Company: DARE
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001401914-25-000050
Chunk: 83

Company: Dare Bioscience, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 83
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Royalty expenses for the nine months ended September 30, 2024 related to our license agreement with MilanaPharm and our royalty interest financing agreement with UiE.

Other income (expense)

Sale of royalty and milestone rights, net

The decrease of $20.4 million in other income for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 was due to the proceeds we received in April 2024 under the Royalty Purchase Agreements we entered into with XOMA, $22.0 million of which was recorded as income, net of approximately $1.6 million in transaction costs. See Note 8 “Royalty Purchase Agreements” to the accompanying condensed consolidated financial statements.

Other income (expense), net 

The increase of $1.0 million in other income for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 was primarily due to a loss on the disposal of a fixed asset of $0.6 million recorded in the prior year period, the receipt in the current year of approximately $0.3 million of employee retention credits for applications filed during 2023, and an increase on interest earned on cash balances in the current period. 

Liquidity and Capital Resources 

Plan of Operations and Future Funding Requirements

In the near term, we plan to focus primarily on: (a) our ongoing Ovaprene Phase 3 study; (b) executing against our Section 503B compounding and consumer health products business strategies, with a focus on DARE to PLAY Sildenafil Cream, DARE to RECLAIM estradiol progesterone intravaginal ring and DARE to RESTORE vaginal probiotics; and (c) advancing the development of product candidates for which the costs are being supported by non-dilutive grant or other award funding, in particular DARE-LARC1 and DARE-HPV. We will also continue engagement with the FDA to align on the Phase 3 program for Sildenafil Cream and will continue to work on the development of our other clinical and preclinical-stage programs. For additional information, see “Business Overview" and "Recent Events” above and Note 10 "Grant Awards" to the accompanying condensed consolidated financial statements.

At September 30, 2025, our cash and cash equivalents were approximately $23.1 million, and our working capital was approximately $3.8 million. A majority of