Dare Bioscience Raises ~$6.0M in Securities Offering with Warrants

What Happened
Dare Bioscience, Inc. announced on August 14, 2026 that it entered a securities purchase agreement with institutional investors to sell common stock, pre‑funded warrants and detachable warrants in an offering expected to generate approximately $6.0 million in gross proceeds (before expenses). The offering includes 4,085,687 shares of common stock and pre‑funded warrants to purchase up to 293,894 shares (offered at $1.37 per share and $1.3699 per pre‑funded warrant). Each Share or Pre‑Funded Warrant purchased will also include one Series A Warrant and one Series B Warrant. The closing was expected on or about August 17, 2026, and Ladenburg Thalmann acted as placement agent.

Key Details

• Offering components: 4,085,687 common shares; pre‑funded warrants for up to 293,894 shares; Series A Warrants and Series B Warrants covering up to 4,379,581 shares each (as described in the agreement).
• Pricing & exercise: Share price $1.37; Pre‑Funded Warrant price $1.3699; Pre‑Funded Warrants exercisable immediately at $0.0001 per share; Common Warrants exercise price $1.37 per share.
• Ownership caps & timing: A holder (with affiliates) may not exercise into more than 4.99% (or, at holder’s election, 9.99%) of outstanding common stock. Exercise of the Common Warrants is subject to any Nasdaq stockholder approval required; if required and obtained, Series A Warrants expire five years from effectiveness and Series B Warrants expire two years from effectiveness.
• Placement agent terms: 7.0% cash fee on gross proceeds for Shares and Pre‑Funded Warrants, reimbursement of expenses up to $105,000, plus placement agent warrants equal to 4.0% of the Shares and Pre‑Funded Warrants sold (exercise price $2.12, five‑year term).

Why It Matters
This transaction provides near‑term cash (about $6.0M) to support Dare’s working capital, 503B compounding and consumer health strategies, R&D, and general corporate needs. The use of pre‑funded warrants allows certain purchasers to limit immediate dilution while preserving the issuer’s ability to raise funds. However, the issuance of shares upon exercise of pre‑funded warrants and detachable warrants could dilute existing shareholders over time. Exercise of the Common Warrants may be constrained by Nasdaq stockholder approval requirements and the stated ownership caps, which limit large single‑investor conversions.