Fannie Mae, Freddie Mac shares tumble after conservatorship comments
SAN DIEGO, CA – Daré Bioscience, Inc., a biopharmaceutical company with a current market capitalization of $26.45 million and trading at $3.04 per share, is facing potential delisting from the Nasdaq Capital Market after failing to comply with the exchange's minimum market value requirement. According to InvestingPro analysis, the company appears slightly overvalued at current levels. On Monday, Nasdaq notified the company that it had not met the $35 million minimum market value of listed securities, as stipulated by Nasdaq Listing Rule 5550(b)(2).
The company, which had until February 10, 2025, to regain compliance following an initial warning on August 12, 2024, plans to request a hearing before the Nasdaq Hearing Panel to prevent the delisting. InvestingPro data reveals the company is quickly burning through cash, though it maintains more cash than debt on its balance sheet. This request will postpone the delisting of its common stock until the Panel makes a decision and any granted extension period expires.
Hearings are generally scheduled between 30 to 45 days after the request, with decisions typically delivered within 30 days post-hearing. While analysts have set price targets ranging from $12 to $39, significantly above current levels, Daré Bioscience cautioned that there is no guarantee the Panel will allow additional time to comply with the market value rule or that the company will be able to meet the requirement within any extension period.
The potential delisting casts uncertainty on the future of the company's stock on the Nasdaq Capital Market. Daré Bioscience, originally known as Cerulean Pharma Inc. and later Tempo Pharmaceuticals Inc., is incorporated in Delaware and headquartered in San Diego, CA. For a deeper understanding of Daré Bioscience's financial health and future prospects, investors can access the comprehensive Pro Research Report available on InvestingPro, which includes detailed analysis of the company's financial metrics and growth potential.
The company's management has not provided any assurance regarding the outcome of the Panel's decision or the company's ability to maintain its Nasdaq listing. This announcement is based on a press release statement and reflects forward-looking statements subject to risks and uncertainties. Daré Bioscience has expressed its commitment to keeping investors informed and will not update any forward-looking statements except as legally required.
In other recent news, Daré Bioscience, Inc. has been making significant strides in the development of various women's health treatments. The company secured additional funding from the National Institute of Allergy and Infectious Diseases (NIAID) for DARE-HPV, a potential treatment for HPV-related cervical disease, which could bring the total non-dilutive funding for this development to around $12 million. In addition, Daré Bioscience is set to initiate a Phase 3 clinical trial of Sildenafil Cream, a potential treatment for Female Sexual Arousal Disorder (FSAD).
Daré Bioscience also received a $2.5 million payment under a grant agreement to further develop its investigational contraceptive, DARE-LARC1, contributing to the approximately $31.8 million already funded towards the product's nonclinical development. These developments are part of the company's broader efforts to advance women's health, with a diverse portfolio of differentiated therapies.
On the financial front, despite reporting a comprehensive loss of $4.7 million for the third quarter, the company highlighted a decrease in R&D and administrative expenses and a healthy cash position of $11.2 million. These recent developments signify Daré Bioscience's commitment to addressing unmet needs in healthcare and advancing innovative products for women's health.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.