Dare Bioscience, INC. 10-Q Filing

Ticker: DARE · Form: 10-Q · Filed: May 14, 2024 · CIK: 1401914

Sentiment: neutral

Filing Stats: 4,442 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-05-14 16:01:58

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 1

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 38

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) Dar Bioscience, Inc. and Subsidiaries Condensed Consolidated Balance Sheets March 31, 2024 December 31, 2023 (unaudited) Assets Current assets Cash and cash equivalents $ 3,630,603 $ 10,476,056 Other receivables 1,385,672 949,211 Prepaid expenses 4,814,082 6,118,272 Other current assets 152,204 — Total current assets 9,982,561 17,543,539 Property and equipment, net 52,493 655,975 Deposits 762,432 1,163,477 Operating lease right-of-use assets 1,560,706 1,319,630 Other non-current assets 654,530 599,594 Total assets $ 13,012,722 $ 21,282,215 Liabilities and stockholders' equity (deficit) Current liabilities Accounts payable $ 4,040,509 $ 3,385,551 Accrued expenses 1,370,465 2,889,005 Royalties payable 7,674 — Deferred grant funding 11,835,871 13,737,154 Current portion of lease liabilities 470,390 468,726 Total current liabilities 17,724,909 20,480,436 Deferred revenue, non-current 1,000,000 1,000,000 Liability related to the sale of future royalties, net 4,115,631 3,913,676 Lease liabilities long-term 1,171,592 935,743 Total liabilities 24,012,132 26,329,855 Commitments and contingencies (Note 8) Stockholders' equity (deficit) Preferred stock, $ 0.01 par value, 5,000,000 shares authorized; None issued and outstanding — — Common stock, $ 0.0001 par value; 240,000,000 shares authorized; 100,581,900 and 99,973,932 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 10,058 9,997 Accumulated other comprehensive loss ( 400,123 ) ( 360,896 ) Additional paid-in capital 167,382,042 166,539,290 Accumulated deficit ( 177,991,387 ) ( 171,236,031 ) Total stockholders' equity (deficit) ( 10,999,410 ) ( 5,047,640 ) Total liabilities and stockholders' equity (deficit) $ 13,012,722 $ 21,282,215 See accompanying notes. 1 Dar Bioscience , Inc . and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Loss ( Unaudited

View Full Filing

View this 10-Q filing on SEC EDGAR

View on Read The Filing