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Dare Bioscience, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $4,702,501 compared to a net loss of $8,299,096 in the same quarter the previous year. The decrease in net loss is attributed to a reduction in research and development expenses.
Research and development expenses for the quarter were $2,656,772, down from $6,674,636 in the same quarter of the previous year. This decrease is primarily due to reduced costs related to the completion of the Phase 2b RESPOND clinical study of Sildenafil Cream.
General and administrative expenses decreased to $2,041,268 from $2,696,779, reflecting lower professional services and commercial readiness expenses.
The company reported royalty revenue of $41,691 for the quarter, with no license fee revenue compared to $1,000,000 in the previous year.
The filing details the company's ongoing pivotal Phase 3 clinical study of Ovaprene, with increased costs related to manufacturing and regulatory affairs activities.
Dare Bioscience's cash and cash equivalents were $11,232,609 as of September 30, 2024. The company acknowledges the need for substantial additional capital to continue its operations and execute its current strategy.
The filing also highlights the company's receipt of non-dilutive grant funding from the Bill & Melinda Gates Foundation and the Advanced Research Projects Agency for Health to support development programs.
Dare Bioscience entered into a purchase agreement with Lincoln Park Capital Fund, LLC, allowing the company to sell up to $15.0 million in shares of its common stock over a 24-month period.
The company is actively monitoring its market value of listed securities to regain compliance with Nasdaq's minimum requirement, with a compliance deadline of February 10, 2025.
The filing includes a cautionary note regarding forward-looking statements, emphasizing the risks and uncertainties associated with the company's future operations and financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dare Bioscience Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.