Daré Bioscience has entered a definitive securities purchase agreement with institutional investors for a $6.0 million registered direct offering priced at-the-market under Nasdaq rules, selling 4,379,581 common shares or pre-funded warrants at $1.37 per share, or $1.3699 per pre-funded warrant. The company is also issuing Series A and Series B warrants in a concurrent private placement covering up to 4,379,581 shares each, both exercisable only after stockholder approval at $1.37 per share, with five-year and two-year terms respectively. Gross proceeds are expected to total about $6.0 million before fees and expenses, with closing expected on or about Aug. 17, 2026, and Ladenburg Thalmann & Co. Inc. acting as exclusive placement agent.