Company: DARE
Filing Date: 2025-04-24
Form Type: ARS
Source: 0001401914-25-000018
Chunk: 267

Company: Dare Bioscience, Inc.
Filing Date: 2025-04-24
Form: ARS
Chunk 267
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 degree of auditor judgment, subjectivity, and effort in performing procedures to evaluate the reasonableness of management’s significant estimates and assumptions, several of which extend many years into the future. How the Critical Audit Matter Was Addressed in the Audit Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. We obtained an understanding of the marketing status of the underlying commercialized product and an understanding of the development status and development plan for the two underlying product candidates, which included estimated timelines and milestones. We evaluated management’s development of the market assessment approach, which includes the identification of key inputs and assumptions to the fair value model. We evaluated the sufficiency and appropriateness of the audit evidence supporting key inputs and assumptions to the fair value model. We also evaluated the appropriateness of the discount rate used by management in the fair value model and evaluated the expected future royalty rates. We performed independent mathematical accuracy tests of the Company’s fair value model. We also performed substantive testing by recalculating the allocated transaction price using alternative assumptions, comparing the results to the Company’s estimates, and assessing whether the other income recognized was consistent with the performance obligations completed during the period. /s/ Haskell & White LLP HASKELL & WHITE LLP We have served as the Company's auditor since 2023. Irvine, California March 31, 2025 F-3

Daré Bioscience, Inc. and Subsidiaries Consolidated Balance Sheets December 31, 2024 2023 Assets Current Assets Cash and cash equivalents $ 15,698,174 $ 10,476,056 Other receivables 229,982 949,211 Prepaid expenses 2,519,707 6,118,272 Total current assets 18,447,863 17,543,539 Property and equipment, net 1,335,732 655,975 Deposits 12,027 1,163,477 Operating lease right-of-use assets 1,206,942 1,319,630 Other non-current assets 1,098,567 599,594 Total assets $ 22,101,131 $ 21,282,215 Liabilities and stockholders’ deficit Current Liabilities Accounts payable $ 1,455,832 $ 3,385,551 Accrued expenses 3,042,918 2,889,005 Deferred grant funding 16,561,625 13,737,154 Current portion of lease liabilities