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Dare Bioscience (DARE)

Participants
Sabrina Martucci Johnson President and CEO
John Fair Chief Strategy Officer
Lisa Walters-Hoffert Chief Financial Officer
Nathan Weinstein Aegis Capital
Joanne Lee the Maxim Group
Call transcript
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Operator

Welcome to the conference call hosted by Daré Bioscience to review the Company's Financial Results for the Quarter Ended June 30, 2020, and to provide a general business update. This call is being recorded. My name is Chris, and I will be your operator today. With us today are Sabrina Martucci Johnson, Daré's President and Chief Executive Officer; John Fair, Daré's Chief Strategy Officer; and Lisa Walters-Hoffert, Daré's Chief Financial Officer. Ms. proceed. please Johnson,

Sabrina Martucci Johnson

welcome call and financial and results Thank Daré to Bioscience. update for business you, our

We forward for highlighting recent XXXX are results beyond. developments quarter looking and and to discussion anticipated milestones the of second remainder our and

are made Securities you XXXX. the Before will this of today's of undue Actual Safe uncertainties during implied and meaning unknown statements on federal reliance those differ historical Harbor include to not to considered are facts Any which Private risks the discussion securities within place or forward-looking provisions that results laws, materially and we forward-looking statements. Litigation should statements so statements. made that like by anticipated could of due known be begin, of these I'd therefore statements statements Reform or remind Act forward-looking pursuant you events call and not the to from should

obligation developments like information also by update filed new today. required no that call, that of the any content call reflect point their the Form including the was I'd was XX, are by forward-looking cautionary report this to or includes June XX, qualified statements filed for on the in current as for XX-K which to Annual to XXXX. except of in our XX, takes year XX, XX-Q law. our quarter ended the March Daré statements XXXX, out only this statements Forward-looking on quarterly is and information December XXXX ended time-sensitive filings, which after entirety Report SEC XXXX company's as Form today, on August

on squarely and of wellbeing the health know, Daré you is As life women's leader in improving innovation we're and focused a women.

health, we for stage line opportunity to category have of vaginal is first believe and and in in product strategy women the and that candidates accelerate programs products commercial with have availability creation selecting clinical to sexual potential first and health. value be advancing by contraception, prescription new Our meaningful

license potential Bayer, categories pipeline a monthly our novel accounting world DARE-LARCX, has from Bill and U.S. by contraceptive with user-controlled you for women market. in one Foundation. It substantial in be which agreement includes potential the injectable first health, long-acting contraceptive received & over leader as Ovaprene contraceptive Contraception, investigational in category is under and in is XXX/XXX novel target month can in includes ORB contraceptive that contraception funding solution candidate the an of women's a DARE-RHX, has be sales the the development It hormone-free alone. potential that may also first a branded to Our Melinda and know, the a vaginal $X Gates largest men billion XX contraceptive contraceptive contraceptive. of the six used prescription the

line are therapies. we that for estimated be than pipeline, contraceptive bacterial our the new infection potential not to serious affected addition the by first U.S. million addressed XX more In vaginosis, option to a persistent adequately developing and a women currently is available by in

the erectile as expected market in the the rest not the this improvement And men. year is market the disorder the estimated dysfunction potential to rate sexual of more DARE-BVX arousal address X the And to or and be the as erectile first our to category candidate current with female meaningful disorders sexual female both in the dysfunction U.S. dysfunction in so FSAD, significant program the developed has Phase being a product most analogous in to world. topline if FSAD readout products. in Our trial approved clinical our Cream currently the potential clinical FDA program in a Sidenafil deliver anticipated over to knowledge is cure only

remain the to unique regulatory maintained And product pace for year regulatory three anticipate and development value of four to necessary activities candidates. anticipated and different conducting previously readouts currently we we've near-term having achieve drivers, our two studies are track each clinical objectives key years four disclosed. that indications on with of next terms have the product topline clinical across we In and data

Now we with Mainly, trials to were to the enabling align general COVID-XX year science of impact all our clinical the to frequency continue person To current and operations that our content. life anticipated in monitor companies this and business to we restrictions conducive environment clinical the that have stage advance been on us regulatory COVID-XX able most milestones. to limitations and the our with to commenced pandemic recalibrate we on better the of and continue we imposes during business study the programs. felt two clinical activities date, run

Phase Specifically, treatment of clinical in the we trial that initiated DARE-BVX pivotal June vaginosis. bacterial of X for

potential to previously, which new investigators for infection treatment a topline on bacterial vaginal impact and U.S. DARE-BVX vaginosis. As study the not treatment receiving report a our acute as and administration thermosetting bioadhesive in Phosphate novel XX and hydrogel X% of track we results vaginosis this this I [ph] initiated by is is to mentioned for bacterial study's thus a year. the alone as and developed condition one-time this remain being containing for women this is estimated the DARE-BVX care Phase Clindamycin a women end to million X trial assessing over according are is study this of

FDA In development an of cure meetings of data designations needed eligibility for the X initiated similarly the study with to vaginosis. more diagnosed the XX% bacterial cure cure vaginosis communication things vaginosis. DARE-BVX If and As with subjects, marketed X accelerated infectious of XXs become and of Fast collection on XXs treatment we is such basis. more about to rates bacterial frequent that women have high single to evaluable drug bacterial proof-of-concept high A demonstrated comparison, frequent XX in DARE-BVX clinical delivers designation believe Track from if received the approved visit support a to rate for disease plan FDA mid discuss Track Fast a DARE-BVX as that test FDA the option after FDA treatment frontline investigator currently drug approval, are the previously a clinical of rate design reported, cure we occurred the that receives from clinical and a a days as priority eligible cure the both treatment and new administration of product met. from for percentage trials the approval pivotal written for in of criteria intra and appropriate study relevant review study, could ranging clinical products data for Phase DARE-BVX. from a Qualified

it vaginal potential and the is FDA or intravaginal the being designed leadership for and bio-identical Menopause for wall may prevent degenerative another but of women Phase intravaginal recommend guidelines, a top as fractures offer IVR and North vasomotor administration its is for peri developed women we for study and is our menopause. both for designed therapy hormone than progesterone and is driver, to as progesterone use More non-oral urinary NAMS, which Phase as administering estradiol bio-identical flashes estrogen be based X an to million non-oral and in to treatment U.S. DARE will to and bio-identical utilizes commonly improvement of we HRTX, for technology evidence bio-identical to menopause XX-day meet progesterone a the first also observed XX American bone continuously a loss that IVR of in DARE-FRTX, therapy menopause. treated that believe the option symptoms of We hot which ingredient. supports administered potential ring in information The called ring X to our will prevent candidate therapies. are we Society and or associated ureter over same which candidate has guidelines. same and DARE-HRTX therapy treatment the over both, believe approved scientific initiated provide hormone product oral the thickening postmenopausal Turning symptoms symptoms approaching of period that active in with DARE-HRTX advantages another DARE-HRTX, be DARE-HRTX new known or study in demand and portfolio the of menopause the to symptoms. July value announced novel hormone deliver treatment deliver that of DARE-HRTX clinical menopausal

will health of Australian a is subsidiary as at the Specifically, as overview well preterm well the conducted sites expected study fertilization in DARE-FRTX, The incentive cash which prevention will are expenses objective for characteristics progesterone ability anticipate is Phase DARE-HRTX collecting in to ability IVR progesterone DARE-HRTX birth. luteal evaluate while the which of treatment different which going apply Australia. X to provide costs the X study for our our offset directly which part release addition the two Phase as be subsidiary women's Lisa Australian that to as of support phase active will to technology option vitro convenient dual we payments pharmacokinetic apply on to eligible can for program tax our in by bio-identical for study of and for of release wholly owned an at of this an program. regimen the IVR different developing target bio-identical being specialty more only we as achieve alone its in two is useful rates

half topline the in of We first data report study expect to this from XXXX. the

we believe topline maintain be our both we to in the for now Turning still of Cream studies, our in position will commence Ovaprene studies programs. data readouts to those and guidance XXXX prior and Sildenafil a these expected

planned study in program, we the Specifically Sildenafil to results for Cream Xb report XXXX. Phase of topline our expect

I be announced on we product X.X% XXXX instruments approved important primary the the You would female patient which FDA endpoints. the Cream has reached may sexual study to access be on the outcomes the the Phase treatment FDA to and reported Sildenafil design arousal measured novel [indiscernible] we for the recall disorder. and first the efficacy potential to Xb with that in alignment December

And mentioned I of for disorder name the most in under FSAD in the brand ingredient currently analogous Viagra the is tablet female as dysfunction erectile earlier, a So Sildenafil dysfunction treatment active marketed the administration in erectile for men. sexual is to men. oral dysfunction

flow Our medications is that and that pathway same local designed that that's applied arousal administered ingredient locally of blood in women men. delivered vaginal same is cream tissue. dysfunction in formulation for thereby a genital active is increase a active means that to response using topically improve formulation which Cream is Sildenafil erectile Sildenafil, to It by that

the of way effective oral the side Sildenafil particularly challenging delivery not and for to While men, optimal oral response women. oral is effects achieve therefore version for the that with same arousal associated is in are women formulation an

flow blood that the offer that cream increased fast formulation the observed be to arousal applied systemic and formulation. designed So without benefits genital in been with the acting can locally, improvement to with response oral potential sexual in the of deliver issues same a Sildenafil has that the

for or women that mentioned, and also just to primary treatment planned instruments to million market. and believe for on dysfunction the to age to men opportunities low study FSAD erectile Sildenafil he at X% an condition. that are with of seeking is localized the Phase XX XX research endpoint, XX is Cream FDA which or arousal the FSAD women Xb measure namely some their ages efficacy in reduction achievement in distress put approximately of no approval of arousal in version as to the our I XX% review PRO XX% male and prevalence in improve we U.S. The experienced. dysfunction big be market increasing XX% solution about and the aged bigger the FSAD of sexual is with estimated women sensation a XX of readout symptoms the As distressed genital U.S. experience Market erectile To than XX. context, just suggests market are of approved [indiscernible]

our efforts and to startup Xb submission. such initiate on preparing NDA activities other Phase activities that the that focus to support of as to conducting diary as electronic preparing continue as future the nonclinical We study well

XX-week a As marketers product. Bayer study Ovaprene, planning monthly which the providing as hormone-free results a Cream and pivotal up Phase commercial royalties evaluate designed I implementation of Bayer continue which And in as filings subjects milestone first We we that experts terms to could and earlier Sildenafil of year agreement pre-commercialization Ovaprene year Ovaprene. upfront company and United work Ovaprene, to of More months is in mentioned include brand for and Ovaprene capacity. planned investigational of development also with the activities only the internal is advisory of trial currently Bayer Xb study placebo contraceptive have the studying the net is monthly license product. XXXX. versus certainly committed the a global an non-drug market year to is setting completion commercialize of non-hormonal regards of with conditions end contraceptive pivotal can clinical regulatory If exclusively is billion the billion for the data will period to for payments vaginal home placebo we're supporting in developed With and to family the franchise the be in about to announced regulatory our by Under pregnancy. I These SEC. are over excess and prevention million Bayer, topline of our to we conformation at eligible this on and found in their I in our by And the Ovaprene the the a receive to under report to already And in nonclinical XXXX. as payment the mentioned have own testing end mentioned approved, to a running agreement streams. their dollars. can intend several bringing certain earlier, development upon over noted, of topline needed by and Bayer be plus believe advance $XXX regulatory period. in in added follow next to report non-hormonal by agreement information the States planning study of our I we the innovation Mirena expect monthly, contraceptive expect the the manufacturing our programs. Daré $XX our strategy dollar in Ovaprene broader million the market satisfaction following discretion to manufacturing payable the as agreement clinical women's for the license the health sales agreement, us value sole it contraceptive validation to potential first the Ovaprene's of licensing process our double-digits. Bayer resources they with and

as in That Ovaprene to readouts We end this variety if data have approvals of ahead to successful, of XXXX that support our believe that have we portfolio end U.S., diversity worldwide. a development And our the using the months Europe file topline to we this discussions to development women's truly we been of enable in study and study and for direct year And discussions IDE of then continued those to timeline the keep FDA year. process investigational the align XXXX. do health IDE us and to IDE safety to year In contraceptive, discussions challenging on last - programs, plan and programs have And with strategy. Device FDA. plan countries the Ovaprene. expect we an ongoing marketing next of effective And utilize is our resources the would or prepare XXXX, these our next to to that Exemption going indications FDA's ways our data study's Application several clearance Ovaprene to go to light us that other the for We months supports leverage the with to pending and pre-submission continue we're we as and and allow and our our initiate intent the by as pivotal commence review plan enrollment and investment before across environment. the in several in those and file to supports submission advance ongoing the continue the the guided. stages in the

and to that rapid financing to we discussed. Of on milestones anticipated we Currently, evolving as the and together business guided, such of expertise provide allocation we our put capital model, afforded women's potential development agreement the as in well continue support when and raise course, of as with strategies, we'll increase partnership candidates, to we John and in year, we shareholder restrictions the manner. pandemic this optionality recognize of have a over decisions product by Research in with to as COVID-XX announced target the aligns our flexibility development we our under clinical with and turn track regulatory the dedicated circumstances. and to believe clinical our our May, the just now business to a in topline timelines update. disrupt and acceleration its supports with the that the how our line at-the-market place the will monitor structures capital slow development And assets that deliver results established reproductive closely health and and on enhancing remain pricing earlier equity We corporate for Further, our therefore Contract expect the the we've timelines clinical I'll products however, efficient have provided Organization, spread, and health and capital staff to the that, health program costs a value. call business provide continue on

John Fair

portfolio Thank that remain know branded very applied we've across contraceptive with a mentioned, invaluable I'm Bayer in are our be the model. expertise the companies, including core to and areas, those partnerships a if well brief and emerging global, continue of at innovation of continued in that partnership both transactions And we We you we The that and have marketing, when their interest Naturally, this I as women. collective afternoon, to with more company level and contraceptive priority while are, opportunity maximizing as encouraged exploring in believe our have I to to alliance actively development meaningful shareholder and our to sales this and and achieved continue the portfolio and pleased give a potential. we for you you, established to over alignment are our nonclinical proactively in achieve value additive executed, commercial pursue us focus are be Ovaprene update. Ovaprene, worldwide update first-in-category on a for and want it opinion. say are is to by Lisa to clinical, on new and opportunities allow to will partnerships of support Sabrina, at highly access broadest our They you time delivering the will good our is productive we out-licensing and to to its and highlight U.S. to key relationship With and focused with provide value. time teams streams. work the efficiently continues ongoing everyone. turn story our to leader advance same that, financial and agreements with the that familiar but regulatory possible, insights

Lisa Walters-Hoffert

John. model ended health. candidates everyone, Daré's us summarize thanks today. advance a Thanks, product in to is for to the of business and financial Hey joining assemble, June like now XXXX. I women's XX, portfolio and results novel Daré's for would monetize quarter

through approval. result, our other consist generate of and candidates expenses costs, the to acquisition and activities maintenance and advance a our to As data regulatory corporate milestones portfolio necessary including development and overhead, research clinical

approximately or million. Daré's administrative and expenses $X.X For R&D the general XX, quarter million, license June expenses were development and $X.X were were approximately research $XX,XXX, approximately ended expenses and XXXX,

for grant as the ongoing to supported this costs to preclinical or & our DARE-BVX Research addition In by and Phase Ovaprene, prepare affairs Gates the related and to our of X our quarter Melinda were expenses which Sabrina for and team, noted other and development start R&D Development our included personnel had pivotal work Foundation. from Bill study, to activities primary DARE-LARCX regulatory

proceeds. or $X.X by with ended exercises million activities Our million. and approximately ATM months provided for XX of comprehensive approximately the and represented equity the financing cash quarter We loss line, from warrants options, $XX.X was quarter Net $X.X our equivalents. and the six million. in stock approximately at-the-market cash under This of ended cash sales loan June for and facility cash were

highlighting the future on over expenses. months impacts burn developments and several four last were half given and anticipated cash a their are and worth there current operating our both Now our that

the the to form program. conclusion our Phase under for of development apply by provides So maximum At the July received grant first incentives related eligible to Australian the Foundation intends of in eligible April, we program $XXX,XXX recognized notice Ovaprene those activities. funding for said Government $X.X the in a of received relationships pricing back in which in the study has the in research total a initiated for program. are of development Gates award of to approximately subsidiary of health we support are grant a clinical credits DARE-HRTX companies and diagnostic established expertise certain NIH offset of clinical cash XX.X% so spent expected from statements from Australia's key $X.X development the I do gives statements our with refundable NIH as costs. resources Australia. allowable critical May activities the Decisions in announced When Melinda Health DARE-LARCX. are companies activities, million capital of dedicated Currently, to development in monies development as a they dollar or with accelerate funding reduction And of is as Ovaprene financial and associated programs, agreement reduction case DARE-LARCX Health This incentive in and program CRO and and this research the together research the under million cost to country. R&D every grant, expand Sabrina women's The and structures, new receipt and manner. the June, our conducting both proceeds a are to this cash development. created In partnership recognized the development then I X with we a in in in of costs efficient tax specializing announced we Daré's financial the In Decisions would our Australian an in which to this had efficient development in available case Grant & study, Phase noted the on finally, an for to attractive upon, payment. final Bill the additional

efficiently. believe Australian So of and help Health Melinda that ahead, incentives, our in from Bill this in development these Subsequent to months the our from Foundation equity quarter's R&D of us and to serve line, end, XXth resources to case, NIH July will the through grant, Gates by warrant we $X.X costs and collectively manage sales cash in exercises. to the took would we tax further position our ATM reduce raising partnership August the approximately be strengthen so steps X our proceeds with our of summary, & under our cash from our million stock from net grant, Decisions

stock of shares activities, XX $XX.X million. August approximately were on these Following our common outstanding

a will our capital to our warrant from transactions, and inception, through working variety the Since raised sale liquidity and fees. requirements capital product additional advance grants for explore M&A and We to to needs cash of our of to exercises, have continue license ways, access next option and other ways we XX candidates equities, satisfy the months. non-dilutive

We to seek use candidates, will to only we the need as capital in of highly but efficient we the to creative opportunistic we seeking not to endeavor advance and be capital. our and maintain build value such also be with but

including to the time. business our and impacts the capital and rapidly and potential monitor XX-Q our financial the to risk raise with and impact evolving discussion our our circumstances, turn filed we this we call like resources on condition are factors the and Due more review notes review needed. our and investors as condition, which adversely its now We statements, company of In uncertainties potential restrictions, Sabrina accuracy, our to encourage continuing affect detailed planned financial the of surrounding and liquidity today, the the in reasonable at the factors, our and and to discussed, would COVID-XX to XXXX. I clinical associated terms the operations, filed business, the including ongoing full our results to on our capital to related on of pandemic, financial back when risk March pandemic, any ability to predict and and also governmental responses, was Sabrina. XX-K, unable many financial included are to XX, in audited financials trials

Sabrina Martucci Johnson

turn you. the the the to lines for any Thank questions. operator over I who back And will now call can open

Operator

[Operator with Capital. comes you. Thank line the Nathan Aegis from first question of Instructions] The Weinstein

is now open. line Your

Nathan Weinstein

taking good Sabrina, quarter. in Thanks to and Congrats for Hi, your with, you the decide question. Number which Lisa the moving kind sort you've in on into moved HRT-X just I here, up, decision start do so my kind John. afternoon, guess of pieces progress just to clinic? how of maybe philosophically the is of products behind and general, of what move the just and

Sabrina Martucci Johnson

question. that's a you Thank Nathan, really great

from category, our are opportunities their because portfolio for also are potential portfolio So they're super factors right? a that perspective all involved in in definitely because to selected of and there has there the partners. exciting are everything number first our products pretty much an we attractiveness So be opportunity

program want reasons moving HRT-X With really in to we the a few to compelling that program saw particular, get forward.

route together. and that potential perspective, from them. fact symptoms cardiovascular marketing she women use experiences can demonstrating every very impactful are XX-day a who both and it data addressing as and in touched indulge that I'll to commercial so, And that of is well. I the in highlight meet delivering be replacement this has them the only And but first actually those hormones can with be on a convenient not importantly non-systemic, once the hormone also is if that menopause, demand guidelines very in to hormones way non-oral, frankly vaginally significant terms product in health me each you'll a of One the there in bone delivering

So, we want to obviously market the and interesting move potential it forward. program's is very

in on my practical Australia Phase offers are is a terms conducting in some the wanted to well, rebates. of cash to this quite of from incentives terms other in certainly X I is very these consideration make one two One as right two we how the meaningful perspectives, study that study us and now. points this cash So selected efficient advance

currently develop cost study So of it it in conducting a XX% is with rebate, cuts the essentially half. to basically that

a And conduct our in same an get centers we're really is also vaginal from gives progesterone we so very to and makes opportunity study not that up perspective. running only both situation, another delivering was that progesterone it to cities ring. exact right of similar is exact study. delivering now it same and ring practical the in very the efficient type that it a and place capital And together, in further, to Estradiol, HRT-X and us our with it with, have only And because their HRT-X COVID vaginal but portfolios validate the and progesterone, working portfolio,

available need frequently, but also are similarly progesterone the or to of terms dosed to women basically which cumbersome. today and we is potentially convenient getting forward that's we're much phase on time same The is reason FRT-X and gels, that is, more a is part looking option data today time in that but on to in-vitro that we're not as very HRT-X, was we is progesterone very women it one, are important where only to luteal FRT-X getting of this injections data birth, have an Phase them advance basically two X obviously an preterm vaginal X for available to fertilization Phase vaginal ring an give that than only it's program condition anything going protocol are that, be for the to XX-day have like options at not third support a at exciting only move for

the readout year end way in our efficient a other very what any to that program to that study next timelines frankly move the able portfolio. that year, for readout affecting targeting BVX Sildenafil in market for forward hopefully and of three being we're cost year that us one just assets, keep for sense can Ovaprene two a doesn't for really way, environment fact disrupt, COVID and running in in thereafter. And So of this particular valid lead and with the data the and practicality it are, this right, the without reasons the gave the is those trials of be that program the not validation a you programs, opportunity, of led

without or So, to other the it slide portfolio nice way disrupting programs timelines. the into

Nathan Weinstein

Great, of coming months thank a products slot, now seen in you in I make landscape, you another are or have a in would in pipeline, or and portfolio women's the of XX terms about the competitive question your along. anything priorities health ago? comprehensive X versus that on guess of number here that's terms shifting the Have so and competitive I Interesting dynamics you think answer, that dynamics you. guess just differently

Sabrina Martucci Johnson

values. our say, we context that to build to Another great absolutely and shareholders, strategically you. can We we look all at as in something it's are the the wisely making our have at donors, look our using I money that question of time. Nathan, as Thank and we sure and

have that the So way interesting do portfolio we look continue use in to in really women's we the also lens to robust unmet most outward right the across we to we're really critically indication. that at in all most persistent health make sure the and needs prioritizing make and sure times portfolio programs focus that

the period the efficiently right can do. robustly hard through in beginning use looking also with on a portfolio take probably How with lot we that affecting where keep can really our and is track trials pandemic is very go value time frequently, at conduct time companies what really the and hard it we at we now? we of COVID our lines to we we So place our dollars quite frankly, of can term how it it build wanted to for short a look companies, as because beginning the seriously, of did and to something across a

of given that They investing our healthcare that address commercial focused companies they are are answer portfolio the most Nathan, portfolio yes partner that's came way we important in all model, and that relevant. and unmet a continuing really long across and a and those with programs are do are that have that the are time, needs, out to long very that saying, needs able most in. And end address to the happy feel we still space and persistent to this potential very our business other of continuing so interested the and maybe some the of the

Nathan Weinstein

about your that's in the guess Europe markets behind that just and those women's like future question a Asia in final themes up health is on I question in Sabrina, products, I the conversations has international through you but of also thanks and Great, lagged the women's into investment in and on to is key keeps the from markets health me. investment opportunity one ongoing going In really commercial think and become the our they U.S.? when arena see under perennial markets do comment coming U.S., the this

Sabrina Martucci Johnson

will a he of he me all in Europe, feel in of mentions really some answer and perspective across has the partners role interest his Yes, I and U.S. potential give robust in and all let the the talking has is because been been you as time, our doing to [ph] John and lot continents. what sure

portfolio, but of let me some that. him share our in know You let

John Fair

question. think it's Yes, I a know, thanks great I Nathan,

discussions European dovetails as so just really that, talk have to U.S., as think the and of to in I about just territories, a are that can talk because our that's the of the opportunities are really opportunities, the those be assets or first that them they too, we variety discussions or the category, at innovation we're plays of become to about, that they're reasons look be there. to really we more categories that. so And I it I globe, question. only we - in and a been and but the for already deep are portfolio first Thanks all so variety rich asking nicely and something in but with on come previous one great across there's very across as we've when in across will which that's competing immediately really way across category country, with not question look your in really something these add at well that not themselves, opportunities by in mentioned, big meaningful as of

Nathan Weinstein

much Guys, your the again thank and for congrats progress questions, taking so in you on my quarter.

Sabrina Martucci Johnson

really you, appreciate Thank I it.

Operator

our McCarthy the And Instructions] Jason of [Operator Group. Maxim question you. next from line comes the with Thank

Your open. line now is

Joanne Lee

on behalf McCarthy. this questions, Jason on the and Lee congrats for Joanne taking progress Thank of quarter. is my this you guys, Hi,

was program? you product a company's could all details one more if Just for if if design on just wondering pipeline. pivotal me. from perhaps, its space? a There's some going is was and stage. the I on on the I expand they're I I entering program. in the study's this endpoints Microchips reflect this little Ovaprene your timeline If wondering lot the And could perhaps since recall, acquired the And those both Ovaprene, there's regarding same acquisition, DARE-LARCX possibly through if DARE-BVX provide contraceptive just and the know with activities you of could

Sabrina Martucci Johnson

for Yes, in across there's thank is health one where, a program that in novel the it space constituents of a It's program. really asking about just that women's you technology. interest lot such because

flexibility or for So years, contraceptive the contraceptive really mentioned needed device device. several as DARE-LARCX, as that to It's to implanted it user off an have of the turn controlled, ability long-acting, benefit the effective user just I but the allows of everyone, removal is have without on reversible over a technology. the

in funding technology, is program with this development that, the mentioned Bill development, instance, the this stage a this not their time. preclinical quite innovation its And as Foundation, like still. it's of that we a has & significant which There have upfront at been is this for very continuing contributed category. available significantly anything the really contraceptive Gates product. in Melinda the certainly, grant is very, why At of to So

platform at designed frankly, We drug with to midst drug release technology the is flexibility contraception. time decrease where off. of or studies or a period of hormonal long technology this and could animal or itself obviously, the over release. the It really are looking wants indication any to on turn it in is the that for have In case, increase someone exceptional an used, that be to deliver dose

this obviously the general validation while have Melinda been and contraception So, funding we're general. the & work technology platform Foundation first, in that for Bill in exploring the really Gates is

have with hope year. And, we in it's point, news next assessment. to stage, what to we're which this are the this complete will after program the with preclinical that this at next excited preclinical exciting into that stages continue but of share some So terms in from work, definitely

Joanne Lee

helpful. progress. That on and Thanks thank details Okay, you. again, congratulations was for really the those

Sabrina Martucci Johnson

you. Thank

Operator

Johnson I back question-and-answer closing the any remarks. you. today's And now like for ladies will this and Thank to gentlemen, session. turn Martucci does conclude Sabrina call to

Sabrina Martucci Johnson

time and Chris, afternoon. you this taking the all thank you Well, thank for

conduct year. year, as efforts summarize, end data this expected topline with this DARE-BVX of we continue study of to highlighted, to Phase focus our the near on maybe we'll our the the So term by X

our activities really opportunities we category data As And those also activities to will and underway John Sildenafil health partnering ongoing as continue other nonclinical and program respective our we women's obviously work study the is them objectives track on, in in those XXXX, necessary potential products. focus, overall XXXX. monetize for we'll will talked topline DARE-HRTX and the first continue pipeline keeping touched readouts and to I of continue both mentioned, to for as and on we activities Ovaprene about startup all support in and our

obviously very - during and particularly our remain the now forward you challenging keeping to our look we dedication for our and but to their updated So grateful mission, frankly, team, sincerely shareholders, commitment we to these times. progress to on entire our

you thank all for today. So taking time the

Operator

concludes call. and you this for Ladies Thank gentlemen, today's participating. conference

disconnect. now may You