The following is a summary of the Daré Bioscience, Inc. (DARE) Q4 2023 Earnings Call Transcript:
Financial Performance:
Daré Bioscience recorded total revenue of about $2.8 million in 2023, anchored by payments from commercial collaborator Organon.
The company's G&A expenses were roughly $12.1 million, with R&D expenses reaching about $21.5 million.
The company reported a net loss of $30.1 million for 2023, leaving $10.5 million in cash and cash equivalents.
Through non-dilutive grant funding, a direct offering, and a royalty-backed investment, Daré Bioscience generated about $24 million.
Business Progress:
Significant progress was observed in the development of women's health pharmaceutical products, with products progressing well at all stages of the pipeline.
The year saw 15 FDA interactions for six product indications and the completion of Phase 2b studies for the Sildenafil Cream.
Presently, Phase 3 studies for Ovaprene, a hormone-free monthly contraceptive candidate, have begun.
Commercially, the product XACIATO for bacterial vaginosis treatment became widely available by prescription in early 2024, and the company is expecting royalty revenue from Organon.
In 2024, Daré is targeting reduced G&A expenses to about $10m and anticipates lower R&D expenses due to more focused clinical trials.
The company also revealed its plans to continue potential financing opportunities, with milestones including FDA discussions on Phase 3 trial designs and updates on key assets XACIATO, Ovaprene, and Sildenafil Cream.
Preparations are ongoing for IND applications for the product HRT1 and the Phase 2 study for the product VVA1, contingent on securing additional capital.
More details: Dare Bioscience IR
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