Daré Bioscience, Inc. announced changes in company management which includes the retirement of Chief Financial Officer, Lisa Walters-Hoffert, and the resignation of Chief Commercial Officer, John Fair. Both Ms. Walters-Hoffert and Mr. Fair have entered into plans with the Company to help ensure a seamless transition. Dare also announced an adjustment to the size of its Board of Directors to better reflect the Companys size following the voluntary resignations of Cheryl R. Blanchard, Ph.D. and Sophia Ononye-Onyia, Ph.D. On January 23, 2024, Co-founder and Chief Financial Officer Lisa Walters-Hoffert informed Dar that she will retire from all positions with the Company, effective January 26, 2024.

To help ensure a smooth transition of her responsibilities, Ms. Walters-Hoffert and the Company agreed that she will transition to a nine-month consulting role with the Company following her retirement. As a result of Ms. Walters-Hofferts retirement, Ms. Johnson, Chief Executive Officer and President, will serve as principal financial officer, and MarDee Haring-Layton, current Vice President, Accounting &Finance, will serve as Chief Accounting Officer. Ms. Johnson has extensive experience as a finance executive, having previously served as Chief Financial Officer at WomanCare Global Trading and Cypress Bioscience.

Ms. Haring-Layton joined in January 2018 and has served as Vice President of Accounting &Finance since October 2018. She is a seasoned finance and accounting executive with more than 20 years of experience in financial reporting and accounting operations, with broad experience across both public and private companies as well as having Big 4 public accounting experience. Prior to joining Dare in 2018, Ms. Haring-Layton served as Chief Financial Officer of e.Digital Corporation, a publicly traded IP licensing and development company from 2010 until 2017.

Earlier in her career, she held corporate accounting positions at public companies and provided consulting services for several biotechnology companies. She began her career with Deloitte, LLP. Ms. Haring-Layton has a Bachelor of Science in Business Administration (Accounting) from San Diego State University.

On January 24, 2024, Mr. Fair, Chief Commercial Officer, informed that, in light of the full-scale commercial launch of XACIATObringing to fruition one of his primary responsibilities as Chief Commercial Officerhe will be resigning from all positions with Dare and his employment will end June 30, 2024. The company does not currently intend to hire a new full-time employee to serve as chief commercial officer or in a similar position, thereby reducing costs for the Company over the long term. Following a periodic assessment by Board of Directors of its size and composition, Board determined that a reduction in the number of directors would help rightsize the Board to current operations and further align the size of Board with boards of companies of similar size.

As a result of this determination, on January 26, 2024, each of Cheryl R. Blanchard, Ph.D. and Sophia Ononye-Onyia, Ph.D. informed Board that they will voluntarily resign from Board immediately prior to 2024 annual meeting of stockholders. Dr. Blanchard and Dr. Ononye-Onyia will continue to serve on Board until 2024 annual meeting of stockholders, at which time the company expecta to enter into advisory agreements with each of them pursuant to which they will serve as advisors to Board and management for no additional cash compensation. The size of Board will be reduced from eight to six members effective as of 2024 annual meeting of stockholders.