Company: DARE
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001401914-25-000050
Chunk: 87

Company: Dare Bioscience, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 87
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 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. For an update regarding the Phase 3 study of Ovaprene, see above under “—Recent Events—Product Candidate Updates—Ovaprene.” 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:

Nine months ended September 30,20252024Net cash (used in) provided by operating activities$(11,330,134)$167,637 Net cash used in investing activities(178,637)(10,197)Net cash provided by financing activities18,853,015 565,842 Effect of exchange rate changes on cash and cash equivalents32,843 (1,729)Net increase in cash and cash equivalents$7,377,087 $721,553 

Net cash (used in) provided by operating activities

Net cash used in operating activities of $11.3 million for the nine months ended September 30, 2025 was primarily due to our net loss of $12.0 million and changes in operating assets and liabilities, offset by non-cash items such as depreciation and amortization expense, stock-based compensation expense, and our operating lease right-of-use asset. Net cash used by changes in operating assets and liabilities resulted primarily from decreases of $2.0 million in our deferred grant funding liability, $1.0 million in accrued expenses, and $0.4 million in operating lease liability, offset by increases of $0.6 million in prepaid expenses, $0.4 million in accounts payable, and $0.4 million in interest payable. 

Net cash provided by operating activities of $0.2 million for the nine months ended September 30, 2024 was primarily due to our net income of $1.5 million and non-cash items such as stock-based compensation expense and loss on disposal of property and equipment, offset by changes