Company: DARE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001401914-25-000044
Chunk: 84

Company: Dare Bioscience, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 84
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2024. See Note 5 "Stockholders' Equity—Equity Line" to the accompanying condensed consolidated financial statements for additional information. We sold 330,000 shares of our common stock under this purchase agreement during the six months ended June 30, 2025 and received net proceeds of approximately $0.9 million. We sold 120,000 shares of our common stock under this agreement subsequent to June 30, 2025 and received net proceeds of approximately $0.3 million. 

As previously announced and discussed above, we are pursuing new business strategies to bring our proprietary formulations and consumer health products to market. We expect to begin recording revenue from sales thereof in the fourth quarter of 2025, however, we do not expect the amount of such revenue, if any, to be material during 2025.

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Our royalty purchase agreements with XOMA may be a source of future capital; however, whether we receive any future payments from XOMA will depend on whether XOMA first receives total payments under those agreements equal to an amount that exceeds $88.0 million, which may not occur and will depend, in part, on the commercial success of XACIATO, which is outside of our control.

Our license agreement with Bayer regarding the further development and commercialization of Ovaprene in the U.S., if approved, may be a future source of capital; however, whether we receive any future payments from Bayer will depend on whether Bayer, in its sole discretion, exercises its right to make the license effective by paying us $20.0 million after we complete the ongoing pivotal Phase 3 clinical study of Ovaprene, which we do not expect to be completed in 2025. In addition, a portion of that potential $20.0 million payment from Bayer would be payable to XOMA as discussed under “—Contractual Obligations and Other Commitments—Royalty Purchase Agreements with XOMA,” below. 

Cash Flows

The following table shows a summary of our cash flows for the periods indicated:

Six months ended June 30,20252024Net cash (used in) provided by operating activities$(10,887,999)$6,091,723 Net cash used in investing activities(3,935)(292,522)Net cash provided by financing activities202,783 129,398 Effect of exchange rate changes on cash and cash equivalents25,983 (24,663)Net (decrease) increase in cash