Company: DARE
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001401914-25-000022
Chunk: 35

Company: Dare Bioscience, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 four-year term. The exercise price of each option is determined by the Company's board of directors or its compensation committee based on the estimated fair value of the Company's stock on the date of grant. Summary of Stock Option ActivityThe table below summarizes stock option activity under the Company's stock incentive plans and related information for the three months ended March 31, 2025. The exercise price of all options granted during the three months ended March 31, 2025 was equal to the market value of the Company’s common stock on the date of grant. As of March 31, 2025, unamortized stock-based compensation expense of approximately $2.5 million will be amortized over a weighted average period of 1.27 years. The number of shares of common stock available for future awards granted under the 2022 Plan as of March 31, 2025 was 230,075.Number of SharesWeighted AverageExercise PriceOutstanding at December 31, 2024883,334 $14.58 Granted293,550 3.27 Exercised— Cancelled/forfeited(765)3.18 Expired(57,109)17.92 Outstanding at March 31, 20251,119,010 $11.45 Exercisable at March 31, 2025579,484 $16.42 

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The weighted average grant-date fair value of stock options granted during the three months ended March 31, 2025 and 2024 was $2.51 and $4.19, respectively.Compensation ExpenseTotal stock-based compensation expense related to stock options granted to employees and directors recognized in the condensed consolidated statements of operations and comprehensive loss is as follows:Three Months EndedMarch 31, 20252024Research and development$167,058 $206,602 General and administrative$210,299 $421,098 Total$377,357 $627,700 

6.     LEASED PROPERTIES

Finance Lease - Clean Room SpaceOn July 24, 2024, the Company entered into a scope of work (the "SOW") with an unrelated third party for a controlled clean room space in Burlington, Massachusetts. The SOW became effective upon the execution of an associated License and Services Agreement (the "LSA") which governs the SOW. On February 25, 2025, the parties entered into a termination agreement related