SAN DIEGO - Dare Bioscience, Inc. (NASDAQ: DARE), a biopharmaceutical company focused on women's health, announced it has regained compliance with Nasdaq's minimum bid price requirement. The Nasdaq Office of General Counsel confirmed the company's common stock achieved the necessary closing bid price of $1.00 or more per share over 10 consecutive trading sessions.
Sabrina Martucci Johnson, President and CEO of Dare Bioscience, expressed satisfaction with the company's return to compliance, highlighting the positive implications for market position and the advancement of its developmental programs.
The company is actively enrolling participants in the Phase 3 study of Ovaprene®, a hormone-free monthly intravaginal contraceptive, and is progressing towards a Phase 3 trial of Sildenafil Cream, 3.6% for female sexual arousal disorder, a condition currently without FDA-approved treatments.
Dare Bioscience's portfolio includes a range of product candidates aimed at addressing unmet needs in women's health. Notably, XACIATO™ (clindamycin phosphate) vaginal gel 2% for bacterial vaginosis, which is marketed in the U.S. by Organon, emerged from Dare's pipeline as the first FDA-approved product.
Moreover, the company is developing potential first-in-category candidates such as Ovaprene® for contraception, Sildenafil Cream for female sexual arousal disorder, and DARE-HRT1, an intravaginal ring for hormone therapy during menopause.
The company has been recognized for its leadership and workplace environment, including being named on the Medicine Maker's Power List and Endpoints News' Women in Biopharma 2022. In 2023, its CEO was honored by Fierce Pharma as one of the Most Influential People in Biopharma. Dare Bioscience was ranked first in the Small Company category of the San Diego Business Journal's 2023 Best Places to Work Awards.
This announcement is based on a press release statement by Dare Bioscience, Inc. The company maintains communication with investors and the public through its website, SEC filings, press releases, public conference calls, webcasts, and social media. The information shared through these channels may be deemed material, and the company encourages stakeholders to follow these updates for the latest information.
In other recent news, Daré Bioscience has been the subject of an analyst price target adjustment, while also releasing its first-quarter financial results. Jones Trading reduced the company's price target to $5.00 from $6.00, maintaining a Buy rating, following a review of Daré Bioscience's Q1 earnings. The adjustment reflects the exclusion of anticipated future royalty revenues from the firm's financial model.
Daré Bioscience reported $2.7 million in general and administrative expenses, $3.3 million in research and development expenses, and ended the quarter with $3.6 million in cash and cash equivalents. They also secured a $22 million non-dilutive strategic royalty financing and $1.8 million in grant funding.
Regarding product development, the company is awaiting FDA feedback on the Phase 3 trial design for its Sildenafil Cream, with initial pivotal data for Ovaprene, a non-hormonal contraceptive, expected in the years 2025 or 2026. All of Daré's programs are progressing as planned, according to the recent reports. These are the latest developments for Daré Bioscience.
InvestingPro Insights
Amidst Dare Bioscience's compliance achievement with Nasdaq's minimum bid price requirement, a closer look at the company's financials through InvestingPro reveals a challenging landscape. The company's market capitalization currently stands at a modest 26.87 million USD, reflecting investor sentiment and market positioning.
More concerning, perhaps, is the substantial gross profit margin decline, now sitting at a staggering negative 668.35% for the last twelve months as of Q1 2024. This indicates that the company is spending significantly more to produce its goods than it earns from their sale, a situation that is not sustainable in the long term.
Investors should note that Dare Bioscience's stock has been under pressure, trading near its 52-week low and experiencing a notable decline in price over the last month, with a total return of -38.18%. This could reflect market reactions to the company's financial performance and outlook. Moreover, the company's short-term obligations outweighing its liquid assets is a critical point highlighted by one of the InvestingPro Tips, indicating potential liquidity risks that investors should be aware of.
For those looking to delve deeper into Dare Bioscience's financial health and market potential, InvestingPro offers a comprehensive list of 12 additional tips that could provide valuable insights. Subscribers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, potentially aiding in making more informed investment decisions.
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