would like to receive a printed copy of our proxy materials, you should follow the instructions for requesting such materials included in the Notice of Internet Availability of Proxy Materials. The Notice of Internet Availability of Proxy Materials will first be mailed to stockholders on or about May 8, 2026.
Record Date; Outstanding Shares
Only stockholders of record at the close of business on April 20, 2026 (the “Record Date”) are entitled to notice of and to vote at the Annual Meeting. At the close of business on the Record Date, there were 43,500,411 shares of our common stock issued and outstanding and entitled to vote.
Stockholder of Record: Shares of Common Stock Registered in Your Name
If on April 20, 2026, your shares of common stock were registered directly in your name with our transfer agent, Broadridge Corporate Issuer Solutions, Inc., then you are a stockholder of record. As a stockholder of record, you may vote online or vote by proxy. Whether or not you plan to attend the Annual Meeting, we urge you to vote by proxy over telephone, through the internet or, if you receive a printed proxy card, by mail, by completing, dating and signing the proxy card and promptly mailing it to ensure your vote is counted.
Beneficial Owner: Shares of Common Stock Registered in the Name of a Broker or Bank
If on April 20, 2026, your shares of common stock were held, not in your name, but rather in an account at a brokerage firm, bank, dealer or other similar organization, then you are the beneficial owner of shares held in “street
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name” and the Notice is being forwarded to you by that organization. The organization holding your account is considered to be the stockholder of record for purposes of voting at the Annual Meeting. As a beneficial owner, you have the right to direct your broker or other agent regarding how to vote the shares in your account. You are also invited to attend the Annual Meeting. You will receive instructions from the brokerage firm, bank, dealer or other organization that holds your shares, which you must follow in order for your shares to be voted.
Revocability of Proxies
Any proxy given by a stockholder of record pursuant to this solicitation may be revoked by the person giving it at any time before its use by delivering to us at our principal executive offices (12117 Bee Caves Road, Building III, Suite 100, Austin, Texas 78738, Attention: Investor Relations) either a written notice of revocation, properly submitting a duly executed proxy (via the Internet, telephone, or by returning a proxy card) bearing a later date, or by attending the Annual Meeting and voting. Attendance at the Annual Meeting will not, by itself, revoke a proxy. For shares held in street name by beneficial owners, you will need to follow the directions provided to you by your broker, bank, trustee, or other nominee that holds your shares to change your vote.
Solicitation of Proxies
This solicitation of proxies is made by us and all related costs will be borne by us. In addition, we will reimburse brokerage firms and other persons representing beneficial owners of shares for their expenses in forwarding solicitation material to such beneficial owners. Proxies may also be solicited by certain of our directors, officers and employees, without additional compensation, personally or by electronic or regular mail, telephone or facsimile.
Voting
Each share of common stock outstanding on the Record Date is entitled to one vote for each director to be elected and one vote on each other matter to be voted on. Stockholders do not have cumulative voting rights.
Voting in Advance of the Annual Meeting
Stockholders of record may vote their shares in advance of the Annual Meeting by Internet, telephone or, if you received printed proxy materials, by mail.
By Internet: You may vote your shares by Internet as instructed on the Notice of Internet Availability of Proxy Materials. The Internet procedures are designed to authenticate your identity, to allow you to vote your shares, and confirm that your instructions have been properly recorded.
By Telephone: You may vote your shares by telephone as instructed on the Notice of Internet Availability of Proxy Materials.
By Mail: If you request paper proxy cards by telephone, email or Internet, you may elect to vote by mail. If you elect to do so, you should sign and date each proxy card you receive. When a proxy card is properly dated, executed and returned, the shares represented by such proxy card will be voted at the Annual Meeting in accordance with the instructions of the stockholder as set forth on the proxy card. If no specific instructions are given, the shares will be voted in accordance with the Board’s recommendation, as follows:
| ● | “FOR” the election of each director nominee named herein (Proposal 1); |
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| ● | “FOR” the approval of the compensation of our Named Executive Officers (Proposal 2); |
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| ● | “FOR” the approval of the amendment to the 2019 Plan (Proposal 3); |
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| ● | “FOR” the ratification of the selection of BDO USA, P.C. as our independent registered public accounting firm for the year ending December 31, 2026 (Proposal 4). |
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In addition, shares will be voted at the discretion of the individuals designated as proxies on the proxy card on such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof.
If you are a beneficial owner of shares in “street name”, you should have received proxy card containing voting instructions from that organization rather than from us. You must follow these instructions for your bank, broker or other stockholder of record to vote your shares per your instructions.
Voting During the Annual Meeting
If you are a stockholder of record, you may vote by attending the Annual Meeting in person and handing in your proxy card. Otherwise, stockholders who hold their shares in street name must contact the broker, bank or nominee that holds their shares (preferably at least five days before the Annual Meeting) for instructions on how to participate and vote during the Annual Meeting.
Quorum; Required Votes; Abstentions; Broker Non-Votes
Quorum
Holders of one-third (1/3) of the shares of the outstanding common stock entitled to vote at the Annual Meeting, must be present, in person or represented by proxy, at the Annual Meeting in order to have the required quorum for the transaction of business. If the shares present, in person or represented by proxy, at the Annual Meeting do not constitute the required quorum, the meeting may be adjourned to a subsequent date by any officer entitled to preside at or to act as secretary of such meeting regardless of the presence of a quorum. Stockholders attending the Annual Meeting via webcast are deemed to be present “in person.” When shares are properly voted in accordance with the procedures above, such shares are counted in determining whether a quorum exists, even if the shares are voted “ABSTAIN.” Broker non-votes (as defined below) are also counted for purposes of determining a quorum.
Required Votes
The proposal to elect directors (Proposal 1) in an uncontested election requires the affirmative vote of a majority of the votes properly cast (meaning the number of shares voted “for” a nominee must exceed the number of shares voted “against” such nominee) with “abstentions” and “broker non-votes” not counted as a vote cast either “for” or “against” such nominee’s election.
The proposals to approve the compensation of our Named Executive Officers (Proposal 2), to approve the amendment to the 2019 Plan (Proposal 3), and to ratify the selection of BDO USA, P.C. as our independent registered public accounting firm (Proposal 4) each require the affirmative vote of a majority of the votes properly cast for such matter (i.e., if the number of votes properly cast “for” such matter exceeds the number of votes properly cast “against” such matter) with “abstentions” and “broker non-votes” not counted as a vote cast either “for” or “against” such matter.
Abstentions
Shares voted “ABSTAIN” from the proposals to elect directors (Proposal 1), to approve the compensation of our Named Executive Officers (Proposal 2), to approve the amendment to the 2019 Plan (Proposal 3) , and to ratify the selection of BDO USA, P.C. as our independent registered public accounting firm (Proposal 4) will have no effect on the outcome of the votes.
Broker Non-Votes
If a stockholder is the beneficial owner of shares held in “street name” through a broker, bank or nominee, the broker, bank or nominee is required to vote your shares in accordance with your instructions. You should direct any such organization on how to vote the shares held in your account. Under applicable stock exchange rules, the broker, bank or nominee is not permitted to vote on the stockholder’s behalf on certain matters that are not “routine,” unless the stockholder provides specific instructions on how to vote the shares. Broker non-votes occur when your broker submits a proxy for the Annual Meeting with respect to “routine” matters but does not vote on “non-routine” matters because you did not provide voting instructions on those matters. Proposals 1, 2 and 3 are considered to be
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“non-routine” under NYSE rules and we therefore expect broker non-votes to exist only in connection with these proposals.
The proposal to ratify the selection of BDO USA, P.C. as our independent registered public accounting firm (Proposal 4) is considered a routine matter, and the broker, bank or nominee is allowed to vote the shares held in street name, without receiving specific instructions from stockholders on how to vote the shares on those proposals. Each of the other proposals to be voted on at the Annual Meeting is expected to be a non-routine matter, and the broker, bank or nominee may not vote your shares on these proposals without your instructions and these shares will not be counted as having been voted on the applicable proposal. Accordingly, we urge you to instruct your broker, bank, or other nominee to ensure that your vote will be counted.
Postponement or Adjournment of the Annual Meeting
Your proxy may be voted at the postponed or adjourned Annual Meeting. You will still be able to change your proxy until it is voted.
Any adjournment of the Annual Meeting can be accessed at the same website listed above and you may vote at any postponement or adjournment using the control number.
Results of the Annual Meeting
Preliminary voting results will be announced at the Annual Meeting. In addition, final voting results will be published in a current report on Form 8-K that we expect to file within four business days after the Annual Meeting. If final voting results are not available to us in time to file a Form 8-K within four business days after the meeting, we intend to file a Form 8-K to publish preliminary results and, within four business days after the final results are known to us, file an additional Form 8-K to publish the final results.
Householding of Proxy Materials
Some banks, brokers and other nominee registered holders may be “householding” our proxy materials. This means that only one copy of the Notice of Internet Availability of Proxy Materials or our proxy statement and annual report to stockholders may have been sent to multiple stockholders in your household. We will promptly deliver a separate copy of the Notice of Internet Availability of Proxy Materials, or copies of our proxy statement and annual report to stockholders, to you if you call or write to us at our principal executive offices, 12117 Bee Caves Road, Building III, Suite 100, Austin, Texas 78738, Attn: Investor Relations, telephone: (908) 824-0775. If you want to receive separate copies in the future, or if you are receiving multiple copies and would like to receive only one copy per household, you should contact your bank, broker or other nominee, or you may contact us at the above address or telephone number. Once you have received notice from your broker that they will be “householding” communications to your address, “householding” will continue until you are notified otherwise or until you revoke your consent. You may revoke your consent from receiving one set of materials due to householding by calling: 1-866-540-7095. If you would like to request a copy of the material(s) for this and/or future stockholder meetings, you may (1) visit www.proxyvote.com, (2) call 1-800-579-1639 or (3) send an email to [email protected]. If sending an email, please include your 16-digit control number in the subject line.
Submission of Stockholder Proposals for the 2027 Annual Meeting
In order to be eligible for inclusion in the Company’s proxy statement for the 2027 annual meeting of stockholders (the “2027 Annual Meeting”), stockholder proposals must comply with Rule 14a-8(e) promulgated by the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other applicable rules. Rule 14a-8 requires that stockholder proposals be delivered to our principal executive offices no later than 120 days before the one-year anniversary of the release date of the previous year’s annual meeting proxy statement. Accordingly, if you wish to submit a proposal to be considered for inclusion in the proxy statement for our 2027 Annual Meeting, you must submit the proposal in writing to Aspira Women’s Health Inc., 12117 Bee Caves Road, Building III, Suite 100, Austin, Texas 78738, Attention: Corporate Secretary. We must receive the proposal by December 24, 2026 in order to consider it for inclusion in the proxy statement for our 2027 Annual Meeting.
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Alternatively, in accordance with the “advance notice” provisions of our Bylaws, stockholders seeking to present a stockholder proposal or director nomination at our 2027 Annual Meeting, without having it included in the 2027 Proxy Statement, must comply with the advance notice requirements set forth in our Bylaws, including that the stockholder gives timely notice of the proposal or nomination in writing and in proper form to our secretary at our principal executive offices. To be timely, a stockholder’s notice must be received by the Secretary at our principal executive offices not earlier than 5:00 p.m. CT on the 120th day, nor later than 5:00 p.m. CT on the 90th day, before the first anniversary of the 2026 Annual Meeting of Stockholders, unless the date of the 2027 Annual Meeting is advanced by more than 30 days from the anniversary of the 2026 Annual Meeting of Stockholders. For our 2027 Annual Meeting, this means that any such proposal or nomination must be submitted no earlier than February 17, 2027, and no later than March 19, 2027. If the date of the 2027 Annual Meeting is advanced by more than 30 days or delayed by more than 60 days from the anniversary of the 2026 Annual Meeting, the stockholder must submit any such proposal or nomination on or before the later of 5:00 p.m. CT on the 90th day prior to the 2027 Annual Meeting, or the 10th day following the day on which we first make public announcement of the date of the 2027 Annual Meeting.
Our Bylaws contain provisions regarding information that must be set forth in a stockholder’s notice or otherwise provided in connection with stockholder proposals and director nominations. In addition to satisfying the foregoing requirements under our Bylaws, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than management’s nominees must provide notice that sets forth in their notice any additional information required by Rule 14a-19(b) under the Exchange Act.
YOUR VOTE IS EXTREMELY IMPORTANT, NO MATTER HOW MANY OR HOW FEW SHARES YOU OWN. PLEASE VOTE BY INTERNET OR TELEPHONE TODAY OR REQUEST A PROXY CARD TO SIGN, DATE AND RETURN BY MAIL AS SOON AS POSSIBLE.
PROPOSAL 1: ELECTION OF DIRECTORS
Our Board of Directors (the “Board”) currently consists of six members, all of whom have been re-nominated for election at the Annual Meeting.
Celeste Fralick resigned as a director effective as of March 31, 2025. Also, effective as of June 4, 2025, Jannie Herchuk, Stefanie Cavanaugh, Ellen O’Connor-Vos and John Ragard each also resigned as director.
Our Nominating and Governance Committee identifies candidates for director nominees in consultation with management, through the use of search firms or other advisers, or through such other methods as our Nominating and Governance Committee deems to be helpful to identify candidates.
If elected by our stockholders, each of the six nominees named below will serve for a one-year term expiring at our 2027 Annual Meeting. Each director will hold office until his or her successor has been elected and qualified or until the director’s earlier resignation or removal. Stockholders may not vote for more than six nominees.
In evaluating the suitability of individual Board members, our Nominating and Corporate Governance Committee takes into account many factors such as general understanding of various business disciplines (e.g., marketing or finance), understanding of the Company’s business environment, educational and professional background, judgment, integrity, ability to make independent analytical inquiries and willingness to devote adequate time to Board duties. The Board evaluates each individual in the context of the Board as a whole with the objective of retaining a group with diverse and relevant experience that can best perpetuate the Company’s success and represent stockholder interests through sound judgment.
Nominees for Director
Information regarding the nominees for the Board of Directors is set forth below. The Company has no reason to believe that the nominees would be unable or unwilling to serve as a director if elected. However, in the event that any of the nominees is unable to or declines to serve as a director at the time of the Annual Meeting, the proxies will be voted for any nominee who is designated by the Board to fill the vacancy, or alternatively, the Board may leave a vacancy on the Board or reduce the size of the Board.
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Name | Age | Position with Aspira | Director Since |
Ellen Beausang | 55 | Director | February 2025 |
Jeffrey Cohen, M.D. | 71 | Director | April 2025 |
John Fraser | 66 | Director | April 2025 |
Cynthia Hundorfean | 68 | Director | April 2025 |
Winfred Parnell, M.D. | 73 | Director | June 2023 |
Jane Pine Wood | 63 | Director | July 2025 |
Ellen Beausang is President and Chief Revenue Officer of Lighthouse Lab Services, as position she has held since March 2025. She previously served as President and Chief Commercial Officer of BioReference Health beginning in June 2022. As an industry veteran with over 25 years of experience, Ms. Beausang has held executive roles at leading pharmaceutical and diagnostic companies including Pfizer, Thermo Fisher Diagnostics and Quest Diagnostics where she managed the go-to-market strategy and product development. She holds a dual B.S. degree in Psychology and Sociology from SUNY Brockport and a Masters from Seton Hall University.
Our Board has determined that based on Ms. Beausang’s extensive executive-level leadership and management experience in technology and health sciences, she has the qualifications and skills to serve as a member of our Board.
Jeffrey Cohen has been a practicing physician at Allegheny Health Hospital since 1985 and at Allegheny Health Network since its formation in 2011. Since 2020, he has served as the Chief Physician Executive, Community Health and Innovation for AHN-Allegheny General, where he also served as President from 2016-2020. With more than forty years as a practicing urologist, Dr. Cohen is an expert in robot-assisted surgery. He graduated in 1976 from Syracuse University with a BS in Biology and received his medical degree from SUNY – Upstate Medical Center in 1979. Dr. Cohen completed a residency in urology at Case Western Reserve in 1984 and a fellowship in urology at The M.D. Anderson Cancer Center.
Our Board has determined that based upon Dr. Cohen’s extensive experience in leadership as well as health care, he has the qualifications and skills to serve as a member of our Board.
John Fraser is the co-founder and co-portfolio manager of Seamark Capital, a fundamentals-based proprietary research growth equities asset management advisor. Mr. Fraser and his partner founded Seamark 26 years ago after a successful institutional investment advisory career at Friess Associates, Credit Suisse First Boston, and Merril Lynch Capital Markets. Mr. Fraser has substantial experience investing in and closely tracking medical technologies, including numerous diagnostics companies, surgical tools, and health services. Mr. Fraser holds a B.S. in Business Administration with emphasis in Economics from Bowling Green State University, and an MBA with emphasis in Finance from The Ohio State University. Mr. Fraser has served as a judge at the Alpha Challenge, an annual MBA investments case competition, since inception in 2005.
Our Board has determined that as a partner of Seamark Capital, Mr. Fraser brings significant financial experience to our Board and has the qualifications and skills to serve as a member of our Board.
Cynthia Hundorfean is a senior partner of The CEO Advisory Network and serves as a board member for Bender Leadership Academy, and a board advisor for several companies, including Avant-gard Health, Kaliber AI, Leadline, Inc. and Heuro Health, She previously worked as Chief Living Health Development Officer for Highmark Health and as President and Chief Executive Officer for Allegheny Health Network, a 14-hospital health system. Prior to that, Ms. Hundorfean worked as the Chief Administrative Officer for Cleveland Clinic. Ms. Hundorfean earned her Executive Master of Business Administration from Case Western Reserve University.
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Our Board has determined that based on Ms. Hundorfean’s extensive experience in the health sciences industry, including relevant experience as an executive officer, she has the qualifications and skills to serve as a member of our Board.
Winfred Parnell is a board-certified physician in obstetrics and gynecologic care bringing more than 20 years of board experience and expertise in strategic planning, governance, cultural transformation, regulatory & compliance, quality of care, and crisis management. Dr. Parnell was a founding partner of Carlos & Parnell, M.D., P.A., an obstetrics and gynecology practice in Dallas, TX. Dr. Parnell serves on the board of private equity-backed SCA Pharm, one of the largest compounding pharmacies in the country and has previously served as Chairman of the board of Parkland Hospital and Health System. Dr. Parnell is a graduate of Florida A&M University and received his MD from the University of Florida College of Medicine. He completed his internship and residency training at Parkland Hospital in Dallas, TX and holds an Executive Certificate in Non-Profit Governance.
Our Board has determined that based upon Dr. Parnell’s extensive experience in gynecologic care and as a current and prior director, he has the qualifications and skills to serve as a member of our Board.
Jane Pine Wood is an attorney who retired as counsel for McDonald Hopkins, LLC. in December 2025. She previously worked for BioReference Health, serving as its Chief Legal Officer. Earlier in her career, Ms. Wood spent nearly three decades as a partner at McDonald Hopkins, where she also served on the firm’s Board of Directors. Currently, Ms. Wood serves as a board member of the American Pathology Association and as the President of the New York State Clinical Laboratory Association. Ms. Wood graduated from Vanderbilt University Law School.
Our Board has determined that based on Ms. Wood’s extensive legal and board experience in the health sciences industry, she has the qualifications and skills to serve as a member of our Board.
THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE “FOR” THE ELECTION OF EACH DIRECTOR NOMINEE NAMED ABOVE.
CORPORATE GOVERNANCE
Board Leadership Structure
The Board believes that separation of the positions of the Chair and Chief Executive Officer reinforces the independence of the Board in its oversight of the business and affairs of the Company. In addition, the Board believes that having an independent Chair creates an environment that is more conducive to the Board’s objective evaluation and oversight of management’s performance, increasing management accountability, and improving the ability of the Board to monitor whether management’s actions are in the best interests of the Company and its stockholders, including with respect to evaluating whether steps management is taking to manage risks are appropriate for the Company. Our current Chair of the Board, John Fraser’s responsibility is to ensure that our Board functions properly and to work with our Chief Executive Officer to set the Board’s agenda. Accordingly, he has substantial ability to shape the work of the Board. We expect him to facilitate communications among our directors and between the Board and senior management. While Mr. Fraser provides independent leadership, he also works closely with our Chief Executive Officer to ensure that our directors receive the information that they need to perform their responsibilities, including discussing and providing critical review of the matters that come before the Board and assessing management’s performance. As a result, we believe that such separation can enhance the effectiveness of our Board as a whole. We believe that the leadership structure of our Board is appropriate and enhances its ability to effectively carry out its roles and responsibilities on behalf of our stockholders.
Role of the Board in Risk Oversight
The Board is involved in oversight of risks that could affect the Company. This oversight is conducted primarily through committees of the Board, and particularly the Audit Committee, Compensation Committee and Nominating and Governance Committee, but the full Board has retained responsibility for general oversight of risks.
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The Board satisfies this responsibility through full reports by each committee chair regarding the committee’s considerations and actions, as well as through regular reports directly from officers and department heads responsible for oversight of particular risks within the Company.
With respect to cybersecurity, the Audit Committee works closely with and receives updates from management at least annually on matters related to cybersecurity. Employees receive cybersecurity training at least annually. The Company maintains cyber liability insurance coverage.
With respect to human capital-related risk exposures, the Compensation Committee works closely with management on matters related to significant compensation and equity decisions.
The Audit Committee reviews and assesses corporate responsibility matters, including environmental and social risks.
Meetings of the Board of Directors
Our Board establishes overall policies and standards and reviews the performance of management. The Board held nineteen meetings in 2025. Each director, other than Ellen O’Connor Vos and Jane Pine Wood, attended 75% or more of the aggregate number of meetings of the Board and the committees on which he or she served that were held during the period for which he or she was a director. In 2025, our independent directors met in regularly scheduled executive sessions at which only independent directors were present. It is our policy to request that all Board members attend the annual meeting of stockholders. We held our most recent annual meeting of stockholders on June 4, 2025 and, with the exception of Ms. Wood who was not yet a member, all members of the Board standing for re-election attended the meeting.
Audit Committee
The Audit Committee of the Board was established by the Board to oversee our corporate accounting and financial reporting processes, systems of internal control over financial reporting and the quality and integrity of our financial statements and reports. In addition, the Audit Committee oversees the qualification, independence and performance of our independent registered public accounting firm. The Audit Committee also recommends to the Board the appointment of our independent registered public accounting firm.
The Audit Committee as of December 31, 2025 was composed of three directors: Mr. Fraser (Chair), Ms. Beausang and Ms. Hundorfean. The Audit Committee is governed by a written charter adopted by the Board. The Audit Committee charter can be found in the Investors Governance Documents section of our website at www.aspirawh.com. The Audit Committee met four times in 2025. The Board has determined that all members of our Audit Committee are independent pursuant to applicable SEC requirements. The Board has also determined that Mr. Fraser qualifies as an “audit committee financial expert,” as defined in applicable SEC rules. In making the determination that Mr. Fraser qualifies as an “audit committee financial expert,” the Board made a qualitative assessment of Mr. Fraser’s level of knowledge and experience based on a number of factors, including his education as well as his experience with finance and capital markets.
REPORT OF THE AUDIT COMMITTEE
The following Audit Committee Report shall not be deemed to be “soliciting material,” deemed “filed” with the SEC or subject to the liabilities of Section 18 of the Exchange Act. Notwithstanding anything to the contrary set forth in any of the Company’s previous filings under the Securities Act or the Exchange Act that might incorporate by reference future filings, including this proxy statement, in whole or in part, the following Audit Committee Report shall not be incorporated by reference into any such filings.
The Audit Committee reviews the Company’s financial reporting process on behalf of the Board. Management has the primary responsibility for the financial statements and the reporting process, including the system of internal financial controls. Management has represented to the Audit Committee that the Company’s consolidated financial statements for the fiscal year ended December 31, 2025 were prepared in accordance with generally accepted accounting principles, and the Audit Committee has reviewed and discussed the audited financial statements of the
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Company with management of the Company and BDO USA, P.C. (“BDO”), the Company’s independent registered public accounting firm, which audited the Company’s consolidated financial statements for the fiscal year ended December 31, 2025. In addition, the Audit Committee has discussed with BDO the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (“PCAOB”) Auditing Standard No. 1301 (Communications with Audit Committees) and the SEC. The Audit Committee has also received from BDO the written disclosures and the letter required by the applicable requirements of the PCAOB regarding BDO’s communications with the Audit Committee concerning independence and has discussed with BDO the firm’s independence from the Company and its management. Based on the foregoing, the Audit Committee recommended to the Board that the audited financial statements be included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for filing with the SEC.
Respectfully Submitted by:
Members of the Audit Committee
John Fraser, Chair
Ellen Beausang
Cynthia Hundorfean
Compensation Committee
The Compensation Committee of the Board acts on behalf of the Board to review, adopt and oversee our compensation strategy, policies, plans and programs. The Compensation Committee approves, or recommends for approval, the compensation (i.e., salary, bonus and stock-based compensation grants) and other terms of employment or service of our Chief Executive Officer and other executive officers and administers the 2019 Plan. The Compensation Committee also periodically evaluates the Chief Executive Officer and other executive officers. In addition, the Compensation Committee reviews and recommends for the Board’s approval the compensation for members of the Board. The Compensation Committee has the authority to retain compensation consultants to assist in its evaluation of executive and director compensation, including the authority to approve the consultant’s reasonable fees and other retention terms. The Compensation Committee may form and delegate authority to subcommittees when appropriate. Any such subcommittee, to the extent provided in the resolutions of the Compensation Committee and to the extent not limited by applicable law, will have and may exercise all the powers and authority of the Compensation Committee.
Our executive officers recommend to the Compensation Committee of the Board business performance targets and objectives and provide background information about the Company’s underlying strategic objectives. Our Chief Executive Officer generally makes recommendations to the Compensation Committee regarding salary increases for other executive officers during the regular merit increase process. Our executive officers are not present or involved in deliberations concerning their own compensation.
The Compensation Committee as of December 31, 2025 was composed of three directors: Ms. Ellen Beausang (Chair), Ms. Hundorfean and Dr. Parnell. The Board has determined that the members of our Compensation Committee are independent pursuant to applicable SEC requirements. The Compensation Committee has adopted a written charter that can be found in the Investors Governance Documents section of our website at www.aspirawh.com. The Compensation Committee met six times in 2025.
The Compensation Committee retained Pearl Meyer and Partners, LLC (“Pearl Meyer”), as its independent compensation consultant during 2025. The Compensation Committee requested that Pearl Meyer assist in evaluating the efficacy of our existing compensation strategy and practices for executives. As part of its engagement, our compensation committee requested that Pearl Meyer develop a group of peer companies to use as a reference in making compensation decisions, evaluating current pay practices and considering different compensation programs and best practices.
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Nominating and Governance Committee
The Nominating and Governance Committee is responsible for identifying individuals qualified to serve as members of the Board, recommending to the Board nominees for election as our directors, and providing oversight with respect to corporate governance and ethical conduct.
Our Nominating and Governance Committee as of December 31, 2025 consisted of Dr. Parnell (Chair), Dr. Cohen and Ms. Wood. The Nominating and Governance Committee has adopted a written charter that can be found in the Investors Governance Documents section of our website at www.aspirawh.com. The Nominating and Governance Committee met four times in 2025.
The information below describes the criteria and process that the Nominating and Governance Committee uses to evaluate candidates for selection to the Board.
Board Membership Criteria
The Nominating and Governance Committee is responsible for assessing the appropriate balance of experience, skills and characteristics required of directors. Nominees for director are selected on the basis of depth and breadth of experience, knowledge, integrity, ability to make independent analytical inquiries, understanding of our business environment, the willingness to devote adequate time to Board duties, the interplay of the candidate’s experience and skills with those of other Board members, and the extent to which the candidate would be a desirable addition to the Board and any committees of the Board. Although there is no specific policy regarding diversity in identifying director nominees, both the Nominating and Governance Committee and the Board seek the talents and backgrounds that would be most helpful to us in selecting director nominees. In particular, the Nominating and Governance Committee, when recommending director candidates to the full Board for nomination, may consider whether a director candidate, if elected, assists in achieving a mix of Board members that represents a diversity of background and experience.
Process for Identifying and Evaluating Nominees
The Nominating and Governance Committee initiates the process for identifying and evaluating nominees to the Board by identifying a slate of candidates who meet the criteria for selection as nominees and have the specific qualities or skills being sought based on input from members of the Board, management and, if the Nominating and Governance Committee deems appropriate, a third-party search firm. Candidates are evaluated by the Nominating and Governance Committee on the basis of the factors described above under “Board Membership Criteria.” With respect to candidates for initial election to the Board, the Nominating and Governance Committee also reviews biographical information and qualifications and checks the candidates’ references. Qualified candidates are interviewed by at least one member of the Nominating and Governance Committee. Serious candidates meet, either in person or by telephone, with all members of the Nominating and Governance Committee and as many other members of the Board as practicable.
Using the input from interviews and other information obtained, the Nominating and Governance Committee evaluates which of the prospective candidates is qualified to serve as a director and whether the committee should recommend that the Board nominate, or elect to fill a vacancy with, a prospective candidate. Candidates recommended by the Nominating and Governance Committee are presented to the Board for selection as nominees to be presented for the approval of the stockholders or for election to fill a vacancy.
The Nominating and Governance Committee and/or the Board will consider nominees for director who are recommended by our stockholders, provided that written notice of any such recommendation is received by our Corporate Secretary within the timeframe established by our Bylaws with respect to director nominations by stockholders (see “Information About the Annual Meeting and Voting–Submission of Stockholder Proposals for the 2026 Annual Meeting”). All candidates for directors, including those who have been properly recommended or nominated by a stockholder, are evaluated using the criteria and process described above.
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Prohibition on Hedging
Under our Insider Trading Policy, all directors, employees, consultants and contractors of the Company, together with their respective family members, are prohibited from entering into hedging or monetization transactions or similar arrangements with respect to the Company’s common stock, including the purchase or sale of puts or calls or the use of any other derivative instruments.
Insider Trading Policy
We have
Dodd-Frank Clawback Policy
As a public company, if we are required to restate our financial results due to our material noncompliance with any financial reporting requirements under the federal securities laws as a result of misconduct, the Chief Executive Officer and Chief Financial Officer may be legally required to reimburse our Company for any bonus or other incentive-based or equity-based compensation they receive in accordance with the provisions of section 304 of the Sarbanes-Oxley Act of 2002, as amended. Additionally, we have implemented a Dodd-Frank Act-compliant clawback policy, as required by SEC rules.
Code of Business Conduct and Ethics
We have adopted the Aspira Women’s Health Inc. Code of Business Conduct and Ethics (the “Code of Ethics”) that applies to all of our officers, directors, employees, agents, contractors, and consultants. The Code of Ethics is available in the Investors Governance Documents section of our website at www.aspirawh.com. We intend to disclose on our website any waiver of, or amendment to, the Code of Ethics as required by applicable SEC requirements.
Stockholder Communications
Our stockholders may communicate directly with the Board of Directors or individual directors in writing, addressed to:
Board of Directors
c/o Corporate Secretary
Aspira Women’s Health Inc.
12117 Bee Caves Road, Building III, Suite 100
Austin, Texas 78738
The Corporate Secretary will review each stockholder communication. The Corporate Secretary will forward to the entire Board (or to members of a committee thereof, if the communication relates to a subject matter clearly within that committee’s area of responsibility) or to any individual director, as applicable, each communication, except those that constitute spam, junk mail, mass mailings, customer complaints or inquiries, job inquiries, surveys, business solicitations or advertisements, or patently offensive or otherwise inappropriate material.
BOARD COMPENSATION
Our director compensation program is designed both to attract qualified non-employee directors and to fairly compensate them for their substantial responsibilities and time commitment. Periodically, the Compensation Committee reviews and determines the adequacy of the compensation program for non-employee directors and, based upon the results of its review, the Compensation Committee may make recommendations regarding the compensation program for non-employee directors to the Board. During 2024, the Compensation Committee engaged Pearl Meyer to assist in the review of director compensation. Based on the independent review, and after considering the
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recommendation of the Compensation Committee, the Board granted the equity retainer in RSUs only. Further, the RSUs were issued subject to a $4 issuing price floor.
In addition, the Board approved the addition of a cash retainer for the outside directors of $40,000. The non-employee director compensation program for the first half of 2025 consisted of the following:
Director Retainer | ||||
Restricted Stock | ||||
Unit Awards | Cash | |||
Chairperson | $ | 115,000 | $ | 40,000 |
Other Outside Directors | 70,000 | 40,000 | ||
Chair of the Audit Committee | 20,000 | - | ||
Other Audit Committee Members | 10,000 | - | ||
Chair of the Compensation Committee | 15,000 | - | ||
Other Compensation Committee Members | 7,500 | - | ||
Chair of the Nominating and Governance Committee | 10,000 | - | ||
Other Nominating and Governance Committee Members | 5,000 | - | ||
During 2025, the Compensation Committee again engaged Pearl Meyer to assist in the review of director compensation. For the second half of 2025, the directors were granted the equity retainer in stock options only, on a prorated basis, with no cash retainer, and consisted of the following:
Director Retainer | ||
Option Awards | ||
Chairperson | $ | 122,143 |
Other Outside Directors | 90,000 | |
Chair of the Audit Committee | 20,000 | |
Other Audit Committee Members | 10,000 | |
Chair of the Compensation Committee | 15,000 | |
Other Compensation Committee Members | 7,500 | |
Chair of the Nominating and Governance Committee | 10,000 | |
Other Nominating and Governance Committee Members | 5,000 | |
2025 Non-Employee Director Compensation Table
The table below presents the compensation earned by our non-employee directors for the year ended December 31, 2025.
Name | Fees Earned or Paid in Cash | Option Awards (1)(2) | Total | |||
Ellen Beausang(3) | $ | 8,889 | $ | 49,031 | $ | 57,920 |
Stefanie Cavanaugh(4) | $ | 25,000 | $ | - | $ | 25,000 |
Jeffrey Cohen, M.D.(5) | $ | - | $ | 52,848 | $ | 52,848 |
Celeste Fralick, Ph.D.(6) | $ | 15,000 | $ | - | $ | 15,000 |
John Fraser(7) | $ | - | $ | 77,919 | $ | 77,919 |
Jannie Herchuk(8) | $ | 25,000 | $ | - | $ | 25,000 |
Cynthia Hundorfean(9) | $ | - | $ | 58,928 | $ | 58,928 |
Ellen O'Connor-Vos(10) | $ | 25,000 | $ | - | $ | 25,000 |
Winfred Parnell, M.D. | $ | 25,000 | $ | 45,833 | $ | 70,833 |
John Ragard(11) | $ | 25,000 | $ | - | $ | 25,000 |
Jane Pine Wood(12) | $ | - | $ | 33,560 | $ | 33,560 |
| (1) | Reflects the grant date fair value, calculated in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation-Stock Compensation (“ASC Topic 718”), of RSUs granted in fiscal year 2025 by the Company under its 2019 Stock Incentive Plan. The number of RSUs |
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granted on March 11, 2025 was determined by dividing the targeted grant value by a twenty-day trailing average price of our common stock for the week prior to the date of grant of the RSUs, subject to a floor of $4.00. The price and target value was fixed in March 2025 using the floor of $4.00. | ||
| (2) | As of December 31, 2025, the non-employee directors held outstanding stock options to purchase an equal number of shares of Company common stock as follows: Ms. Beausang - 198,097; Dr. Cohen - 213,518; Mr. Fraser - 314,811; Ms. Hundorfean - 238,085; Dr. Parnell 185,178; and Ms. Wood- 135,592. |
| (3) | Ms. Beausang was appointed the Board, effective February 6, 2025. |
(4) | Ms. Cavanaugh resigned from the Board, effective June 4, 2025. | |
(5) | Dr. Cohen was appointed to the Board, effective April 2, 2025. | |
(6) | Dr. Fralick resigned from the Board, effective March 31, 2025. | |
(7) | Mr. Fraser was appointed to the Board, effective April 6, 2025. | |
(8) | Ms. Herchuk resigned from the Board, effective June 4, 2025. | |
(9) | Ms. Hundorfean was appointed the Board, effective April 6, 2025. | |
(10) | Ms. O’Connor Vos resigned from the Board, effective June 4, 2025. | |
(11) | Mr. Ragard resigned from the Board, effective June 4, 2025. | |
(12) | Ms. Wood was appointed the Board, effective July 11, 2025. |
MANAGEMENT
Set forth below is a list of our executive officers as of April 25, 2026:
Name | Age | Positions |
Michael Buhle | 60 | Chief Executive Officer |
Brian Hungerford | 50 | Chief Financial Officer |
Michael Buhle joined Aspira Women’s Health on December 30, 2024 as Senior Vice President of Commercial Strategy and Operations and was appointed as the Company’s Chief Executive Officer on January 28, 2025. Prior to joining Aspira, Mr. Buhle served as Chief Commercial Officer of Biovision Diagnostics from January 2022 until December 2024. Mr. Buhle’s previous positions include executive roles at Congencia and Danaher Corporation, where he drove market share growth, launched innovative technologies and built high-performing teams. Mr. Buhle holds a bachelor’s degree in business management from Clark University.
Brian Hungerford joined Aspira Women’s Health on July 17, 2025 as a consultant and was appointed as the Company’s Chief Financial Officer effective September 2, 2025. Mr. Hungerford is a Certified Public Accountant (CPA) and a Chartered Global Management Accountant (CGMA). Prior to joining Aspira, Mr. Hungerford served as Chief Financial Officer for Kiromic Biopharma, Inc, a biopharmaceutical R&D company, as well as in accounting and finance roles at several public companies, including Constellation Energy Group, Dynegy, and Merrill Lynch-Bank of America.
EXECUTIVE COMPENSATION
The following individuals who served as executive officers of the Company during 2025 were our “Named Executive Officers” for 2025:
Name | Positions |
Michael Buhle | President and Chief Executive Officer |
Brian Hungerford(1) | Chief Financial Officer |
Sandra Milligan, M.D., J.D.(2) | Former President and Interim Chief Executive Officer |
| (1) | Mr. Hungerford served as a consultant beginning July 17, 2025. The amount reported reflects the portion of his annual base salary as Chief Financial Officer and his hourly rate prior to September 2, 2025. |
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| (2) | Dr. Milligan’s employment terminated with the Company effective February 21, 2025 and the amount reported in 2025 reflects the portion of her annual base salary earned in 2025 through such date. |
2025 Summary Compensation Table
The compensation earned by the Named Executive Officers for the years ended December 31, 2025 and December 31, 2024 was as follows:
Name and Principal Position | Year | Salary | Bonus | Stock | Option | Non-Equity Incentive Plan(2) | All Other | Total | ||||||||||
Michael Buhle | ||||||||||||||||||
Chief Executive Officer | 2025 | $ | 374,519 | $ | - | $ | - | $ | 45,412 | $ | - | $ | - | $ | 419,931 | |||
Brian Hungerford | ||||||||||||||||||
Chief Financial Officer | 2025 | $ | - | $ | - | $ | - | $ | 38,300 | $ | - | $ | 102,753(3) | $ | 141,053 | |||
Sandra Milligan, M.D., J.D. | ||||||||||||||||||
Former President, Interim Chief Executive Officer | 2025 | $ | 80,513 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 80,513 | |||
2024 | $ | 265,626 | $ | - | $ | 18,800 | $ | 70,703 | $ | - | $ | 3,300(4) | $ | 358,429 |
| (1) | Represents RSU and option awards granted to the Named Executive Officers. The amounts reported in this column are valued based on the aggregate grant date fair value computed in accordance with ASC Topic 718. For additional information regarding the assumptions made in calculating these amounts, see Note 10, Employee Share Based Compensation and Benefit Plans, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. |
| (2) | Amount represents annual incentive bonus earned for 2024. |
| (3) | Represents cash paid to Mr. Hungerford for consulting services. |
| (4) | Represents cash paid to Dr. Milligan for consulting services. |
2025 Outstanding Equity Awards at Fiscal Year-End
The outstanding equity awards held by the Named Executive Officers as of December 31, 2025 were as follows:
Option Awards | Stock Awards | ||||||||||||||
Name | Number of Securities Underlying Unexercised Options - Exercisable | Number of Securities Underlying Unexercised Options – Unexercisable | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options | Option Exercise Price | Option Expiration Date | Number of Shares or Units of Vested Stock That Have Not Been Issued | Market Value of Shares or Units of Vested Stock That Have Not Been Issued | Vest Commencement Date | |||||||
Michael Buhle | 24,999 | 75,001 | - | $ 0.07 | 5/2/2035(1) | - | - | 12/30/2024 | |||||||
- | 275,000 | - | $ 0.20 | 7/29/2035(2) | - | - | 7/29/2025 | ||||||||
Brian Hungerford | - | 100,000 | - | $ 0.41 | 9/2/2035(3) | - | - | 9/2/2025 | |||||||
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| (1) | Stock options vest in 48 equal monthly installments beginning one month following the vesting commencement date. |
| (2) | Stock options vest 50% one year following the vesting commencement date and 50% two years following the vesting commencement date. |
| (3) | Stock options vest 25% one year following the vesting commencement date and in 36 equal monthly installments thereafter. |
Narrative Disclosure to Summary Compensation Table
Compensation Program Overview
Base Salaries. Executive salaries are determined based on the data from our comparator group, an evaluation of each officer’s individual performance throughout the year, level of responsibility, overall salary structure, budget guidelines and assessment of our financial condition. We believe that this approach allows us to remain competitive in the market. The Compensation Committee normally reviews and adjusts as appropriate the base salaries for the Named Executive Officers in the first half of each calendar year.
Annual Base Salary | ||
Michael Buhle | $ | 400,000 |
Brian Hungerford | $ | 300,000 |
Annual Incentive Bonuses. Consistent with our objectives to tie a significant portion of the Named Executive Officers’ total compensation to our performance, all Named Executive Officers have a target bonus of a fixed percentage of their base salary. At the beginning of each fiscal year, the Compensation Committee establishes performance measures and goals. These are formulated into specific metrics on which to measure performance and attainment of goals during the year. The Compensation Committee generally establishes the individual payout targets for each Named Executive Officer based on the executive’s position, level of responsibility and a review of the peer group. The Compensation Committee typically assigns weightings to the various performance goals to provide a balanced approach to the various factors applied to determining bonus amounts. For 2025, these measures and goals were designed to be challenging yet achievable with strong management performance. The Compensation Committee determined that the performance goals had not been met for 2025. As such, there are no bonus payments due to our Named Executive Officers.
Equity Incentive Compensation. The equity component of our executive compensation program is designed to fulfill our performance alignment and retention objectives. In general, Named Executive Officers receive incentive stock option grants at the time of hire. Annually thereafter, they receive additional equity-based compensation as recommended by the Compensation Committee. Equity-based compensation is based on individual performance and contributions toward the achievement of our business objectives, as well as overall Company performance. The number of underlying shares that may be purchased pursuant to the stock options granted to each Named Executive Officer varies based on the executive’s position and responsibilities. The Compensation Committee granted equity-based compensation to the Named Executive Officers during the year ended December 31, 2025 in the form of stock options and RSUs, as described above in the Summary Compensation Table.
Executive Employment Agreements
Michael Buhle
Effective March 26, 2025, the Company and Mr. Buhle entered into an employment agreement (the “Buhle Agreement”). Pursuant to the Buhle Agreement, the Company will pay Mr. Buhle an annual base salary of $400,000. In addition, Mr. Buhle was eligible for a bonus of up to 50% of his salary (prorated for partial years), based on achievement of corporate goals to be defined by the Compensation Committee of the Board of Directors. Mr. Buhle was granted a stock option to purchase 100,000 shares of the Company’s Common Stock, vesting monthly over four years following Mr. Buhle’s start date with the Company. The Option shall remain exercisable until the earliest to occur of (i) 90 days from the date of Mr. Buhle’s termination of employment, (ii) the date on which the Options would have expired if Mr. Buhle’s employment had continued through the full term of the Option and (iii) the date on which Mr. Buhle breaches the Buhle Agreement, the PIIA or any other agreement between Mr. Buhle and the Company or
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any of its affiliates. Additionally, the Employment Agreement provides that if Mr. Buhle’s employment is terminated without cause or for good reason within the 12-month period following a change of control (as such term is defined in the Buhle Agreement), then, in addition to the benefits above, 100% of any then-unvested options to purchase Company common stock previously granted by the Company will vest upon the date of such termination (subject to earlier expiration at the end of the option’s original term).
If Mr. Buhle’s employment is terminated without cause or resigns for good reason (as these terms are defined in the Buhle Agreement) at any time following the date that is (a) six (6) months or (b) twelve (12) months following the Effective Date, and provided that he complies with certain requirements (including signing a standard separation agreement release and complying with the non-competition provision in the Buhle Agreement), under the Buhle Agreement:
(a) | After six (6) months of employment, continued payment of Mr. Buhle’s base salary as then in effect for a period of three (3) months following the date of termination (the “Severance Period”), to be paid periodically in accordance with the Company’s standard payroll practices, provided that he shall immediately repay to the Company any amounts that he receives hereunder if within sixty days following termination of his employment he either has failed to execute the standard release described above or has revoked the general release after executing it; and |
(b) | After twelve (12) months of employment, continued payment of Mr. Buhle’s base salary as then in effect for a period of six (6) months following the date of termination (the “Severance Period”), to be paid periodically in accordance with the Company’s standard payroll practices, provided that he shall immediately repay to the Company any amounts that he receives hereunder if within sixty days following termination of his employment he either has failed to execute the standard release described above or has revoked the general release after executing it; and | |
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| (c) | Continuation of Company health and dental benefits through COBRA premiums paid by the Company directly to the COBRA administrator during the Severance Period; provided, however, that such premium payments shall cease prior to the end of the Severance Period if Mr. Buhle commences other employment with reasonably comparable or greater health and dental benefits, to be determined in Mr. Buhle’s sole discretion. |
If Mr. Buhle’s employment is terminated by the Company for reasons other than for Cause (as defined below) or by Mr. Buhle for Good Reason (as these terms are defined in the Buhle Agreement) within the twelve (12) month period following a Change of Control (as these terms are defined in the Buhle Agreement), then, in addition to the severance obligations due to Mr. Buhle (disregarding the six (6) month and twelve (12) month probationary periods), one-hundred percent (100%) of any then-unvested shares under Company stock options then held by Mr. Buhle will vest upon the date of such termination.
Brian Hungerford
Effective September 2, 2025, the Company and Mr. Hungerford entered into a consulting agreement (the “Hungerford Agreement”). Pursuant to the Hungerford Agreement, the Company will pay Mr. Hungerford an annual base salary of $300,000. In addition, Mr. Hungerford will be eligible for a bonus of up to 35% of his salary (prorated for partial years), based on achievement of corporate goals to be defined by the Compensation Committee of the Board of Directors. Mr. Hungerford was granted a stock option to purchase 100,000 shares of the Company’s Common Stock. The option vests 25% on the first anniversary of the effective date of the Hungerford Agreement and the remaining 75% vests in equal monthly installments over the next 36 months. The Option shall remain exercisable until the earliest to occur of (i) 90 days from the date of Mr. Hungerford termination of employment, (ii) the date on which the Options would have expired if the Hungerford Agreement had continued through the full term of the Option and (iii) the date on which Mr. Hungerford breaches the Hungerford Agreement, the PIIA or any other agreement between Mr. Hungerford and the Company or any of its affiliates. Additionally, the Hungerford Agreement provides that if the Hungerford Agreement is terminated without cause or for good reason within the 12-month period following a change of control (as such term is defined in the Hungerford Agreement), then, in addition to the benefits above, 100% of any then-unvested options to purchase Company common stock previously granted by the Company will vest upon the date of such termination (subject to earlier expiration at the end of the option’s original term).
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If the Hungerford Agreement is terminated without cause or resigns for good reason (as these terms are defined in the Hungerford Agreement) at any time following the date that is (a) six (6) months or (b) twelve (12) months following the Effective Date, and provided that Mr. Hungerford complies with certain requirements (including signing a standard separation agreement release and complying with the non-competition provision in the Hungerford Agreement), under the Hungerford Agreement:
(a) | After six (6) months of employment, continued payment of Mr. Hungerford’s base salary as then in effect for a period of three (3) months following the date of termination (the “Severance Period”), to be paid periodically in accordance with the Company’s standard payroll practices, provided that he shall immediately repay to the Company any amounts that he receives hereunder if within sixty days following termination of his employment he either has failed to execute the standard release described above or has revoked the general release after executing it; and |
(b) | After twelve (12) months of employment, continued payment of Mr. Hungerford’s base salary as then in effect for a period of six (6) months following the date of termination (the “Severance Period”), to be paid periodically in accordance with the Company’s standard payroll practices, provided that he shall immediately repay to the Company any amounts that he receives hereunder if within sixty days following termination of his employment he either has failed to execute the standard release described above or has revoked the general release after executing it; and |
If the Hungerford Agreement is terminated by the Company for reasons other than for Cause (as defined below) or by Mr. Hungerford for Good Reason (as these terms are defined in the Hungerford Agreement) within the twelve (12) month period following a Change of Control (as these terms are defined in the Hungerford Agreement), then, in addition to the severance obligations due to Mr. Hungerford (disregarding the six (6) month and twelve (12) month probationary periods), one-hundred percent (100%) of any then-unvested shares under Company stock options then held by Mr. Hungerford will vest upon the date of such termination.
Sandra Milligan, M.D.
Effective April 1, 2024, the Company and Sandra Milligan, M.D. entered into an employment agreement (the “Milligan Agreement”) to serve as its President. Pursuant to the Milligan Agreement, the Company paid Dr. Milligan an annual base salary of $400,000. In addition, Dr. Milligan was eligible for a bonus of up to 50% of her salary (pro-rated for partial years), based on achievement of reasonable Company goals to be defined by the Board. From September 1, 2024 to December 16, 2024, Dr. Milligan agreed to work for a reduced salary of $320,000 in an effort to preserve the cash of the Company. Dr. Milligan was appointed as the company’s President and Interim Chief Executive Officer effective December 16, 2024, and served in that role until January 28, 2025, when she resumed the role of President. Effective December 16, 2024, Dr. Milligan’s annual base salary was reinstated to $400,000. Dr. Milligan resigned from the Company effective February 21, 2025.
Severance and Change in Control Arrangements.
Under the terms of each Named Executive Officer’s employment agreement, each is eligible to receive severance benefits upon a termination by the Company without cause or by the executive officer due to good reason. The Compensation Committee believes that these arrangements are important in order to attract and retain executive officer talent.
In addition, the Compensation Committee believes that executive officers have a greater risk of job loss or modification as a result of a change in control transaction than other employees. Accordingly, the employment agreements include change in control provisions under which they will receive certain payments and benefits upon qualifying terminations that follow a change in control. The principal purpose of the change in control provisions is to provide executive officers with appropriate incentives to remain with us before, during and after any change in control transaction by providing the executive officers with security in the event their employment is terminated or materially changed following a change in control. By providing this type of security, the employment agreements help ensure that the executive officers support any potential change in control transaction that may be considered in the best interests of our stockholders, even while the transaction may create uncertainty in the executive officer’s personal
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employment situation. The Compensation Committee believes that salary and benefits for three or six months for Chief Executive Officer and our Chief Financial Officer based on their time in the position are reasonable and appropriate to achieve the desired objectives of the agreements.
The following table set forth amounts payable to the Named Executive Officers if such officer had been terminated as of December 31, 2025.
Dr. Milligan was not eligible for any such benefits as of December 31, 2025.
Name | Qualifying Termination | Continued | Immediate | Health and | |||
Michael Buhle | Qualifying Termination(1) | $ | 200,000 | $ | - | $ | 12,862 |
Qualifying Termination Within 12 Months After Change-in Control | 200,000 | 166,084 | 12,862 | ||||
For cause | - | - | - | ||||
Brian Hungerford | Qualifying Termination(1) | $ | 75,000 | $ | - | $ | - |
Qualifying Termination Within 12 Months After Change-in Control | 75,000 | 22,000 | - | ||||
For cause | - | - | - |
(1) | A Qualifying Termination means an involuntary termination by the Company other than for cause or a voluntary resignation by the executive for good reason (in all cases, assuming the executive is not entering into competitive or other activity detrimental to us, and subject to the executive’s execution of an effective release of claims and compliance with certain other conditions). |
(2) | Reflects the difference between the exercise price of all options that would have vested upon such a termination and $0.63 (the December 31, 2025 closing price of our common stock). |
(3) | Assumes executive does not obtain employment with reasonably comparable or better health and dental benefits within the time period specified in the respective employment agreements. |
Other Benefits.
Our Named Executive Officers participate in our standard employee benefits programs, including medical, dental, vision, life, short-term and long-term disability insurance, 401(k) Plan and flexible spending accounts.
PROPOSAL 2: ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED
EXECUTIVE OFFICERS
Under Section 14A of the Exchange Act, the Company’s stockholders are entitled to vote to approve, on an advisory basis, the compensation of the Company’s Named Executive Officers as disclosed in this proxy statement in accordance with SEC rules. At the 2023 annual meeting of stockholders (“2023 Annual Meeting”), the Company asked stockholders to indicate if it should hold an advisory vote to approve the compensation of Named Executive Officers every one, two or three years. In accordance with the vote results at the 2023 Annual Meeting, the Board determined to implement an advisory vote on executive compensation every year until the next required vote on the frequency of stockholder votes on executive compensation.
The Board is asking stockholders to approve, on an advisory basis, the Company’s executive compensation, as described in this proxy statement, for its Named Executive Officers. The advisory vote to approve executive compensation is non-binding. Nevertheless, the views expressed by the stockholders, whether through this vote or otherwise, are important to management and the Board and, accordingly, the Board and the Compensation Committee intend to consider the results of this vote in making determinations in the future regarding executive compensation arrangements.
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The advisory vote to approve executive compensation is not a vote on the Company’s general compensation policies or the compensation of the Company’s Board, but rather the overall compensation of the Company’s Named Executive Officers as described in this proxy statement (including the compensation tables and related narrative disclosures). We believe that our compensation policies and decisions are strongly aligned with our stockholders’ interests and consistent with current market practices. Compensation of the Company’s Named Executive Officers is designed to enable the Company to attract and retain talented and experienced executives to lead the Company successfully in a competitive environment.
For the reasons discussed above, the Board of Directors is asking you to indicate your support for our Named Executive Officer compensation by voting “FOR” the following “say-on-pay” resolution at the Annual Meeting:
“RESOLVED, that the compensation of the named executive officers of the Company, as disclosed in the proxy statement pursuant to the compensation disclosure rules of the SEC, including the Summary Compensation Table and the other compensation tables and accompanying narrative discussion, is hereby APPROVED.”
THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE “FOR” THE ADVISORY RESOLUTION RELATING TO THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS AS DISCLOSED IN THIS PROXY STATEMENT.
Pay Versus Performance
The disclosure included in this section is prescribed by SEC rules and does not necessarily align with how the Company or the Compensation Committee view the link between the Company’s performance and named executive offer pay.
Required Tabular Disclosure of Pay Versus Performance
The following table shows the past three fiscal years’ total compensation for our Named Executive Officers as set forth in the Summary Compensation Table, the “compensation actually paid” (“CAP”) to our named executive officers (as determined under SEC rules), our total shareholder return (“TSR”), and our net income (loss).
SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine Compensation Actually Paid as reported in the Pay Versus Performance Table. Compensation Actually Paid does not necessarily represent cash and/or equity value transferred to the applicable named executive officer without restriction, but rather is a valuation calculated under applicable SEC rules.
Year | Summary Compensation Table Total for PEO #1(1) | Compensation Actually Paid to PEO #1(2) | Summary Compensation Table Total for PEO #2(1) | Compensation Actually Paid to PEO #2(2) | Summary Compensation Table Total for PEO #3(1) | Compensation Actually Paid to PEO #3(2) | Average Summary Compensation Table Total for non-PEO NEOs(3) | Average Compensation Actually Paid to non-PEO NEOs(2) | Value of Initial Fixed $100 Investment Based on Total Shareholder Return(4) | Net Income (Loss)(5) | |
2025 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ($ | |
2024 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ($ | |
2023 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ($ |
(1) |
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Sandford, our former President and CEO is PEO #3 and was our PEO for 2022-2024. Compensation for our PEOs reflects the amounts of total compensation reported in the “Total column of the “Summary Compensation Table” for Michael Buhle, Sandra Milligan and Nicole Sandford for the years shown in the table.
(2) | The dollar amounts reported represent the amount of “compensation actually paid”, as computed in accordance with SEC rules. The dollar amounts do not reflect the actual amounts of compensation paid to the Company’s CEO or other NEOs during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, adjustments were made to the NEOs’ total compensation to determine the compensation actually paid. |
In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Buhle’s total compensation in each year to determine the compensation actually paid:
Year | Reported Summary Compensation Table Total for PEO #1 | Less: Reported Value of Equity Awards (a) | Plus: Equity Award Adjustments (b) | CAP to PEO | |||||||
2025 | $ | | $ | ( | $ | | $ | | |||
| (a) | The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. |
| (b) | The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. Changes to stock option fair values are based on the updated stock price at the respective measurement dates, in addition to an updated expected option term, volatility of the company’s stock over the updated expected option term, expected dividend yield, and risk free rate assumptions. The amounts deducted or added in calculating the equity award adjustments are as follows: |
Year | Year End Fair Value of Equity Awards | Change in Fair Value from the end of the Prior Year to the end of the Applicable Year of Outstanding and Unvested Equity Awards | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | Change in Fair Value of Equity Awards that Failed to Meet Vesting Conditions in the Year | Total Equity Award Adjustments | |||||||||
2025 | $ | | $ | - | $ | | $ | - | $ | | ||||
* The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
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In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Dr. Milligan’s total compensation in each year to determine the compensation actually paid:
Year | Reported Summary Compensation Table Total for PEO #2 | Less: Reported Value of Equity Awards (a) | Plus: Equity Award Adjustments (b) | CAP to PEO | |||||||
2025 | $ | | $ | - | $ | ( | $ | | |||
2024 | $ | | $ | ( | $ | | $ | | |||
| (a) | The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns, as applicable, in the Summary Compensation Table for the applicable year. |
| (b) | The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. Changes to stock option fair values are based on the updated stock price at the respective measurement dates, in addition to an updated expected option term, volatility of the company’s stock over the updated expected option term, expected dividend yield, and risk-free rate assumptions The amounts deducted or added in calculating the equity award adjustments are as follows: |
Year | Year End Fair Value of Equity Awards | Change in Fair Value from the end of the Prior Year to the end of the Applicable Year of Outstanding and Unvested Equity Awards | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | Change in Fair Value of Equity Awards that Failed to Meet Vesting Conditions in the Year | Fair Value at the end of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | Total Equity Award Adjustments | |||||||||||
2025 | $ | - | $ | - | $ | - | $ | - | $ | ( | $ | ( | |||||
2024 | $ | | $ | - | $ | | $ | - | $ | - | $ | | |||||
* The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Ms. Sandford’s total compensation in each year to determine the compensation actually paid:
Year | Reported Summary Compensation Table Total for PEO #3 | Less: Reported Value of Equity Awards (a) | Plus: Equity Award Adjustments (b) | CAP to PEO | |||||||
2024 | $ | | $ | ( | $ | ( | $ | | |||
2023 | $ | | $ | ( | $ | | $ | | |||
| (a) | The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns, as applicable, in the Summary Compensation Table for the applicable year. |
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| (b) | The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. Changes to stock option fair values are based on the updated stock price at the respective measurement dates, in addition to an updated expected option term, volatility of the company’s stock over the updated expected option term, expected dividend yield, and risk-free rate assumptions The amounts deducted or added in calculating the equity award adjustments are as follows: |
Year | Year End Fair Value of Equity Awards | Change in Fair Value from the end of the Prior Year to the end of the Applicable Year of Outstanding and Unvested Equity Awards | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | Change in Fair Value of Equity Awards that Failed to Meet Vesting Conditions in the Year | Total Equity Award Adjustments | |||||||||
2024 | $ | - | $ | - | $ | | $ | ( | $ | ( | ||||
2023 | $ | | $ | ( | $ | | $ | ( | $ | | ||||
(3) | Average total compensation for non-PEO NEOs is based on the compensation of (i) in 2025, Brian Hungerford; (ii) in 2024, Torsten Hombeck, Minh Merchant, Valerie Palmieri and John Kallassy and (iii) in 2023, Torsten Hombeck, Minh Merchant, and Ryan Phan. |
In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the non-PEO NEOs’ total compensation in each year to determine the compensation actually paid:
Year | Reported Summary Compensation Table Total for Non-PEO NEOs | Less: Reported Value of Equity Awards (a) | Plus: Equity Award Adjustments (b) | CAP to non-PEO NEOs | |||||||
2025 | $ | | $ | ( | $ | | $ | | |||
2024 | $ | | $ | ( | $ | ( | $ | | |||
2023 | $ | | $ | ( | $ | | $ | | |||
| (a) | The amounts deducted or added in calculating the total average equity award adjustments are as follows: |
(b) | The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such |
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award or included in any other component of total compensation for the applicable year. Changes to stock option fair values are based on the updated stock price at the respective measurement dates, in addition to an updated expected option term, volatility of the company’s stock over the updated expected option term, expected dividend yield, and risk-free rate assumptions The amounts deducted or added in calculating the equity award adjustments are as follows: |
Year | Year End Fair Value of Equity Awards | Change in Fair Value from the end of the Prior Year to the end of the Applicable Year of Outstanding and Unvested Equity Awards | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | Change in Fair Value of Equity Awards that Failed to Meet Vesting Conditions in the Year | Fair Value at the end of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | Total Equity Award Adjustments | |||||||||||
2025 | $ | | $ | - | $ | - | $ | - | $ | - | $ | | |||||
2024 | $ | | $ | - | $ | | $ | | $ | ( | $ | ( | |||||
2023 | $ | | $ | ( | $ | | $ | ( | $ | ( | $ | | |||||
* The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
(4) | Total Shareholder Return is cumulative for the measurement periods beginning on December 31, 2022, and ending on December 31 of each of 2025, 2024 and 2023, respectively, calculated in accordance with Item 201(e) of Regulation S-K. |
(5) | Reflects “Net Income (Loss)” as reported in the Company’s Consolidated Statements of Operations included in the Company’s Annual Reports on Form 10-K for the years ended December 31, 2025, December 31, 2024 and December 31, 2023. |
Pay Versus Performance Narrative Disclosure
In accordance with Item 402(v) of Regulation S-K, we are providing the following descriptions of the relationships between information presented in the Pay versus Performance table on CAP and each of total shareholder return (“TSR”) and net loss.
We do not utilize TSR and net loss in our executive compensation program. However, we do utilize several other performance measures to align executive compensation with our performance. As described in more detail above, part of the compensation our NEOs are eligible to receive consists of annual performance-based cash bonuses that are designed to provide appropriate incentives to our executives to achieve defined annual corporate goals and to reward our executives for individual achievement towards these goals, subject to certain employment criteria. Additionally, we view stock options and RSUs, which are an integral part of our executive compensation program, as related to company performance although not directly tied to TSR, because they provide value only if the market price of our common stock increases, and if the executive officer continues in our employment over the vesting period. These equity awards strongly align our executive officers’ interests with those of our stockholders by providing a continuing financial incentive to maximize long-term value for our stockholders and by encouraging our executive officers to continue in our employment for the long-term.
CAP and Cumulative TSR
From 2024 to 2025, our TSR remained flat, while the CAP for our non-PEO NEOs increased. With respect to Mr. Buhle and Mr. Hungerford, there is no relationship between our TSR from 2024 to 2025 and their CAP as neither was our PEO nor an NEO during 2024. With respect to Dr. Milligan, there is no relationship between our TSR from 2024 to 2025 and her CAP, as she terminated in 2025. With respect to Ms. Sandford, there is no relationship between our TSR from 2024 to 2025 and her CAP, as she terminated in 2024 and was not our PEO or an NEO during 2025.
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From 2023 to 2024, our TSR decreased and the CAP for Ms. Sandford and our non-PEO Named Executive Officers increased. With respect to Dr. Milligan, there is no relationship between our TSR from 2023 to 2024 and her CAP as she was not our PEO or an NEO during 2023.
CAP and Net Income (Loss)
With respect to net income, we have not reached the stage of profitability. Consequently, our company does not consider net loss as a performance measure for our executive compensation program. From 2023 to 2024, and from 2024 to 2025, our net loss decreased from the prior year, which was primarily due to increases in revenue and decreases in operating expenses.
In 2024 and 2025, our net loss decreased slightly, and the CAP for our non-PEO NEOs increased. With respect to Mr. Buhle and Mr. Hungerford, there is no relationship between our net loss from 2024 to 2025 and their CAP as neither was our PEO nor an NEO during 2024. With respect to Dr. Milligan, there is no relationship between our net loss from 2024 to 2025 and her CAP, as she terminated in 2025. With respect to Ms. Sandford, there is no relationship between our net loss from 2024 to 2025 and her CAP, as she terminated in 2024 and was not our PEO or an NEO during 2025.
In 2023 and 2024, our net loss decreased slightly, but the CAP for Ms. Sandford and our non-PEO NEOs also decreased between 2023 and 2024. With respect to Dr. Milligan, there is no relationship between our net loss from 2023 to 2024 and her CAP as she was not our PEO or an NEO during 2023.
All information provided above under the “Pay versus Performance” heading will not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing, except to the extent the Company specifically incorporates such information by reference.
PROPOSAL 3: APPROVAL OF AN AMENDMENT TO THE ASPIRA WOMEN’S HEALTH INC. 2019 STOCK INCENTIVE PLAN
The Board recommends that the stockholders approve an amendment (the “Amendment”) to the Aspira Women’s Health Inc. 2019 Stock Incentive Plan (the “2019 Plan”) to effectuate an increase in the number of shares of common stock of the Company authorized to be granted under the 2019 Plan by 5,000,000 shares so that a total of 9,532,818 shares of common stock are authorized to be granted under the 2019 Plan. In addition, stockholder approval is being sought to increase the aggregate maximum number of shares of our common stock that may be issued under the 2019 Plan pursuant to the exercise of incentive stock options to a maximum of 15,000,000 shares that may be issued pursuant to the exercise of incentive stock options under the 2019 Plan.
Stockholder approval of the Amendment will provide the Company with flexibility to grant awards from a pool of shares available under the 2019 Plan for purposes of recruiting, retaining, motivating and rewarding participants in the 2019 Plan. Upon the recommendation of the Compensation Committee, the Board has approved the Amendment and has directed that it be submitted for stockholder approval at the Annual Meeting. This Proposal 4, if approved, would become effective upon stockholder approval. If stockholders do not approve the Amendment, grants will continue to be made under the 2019 Plan as currently in effect to the extent shares of common stock are available.
Background
The 2019 Plan was initially adopted by the Board in May 2019 and approved by our stockholders in June 2019. In May 2023, stockholders approved an amendment and restatement to the 2019 Plan, which increased the number of shares available for grant under the 2019 Plan by 333,333 shares. In May 2024, stockholders approved an amendment and restatement to the 2019 Plan, which increased the number of shares available for grant under the 2019 Plan by 1,000,000 shares. In June 2025, stockholders approved an amendment and restatements to the 2019 Plan, which increased the number of shares available for grant under the 2019 Plan by 2,500,000 shares. As of April 20, 2026, and
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after accounting for the May 2023 increase, there were 674,803 shares subject to outstanding options and 70,832 RSUs outstanding, and 730,601 shares remained available for grant.
This Amendment would increase the number of shares of common stock available for future awards under the 2019 Plan by 5,000,000 shares. As of April 20, 2026, there were 43,500,411 shares of the Company’s common stock outstanding, and the closing stock price of the Company’s common stock, as reported on the OTC QX Best Market, was $0.39 per share.
The Board believes that granting equity-based compensation awards to our officers, employees, directors and consultants is an effective means to provide appropriate incentives for sustaining our financial and operating performance and leadership excellence, to align the interests of award recipients with those of our stockholders and to encourage them to remain with us for long and productive careers. If the Amendment is not adopted, the Board believes it will have significant difficulties in recruiting, retaining, motivating and rewarding officers and employees, making it difficult for the Company to continue operating.
Summary of the Amended and Restated 2019 Plan
At the Annual Meeting, our stockholders will be asked to approve the Amendment. The Amendment was approved by our Board on April 20, 2026, subject to stockholder approval. If the Amendment is adopted by our stockholders, we will continue to be able to make awards of long-term equity incentives, which we believe are critical for attracting, motivating, rewarding and retaining a talented management team who will contribute to our success. If the Amendment is not adopted by our stockholders, the Company will continue to operate the 2019 Plan pursuant to its current provisions. The following description is a summary only and is qualified in its entirety by reference to the complete text of the 2019 Plan, which is appended to this proxy statement as Appendix A.
The purposes of the 2019 Plan are to:
| ● | align the interests of our stockholders and recipients of awards under the 2019 Plan by increasing the proprietary interest of such recipients in the Company’s growth and success; |
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| ● | advance the interests of the Company by attracting and retaining non-employee directors, officers, other employees, consultants, independent contractors and agents; and |
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| ● | motivate such persons to act in the long-term best interests of the Company and our stockholders. |
Under the 2019 Plan, the Company may grant:
| ● | non-qualified stock options; |
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| ● | “incentive stock options” (within the meaning of Section 422 of the Code); |
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| ● | stock appreciation rights (“SARs”); |
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| ● | restricted stock, RSUs or other stock awards (“Stock Awards”); and |
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| ● | performance awards. |
As of April 20, 2026, approximately 2 executive officers, 36 employees and six non-employee directors were eligible to participate in the 2019 Plan, if selected by the Compensation Committee for participation.
The 2019 Plan Combines Compensation and Governance Best Practices
The 2019 Plan includes provisions that are designed to protect our stockholders’ interests and to reflect corporate governance best practices including
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| ● | The 2019 Plan is administered by a committee of our Board, comprised entirely of independent directors, which is currently the Compensation Committee of the Board; |
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| ● | Stock options and SARs granted under the 2019 Plan may not be repriced without stockholder approval other than in connection with a change in control or adjustments described in the 2019 Plan; |
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| ● | The exercise price of stock options and the base price for SARs granted under the 2019 Plan may not be less than the fair market value of a share of our common stock on the date of grant, subject to certain exceptions for substitute awards granted in connection with a corporate transaction; |
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| ● | The 2019 Plan prohibits the grant of dividend equivalents with respect to stock options and SARs and subjects all dividends and dividend equivalents paid with respect to Stock Awards or performance awards to the same vesting conditions as the underlying awards; |
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| ● | The 2019 Plan does not contain a liberal change in control definition; and |
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| ● | The 2019 Plan provides that the committee may require the reimbursement of all or any portion of any awards granted under the 2019 Plan, or may require the termination, rescission, or the recapture of any award, in the event of certain financial restatements or a violation by the participant of certain restrictive covenants. |
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| ● | The aggregate value of cash compensation paid during any fiscal year of the Company, taken together with the grant date fair value of shares of Common Stock that may be awarded or granted during any fiscal year of the Company, to any of our non-employee directors during such calendar year, may not exceed $400,000 in total value. |
Description of the 2019 Plan
The following description is qualified in its entirety by reference to the 2019 Plan, as amended by the Amendment. A copy of the 2019 Plan, as amended by the Amendment, is attached to this proxy statement as Appendix A.
Administration
The 2019 Plan is administered by a committee designated by our Board (the “Plan Committee”), consisting of two or more members of our Board, each of whom may be a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act. The Compensation Committee currently administers the 2019 Plan.
Subject to the express provisions of the 2019 Plan, the Plan Committee has the authority to select eligible persons to receive awards and determine all of the terms and conditions of each award. All awards will be evidenced by an agreement containing such provisions not inconsistent with the 2019 Plan as the Plan Committee will approve. The Plan Committee will also have authority to establish rules and regulations for administering the 2019 Plan and to decide questions of interpretation or application of any provision of the 2019 Plan. The Plan Committee may, in its sole discretion and for any reason at any time, take action such that (i) any or all outstanding stock options and SARs will become exercisable in part or in full, (ii) all or a portion of a restriction period on any award will lapse, (iii) all or a portion of any performance period applicable to any award will lapse and (iv) any performance measures applicable to any outstanding award will be deemed satisfied at target, maximum or any other level.
The Plan Committee may delegate some or all of its power and authority under the 2019 Plan to our Board (or any members thereof) or, subject to applicable law, a subcommittee of our Board, a member of our Board, the Chief Executive Officer or other executive officer of the Company as the Plan Committee deems appropriate, except that it may not delegate its power and authority to a member of our Board, the Chief Executive Officer or any executive officer with regard to awards to persons who are subject to Section 16 of the Exchange Act.
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Available Shares
Subject to the adjustment provisions set forth in the 2019 Plan, the number of shares of our common stock authorized for issuance under the 2019 Plan, assuming stockholder approval of the Amendment, will be 9,532,818. Subject to the adjustment for certain changes in our capitalization, the aggregate maximum number of shares of our common stock that may be issued pursuant to the exercise of ISOs under the 2019 Plan (assuming stockholder approval of the Amendment) is 15,000,000 shares.
To the extent that shares of our common stock subject to an outstanding award granted under the 2019 Plan or a Prior Plan, other than substitute awards granted in connection with a corporate transaction, are not issued or delivered by reason of (i) the expiration, termination, cancellation or forfeiture of such award (excluding shares of our common stock subject to a stock option cancelled upon settlement of a related tandem SAR or subject to a tandem SAR cancelled upon exercise of a related option) or (ii) the settlement of such award in cash, then such shares of our common stock will again be available under the 2019 Plan. Shares of our common stock subject to an award under the 2019 Plan or a Prior Plan will not again be available for issuance under the 2019 Plan if such shares are (a) shares that were subject to a stock option or stock-settled SAR and were not issued or delivered upon the net settlement or net exercise of such option or SAR, (b) shares delivered to or withheld by the Company to pay the purchase price or the withholding taxes relating to an outstanding award or (c) shares repurchased by the Company on the open market with the proceeds of a stock option exercise.
Non-Employee Director Compensation Limit
Under the 2019 Plan, the aggregate value of cash compensation and the grant date fair value of shares of our common stock that may be awarded or granted during any fiscal year of the Company to any non-employee director shall not exceed $400,000.
Repricing; Cancellation and Re-Grant of Stock Awards
Under the 2019 Plan, the Plan Committee does not have the authority to reprice any outstanding stock option or stock appreciation right by reducing the exercise or strike price of the stock option or stock appreciation right or to cancel any outstanding stock option or stock appreciation right that has an exercise or strike price greater than the then-current fair market value of our common stock in exchange for cash or other stock awards without obtaining the approval of our stockholders, other than in connection with a capitalization adjustment or our Change in Control.
Change in Control
Subject to the terms of the applicable award agreement, in the event of a change in control, our Board, as constituted prior to the change in control, may, in its discretion take one of the following actions: (i) require that (a) some or all outstanding stock options and SARs will become exercisable in full or in part, either immediately or upon a subsequent termination of employment, (b) the restriction period applicable to some or all outstanding Stock Awards will lapse in full or in part, either immediately or upon a subsequent termination of employment, (c) the performance period applicable to some or all outstanding awards will lapse in full or in part, and (d) the performance measures applicable to some or all outstanding awards will be deemed satisfied at the target, maximum or any other level; (ii) require that shares of our common stock resulting from or succeeding to the business of the Company pursuant to such change in control, or the parent thereof, be substituted for some or all of the shares of our common stock subject to outstanding awards as determined by our Board; and/or (iii) require outstanding awards to be surrendered to the Company in exchange for a payment of cash, shares of our common stock resulting from the change in control, or the parent thereof, or a combination of cash and shares.
Under the terms of the 2019 Plan, a change in control is generally defined as a change in ownership or control of the Company effected through any of the following transactions: (i) certain mergers or consolidations of the Company unless: (a) the voting securities of the Company outstanding immediately before the merger or consolidation would continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; and (b) no person (other than persons who are employees at any time more than one year before a transaction) becomes the beneficial owner (within the meaning of
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Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities; (ii) the sale or disposition of all, or substantially all, of the Company’s assets; (iii) certain changes in the majority composition of the Board; or (iv) the consummation of a plan of complete liquidation or dissolution of the Company.
Outstanding awards under the 2019 Plan may be subject to additional acceleration of vesting and exercisability upon or after a change in control as may be provided in the participant’s award agreement, in any other written agreement with us or one of our affiliates, or in our director compensation policy, but in the absence of such provision, no such acceleration will occur.
Clawback/Recoupment
Awards granted under the 2019 Plan will be subject to recoupment in accordance with our Incentive Compensation Recoupment Policy and any other clawback policy that we adopt, whether in accordance with the listing standards of any national securities exchange or association on which the Company’s securities are listed, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Law or otherwise. In addition, the Plan Committee may impose other clawback, recovery or recoupment provisions in an award agreement, including a reacquisition right in respect of previously acquired shares or other cash or property upon the occurrence of cause.
Effective Date, Termination and Amendment
The 2019 Plan became effective on June 18, 2019, the date on which the 2019 Plan was approved by our stockholders and will terminate as of the first annual meeting to occur on or after the tenth anniversary of the effective date, unless earlier terminated by our Board. Awards hereunder may be made at any time prior to the termination of the 2019 Plan, provided that no incentive stock option may be granted later than ten years after the date on which the 2019 Plan was approved by our Board. Our Board may amend the 2019 Plan at any time, subject to stockholder approval if (i) required by applicable law, rule or regulation, including any rule of the OTC QX Best Market or any other stock exchange on which our common stock is then traded, or (ii) our Board seeks to modify the non-employee director compensation limit or the prohibition on repricing set forth in the 2019 Plan. No amendment may materially impair the rights of a holder of an outstanding award without the consent of such holder.
Eligibility
Participants in the 2019 Plan consist of such officers, other employees, non-employee directors, consultants, independent contractors and agents and persons expected to become officers, other employees, non-employee directors, consultants, independent contractors and agents of the Company and its subsidiaries, as selected by the Plan Committee.
Stock Options and SARs
The 2019 Plan provides for the grant of non-qualified stock options, incentive stock options and SARs. The Plan Committee will determine the conditions to the exercisability of each stock option and SAR.
Each stock option will be exercisable for no more than ten years after its date of grant, unless the stock option is an incentive stock option and the optionee owns greater than ten percent (10%) of the voting power of all shares of our capital stock (a “ten percent holder”), in which case the stock option will be exercisable for no more than five years after its date of grant. Except in the case of substitute awards granted in connection with a corporate transaction, the exercise price of a stock option will not be less than 100% of the fair market value of a share of our common stock on the date of grant, unless the stock option is an incentive stock option and the optionee is a ten percent holder, in which case the stock option exercise price will be the price required by the Code, currently 110% of fair market value.
Each SAR will be exercisable for no more than ten years after its date of grant provided that no SAR granted in tandem with a stock option (a “tandem SAR”) will be exercisable later than the expiration, termination, cancellation, forfeiture or other termination of the related stock option. The base price of an SAR will not be less than 100% of the fair market value of a share of our common stock on the date of grant (or, if earlier, the date of grant of the stock
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option for which the SAR is exchanged or substituted), provided that the base price of a tandem SAR will be the exercise price of the related stock option. An SAR entitles the holder to receive upon exercise (subject to withholding taxes) shares of our common stock (which may be restricted stock), cash or a combination thereof with a value equal to the difference between the fair market value of our common stock on the exercise date and the base price of the SAR.
All of the terms relating to the exercise, cancellation or other disposition of stock options and SARs following the termination of employment of a participant, whether by reason of disability, retirement, death or any other reason, will be determined by the Plan Committee.
The Plan Committee shall not, without the approval of our stockholders, (i) reduce the purchase price or base price of any previously granted stock option or SAR, (ii) cancel any previously granted stock option or SAR in exchange for another stock option or SAR with a lower purchase price or base price or (iii) cancel any previously granted stock option or SAR in exchange for cash or another award if the purchase price of such option or the base price of such SAR exceeds the fair market value of a share of our common stock on the date of such cancellation, in each case, other than in connection with a change in control or the adjustment provisions set forth in the 2019 Plan.
An option may be exercised (i) by giving written notice to us specifying the number of whole shares of Common Stock to be purchased and accompanying such notice with payment therefor in full (or arrangement made for such payment to the Company’s satisfaction) either (A) in cash, (B) by delivery (either actual delivery or by attestation procedures established by the Company) of shares of Common Stock having a fair market value, determined as of the date of exercise, equal to the aggregate purchase price payable by reason of such exercise, (C) authorizing the Company to withhold whole shares of Common Stock which would otherwise be delivered having an aggregate fair market value, determined as of the date of exercise, equal to the amount necessary to satisfy such obligation, (D) in cash by a broker-dealer acceptable to the Company to whom the participant has submitted an irrevocable notice of exercise or (E) a combination of (A), (B) and (C), in each case to the extent set forth in the Agreement relating to the option, (ii) if applicable, by surrendering to the Company any tandem SARs which are cancelled by reason of the exercise of the option and (iii) by executing such documents as the Company may reasonably request.
A tandem SAR may be exercised (i) by giving written notice to the Company specifying the number of whole SARs which are being exercised, (ii) by surrendering to the Company any options which are cancelled by reason of the exercise of the tandem SAR and (iii) by executing such documents as the Company may reasonably request. A non-tandem SAR may be exercised (A) by giving written notice to the Company specifying the whole number of SARs which are being exercised and (B) by executing such documents as the Company may reasonably request.
Limitations on Incentive Stock Options
The aggregate fair market value, determined at the time of grant, of shares of our common stock with respect to ISOs that are exercisable for the first time by a participant during any calendar year under all of our stock plans may not exceed $100,000. The stock options or portions of stock options that exceed this limit or otherwise fail to qualify as ISOs are treated as NSOs. No ISO may be granted to any person who, at the time of grant, owns or is deemed to own stock possessing more than 10% of our total combined voting power or that of any affiliate unless the exercise price of the ISO is at least 110% of the fair market value of our common stock on the date of grant, and the term of the ISO does exceed five years from the date of grant.
Stock Awards
The 2019 Plan provides for the grant of Stock Awards. The Plan Committee may grant a Stock Award as restricted stock, RSUs or as another stock award. Except as otherwise determined by the Plan Committee, Stock Awards will be non-transferable and subject to forfeiture if the holder does not remain continuously in the employment of the Company during the restriction period or if specified performance measures (if any) are not attained during the performance period.
Unless otherwise set forth in a restricted stock award agreement, the holder of shares of restricted stock will have rights as a stockholder of the Company, including the right to vote and receive, on a deferred basis, dividends with respect to the shares of restricted stock. Distributions and dividends with respect to shares of our common stock,
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including regular cash dividends, will be deposited with the Company and will be subject to the same restrictions as the restricted stock.
The agreement awarding RSUs will specify (i) whether such award may be settled in shares of our common stock, cash or a combination thereof, and (ii) whether the holder will be entitled to receive dividend equivalents, with respect to such award. Any dividend equivalents with respect to RSUs that are subject to vesting conditions will be subject to the same vesting conditions as the underlying award. Prior to settlement of an RSU, the holder of an RSU will have no rights as a stockholder of the Company.
The Plan Committee may grant other awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, shares of our common stock, including shares of our common stock granted as a bonus and not subject to any vesting conditions, dividend equivalents, deferred stock units, stock purchase rights and shares of our common stock issued in lieu of obligations of the Company to pay cash under any compensatory plan or arrangement, subject to such terms as shall be determined by the Plan Committee. Dividend equivalents paid with respect to the other stock awards contemplated by this paragraph will be subject to the same vesting conditions as the underlying awards.
All of the terms relating to the satisfaction of performance measures and the termination of a restriction period, or the forfeiture and cancellation of a Stock Award upon a termination of employment, whether by reason of disability, retirement, death or any other reason or during a paid or unpaid leave of absence, will be determined by the Plan Committee.
Performance Awards
The 2019 Plan also provides for the grant of performance awards. The agreement relating to a performance award will specify whether such award may be settled in shares of our common stock (including shares of restricted stock), cash or a combination thereof. The agreement relating to a performance award will provide, in the manner determined by the Plan Committee, for the vesting of such performance award if the specified performance measures are satisfied or met during the specified performance period and such performance goals will be determined by the Plan Committee at the time of grant. Any dividend or dividend equivalents with respect to a performance award will be subject to the same restrictions as such performance award.
The performance measures of a performance award may consist of, but shall not be limited to, one or more of the following business criteria for the Company, on a consolidated basis, and/or for specified subsidiaries, business or geographical units or operating areas of the Company (except with respect to the total stockholder return and earnings per share criteria) or individual basis, may be used by the Committee in establishing performance measures under this Plan: earnings per share; sales or revenue; earnings or income of the Company before or after taxes and/or interest; earnings before interest, taxes, depreciation and amortization; net income; returns on equity, assets, capital, investments, or revenue; economic value added; working capital; total stockholder return; the attainment by a share of common stock of a specified fair market value for a specified period of time; expenses; cost reduction goals; cash flow; gross profit or gross margin; operating profit or margin; strategic goals relating to product development, product market share, research, licensing, successful completion of clinical trials, submission of applications with the U.S. Food and Drug Administration (“FDA”) for new tests, receipt from the FDA of clearance for new tests, commercialization of new tests, litigation, human resources, information services, mergers, acquisitions, sales of assets of affiliates or business units, or such other goals as the Committee may determine whether or not listed in the 2019 Plan. Each such goal may be determined on a pre-tax or post-tax basis or on an absolute or relative basis, and may include comparisons based on current internal targets, the past performance of the Company (including the performance of one or more subsidiaries, divisions, or operating units) or the past or current performance of other companies or market indices (or a combination of such past and current performance). In addition to the ratios specifically enumerated above, performance goals may include comparisons relating to capital (including, but not limited to, the cost of capital), stockholders’ equity, shares outstanding, assets or net assets, sales, or any combination thereof. In establishing a performance measure or determining the achievement of a performance measure, the Committee may provide that achievement of the applicable performance measures may be amended or adjusted to include or exclude components of any performance measure, including, without limitation, foreign exchange gains and losses, asset write-downs, acquisitions and divestitures, change in fiscal year, unbudgeted capital expenditures, special charges such as restructuring or impairment charges, debt refinancing costs, extraordinary or noncash items,
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unusual, infrequently occurring, nonrecurring or one-time events affecting the Company or its financial statements or changes in law or accounting principles. Performance measures shall be subject to such other special rules and conditions as the Committee may establish at any time.
Prior to the settlement of a performance award in shares of our common stock, the holder of such award will have no rights as a stockholder of the Company with respect to such shares. All of the terms relating to the satisfaction of performance measures and the termination of a performance period, or the forfeiture and cancellation of a performance award upon a termination of employment with or service to, whether by reason of disability, retirement, death or any other reason or during a paid or unpaid leave of absence, will be determined by the Plan Committee.
U.S. Federal Income Tax Consequences
The following is a brief summary of certain United States federal income tax consequences generally arising with respect to awards under the 2019 Plan. This summary is not intended to be exhaustive and does not discuss the income tax laws of any local, state or foreign jurisdiction in which a participant may reside. The information is based upon current federal income tax rules and therefore is subject to change when those rules change. Because the tax consequences to any participant may depend on his or her particular situation, each participant should consult the participant’s tax adviser regarding the federal, state, local or non-United States tax consequences of the grant or exercise of an award or the disposition of stock acquired in the 2019 Plan. The 2019 Plan is not qualified under the provisions of Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and is not subject to any of the provisions of the Employee Retirement Income Security Act of 1974. Our ability to realize the benefit of any tax deductions described below depends on our generation of taxable income as well as the requirement of reasonableness, the provisions of Section 162(m) of the Code and the satisfaction of our tax reporting obligations.
Nonstatutory Stock Options
Generally, there is no taxation upon the grant of an NSO if the stock option is granted with an exercise price equal to the fair market value of the underlying stock on the grant date. Upon exercise, a participant will recognize ordinary income equal to the excess, if any, of the fair market value of the underlying stock on the date of exercise of the stock option over the exercise price. If the participant is employed by us or one of our affiliates, that income will be subject to withholding taxes. The participant’s tax basis in those shares will be equal to their fair market value on the date of exercise of the stock option, and the participant’s capital gain holding period for those shares will begin on that date.
Subject to the requirement of reasonableness, the provisions of Section 162(m) of the Code and the satisfaction of our tax reporting obligation, we will generally be entitled to a tax deduction equal to the taxable ordinary income realized by the participant.
Incentive Stock Options
The 2019 Plan provides for the grant of stock options that are intended to qualify as “incentive stock options,” as defined in Section 422 of the Code. Under the Code, a participant generally is not subject to ordinary income tax upon the grant or exercise of an ISO. If the participant holds a share received upon exercise of an ISO for more than two years from the date the stock option was granted and more than one year from the date the stock option was exercised, which is referred to as the required holding period, the difference, if any, between the amount realized on a sale or other taxable disposition of that share and the participant’s tax basis in that share will be long-term capital gain or loss.
If, however, a participant disposes of a share acquired upon exercise of an ISO before the end of the required holding period, which is referred to as a disqualifying disposition, the participant generally will recognize ordinary income in the year of the disqualifying disposition equal to the excess, if any, of the fair market value of the share on the date of exercise of the stock option over the exercise price. However, if the sales proceeds are less than the fair market value of the share on the date of exercise of the stock option, the amount of ordinary income recognized by the participant will not exceed the gain, if any, realized on the sale. If the amount realized on a disqualifying disposition exceeds the fair market value of the share on the date of exercise of the stock option, that excess will be short-term or long-term capital gain, depending on whether the holding period for the share exceeds one year.
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For purposes of the alternative minimum tax, the amount by which the fair market value of a share of stock acquired upon exercise of an ISO exceeds the exercise price of the stock option generally will be an adjustment included in the participant’s alternative minimum taxable income for the year in which the stock option is exercised. If, however, there is a disqualifying disposition of the share in the year in which the stock option is exercised, there will be no adjustment for alternative minimum tax purposes with respect to that share. In computing alternative minimum taxable income, the tax basis of a share acquired upon exercise of an ISO is increased by the amount of the adjustment taken into account with respect to that share for alternative minimum tax purposes in the year the stock option is exercised.
We are not allowed a tax deduction with respect to the grant or exercise of an ISO or the disposition of a share acquired upon exercise of an ISO after the required holding period. If there is a disqualifying disposition of a share, however, we will generally be entitled to a tax deduction equal to the taxable ordinary income realized by the participant, subject to the requirement of reasonableness and the provisions of Section 162(m) of the Code, and provided that either the employee includes that amount in income or we timely satisfy our reporting requirements with respect to that amount.
Restricted Stock Awards
Generally, the recipient of a restricted stock award will recognize ordinary income at the time the stock is received equal to the excess, if any, of the fair market value of the stock received over any amount paid by the recipient in exchange for the stock. If, however, the stock is not vested when it is received (for example, if the employee is required to work for a period of time in order to have the right to sell the stock), the recipient generally will not recognize income until the stock becomes vested, at which time the recipient will recognize ordinary income equal to the excess, if any, of the fair market value of the stock on the date it becomes vested over any amount paid by the recipient in exchange for the stock. A recipient may, however, file an election with the Internal Revenue Service, within 30 days following his or her receipt of the stock award, to recognize ordinary income, as of the date the recipient receives the award, equal to the excess, if any, of the fair market value of the stock on the date the award is granted over any amount paid by the recipient for the stock.
The recipient’s basis for the determination of gain or loss upon the subsequent disposition of shares acquired from a restricted stock award will be the amount paid for such shares plus any ordinary income recognized either when the stock is received or when the stock becomes vested.
We will generally be entitled to a tax deduction equal to the taxable ordinary income realized by the recipient of the restricted stock award.
Restricted Stock Unit Awards
Generally, the recipient of a restricted stock unit award structured to comply with the requirements of Section 409A of the Code or an exemption to Section 409A of the Code will recognize ordinary income at the time the stock is delivered equal to the excess, if any, of the fair market value of the stock received over any amount paid by the recipient in exchange for the stock. To comply with the requirements of Section 409A of the Code, the stock subject to a restricted stock unit award may generally only be delivered upon one of the following events: a fixed calendar date (or dates), separation from service, death, disability or a change in control. If delivery occurs on another date, unless the restricted stock unit award otherwise complies with or qualifies for an exemption to the requirements of Section 409A of the Code, in addition to the tax treatment described above, the recipient will owe an additional 20% federal tax and interest on any taxes owed.
The recipient’s basis for the determination of gain or loss upon the subsequent disposition of shares acquired from a restricted stock unit award will be the amount paid for such shares plus any ordinary income recognized when the stock is delivered.
Subject to the requirement of reasonableness, the provisions of Section 162(m) of the Code and the satisfaction of our tax reporting obligation, we will generally be entitled to a tax deduction equal to the taxable ordinary income realized by the recipient of the restricted stock unit award.
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Stock Appreciation Rights
Generally, if a stock appreciation right is granted with an exercise price equal to the fair market value of the underlying stock on the grant date, the recipient will recognize ordinary income equal to the fair market value of the stock or cash received upon such exercise. Subject to the requirement of reasonableness, the provisions of Section 162(m) of the Code, and the satisfaction of our tax reporting obligation, we will generally be entitled to a tax deduction equal to the taxable ordinary income realized by the recipient of the stock appreciation right.
Performance Awards
A participant will not recognize taxable income at the time performance awards are granted, and the Company will not be entitled to a tax deduction at that time. Upon settlement of performance awards, the participant will recognize compensation taxable as ordinary income (and if the participant is an employee, will be subject to income tax withholding) in an amount equal to the fair market value of any shares of our common stock delivered and the amount of cash paid by the Company.
Section 162(m) of the Code
Under Section 162(m) of the Internal Revenue Code (“Section 162(m)”), compensation paid to each of the Company’s “covered employees” that exceeds $1 million per taxable year is generally non-deductible unless the compensation qualifies for (i) certain grandfathered exceptions (including the “performance-based compensation” exception) for certain compensation paid pursuant to a written binding contract in effect on November 2, 2017 and not materially modified on or after such date or (ii) the reliance period exception for certain compensation paid by corporations that became publicly held on or before December 20, 2019. Awards granted under the 2019 Plan will be subject to the deduction limit under Section 162(m).
New Plan Benefits
Awards under the 2019 Plan are discretionary. Accordingly, total awards that may be granted under the 2019 Plan are not determinable. We have made certain grants to our employees and to certain executive officers, as discussed above under “Executive Compensation” and we may make additional grants to certain of our executive officers later this year as well as to our non-employee directors as described above under “Board Compensation.” However, we cannot currently determine the total amount of benefits or number of shares subject to equity awards that may be granted in the future to executive officers, non-employee directors and employees under the 2019 Plan.
Policies and Practices Regarding the Grant of Equity Awards
Equity Compensation Plan Information
The number of shares of the Company’s common stock to be issued upon exercise of outstanding stock options and other stock awards, the weighted-average exercise price of outstanding stock options and the number of
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shares available for future stock option grants and other stock awards under equity compensation plans as of December 31, 2025, were as follows.
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Shares Reflected in First Column) | ||||
Equity compensation plans approved by security holders(1) | 3,114,229 | $ | 0.84 | 790,376 | |||
Equity compensation plans not approved by security holders | - | - | - | ||||
Total | 3,114,229 | - | 790,376 |
(1) Includes outstanding awards granted under our Amended and Restated 2010 Stock Incentive Plan, as amended (the “2010 Plan”), and the 2019 Plan. No further awards have or may be granted under our 2010 Plan following the adoption of our 2019 Plan.
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR” THE APPROVAL OF THE AMENDMENT TO THE ASPIRA WOMEN’S HEALTH INC. 2019 STOCK INCENTIVE PLAN.
PROPOSAL 4: RATIFICATION OF THE SELECTION OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Audit Committee of the Board has selected BDO USA, P.C. (“BDO”), an independent registered public accounting firm, to audit our financial statements for the year ending December 31, 2026, and recommends that stockholders vote for ratification of such selection. Notwithstanding this selection, the Audit Committee, in its discretion, may direct the appointment of a new independent registered public accounting firm at any time during the year if the Audit Committee feels that such a change would be in the best interests of our stockholders. In the event of a negative vote on ratification, the Audit Committee may reconsider its selection.
BDO was appointed as our independent registered public accounting firm by the Audit Committee of the Board in April 2012. It is currently serving as our independent registered public accounting firm. BDO has represented to us that it is independent with respect to the Company within the meaning of the published rules and regulations of the SEC.
One or more representatives of BDO plan to attend the Annual Meeting and will be available to answer appropriate questions from stockholders and, although they do not expect to do so, they will have the opportunity to make a statement if they so desire.
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Audit Fees and Non-Audit Fees
The following is a summary of the fees and services provided by BDO for 2025 and 2024.
2025 | 2024 | ||||
Audit fees | $ | 806,487 | $ | 884,965 | |
Audit-related fees | - | - | |||
Tax fees | - | 28,952 | |||
All other fees | - | - | |||
Total | $ | 806,487 | $ | 913,917 | |
Audit Fees consist of fees for professional services rendered in connection with the audit of our annual financial statements, the review of the interim financial statements included in quarterly reports and services that are normally provided by BDO in connection with regulatory or registration filings, including issuance of comfort letters.
Audit-Related Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under “Audit Fees.”
Tax Fees consist of fees billed for professional services for tax studies.
All Other Fees consist of fees for services other than the services reported above.
In fiscal 2025 and fiscal 2024, no services other than the audit and tax services discussed above were provided by BDO.
Audit Committee Pre-Approval of Policies and Procedures
The Audit Committee is responsible for appointing, compensating and overseeing the work of the independent registered public accounting firm. The Audit Committee has established a pre-approval procedure for all audit and permissible non-audit services to be performed by our independent registered public accounting firm. The pre-approval policy requires that requests for services by the independent registered public accounting firm be submitted to the Chair of the Audit Committee for review and approval. Any requests that are approved by the Chair of the Audit Committee are then aggregated and submitted to the Audit Committee for approval at a meeting of the Audit Committee. Requests may be made with respect to either specific services or a type of service for predictable or recurring services.
All audit, audit-related, tax and other services, which include all permissible non-audit services, provided to us by BDO were pre-approved by the Audit Committee. Additionally, the Audit Committee concluded that the provision of those services by BDO were compatible with the maintenance of the independent registered public accounting firm’s independence.
THE AUDIT COMMITTEE AND THE BOARD OF DIRECTORS RECOMMEND THAT YOU VOTE “FOR” THE RATIFICATION OF THE SELECTION OF BDO USA, P.C. AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2026.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth certain information regarding beneficial ownership of our common stock as of April 20, 2026 (unless otherwise indicated), by (1) each person known by us to be the beneficial owner of more than five percent of the outstanding shares of our common stock, (2) each of our directors and director nominees, (3) each of our Named Executive Officers, and (4) all of our directors and executive officers as a group. All shares are subject to the named person’s sole voting and investment power except where otherwise indicated.
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Beneficial ownership is determined in accordance with Rule 13d-3 under the Exchange Act. Shares of common stock which are issued and outstanding are deemed to be beneficially owned by any person who has or shares voting or investment power with respect to such shares. Shares of common stock which are issuable upon exercise of options or warrants or the vesting of RSUs are deemed to be issued and outstanding and beneficially owned by any person who has or shares voting or investment power over such securities only if such securities are exercisable within 60 days of April 20, 2026, and, in any event, solely for purposes of calculating that person’s percentage ownership of the common stock (and not for purposes of calculating the percentage ownership of any other person).
Except where otherwise indicated, the number of shares of common stock deemed outstanding and used in the denominator for determining percentage ownership for each person equals (i) 43,500,411 shares of common stock outstanding as of April 20, 2026, plus (ii) such number of shares of common stock as are issuable pursuant to RSUs, options or warrants held by that person (and excluding RSUs, options and warrants held by other persons) which may vest or be exercised within 60 days of April 20, 2026.
Name and Address of Beneficial Owner | Number of | Percentage of |
Beneficial Owners of More Than 5%: | ||
Jack W. Schuler(1) | 6,508,887 | 14.1% |
100 N. Field Drive, Suite 360 | ||
Lake Forest, IL 60045 | ||
Directors and Named Executive Officers: | ||
Ellen Beausang(2) | 204,555 | * |
Michael Buhle(30 | 35,415 | * |
Jeffrey Cohen(4) | 1,086,200 | 2.5% |
John Fraser(5) | 2,174,140 | 4.9% |
Cynthia Hundorfean(6) | 238,085 | * |
Brian Hungerford | - | * |
Sandra Milligan | - | * |
Winfred Parnell(7) | 259,655 | * |
Jane Pine Wood(8) | 135,592 | * |
All Directors and Executive Officers as a Group (9 persons) | 4,133,641 | 9.3% |
* Less than 1%
(1) | Based on the information provided in Amendment No. 18 to Schedule 13D filed with the SEC on September 19, 2025 by Jack W. Schuler with respect to himself and the Jack W. Schuler Living Trust). Includes (i) 6,536 shares of common stock held by Jack Schuler and (ii) 3,823,829 shares held by Jack W. Schuler Living Trust, (iii) 2,671,986 shares issuable upon the exercise of warrants owned by Jack W. Schuler Living Trust and (iv) 6,536 shares issuable upon the exercise of warrants owned by Jack W. Schuler. |
(2) | Includes (i) 6,458 shares of common stock and (ii) 198,097 shares issuable upon the exercise of stock options. |
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(3) | Includes 35,415 shares issuable upon the exercise of stock options. |
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(4) | Includes (i) 375,697 shares of common stock directly held, (ii) 491,985 common stock warrants. (iii) 213,518 shares issuable upon the exercise of stock options and (iv) 5,000 shares of common stock held by a spouse. |
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(5) | Includes (i) 568,586 shares of common stock directly held, (ii) 377,818 held by Seamark Capital, L.P., over which Mr. Fraser has shared dispositive power, (iii) 314,811 shares issuable upon the exercise of stock options and (iv) 912,925 common stock warrants. |
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(6) | Includes 238,085 shares issuable upon the exercise of stock options. |
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(7) | Includes (i) 71,209 shares of common stock, (ii) 185,178 shares issuable upon the exercise of stock options and (iii) 3,268 common stock warrants. |
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(8) | Includes (i) 135,592 shares issuable upon the exercise of stock options. |
DELINQUENT SECTION 16(a) REPORTS
Section 16(a) of the Exchange Act requires our officers and directors, and persons who own more than 10% of a registered class of our equity securities, to file reports of ownership and changes in ownership with the SEC. As a practical matter, we assist our officers and directors by completing and filing Section 16 reports on their behalf. Based solely on a review of the copies of such reports filed with the SEC, and the written representations of our officers and directors, we believe that our officers and directors, and persons who own more than 10% of our common stock, complied with all applicable filing requirements for the year ended December 31, 2025, except that (1) Sandra Milligan, Stefanie Cavanaugh, Celeste Fralick, Jannie Herchuk, Ellen O’Connor Vos, Winfred Parnell and John Ragard failed to timely file a Form 4 in connection with the vesting of a restricted stock unit and related issuance on December 31, 2024, (2) Ellen Beausang failed to timely file a Form 4 in connection with the grant of a restricted stock unit on March 11, 2025 and (3) Ellen Beausang, Michael Buhle, Jeffrey Cohen, John Fraser and Cynthia Hundorfean each failed to timely file a Form 3 in connection with their respective appointments as Section 16 filers.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The following is a summary of transactions since January 1, 2025, to which we have been a participant in which the amount involved exceeded or will exceed $120,000 or 1% of our total assets, and in which any of our directors, executive officers, or holders of more than five percent of our capital stock, or any member of the immediate family of the foregoing persons, had or will have a direct or indirect material interest, other than compensation arrangements described in the sections titled “Executive Compensation” and “Board Compensation.”
Relationships Resulting from 2013 Private Placement
In connection with a May 8, 2013 private placement, on May 13, 2013, the Company entered into a Stockholders Agreement (the “Stockholders Agreement”) with certain of the purchasers in the private placement (the “2013 Purchasers”). Among other things, the Stockholders Agreement provides certain of the 2013 Purchasers with rights to participate in any future equity offerings by the Company on the same price and terms as other investors. Certain of the 2013 Purchasers were also offered the opportunity to participate in the underwritten public offering of our common stock that we completed on February 8, 2021, and certain trusts and other entities affiliated with H. George Schuler and Tanya Schuler Sharman, as well as Seamark Capital, L.P., purchased an aggregate of 40,555 shares of our common stock for aggregate gross proceeds of $4,562,497.50. In addition, certain of the 2013 Purchasers were also offered the opportunity to participate in the underwritten public offering of our common stock that we completed on August 22, 2022, and certain trusts and other entities affiliated with H. George Schuler and Tanya Schuler Sharman purchased an aggregate of 8,888 shares of our common stock for aggregate gross proceeds of $117,333.04. Also, certain of the 2013 Purchasers were also offered the opportunity to participate in the underwritten public offering of our common stock that we completed on July 24, 2023, and certain trusts and other entities affiliated with H. George Schuler and Tanya Schuler Sharman purchased an aggregate of 181,800 shares of our common stock for aggregate gross proceeds of $499,950.00. Further, certain of the 2013 Purchasers were also offered the opportunity to participate in the underwritten public offering of our common stock that we completed on January 26, 2024, and certain trusts and other entities affiliated with H. George Schuler and Tanya Schuler Sharman purchased an aggregate of 28,500 shares of our common stock for aggregate gross proceeds of $99,750.00.
In addition, in connection with the May 8, 2013 private placement, Oracle Partners, LP and Oracle Ten Fund Master LP, (together,”Oracle”), and Jack W. Schuler (the “Principal Purchasers”) received rights to prohibit the Company from taking any of the following actions unless agreed to by at least one of the Principal Purchasers:
| ● | Making any acquisition with a value greater than $2 million; |
| ● | Entering into, or amending the terms of our agreements with Quest Diagnostics, which consent shall not be unreasonably withheld, conditioned or delayed following good faith consultation with the Company; |
| ● | Submitting any resolution at a meeting of stockholders or in any other manner changing or authorizing a change in the size of our Board; |
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| ● | Offering, selling or issuing any securities senior to the Company’s common stock or any securities that are convertible into or exchangeable or exercisable for securities ranking senior to our common stock; |
| ● | Amending our Certificate of Incorporation or Bylaws in any manner that effects the rights, privileges or economics of the Company’s common stock; |
| ● | Making any action that would result in a change in control of the Company or an insolvency event; |
| ● | Paying or declaring dividends on any securities of the Company or distributing the assets of the Company other than in the ordinary course of business or repurchasing any outstanding securities of the Company; or |
| ● | Adopting or amending any shareholder rights plan. |
In addition, the Principal Purchasers each received the right to nominate a member to serve on our Board. Dr. Eric Varma was designated as a Board nominee by Oracle pursuant to the Stockholders Agreement and was appointed as a director on September 12, 2013. Dr. Varma did not stand for re-election at the 2018 annual meeting of the stockholders of the Company. Oracle did not notify the Company of a person who would succeed Dr. Varma as the Oracle designee on the Board. James T. LaFrance was designated as a Board nominee by Jack W. Schuler. The Board appointed Mr. LaFrance as a director and Chair of the Board on December 12, 2013, and effective from March 2022 to December 2022 he served as Lead Independent Director of the Board. Mr. LaFrance resigned from the Board effective December 15, 2022. Subsequent to his nomination by Jack W. Schuler, the Board appointed John Ragard as a director effective July 25, 2024. Mr. Ragard did not stand for re-election at the 2025 annual meeting. Jack W. Schuler has not yet notified the Company of the person who will success Mr. Ragard.
The rights and prohibitions of the 2013 Purchasers under the Stockholders Agreement terminate for each 2013 Purchaser when it ceases to own or hold less than 50% of the shares, warrants or warrant shares that were purchased at the closing of the 2013 private placement. The Company believes that these rights have terminated for Oracle.
OTHER MATTERS
We filed our Annual Report on Form 10-K for the year ended December 31, 2025 with the SEC on April 1, 2026 (the “Annual Report”). Stockholders may obtain a copy of the Annual Report, free of charge, by writing to Aspira Women’s Health Inc., Attn: Investor Relations, 12117 Bee Caves Road, Building III, Suite 100, Austin, Texas 78738. In addition, copies of our annual, quarterly and current reports are available at www.aspirawh.com.
Our management and our Board know of no matters to come before the Annual Meeting other than the matters referred to in the Notice of Annual Meeting of Stockholders. The persons named in the enclosed proxy will vote the shares represented thereby in accordance with the recommendation of the Board as to any proposal properly presented at the Annual Meeting, or if no recommendation is made by the Board, then pursuant to the authority granted in the proxy.
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IMPORTANT NOTE
The matters to be considered at the Annual Meeting are of great importance to our stockholders. Accordingly, you are urged to read and carefully consider the information presented in this proxy statement. Your vote is important, no matter how many or how few shares you hold. Please vote your shares by Internet today or request a proxy card to sign, date and return as soon as possible. If your shares are held in street name, only your broker or bank can vote your shares and only upon receipt of your specific instructions. Please contact the person responsible for your account at your broker to ensure that a proxy is voted on your behalf.
| BY ORDER OF THE BOARD OF DIRECTORS |
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| /s/ John Fraser |
| John Fraser |
| Chairperson of the Board |
Austin, Texas
April 24, 2026
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Signature [PLEASE SIGN WITHIN BOX] Date Signature (Joint Owners) Date TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: KEEP THIS PORTION FOR YOUR RECORDS DETACH AND RETURN THIS PORTION ONLY THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. V95914-P52210 For Against Abstain For Against Abstain ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ASPIRA WOMEN’S HEALTH INC. C/O BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC. P.O. BOX 1342 BRENTWOOD, NY 11717 Important: Please sign exactly as name appears on this proxy. When signing as attorney, executor, trustee, guardian, corporate officer, etc., please indicate full title. 1. Election of Directors Nominees ASPIRA WOMEN’S HEALTH INC. THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” PROPOSALS 1-4 2. Proposal to approve, on an advisory basis, the compensation of the Company’s Named Executive Officers. 3. Proposal to approve an amendment to the Aspira Women’s Health Inc. 2019 Stock Incentive Plan. 4. Proposal to ratify the selection of BDO USA PC as the Company’s independent registered public accounting firm for the year ending December 31, 2026. 1a. Ellen Beausang 1b. Jeffrey Cohen, M.D. 1c. John Fraser 1d. Cynthia Hundorfean 1e. Winfred Parnell, M.D. 1f. Jane Pine Wood ! ! ! SCAN TO VIEW MATERIALS & VOTEw VOTE BY INTERNET Before The Meeting - Go to www.proxyvote.com or scan the QR Barcode above Use the Internet to transmit your voting instructions and for electronic delivery of information up until 10:59 p.m. Central Time on June 16, 2026. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS If you would like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years. VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions up until 10:59 p.m. Central Time on June 16, 2026. Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. |
V95915-P52210 Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Stockholders to be held on June 17, 2026 at 8:00 am Central time at Winston & Strawn LLP, 800 Capitol Street, Suite 2400, Houston, TX 77002. The proxy statement and the 2025 Annual Report on Form 10-K are available at www.proxyvote.com. PROXY CARD ASPIRA WOMEN’S HEALTH INC. PROXY FOR ANNUAL MEETING TO BE HELD ON JUNE 17, 2026 THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints, John Fraser and Michael Buhle, as proxy with full power of substitution, to represent and to vote all the shares of common stock of Aspira Women’s Health Inc. (the “Company”), which the undersigned would be entitled to vote, at the Company’s Annual Meeting of Stockholders to be held on June 17, 2026 and at any adjournments thereof, subject to the directions indicated on this Proxy Card. In their discretion, the proxy is authorized to vote upon any other matter that may properly come June 17, 2026 before the meeting or any adjournments thereof. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE SPECIFICATIONS MADE, BUT IF NO CHOICES ARE INDICATED, THIS PROXY WILL BE VOTED FOR THE ELECTION OF ALL NOMINEES AND FOR THE PROPOSALS LISTED ON THE REVERSE SIDE. This proxy is governed by the laws of the State of Delaware. IMPORTANT—This Proxy must be signed and dated on the reverse side. (TO BE SIGNED ON REVERSE SIDE) |