v3.26.1
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in assessing performance. The Company and the Company’s chief operating decision maker view the Company’s operations and manage its business in one operating segment, which is the business of identifying, developing and commercializing pharmaceutical products that target unmet needs in women's health. The CODM, who is the chief executive officer (“CEO”), manages and allocates resources to the operations of the Company on a consolidated basis. The Company’s measure of segment profit or loss is net loss. Managing and allocating resources on a consolidated basis enables the CEO to assess the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s long-term company-wide strategic goals. Consistent with this decision-making process, the CEO uses consolidated financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. Operating expenses are used to monitor budget versus actual results. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented. In addition, substantially all of the Company's revenue was generated in the United States and substantially all of the Company's long-lived assets reside in the United States.

The following table summarizes the segment's financial information including the Company’s significant segment expenses:
Year Ended December 31,
20252024
Revenue:
License fee and other revenues
$1,030,193 $9,784 
Total revenue
1,030,193 9,784 
Cost of revenues
295,799 — 
Segment operating expenses:
Research and development:
Direct program costs:
Ovaprene (1)
5,016,187 8,518,495 
Sildenafil Cream, 3.6% (2)
1,143,221 2,361,052 
Other advanced clinical stage programs
2,805,127 1,421,888 
Phase 1 and Phase 1-ready clinical stage programs (1)
1,548,800 761,721 
Preclinical stage programs (1)
6,365,438 4,233,762 
Other development programs
— 27,542 
Contra-R&D expenses (3)
(13,919,881)(7,685,533)
Total research and development direct program costs
2,958,892 9,638,927 
Indirect costs:
Personnel-related (including stock compensation)
4,691,957 5,611,057 
Other indirect costs
281,787 254,772 
Contra R&D expenses
(2,409,284)(1,199,548)
Total research and development indirect costs
2,564,460 4,666,281 
Selling, general and administrative
8,763,376 9,156,061 
Total segment operating expenses
14,286,728 23,461,269 
Loss from operations
(13,552,334)(23,451,485)
Sale of royalty and milestone rights, net
— 20,379,376 
Interest expense
822,709 857,364 
Interest income
(679,740)(539,743)
Other income (expense), net
(296,029)663,869 
Net loss
$(13,399,274)$(4,053,599)
(1)The applicable program(s) receive grant funding and/or the Tax Incentive. The amount of R&D expense for the period indicated is shown on a gross basis (i.e., without deducting the amount of contra R&D expense for the applicable program(s). See footnote (3) below.
(2)For 2025, the dollar amount also includes expenses for DARE to PLAY.
(3)These contra R&D expenses were recognized as follows for the years ended December 31, 2025 and 2024: (a) Ovaprene, $2.5 million, and $0.2 million, respectively; (b) Other advanced clinical stage programs, $2.9 million and $0, respectively, (c) Phase 1 and Phase 1-ready clinical stage programs, $0.4 million and $1.3 million, respectively; and (d) Preclinical stage programs, $8.1 million and $6.2 million, respectively.