Company: DARE
Filing Date: 2025-04-24
Form Type: ARS
Source: 0001401914-25-000018
Chunk: 304

Company: Dare Bioscience, Inc.
Filing Date: 2025-04-24
Form: ARS
Chunk 304
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87.77%; risk-free interest rate: 4.29%; expected dividend yield: 0%; and expected term: 5.5 years. The warrants were deemed to be classified as equity and recorded within additional paid in capital on the consolidated balance sheets. As of December 31, 2024, none of the warrants have been exercised. February 2018 Warrants In connection with an underwritten public offering in February 2018, the Company issued to the investors in that offering, warrants exercisable through February 2023 with an initial exercise price of $36.00 per share. The Company estimated the fair value of the warrants as of February 15, 2018 to be approximately $3.0 million which was recorded in equity as of the issuance date. The warrants included a price-based anti-dilution provision, which resulted in automatic reductions to the exercise price of the warrants in April 2019 and July 2020 to $11.76 per share and $11.52 per share, respectively. In January 2023, warrants to purchase 112,793 shares of common stock were exercised for gross proceeds of approximately $1.3 million and the remaining unexercised warrants expired in February 2023. Summary of Warrant Activity A summary of warrant activity during the years ended December 31, 2024 and 2023 is presented below: Common Stock Number of Shares Underlying Warrants Weighted Average Exercise Price Weighted Average Remaining Life in Years Intrinsic Value Outstanding, December 31, 2022 115,085 $ 12.03 0.23 $ — Granted 1,268,030 Exercised (112,793) Forfeited or expired (1,750) Outstanding, December 31, 2023 1,268,572 $ 7.49 5.11 $ — Granted — — Exercised — — Forfeited or expired — — Outstanding and exercisable, December 31, 2024 1,268,572 $ 7.49 4.10 $ — Common Stock The authorized capital of the Company consists of 240,000,000 shares of common stock with a par value of $0.0001 per share and 5,000,000 shares of preferred stock with a par value of $0.01 per share. The issued and outstanding common stock of the Company consisted of 8,700,386 and 8,331,161 shares of common stock as of December