Dare Bioscience Inc

(a) On November 11, 2024, we entered into a grant agreement with the Foundation under which we were awarded a new grant of up to approximately $10.7 million (the “Grant”) to support (i) expansion of the number of study sites in our ongoing Phase 3 clinical trial of Ovaprene, and (ii) activities that will aid in the identification and development of a novel non-hormonal intravaginal contraceptive candidate, suitable for and acceptable to women in LMIC settings who need or would prefer to use such a product to avoid an unplanned pregnancy. The term of the grant agreement is November 11, 2024 to October 31, 2026 (the “Grant Period”). An initial payment of approximately $5.4 million is due to us in 2024. Additional payments are contingent upon our achievement of specified development and reporting milestones during the Grant Period.

Under the grant agreement, we agreed to make the Funded Developments available and accessible at an affordable price to people most in need within developing countries, or in support of the U.S. educational system and public libraries, as applicable, and to promptly and broadly disseminate the knowledge and information gained from the project funded by the Grant (the “Global Access Commitment”). Under the grant agreement, “Funded Developments” means the products, services, processes, technologies, materials, software, data, other innovations, and intellectual property resulting from the project funded by the Grant. In connection with the Global Access Commitment, we also granted the Foundation a nonexclusive, perpetual, irrevocable, worldwide, royalty-free, fully paid up, sublicensable license to make, use, sell, offer to sell, import, distribute, copy, create derivative works, publicly perform, and display Funded Developments and essential background technology (the “Humanitarian License”). We are required to ensure that the Humanitarian License survives the assignment or transfer of Funded Developments and essential background technology. If we demonstrate to the satisfaction of the Foundation that the global access contemplated by the Global Access Commitment can best be achieved without the Humanitarian License, the Foundation and Daré will make good faith efforts to modify or terminate the Humanitarian License, as appropriate.

The Foundation may modify, suspend, or discontinue any payment of grant funds or terminate the grant agreement if (a) the Foundation is not reasonably satisfied with our progress on the project funded by the Grant, (b) there are significant changes to our leadership or other factors that the Foundation reasonably believes may threaten the project’s success, (c) there is a change in control of Daré, (d) there is a change in our tax status, or (e) we fail to comply with the grant agreement. Any funds we receive under the grant agreement, and any interest or other income generated thereby, that are not used or committed for use in accordance with the grant agreement must be returned promptly to the Foundation upon the expiration or termination of the grant agreement.

The foregoing description of the grant agreement does not purport to be complete and is qualified in its entirety by reference to the grant agreement, a copy of which we intend to file as an exhibit to our annual report on Form 10-K for the fiscal year ending December 31, 2024, with certain private or confidential provisions or terms omitted.

(b) None.

(c) During the period from July 1, 2024 to September 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act)adopted orterminated any Rule 10b5-1 trading arrangement (as defined in Item 408(a)(1)(i) of Regulation S-K) or any non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).