Company: DARE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001401914-25-000012
Chunk: 21

Company: Dare Bioscience, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 21
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,953,630)(24)%Research and development expenses14,205,208 21,538,074 (7,332,866)(34)%License fee expenses100,000 100,000 — — %Total operating expenses23,461,269 33,747,765 (10,286,496)(30)%Loss from operations(23,451,485)(30,939,880)7,488,395 24 %Other income (expense)Sale of royalty and milestone rights, net20,379,376 — 20,379,376 100 %Other income (expense), net(981,490)778,489 (1,759,979)(226)%Net loss$(4,053,599)$(30,161,391)$26,107,792 (87)%

Revenues

Revenues for the years ended December 31, 2024 and 2023 related to our license agreement with Organon to commercialize XACIATO. For 2023, we recognized $1.0 million in license fee revenue upon execution of the amendment to the license agreement in July 2023, $1.8 million in milestone revenue in connection with the first commercial sale of XACIATO, and approximately $7,900 in royalties from net sales of XACIATO in the fourth quarter. 

General and administrative expenses

The decrease of approximately $3.0 million in general and administrative expenses from 2023 to 2024 was primarily attributable to decreases in (i) commercial-readiness expenses of approximately $1.6 million, (ii) personnel costs of approximately $0.6 million due to reduced headcount, (iii) stock-based compensation expense of approximately $0.3 million, (iv) a one-time fraud loss in the first quarter of 2023 of approximately $0.2 million, net of proceeds we received under an insurance policy, related to criminal fraud commonly referred to as "business email compromise fraud" to which we were subject, and (v) professional services expenses of approximately $0.2 million.

Research and development expenses

The following table summarizes our R&D expenses for the periods indicated, together with the changes in those items in terms of dollars and percentage:  

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Years EndedDecember 31,Change20242023$%Direct program costs:Ovaprene (1)$8,518,495 $3,762,611 $4,