Maxim downgraded Dare Bioscience to Hold from Buy without a price target. While Dare continues to make some progress in its Phase 3 Ovaprene study, the halfway mark of enrollment won’t complete the six months of Ovaprene use until the end of 2Q25, and there is no clarity on timing for top-line data, the analyst tells investors in a research note. In addition, the topical sildenafil program for female sexual arousal disorder is planning to move to a Phase 3 program, but Dare is still waiting for additional feedback from the FDA, Maxim says. With runway into 1Q25 and a lack of meaningful catalysts, Maxim believes Dare will likely need to raise additional capital.
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