Daré Bioscience(DARE) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2024 was $9.3 million, compared to $0 in Q1 2023[26] - Net loss for Q1 2024 was $6.76 million, compared to a net loss of $8.04 million in Q1 2023, reflecting an improvement of about 16%[26] - Loss per common share for Q1 2024 was $0.07, down from $0.09 in Q1 2023[26] - Royalty revenue of $9.3 million was recorded in Q1 2024, marking the first revenue generation for the company[26] Cash and Assets - Daré Bioscience reported cash and cash equivalents of $3.6 million as of March 31, 2024, and secured $22 million in non-dilutive royalty financing in April 2024[10] - Cash and cash equivalents decreased to $3.63 million as of March 31, 2024, from $10.48 million at the end of 2023[28] - Working capital deficit increased to $7.74 million as of March 31, 2024, compared to $2.94 million at the end of 2023[28] - Total assets decreased to $13.01 million as of March 31, 2024, from $21.28 million at the end of 2023[28] - Total stockholders' deficit increased to $10.99 million as of March 31, 2024, compared to $5.05 million at the end of 2023[28] Expenses - General and administrative expenses decreased to $2.7 million in Q1 2024 from $3.3 million in Q1 2023, primarily due to reduced corporate overhead[10] - Operating expenses decreased to $6.03 million in Q1 2024 from $8.38 million in Q1 2023, a reduction of approximately 28.2%[26] - Research and development (R&D) expenses were $3.3 million in Q1 2024, a 34% decrease from $5.0 million in Q1 2023, with expectations for lower R&D expenses in future quarters[10] - Research and development expenses were $3.33 million in Q1 2024, down from $5.02 million in Q1 2023, a decrease of approximately 33.7%[26] Product Development - The Phase 3 study of Ovaprene, a hormone-free monthly contraceptive, is currently recruiting patients across 18 sites in the U.S., supported by a central advertising campaign launched in March 2024[5] - Sildenafil Cream, 3.6%, is progressing toward a Phase 3 study, with the FDA expected to provide additional feedback on the study design in Q2 2024[7] - Daré's first FDA-approved product, XACIATO, is being commercialized by Organon and is available nationwide for the treatment of bacterial vaginosis in females aged 12 and older[2] - The company has received approximately $29.4 million under the DARE-LARC1 grant agreement to support nonclinical development of its investigational contraceptive[10] Company Vision and Commitment - Daré aims to deliver innovative treatments for women's health, focusing on first-in-category opportunities in contraception and sexual health[2] - The company is excited about the increased attention on women's health and is committed to advancing its late-stage candidates[2] - Daré's leadership has been recognized for contributions to innovation and advocacy in women's health, highlighting the company's commitment to this sector[20]