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• Ambulatory Surgery Centers (ASCs): AmSurg partners with physicians to develop, own, and operate outpatient surgery centers across various surgical specialties.
• Physician Services: AmSurg provides administrative and management services to physician groups, particularly focusing on anesthesia and other practice management solutions.

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Aspire Biopharma Inc. (ASBP) is a clinical-stage biopharmaceutical company. As such, the company is primarily focused on the research, development, and clinical trials of its drug candidates for rare diseases.

At its current stage of development, Aspire Biopharma does not have commercial products on the market generating significant revenue from sales. Consequently, it does not have "major customers" in the traditional sense of companies purchasing its products for resale or individuals receiving direct services. Its activities are centered on advancing its pipeline through clinical development rather than commercialization and sales to end-users or distributors.

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Kraig T. Higginson, Interim Chief Executive Officer and Chairman of the Board

Kraig T. Higginson was appointed Interim Chief Executive Officer of Aspire Biopharma Holdings, Inc. on July 24, 2025, and also serves as Chairman of the Board. He previously served as CEO of Aspire for four years. Mr. Higginson directly owns 21.26% of the company's shares. In March 2025, as CEO, he discussed the company's mission to enhance existing drugs through its proprietary sublingual technology.

Ernest J. Scheidemann, Chief Financial Officer and Chief Accounting Officer

Ernest J. Scheidemann serves as Aspire Biopharma's Chief Financial Officer and Chief Accounting Officer.

Howard A. Doss, Director and Chairman of the Audit Committee

Howard A. Doss was appointed as a Director and Chairman of the Audit Committee effective July 24, 2025. He is a seasoned financial executive and accountant with over four decades of experience in finance, accounting, and investment management. Mr. Doss previously served as Chief Financial Officer of PowerUp Acquisition Corp. (now Aspire Biopharma, Inc.) from August 2023 to February 2025. His prior experience includes serving as Chief Financial Officer of Kernel Group Holdings, Inc., and Aesther Healthcare Acquisition Corp., a special purpose acquisition company (SPAC), until its business combination in February 2023. He also served as President of Staradio Corp. since 2005. Mr. Doss began his career in accounting at Seidman & Seidman in 1977 and later joined the investment firm Van Kampen Investments in 1980.

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1. Significant Financial Distress and Going Concern Uncertainty: Aspire Biopharma is an early-stage biopharmaceutical company with a limited operating history and has not yet commenced revenue-generating operations, reporting a net loss of $12,537,472 for the year ended December 31, 2024. The company has negative earnings per share (EPS), negative discounted cash flow (DCF), and a market capitalization in the micro-cap territory, indicating elevated risk. Aspire Biopharma faces significant liquidity constraints with a quick ratio of just 0.09, meaning its short-term obligations exceed its liquid assets. Furthermore, an auditor's report has expressed substantial doubt about the company's ability to continue as a going concern, and it has less than one year of cash runway. The company relies on funding tranches to support its operations, highlighting an ongoing need for additional capital.
2. Nasdaq Delisting Risk: Aspire Biopharma has received notices from Nasdaq regarding potential delisting due to non-compliance with the minimum Market Value of Listed Securities (MVLS) and minimum bid price requirements. Although the company has been granted an extension by the Nasdaq Hearings Panel to regain compliance and has transferred its listing to the Nasdaq Capital Market, the risk of delisting remains.
3. Product Development, Commercialization, and Regulatory Hurdles: As an early-stage biopharmaceutical company, Aspire Biopharma's success is heavily dependent on the successful development and commercialization of its product candidates, such as a high-dose sublingual aspirin and BUZZ BOMB™. There is market skepticism regarding commercialization timelines and potential regulatory hurdles. The company needs to conduct clinical trials to support regulatory approval, and there is no guarantee that these trials will demonstrate efficacy and safety to the satisfaction of regulatory authorities or result in positive outcomes that support further development or marketing approval. Additionally, the company relies on partnerships for commercialization, adding another layer of execution risk.

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Aspire Biopharma (ASBP) is a pre-revenue biotechnology company primarily focused on developing and commercializing a portfolio of sublingual drug delivery systems. The company's future revenue growth over the next 2-3 years is expected to be driven by the successful development, regulatory approval, and commercialization of its pipeline products.

Here are 3-5 expected drivers of future revenue growth for Aspire Biopharma:

1. Launch and Commercialization of High-Dose Sublingual Aspirin: Aspire Biopharma's lead product candidate is a high-dose sublingual aspirin designed for rapid pain relief and as a post-surgical analgesic and anti-inflammatory. The company filed a patent for this high-dose aspirin in October 2024. Aspire plans to submit a 505(b)(2) application to the FDA by the end of 2025 and is seeking "fast track" approval for its New Drug Application (NDA). Positive clinical trial results have demonstrated that the sublingual aspirin product achieves higher and more rapid plasma concentrations of the active ingredient compared to chewed aspirin tablets. This product aims to address the ongoing opioid crisis by offering an alternative for pain management.
2. Launch of Sublingual Erectile Dysfunction (ED) Medication: Aspire Biopharma intends to complete the formulation and initiate a clinical study for a sublingual erectile dysfunction medication in early 2026. The global erectile dysfunction market represented approximately $3.6 billion in 2021 and is projected to expand to roughly $5.9 billion by 2028, indicating a substantial market opportunity for a novel delivery system.
3. Launch of Sublingual Semaglutide Formulation: The company has plans for early studies of a sublingual semaglutide formulation in 2026. Semaglutide is a well-known drug used for the treatment of type 2 diabetes and chronic weight management, representing a significant potential revenue stream for Aspire Biopharma.
4. Expansion of Sublingual Delivery Platform to Other Therapeutics: Aspire Biopharma possesses a patent-pending disruptive technology for sublingual drug delivery, which aims to improve drug bioavailability, reduce side effects, and enhance patient adherence for existing medications. Beyond aspirin, ED, and semaglutide, the company is also developing a sublingual testosterone formulation, with a Phase 1 clinical test anticipated in 2026. Furthermore, early studies for a migraine relief product are also slated for 2026. This strategy of "reengineering existing medications" for significant market opportunities could lead to a broader pipeline and diversified revenue sources.

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Share Repurchases

• Aspire Biopharma's cash flow statement indicates common stock repurchases of $284.9 million in 2023.
• The company reported $13.78 million in common stock repurchases in 2024.
• For the last twelve months (LTM), common stock repurchases amounted to $0.258 million.

Share Issuance

• Aspire Biopharma completed its merger with PowerUp Acquisition Corp. on February 17, 2025.
• On February 19, 2025, the company issued a senior secured convertible debenture, generating $3.0 million in gross proceeds.
• On August 19, 2025, the company sold notes with an aggregate principal amount of $9,687,500 for a subscription price of $7,750,000, which are convertible into common stock.

Inbound Investments

• Aspire Biopharma completed a merger with PowerUp Acquisition Corp. on February 17, 2025, which included $6.7 million in its Trust Account as of December 31, 2024, intended for a business combination or share repurchases.
• The company received $3.0 million in gross proceeds from the issuance of a senior secured convertible debenture on February 19, 2025.
• A funding tranche of $1 million was completed as part of a Securities Purchase Agreement, bringing the total funding received to $5,709,677.

Capital Expenditures

• Capital expenditures were reported as $4.9 million in 2022 and $0.076 million in 2023.
• In 2024, Aspire Biopharma reported no capital expenditures.
• The company entered a strategic manufacturing partnership with SupraNaturals, allowing it to scale production of its BUZZ BOMB™ pre-workout supplement without additional capital expenditure.