Company: DARE
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001401914-25-000050
Chunk: 46

Company: Dare Bioscience, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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, 2025695,529 $14.76 The weighted average grant-date fair value of stock options granted during the nine months ended September 30, 2025 and 2024 was $2.02 and $4.16, respectively.Stock-Based 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 EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024Research and development$167,894 $200,231 $493,136 $623,752 General and administrative$235,133 $323,346 $646,296 $1,090,244 Total$403,027 $523,577 $1,139,432 $1,713,996 

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 to the original LSA and SOW and concurrently entered into a revised LSA and revised SOW, collectively, the Clean Room Agreement, primarily to clarify the location of the clean room subject to the arrangement. The term of the Clean Room Agreement is 22 months and commenced on March 1, 2025. Fixed payments are due at the beginning of each calendar quarter and variable amounts related to support services are due monthly based on services provided during the preceding month. Upon execution of the SOW, the Company made a prepayment of approximately $459,000. The Clean Room Agreement may be renewed each year and if renewed, the fixed payment amount may increase yearly by up to 5%. The Company determined that the Clean Room Agreement is a finance lease. On the commencement date, the Company recorded an initial finance lease right-of-use asset and related lease liability of approximately $3.3 million and $2.8 million, respectively. Included in the $3.3 million finance right-of-use asset is the $459,000 prepayment which was reclassified to the finance lease right-of-use asset on the commencement date. The