Company: DARE
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001401914-25-000014
Chunk: 56

Company: Dare Bioscience, Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 56
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’, we believe we have carefully and responsibly managed our equity incentive compensation program.

2025 Proxy Statement | Page 42

The Size of Our Share Reserve Request Is Reasonable

In determining the number of shares by which to increase the share reserve under the 2022 Plan, our Board and Compensation Committee considered our historical gross burn rate which is depicted in the below table. The gross burn rate is the gross number of equity award shares granted in a given year divided by the weighted average shares of common stock outstanding for the same year. Gross burn rate, unlike net burn rate, excludes the add-back of cancelled or forfeited equity awards in the calculation. Our calculated three-year average gross burn rate is approximately 3%.

|                                                                                                   |     | Fiscal Year |           |   |     |      |           |   |     |      |           |   |
|                                                                                                   |     |        2024 |           |   |     | 2023 |           |   |     | 2022 |           |   |
| Total number of shares of common stock subject to stock options granted                           |     |             |   883,334 |   |     |      |   788,569 |   |     |      |   551,003 |   |
| Total number of shares of common stock subject to stock awards granted (other than stock options) |     |             |         — |   |     |      |         — |   |     |      |         — |   |
| Weighted-average number of shares of common stock outstanding                                     |     |             | 8,497,459 |   |     |      | 7,275,308 |   |     |      | 7,047,650 |   |
| Gross burn rate                                                                                   |     |             |         3 | % |     |      |         3 | % |     |      |         3 | % |

The table below provides a summary of awards that are outstanding under the 2022 Plan as of the record date for the Annual Meeting. The only type of award outstanding under the 2022 Plan as of such date are stock options:

| Award Type    |     | Number of Outstanding Shares |     | Weighted Average Exercise Price |     | Weighted Average Remaining Term |
| Stock Options |     |                    1,119,010 |     |                          $11.45 |     |                            7.67 |

As of April 17, 2025, the record date