Company: DARE
Filing Date: 2025-12-01
Form Type: 8-K
Source: 0001493152-25-025491
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Company: Dare Bioscience, Inc.
Filing Date: 2025-12-01
Form: 8-K
Item: Item 1.02
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Item      Termination                          

On
November 26, 2025, Daré Bioscience, Inc. (“we,” “us”, “our,” or the “ Company”)
received notice from Bayer HealthCare LLC (“ Bayer”) that it was terminating the license agreement between the parties dated
January 10, 2020 (the “ License Agreement”). In accordance with the terms of the License Agreement, the termination will be
effective 90 days from the date we received the notice, or February 24, 2026. Bayer’s election to terminate the License Agreement
was due to its strategic prioritization.

The
License Agreement related to the further development and commercialization of Ovaprene in the U. S. In connection with entering into the
License Agreement, we received a $1.0 million upfront non-refundable license fee payment from Bayer, which will be recorded as license
revenue upon termination of the License Agreement. Under the terms of the License Agreement, Bayer agreed to support us in development
and regulatory activities by providing the equivalent of two experts to advise us in clinical, regulatory, preclinical, commercial, chemistry,
manufacturing and controls, and product supply matters, and we agreed to be responsible for the pivotal trial for Ovaprene and for its
development and regulatory activities and product supply obligations. As a result of the termination of the License Agreement, we will
not be receiving any future license fees or milestone or other payments from Bayer, and all licenses and rights we granted to Bayer will
immediately terminate upon termination of the License Agreement.

The
foregoing summary of the License Agreement is qualified in its entirety by reference to a copy thereof, which was filed as Exhibit 10.8
to our annual report on Form 10-K, which was filed with the U. S. Securities and Exchange Commission (the “ SEC”) on March
31, 2025, and is incorporated herein by reference.

We
do not expect the termination of the License Agreement to have a material impact on the ongoing pivotal Phase 3 multi-center, single
arm, non-comparative clinical study of Ovaprene to evaluate its effectiveness as a contraceptive along with its safety and acceptability
(ClinicalTrials. gov ID: NCT06127199). In July 2025, the study’s data safety monitoring board (DSMB), an independent group
of experts which evaluates the safety and integrity of the study, conducted a planned interim analysis and recommended the study