secwatch.observer — SEC 8-K summary
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Issuer:     Dare Bioscience, Inc. (DARE)
CIK:        0001401914
Form:       8-K
Filed at:   2023-12-26T23:59:59+00:00
Accession:  0001493152-23-046056
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1401914/000149315223046056/0001493152-23-046056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1401914/000149315223046056/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-046056

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer