---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-046056"
form_type: "8-K"
ticker: "DARE"
cik: "0001401914"
company_name: "Dare Bioscience, Inc."
filed_at: "2023-12-26T23:59:59+00:00"
generated_at: "2026-06-07T07:16:25.519737+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-23-046056
- form_type: 8-K
- ticker: DARE
- cik: 0001401914
- company_name: Dare Bioscience, Inc.
- filed_at: 2023-12-26T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1401914/000149315223046056/0001493152-23-046056-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1401914/000149315223046056/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-046056
- JSON: https://secwatch.observer/filing/0001493152-23-046056.json
- Plain text: https://secwatch.observer/filing/0001493152-23-046056.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1401914/000149315223046056/0001493152-23-046056-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.