Company: DARE
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001401914-25-000050
Chunk: 118

Company: Dare Bioscience, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 118
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 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 in operating assets and liabilities. Our net income for the nine months ended September 30, 2024 was positively impacted by the approximately $20.4 million of net proceeds we received from the sale in April 2024 of our rights to future royalty and milestone payments and revenue to XOMA. See Note 8 "Royalty Purchase Agreements" to the accompanying condensed consolidated financial statements. Net cash used by changes in operating assets and liabilities resulted primarily from decreases of $4.0 million