Company: DARE
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001401914-25-000022
Chunk: 37

Company: Dare Bioscience, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 terms of each lease, the lessee pays base annual rent (subject to an annual fixed percentage increase), plus property taxes, and other normal and necessary expenses, such as utilities, repairs, and maintenance. The Company evaluates renewal options at lease inception and on an ongoing basis and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. The leases do not require material variable lease payments, residual value guarantees or restrictive covenants. 

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The leases do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease within a particular currency environment. The Company uses an incremental borrowing rate consisting of the current prime rate plus 200 basis points for operating leases. The depreciable lives of operating leases and leasehold improvements are limited by the expected lease term.Aggregate Lease InformationThe components of lease cost recorded in our condensed consolidated statements of operations were as follows: Three Months EndedMarch 31, 2025Three Months EndedMarch 31, 2024Operating lease cost$197,000 $200,000 Finance lease costAmortization of finance lease150,000 — Interest on finance lease liability19,000 — Total lease cost$366,000 $200,000 Maturities of our finance and operating lease liabilities as of March 31, 2025 were as follows:YearOperating LeasesFinance LeaseTotal2025 (remaining)$495,000 $921,000 $1,416,000 2026680,000 1,658,000 2,338,000 2027130,000 — 130,000 Total lease payments1,305,000 2,579,000 3,884,000 Less: amount representing interest(133,000)(178,000)(311,000)Present value of lease liabilities$1,172,000 $2,401,000 $3,573,000 The weighted-average remaining lease terms and discount rates related to our leases were as follows:As of March 31,20252024Weighted-average remaining lease term (in years)Operating leases2.253.17Finance lease1.75— Weighted-average discount rateOperating leases10.