Dare Bioscience secures up to $12M royalty-backed financing; $5M upfront, warrants issued

Dare Bioscience, Inc.

Sold right to receive future royalty payments on XACIATO to United in Endeavour, LLC for up to $12M; $5M received at closing.
Up to $7M additional available in three tranches at Dare's option through Dec 31, 2026.
Investor receives percentage of Net Royalty Payments until 12% IRR achieved; then all royalties revert to Dare.
Issued warrant to purchase 5M shares at $0.3467 (10% premium to prior close) initially; up to 7M total warrants.
Proceeds to advance late-stage portfolio including Ovaprene, Sildenafil Cream, DARE-HRT1.

item 1.01 item 2.03 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Dare Bioscience, Inc. entered into Royalty Interest Financing Agreement with United in Endeavour, LLC valued at up to $12 million (effective 2023-12-21).

Action: entry
Counterparty: United in Endeavour, LLC
Value: up to $12 million
Effective: 2023-12-21

Exact text from the filing

On December 21, 2023 (the “Effective Date”), Daré Bioscience, Inc. (the “Company”) entered into a Royalty Interest Financing Agreement (the “Agreement”) with United in Endeavour, LLC (“United”), pursuant to which the Company sold to United the right to receive certain royalty payments from the Company for a purchase price of up to $12 million.

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Dare Bioscience, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-046056

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