The Company’s 2014 Employee Stock Purchase Plan, or the ESPP, was suspended in June 2024. There was no stock-based compensation related to the ESPP for the six months ended June 30, 2026 or 2025.

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 in June 2022, no further awards have been or will be granted under the Amended 2014 Plan since such approval. 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 in June 2022, and became effective as of such approval. In April 2025, the Company's board of directors approved an amendment to the 2022 Plan to increase the number of shares of common stock available for issuance thereunder by 600,000, which was subsequently approved by the Company's stockholders in July 2025. In April 2026, the Company's board of directors approved an amendment to the 2022 Plan to increase the number of shares of common stock available for issuance thereunder by 1,500,000, which was subsequently approved by the Company's stockholders in June 2026.

(c)393,259 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 six months ended June 30, 2026. The exercise price of all options granted during the six months ended June 30, 2026 was equal to the market value of the Company’s common stock on the date of grant. As of June 30, 2026, unamortized stock-based compensation expense of approximately $2.0 million will be amortized over a weighted average period of 1.10 years. The number of shares of common stock available for future awards granted under the 2022 Plan as of June 30, 2026 was 1,427,206.


	Number of Shares	Weighted Average Exercise Price
Outstanding at December 31, 2025	1,409,042	$	9.41
Granted	471,700	1.84
Exercised	—
Cancelled/forfeited	(4,500)	2.44
Expired	(332)	249.60
Outstanding at June 30, 2026	1,875,910	$	7.48
Exercisable at June 30, 2026	999,416	$	11.54

The weighted average grant-date fair value of stock options granted was $2.03 and $1.28 for the three and six months ended June 30, 2026, respectively, and $2.24 and $2.51, for the three and six months ended June 30, 2025, respectively. The total fair value of stock options vested was approximately $0.3 million and $0.7 million for the three and six months ended June 30, 2026, respectively, and $0.4 million and $0.7 million during the three and six months ended June 30, 2025, respectively.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	118,493	$	158,154	$	340,100	$	325,212
Selling, general and administrative	$	168,109	$	200,864	$	401,566	$	411,163
Total	$	286,602	$	359,018	$	741,666	$	736,375

The 2022 Plan authorizes the issuance of restricted stock units, or RSUs. On June 30, 2026, the Company granted an aggregate of 145,969 RSUs to its five non-employee directors in lieu of cash payment of board fees for the second half of 2026. In early 2026, the Company's board of directors determined to suspend the payment of board fees to non-employee directors for their service during the first half of 2026. Each RSU represents the right to receive one share of the Company's common stock upon settlement. The RSUs vest in full on January 4, 2027, subject to continued service through the vesting date.

The Company accounts for RSU awards in accordance with ASC Topic 718, Compensation—Stock Compensation. The grant-date fair value of each RSU was $2.11, equal to the closing price of the Company's common stock on June 30, 2026, the grant date. Compensation cost is recognized on a straight-line basis over the requisite service period, which is approximately six months from the grant date through January 4, 2027.

For the three and six months ended June 30, 2026, the Company recognized stock-based compensation expense of approximately $2,000 related to RSU awards. As of June 30, 2026, total unrecognized compensation cost related to unvested RSUs was approximately $0.3 million, which is expected to be recognized over a remaining weighted-average service period of approximately six months.


	Number of RSUs	Weighted-Average Grant-Date Fair Value
Unvested at January 1, 2026	—	—
Granted	145,969	$	2.11
Vested	—	—
Forfeited	—	—
Unvested at June 30, 2026	145,969	$	2.11