STOCK TITAN

[Form 4] Dare Bioscience, Inc. Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

Dare Bioscience, Inc. (DARE) filed a Form 4 disclosing the grant of 4,500 non-qualified stock options to independent director Jessica D. Grossman on 07/09/2025. The options carry an exercise price of $2.44 per share and expire on 07/09/2035.

Vesting terms: The award vests in full on the earlier of (i) the first anniversary of the grant date or (ii) immediately prior to the company’s first annual shareholder meeting following the grant. Full acceleration occurs upon a change in control, provided the director remains on the board.

Post-grant holdings: Following this transaction, Dr. Grossman beneficially owns 4,500 derivative securities (stock options) and no change was reported for common shares in Table I, indicating the grant is additive rather than a sale.

Governance context: Routine equity compensation for directors aligns incentives with shareholder interests but results in a modest potential dilution of approximately 0.01% of outstanding shares, assuming ~45 million shares outstanding (company total not provided in filing). No cash was exchanged and there is no immediate earnings impact.

Dare Bioscience, Inc. (DARE) ha presentato un Modulo 4 comunicando la concessione di 4.500 opzioni su azioni non qualificate all’amministratrice indipendente Jessica D. Grossman in data 09/07/2025. Le opzioni hanno un prezzo di esercizio di 2,44 $ per azione e scadono il 09/07/2035.

Termini di maturazione: Il premio matura completamente al verificarsi del primo tra (i) il primo anniversario della data di concessione o (ii) immediatamente prima della prima assemblea annuale degli azionisti successiva alla concessione. La maturazione completa si accelera in caso di cambio di controllo, a condizione che la direttrice rimanga nel consiglio.

Detenzioni post-concessione: Dopo questa operazione, la Dott.ssa Grossman detiene beneficiariamente 4.500 strumenti derivati (opzioni su azioni) e non è stata segnalata alcuna variazione nelle azioni ordinarie nella Tabella I, indicando che la concessione è aggiuntiva e non una vendita.

Contesto di governance: La remunerazione azionaria ordinaria per i membri del consiglio allinea gli incentivi con gli interessi degli azionisti, ma comporta una modesta diluizione potenziale di circa lo 0,01% delle azioni in circolazione, assumendo circa 45 milioni di azioni totali (numero non specificato nel documento). Non è stato scambiato denaro e non vi è alcun impatto immediato sugli utili.

Dare Bioscience, Inc. (DARE) presentó un Formulario 4 divulgando la concesión de 4,500 opciones sobre acciones no calificadas a la directora independiente Jessica D. Grossman el 09/07/2025. Las opciones tienen un precio de ejercicio de $2.44 por acción y vencen el 09/07/2035.

Términos de adquisición: El premio se adquiere en su totalidad en la fecha que ocurra primero entre (i) el primer aniversario de la fecha de concesión o (ii) inmediatamente antes de la primera junta anual de accionistas de la empresa posterior a la concesión. La adquisición total se acelera en caso de cambio de control, siempre que la directora permanezca en el consejo.

Posesiones tras la concesión: Tras esta transacción, la Dra. Grossman posee beneficiosamente 4,500 valores derivados (opciones sobre acciones) y no se reportó ningún cambio en las acciones comunes en la Tabla I, lo que indica que la concesión es adicional y no una venta.

Contexto de gobernanza: La compensación accionaria rutinaria para los directores alinea los incentivos con los intereses de los accionistas, pero resulta en una modesta dilución potencial de aproximadamente el 0.01% de las acciones en circulación, asumiendo unas 45 millones de acciones en circulación (total de la empresa no proporcionado en el informe). No se intercambió dinero en efectivo y no hay impacto inmediato en las ganancias.

Dare Bioscience, Inc. (DARE)는 2025년 7월 9일 독립 이사 Jessica D. Grossman에게 4,500개의 비자격 스톡옵션 부여를 공시하는 Form 4를 제출했습니다. 이 옵션의 행사가격은 주당 $2.44이며, 만료일은 2035년 7월 9일입니다.

베스팅 조건: 이 보상은 (i) 부여일로부터 1주년 또는 (ii) 부여 후 회사의 첫 연례 주주총회 직전 중 빠른 시점에 전액 베스팅됩니다. 이사가 이사회에 남아있는 경우, 경영권 변경 시 전액 가속 베스팅이 이루어집니다.

부여 후 보유 현황: 이번 거래 후 Grossman 박사는 4,500개의 파생 증권(스톡옵션)을 실질적으로 보유하고 있으며, 표 I에서 보통주 변동은 보고되지 않아 이번 부여가 매도가 아닌 추가 보유임을 나타냅니다.

거버넌스 배경: 이사에 대한 정기적인 주식 보상은 주주 이익과 인센티브를 일치시키지만, 약 4,500만 주(회사 총 발행 주식 수는 보고서에 명시되지 않음)를 기준으로 약 0.01%의 미미한 희석 효과가 발생할 수 있습니다. 현금 거래는 없었으며 즉각적인 수익 영향은 없습니다.

Dare Bioscience, Inc. (DARE) a déposé un Formulaire 4 révélant l’octroi de 4 500 options d’achat d’actions non qualifiées à l’administratrice indépendante Jessica D. Grossman le 09/07/2025. Les options ont un prix d’exercice de 2,44 $ par action et expirent le 09/07/2035.

Conditions d’acquisition : La totalité de la récompense devient acquise au plus tôt entre (i) le premier anniversaire de la date d’octroi ou (ii) immédiatement avant la première assemblée annuelle des actionnaires suivant l’octroi. Une accélération complète se produit en cas de changement de contrôle, à condition que l’administratrice reste au conseil.

Détentions après octroi : Suite à cette opération, le Dr Grossman détient effectivement 4 500 titres dérivés (options d’achat) et aucun changement n’a été signalé pour les actions ordinaires dans le tableau I, indiquant que l’octroi est additionnel et non une vente.

Contexte de gouvernance : La rémunération en actions courante des administrateurs aligne les incitations avec les intérêts des actionnaires, mais entraîne une dilution potentielle modeste d’environ 0,01 % des actions en circulation, en supposant environ 45 millions d’actions en circulation (total de la société non précisé dans le dépôt). Aucun échange d’argent n’a eu lieu et il n’y a aucun impact immédiat sur les bénéfices.

Dare Bioscience, Inc. (DARE) reichte am 09.07.2025 ein Formular 4 ein, in dem die Gewährung von 4.500 nicht qualifizierten Aktienoptionen an die unabhängige Direktorin Jessica D. Grossman offengelegt wurde. Die Optionen haben einen Ausübungspreis von 2,44 $ pro Aktie und verfallen am 09.07.2035.

Vesting-Bedingungen: Die Zuteilung wird vollständig fällig am früheren Zeitpunkt von (i) dem ersten Jahrestag des Gewährungsdatums oder (ii) unmittelbar vor der ersten jährlichen Hauptversammlung der Aktionäre nach der Gewährung. Eine vollständige Beschleunigung erfolgt bei einem Kontrollwechsel, vorausgesetzt, die Direktorin bleibt im Vorstand.

Bestände nach der Gewährung: Nach dieser Transaktion besitzt Dr. Grossman wirtschaftlich 4.500 derivative Wertpapiere (Aktienoptionen) und es wurde keine Änderung bei den Stammaktien in Tabelle I gemeldet, was darauf hinweist, dass die Gewährung zusätzlich und kein Verkauf ist.

Governance-Kontext: Die routinemäßige Aktienvergütung für Direktoren richtet die Anreize an den Interessen der Aktionäre aus, führt jedoch zu einer moderaten potenziellen Verwässerung von etwa 0,01 % der ausstehenden Aktien, basierend auf ca. 45 Millionen ausstehenden Aktien (Gesamtzahl im Bericht nicht angegeben). Es wurde kein Bargeld ausgetauscht und es gibt keine unmittelbare Auswirkung auf die Gewinne.

Positive
  • Alignment of interests: Equity-based compensation incentivises the director to focus on long-term share appreciation.
  • Shareholder-friendly size: 4,500 options represent a very small percentage of outstanding shares, limiting dilution.
Negative
  • Change-in-control acceleration: Single-trigger vesting could allow the director to realize full value without post-deal service.
  • Potential dilution: Any option issuance slightly increases fully diluted share count.

Insights

TL;DR – Routine director option grant; negligible financial impact.

The 4,500-share option grant to Director Grossman is standard board compensation. At a $2.44 strike, value is contingent on future price appreciation. Dilution is immaterial and there is no cash cost today, so the event is neutral for valuation. It marginally improves governance alignment by linking pay to performance, but does not alter the company’s strategic outlook or liquidity.

TL;DR – Grant strengthens pay-for-performance; governance terms are shareholder-friendly.

The one-year vesting schedule with change-in-control acceleration is typical for small-cap boards and keeps director interests aligned with investors. The single-trigger acceleration could raise minor concerns during M&A scenarios but is not uncommon. Overall, compensation levels appear modest, supporting good governance practices without excessive dilution.

Dare Bioscience, Inc. (DARE) ha presentato un Modulo 4 comunicando la concessione di 4.500 opzioni su azioni non qualificate all’amministratrice indipendente Jessica D. Grossman in data 09/07/2025. Le opzioni hanno un prezzo di esercizio di 2,44 $ per azione e scadono il 09/07/2035.

Termini di maturazione: Il premio matura completamente al verificarsi del primo tra (i) il primo anniversario della data di concessione o (ii) immediatamente prima della prima assemblea annuale degli azionisti successiva alla concessione. La maturazione completa si accelera in caso di cambio di controllo, a condizione che la direttrice rimanga nel consiglio.

Detenzioni post-concessione: Dopo questa operazione, la Dott.ssa Grossman detiene beneficiariamente 4.500 strumenti derivati (opzioni su azioni) e non è stata segnalata alcuna variazione nelle azioni ordinarie nella Tabella I, indicando che la concessione è aggiuntiva e non una vendita.

Contesto di governance: La remunerazione azionaria ordinaria per i membri del consiglio allinea gli incentivi con gli interessi degli azionisti, ma comporta una modesta diluizione potenziale di circa lo 0,01% delle azioni in circolazione, assumendo circa 45 milioni di azioni totali (numero non specificato nel documento). Non è stato scambiato denaro e non vi è alcun impatto immediato sugli utili.

Dare Bioscience, Inc. (DARE) presentó un Formulario 4 divulgando la concesión de 4,500 opciones sobre acciones no calificadas a la directora independiente Jessica D. Grossman el 09/07/2025. Las opciones tienen un precio de ejercicio de $2.44 por acción y vencen el 09/07/2035.

Términos de adquisición: El premio se adquiere en su totalidad en la fecha que ocurra primero entre (i) el primer aniversario de la fecha de concesión o (ii) inmediatamente antes de la primera junta anual de accionistas de la empresa posterior a la concesión. La adquisición total se acelera en caso de cambio de control, siempre que la directora permanezca en el consejo.

Posesiones tras la concesión: Tras esta transacción, la Dra. Grossman posee beneficiosamente 4,500 valores derivados (opciones sobre acciones) y no se reportó ningún cambio en las acciones comunes en la Tabla I, lo que indica que la concesión es adicional y no una venta.

Contexto de gobernanza: La compensación accionaria rutinaria para los directores alinea los incentivos con los intereses de los accionistas, pero resulta en una modesta dilución potencial de aproximadamente el 0.01% de las acciones en circulación, asumiendo unas 45 millones de acciones en circulación (total de la empresa no proporcionado en el informe). No se intercambió dinero en efectivo y no hay impacto inmediato en las ganancias.

Dare Bioscience, Inc. (DARE)는 2025년 7월 9일 독립 이사 Jessica D. Grossman에게 4,500개의 비자격 스톡옵션 부여를 공시하는 Form 4를 제출했습니다. 이 옵션의 행사가격은 주당 $2.44이며, 만료일은 2035년 7월 9일입니다.

베스팅 조건: 이 보상은 (i) 부여일로부터 1주년 또는 (ii) 부여 후 회사의 첫 연례 주주총회 직전 중 빠른 시점에 전액 베스팅됩니다. 이사가 이사회에 남아있는 경우, 경영권 변경 시 전액 가속 베스팅이 이루어집니다.

부여 후 보유 현황: 이번 거래 후 Grossman 박사는 4,500개의 파생 증권(스톡옵션)을 실질적으로 보유하고 있으며, 표 I에서 보통주 변동은 보고되지 않아 이번 부여가 매도가 아닌 추가 보유임을 나타냅니다.

거버넌스 배경: 이사에 대한 정기적인 주식 보상은 주주 이익과 인센티브를 일치시키지만, 약 4,500만 주(회사 총 발행 주식 수는 보고서에 명시되지 않음)를 기준으로 약 0.01%의 미미한 희석 효과가 발생할 수 있습니다. 현금 거래는 없었으며 즉각적인 수익 영향은 없습니다.

Dare Bioscience, Inc. (DARE) a déposé un Formulaire 4 révélant l’octroi de 4 500 options d’achat d’actions non qualifiées à l’administratrice indépendante Jessica D. Grossman le 09/07/2025. Les options ont un prix d’exercice de 2,44 $ par action et expirent le 09/07/2035.

Conditions d’acquisition : La totalité de la récompense devient acquise au plus tôt entre (i) le premier anniversaire de la date d’octroi ou (ii) immédiatement avant la première assemblée annuelle des actionnaires suivant l’octroi. Une accélération complète se produit en cas de changement de contrôle, à condition que l’administratrice reste au conseil.

Détentions après octroi : Suite à cette opération, le Dr Grossman détient effectivement 4 500 titres dérivés (options d’achat) et aucun changement n’a été signalé pour les actions ordinaires dans le tableau I, indiquant que l’octroi est additionnel et non une vente.

Contexte de gouvernance : La rémunération en actions courante des administrateurs aligne les incitations avec les intérêts des actionnaires, mais entraîne une dilution potentielle modeste d’environ 0,01 % des actions en circulation, en supposant environ 45 millions d’actions en circulation (total de la société non précisé dans le dépôt). Aucun échange d’argent n’a eu lieu et il n’y a aucun impact immédiat sur les bénéfices.

Dare Bioscience, Inc. (DARE) reichte am 09.07.2025 ein Formular 4 ein, in dem die Gewährung von 4.500 nicht qualifizierten Aktienoptionen an die unabhängige Direktorin Jessica D. Grossman offengelegt wurde. Die Optionen haben einen Ausübungspreis von 2,44 $ pro Aktie und verfallen am 09.07.2035.

Vesting-Bedingungen: Die Zuteilung wird vollständig fällig am früheren Zeitpunkt von (i) dem ersten Jahrestag des Gewährungsdatums oder (ii) unmittelbar vor der ersten jährlichen Hauptversammlung der Aktionäre nach der Gewährung. Eine vollständige Beschleunigung erfolgt bei einem Kontrollwechsel, vorausgesetzt, die Direktorin bleibt im Vorstand.

Bestände nach der Gewährung: Nach dieser Transaktion besitzt Dr. Grossman wirtschaftlich 4.500 derivative Wertpapiere (Aktienoptionen) und es wurde keine Änderung bei den Stammaktien in Tabelle I gemeldet, was darauf hinweist, dass die Gewährung zusätzlich und kein Verkauf ist.

Governance-Kontext: Die routinemäßige Aktienvergütung für Direktoren richtet die Anreize an den Interessen der Aktionäre aus, führt jedoch zu einer moderaten potenziellen Verwässerung von etwa 0,01 % der ausstehenden Aktien, basierend auf ca. 45 Millionen ausstehenden Aktien (Gesamtzahl im Bericht nicht angegeben). Es wurde kein Bargeld ausgetauscht und es gibt keine unmittelbare Auswirkung auf die Gewinne.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Steele Robin Joan

(Last) (First) (Middle)
3655 NOBEL DRIVE
SUITE 260

(Street)
SAN DIEGO CA 92122

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Dare Bioscience, Inc. [ DARE ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/09/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) $2.44 07/09/2025 A 4,500 (1) 07/09/2035 Common stock 4,500 $0 4,500 D
Explanation of Responses:
1. This option will vest in full on the earlier of the first anniversary of the grant date or immediately prior to the issuer's first annual meeting of stockholders occurring after the grant date, subject to the director's continued service as a director, and will become exercisable in full upon a change in control of the issuer.
Remarks:
/s/ Sabrina Martucci Johnson, Attorney-in-fact 07/09/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Dare Bioscience (DARE) disclose in the July 9, 2025 Form 4?

The company granted 4,500 stock options to director Jessica D. Grossman at a $2.44 exercise price.

When do the DARE director options vest?

They vest fully on the earlier of one year from grant or immediately prior to the next annual shareholder meeting, with acceleration upon a change in control.

What is the expiration date of the newly granted DARE options?

The options expire on 07/09/2035, providing a 10-year exercise window.

Does the Form 4 report any sale of Dare Bioscience common stock?

No. Table I shows no transactions in common shares; only an option grant is reported.

How might the option grant affect Dare Bioscience shareholders?

Dilution is minimal (~0.01% if 45 million shares outstanding) and aligns director incentives with share price performance.
Dare Bioscience Inc

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21.24M
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0.82%
Biotechnology
Pharmaceutical Preparations
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United States
SAN DIEGO