The Company’s 2014 Employee Stock Purchase Plan, or the ESPP, became effective in April 2014, but no offering period has been initiated thereunder since January 2017. In June 2024, the Company's board of directors suspended the ESPP. There was no stock-based compensation related to the ESPP for the three months ended March 31, 2025 or March 31, 2024.

The Amended and Restated 2014 Stock Incentive Plan, or the Amended 2014 Plan, provided for the grant of stock-based awards to employees, directors, consultants and advisors. As a result of the approval of the 2022 Plan (as defined below) by the Company's stockholders on June 23, 2022, no further awards have been or will be granted under the Amended 2014 Plan since June 23, 2022. Outstanding awards previously granted under the Amended 2014 Plan continue to remain outstanding in accordance with their terms.

In April 2022, the Company's board of directors approved the Daré Bioscience, Inc. 2022 Stock Incentive Plan, or the 2022 Plan, which was subsequently approved by the Company's stockholders on June 23, 2022, and became effective as of that date. The 2022 Plan provides for the grant of stock-based incentive awards to employees, directors, consultants, and advisors.

As of March 31, 2025, the number of shares of common stock authorized for issuance under the 2022 Plan was 1,349,085, which is the sum of:

(c)393,567 shares underlying awards granted under the Amended 2014 Plan, which if they expire, terminate or are otherwise forfeited will become available for issuance under the 2022 Plan.

Options granted are exercisable at various dates as determined upon grant and will expire no more than ten years from their date of grant. Stock options generally vest over a four-year term. The exercise price of each option is determined by the Company's board of directors or its compensation committee based on the estimated fair value of the Company's stock on the date of grant.

The table below summarizes stock option activity under the Company's stock incentive plans and related information for the three months ended March 31, 2025. The exercise price of all options granted during the three months ended March 31, 2025 was equal to the market value of the Company’s common stock on the date of grant. As of March 31, 2025, unamortized stock-based compensation expense of approximately $2.5 million will be amortized over a weighted average period of 1.27 years. The number of shares of common stock available for future awards granted under the 2022 Plan as of March 31, 2025 was 230,075.


	Number of Shares	Weighted Average Exercise Price
Outstanding at December 31, 2024	883,334	$	14.58
Granted	293,550	3.27
Exercised	—
Cancelled/forfeited	(765)	3.18
Expired	(57,109)	17.92
Outstanding at March 31, 2025	1,119,010	$	11.45
Exercisable at March 31, 2025	579,484	$	16.42

The weighted average grant-date fair value of stock options granted during the three months ended March 31, 2025 and 2024 was $2.51 and $4.19, respectively.

Total stock-based compensation expense related to stock options granted to employees and directors recognized in the condensed consolidated statements of operations and comprehensive loss is as follows:


	Three Months Ended March 31,
	2025		2024
Research and development	$	167,058	$	206,602
General and administrative	$	210,299	$	421,098
Total	$	377,357	$	627,700