Michael Buhle
AWHAbout Michael Buhle
Michael “Mike” Buhle, age 59, is Chief Executive Officer of Aspira Women’s Health. He joined Aspira on December 30, 2024 as SVP, Commercial Strategy & Operations and was appointed CEO on January 28, 2025; he holds a bachelor’s degree in business management from Clark University . Pre-tenure performance context: Aspira’s cumulative TSR for a $100 investment measured from 12/31/2021 was $1 by year-end 2024 and the company reported a 2024 net loss of $13,094 (presentation units per proxy) . Under Buhle’s leadership through September 30, 2025, Aspira highlighted revenue of approximately $7.0 million for the nine months, gross margin expansion to 64.1% (+5.7pp YoY), 167% sales-per-FTE improvement, 34% reduction in operating expenses, and a 54.5% reduction in operating cash burn .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Aspira Women’s Health | SVP, Commercial Strategy & Operations; CEO | 2024–present | Led commercial transformation; CEO from Jan 28, 2025 |
| Biovision Diagnostics | Chief Commercial Officer | 2022–2024 | Drove commercial execution as CCO |
| Congencia | Executive role | N/D | Drove market share growth and launched innovative technologies |
| Danaher Corporation | Executive role | N/D | Built high-performing teams and drove market share growth |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed | — | — | No external directorships or roles disclosed in 2025 proxy |
Fixed Compensation
| Component | Terms | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $400,000 annually | Mar 26, 2025 (Employment Agreement) | Per Buhle Agreement |
| Target Bonus | Up to 50% of salary (prorated for partial year) | 2025 | Based on corporate goals set by Compensation Committee |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Corporate goals (Comp Committee-defined) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Annual cash bonus framework |
| Equity Option Award (100,000 shares) | N/A | N/A | N/A | N/A | Vests monthly over 4 years from Mar 26, 2025 |
| Plan performance metrics (framework) | N/A | N/A | N/A | N/A | Plan permits metrics incl. revenue, EBITDA, TSR, gross margin, cash flow, strategic milestones |
Notes:
- 2024 payouts for NEOs were generally zero as goals were not met; this predates Buhle’s tenure as CEO .
- Specific 2025 Buhle bonus metrics/weights/actuals are not disclosed in the proxy .
Equity Ownership & Alignment
| Item | Detail | As of | Notes |
|---|---|---|---|
| Total beneficial ownership (shares) | 0 | Apr 7, 2025 | “Michael Buhle — —” indicates no reported beneficial ownership |
| Ownership % of shares outstanding | 0.0% | Apr 7, 2025 | 29,784,560 shares outstanding |
| Vested vs. unvested shares | Not disclosed | — | Option vests monthly; near-term exercisable portion not disclosed |
| Options (exercisable/unexercisable) | 100,000 option grant; vesting monthly over 4 years | Mar 26, 2025 | Exercise price/expiration not disclosed in proxy; standard post-termination exercise limits apply |
| Shares pledged as collateral | No pledging disclosure | — | Insider policy prohibits hedging; pledging not explicitly addressed in proxy |
| Stock ownership guidelines | Not disclosed | — | No executive ownership guideline details disclosed |
Employment Terms
| Provision | Terms |
|---|---|
| Employment start and role | Joined Dec 30, 2024 (SVP); appointed CEO Jan 28, 2025 |
| Contract date | Buhle Agreement effective Mar 26, 2025 |
| Severance (no change-in-control) | After 6 months: 3 months base salary + COBRA during severance period; after 12 months: 6 months base salary + COBRA; requires execution of release and compliance with non-compete |
| Change-of-control economics | Double-trigger: if terminated without cause or for good reason within 12 months post-CoC, 100% of unvested options vest (subject to original term) in addition to severance; six/twelve month probationary periods disregarded for severance in CoC case |
| Post-termination option exercise | Earliest of 90 days after termination, original expiration, or breach of agreements |
| Non-compete / Non-solicit | Non-competition compliance required to receive severance; detailed duration/scope not disclosed in proxy |
| Clawback | Dodd-Frank compliant clawback implemented; SOX 304 reimbursement obligations acknowledged |
| Hedging/derivatives | Hedging and monetization transactions prohibited for all insiders |
Track Record & Execution Signals
| Period | Operating Highlights |
|---|---|
| Nine months ended Sept 30, 2025 | Revenue approximately $7.0 million; gross margin 64.1% (vs. 58.4% prior year); 167% increase in sales per FTE; total operating expenses down 34% YoY; operating cash burn down 54.5% YoY; CEO commentary emphasizes commercial transformation and margin expansion |
| Capital markets | Company upgraded to OTCQX on Oct 14, 2025; Buhle signed 8-K as CEO |
| Financing | Sept 2025 PIPE of $2.95 million at $0.45/unit and $112,500 in warrant exercises; CEO commentary on cost overhaul and efficiency |
Compensation Structure Analysis
- Cash vs. equity mix: Base salary $400k with at-risk bonus up to 50%; meaningful equity via 100,000 monthly-vesting options aligns long-term incentives with shareholder value .
- Governance protections: No option repricing without shareholder approval under plan; clawback policy in place; hedging prohibited .
- Change-of-control terms: Double-trigger full acceleration of unvested options plus severance suggests retention through corporate transactions while avoiding single-trigger windfalls .
Investment Implications
- Alignment: Monthly-vesting options and capped severance (3–6 months) create performance-oriented incentives with modest cash protection; clawback and hedging prohibitions strengthen governance .
- Retention and selling pressure: No disclosed share ownership or near-term RSUs could reduce immediate selling pressure; option vesting may create steady potential supply over 48 months, but exercise depends on performance and liquidity .
- Execution signals: Reported 2025 operating improvements under Buhle—margin expansion, opex and burn reductions, and sales productivity—are positive for pay-for-performance narratives and potential future bonus outcomes tied to corporate goals .
- Change-of-control risk/reward: Double-trigger acceleration ensures management continuity through strategic events while linking benefits to termination post-CoC, limiting misaligned windfalls .