Daré Bioscience(DARE)2025-03-31 20:01Financial Performance - Total revenue for 2024 was 2,807,885 in 2023, indicating a significant decrease[28]. - The net loss for 2024 was 30,161,391 in 2023[28]. - The company reported a comprehensive loss of 30,170,976 in 2023, marking a notable decrease[28]. - The loss per common share improved to 4.15 in 2023, indicating a significant reduction in per-share losses[28]. - Cash and cash equivalents increased to 10,476,056 in 2023, reflecting a growth of approximately 50.5%[30]. - Total assets rose to 21,282,215 in 2023, showing an increase of about 3.8%[30]. - Total liabilities increased to 26,329,855 in 2023, representing a rise of approximately 6.8%[30]. - Working capital deficit slightly worsened to (2,936,897) in 2023[30]. - The weighted average number of common shares outstanding increased to 8,497,459 in 2024 from 7,275,308 in 2023, reflecting a growth of approximately 16.7%[28]. Expenses - General and administrative expenses decreased by 24% to approximately 14.2 million in 2024, reflecting a 34% decrease compared to the prior year, mainly due to manufacturing activities and ongoing enrollment in the Phase 3 study of Ovaprene[24]. - Research and development expenses decreased to 21,538,074 in 2023, a reduction of approximately 34.4%[28]. Clinical Development - Daré is conducting a pivotal Phase 3 contraceptive efficacy study for Ovaprene, with a non-dilutive grant of up to $10.7 million announced in November 2024 to support the addition of 5 new investigator sites[7]. - The company anticipates that approximately 125 women will complete six months of Ovaprene use by the end of the second quarter of 2025, which is a designated checkpoint for interim data review[7]. - Daré plans to submit the protocol and statistical analysis plan for a Phase 3 clinical study of Sildenafil Cream to the FDA in the second quarter of 2025[11]. Strategic Outlook - Daré expects to start recording revenue and cash flow from its proprietary Sildenafil Cream formulation in the 4th quarter of 2025[1]. - The company is targeting the second quarter of 2025 to provide updates on strategic partnerships and the timing for bringing other proprietary formulations to market[5]. - The company is evaluating a dual-path approach for some proprietary formulations to optimize access for women in a fiscally responsible manner[5]. Leadership and Recognition - Daré's leadership has been recognized for contributions to innovation and advocacy in women's health, highlighting the company's commitment to addressing unmet needs[22].