Company: DARE
Filing Date: 2025-04-24
Form Type: ARS
Source: 0001401914-25-000018
Chunk: 307

Company: Dare Bioscience, Inc.
Filing Date: 2025-04-24
Form: ARS
Chunk 307
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 the exercise price. The weighted average grant-date fair value of stock options granted during at December 31, 2024 and 2023 was $4.10 and $11.28, respectively. Compensation Expense Total stock-based compensation expense related to stock options granted to employees and directors recognized in the consolidated statements of operations and comprehensive loss is as follows: Years Ended December 31, 2024 2023 Research and development $ 833,689 $ 823,148 General and administrative 1,369,567 1,707,536 Total $ 2,203,256 $ 2,530,684 The assumptions used in the Black-Scholes option-pricing model for stock options granted to employees and to directors in respect of their service on the Company's board of directors during the years ended December 31, 2024 and 2023 is as follows: 2024 2023 Expected life in years 6.0 6.0 Risk-free interest rate 4.13 % 3.56 % Expected volatility 90 % 107 % Dividend yield 0.0 % 0.0 % 11. LEASED PROPERTIES Clean Room Space On July 24, 2024, the Company entered into a scope of work (the "SOW") with an unrelated third party for a controlled clean room space in Burlington, Massachusetts. The SOW became effective upon the execution of an associated License and Services Agreement, which governs the SOW. The term of the SOW is 22 months and commenced on March 1, 2025. Upon execution of the SOW, the Company made a payment of approximately $459,000. Fixed payments will be due at the beginning of each calendar quarter and variable amounts related to support services will be due monthly based on services provided during the preceding month. The Company's total F-28

obligation in respect of the fixed payments due under the SOW is approximately $3.5 million. The SOW may be renewed each year and if renewed, the fixed payment amount may increase yearly by up to 5%. General Office Space The Company's lease for its corporate headquarters (3,169 square feet of office space) commenced on July 1, 2018. In February 2022, the Company entered into an amendment to extend the term of the lease through August 31, 2024. On March 8, 2024, the Company entered into another amendment to extend the term of the